Document:

Document

Exhibit 10.1
SEPARATION AND RELEASE AGREEMENT

This Separation and Release Agreement (“Agreement”) is made and entered into by and between Paylocity Corporation, a subsidiary of Paylocity Holding Corporation, a Delaware corporation (“Paylocity” or “Company”), and Mark Kinsey, an individual (“Kinsey”).  Each of the Company and Kinsey is a “Party,” and, collectively, they are the “Parties.”
WHEREAS, Kinsey has been employed as Senior Vice President of Operations of the Company and is currently employed under the terms of that certain Executive Employment Agreement, dated as of March 19, 2015, by and between Kinsey and the Company (“Employment Agreement”);
WHEREAS, Kinsey has expressed his intention to voluntarily resign his employment with the Company; and
WHEREAS, the Company desires to maintain Kinsey’s employment through September 2, 2022 (“Separation Date”) (as may be modified as set forth herein) and to secure other promises from Kinsey as set forth herein;
NOW, THEREFORE, in consideration of the premises and mutual agreements set forth herein, and for other good and valuable consideration, the Company and Kinsey, intending to be legally bound, agree as follows:
1.Transition Period; Severance Benefits.  The Parties agree that Kinsey’s employment with the Company shall terminate effective the Separation Date, or such other date as the Parties may subsequently mutually agree in writing; provided, however, that nothing in this Agreement is intended to modify the at-will nature of Kinsey’s employment with the Company, and either Kinsey or the Company may accelerate the Separation Date at his or its discretion.  Between the execution of this Agreement and the Separation Date (“Transition Period”), Kinsey shall remain employed by the Company upon the same terms and conditions on which he is currently employed, including the terms and conditions set forth in the Employment Agreement, including with respect to bonus eligibility and continued vesting of his outstanding restricted stock unit awards in accordance with their current terms, including eligibility for such equity awards to vest in accordance with their current terms and prior to the Separation Date subject to Kinsey’s continued employment through the applicable vesting dates for such equity awards, and will cooperate reasonably in the transition of his duties to one or more successors identified by the Company and provide such other services as the Company may reasonably require and which are consistent with his position.  Provided that: (i) Kinsey does not accelerate the Separation Date, (ii) the Company does not accelerate the Separation Date for Cause (as defined in the Employment Agreement), (iii) Kinsey timely enters into the Bring-Down Release attached hereto as Exhibit 2 and delivers a signed copy to the Company no earlier than the first date immediately following Separation Date and so that it becomes effective in accordance with its terms no later than thirty (30) days following the Separation Date, and (iv) Kinsey remains in compliance with the terms of this Agreement (including the restrictive covenants set forth therein) (collectively, the conditions specified in (i)-(iv) above are the “Severance Benefit Conditions”), then the Company shall provide Kinsey with the following severance benefits set forth in (a) – (c) below to which he is not otherwise entitled (collectively, the “Severance Benefits.”)  

(a)If Kinsey timely elects continued group health plan continuation coverage under COBRA in connection with the Separation Date the Company shall pay the full amount of the COBRA premiums, or shall provide coverage under any self-funded plan, on behalf of Kinsey for Kinsey’s continued coverage under the Company’s group health plans, including coverage for Kinsey’s eligible dependents, for up to 18 months commencing with the first month following the Separation Date (the “COBRA Payment Period”). Upon the conclusion of such period of insurance premium payments made by the Company, or the provision of coverage under a self-funded group health plan, Kinsey will be responsible for the entire payment of premiums (or payment for the cost of coverage) required under COBRA for the duration of Kinsey’s eligible COBRA coverage period. For purposes of this Section, (i) references to COBRA shall be deemed to refer also to analogous provisions of state law and (ii) any applicable insurance premiums that are paid by the Company shall not include any amounts payable by 

Kinsey under an Internal Revenue Code Section 125 health care reimbursement plan, which amounts, if any, are Kinsey’s sole responsibility.
Notwithstanding the foregoing, if at any time the Company determines, in its sole discretion, that it cannot provide the COBRA premium benefits without potentially incurring financial costs or penalties under applicable law (including, without limitation, Section 2716 of the Public Health Service Act), then in lieu of paying COBRA premiums on the Kinsey’s behalf, the Company will instead pay Kinsey on the last day of each remaining month of the COBRA Payment Period a fully taxable cash payment equal to the COBRA premium for that month, subject to applicable tax withholding (such amount, the “Special Severance Payment”), such Special Severance Payment to be made without regard to Kinsey’s election of COBRA coverage or payment of COBRA premiums and without regard to Kinsey’s continued eligibility for COBRA coverage during the COBRA Payment Period. Such Special Severance Payment shall end upon expiration of the COBRA Payment Period.
(b)Each of the Company restricted stock units granted to Kinsey that were otherwise eligible to vest during August 2023 contingent solely on Kinsey’s continued services with the Company through such scheduled vesting dates and which are as listed on Exhibit 1 attached hereto (each a “Time-Based RSU Award” and collectively, the “Time-Based RSU Awards”) shall be eligible to vest as described below.  Shares will be issued in settlement of Time-Based RSUs Awards as an unearned advance on the earlier of: (i) their applicable scheduled vesting dates (as in effect immediately prior to the effectiveness of this Agreement) and as listed on Exhibit 1 attached hereto for such Time-Based RSU Award, (ii) upon Kinsey’s death or Disability (as such term is defined below), or (iii) upon a Change of Control (as such term is defined below).If the Severance Benefit Conditions are not satisfied after shares are issued in settlement of any Time-Based RSU Awards such that such issued shares are not earned, then within thirty (30) days following the date that the Company provides Kinsey with written notice that the Severance Benefit Conditions were not satisfied, Kinsey must transfer to the Company a number of shares equal to the number of shares that were previously issued in settlement of such Time-Based RSU Awards (and without regard to whether the Kinsey continues to own or control such previously delivered shares) and Kinsey shall bear all costs of transfer, including any transfer taxes that may be payable in connection with such transfer.   If at any time prior to settlement of a Time-Based RSU Award, Kinsey does not satisfy the Severance Benefit Conditions, such outstanding Time-Based RSU Award will immediately terminate and be cancelled and will not be eligible to thereafter settle or vest, and Kinsey will not receive any share issuance or other payment or other benefit in respect of such terminated Time-Based RSU Award.   
(c)Kinsey’s outstanding unvested restricted stock unit award which was designated as a “Market Share Unit” award and which was otherwise eligible to vest contingent upon each of Kinsey’s continued services and the Company’s achievement of certain stock price performance goals through the performance period ending August 2023 (“Performance Goals”) and as listed on Exhibit 1 attached hereto (the  “Market RSU Award” shall be eligible to be settled on its applicable scheduled vesting date (as in effect immediately prior to the effectiveness of this Agreement) and as listed on Exhibit 1 attached hereto as an unearned advance.  The settlement and vesting eligibility level of the Market RSU Award shall remain subject to and determined with respect to the Company’s actual level of attainment of its applicable Performance Goals for such Market RSU Award; provided, however, that in the event of Kinsey’s death or Disability or a Change of Control prior to the vesting date of the Market RSU Award, the Market RSU Award will instead vest at the applicable levels and will be settled in accordance with the terms of the award agreement for the Market RSU Award as determined as if Kinsey had continued in employment with the Company through the date of Kinsey’s death or Disability or Change of Control, as applicable.  If the Severance Benefit Conditions are not satisfied after shares have been issued in settlement of a Market RSU Award such that such issued shares are not earned, then within thirty (30) days following the date that the Company provides Kinsey with written notice that the Severance Benefit Conditions were not satisfied, Kinsey must transfer to the Company a number of shares equal to the number of shares that were previously issued in settlement of such Market RSU Award (and without regard to whether the Kinsey continues to own or controls such previously delivered shares) and Kinsey shall bear all costs of transfer, including any transfer taxes that may be payable in connection with such transfer.  If at any time prior to settlement of a Market RSU Award, Kinsey does not satisfy the Severance Benefit Conditions, such Market RSU Award will immediately terminate and be cancelled and 

