Document:

Exhibit 10.2

 

SEPARATION AGREEMENT AND GENERAL RELEASE

 

This Separation Agreement
and General Release (this “Agreement”) is entered into by and between Fred’s, Inc. (the “Company”)
and Mary Louise Gardner (“Executive,” and, together with the Company, the “Parties”).

 

1.            The
Parties acknowledge and agree that Executive’s last day of employment with the Company will be May 27, 2018 (the “Separation
Date”). Effective as of the Separation Date, Executive shall not be, or hold herself out as, an Executive, agent,
or representative of the Company or any of its affiliates.

 

2.            Consistent
with Paragraph 4(b) of Executive’s Employment Agreement, dated April 10, 2017 (the “Employment Agreement”),
the period between April 27, 2018 and May 27, 2018 shall be the “Notice Period.” During the Notice Period,
Executive will not report to the office or be authorized to take (and will not take) any actions on behalf of the Company or any
Company affiliate. Executive will continue to receive her base salary, at the annual rate of $331,500 per annum (less applicable
deductions and withholdings) through the Notice Period, and COBRA eligible benefits through May 31, 2018.

 

3.            Consistent
with Paragraph 4(e)(i) of the Employment Agreement, the Company shall pay Executive any vested or accrued and unpaid payments,
rights or benefits Executive may otherwise be entitled to receive pursuant to the terms of any accrued but unused vacation or other
employee benefit or compensation plan maintained by Company at the time or times provided therein. The Company confirms that as
of the date of this Agreement, Executive is entitled to payment for zero (0) days of accrued but unused vacation.

 

4.            Consistent
with Paragraph 4(e)(ii) of the Employment Agreement, in consideration of Executive executing and complying with this Agreement
and the Surviving Provisions in full settlement of any compensation or benefits to which Executive otherwise could claim to be
entitled, and in exchange for the mutual promises, covenants, releases, and waivers set forth in this Agreement, the Company will
provide Executive with the following severance benefits:

 

		(a)	On the Separation Date, Executive’s rights under any compensation or benefits program shall
become vested and any restrictions on stock options or contractual rights granted to Executive shall be removed. For the avoidance
of doubt, the foregoing includes, without limitation (i) 7,210 shares of no par value common stock of the Company, issued to Executive
pursuant to the Restricted Stock Award Agreement, entered into by and between the Company and Executive, dated February 22, 2016;
(ii) 4,430 shares of no par value common stock of the Company, issued to Executive pursuant to the Restricted Stock Award Agreement,
entered into by and between the Company and Executive, dated August 15, 2016; (iii) 1,813 shares of no par value common stock of
the Company, issued to Executive pursuant to the Restricted Stock Award Agreement, entered into by and between the Company and
Executive, dated April 5, 2017; (iv) the option to purchase 23,150 shares of Company Class A common stock, at option price of $14.29,
pursuant to the Incentive Stock Option Agreement, entered into by and between the Company and Executive, dated August 15, 2016;
(v) the option to purchase 50,633 shares of Company Class A common stock, at option price of $13.87, pursuant to the Incentive
Stock Option Agreement, entered into by and between the Company and Executive, dated February 22, 2016; and (vi) the option to
purchase 6,302 shares of Company Class A common stock, at option price of $12.55, pursuant to the Incentive Stock Option Agreement,
entered into by and between the Company and Executive, dated April 5, 2017.

 

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		(b)	When the Executive’s coverage (if any) under the Company’s medical plan(s) ceases,
pursuant to governing law and independent of this Agreement, Executive will be entitled to elect benefit continuation coverage
under the Consolidated Omnibus Budget Reconciliation Act of 1985, as amended (“COBRA”), for Executive and any eligible
dependents if Executive timely applies for such coverage. If Executive elects COBRA, Company shall reimburse Executive for Executive’s
COBRA premiums (including with respect to any health, dental and vision plans that Executive participates in) for a maximum of
eighteen (18) months, which shall by payable in monthly installments to Executive in accordance with reimbursement claims submitted
to the Company by Executive; provided, however, that the Company’s reimbursement of continuation coverage will
cease at any time Executive becomes eligible for group medical coverage from another employer. Information regarding Executive’s
rights under COBRA will be provided to Executive in a separate mailing. Executive acknowledges and agrees that Executive is solely
responsible for all federal, state, and/or tax liability, if any, arising from any such COBRA reimbursement described in this Paragraph
4 and that neither the Company nor any of its representatives have provided advice regarding the tax consequences of any consideration
set forth in this Paragraph 4.

 

		(c)	Following the expiration of the eighteen (18) month COBRA reimbursement period, Executive shall
receive monthly payments in the amount of $1,842.83 for an additional six (6) months; provided, however, that these
payments will cease at any time Executive becomes eligible for group medical coverage from another employer.

 

		(d)	The Company agrees within ten (10) business days following the Effective Date (defined below),
it shall make a one-time lump sum payment to Executive in the amount of $6,000, which amount represents payments due and owing
by the Company to Executive pursuant to Paragraph 3(g) of the Employment Agreement. Executive acknowledges and agrees that payment
of the foregoing amount shall satisfy the Company’s obligations under Paragraph 3(g) of the Employment Agreement.

 

		(e)	The Company agrees that pursuant to Paragraph 3(f) of the Employment Agreement, it shall reimburse
Executive for any and all reasonable business expenses incurred by Executive in connection with the performance of Executive’s
duties as an employee of the Company. Executive shall provide the Company with receipts and/or other documentation of any such
expenses by no later than ten (10) business days following the Separation Date.

 

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		(f)	The Company agrees that it shall reimburse Executive up to $2,500 of attorney’s fees incurred
in connection with the review of this Agreement, upon submission by Executive to the Company of records sufficient to demonstrate
fees actually incurred by Executive.

 

5.            Consistent
with Paragraph 4(e)(ii) and 4(e)(iii) of the Employment Agreement, in exchange for Executive timely executing and complying with
both this Agreement and the release attached hereto as Exhibit A (the “Post-Employment Release”),
and for not timely revoking the Post-Employment Release in accordance with its terms: severance in the amount equal to $663,000
less applicable deductions and withholdings, to be paid in substantially equal installments at Executive’s regular pay intervals
in effect prior to the Separation Date, over a period of twenty-four (24) months beginning on the first regular Company payroll
payment date that occurs after the lapse of any right of Executive to revoke the Post-Employment Release.

 

6.            Executive
acknowledges and agrees that the consideration provided in Paragraphs 2 through 5, above: (a) is in full discharge of any
and all obligations owed to Executive, monetarily or otherwise, with respect to Executive’s employment, including but not
limited to any obligations set forth in the Employment Agreement; and (b) exceeds any payment, benefit, or other thing of value
to which Executive might otherwise be entitled in the absence of this Agreement. Executive specifically acknowledges and agrees
that Executive is not entitled to any other salary, wages, commissions, overtime, premiums, paid time off, vacation, sick pay,
holiday pay, personal day pay, royalties, equity, phantom equity, carried interest, bonuses, deferred compensation, or other forms
of compensation, benefits, fringe benefits, perquisites, interests, or payments of any kind or nature whatsoever (collectively,
“Compensation”), except as explicitly provided in this Agreement. Further, Executive acknowledges and
agrees that the terms of this Agreement and the Surviving Provisions remain in full force and effect and will continue to bind
Executive following the Separation Date. Executive further acknowledges that by Executive executing this Agreement, Executive and
the other Releasors are waiving and releasing any and all legal rights and claims they may have under the ADEA and all other federal,
state and local laws regarding age discrimination, whether those claims are currently known to Executive or hereafter discovered.
However, nothing in the foregoing is intended to limit or restrict Executive’s right to challenge the validity of this Agreement
as to claims and rights asserted under the ADEA or Executive’s right to enforce the Agreement. Executive further agrees that
in the event she or any of the other Releasors brings any ADEA Claims against any of the Releasees, or in the event they seek to
recover monetary or other compensation against any of the Releasees through any ADEA Claim brought by a governmental agency on
their behalves, this Agreement shall serve as a complete defense to such Claims.

 

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7.            Consistent
with Paragraph 4(e)(iii) of the Employment Agreement, in exchange for the consideration provided to Executive in Paragraph 4, Executive,
on behalf of Executive and all of Executive’s heirs, executors, administrators, successors, and assigns (collectively, “Releasors”),
hereby releases and forever waives and discharges any and all claims, liabilities, causes of action, demands, charges, complaints,
suits, rights, costs, debts, expenses, promises, agreements, or damages of any kind or nature (collectively, “Claims”)
that Executive or any of the other Releasors ever had, now have, or might have against the Company and its current, former, or
future affiliates, or any of their respective current, former, or future subsidiaries, parents, related companies, controlling
shareholders, or divisions, as well as (collectively with the Company, the “Company Entities”), or any of the Company
Entities’ and Alden Global Capital LLC’s respective directors, members, managers, employees, trustees, officers, general
partners, limited partners, Executives, consultants, contractors, advisors, agents, benefit plans, attorneys, successors, assigns,
or investment funds (or the other investment vehicles any of the foregoing manage and/or for which they perform services) (collectively
with the Company Entities, the “Releasees,” and each a “Releasee”), arising at any time prior to the date
Executive executes this Agreement, whether such Claims are known to Executive or unknown to Executive, whether such Claims are
accrued or contingent, including, but not limited to, any and all (a) Claims arising out of, or that might be considered to arise
out of or to be connected in any way with, Executive’s employment or other relationship with any of the Releasees, or the
termination of such employment or other relationship; (b) Claims under any contract, agreement, or understanding that Executive
may have with any of the Releasees, whether written or oral, express or implied, at any time prior to the Effective Date (as defined
below); (c) Claims arising under any federal, state, foreign, or local law, rule, constitution, ordinance, or public policy, including,
without limitation, (i) Claims arising under Title VII of the Civil Rights Act of 1964, the Civil Rights Act of 1866, 42 U.S.C.
§ 1981, the Civil Rights Act of 1991, the Americans With Disabilities Act, the Age Discrimination in Employment Act, the Family
and Medical Leave Act, the Executive Retirement Income Security Act of 1974, the Vietnam Era Veterans Readjustment Act of 1974,
the Immigration Reform and Control Act of 1986, the Equal Pay Act, the Labor Management Relations Act, the National Labor Relations
Act, the Occupational Safety and Health Act, the Genetic Information Nondiscrimination Act of 2008, the Rehabilitation Act of 1973,
the Uniformed Services Employment and Reemployment Rights Act, the Worker Adjustment and Retraining Notification Act, the Sarbanes-Oxley
Act of 2002, the Dodd-Frank Act, the Internal Revenue Code of 1986, the Tennessee Human Rights Act, and/or the Tennessee Disability
Act as all such laws have been amended from time to time, or any other federal, state, foreign, or local labor law, wage and hour
law, worker safety law, Executive relations or fair employment practices law, or public policy, (ii) Claims arising in tort, including,
but not limited to, Claims for misrepresentation, defamation, libel, slander, invasion of privacy, conversion, replevin, false
light, tortious interference with contract or economic advantage, negligence, fraud, fraudulent inducement, quantum meruit, promissory
estoppel, prima facie tort, restitution, or the like, and (iii) Claims for Compensation, other monetary or equitable relief, attorneys’
or experts’ fees or costs, forum fees or costs, or any tangible or intangible property of Executive’s that remains
with any of the Releasees; and (d) Claims arising under any other applicable law, regulation, rule, policy, practice, promise,
understanding, or legal or equitable theory whatsoever; provided, however, that Executive does not release (A) any claims that
arise after the Effective Date; (B) any claims for breach of this Agreement or to enforce the terms of this Agreement; or (C) any
claims that cannot be waived or released as a matter of law. Executive specifically intends the release of Claims in this Paragraph
7 to be the broadest possible release permitted by law.

