Document:

Exhibit 10.2

 

EMPLOYMENT AGREEMENT

WAIVER AND RELEASE OF CLAIMS

 

Paul J. Evans

 

This Waiver and Release
of Claims (“Key Employee Release”) is given by Paul J. Evans (the “Key Employee”) in favor
of MYR Group Inc. (the “Company”) and all of its successor, parent, affiliate, or subsidiary companies and their
present and former officers, directors, employees, agents, representatives, legal representatives, accountants, successors, and
assigns (the “Released Parties”).

 

1.Separation
Date. Key Employee’s active employment with the Company will terminate on October 19, 2015 (the “Separation
Date”). Key Employee states and acknowledges that all earned but unpaid compensation (as defined in Section 2.3
of the Employment Agreement) as of the Separation Date has been paid and that there are no amounts due and owing from any of the
Released Parties except as expressly set forth in this Key Employee Release. The Company will reimburse Key Employee for all reasonable
business expenses incurred prior to the Separation Date, provided that he submits acceptable documentation of such expenses within
forty-five (45) days after the Separation Date.

 

2.Survival of
Employment Agreement. The terms and conditions of this Key Employee Release are intended to supplement the Employment Agreement
between the Company and Key Employee dated January 3, 2012 (the “Employment Agreement”). Except as specifically
outlined in this Key Employee Release, all provisions of the Employment Agreement will terminate on the Separation Date. Notwithstanding
the termination of the Employment Agreement, as a material condition of this Key Employee Release, Employee agrees to comply with
Section 3.9 (Non-Competition, Non-Solicitation; Confidentiality) of the Employment Agreement, which will remain in full
force and effect after the Separation Date.

 

3.Release of
Claims. In exchange for, and consideration of the additional benefits specified in Section 3.5 of the Employment Agreement
(regarding termination Without Cause or for Good Reason outside the Protection Period), i.e., those benefits in addition
to the payment of Base Salary through the date of termination and any benefits payable pursuant to the terms of the compensation
and benefit plans specified in Section 2.3 of the Employment Agreement, Key Employee for himself and his representatives,
heirs, and assigns, hereby releases and discharges Released Parties from all claims, demands, and causes of action of any nature,
known or unknown, that he may have against Released Parties, including but not limited to claims that in any manner relate to,
arise out of or involve any aspect of his employment with any of the Released Parties, and the termination of his employment (“Claims”).
Key Employee acknowledges that the Claims released under this paragraph might arise under many different foreign, domestic, national,
state, or local laws (including statutes, regulations, other administrative guidance, and common law doctrines), including but
not limited to the following:

 

(a)Claims
for breach of contract, whether express, implied or implied-in-fact, and for detrimental reliance, promissory estoppel or quantum
meruit, including without limitation any claims arising out of or relating to the Employment Agreement;

 

(b)Any
and all Claims under or pursuant to the Americans with Disabilities Act, as amended, the Age Discrimination in Employment Act,
as amended, Title VII of the Civil Rights Act of 1964, as amended, the Civil Rights Act of 1991, the Equal Pay Act, United States
Presidential Executive Orders 11246 and 11375, 42 U.S.C. § 1981, as amended, 42 U.S.C. § 1985, the Employee Retirement
Income Security Act of 1974 (“ERISA”), the Fair Labor Standards Act, the Family and Medical Leave Act, the Genetic
Information Nondiscrimination Act, the Immigration Reform and Control Act of 1986, the Fair Credit Reporting Act, the Sarbanes-Oxley
Act, the National Labor Relations Act, the Labor Management Relations Act, the Worker Adjustment and Retraining Notification Act,
and as well as any other federal law, statute, ordinance, rule, regulation or Employee order relating to employment and/or discrimination
in employment, and/or any Claims to attorneys’ fees or costs under any such statutes or laws;

 

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(c)Any
and all Claims under the Illinois Human Rights Act, 775 ILCS § 5, the Illinois Equal Pay Act of 2003, 820 ILCS §§
112/1-90, the Illinois Minimum Wage Law, 820 ILCS §§ 105/1-15, the Illinois Wage Payment and Collection Act, 820 ILCS
§§ 115/1-16, the Illinois Personnel Records Review Act, 820 ILCS §§ 40/0.01-13, the Illinois One Day Rest in
Seven Act, 820 ILCS §§ 140/1-9, the Illinois Worker Adjustment and Retraining Notification Act, 820 ILCS § 65, and
any other Claims under any Illinois statutes, as well as any other state or local law, statute, ordinance, rule, regulation or
Employee order relating to employment and/or discrimination in employment, and/or any Claims to attorneys’ fees or costs
under any such statutes or laws; and

 

(d)Claims
for wrongful discharge, retaliatory discharge, negligent or intentional infliction of emotional distress, interference with contractual
relations, personal, emotional or physical injury, fraud, defamation, libel, slander, misrepresentation, violation of public policy,
invasion of privacy, or any other statutory or common law theory of recovery.