will not be eligible to thereafter settle or vest, and Kinsey will not receive any share issuance or other payment or other benefit in respect of such terminated Market RSU Award.  
(d)Definitions.  For all purposes of this Agreement, the following definitions shall apply:
i.“Change of Control” means a “Change in Control” of the Company as such term is defined in the Plan and which transaction also constitutes a change in the ownership or effective control or the Company or in the ownership of a substantial portion of the assets of the Company determined in accordance with Section 409A
ii.“Code” means the Internal Revenue Code of 1986, as amended, and any applicable regulations and administrative guidelines promulgated thereunder.
iii.“Disability” has the meaning set forth in the Plan.
iv.“Plan” means the Company’s 2014 Equity Incentive Plan, as amended through the date of this Agreement.
v.“Remaining RSUs” means solely the Time-Based RSU Awards and the Market RSU Award listed on Exhibit 1 to this Agreement.
vi.“Section 409A” means Section 409A of the Code.
(e)As of the Separation Date, all then unvested Company equity awards held by Kinsey other than the Remaining RSUs will be terminated and cancelled on the Separation Date without consideration and are not eligible to vest.  In order: (i) to reflect the foregoing changes to the terms of the Remaining RSUs, and (ii) to reflect the Parties’ intent that the Remaining RSUs shall be exempt from or compliant with the requirements of Section 409A of the Code, including following the Separation Date, the applicable Notice of Grant and Award Agreement for each of the Remaining RSUs shall be amended and restated to incorporate the terms provided herein (“Amended RSU Agreements”).  The Amended RSU Agreements shall be in such forms as are approved by the Company in its discretion and effective as of no later than the Separation Date.
(f)Except as modified as expressly provided herein, all other terms and conditions of the Remaining RSUs shall remain as set forth in the applicable notices of grant and award agreements and the terms of the Company’s applicable equity incentive plan under which such awards were granted, including the requirement of satisfaction of any Company withholding obligations as a condition to issuance of shares in settlement of any Remaining RSUs.  For the avoidance of doubt, notwithstanding anything to the contrary in any agreement between Kinsey and the Company, in the event of any conflict between the terms of this Agreement on the one hand, and another other agreement between Kinsey and the Company on the other hand, the terms of this Agreement shall control. 
2.General Release of Claims.  In consideration for promises by the Company set forth in this Agreement, Kinsey, on behalf of himself and his assigns, heirs, agents, legal representatives, and anyone else who could claim by or through him, does hereby, to the maximum extent permitted by law, fully, forever, irrevocably, and unconditionally release, remise, and discharge the Company, its affiliates, subsidiaries, parent companies, predecessors, and successors, and all of their respective past and present officers, directors, stockholders, partners, members, employees, agents, representatives, plan administrators, attorneys, insurers and fiduciaries (each in their individual and corporate capacities) (collectively, the “Released Parties”) from any and all claims, charges, complaints, demands, actions, causes of action, suits, rights, debts, sums of money, costs, accounts, reckonings, covenants, contracts, agreements, promises, doings, omissions, damages, executions, obligations, liabilities, and expenses (including attorneys’ fees and costs), of every kind and nature that Kinsey ever had or now has against any or all of the Released Parties, whether known or unknown, including, but not limited to, any and all claims arising out of or relating to Kinsey’s employment with or separation from the Company, including, 

but not limited to, all claims under Title VII of the Civil Rights Act, the Americans with Disabilities Act, the Age Discrimination in Employment Act (“ADEA”) and the Older Workers Benefit Protection Act (“OWBPA”), the Genetic Information Nondiscrimination Act, the Family and Medical Leave Act, the Fair Labor Standards Act,  the Fair Credit Reporting Act, the Employee Retirement Income Security Act, the Illinois Human Rights Act, the Illinois Wage Payment and Collection Act, the Illinois Right to Privacy in the Workplace Act, and the Illinois Workplace Transparency Act, all as amended and including their implementing regulations, as well as any other federal, state, or local statute(s) or other law(s) or common law prohibiting discrimination or harassment in employment or granting rights to an employee arising out of an employment relationship, as well as any claims for wages, employee benefits, vacation pay, severance pay, health or welfare benefits, bonus compensation, or other remuneration, damages, fees, costs or other relief for any obligations, contracts, claims for defamation, invasion of privacy, intentional or negligent infliction of emotional distress, negligence, gross negligence, estoppel, misrepresentation, express or implied duties of good faith and fair dealing, wrongful discharge, or torts for any and all alleged acts, omissions, or events through the date on which Kinsey signs this Agreement (“General Release”).

Kinsey represents that he has not given or sold any portion of any claim discussed in this Agreement to anyone else.  Nothing herein shall be construed to release or waive any of Kinsey’s rights or claims that may arise from acts or events that occur after the date on which he signs this Agreement, including any rights to enforce this Agreement.  It is further agreed that nothing in this Agreement is intended to or shall be construed to release (i) any claims that cannot be waived by law, such as claims for unemployment benefit rights, workers’ compensation, or healthcare continuation coverage pursuant to COBRA (if applicable), (ii) any vested benefits that Kinsey has earned or accrued as a result of his employment with the Company, or (iii) any rights to indemnification and/or advancement that Kinsey may retain following the Separation Date in accordance with the terms and conditions of the Company’s Bylaws and Articles of Incorporation, as may be amended from time to time as well as the Indemnification Agreement between the Company and Kinsey dated on or about May 1, 2015.

3.Restrictive Covenants.  Kinsey acknowledges that as Senior Vice President of Operations of the Company, Kinsey has had and will continue to have unique and extraordinary access to the Company’s protectable interests, including trade secrets and other confidential information, and relationships with the Company’s customers and employees.  Kinsey further acknowledges that these protectable interests are key to the Company’s competitive advantage, and that any erosion of these protectable interests caused by Kinsey’s violation of the covenants set forth herein would cause the Company immediate, irreparable harm to which no adequate remedy at law may exist. Accordingly, Kinsey hereby covenants and agrees as follows:
(a)Non-Competition. During the Restricted Period, Kinsey shall not, in any manner, directly or indirectly, through any person, firm or corporation, alone or as a member of a partnership or as an officer, director, stockholder, investor or employee of or consultant to any other corporation or enterprise or otherwise, engage or be engaged, or assist any other person, firm, corporation or enterprise in engaging or being engaged, in any business, in which Kinsey was involved or had knowledge, or that is being conducted or actively being developed by, the Company or any of its subsidiaries as of the Separation Date in any geographic area in which the Company or any of its subsidiaries is then conducting such business.
(b)Non-Solicitation. Kinsey acknowledges that the Company’s relationship with its clients, employees, vendors, suppliers and other persons with whom the Company has a business relationship (hereinafter referred to as “Prohibited Persons”), are special and unique, and that the Company’s relationship with the Prohibited Persons may not be able to be replaced by the Company. Kinsey further acknowledges that the protection of the Company’s Prohibited Persons is essential. Therefore, Kinsey expressly covenants and agrees that during the Restricted Period, Kinsey will not at any time for himself or on behalf of any other person, firm, partnership or corporation: (1) induce, or attempt to induce, any Prohibited Persons either to refrain, or to cease doing business with the Company; or (2) directly or indirectly solicit, hire, induce or otherwise engage a Prohibited Person.
(c)Confirmation of Prospective Conduct. During the Restricted Period, Kinsey may submit a written request to the Company prior to engaging in any conduct potentially subject to 