 

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8.            Executive
represents and warrants that Executive has never commenced or filed, or caused to be commenced or filed, any lawsuit or arbitration
against any of the Releasees. Except as otherwise provided in Paragraph 7 of this Agreement, Executive further agrees not to directly
or indirectly commence, file, or in any way pursue, or cause or assist any person or entity to commence, file, or pursue, any Claim,
lawsuit, or arbitration against any of the Releasees in the future. For avoidance of doubt, nothing in this Agreement, any other
agreement between Executive and the Company, or any Company policy shall prevent Executive from filing a charge with the Equal
Employment Opportunity Commission (the “EEOC”) or any other government agency or participating in any EEOC or other
agency investigation; provided, that Executive may not receive any monetary relief from any of the Releasees as a consequence of
any charge filed with the EEOC and/or any litigation arising out of an EEOC charge; and provided, further, that nothing herein
shall restrict Executive’s right to receive an award for information provided to the U.S. Securities and Exchange Commission
pursuant to Section 21F of the Securities Exchange Act of 1934.

 

9.            Consistent
with Paragraph 13 of the Employment Agreement, this Agreement shall be interpreted strictly in accordance with its terms, to the
maximum extent permissible under governing law, and shall not be construed against or in favor of any Party, regardless of which
Party drafted this Agreement or any provision hereof. If any provision of this Agreement (or any of the Surviving Provisions) is
determined to be unenforceable as a matter of governing law, an arbitrator or reviewing court of appropriate jurisdiction shall
have the authority to “blue pencil” or otherwise modify such provision so as to render it enforceable while maintaining
the Parties’ original intent to the maximum extent possible. Each provision of this Agreement is severable from the other
provisions hereof, and if one or more provisions hereof are declared invalid, the remaining provisions shall nevertheless remain
in full force and effect. For purposes of this Agreement, the connectives “and,” “or,” and “and/or”
shall be construed either disjunctively or conjunctively as necessary to bring within the scope of a sentence or clause all subject
matter that might otherwise be construed to be outside of its scope.

 

10.          Consistent
with Paragraph 5(h)(iv) of the Employment Agreement, Executive agrees to cooperate with the Company with respect to reasonable
requests by the Company in connection with (a) responding to the Company’s requests for knowledge or information within Executive’s
possession relating to Executive’s employment by the Company following the Separation Date, and (b) any investigation or
review by any federal, state, foreign, or local regulatory or other authority, and in the defense or prosecution of any demand,
claim, or action, that is now in existence or may be brought in the future against or on behalf of any of the Releasees relating
to events, occurrences, or omissions that may have occurred (or failed to have occurred) while Executive was employed by the Company
and which relate to Executive’s employment or about which Executive has personal knowledge. Executive’s cooperation
in connection with any such investigation, demand, claim, or action shall include, but not be limited to, being reasonably available
as may be reasonably requested by the Company to (i) meet with the Releasees and their counsel in connection with discovery or
pre-trial issues, and (ii) testify on behalf of the Company in connection with any such action or proceeding in connection with
any such proceeding. In the event that the Company requests Executive’s cooperation under this Paragraph, such assistance
shall be provided in a time and manner that is reasonably convenient to all Parties (except as may be required by subpoena, Court
order, or similar compulsory legal process). The Company will reimburse Employee for all reasonable expenses actually incurred
in connection with her provision of testimony or assistance, including attorneys’ fees.

 

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11.          Consistent
with Paragraph 5 of the Employment Agreement, Executive represents, warrants and agrees that she has not breached, and will not
breach, (i) any of her covenants under this Agreement, or (ii) any of her other obligations as an employee of the Company including,
without limitation, those under Paragraph 5(a)-(g) of the Employment Agreement (the “Surviving Provisions”)
Executive’s obligations thereunder are summarized as follows:

 

		(a)	Confidentiality. As more fully set forth in Paragraph 5(a)-(c) of the Employment Agreement,
while employed by Company and thereafter, Executive shall not disclose any Confidential Information (as defined in the Employment
Agreement) either directly or indirectly, to anyone (other than appropriate Company employees and advisors), or use such information
for her own account, or for the account of any other person or entity, except as required by law or in the performance of her job
duties and responsibilities. This confidentiality covenant has no temporal or geographical restriction. For purposes of this Agreement,
“Confidential Information” shall have the meaning set forth in the Employment. Executive shall promptly supply to Company
all property of the Company and any other tangible product or document relating to business of the Company that has been produced
by, received by or otherwise submitted to Executive during or prior to her term of employment, and shall not retain any copies
thereof. As set forth in paragraph 5(c) of the Employment Agreement, Executive agrees to indemnify and hold the Company harmless
for any loss, claim or damages, including attorney’s fees or costs, arising out of or related to the unauthorized disclosure
or use of the Confidential Information by Executive.

 

		(b)	Non-Competition. As more fully set forth in Paragraph 5(d) of the Employment Agreement,
Executive acknowledges that her services are of special, unique and extraordinary value to Company. Accordingly, the Executive
shall not at any time prior to May 27, 2019 become an employee, consultant, officer, partner or director or provide services in
any fashion to any Competitor (as defined in the Employment Agreement) of Company within the Restricted Area (as defined in the
Employment Agreement).

 

		(c)	Non-Solicitation. As more fully set forth in Paragraph 5(e) of the Employment Agreement,
Executive shall not, at any time prior to May 27, 2019, whether on Executive’s own behalf or on behalf of or in conjunction
with any person, company, business entity or other organization whatsoever, directly or indirectly, (i) solicit or encourage any
employee of Company or its Affiliates (as defined in the Employment Agreement) to leave the employment of Company or its Affiliates
or (ii), without permission of Company, knowingly hire a former employee of Company or its Affiliates (as defined in the Employment
Agreement).

 

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		(d)	Non-Disparagement. As more fully set forth in Paragraph 5(f) of the Employment Agreement,
while employed by Company and at any time after the Separation Date, Executive agrees not to make any untruthful or disparaging
statements, written or oral, about Company, its affiliates, their predecessors or successors or any of their past and present officers,
directors, stockholders, partners, members, agents and employees or Company’s business practices, operations or personnel
policies and practices to any of Company’s customers, clients, competitors, suppliers, investors, directors, consultants,
employees, former employees, or the press or other media in any country. The Company likewise agrees that it shall instruct its
senior personnel, including its officers and executives, not to make any untruthful or disparaging statements, written or oral,
about Executive, Executive’s performance with the Company, or Executive’s business reputation.

 

		(e)	For the avoidance of doubt, the Parties acknowledge and agree that a person or entity, other than
Fred’s Inc., shall not be deemed a “Competitor” or an “Affiliate” of the Company, as such terms are
used in this Agreement and in the Surviving Provisions, as a result of their common control or management by, or due to an investment
in or ownership by, in whole or part, Alden Global Capital LLC, or any of its subsidiaries, divisions, affiliates, holding companies,
or otherwise, whether directly or indirectly. In accordance with Paragraph 4(g) of the Employment Agreement, Executive understands
and agrees that her obligations under the Surviving Provisions survive her termination from the Company.

 

Notwithstanding the
foregoing, in accordance with the Defend Trade Secrets Act, 18 U.S.C. § 1833(b), and other applicable law, nothing
in this Agreement or any other agreement or policy of the Company shall prevent Executive from, or expose Executive to criminal
or civil liability under federal or state trade secrets law for, (i) directly or indirectly sharing any Company trade secrets
or other Confidential Information (except information protected by the Company’s attorney-client or work product privilege)
with an attorney or with any federal, state, or local government agencies, regulators, or officials, for the purpose of investigating
or reporting a suspected violation of law, whether in response to a subpoena or otherwise, without notice to the Company; or (ii)
disclosing the Company’s trade secrets in a filing in connection with a legal claim, provided that the filing is made under
seal. Furthermore, Executive shall be permitted to (A) share information about this Agreement with Executive’s spouse, attorney,
accountant, or financial advisor, so long as Executive ensures that such parties maintain the strict confidentiality of this Agreement;
(B) share information regarding Executive compensation with other persons or entities; and (C) apprise any future employer or other
person or entity to which Executive provides services of Executive’s continuing obligations to the Company under this Agreement
and/or the Employment Agreement.

 

12.          This
Agreement and the Surviving Provisions set forth the entire agreement between the Parties hereto, fully supersedes any and all
prior agreements or understandings between the Parties, and can be modified only in a written agreement signed by Executive, on
the one hand, and an officer of the Company, on the other hand. Executive specifically acknowledges and agrees that notwithstanding
any discussions or negotiations Executive may have had with the Company prior to the execution of this Agreement, Executive is
not relying on any promises or assurances other than those explicitly contained in this Agreement. In accordance with Paragraph
7 of the Employment Agreement, this Agreement shall be deemed to have been made in Memphis, Tennessee, and shall be interpreted,
construed, and enforced pursuant to the laws of the State of Tennessee, without giving effect to Tennessee’s conflict or
choice of law principles.

 

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13.          Executive
represents and warrants that she is not aware of any facts or circumstances that Executive knows or believes to be either (a) a
past or current violation of the Company’s or any of its affiliates’ rules and/or policies, or (b) a past or current
violation of any laws, rules, and/or regulations applicable to the Company or any of its affiliates. This Agreement shall not in
any way be construed as an admission by any of the Releasees of any liability or of any wrongful acts whatsoever against Executive
or any other person.