 

4.Exclusion
for Certain Claims. Notwithstanding the provisions of paragraph 3 above, the Released Parties and Key Employee (collectively
referenced as the “Parties”) agree that the release in paragraph 3 shall not apply to any unpaid salary, accrued
vacation or expense reimbursements payable under the Employment Agreement based upon services performed prior to the Separation
Date; any Claims arising after the Effective Date of this Key Employee Release; any Claims which may not, as a matter of law, be
released; any Claims to enforce rights, if any, under ERISA to recover any vested benefits; and any Claims to enforce any provision
of this Key Employee Release or any alleged breach of this Key Employee Release by the Released Parties.

 

(a)Unknown
Claims. Key Employee acknowledges that he is releasing Claims that he may not know about, and that he does so with knowing
and voluntary intent. Key Employee expressly waives all rights that he may have under any law that is intended to protect him from
waiving unknown Claims. Key Employee further acknowledges that he understands the significance of doing so.

 

(b)Governmental
Investigations. Notwithstanding the general release set forth in paragraph 3, nothing in this Key Employee Release shall be
construed to prohibit Key Employee from filing a charge or cooperating with any investigation by any government agency (including,
without limitation, the United States Department of Labor or the Equal Employment Opportunity Commission) but this release does
waive his right to file an individual or class action lawsuit against the Company or receive any equitable or monetary relief in
connection with any such charge or investigation.

 

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5.Company Property.
Within one (1) business day after the Separation Date, Key Employee agrees to return all Company-owned property in his possession,
including but not limited to the company vehicle, any laptops, cellphones, office keys, all other Company-owned equipment, all
software and computers, all documents and papers (including but not limited to files, reports, Rolodexes, memoranda, records, electronic
data, printouts, sales data, customer lists, employee lists, product lists, business plans, notebook entries, and copies of the
foregoing), all Confidential Information (as defined in Section 3.9(c) of the Employment Agreement) and all other Company property.

 

6.Full Disclosure.
Key Employee acknowledges that he has disclosed to the Company any information that he has concerning any acts or omissions involving
the Released Parties or any of their respective parent companies, subsidiaries, affiliates, shareholders, officers, directors,
employees or agents, that he has reason to believe may be unlawful or involve any false claims to the United States or any other
government having jurisdiction over the Released Parties. Further, Key Employee promises to cooperate fully and voluntarily in
any investigation that the Released Parties undertake into matters occurring during his employment with the Company or its predecessors,
and agrees not to disclose to anyone who is not assisting the Released Parties with the investigation, other than his attorney,
the fact of or the subject matter of the investigation, except as required by law. Key Employee will accommodate his schedule to
cooperate with the Released Parties and promptly provide such information. Nothing herein is intended to or shall preclude Key
Employee from cooperating with any appropriate federal, state, or local government agency in any of said agencies’ investigations
of alleged violations of applicable laws.

 

7.Cooperation
with Litigation. In the event that any of the Released Parties is involved in any litigation, arbitration or administrative
proceeding subsequent to the Separation Date, Key Employee agrees that, upon request, he will provide reasonable cooperation to
the Released Parties and their attorneys in the prosecution or defense of any litigation, arbitration or administrative proceeding,
including participation in interviews with the Released Parties’ attorneys, appearing for depositions, testifying in administrative,
judicial or arbitration proceedings, or any other reasonable participation necessary for the prosecution or defense of any such
litigation, arbitration or administrative proceeding. The Released Parties agree to reimburse Key Employee for his reasonable expenses
in participating in the prosecution or defense of any litigation, arbitration or administrative proceeding, provided that Key Employee
submits acceptable documentation of all such expenses.

 

8.Prospective
Employers. Key Employee agrees to direct all requests for references and/or verification of employment to MYR Group Inc., Attention:
Vice President Human Resources, 12150 East 112th Avenue, Henderson, Colorado, 80640.
The Company agrees that it will respond to any such requests by providing Key Employee’s position and/or job title and dates
of service.