Section 3(a) and/or (b), and the Company shall respond to Kinsey in writing within twenty-one (21) days of receipt of such request confirming whether the Company considers such conduct to be in breach of such covenants based on the information set forth in Kinsey’s request. Kinsey’s submission of such request shall not, absent other conduct, be deemed a breach of this Agreement.
(d)Definitions. As used in this Section 3, “Restricted Period” means a period commencing as of the effective date of this Agreement and continuing until September 1, 2025.
(e)Irreparable Harm; Remedies. Kinsey covenants and agrees that the breach or threatened breach of the covenants contained in this Section 3 will result in immediate and irreparable injury to the Company and that the Company shall be entitled to an injunction in any court of competent jurisdiction restraining Kinsey or any of his affiliates from any violation of this Section 3 to the fullest extent allowed by law. Nothing herein shall be construed as prohibiting the Company from pursuing any other legal or equitable remedies that may be available to it for any such breach or threatened breach. Kinsey further agrees that in the event he breaches the covenants, or any of them, contained in this Section 3, he shall forfeit and be required to refund and transfer to the Company a number of shares equal to the number of previously issued unearned shares as specified in Section 1 and the Restricted Period will be automatically extended by the length of time any such breach remains continuing.
(f)Further Acknowledgments. Kinsey acknowledges that he has read and understands the covenants set forth above in this Section 3, has been advised and has had an opportunity to discuss them with counsel of his choice, has been given fourteen (14) days to consider the covenants, and that such covenants are reasonable in all respects and are necessary to protect the legitimate business and competitive interests of Company. Kinsey further acknowledges that each of the covenants set forth in this Section 3 and the subdivisions thereof are separately and independently given, and each such covenant is intended to be enforceable separately and independently of the other such covenants, including, without limitation, enforcement by injunction without the necessity of proving actual damages or posting any bond or other security; provided, however, that the invalidity or unenforceability of any provision of this Section 3 in any respect shall not affect the validity or enforceability of the remainder of this Agreement in any other respect. In the event that any provision of this Section 3 shall be held invalid or unenforceable by a court of competent jurisdiction by reason of the geographic or business scope or the duration thereof or for any other reason, such invalidity or unenforceability shall attach only to the particular aspect of such provision found invalid or unenforceable as applied and shall not affect or render invalid or unenforceable any other provision of this Agreement or the enforcement of such provision in other circumstances, and, to the fullest extent permitted by law, this Agreement shall be construed as if the geographic or business scope or the duration of such provision or other basis on which such provision has been challenged had been drafted in a way that would be valid and enforceable.
4.Rights Not Waived.  Nothing in this Agreement prevents Kinsey from filing any non-legally-waivable claim (including a challenge to the validity of this Agreement) with the Equal Employment Opportunity Commission (“EEOC”) or comparable state or local agency, or from participating in any investigation or proceeding conducted by any such agency; however, Kinsey understands and agrees that he is waiving any and all rights to recover any monetary or personal relief or recovery as a result of such agency proceeding or subsequent legal actions to the maximum extent permitted by law. In addition, nothing in this Agreement prohibits or impedes Kinsey from reporting possible violations of law or regulation to any government agency or entity, making other disclosures that are protected under whistleblower provisions of law, or receiving an award or monetary recovery pursuant to the Securities and Exchange Commission’s whistleblower program.  Kinsey does not need prior authorization to make such reports or disclosures and is not required to notify the Company that he has made any such report or disclosure.
5.No Admission of Wrongdoing.  The signing of this Agreement and payment of the consideration described in it do not represent any admission of wrongdoing or violation of any statute, agreement, or common law by the Company.  Kinsey represents that, as of the date he signs this Agreement, Kinsey is not aware of and has not engaged in any activity that would constitute wrongful conduct in connection with his employment with the Company, including without limitation, fraud, misrepresentation, violation of any federal, state or local law or regulation, or any conduct contrary to 

existing policies of the Company.  Kinsey further represents that he has complied with any existing obligations up through the date of his signing this Agreement.  
6.Non-Disparagement.  Subject to Section 4 above, Kinsey agrees that he will not make, either publicly or privately, verbally or in writing, any derogatory, disparaging, or untruthful statements about the Company or the Released Parties to any other person or entity.
7.Return of Company Property and Materials.  Upon the earlier of (i) request by the Company or (ii) the Separation Date, Kinsey agrees to return to the Company all keys, files, records (and copies thereof), equipment (including computer hardware, software and printers, flash drives and storage devices, smartphones, tablets, etc.), Company identification, and any other Company-owned property in Kinsey’s possession or control and to leave intact all electronic Company documents, including those that Kinsey developed or helped to develop during his employment or engagement by the Company, without retaining any copies.  Kinsey further agrees to cancel all accounts for his benefit, if any, in the Company’s name, including credit cards, wireless data accounts, and computer accounts.  Kinsey also agrees to provide to the Company all usernames or IDs and related passwords or other login or access information for all Company-related equipment, software, hardware, and electronic or digital programs, systems, or interfaces.  The items referenced in this Section 7 shall be collectively referred to as “Company Property.”
8.Continuing Obligations. Kinsey acknowledges and agrees that nothing in this Agreement modifies or supersedes those continuing obligations set forth in Section 11 (“Non-Competition”), Section 12 (“Non-Solicitation”), Section 13 (“Nondisclosure of Confidential Information”), and Section 14 (“Enforcement; Remedies’ Construction”) of the Employment Agreement, which shall remain in full force and effect in accordance with their terms.
9.No Guarantee of Tax Consequences.  The Company makes no commitment or guarantee to Kinsey that any federal, state, local, or other tax treatment will (or will not) apply or be available to Kinsey and assumes no liability whatsoever for any potential tax consequences (including any penalties or interest related thereto) to Kinsey.
10.Section 409A. This Agreement and the payments and benefits provided hereunder are intended to comply with or otherwise be exempt from the requirements of Section 409A of the Internal Revenue Code of 1986, as amended (“Section 409A”) and shall be construed, interpreted, and administered in a manner consistent with such intent. Any payment made under this Agreement will be treated as a separate payment and the right to a series of installment payments under this Agreement will be treated as a right to a series of separate payments. If Kinsey is a “specified employee” (within the meaning of Section 409A), any payments or benefits that are treated as nonqualified deferred compensation for purposes of Section 409A and that are payable or provided as a result of Kinsey’s “separation from service” (within the meaning of Section 409A) that would otherwise be paid or provided prior to the earliest of the dates set forth in this sentence shall instead be deferred, accumulated, and paid in a lump sum or provided on the earliest of (i) the first day of the seventh month following Kinsey’s separation from service, (ii) the date of Kinsey’s death, or (iii) any date that otherwise complies with Section 409A.
11.Controlling Law; Venue.  This Agreement will be governed by, and construed and enforced in accordance with, the laws of the State of Delaware, regardless of any conflict of law rules to the contrary.  Venue for any action arising out of or in connection with this Agreement or Kinsey’s employment with or separation from the Company shall lie solely and exclusively in the state and federal district courts located in (or for) the State of Delaware, and both Kinsey and the Company agree to submit to the exclusive jurisdiction of such courts and hereby waive any argument that such courts are an inconvenient forum.
12.Modification; Entire Agreement; Severability; Waiver.  
(a)This Agreement may not be amended, modified, or terminated, unless done so in writing and signed by Kinsey and an authorized officer of the Company.