 

14.          Executive
agrees that her breach or threatened breach of Paragraphs 7, 8, 10, 11, or 16 of this Agreement or the Surviving Provisions would
result in irreparable and continuing harm to the Releasees for which there is no adequate remedy at law. Thus, in addition to the
Releasees’ right to arbitrate disputes hereunder, the Releasees shall be entitled to obtain emergency equitable relief, including
a temporary restraining order and/or preliminary injunction, in aid of arbitration, from any state or federal court of competent
jurisdiction, without first posting a bond, to restrain any such breach or threatened breach. Upon the issuance (or denial) of
an injunction, the underlying merits of any dispute will be resolved in accordance with the arbitration provisions of Paragraph
16 of this Agreement.

 

15.         (a)         Except
as provided in Paragraph 14 of this Agreement, the Parties irrevocably and unconditionally agree that any past, present, or future
dispute, controversy, or claim arising under or relating to this Agreement; arising in connection with Executive’s employment
or affiliation or the termination thereof; or otherwise arising between Executive and any of the Releasees, involving Executive,
on the one hand, and any of the Releasees, on the other hand, including both claims brought by Executive and claims brought against
Executive, shall be submitted for resolution to binding arbitration as provided herein; provided, that nothing herein shall
require arbitration of a claim or charge which, by law, cannot be the subject of a compulsory arbitration agreement. Any such arbitration
shall be administered by the American Arbitration Association (“AAA”); shall be conducted in accordance with
AAA’s Employment Arbitration Rules and Procedures, as modified herein; and shall be conducted by a single arbitrator, who
shall be a partner at an “AmLaw 200” law firm based in New York, New York. Such arbitration will be conducted in a
mutually agreeable location, and the arbitrator will apply Tennessee law, including federal statutory law as applied in Tennessee
courts. Except as set forth in Paragraph 14, above, the arbitrator, and not any federal or state court, shall have exclusive
authority to resolve any dispute relating to the interpretation, applicability, enforceability, and/or formation of this Agreement,
including any dispute as to whether (i) a particular claim is subject to arbitration hereunder, and/or (ii) any part of this Paragraph
16 is void or voidable. The arbitral award shall be in writing, shall state the reasons for the award, and shall be final and binding
on the parties. Executive shall treat the arbitration as strictly confidential, and Executive shall not disclose the existence
or nature of any claim, defense, or argument; any documents, correspondence, pleadings, briefing, exhibits, arguments, testimony,
evidence, or information exchanged or presented in connection with any claim, defense, or argument; or any rulings, decisions,
or results of any claim, defense, or argument (collectively, “Arbitration Materials”) to any third party,
with the sole exception of Executive’s legal counsel, who Executive shall ensure complies with these confidentiality terms.
Nothing contained herein shall prevent a party from seeking to enforce a judgment awarded in arbitration in an applicable court
of law. The arbitrator shall only have authority to award relief measured by the prevailing party’s out of pocket losses,
except to the extent such relief is explicitly available under a statute, ordinance, or regulation pursuant to which a successful
claim is brought or otherwise provided for in this Agreement. In agreeing to arbitrate her claims hereunder, Executive hereby recognizes
and agrees that she is waiving her right to a trial in court and/or by a jury. The Party who does not prevail in arbitration, agrees
to pay the costs of arbitration, provided, however, that, the Party is not required to pay the attorney’s fees of
the prevailing party, except as provided in Paragraph 11(a) of this Agreement.

 

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16.          In
the event of any court proceeding to challenge or enforce an arbitrator’s award, the Parties hereby consent to the exclusive
jurisdiction of the state and federal courts sitting in Tennessee; agree to exclusive venue in that jurisdiction; and waive any
claim that such jurisdiction is an inconvenient or inappropriate forum. The Parties agree to take all steps necessary to protect
the confidentiality of the Arbitration Materials in connection with any court proceeding, agree to use their reasonable best efforts
to file any court proceeding permitted herein and all Confidential Information (and all documents containing Confidential Information)
under seal, and agree to the entry of an appropriate protective order encompassing the confidentiality terms of this Agreement.

 

		17.	(a)	In accordance with the Age Discrimination in Employment Act (“ADEA”)
and the Older Workers Benefit Protection Act, 29 U.S.C. § 621 et seq., Executive understands that she has twenty-one (21)
days to consider this Agreement, execute it, and return it via email or overnight courier (via FedEX or UPS) to Esther Lander,
Akin Gump Strauss Hauer & Feld, LLC, 1333 New Hampshire Ave, NW, Washington DC, 20036, elander@akingump.com.  To the extent
that Executive executes this Agreement prior to the end of the twenty-one (21) day period, Executive hereby knowingly and voluntarily
waives the remainder of this twenty-one (21) day period.  If Executive fails to execute and return this Agreement within the
twenty-one (21) day period in the manner provided above, then this Agreement will be null and void and of no force or effect.

 

		(b)	Executive acknowledges that if she timely executes this Agreement, she will have seven (7) days
from the date she executes this Agreement to revoke this Agreement by providing written notice of such revocation by email or overnight
courier (via FedEx or UPS) to Esther Lander, Akin Gump Strauss Hauer & Feld, LLC, 1333 New Hampshire Ave, NW, Washington DC,
20036, elander@akingump.com. If Executive revokes this Agreement within seven (7) days from the date she executes it as provided
herein, then this Agreement will be null and void and of no force or effect. If Executive does not revoke this Agreement within
seven (7) days from the date she timely executes this Agreement in the manner provided above, then this Agreement will become fully
binding, effective, irrevocable, and enforceable on the eighth (8th) calendar day after Executive executes it (the “Effective
Date”).

 

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18.          By
signing below, Executive expressly acknowledges, represents, and warrants that Executive has carefully read this Agreement; that
Executive fully understands the terms, conditions, and significance of this Agreement and its final and binding effect; that no
other promises or representations were made to Executive other than those set forth in this Agreement; that Executive is fully
competent to manage Executive’s business affairs; that Executive understands that this Agreement contains a waiver and release
of all known or unknown claims; that the Company has advised Executive to consult with an attorney concerning this Agreement; that
Executive has executed this Agreement voluntarily, knowingly, and with an intent to be bound by this Agreement; and that Executive
has full power and authority to release Executive’s Claims as set forth herein and has not assigned any such claims to any
other individual or entity.

 

19.          This
Agreement may be executed in one or more counterparts, each of which shall be deemed to be an original, but all of which together
will constitute one and the same instrument.

 

[THE REMAINDER OF THIS PAGE INTENTIONALLY
LEFT BLANK.]

 

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IN WITNESS WHEREOF,
the Parties hereto have executed this Agreement as of the date indicated below.

 

FRED’S, INC.

 

	By:	/s/ Joe Anto 	 	May 3, 2018 
	 	Joe Anto	 	Date
	 	Authorized Signatory	 	 
	 	 	 
	ExecutivE	 	 
	 	 	 
	/s/ Mary Louise Gardner 	 	May 3, 2018 
	Mary Louise Gardner	 	Date

 

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[TO BE EXECUTED NO EARLIER THAN MAY
27, 2018 

AND NO LATER THAN JUNE 17, 2018]

 

EXHIBIT A

 

POST-EMPLOYMENT RELEASE

 

In exchange for the
payments and other consideration provided to Mary Louise Gardner (“Executive”) under the Separation Agreement
and General Release between Executive and Fred, Inc. (the “Company”) and its affiliates (the “Separation
Agreement”), to which this Post-Employment Release is an Exhibit, and as a precondition to Executive’s receipt
of the payments and other consideration set forth in Paragraph 5 thereof, Executive hereby agrees as follows. All capitalized terms
utilized but not defined herein shall have the same meanings ascribed to them in the Separation Agreement:

 

1.            Upon
the Post-Employment Release Effective Date, as defined below, and consistent with Paragraph 4(e)(iii) of the Employment Agreement,
Executive, on behalf of herself and for any person or entity who may claim by or through her, irrevocably and unconditionally releases,
waives, and forever discharges Company, and its current, former, or future affiliates, or any of their respective current, former,
or future subsidiaries, parents, related companies, controlling shareholders, or divisions, and their and Alden Global Capital
LLC’s respective officers, directors, attorneys, agents, and present and past employees (“Releasees”) from any
and all claims or causes of action that Executive had, has, or may have relating to Executive’s employment with Company and/or
termination therefrom up to and including the date of this Agreement, including but not limited to any claims under Title VII of
the Civil Rights Act of 1964, as amended, the Tennessee Human Rights Act, the Age Discrimination in Employment Act (“ADEA”),
and claims under any other federal, state, or local statute, regulation, or ordinance, including wrongful or retaliatory discharge.

 

2.            For
avoidance of doubt, the foregoing Release does not include any claims that cannot be released or waived by law, nor does it prohibit
Executive or any of the other Releasors from filing a charge or complaint with or participating in an investigation or proceeding
conducted by any Government Agencies (including but not limited to the Equal Employment Opportunity Commission); provided,
however, that Executive and the other Releasors are releasing and waiving the right to seek or accept any compensatory damages,
back pay, front pay, or reinstatement remedies for Executive or the other Releasors personally with respect to any and all Claims
released in this Post-Employment Release; and provided, further, that nothing herein shall restrict Executive’s
right to receive an award for information provided to the U.S. Securities and Exchange Commission pursuant to Section 21F of the
Securities Exchange Act of 1934.

 

3.            Executive
acknowledges that by Executive executing this Post-Employment Release, Executive and the other Releasors are waiving and releasing
any and all legal rights and claims they may have under the ADEA and all other federal, state and local laws regarding age discrimination,
whether those claims are currently known to Executive or hereafter discovered. However, nothing in the foregoing is intended to
limit or restrict Executive’s right to challenge the validity of this Post-Employment Release as to claims and rights asserted
under the ADEA or Executive’s right to enforce the Separation Agreement. Executive further agrees that in the event she or
any of the other Releasors brings any ADEA Claims against any of the Releasees, or in the event they seek to recover monetary or
other compensation against any of the Releasees through any ADEA Claim brought by a governmental agency on their behalves, this
Post-Employment Release shall serve as a complete defense to such Claims.