 

9.No Disparagement.
Key Employee agrees that, subsequent to the Separation Date, he will not make any disparaging or derogatory remarks or statements
about the Released Parties, or any of their parent companies, subsidiaries, affiliates, related companies, partnerships or joint
ventures, as well as their respective current and former officers, directors, shareholders, principals, attorneys, agents, employees
or any Released Party, or his prior employment with the Company. The Released Parties agree that they will not make any disparaging
or derogatory remarks or statements about Key Employee or his prior employment with the Company; provided, however, that
nothing in this Key Employee Release shall be construed to prohibit any of the Released Parties from disclosing information regarding
the termination of the Employment Agreement and/or this Key Employee Release if required under applicable securities laws.

 

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10.Periods for
Consideration and Revocation:

 

(a)ADEA
Release Requirements Satisfied: Key Employee acknowledges that this Key Employee Release satisfies all applicable legal requirements
to validly release any Claims (including without limitation Claims arising under the Age Discrimination in Employment Act, as amended).
These requirements are that (i) Key Employee voluntarily entered into this Key Employee Release with full knowledge of its terms
(i.e., free from fraud, duress, coercion or mistake of fact); (ii) this Key Employee Release is in writing and fully comprehensible
and understandable to Key Employee; (iii) this Key Employee Release explicitly waives only current ADEA claims; (iv) this Key Employee
Release does not waive future ADEA claims; (v) the Severance Pay set forth in Section 3.5 of the Employment Agreement constitutes
monies to which Key Employee would not be entitled in the absence of his entering into this Key Employee Release; (vi) the Released
Parties advised Key Employee in writing to consult an attorney prior to entering into this Key Employee Release; (vii) the Released
Parties provided Key Employee with at least forty-five (45) days in which to decide whether to enter into this Key Employee Release;
and (viii) the Released Parties provided Key Employee with at least seven (7) days within which to revoke this Key Employee Release
after signing it.

 

(b)Consideration
Period: Key Employee acknowledges that, before signing this Key Employee Release, he was allowed at least forty-five (45) days
in which to consider this Key Employee Release. Key Employee waives any right to additional time within which to consider this
Key Employee Release. Key Employee further acknowledges that: (i) he took advantage of the time he was given to consider this Key
Employee Release before signing it; (ii) he carefully read this Key Employee Release; (iii) he fully understands it; (iv) he is
entering into it voluntarily; (v) he will receive the Severance Pay as outlined in Section 3.5 of the Employment Agreement
in exchange for his execution of this Key Employee Release, which he would not otherwise be entitled to receive; and (vi) the Released
Parties, in writing, encouraged Key Employee to discuss this Key Employee Release with an attorney before signing it, and that
Key Employee did so to the extent he deemed appropriate.

 

(c)Revocation
Period: Key Employee understands that he may revoke this Key Employee Release within seven (7) days after signing it. Such
revocation shall not be effective unless received by Released Parties on or before 5:00 p.m. Mountain Time of the seventh (7th)
day following Key Employee’s execution of the Key Employee Release. Such revocation shall be sent by certified mail, return
receipt requested, to MYR Group Inc., Attention: Chief Legal Officer,
12150 East 112th Avenue, Henderson, Colorado, 80640. Key Employee also understands that, should he revoke this Key Employee
Release within the seven (7) day period, the Key Employee Release is voided in its entirety and he will not be entitled to any
consideration provided under this Key Employee Release or Section 3.5 of the Employment Agreement.

 

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(d)Adequacy
of Consideration: There are no promises, terms, conditions, or obligations other than those contained herein and contained
in the Employment Agreement; and this Key Employee Release and the Employment Agreement shall supersede all previous communications,
representations or agreements, either verbal or written, between the Key Employee and the Released Parties. Key
Employee acknowledges the adequacy and sufficiency of the consideration for the promises set forth in this Key Employee
Release and the Employment Agreement. Key Employee acknowledges and agrees that he/she is estopped from raising and hereby expressly
waives any defense regarding the receipt and/or legal sufficiency of the consideration provided by the Released Parties under this
Key Employee Release or the Employment Agreement.

 

11.Miscellaneous:

 

(a)Nonadmission
of Liability: The entry into this Key Employee Release by the Parties is not and shall not be construed to be an admission
of any act, practice or policy by the Key Employee or the Released Parties in violation of any statute, common law duty, constitution,
or administrative rule or regulation. Further, this Key Employee Release shall not constitute evidence of any such proscribed or
wrongful act, practice or policy.