(b)Except as expressly referenced herein, this Agreement supersedes all prior agreements and understandings, oral or written, between Kinsey and the Company with respect to Kinsey’s employment with or separation of employment from the Company.  

(c)If any one or more of the provisions contained in this Agreement is determined to be void, illegal, or unenforceable, in whole or in part, the other provisions contained herein shall remain in full force and effect as if the provision that was determined to be void, illegal, or unenforceable had not been contained herein; provided, however, that if the General Release of Claims is held to be invalid, illegal, or unenforceable, then Kinsey will enter into a new Agreement with an enforceable release, unless otherwise agreed to in writing by all Parties.

(d)No waiver by the Company of any breach of this Agreement will be a waiver of any preceding or succeeding breach.  No waiver by the Company of any right under this Agreement will be construed as a waiver of any other right.  The Company will not be required to give notice to enforce strict adherence to all terms of this Agreement.
13.Acknowledgments.  Kinsey hereby represents and warrants that, prior to signing below: (i) he has been advised to and has had the opportunity to consult with independent legal counsel of his choice; (ii) he has read this Agreement in its entirety, and fully understands its content and effect; (iii) he has not been subject to any form of duress or coercion in connection with this Agreement, is completely satisfied with the terms reflected in this Agreement, and, accordingly, knowingly and voluntarily enters this Agreement and agrees to be bound as described in this Agreement; and (iv) he has not acted in reliance upon any representation, advice, or other action of any Released Party, except as specifically set forth and provided for in this Agreement.

															
	Dated:	June 30, 2022
		/s/ Mark Kinsey

				MARK KINSEY
					
					
	Dated:	June 30, 2022
		PAYLOCITY CORPORATION
					
				By:	/s/ Steven R. Beauchamp
				Name:	Steven R. Beauchamp
				Title:	Co-Chief Executive Officer

EXHIBIT 1 – Remaining RSUs
Time-Based RSU Awards
									
	Grant Date	Number of Units	Vesting Date
	8/15/2019	3,567	8/15/2023
	8/14/2020	2,685	8/14/2023
	8/16/2021	1,898	8/16/2023

Market RSU Awards
									
	Grant Date	Number of Units**	Vesting Date
	8/14/2020	4,602	9/1/2023

** Based on 100% Payout at target level of performance

EXHIBIT 2 – BRING-DOWN RELEASE

This Bring-Down Release (“Bring-Down Release”) between Mark Kinsey (“Kinsey” or “you”) and Paylocity Corporation (“Paylocity” or “Company”) is required by that certain Separation and Release Agreement to which this Bring-Down Release is attached (“Agreement”), and Kinsey’s execution of this Bring-Down Release is a condition of Kinsey’s receipt of the Severance Benefits described in Section 1 of the Agreement.  This Bring-Down Release should not be signed until Kinsey’s Separation Date as defined in the Agreement.
1.Receipt of Full Compensation.   Kinsey acknowledges that: (a) he has received all compensation and benefits owed to him in connection with his employment with the Company through the Separation Date; and (b) he is not otherwise entitled to any other wages, compensation, consideration, bonus, severance, expense reimbursement, equity award, or other remuneration in connection with his employment with the Company or the separation thereof, except as expressly set forth in the Agreement.  Without limiting the foregoing, Kinsey expressly acknowledges that because his resignation from the Company is voluntary, Kinsey is not eligible for the Severance Payment described in Section 7.2 of the Executive Employment Agreement dated May 1, 2015, by and between Kinsey and the Company (“Employment Agreement”).  Kinsey’s group health insurance coverage through the Company will end according to the applicable plan terms in connection with the Separation Date.  Kinsey will receive a separate notice explaining Kinsey’s right to elect continuation and conversion of health benefits under the Consolidated Omnibus Reconciliation Act of 1985 and/or any applicable state law (“COBRA”).

2.General Release of Claims.  In consideration for promises by the Company set forth in Section 1 of the Agreement, Kinsey, on behalf of himself and his assigns, heirs, agents, legal representatives, and anyone else who could claim by or through him, does hereby, to the maximum extent permitted by law, fully, forever, irrevocably, and unconditionally release, remise, and discharge the Company, its affiliates, subsidiaries, parent companies, predecessors, and successors, and all of their respective past and present officers, directors, stockholders, partners, members, employees, agents, representatives, plan administrators, attorneys, insurers and fiduciaries (each in their individual and corporate capacities) (collectively, the “Released Parties”) from any and all claims, charges, complaints, demands, actions, causes of action, suits, rights, debts, sums of money, costs, accounts, reckonings, covenants, contracts, agreements, promises, doings, omissions, damages, executions, obligations, liabilities, and expenses (including attorneys’ fees and costs), of every kind and nature that Kinsey ever had or now has against any or all of the Released Parties, whether known or unknown, including, but not limited to, all claims under Title VII of the Civil Rights Act, the Americans with Disabilities Act, the Age Discrimination in Employment Act (“ADEA”) and the Older Workers Benefit Protection Act (“OWBPA”), the Genetic Information Nondiscrimination Act, the Family and Medical Leave Act, the Fair Labor Standards Act,  the Fair Credit Reporting Act, the Employee Retirement Income Security Act, the Illinois Human Rights Act, the Illinois Wage Payment and Collection Act, the Illinois Right to Privacy in the Workplace Act, and the Illinois Workplace Transparency Act, all as amended and including their implementing regulations, as well as any other federal, state, or local statute(s) or other law(s) or common law prohibiting discrimination or harassment in employment or granting rights to an employee arising out of an employment relationship, as well as any claims for wages, employee benefits, vacation pay, severance pay, health or welfare benefits, bonus compensation, or other remuneration, damages, fees, costs or other relief for any obligations, contracts, claims for defamation, invasion of privacy, intentional or negligent infliction of emotional distress, negligence, gross negligence, estoppel, misrepresentation, express or implied duties of good faith and fair dealing, wrongful discharge, or torts for any and all alleged acts, omissions, or events through the date on which Kinsey signs this Bring-Down Release (“General Release”).
Kinsey represents that he has not given or sold any portion of any claim discussed in this Bring-Down Release to anyone else.  Nothing herein shall be construed to release or waive any of Kinsey’s rights or claims that may arise from acts or events that occur after the date on which he signs this Bring-Down Release. It is further agreed that nothing in this Bring-Down Release is intended to or shall be construed to release (i) any claims that cannot be waived by law, (ii) any vested benefits that Kinsey has earned or accrued as a result of his prior employment with the Company, or (iii) any rights to indemnification and/or advancement that Kinsey may retain in accordance with the terms and conditions 