 

    	 	Exhibit A-1	 

     

    

 

4.            In
accordance with the Age Discrimination in Employment Act (“ADEA”) and the Older Workers Benefit Protection
Act, 29 U.S.C. § 621 et seq., Executive understands that she shall have twenty-one (21) days to consider this Agreement, execute
it, and return it via email, facsimile, or overnight courier (via FedEX or UPS) to Esther Lander, Akin Gump Strauss Hauer &
Feld, LLC, 1333 New Hampshire Ave, NW, Washington DC, 20036, elander@akingump.com. To the extent that Executive executes this Release
prior to the end of the twenty-one (21) day period, Executive hereby knowingly and voluntarily waives the remainder of this twenty-one
(21) day period. If Executive fails to execute and return this Agreement within the twenty-one (21) day period in the manner provided
above, then this Agreement will be null and void and of no force or effect.

 

5.            If
Executive does not revoke this Post-Employment Release within seven (7) days from the date she executes it, this Post-Employment
Release will become fully binding, effective, and enforceable on the eighth (8th) calendar day after the day she executes it (the
“Post Employment Release Effective Date”). For avoidance of doubt, should Executive fail to timely execute
this Post-Employment Release, or should she timely revoke this Post-Employment Release after signing it, (A) she shall receive
the payments and benefits set forth in Paragraph 4 of the Separation Agreement, (B) the Company’s and Company Affiliates’
obligations under Paragraph 5 of the Separation Agreement shall be null and void and of no force or effect, and (C) the remainder
of the Separation Agreement shall remain binding, enforceable, and irrevocable.

 

6.            By
signing below, Executive acknowledges and agrees that she (i) has carefully read and fully understands all of the provisions of
the Separation Agreement (including this Post-Employment Release); (ii) knowingly and voluntarily agrees to all of the terms set
forth in the Separation Agreement (including this Post-Employment Release); (iii) knowingly and voluntarily agrees to be legally
bound by the Separation Agreement (including this Post-Employment Release); (iv) has been advised to consult with an attorney prior
to signing this Separation Agreement (including this Post-Employment Release); (v) has full power to release her and the other
Releasors’ Claims as set forth herein; and (vi) has not assigned any such Claims to any individual or to any corporation,
partnership or any other entity or organization.

 

7.            This
Exhibit A shall be part of the Separation Agreement and, once executed, may be enforced in accordance with the terms of the Separation
Agreement. Executive understands that once the Separation Agreement becomes effective, it will remain effective and irrevocable
regardless of whether this Post-Employment Release is timely executed (or, if it is executed, regardless of whether it is timely
revoked); provided, that if Executive does not timely execute the Post-Employment Release (or if Executive timely revokes
the Post-Employment Release after signing it) she will not receive the consideration set forth in Paragraph 5 of the Separation
Agreement. For avoidance of doubt, Executive further understands that if she and/or the Company fail to timely execute the Separation
Agreement, then the Separation Agreement (including this Post-Employment Release) will be null and void.

 

    	 	Exhibit A-2	 

     

    

 

8.            PDF,
facsimile, and other true and correct copies of this Post-Employment Release shall have the same force and effect as an original
hereof.

 

[THE REMAINDER OF THIS PAGE
INTENTIONALLY LEFT BLANK.]

 

    	 	Exhibit A-3	 

     

    

 

To confirm Executive’s
understanding of, and agreement to, the terms of this Post-Employment Release, and to execute it, she has signed and dated it below.

 

	 	 	 
	Mary Louise Gardner	 	Date:

 

    	 	Exhibit A-4Exhibit

Exhibit 10.1

EMPLOYMENT AGREEMENT
This EMPLOYMENT AGREEMENT (this “Agreement”), dated as of April 2, 2018 is entered into by and between Jason Industries, Inc., a Delaware corporation (the “Company”) and Kevin M. Kuznicki (“Executive”).  
WHEREAS, Company has agreed to hire Executive with certain conditions; and
WHEREAS, in furtherance of the foregoing, Company and the Executive wish to enter into this Agreement in order to set forth the terms of Executive’s employment with the Company during the Employment Period (as herein defined).
NOW THEREFORE, in consideration of the promises and mutual covenants set forth herein, and other consideration, the receipt and sufficiency of which is hereby acknowledged, the Executive and the Company, intending to be legally bound, agree as follows:

1.Employment.  The Company agrees to employ Executive, and Executive hereby desires to be employed by the Company to serve as Senior Vice President, General Counsel and Secretary, upon the terms and conditions as set forth in this Agreement on an at-will basis, for the period beginning on April 2, 2018 (the “Effective Date”) unless and until his employment is terminated pursuant to Section 4 hereof (such period, the “Employment Period”).  Executive acknowledges that either he or the Company may terminate his employment at any time for any reason.  
2.    Position and Duties.
(a)    Title and Duties.  During the Employment Period, Executive shall serve as the Senior Vice President, General Counsel and Secretary of the Company.  As such, he shall have the normal duties, responsibilities and authority of such position, subject to the power of the Company’s Chief Executive Officer and its Board of Directors to expand or limit such duties, responsibilities and authority within the confines of the ordinary duties, responsibilities and authority of a Senior Vice President, General Counsel and Secretary.  At such time as Executive’s employment with the Company terminates, he will be deemed to have resigned from any positions with the Company Group (defined below) or any other affiliated entity, including any officer or director position. 
(b)    Reporting; Business Time.  Executive shall report to the Company’s Chief Executive Officer, and Executive shall devote his best efforts and his full business time and attention (except for permitted vacation periods and reasonable periods of illness or other incapacity) to the business and affairs of the Company and its respective direct or indirect subsidiaries whether currently existing or hereafter acquired or formed (collectively, the “Company Group”).  Executive shall perform his duties and responsibilities to the best of his abilities in a diligent, trustworthy, businesslike and efficient manner.  Executive shall not serve as a director (or in any similar type position) for any company or other entity (other than a member of the Company Group) without the prior written approval of the Board of Directors of the Company (the “Board”). 

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3.    Base Salary, Incentive Compensation, Benefits, Expenses and Indemnification.
(a)    Base Salary.  During the Employment Period, Executive’s base salary shall be in an amount set by the Board (or a committee thereof), but under no circumstances will it be less than $320,000.00 per annum (the “Base Salary”), which salary shall be payable in regular installments in accordance with the Company’s general payroll practices and shall be subject to customary withholding.  The Base Salary shall be subject to annual increases by the Board (or a committee thereof), in its sole discretion, which increases shall thereafter be Executive’s “Base Salary” for all purposes under this Agreement.
(b)    Signing Bonus. Executive will receive a signing bonus of $25,000, subject to customary withholding, that shall be paid in the first pay period in April 2018 (“Signing Bonus”) and the Company shall pay to Employee an additional amount (the “Signing Bonus Gross-Up”) such that the net after-tax proceeds to Executive of the Signing Bonus and the Signing Bonus Gross-Up (at the highest state and federal marginal income tax rates, taking into account the deductibility of state and local income taxes for federal income tax purposes) is equal to $25,000. Except as otherwise provided in paragraph 4(a), (b) or (c), Executive must be employed on the payment date in order to receive the Signing Bonus.
(c)    Bonus.  During the Employment Period, Executive will participate in the Company’s annual bonus plan applicable to senior executives and thereunder be eligible to receive an annual cash bonus (the “Bonus”) in the amount of 50% of the Base Salary upon achievement of target-level performance (the “Target Bonus”).  The actual amount of any Bonus shall be determined pursuant to the annual bonus plan, which shall be determined by the Board. All Bonuses shall be paid in the calendar year following the calendar year to which they relate at the same time bonuses are paid to other senior executives of the Company, and the Company shall use commercially reasonable efforts to make payment of any such Bonus by March 15 of the calendar year following the calendar year to which such Bonus relates.  For the avoidance of doubt, Executive will be eligible for a pro-rated annual bonus with regard to the 2018 calendar year in an amount equal to the product of (p) the percentage of the days in the applicable calendar year that Executive is employed by the Company and (q) Executive’s annual Bonus for such full year.  To the extent any terms of the applicable bonus plan conflict with the terms of this Agreement, the plan’s terms shall control.  In addition, the Company may amend, restate or terminate its bonus plan in its sole discretion from time to time and Executive’s receipt of any bonus is subject to meeting eligibility requirements.  
(d)    Benefits.  During the Employment Period, Executive (i) shall be eligible to participate in all of the Company’s standard employee benefit programs for which executive employees of the Company are generally eligible, including life and health insurance benefits, dental, group accident, (collectively, the “Benefits”) as well as 401(k) and Flex 125, after meeting all requirements for participation (including any requirements regarding length of employment); and (ii) shall be eligible for four weeks paid vacation annually (“Vacation”) (which vacation benefits shall accrue and shall otherwise be in accordance with the Company’s policy for employee vacation time).  
(e)    Expenses.  The Company shall reimburse Executive for all reasonable expenses (“Expenses”) incurred by him in the course of performing his duties under this Agreement 

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which are consistent with the Company’s policies in effect from time to time with respect to travel, entertainment and other business expenses, subject to the Company’s requirements with respect to reporting and documentation of such expenses.  If any expense reimbursement to Executive under this Agreement, including this paragraph and paragraph 22 hereof, is determined to be “deferred compensation” within the meaning of Section 409A, then the reimbursement shall be made to Executive as soon as practicable after submission for the reimbursement, but no later than December 31 of the year following the year during which such expense was incurred.  Further, expenses eligible for reimbursement, including those hereunder and pursuant to paragraph 22 hereof, shall not affect the expenses eligible for reimbursement, or in-kind benefits to be provided, in any other taxable year.
(f)    Restricted Stock Units.  Executive will be granted 50,000 Time-Vesting Restricted Stock Units pursuant to the terms and conditions of the Restricted Stock Unit Agreement which is attached hereto as Exhibit B.
4.    Termination Without Cause or pursuant to a Constructive Termination.
(a)    Qualifying Termination.  Except as applies under paragraph 4(b), if Executive’s employment by the Company is terminated without Cause (as herein defined) or by Executive pursuant to a Constructive Termination (as herein defined), then (i) the Employment Period shall be deemed to have ended as of the date of the termination of employment (the “Termination Date”), and (ii) Executive shall be entitled to receive (A) all earned and accrued Base Salary through the Termination Date, any then accrued and unpaid Bonus for any fiscal year of the Company which ended prior to the Termination Date, all earned but unused Vacation as of the Termination Date, and, subject to the timely submission of required documentation, all unpaid, reimbursable Expenses as of the Termination Date (the “Accrued Obligations”), and subject to Executive’s continued compliance with paragraphs 6, 7, 8, 9 and 10 hereof, (B) an amount equal to one times (1X) Executive’s Base Salary in effect on the Termination Date, payable in equal monthly installments, in accordance with the Company’s normal payroll practices in effect on the Termination Date, for the twelve (12) month period following the Termination Date, (C) an amount (the “Pro-Rata Amount”) equal to the product of (p) the percentage of the days in the applicable calendar year that Executive is employed by the Company and (q) Executive’s annual Bonus for such full year if Executive’s employment had not terminated (without regard to any subjective performance goals), payable in accordance with paragraph 3(c) hereof, (D) the Signing Bonus, payable in a lump sum on the sixtieth (60th) day following termination, if not previously paid, (E) if the Executive and/or his dependents elect continuation coverage under COBRA, payment by the Company of the COBRA premiums for the Executive and/or his dependents in the same amount paid by the Company prior to the Termination Date during the period beginning on the Termination Date and ending on the first to occur of (xx) the date twelve (12) months after the Termination Date and (yy) the first day Executive becomes eligible for similar benefits under another employer’s plans, (F) to the extent allowed under the applicable plans, continued participation in the Company’s life, long-term disability, and group accident plans beginning on the Termination Date and ending on the first to occur of (xx) the date twelve (12) months after the Termination Date and (yy) the first day Executive becomes eligible for similar benefits under another employer’s plans, and (G) outplacement services provided by a nationally-recognized outplacement firm, such services to be commensurate with the services commonly provided to a person in a position comparable to Executive’s position with the Company, subject, in each case, to withholding and other appropriate deductions.