 

(b)Modifications.
The Parties agree that the provisions of this Key Employee Release may not be modified by any subsequent agreement unless the modifying
agreement is: (i) in writing; (ii) specifically references this Key Employee Release; (iii) signed by Key Employee; and (iv) signed
and approved by an authorized officer of the Company.

 

(c)Integration.
The Parties acknowledge and agree that this Key Employee Release constitutes the entire agreement between the Parties; that the
Parties have executed this Key Employee Release based upon the terms set forth herein; that the Parties have not relied on any
prior agreement or representation, whether oral or written, which is not set forth in this Key Employee Release; that no prior
agreement, whether oral or written, shall have any effect on the terms and provisions of this Key Employee Release; and that, except
to the extent that they are specifically incorporated into or continued in effect under this Key Employee Release, all prior agreements,
whether oral or written, are expressly superseded and/or revoked by this Key Employee Release.

 

(d)Severability
and Waiver. The Parties acknowledge and agree that each provision of this Key Employee Release shall be enforceable independently
of every other provision. Furthermore, any provision in this Key Employee Release which is prohibited or unenforceable in any jurisdiction
by reason of applicable law will, as to such jurisdiction, be ineffective only to the extent of such prohibition or unenforceability
without invalidating or affecting the remaining provisions hereof, and any such prohibition or unenforceability in any jurisdiction
will not invalidate or render unenforceable such provision in any other jurisdiction.

 

12.Effective
Date. This Key Employee Release will not become effective until the eighth (8th) day after Key Employee executes this Key Employee
Release. Key Employee acknowledges that the Released Parties may withhold any of the Severance Pay required under Section 3.5
of the Employment Agreement until the Effective Date of this Key Employee Release.

 

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13.Fees and
Costs. The Parties will each bear their own attorney's fees and costs in connection with drafting and negotiation of this Key
Employee Release. In the event that any of the Parties (or any Released Party) initiates legal action in any court or adjudicative
body to enforce any provision of this Key Employee Release, or initiates legal action based upon the breach of any provision of
this Key Employee Release by any other party, the prevailing party in any such legal proceeding shall recover, in addition to any
legal or equitable relief otherwise available under applicable law, reasonable costs and expenses (including attorneys’ fees)
incurred in connection with the prosecution or defense of any such legal action.

 

14.Governing
Law: Except to the extent governed by federal law, this Key Employee Release shall be governed by the statutes and common law
of the State of Illinois, exclusive of any rules pertaining to conflicts of laws. The Parties agree that any litigation pertaining
to the interpretation, application or enforcement of any provision of this Key Employee Release must be filed in a federal or state
court of competent jurisdiction in Chicago, Illinois. Both Parties agree to waive any right to trial by jury in the event of any
dispute pertaining to the interpretation, application or enforcement of any provision of this Key Employee Release.

 

15.Successors
and Assigns: This Key Employee Release will be binding on Key Employee, his heirs, administrators, representatives, executors,
successors, and assigns, and will inure to the benefit of all Released Parties and their respective heirs, administrators, representatives,
executors, successors and assigns.

 

16.Interpretation:
This Key Employee Release shall be construed as a whole according to its fair meaning. It shall not be construed strictly for or
against the Company, Key Employee or any Released Party. Unless the context indicates otherwise, the term “or” shall
be deemed to include the term “and” and the singular or plural number shall be deemed to include the other. Captions
are intended solely for convenience of reference and shall not be used in the interpretation of this Key Employee Release. Unless
otherwise defined in this Key Employee Release, capitalized terms shall have the same meaning as those same terms in the Employment
Agreement.

 

17.Voluntary
Release: Key Employee acknowledges and states that he has knowingly and voluntarily entered into this Key Employee Release.

 

 

* * *

 

Signature Page Follows

 

 

 

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Agreed to and accepted
this _____ day of ______________, 20___.