of the Company’s Bylaws and Articles of Incorporation, as may be amended from time to time as well as the Indemnification Agreement between the Company and Kinsey dated on or about May 1, 2015.
3.Waiver of Unknown Claims.  As the releasor, Kinsey has been advised to consult with counsel and, further, that he is familiar with the principle that a general release may not extend to claims that the releasor does not know or suspect to exist in his favor at the time of executing the release, which, if known by him, must have materially affected his settlement with the Released Parties.  Kinsey, being aware of said principle, agrees to expressly waive any rights he may have to that effect, as well as under any other statute or common law principles of similar effect.
4.Rights Not Waived.  Nothing in this Bring-Down Release prevents Kinsey from filing any non-legally-waivable claim (including a challenge to the validity of this Bring-Down Release and/or the release of claims under the ADEA) with the Equal Employment Opportunity Commission (“EEOC”) or comparable state or local agency, or from participating in any investigation or proceeding conducted by any such agency; however, Kinsey understands and agrees that he is waiving any and all rights to recover any monetary or personal relief or recovery as a result of such agency proceeding or subsequent legal actions to the maximum extent permitted by law. In addition, nothing in this Bring-Down Release prohibits or impedes Kinsey from reporting possible violations of law or regulation to any government agency or entity, making other disclosures that are protected under whistleblower provisions of law, or receiving an award or monetary recovery pursuant to the Securities and Exchange Commission’s whistleblower program.  Kinsey does not need prior authorization to make such reports or disclosures and is not required to notify the Company that he has made any such report or disclosure.
5.Return of Property. Kinsey represents and warrants that prior to executing this Bring-Down Release, he has returned to the Company all keys, files, records (and copies thereof), equipment (including computer hardware, software and printers, flash drives and storage devices, smartphones, tablets, etc.), Company identification, and any other Company-owned property in Kinsey’s possession or control and has left intact all electronic Company documents, including those that Kinsey developed or helped to develop during his employment, and he has not retained any copies.  Kinsey further confirms that he has cancelled all accounts for his benefit, if any, in the Company’s name, including credit cards, wireless data accounts, and computer accounts.  Kinsey also confirms that he has provided to the Company all usernames or IDs and related passwords or other login or access information for all Company-related equipment, software, hardware, and electronic or digital programs, systems, or interfaces.  The items referenced in this Section 5 shall be collectively referred to as “Company Property.”
6.Validity; Modification.  Should any provision of this Bring-Down Release be declared illegal or unenforceable, such provision shall immediately become null and void, leaving the remainder of this Bring-Down Release in full force and effect; provided, however, that if the provisions concerning releases are declared illegal or unenforceable, Kinsey will be required to enter into a new, enforceable waiver and release of all claims against the Released Parties.  This Bring-Down Release may not otherwise be modified, altered or changed except in writing and signed by Kinsey and an authorized representative the Company wherein specific reference is made to this Bring-Down Release. 
7.Acknowledgments; Consideration and Revocation Periods.  
(a)Kinsey hereby represents and warrants that, prior to signing below: (i) he has been advised to and has had the opportunity to consult with independent legal counsel of his choice; (ii) he has read this Bring-Down Release in its entirety, and fully understands its content and effect; (iii) he has not been subject to any form of duress or coercion in connection with this Bring-Down Release, is completely satisfied with the terms reflected in this Bring-Down Release, and, accordingly, knowingly and voluntarily enters this Bring-Down Release and agrees to be bound as described in this Bring-Down Release; and (iv) he has not acted in reliance upon any representation, advice, or other action of any Released Party, except as specifically set forth and provided for in this Bring-Down Release.
(b)Kinsey acknowledges that he has been given a period in excess of 21 days to consider this Bring-Down Release prior to executing it, and that he has a period of seven (7) days from the date he signs this Bring-Down Release (the “Revocation Period”) to revoke his acceptance of this Bring-Down Release.  Kinsey further understands that this Bring-Down Release will not become effective 

or enforceable until the Revocation Period expires without Kinsey having so revoked this Bring-Down Release.  If Kinsey elects to revoke this Bring-Down Release, revocation must be in writing and presented by email to alivingston@paylocity.com within seven (7) days from the date Kinsey signs this Bring-Down Release, which shall be no earlier than the Separation Date as defined in the Agreement.

I HAVE READ THE FOREGOING BRING-DOWN RELEASE, FULLY UNDERSTAND EACH AND EVERY PROVISION CONTAINED THEREIN, AND HAVE KNOWINGLY AND VOLUNTARILY ENTERED INTO THIS BRING-DOWN RELEASE ON THE DATE SET FORTH BELOW.

						
	
		
	By:	
		Mark Kinsey
		
	Date:Document

Exhibit 10.1

SEPARATION AGREEMENT AND GENERAL RELEASE OF CLAIMS
FactSet Research Systems Inc. (the “Company”) and I, Gene Fernandez have entered into this Separation Agreement and General Release of Claims (this “Agreement”) to settle all known and unknown claims I might have against the Company and all related parties.  Except to the extent governed by federal law or any applicable non-U.S. law, this Agreement shall be governed by the statutes and common law of Connecticut, excluding any that mandate the use of another jurisdiction’s laws.  Capitalized terms used and not defined herein shall have the meaning ascribed to them in the Company’s Executive Severance Plan, as may be amended from time to time in accordance with its terms.
The Company and I agree as follows:
Section 1 -- In General
The Company and I hereby agree that my employment with the Company will end on November 30, 2022 (the “Date of Termination”).  Effective as of the Date of Termination (or such earlier date as determined by the Company in its sole discretion), I shall irrevocably resign from all offices, titles, position, and appointments at the Company and any of its Affiliates, including as a member of the Board (or a committee thereof), provided that during the period from the date of this Agreement to the Date of Termination (such period, the “Transition Period”), I will remain employed by the Company pursuant to this Agreement.  
Section 2 -- Transition Period
During the Transition Period, subject to my continued employment, the Company promises that I will remain on active payroll and continue to receive the compensation and benefits as provided to me immediately prior to the date of this Agreement, including my current base salary ($425,000.00 per annum), less all applicable federal, state, local and non-U.S. deductions and withholding, except I will not be entitled to receive any additional equity-based awards during the Transition Period.
Section 3 -- Severance Payments and Benefits
The Company promises that I will receive the compensation and benefits set forth in Appendix A attached hereto (“Appendix A”), which includes amounts payable under the Company’s Executive Severance Plan and pursuant to the Company’s equity-based awards, that are conditioned on my execution of this Agreement and compliance with its terms.  I understand and agree that I am not otherwise entitled to receive the compensation and benefits set forth in Appendix A.  I understand that this Agreement shall be immediately effective upon my execution and delivery of the Agreement to the Company, provided that if I fail to comply with this Agreement (including the Second Release requirement pursuant to Section 5), I will not receive the amounts or benefits that are set forth in Appendix A, and this Agreement will never go into effect. 
Section 4 -- First Complete General Release of Claims
I acknowledge and represent that the consideration provided by the Company in this Agreement is adequate and satisfactory in exchange for the general release provided by me in this Section 4 and for the other commitments I make in this 