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(b)    Qualifying Termination in Connection with a Change in Control.  If the Termination Date occurs on or in the twelve (12) months following a Change in Control (as herein defined) due to Executive’s termination of employment by the Company without Cause or by Executive pursuant to a Constructive Termination (“Change in Control Termination”), then, in lieu of the payments and benefits set out in the preceding provisions of paragraph 4(a), (i) the Employment Period shall be deemed to have ended as of the Termination Date and (ii) Executive shall be entitled to receive (A) the Accrued Obligations, and subject to Executive’s continued compliance with paragraphs 6, 7, 8, 9 and 10 hereof, (B) an amount equal to one and one-half times (1.5X) Executive’s Base Salary in effect on the Termination Date, payable in equal monthly installments, in accordance with the Company’s normal payroll practices in effect on the Termination Date, for the eighteen (18) month period following the Termination Date, (C) the Pro-Rata Amount as set forth in paragraph 4(a), (D) the Signing Bonus, payable in a lump sum on the sixtieth (60th) day following termination, if not previously paid, (E) if the Executive and/or his dependents elect continuation coverage under COBRA, payment by the Company of the COBRA premiums for the Executive and/or his dependents in the same amount paid by the Company prior to the Termination Date during the period beginning on the Termination Date and ending on the first to occur of (xx) the date eighteen (18) months after the Termination Date and (yy) the first day Executive becomes eligible for similar benefits under another employer’s plans, (F) to the extent allowed under the applicable plans, continued participation in the Company’s life, long-term disability, and group accident plans beginning on the Termination Date and ending on the first to occur of (xx) the date eighteen (18) months after the Termination Date and (yy) the first day Executive becomes eligible for similar benefits under another employer’s plans, and (F) outplacement services provided by a nationally-recognized outplacement firm, such services to be commensurate with the services commonly provided to a person in a position comparable to Executive’s position with the Company, subject, in each case, to withholding and other appropriate deductions.  For purposes of this paragraph 4(b) “Change in Control” shall have the meaning set forth in the Company’s 2014 Omnibus Incentive Plan. 
(c)    Termination Due to Death or Disability.  If Executive’s employment by the Company is terminated by reason of the death or long-term disability of Executive, then (i) the Employment Period shall be deemed to have ended as of the date Executive ceases to be employed by the Company, and (ii) Executive shall be entitled to receive (A) the Accrued Obligations, and (B) an amount (the “Pro-Rata Amount”) equal to the product of (p) the percentage of the days in the applicable calendar year that Executive is employed by the Company and (q) the annual Bonus Executive would have received, based on performance goals, if Executive’s employment had not terminated, payable in accordance with paragraph 3(c) hereof and (C) the Signing Bonus, payable in a lump sum on the sixtieth (60th) day following termination, if not previously paid.  For purposes of this paragraph 4(c), Executive will be deemed to have a “long-term disability” if, for physical or mental reasons, Executive is unable to perform the essential functions of Executive’s duties under this Agreement for ninety (90) consecutive days, or one hundred twenty (120) days during any twelve (12) month period, as determined in accordance with this paragraph 4(c).  The disability of Executive will be determined by a medical doctor selected by written agreement of the Company and Executive upon the request of either party by notice to the other.  If the Company and Executive cannot agree on the selection of a medical doctor, each of them will select a medical doctor and the two medical doctors will select a third medical doctor who will determine whether Executive has a disability.  The determination of the medical doctor selected under this paragraph 4(c) will be binding on both 

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parties.  Executive must submit to a reasonable number of examinations by the medical doctor making the determination of disability under this paragraph 4(c) and Executive hereby authorizes the disclosure and release to the Company of such determination and all supporting medical records.  If Executive is not legally competent, Executive’s legal guardian or duly authorized attorney-in-fact will act in Executive’s stead, under this paragraph 4(c), for the purposes of submitting Executive to the examinations, and providing the authorization of disclosure, required under this paragraph 4(c).
(d)    Termination for Cause or Voluntarily By Executive.  If Executive’s employment by the Company is terminated by the Company for Cause or due to Executive’s voluntary resignation other than by Constructive Termination, then (i) the Employment Period shall be deemed to have ended as of the date Executive ceases to be employed by the Company and (ii) Executive shall be entitled to receive the Accrued Obligations.  Executive shall provide fifteen (15) days notice of the date he intends to resign.
(e)    No Obligations.  Except as expressly provided in paragraphs 4(a), 4(b) and 4(c) above, or as required by law, upon the date Executive ceases to be employed by the Company (i) all of Executive’s rights to Base Salary, Bonus, and Benefits hereunder (if any) shall cease and (ii) no other severance compensation or retirement benefits shall be payable by the Company Group to Executive.
(f)    Definition of Cause.  For purposes of this Agreement, “Cause” shall mean (i) Executive’s conviction by a court (or plea of guilty or no contest) of a felony, or any crime involving theft, dishonesty or moral turpitude; (ii) act(s) or omission(s) by Executive which are willful and deliberate act(s) or omission(s) which harm or injure the business, operations, financial condition, properties, assets, prospects, value or reputation of the Company Group in any material respect; (iii) Executive’s willful misconduct which results in material harm to the Company Group or which has a material adverse effect on the business, operations, properties, assets, prospects, value or business relationships of the Company Group; (iv) Executive’s willful disregard of the lawful and reasonable directives of the Board or Executive’s willful failure to observe policies or standards approved by the Company, Company Group, or their Boards of Directors, including policies or standards regarding employment practices (including nondiscrimination and sexual harassment policies); (v) the use of illegal drugs or repetitive abuse of other drugs; (vi) repetitive excessive consumption of alcohol, which results in material harm to the Company Group or its subsidiaries; or (vii) Executive’s gross negligence or willful misconduct with respect to any member of the Company Group which results in material harm to the Company Group and/or which has a material adverse effect on the business, operations, properties, assets, prospects, value or business relationships of any member of the Company Group; or (viii) a material breach by Executive of any material covenant or agreement between Executive and any member of the Company Group, including paragraphs 6, 7, 8, 9 and 10 hereof; provided that if the breach is not a breach of paragraphs 6, 7, 8, 9 and 10 hereof or any other restrictive covenant and is capable of remedy, Executive shall have ten (10) days from notification of the breach by the Company in which to remedy such breach.  For avoidance of doubt a breach of paragraphs 6, 7, 8, 9 and 10 or any other restrictive covenant shall not be subject to remedy and any such breach shall be considered “Cause” for termination. 
(g)    Definition of Constructive Termination.  For purposes of this Agreement, “Constructive Termination” shall mean a voluntary termination of employment by Executive for any 

5

of the following reasons, without the express written consent of Executive, unless such events are corrected in all material respects by the Company within thirty (30) days following written notification by Executive to the Board: (i) the material reduction or diminution by the Board of the duties, responsibilities, authority or reporting relationship of Executive; (ii) a material reduction of Executive’s Base Salary; (iii) a relocation of Executive’s principal office by more than fifty (50) miles from his principal office on the Effective Date;  (iv) any failure of the Company to assign or any successor to assume the Company’s obligations under this Agreement at or following the occurrence of a Change in Control; or (v) a material breach of this Agreement by the Company. Executive shall provide the Board with a written notice that an event has occurred and will serve as cause for Constructive Termination within thirty (30) days after the date Executive had knowledge, or should have had knowledge, of the first occurrence of such circumstances, and actually terminate employment within thirty (30) days following the expiration of the Company’s cure period as set forth above (in which cure does not occur).  Otherwise, any claim of such circumstances as “Constructive Termination” shall be deemed irrevocably waived by Executive.
(h)    General Release.  Notwithstanding anything herein contained to the contrary, (i) Executive shall not be entitled to receive any payments, Benefits or other compensation under this paragraph 4 (beyond the Accrued Obligations) unless and until Executive has executed and delivered to the Company a general release substantially in the form attached hereto as Exhibit A (a “General Release”) (with such changes thereto as may be required due to (A) changes in the law or if Executive’s termination of employment is part of a reduction in force requiring a longer (45-day) opportunity to consider the Release or (B) to comply with Older Workers Benefit Protection Act (“OWBPA”) or state law requirements) within sixty (60) days of the Termination Date, and the time for revocation of such release has elapsed and (ii) to the extent that the payment of any amount constitutes “nonqualified deferred compensation” for purposes of Code Section 409A, any such payment scheduled to occur during the first sixty (60) days following the termination of employment shall not be paid until the first regularly scheduled pay period following the sixtieth (60th) day following such termination and shall include payment of any amount that was otherwise scheduled to be paid prior thereto.
(i)    Separation From Service.  For purposes of this Agreement, termination of employment means a “separation from service” under Code Section 409A and Treasury Regulation Section 1.409A-1(h).  For this purpose, whether a termination of employment has occurred is determined based on whether the Company and Executive reasonably anticipated that no further services would be performed after a certain date or that the level of bona fide services Executive would perform after such date (whether as an employee or as an independent contractor) would permanently decrease to less than twenty percent (20%) of the average level of bona fide services performed (whether as an employee or an independent contractor) over the immediately preceding 36-month period.
(j)    Payroll Practices.  All payments, benefits or other compensation under this paragraph 4 shall be paid in accordance with normal payroll practices as in effect on the Termination Date, except as provided in subparagraph (h) hereof, and subject to required payroll withholdings over the course of the period provided for within the applicable subsection above.