 

KEY EMPLOYEE

 

	 	 	 	 
	Signature	 	Date	 
	 	 	 	 
	 	 	 	 
	Name Printed	 	 	 
	 	 	 	 
	 	 	 	 
	RELEASED PARTIES	 	 	 
	 	 	 	 
	 	 	 	 
	Signature	 	 	 
	 	 	 	 
	 	 	 	 
	Name Printed	 	 	 

 

 

     7Exhibit

EXHIBIT 10.1

November 4, 2015

Fox Factory Holding Corp.
Fox Factory, Inc.
ST USA Holding Corp. 
915 Disc Drive
Scotts Valley, CA 95066
Attention: Chief Financial Officer
Telecopy No.:  (831) 768-7177

Re: Waiver of Certain Requirements in the Credit Agreement    

Ladies and Gentlemen:

We refer to that certain Amended and Restated Revolving Credit and Term Loan Agreement, dated as of March 31, 2014 (as amended, restated, supplemented or otherwise modified from time to time, the “Credit Agreement”), by and among Fox Factory Holding Corp., a Delaware corporation (“FFH”), ST USA Holding Corp., a Delaware corporation (“ST USA”), Fox Factory, Inc., a California corporation (“FF”, and together with FFH and ST USA, each a “Borrower” and, collectively, the “Borrowers”), the several banks and other financial institutions and lenders from time to time party hereto (the “Lenders”), and SunTrust Bank, in its capacity as administrative agent (“Administrative Agent”) for the Lenders, as Issuing Bank and as Swingline Lender.  Capitalized terms used herein and not otherwise defined shall have the meanings assigned to such terms in the Credit Agreement.

The Borrowers have requested that the Lenders waive the requirements under Section 7.6(h) of the Credit Agreement that the aggregate fair market value of all assets transferred under the Taiwanese Disposition not exceed $7,000,000 (the “Asset Transfer Cap”). In accordance with the Credit Agreement,  the Lenders hereby waive the Asset Transfer Cap so long as (a) the aggregate net book value of all assets transferred pursuant to the Taiwanese Disposition does not exceed $30,000,000, (b) on or before the consummation of the Taiwanese Disposition, the Borrowers provide (x) a complete, executed copy of the documents and agreements evidencing the Taiwanese Disposition, which shall be in form and substance satisfactory to the Administrative Agent, and (y) any other information reasonably requested by the Administrative Agent, (c) the Borrowers will have delivered the Loan Documents and other deliverables required under Section 5.11 of the Credit Agreement with respect to any Subsidiary formed in connection with the Taiwanese Disposition and (d) the Borrowers sign below to evidence the Borrowers’ certification that as of the date hereof and after giving effect to this waiver letter, (1) no Default or Event of Default shall have occurred and be continuing and (2) all representations and warranties of the Borrowers and their respective Subsidiaries set forth in the Loan Documents are true and correct in all material respects. The waiver set forth above will be effective upon execution of this letter by the Borrowers and the Required Lenders.

The waiver set forth above is limited solely to the specific events listed above and shall not be deemed to be a waiver of any Default or Event of Default, a deferment of any payment, or an amendment of any other provision of the Credit Agreement or other Loan Documents.  As modified by this waiver letter, the Credit Agreement shall remain in full force and effect and constitute the legal, valid, binding and enforceable obligations of the Borrowers.  This waiver letter shall be governed by, and construed in accordance with the internal laws (and not the laws of conflicts) of the State of New York and all applicable laws of the United 

States of America.  The Borrowers agree to pay on demand all costs and expenses (including, without limitation, reasonable fees and expenses of counsel) incurred by the Administrative Agent in connection with this waiver letter and the transactions contemplated hereby. This waiver letter constitutes the entire understanding of the parties hereto and supercedes any other prior or contemporaneous negotiations or agreements with respect to the subject matter hereof.  This waiver letter may be executed in any number of separate counterparts, each of which shall, collectively and separately, constitute one agreement.

[remainder of page intentionally left blank]

Very truly yours,

SUNTRUST BANK, as the Administrative Agent, as an Issuing Bank, as the Swingline Lender, and as a Lender

By: /s/ David A. Ernst
Name: David A. Ernst
Title:   Vice President

FIFTH THIRD BANK., as a Lender

By: /s/ Ross Morin
Name:  Ross Morin
Title:   Officer

U.S. BANK NATIONAL ASSOCIATION, as a Lender

By: /s/ Jason Nadler 
Name: Jason Nadler 
Title:   Senior Vice President

ACKNOWLEDGED AND AGREED:

FOX FACTORY HOLDING CORP., as 
Borrower

By:  /s/ Zvi Glasman  
Name:     Zvi Glasman
Title:       CFO

ST USA HOLDING CORP., as 
Borrower

By:  /s/ John Boulton
Name:     John Boulton
Title:     VP

FOX FACTORY, INC., as 
Borrower

By:   /s/ Zvi Glasman  
Name:     Zvi Glasman
Title:      CFO

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