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Agreement, and that, in exchange for the compensation and benefits set forth on Appendix A, the following releases are made as of the date of this Agreement:
(a)Claims Released:  Except for the claims identified in Section 4(b), I irrevocably and unconditionally release (i.e., give up), acquit and forever discharge all known and unknown claims, promises, causes of action, charges, complaints, demands, liabilities, obligations, agreements, controversies, damages, suits, entitlements, costs, losses, debts and expenses (including attorneys’ fees and legal expenses) or similar rights of any type that I currently may have (“Claims”) with respect to any Released Party listed in Section 4(c).  I understand that I am not releasing future rights or claims, meaning rights or claims that arise after the date of this Agreement.  I understand that the Claims I am releasing might arise under many different federal, state, local or non-U.S. laws (including statutes, regulations, other administrative guidance, and common law doctrines).  Without limiting the generality of the foregoing, I acknowledge that I knowingly and voluntarily waive and release any and all Claims under the Age Discrimination in Employment Act (the “ADEA”) and Executive Order 11,141, which prohibit age discrimination in employment, as well as all Claims under the following:
(i)    Anti-discrimination statutes, such as Title VII of the Civil Rights Act of 1964, Sections 1981 and 1983 of the Civil Rights Act of 1866, and Executive Order 11,246, which prohibit discrimination based on race, color, national origin, religion, or sex; the Equal Pay Act, which prohibits paying men and women unequal pay for equal work; the Americans With Disabilities Act (“ADA”) and Sections 503 and 504 of the Rehabilitation Act of 1973, which prohibit discrimination based on disability; the Genetic Information Nondiscrimination Act of 2008 (“GINA”), which prohibits discrimination based on genetic information; and any other federal, state, local or non-U.S. laws prohibiting discrimination in employment based on a protected category, such as actual or perceived race, religion, color, national origin, ancestry, physical or mental disability, medical condition, genetic information, marital status, sex, sexual orientation, or association with a person who has, or is perceived to have, any of those characteristics;
(ii)    Federal employment statutes, such as the Worker Adjustment and Retraining Notification Act (“WARN Act”), which requires that advance notice be given of certain work force reductions; the Employee Retirement Income Security Act of 1974 (“ERISA”), which, among other things, protects employee benefits; and any other federal laws relating to employment, such as veterans’ reemployment rights laws; and 
(iii)    Other laws, such as any federal, state, local or non-U.S. laws mandating leaves of absence, restricting an employer’s right to terminate employees, or otherwise regulating employment; any federal, state, local or non-U.S. law enforcing express or implied employment contracts or requiring an employer to deal with employees fairly or in good faith; any other federal, state, local or non-U.S. laws providing recourse for alleged wrongful discharge, tort, physical or personal injury, emotional distress, fraud, negligent misrepresentation, defamation, and similar or related Claims; any other law relating to salary, commission, compensation, benefits, and other matters; and family and medical leave laws.
Examples of released Claims include, but are not limited to the following (except to the extent explicitly preserved by Section 3 or 4(b) of this Agreement):  

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(i) Claims that in any way relate to or arose during my employment with the Company, or the termination of that employment, such as Claims for compensation, bonuses, commissions, lost wages, or unused accrued vacation or sick pay; (ii) Claims that in any way relate to the design or administration of any employee benefit program; (iii) Claims that I have irrevocable or vested rights to severance or similar benefits or to post-employment health or group insurance benefits; (iv) any Claims to attorneys’ fees or other indemnities (such as under the Civil Rights Attorneys’ Fees Act), with respect to Claims I am releasing; or (v) Claims under the Connecticut Human Rights and Opportunities Law, the Connecticut Family and Medical Leave Law, the Connecticut Age Discrimination and Employee Insurance Benefits Law, and the Connecticut Smokers’ Rights Law.
(b)Claims Not Released:  This Agreement does not release any claims that the law does not permit me to release.  Nothing herein affects my rights to indemnification in respect of my service as a director or officer of the Company or any of its Affiliates, reimbursement for business expenses incurred through the date of this Agreement in accordance with Company policy, payment of accrued salary, payment for accrued but unused vacation in accordance with Company policy, vested benefits under the Company’s 401(k) plan and any other rights pursuant to the employee benefit plans of the Company and its Subsidiaries that are accrued and vested as of the date of this Agreement, subject to the terms of the applicable plan.  Furthermore, this Agreement does not release my rights to the payments set forth in Appendix A.
(c)Released Parties:  The Released Parties are the Company, all current and former parents, Subsidiaries, Affiliates, partnerships, or joint ventures, and, with respect to each of them, their predecessors and successors; and, with respect to each such entity, all of its past, present, and future employees, officers, directors, stockholders, owners, representatives, assigns, attorneys, agents, insurers, employee benefit programs (and the trustees, administrators, fiduciaries, and insurers of such programs), and any other persons acting by, through, under or in concert with any of the persons or entities listed in this subsection, and their successors.
(d)Covenant not to Sue:  I affirm that (i) I have not filed, and have not caused to be filed, and am not presently party to, any lawsuit or arbitration against any Released Party in any forum and (ii) agree not to sue any of the Released Parties or become a party to a lawsuit on the basis of any Claims of any type to date that arise out of any aspect of my employment or severance from employment other than, in each case, in order to enforce rights under Appendix A or Section 4(b).  I understand that this is an affirmative promise not to sue any of the Released Parties, which is in addition to my general release of claims in Section 4(a).  If, despite this Agreement, I sue or bring an arbitration action asserting any Claim that I have released, (i) I will be liable to the Released Party (as defined below) for its attorneys’ fees, other defense costs, and any other damages that my suit or arbitration causes, except those attributable to ADEA claims and (ii) the Company shall have no obligation to pay any amounts set forth in Appendix A and the Company shall be entitled to recover any amounts set forth in Appendix A paid to me prior to the date of such actual or threatened violation.  I promise not to accept any relief or remedies not set forth in this Agreement as to any Claim I have released by signing it.
(e)California Law:  I acknowledge that I have read and understand Section 1542 of the California Civil Code that reads as follows:

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A general release does not extend to claims that the creditor or releasing party does not know or suspect to exist in his or her favor at the time of executing the release and that, if known by him or her, would have materially affected his or her settlement with the debtor or released party.
I hereby expressly waive and relinquish all rights and benefits under that section and any law of any jurisdiction of similar effect with respect to the release of any claims herein.
Section 5 -- Second Release of Claims
I agree that my eligibility to receive the compensation and benefits set forth on Appendix A is subject to my execution, not later than 21 days following the Date of Termination, of a second release of claims (the “Second Release”) in the form attached hereto as Appendix B, and the non-revocation of the Second Release during the period specified therein.  If I fail to execute and deliver the Second Release within 21 days following the Date of Termination, or if I revoke the Second Release as provided therein, I will forfeit my right to receive the compensation and benefits set forth on Appendix A.
Section 6 -- Promises
(a)Employment Termination:  I agree that my employment with the Company and its Affiliates will end as of the Date of Termination, and that I will receive the payments and benefits under this Agreement (subject to my compliance with the terms of this Agreement) in lieu of any such other rights or benefits to which I possibly could be or become entitled.  I have not been told that the Company or any Released Party will rehire me.
(b)Company Property and Debts:  On or before the Date of Termination, I will return to the Company all files, memoranda, documents, records, copies of the foregoing, Company-provided credit cards, keys, building passes, security passes, access or identification cards, devices and equipment belonging to the Company (including computers, laptops, tablets, smart phones, handheld electronic devices, telephone equipment, and other electronic devices), and any other property of the Company or any Released Party in my possession or control, other than specific mutually approved devices, all with the Company’s consent.  I have cooperated with the Company and will cooperate with the Company regarding the proper handling of any digital property of the Company that may be retained in mobile phone or related digital storage devices, media or accounts. As of the Date of Termination, I will have cleared all expense accounts, repaid everything I owe to the Company or any Released Party, paid all amounts I owe on Company-provided credit cards or accounts (such as mobile or smart phone accounts), and canceled or personally assumed any such credit cards or accounts.
(c)Taxes:  I am responsible for paying any taxes on amounts I receive because I signed this Agreement.  I agree that the Company is to withhold all taxes it determines it is legally required to withhold.  I agree not to make any claim against the Company or any other person based on how the Company reports amounts paid under this Agreement to tax authorities.
(d)Ownership of Claims:  I have not assigned or transferred any Claim I am purporting to release, nor have I attempted to do so.
(e)Communication with Government Agency; Immunity:  This Agreement does not preclude me from filing an administrative charge or otherwise communicating with any federal, state, local or non-U.S. government office, official or 