6

(k)    No Mitigation.  Executive shall be under no obligation to seek other employment after his termination of employment with the Company and the obligations of the Company to Executive which arise upon the termination of his employment pursuant to this paragraph 4 shall not be subject to mitigation or offset by any compensation, income or benefits earned by, or provided to, Executive during the applicable severance payment period other than as provided in the case of Benefits if Executive accepts other employment during such period.
5.    Golden Parachute Tax.  In the event that any payments, entitlements or benefits (whether made or provided pursuant to this Agreement or otherwise) provided to Executive constitute “parachute payments” within the meaning of Section 280G of the Internal Revenue Code (“Code”), may be subject to an excise tax imposed pursuant to Section 4999 of the Code, then, Executive shall be entitled to the greater of, as determined on an after-tax basis (taking into account any such excise tax), (i) such parachute payments or (ii) the greatest reduced amount of such parachute payments as would result in no amount of such parachute payments being subject to such excise tax.  Any such payment reduction contemplated by the preceding sentence shall be implemented as follows: first, by reducing any payments to be made to Executive under paragraph 4(a)(ii)(B) or 4(b)(ii)(B) hereof, as applicable; second, by reducing any other cash payments to be made to Executive but only if the value of such cash payments is not greater than the parachute value of such payments; third, by cancelling the acceleration of vesting of any outstanding equity-based compensation awards that are subject to performance vesting, the performance goals for which were met as of Executive’s date of termination or if later the date of the occurrence of the change in control; fourth, by cancelling the acceleration of vesting of any restricted stock or restricted stock unit awards; fifth, by eliminating the Company’s payment of the cost of any post-termination continuation of medical and dental benefits for Executive and his eligible dependents and sixth, by cancelling the acceleration of vesting of any stock options or stock appreciation rights.  In the case of the reductions to be made pursuant to each of the above-mentioned clauses, the payment and/or benefit amounts to be reduced and the acceleration of vesting to be cancelled shall be reduced or cancelled in the inverse order of their originally scheduled dates of payment or vesting, as applicable, and shall be so reduced (x) only to the extent that the payment and/or benefit otherwise to be paid or the vesting of the award that otherwise would be accelerated, would be treated as a “parachute payment” within the meaning of Section 280G(b)(2)(A) of the Code, and (y) only to the extent necessary to achieve the required reduction hereunder.  The determination of such after-tax amount under clauses (i) and (ii), above, shall be made by a nationally recognized certified public accounting firm that is selected by the Company and for purposes of present valuing any such payments under Treasury Regulation 1.280G-1 Q&A 32, the discount rate to be used shall be the applicable Federal rate as in effect on the Effective Date.
6.    Confidential Information.  Executive acknowledges that the information, observations and data obtained by him while employed by any member of the Company Group concerning the business or affairs of the Company Group or provided to the Company Group by its customers and suppliers, that is not known generally to the public (“Confidential Information”), are the property of the Company Group.  Therefore, Executive agrees that during his employment and for a period of two (2) years thereafter he shall not disclose to any unauthorized person or use for his own purposes any Confidential Information without the prior written consent of the Board other than in a good faith effort to promote the interests of the Company Group, unless and to the extent 

7

that the aforementioned matters become generally known to and available for use by the public other than as a result of Executive’s acts or omissions.  With respect to any Confidential Information constituting a trade secret under applicable law, Executive agrees not to use or disclose such information for so long as the item continues to constitute a trade secret (i.e., the two (2) year restriction shall not apply to such information).  Executive shall deliver to the Company at the termination of the Employment Period, or at any other time the Company may request, all memoranda, notes, plans, records, reports, computer tapes, printouts and software and other documents and data (and copies thereof) relating to the Confidential Information, Work Product (as defined below) or the business of any member of the Company Group which he may then possess or have under his control.  Notwithstanding the foregoing, nothing in this paragraph 6 shall be construed to in any way limit the rights of the Company to protect confidential or proprietary information which constitute trade secrets under applicable trade secret laws.  The terms and conditions of this Agreement shall remain strictly confidential, and Executive hereby agrees not to disclose the terms and conditions hereof to any person or entity, other than immediate family members, legal advisors or personal tax or financial advisors, or prospective future employers solely for the purpose of disclosing the limitations on Executive’s conduct imposed by the provisions of this paragraph 6 who, in each case, shall be instructed by Executive to keep such information confidential.
7.    Inventions and Patents.  Executive acknowledges that all inventions, innovations, improvements, developments, methods, designs, analyses, drawings, reports and all similar or related information (whether or not patentable) which relate to the Company Group’s actual or anticipated business, research and development or existing or future products or services and which are conceived, developed or made by Executive while employed by the Company Group (“Work Product”) belong to the applicable member of the Company Group.  Executive will promptly disclose such Work Product to the Company and perform all actions requested by the Company (whether during or after employment) to establish and confirm such ownership (including, without limitation, assignments, consents, powers of attorney and other instruments).
8.    Non-Solicitation; Non-Competition.
(a)    In further consideration of the compensation to be paid to Executive hereunder, Executive acknowledges that in the course of his employment with the Company Group, he has and will continue to become familiar with the Company Group’s trade secrets and with other Confidential Information concerning the Company Group and that his services shall be of special, unique and extraordinary value to the Company Group.  Therefore, Executive agrees that while an employee of the Company Group, Executive will not directly or indirectly compete against any member of the Company Group or directly or indirectly divert or attempt to divert any business from any member of the Company Group anywhere such company is doing business. 
(b)    Executive agrees that for the twelve (12) months following the termination of his employment, Executive will not, directly or indirectly, solicit for the purpose of providing, or otherwise provide, any products or services competitive with the products or services offered by (or planned to be offered by, assuming Executive was aware of those plans while employed by Company) the Company Group to any customer of the Company Group with whom/which Executive had contact on behalf of the Company Group during the twenty-four (24) months preceding the end of Executive’s employment with the Company.

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(c)    Executive agrees that for the twelve (12) months following the termination of his employment, Executive will not, directly or indirectly, solicit for the purpose of providing, or otherwise provide, any products or services competitive with the products or services offered by (or planned to be offered by, assuming Executive was aware of those plans while employed by Company) the Company Group to any customer of the Company Group about whom/which Executive acquired non-public information during the twenty-four (24) months preceding the end of Executive’s employment with the Company.
(d)    Executive agrees that for the twelve (12) months following the termination of his employment, Executive will not request or advise any customer, supplier, licensee, licensor, landlord or other business relation of the Company Group with whom/which Executive had contact on behalf of the Company Group during the twenty-four (24) months preceding the termination of Executive’s employment with the Company to withdraw, curtail or cancel its business dealings with such member of the Company Group.
(e)    Executive agrees that for the twelve (12) months following the termination of his employment, Executive will not directly or indirectly recruit or solicit any employee of the Company Group for employment or encourage any employee of the Company Group to leave such member of the Company Group’s employ.  An employee shall be deemed covered by this clause (e) while employed by the Company Group and for a period of twelve (12) months thereafter.
(f)    In addition, Executive agrees that for the twelve (12) months following the termination of his employment, Executive will not provide, in any capacity, Restricted Services to any business located in the United States or Germany which provides services or products competitive with those sold or provided by any member of the Company Group during the twenty-four (24) months preceding the end of Executive’s employment with the Company.  The term “Restricted Services” shall mean services similar to those which Executive provided any member of the Company Group during the twenty-four (24) months preceding Executive’s termination of employment, for whatever reason, and which would involve use or disclosure of the Company’s Confidential Information.
(g)    In the event of the breach by Executive of any of the provisions of this
paragraph 8, the Company shall be entitled, in addition to all other available rights and remedies, to withhold any or all of the amounts agreed to be paid to Executive hereunder and the Company shall also be entitled to terminate his employment status hereunder and the provision of any benefits and compensation conditioned upon such status.
9.    Non-Solicitation; Non-Competition for a Change In Control Termination.
(a)    In further consideration of the compensation to be paid to Executive hereunder, Executive acknowledges that in the event of a Change in Control Termination his knowledge of the Company Group’s trade secrets and other Confidential Information concerning the Company Group and his services shall be of additional special, unique and extraordinary value to the Company Group.  Therefore, Executive agrees that following a Change in Control Termination he shall be subject to the restrictions identified in paragraph 8 above, but that the time periods identified in paragraph 8 above shall be extended from twelve (12) months to eighteen (18) months.

9

(b)    In the event of the breach by Executive of any of the provisions of this paragraph 9, the Company shall be entitled, in addition to all other available rights and remedies, to withhold any or all of the amounts agreed to be paid to Executive hereunder and the Company shall also be entitled to terminate his employment status hereunder and the provision of any benefits and compensation conditioned upon such status.
10.    Non-Disparagement.  During the Employment Period and for the two year period following the Termination Date, Executive agrees not to make public statements or communications that disparage the Company Group or their businesses, services, products or their affiliates or their current, former or future directors or executive officers (in their capacity as such), or with respect to any current or former director or executive officer or shareholder of the Company Group or its affiliates (in their capacity as such). The foregoing shall not be violated by truthful statements made in response to legal process, required governmental testimony or filings, or administrative or arbitral proceedings (including, without limitation, depositions in connection with such proceedings).
11.    Remedies.  In addition and supplementary to other rights and remedies existing in its favor, the Company may apply to the court of law or equity of competent jurisdiction, without posting any bond, for specific performance and/or injunctive or other relief in order to enforce or prevent any violations of the provisions hereof, including paragraphs 6, 7, 8, 9 and 10 hereof.  In the event of a violation by Executive of paragraphs 6, 7, 8, 9 and 10 hereof, any severance being paid to Executive pursuant to this Agreement or otherwise shall immediately cease. 
12.    Government Cooperation.  Nothing in this agreement prohibits Executive from reporting possible violations of local, state, foreign or federal law or regulation, or related facts, to any governmental agency or entity or making other reports or disclosures that, in each case, are protected under the whistleblower provisions of local, state, foreign or federal law or regulation.   Without limitation, Executive may report possible violations of law or regulation and related facts to the U.S. Department of Justice, the Securities and Exchange Commission, Congress, and any agency Inspector General.  Executive not need the prior authorization of the Company to make any such reports or disclosures, and you do not need to notify the Company that he has made such reports or disclosures. 
13.    Choice of Law.  All issues and questions concerning the construction, validity, enforcement and interpretation of this Agreement shall be governed by, and construed in accordance with, the laws of the State of Wisconsin, without giving effect to any choice of law or conflict of law rules or provisions that could cause the applications of the laws of any jurisdiction other than the State of Wisconsin.  Each of the parties agrees that any dispute between the parties shall be resolved only in the courts of the State of Wisconsin or the United States District Court for the Eastern District of Wisconsin and the appellate courts having jurisdiction of appeals in such courts.  In that context, and without limiting the generality of the foregoing, each of the parties hereto irrevocably and unconditionally (a) submits in any proceeding relating to this Agreement or Executive’s employment by any member of the Company Group, or for the recognition and enforcement of any judgment in respect thereof (a “Proceeding”), to the exclusive jurisdiction of the courts of the State of Wisconsin, the court of the United States of America for the Eastern District of Wisconsin, and appellate courts having jurisdiction of appeals from any of the foregoing, and agrees that all claims in respect of any such Proceeding shall be heard and determined in such Wisconsin State court or, 

10

to the extent permitted by law, in such federal court, (b) consents that any such Proceeding may and shall be brought in such courts and waives any objection that Executive or the Company may now or thereafter have to the venue or jurisdiction of any such Proceeding in any such court or that such Proceeding was brought in an inconvenient court and agrees not to plead or claim the same, (c) WAIVES ALL RIGHT TO TRIAL BY JURY IN ANY PROCEEDING (WHETHER BASED ON CONTRACT, TORT OR OTHERWISE) ARISING OUT OF OR RELATING TO THIS AGREEMENT OR EXECUTIVE’S EMPLOYMENT BY THE COMPANY OR ANY MEMBER OF THE COMPANY GROUP, OR EXECUTIVE’S OR THE COMPANY GROUP’S PERFORMANCE UNDER, OR THE ENFORCEMENT OF, THIS AGREEMENT, (d) agrees that service of process in any such Proceeding may be effected by mailing a copy of such process by registered or certified mail (or any substantially similar form of mail), postage prepaid, to such party at Executive’s or the Company’s address as provided in paragraph 20 hereof, and (e) agrees that nothing in this Agreement shall affect the right to effect service of process in any other manner permitted by the laws of the State of Wisconsin.  Each party shall be responsible for its own legal fees incurred in connection with any dispute hereunder; provided that the Company shall reimburse Executive for the costs (including reasonable attorneys’ fees) incurred in connection with any such dispute if Executive prevails as a result of a final, non-appealable determination on the substantive claims that are involved in such dispute; provided, however, that the Company shall have no obligations under this paragraph 13 if the Executive has breached, or is in breach of, paragraphs 6, 7, 8, 9 or 10 hereof.
14.    Representation by Executive.  Executive represents and warrants to the Company that he is not a party to any agreement containing a noncompetition provision or other restriction with respect to (i) the nature of any services or business which he is obligated or likely obligated to perform or conduct for the Company (or any other member of the Company Group) under this Agreement, or (ii) the disclosure or use of any information which directly or indirectly relates to the nature of the business of any member of the Company Group or the services to be rendered or likely to be rendered by Executive under this Agreement.
15.    Complete Agreement.  This Agreement shall embody the complete agreement and understanding among the parties and supersede and preempt any prior understandings, agreements or representations by or among the parties, written or oral, which may have related to the subject matter hereof or thereof in any way.
16.    Successor and Assigns.  This Agreement is intended to bind and inure to the benefit of and be enforceable by Executive and the Company and their respective successors, heirs and assigns.  Executive hereby consents to the assignment of this Agreement to any of Company’s successors, assigns, or purchasers of its assets.
17.    Amendment.  This Agreement may be amended, and any provision hereof may be waived, at any time by written agreement between the Company (with the approval of the Board) and Executive.
18.    Counterparts.  This Agreement may be executed in one or more counterparts, all of which together shall constitute but one agreement.

11

19.    No Waiver.  No failure or delay on the part of the Company or Executive in enforcing or exercising any right or remedy hereunder shall operate as a waiver thereof.
20.    Severability and Legal Construction.  If any provision or clause of this Agreement, or portion thereof shall be held by any court or other tribunal of competent jurisdiction to be illegal, invalid, void, or unenforceable in such jurisdiction, all other provisions of this Agreement, other than those as to which it has been held invalid, illegal, void or unenforceable, shall nevertheless remain in full force and effect and shall in no way be affected, impaired or invalidated thereby.  Upon such determination that any provision, or the application of any such provision, is illegal, invalid, void, or unenforceable, the parties hereto shall negotiate in good faith to modify this Agreement so as to effect the original intent of the parties hereto as closely as possible to the fullest extent permitted by applicable law in an acceptable manner to the end that the transactions contemplated hereby are fulfilled to the greatest extent possible.  In the event the parties are unable to reach an agreement, any court or other tribunal shall have the authority to modify the Agreement so as to make it enforceable.  Nothing in this Agreement is intended to nor shall be interpreted to impermissibly burden Executive’s ability to practice law, and the post-employment restrictions imposed on Executive under this Agreement are expressly limited in effect to the extent permissible under and consistent with Wisconsin Supreme Court Rule 20:5.6.
21.    Notices.  For purposes of this Agreement, notices and all other communications provided for in this Agreement shall be in writing and shall be deemed to have been duly given (a) on the date of delivery, if delivered by hand, (b) on the date of transmission, if delivered by confirmed facsimile or electronic mail, (c) on the first business day following the date of deposit, if delivered by guaranteed overnight delivery service, or (d) on the fourth business day following the date delivered or mailed by United States registered or certified mail, return receipt requested, postage prepaid, addressed as follows:
Jason Industries, Inc.
833 East Michigan Street, Suite 900  
Milwaukee, WI 53202
Attention: Chief Executive Officer

or at such other address as the Company, by notice to Executive, shall designate in writing from time to time.
(a)    If such notice is to Executive, at Executive’s address as shown on the Company’s records, or at such other address as Executive, by notice to the Company, shall designate in writing from time to time.
22.    Section 409A.  Notwithstanding any provision of this Agreement to the contrary:
(a)    If and to the extent any payment or benefits under this Agreement are otherwise subject to the requirements of Code Section 409A, the intent of the parties is that such payment and benefits shall comply with Code Section 409A and, accordingly, to the maximum extent permitted, this Agreement shall be interpreted, and such payment and benefits shall be paid or provided under such other conditions determined by the Company that cause such payment and benefits, to be in 

12

compliance therewith.  To the extent that any provision hereof is modified in order to comply with Code Section 409A, such modification shall be made in good faith and shall, to the maximum extent reasonably possible, maintain the original intent and economic benefit to the parties hereto of the applicable provision without violating the provisions of Code Section 409A.  The Company makes no representation that any or all of the payments or benefits provided under this Agreement will be exempt from or comply with Code Section 409A and makes no undertaking to preclude Code Section 409A from applying to any such payments or benefits.  In no event whatsoever shall the Company Group be liable for any additional tax, interest or penalty that may be imposed on Executive by Code Section 409A or damages for failing to comply with Code Section 409A.
(b)    A termination of employment shall not be deemed to have occurred for purposes of any provision of this Agreement providing for the payment of any amounts or benefits upon or following Executive’s termination of employment unless such termination is also a “separation from service” within the meaning of Code Section 409A and, for purposes of any such provision of this Agreement, references to a “termination,” “termination of employment” or like terms shall mean “separation from service.”
(c)    Each severance payment payable to Executive under this Agreement shall be treated as a separate and distinct “payment” for purposes of Code Section 409A.  Accordingly, any such payments that would otherwise be payable (i) within 2-1/2 months after the end of the Company’s taxable year containing Executive’s employment termination date, or (ii) within 2-1⁄2 months after Executive’s taxable year containing Executive’s employment termination date, whichever occurs later (the “Short Term Deferral Period”), are exempt from Code Section 409A.  Furthermore, any such payments paid after the Short Term Deferral Period are exempt from Code Section 409A as severance pay due to an involuntary separation from service to the extent that the sum of those payments is equal to or less than the maximum amount described in Treasury Regulation Section 1.409A-1(b)(9)(iii)(A) (the “Involuntary Separation Amount”) because such payments are payable only upon Executive’s “involuntary” separation from service for purposes of Code Section 409A.  Accordingly, the sum of (A) such payments that are paid within the Short Term Deferral Period and (B) such payments paid after the Short Term Deferral Period that do not exceed the Involuntary Separation Amount are exempt from Code Section 409A and, therefore, notwithstanding any provision of the Plan to the contrary, if Executive is a “specified employee” (as defined in Code Section 409A), only those payments that are not otherwise exempt from Code Section 409A under clause (A) and (B) above and that would otherwise have been payable in the first six (6) months following Executive’s termination of employment will not be paid to Executive until the date that is six months after the date of Executive’s termination of employment (or, if earlier, Executive’s date of death).  Any such deferred payments will be paid in a lump sum on the first day after such six month delay; provided that no such actions shall reduce the amount of any payments otherwise payable to Executive under this Agreement.  Thereafter, the remainder of any such payments shall be payable in accordance with Section 4(a) and 4(b), as applicable.
(d)    All expenses or other reimbursements to Executive under this Agreement, if any, shall be made on or prior to the last day of the taxable year following the taxable year in which such expenses were incurred by Executive (provided that if any such reimbursements constitute taxable income to the Executive, such reimbursements shall be paid no later than March 15th of the calendar year following the calendar year in which the expenses to be reimbursed were incurred), 

13

and no such reimbursement or expenses eligible for reimbursement in any taxable year shall in any way affect the expenses eligible for reimbursement in any other taxable year.
(e)    Whenever a payment under this Agreement specifies a payment period with reference to a number of days (e.g., “payment shall be made within thirty (30) days”), the actual date of payment within the specified period shall be within the sole discretion of the Company.
(f)    In no event shall any payment under this Agreement that constitutes “deferred compensation” for purposes of Code Section 409A be offset by any other payment pursuant to this Agreement or otherwise.
(g)    To the extent required under Code Section 409A, (i) any reference herein to the term “Agreement” shall mean this Agreement and any other plan, agreement, method, program, or other arrangement, with which this Agreement is required to be aggregated under Code Section 409A, and (ii) any reference herein to the term “Company” and “Company Group” shall mean the Company, the Company Group, and all persons with whom the Company and the Company Group would be considered a single employer under Code Section 414(b) or 414(c).