5

agency, or from reporting possible violations of any law or regulation, making disclosures to, and/or participating in any investigation or proceeding conducted by any federal, state, local or non-U.S. agency, including the National Labor Relations Board, the Equal Employment Opportunity Commission, the Securities and Exchange Commission (“SEC”), the Department of Fair Employment and Housing and/or any governmental authority charged with the enforcement of any employment laws.  However, I understand that by signing this Agreement I am waiving the right to recover any damages or to receive other relief in any claim or suit brought by any such federal, state, local or non-U.S agency on my behalf, or with respect to any Claim released by Paragraph 2(a) of this Agreement, to the fullest extent permitted by applicable law.  Furthermore, nothing in this Agreement prohibits me from: (i) filing and, as provided for under Section 21F of the Securities Exchange Act of 1934 (the “Exchange Act”), maintaining the confidentiality of a claim with the SEC; (ii) providing Confidential Information (as defined in Section 6(g) below) to the SEC, or providing the SEC with information that would otherwise violate any provision of this Agreement, to the extent permitted by Section 21F of the Exchange Act; (iii) cooperating, participating or assisting in an SEC investigation or proceeding without notifying the Company; or (iv) receiving a monetary award as set forth in Section 21F of the Exchange Act.  Notwithstanding  my confidentiality obligations set forth in this Agreement,  I understand that, pursuant to the Defend Trade Secrets Act of 2016,  I will not be held criminally or civilly liable under any U.S. Federal or State trade secret law for the disclosure of a trade secret that: (i) is made (A) in confidence to a federal, state, local or non-U.S. government official, either directly or indirectly, or to an attorney; and (B) solely for the purpose of reporting or investigating a suspected violation of law; or (ii) is made in a complaint or other document filed in a lawsuit or other proceeding, if such filing is made under seal.  I also understand that if I file a lawsuit for retaliation by the Company for reporting a suspected violation of law, I may disclose the trade secret to my attorney and use the trade secret information in the court proceeding, if I (i) file any document containing the trade secret under seal; and (ii) do not disclose the trade secret, except pursuant to court order.   I understand that if a disclosure of trade secrets was not done in good faith pursuant to the above, then I may be subject to liability, including, without limitation, punitive damages and attorneys’ fees.
(f)Mutual Agreement Not to Disparage or Harm:  Subject to Section 6(e), I agree not to criticize, denigrate, or disparage any Released Party and, in particular, not to criticize, denigrate, or disparage any current or former employee of the Company.  I understand and agree that breach of this provision will result in damages that are difficult to quantify. The Company likewise agrees not to criticize, denigrate, or disparage me or my work in any communication to a third party. I agree not to incur any expenses, obligations, or liabilities on behalf of the Company.
(g)Confidential and Proprietary Information and Existing Obligations:  Subject to Section 6(e), I understand that, at all times in the future, I will remain bound by any Company or Company Affiliate agreement or policy relating to non-solicitation, non-competition, confidential information, proprietary information, invention, or similar matters to which I am now subject, in accordance with the terms of such agreement or policy, including but not limited to any FactSet Research Systems Inc. Intellectual Property Agreement which I previously signed and any non-competition, non-solicitation and confidentiality restrictions to which I am subject pursuant to the Company’s Stock Option and Award Plan, as amended from time to time, and any award agreements thereunder, and which are expressly incorporated by reference herein, and I agree that to the extent any provision in any such agreement, plan or policy conflicts with any provision in this Agreement, the provision or interpretation affording the greater protection to the Company shall govern.  In particular, I acknowledge that my 

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employment by the Company created a relationship of confidence and trust with respect to any information of a confidential or secret nature disclosed to me by the Company or a third party that (i) related to the business of the Company or to the business of any parent, Subsidiary, Affiliate, customer or supplier of the Company or any other party with whom the Company agreed to hold information of such party in confidence, (ii) was not generally known to the public or to other persons in the industry, or if generally known, was used, selected or arranged by the Company in a manner not generally known and was made the property of the Company by mutual agreement of the parties, including by the Invention Assignment and Proprietary Information Agreement, and/or similar agreement, and (iii) that the Company has taken reasonable measures under the circumstances to protect from unauthorized use or disclosure (the “Confidential Information”).  I agree and represent that I have not disclosed, copied, disseminated, shared or transmitted any Confidential Information to any person, firm, corporation or entity for any reason or purpose whatsoever, except in the course of carrying out my duties and responsibilities of employment with the Company.  I also agree, at all times in the future, not to make use of any Confidential Information for my own purposes or for the benefit of any person, firm, corporation or other entity.  I further warrant and represent that all Confidential Information in my possession, custody or control that is or was a property of the Company has been or shall be returned to the Company by the Date of Termination.
(h)Implementation:  I agree to sign any documents and do anything else that in the future is needed to implement this Agreement.
(i)Other Representations:  In addition to my other representations in this Agreement, I have made the following representations to the Company, on which I acknowledge it also has relied in entering into this Agreement with me: 
i.I have not suffered any job-related wrongs or injuries, such as any type of discrimination, for which I might still be entitled to compensation or relief in the future.  I have properly reported any and all job-related wrongs or injuries for which I might still be entitled to compensation or relief, such as an injury for which I might receive a workers’ compensation award in the future.  I have properly reported all hours that I have worked and I have been paid all wages, overtime, commissions, compensation, benefits, and other amounts that the Company or any Released Party should have paid me in the past.
ii.This Agreement is not an admission of wrongdoing by the Company or any other Released Party.
iii.I am intentionally releasing claims that I do not know I might have and that, with hindsight, I might regret having released.
iv.If the Company or I successfully assert that any provision in this Release is void, the rest of the Agreement shall remain valid and enforceable.
(j)False Claims Representations and Promises:  I have disclosed to the Company any information I have concerning any conduct involving the Company or any Affiliate that I have any reason to believe may be unlawful or that involves any false claims to the United States.  I promise to cooperate fully in any investigation the Company or any Affiliate undertakes into matters occurring during my employment with the Company or any Affiliate.  I understand that nothing in this Agreement prevents me 