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IN WITNESS WHEREOF, the parties hereto have executed this Employment Agreement as of the date first written above.
JASON INDUSTRIES, INC.

/s/ Brian K. Kobylinski                                       
Name:  Brian Kobylinski
Title:    President & Chief Executive Officer

EXECUTIVE

/s/ Kevin M. Kuznicki    
Kevin M. Kuznicki

Exhibit A
GENERAL RELEASE
Release of Claims by Executive.  I, Kevin M. Kuznicki (“Executive”), in consideration of and subject to the performance by Jason Industries, Inc. (the “Company”) of its material obligations under the Employment Agreement, dated as of April 2, 2018 (the “Agreement”), do hereby release and forever discharge as of the date hereof the Company and any present and former directors, officers, agents, representatives, employees, subsidiaries, successors and assigns of the Company and its direct or indirect owners (collectively, the “Released Parties”) to the extent provided below. The Released Parties are intended third-party beneficiaries of this General Release, and this General Release may be enforced by each of them in accordance with the terms hereof in respect of the rights granted to such Released Parties hereunder.  Terms used herein but not otherwise defined shall have the meanings given to them in the Agreement.

		
	1.
	I understand that any payments or benefits paid or granted to me under paragraph 4 of the Agreement represent, in part, consideration for signing this General Release and are not salary, wages or benefits to which I was already entitled.  I understand and agree that I will not receive the payments and benefits specified in paragraph 4 of the Agreement unless I execute this General Release and do not revoke this General Release within the time period permitted hereafter or breach this General Release.

		
	2.
	Except as provided in paragraph 3 below and except for the provisions of the Agreement which expressly survive the termination of my employment with the Company, I knowingly and voluntarily (for myself, my heirs, executors, administrators and assigns) release and forever discharge the Company and the other Released Parties from any and all claims, suits, controversies, actions, causes of action, cross claims, counter‐claims, demands, debts, compensatory damages, liquidated damages, punitive or exemplary damages, other damages, claims for costs and attorneys’ fees, or liabilities of any nature whatsoever in law and in equity, both past and present (through the date that this General Release becomes effective and enforceable) and whether known or unknown, suspected, or claimed against the Company and/or any of the Released Parties which I, my spouse, or any of my heirs, executors, administrators or assigns, ever had, now have, or hereafter may have, by reason of any matter, cause, or thing whatsoever, from the beginning of my initial dealings with the Company to the date of this General Release, and particularly, but without limitation of the foregoing general terms, any claims arising from or relating in any way to my employment relationship with Company, the terms and conditions of that employment relationship, and the termination of that employment relationship (including, but not limited to, any allegation, claim or violation, arising under:  Title VII of the Civil Rights Act of 1964, as amended; the Civil Rights Act of 1991; the Age Discrimination in Employment Act of 1967, as amended (including the Older Workers Benefit Protection Act); the Equal Pay Act of 1963, as amended; the Americans with Disabilities Act of 1990; the Family and Medical Leave Act of 1993; the Civil Rights Act of 1866, as amended, the Worker Adjustment Retraining and Notification Act; the Employee Retirement Income Security Act of 1974; any applicable Executive Order Programs; the Fair Labor Standards Act; or their state or local counterparts; or under any other federal, state or local civil or human rights 

law, or under any other local, state, or federal law, regulation or ordinance; or under any public policy, contract or tort, or under common law; or arising under any policies, practices or procedures of the Company; or any claim for wrongful discharge, breach of contract, infliction of emotional distress, defamation; or any claim for costs, fees, or other expenses, including attorneys’ fees incurred in these matters) (all of the foregoing collectively referred to herein as the “Claims”). I understand and intend that this General Release constitutes a general release of all claims and that no reference herein to a specific form of claim, statute or type of relief is intended to limit the scope of this General Release.  Notwithstanding anything contained in this General Release to the contrary, Claims shall not include (a) any claims I may have against the Released Parties for a failure to comply with, or a breach of, any provision of the Agreement, (b) any rights I may have to indemnification (i) as an officer, director or employee under the Articles of Incorporation or By-Laws of any of the Released Parties or (ii) pursuant to any insurance policies or contracts of any of the Released Parties, (c) any claims I may have against the Released Parties for vested benefits as of the date of the termination of my employment under any agreement, plan or program of any of the Released Parties, or (d) any right to continuation coverage under COBRA.

		
	3.
	I agree that this General Release does not waive or release any rights or claims that I may have under the Age Discrimination in Employment Act of 1967 which arise after the date I execute this General Release.  I acknowledge and agree that my separation from employment with the Company in compliance with the terms of the Agreement shall not serve as the basis for any claim or action (including, without limitation, any claim under the Age Discrimination in Employment Act of 1967).

		
	4.
	In signing this General Release, I acknowledge and intend that it shall be effective as a bar to each and every one of the Claims hereinabove mentioned or implied. I expressly consent that this General Release shall be given full force and effect according to each and all of its express terms and provisions, including those relating to unknown and unsuspected Claims (notwithstanding any state or local statute that expressly limits the effectiveness of a general release of unknown, unsuspected and unanticipated Claims), if any, as well as those relating to any other Claims hereinabove mentioned or implied.  I acknowledge and agree that this waiver is an essential and material term of this General Release and that without such waiver the Company would not have agreed to the terms of the Agreement.  I further agree that in the event that I should bring a Claim seeking damages against the Company, or in the event that I should seek to recover against the Company in any Claim brought by a governmental agency on my behalf, this General Release shall serve as a complete defense to such Claims to the maximum extent permitted by law.  I further agree that I am not aware of any pending claim, or of any facts that could give rise to a claim, of the type described in paragraph 2 as of the execution of this General Release.

		
	5.
	I agree that I will forfeit all amounts payable by the Company pursuant to the Agreement if I challenge the validity of this General Release.  However, I understand that nothing in this Agreement prohibits or limits my right to challenge the validity of this Agreement under the Older Worker’s Benefit Protection Act (“OWBPA”).

		
	6.
	I agree to reasonably cooperate with the Company in any internal investigation or administrative, regulatory, or judicial proceeding. I understand and agree that my cooperation may include, but not be limited to, making myself available to the Company upon reasonable notice for interviews and factual investigations; appearing at the Company’s request to give testimony without requiring service of a subpoena or other legal process; volunteering to the Company pertinent information; and turning over to the Company all relevant documents which are in or may come into my possession all at times and on schedules that are reasonably consistent with my other permitted activities and commitments.  I understand that in the event the Company asks for my cooperation in accordance with this provision, the Company will reimburse me solely for reasonable travel expenses, including transportation, lodging and meals, upon my submission of receipts.

		
	7.
	I agree that neither this General Release, nor the furnishing of the consideration for this General Release, shall be deemed or construed at any time to be an admission by the Company, any Released Party or myself of any improper or unlawful conduct.

		
	8.
	I agree that this General Release and the Agreement are confidential and agree not to disclose any information regarding the terms of this General Release or the Agreement, except to my immediate family and any tax, legal or other counsel that I have consulted regarding the meaning or effect hereof or as required by law, and I will instruct each of the foregoing not to disclose the same to anyone.

		
	9.
	Any non‐disclosure provision in this General Release does not prohibit or restrict me (or my attorney) from responding to any inquiry about this General Release or its underlying facts and circumstances by the Securities and Exchange Commission (SEC), the Financial Industry Regulatory Authority (FINRA), or any other self‐regulatory organization or governmental entity.

		
	10.
	Whenever possible, each provision of this General Release shall be interpreted in such manner as to be effective and valid under applicable law, but if any provision of this General Release is held to be invalid, illegal or unenforceable in any respect under any applicable law or rule in any jurisdiction, such invalidity, illegality or unenforceability shall not affect any other provision or any other jurisdiction, but this General Release shall be reformed, construed and enforced in such jurisdiction as if such invalid, illegal or unenforceable provision had never been contained herein. This General Release constitutes the complete and entire agreement and understanding among the parties, and supersedes any and all prior or contemporaneous agreements, commitments, understandings or arrangements, whether written or oral, between or among any of the parties, in each case concerning the subject matter hereof.

BY SIGNING THIS GENERAL RELEASE, I REPRESENT AND AGREE THAT:

		
	1.
	I HAVE READ IT CAREFULLY;

		
	2.
	I UNDERSTAND ALL OF ITS TERMS AND KNOW THAT I AM GIVING UP IMPORTANT RIGHTS, INCLUDING BUT NOT LIMITED TO, RIGHTS UNDER 

THE AGE DISCRIMINATION IN EMPLOYMENT ACT OF 1967, AS AMENDED, TITLE VII OF THE CIVIL RIGHTS ACT OF 1964, AS AMENDED, THE EQUAL PAY ACT OF 1963, THE AMERICANS WITH DISABILITIES ACT OF 1990, AND THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED;

		
	3.
	I VOLUNTARILY CONSENT TO EVERYTHING IN IT;

		
	4.
	I HAVE BEEN ADVISED TO CONSULT WITH AN ATTORNEY BEFORE EXECUTING IT AND I HAVE DONE SO OR, AFTER CAREFUL READING AND CONSIDERATION, I HAVE CHOSEN NOT TO DO SO OF MY OWN VOLITION;

		
	5.
	I HAVE HAD AT LEAST [21][45] DAYS FROM THE DATE OF MY RECEIPT OF THIS RELEASE TO CONSIDER IT AND THE CHANGES MADE SINCE MY FIRST RECEIPT OF THIS RELEASE ARE NOT MATERIAL OR WERE MADE AT MY REQUEST AND WILL NOT RESTART THE REQUIRED [21][45]‐DAY PERIOD;

		
	6.
	I UNDERSTAND THAT I HAVE SEVEN (7) DAYS AFTER THE EXECUTION OF THIS RELEASE TO REVOKE IT AND THAT THIS RELEASE SHALL NOT BECOME EFFECTIVE OR ENFORCEABLE UNTIL THE REVOCATION PERIOD HAS EXPIRED;

		
	7.
	I HAVE SIGNED THIS GENERAL RELEASE KNOWINGLY AND VOLUNTARILY AND WITH THE ADVICE OF ANY COUNSEL RETAINED TO ADVISE ME WITH RESPECT TO IT; AND

		
	8.
	I AGREE THAT THE PROVISIONS OF THIS GENERAL RELEASE MAY NOT BE AMENDED, WAIVED, CHANGED OR MODIFIED EXCEPT BY AN INSTRUMENT IN WRITING SIGNED BY AN AUTHORIZED REPRESENTATIVE OF THE COMPANY AND BY ME.

SIGNED:                             DATE:

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