7

from cooperating with any U.S. government investigation.  In addition, to the fullest extent permitted by law, I hereby irrevocably assign to the U.S. government any right I might have to any proceeds or awards in connection with any false claims proceedings against the Company or any Affiliate.
(k)Cooperation Required:  I agree that when requested by the Company, I will promptly and fully respond to all inquiries from the Company or any Affiliate and its representatives relating to any lawsuit in which I am identified as having factual information needed by the Company.  To the extent I incur reasonable out-of-pocket expenses (such as postage costs or telephone charges) in assisting the Company or any Affiliate at its request, the Company will mail me a reimbursement check for those expenses within 15 days after it receives my request for payment, along with satisfactory written substantiation of the claimed expenses.  
(l)Disclosure:   Nothing herein shall prevent the Company or me from disclosing the terms of this Agreement if required to do so under applicable law or by a court of competent jurisdiction.
Section 7 -- Consequences of Violating Promises
        I agree that the Company would be irreparably harmed by any actual or threatened violation of Section 6 that involves disclosure or use of confidential information, proprietary information, trade secrets or the violation of any obligations to the Company or its Affiliates in respect of non-competition or non-solicitation, and that the Company will be entitled to an injunction prohibiting me from committing any such violation.  In addition, I agree that, in the event of any actual or threatened violation of Section 6 or any confidentiality, non-solicitation or non-competition agreement with the Company or any of its Subsidiaries, then the Company shall (a) have no obligation to pay any amounts set forth in Appendix A and (b) will be entitled to recover any amounts set forth in Appendix A previously paid to me.
Section 8 -- Miscellaneous
(a)Entire Agreement:  In addition to any Company or Company Affiliate agreement, plan or policy relating to non-solicitation, non-competition, the confidentiality of Proprietary Information, inventions, or similar matters referenced in Section 6 above, this Agreement is the entire agreement between me and the Company relating to my termination of employment or the subject matter of this Agreement.  This Agreement may not be modified or canceled in any manner, nor may any provision of it or any legal remedy with respect to it be waived, except by a writing signed by both me and an authorized Company official.  I acknowledge that the Company has made no representations or promises to me (such as that my former position will remain vacant), other than those in or referred to by this Agreement.  If any provision in this Agreement is found to be unenforceable, all other provisions will remain fully enforceable.
(b)Successors:  This Agreement binds my heirs, administrators, representatives, executors, successors, and assigns, and will inure to the benefit of all Released Parties and their respective heirs, administrators, representatives, executors, successors, and assigns.  
(c)Interpretation:  This Agreement shall be construed as a whole according to its fair meaning.  It shall not be construed strictly for or against me or any Released Party.  Unless the context indicates otherwise, the term “or” shall be deemed to include the term “and” and the singular or plural number shall be deemed to include the 

8

other.  Captions are intended solely for convenience of reference and shall not be used in the interpretation of this Agreement.
Section 9 -- Arbitration of Disputes
        The Company and I agree to resolve any disputes we may have with each other through final, binding and confidential arbitration consistent with applicable law.  For example, I am agreeing to arbitrate any dispute about the validity of this Agreement or any discrimination claim.  I also agree to resolve through final, binding and confidential arbitration any disputes I have with any other Released Party who elects to arbitrate those disputes under this subsection.  Arbitration shall be conducted by the American Arbitration Association in accordance with its employment dispute resolution rules which can be found at www.adr.org/employment, and consistent with state law.  A neutral arbitrator will preside over the arbitration and issue a written decision subject to limited judicial review.  The decision shall remain confidential between the parties and shall not be published by the arbitrator or the AAA.  All remedies available under law will be available in the Arbitration.  The Arbitration proceedings will allow for adequate discovery.  Commencement of the Arbitration will be at a minimal cost to me.  This agreement to arbitrate does not apply to government agency proceedings.  By agreeing to this Agreement, I understand that I am waiving my right to a jury trial.
(remainder of page left intentionally blank)

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	YOU MAY NOT MAKE ANY CHANGES TO THE TERMS OF THIS AGREEMENT.  
BEFORE SIGNING THIS AGREEMENT, TAKE IT HOME, READ IT, AND CAREFULLY CONSIDER IT.  IF YOU CHOOSE, DISCUSS IT WITH YOUR ATTORNEY (AT YOUR OWN EXPENSE).  
BY SIGNING THIS AGREEMENT, YOU WILL BE WAIVING YOUR KNOWN AND UNKNOWN CLAIMS.

Executed at Norwalk, Connecticut, this 26th day of April, 2022, and signed under penalty of perjury under the laws of the state of Connecticut. 

						
	/s/ GENE FERNANDEZ
	Signature
		
	Gene Fernandez

Executed at Norwalk, Connecticut this 26th day of April, 2022.    

						
	For FactSet Research Systems Inc. 
		
	/s/ F. PHILIP SNOW
	Name: 	F. Philip Snow
	Title: 	Chief Executive Officer

APPENDIX A

Severance Payments and Benefits

									
	Type of Payment/Benefit	Form and Amount of Payment/Benefit	Timing of Payment/Benefit
	Cash	One Time FY 2022 base salary and target bonus plus FY23 ratable bonus at FY22 Rate, $954,795.00	Earlier of (i) the first payroll after the expiration of the seven-day revocation period for the second release and (ii) December 31, 2022
	Acceleration of Equity
(Stock Options)
	The accelerated vesting of 1,409 stock options granted on November 1, 2018;
The accelerated vesting of 997 stock options granted on November 1, 2019;
The accelerated vesting of 894 stock options granted on November 9, 2020; and
The accelerated vesting of 732 stock options granted on November 1, 2021. 
	Exercisable for 90 days after Date of Termination
	Settling of Performance Units Granted on November 9, 2020 and November 1, 2021	(1)983 Performance Units; and
(2)295 Performance Units.            
Number of Performance Units is estimated and is subject to the achievement of Company goals to be paid out within 30 days of the end of the Performance Period.
	(1)Vesting to be settled on or about November 10, 2023; payment to be within 30 days after November 10, 2023.
(2)Vesting to be settled on or about November 4, 2024; payment to be within 30 days after November 4, 2024.

									
	Welfare Continuation Reimbursement	Reimbursement by the Company of the cost of the employee’s premiums for continued coverage under the group health plan at the current level of coverage as of the Date of Termination, for a period of 12 months from the Date of Termination, for an approximate total amount of $25,733.04.	Payment to be made by Company directly to providers.
	Outplacement Assistance	Reasonable outplacement assistance with a firm determined by the Company for up to one year following the Date of Termination (or, if earlier, the date you commence employment with a subsequent employer).	Up to a maximum cost of $25,000.00, paid directly to the outplacement firm by the Company.

[[DMS:5260822v6:12/05/2019--07:05 PM]]

B-1

Second Release

This release (this “Second Release”) is made by Gene Fernandez (“Employee”) as of the date set forth below in connection with the Separation Agreement and General Release of Claims between Employee and FactSet Research Systems Inc. (the “Company”), made [●], 2022 (the “Separation Agreement”), and in association with the termination of Employee’s employment with the Company.  Capitalized terms used and not defined herein shall have the meaning ascribed to them in the Company’s Executive Severance Plan, as may be amended from time to time in accordance with its terms.

1.    In consideration of payments to be made to Employee and other benefits to be received by Employee pursuant to the Separation Agreement, Employee, being of lawful age, irrevocably and unconditionally releases (i.e., gives up), acquits and forever discharges all known and unknown claims, promises, causes of action, charges, complaints, demands, liabilities, obligations, agreements, controversies, damages, suits, entitlements, costs, losses, debts and expenses (including attorneys’ fees and legal expenses) or similar rights of any type that Employee currently may have (“Claims”) with respect to the Company, all current and former parents, Subsidiaries, Affiliates, partnerships, or joint ventures, and, with respect to each of them, their predecessors and successors; and, with respect to each such entity, all of its past, present, and future employees, officers, directors, stockholders, owners, representatives, assigns, attorneys, agents, insurers, employee benefit programs (and the trustees, administrators, fiduciaries, and insurers of such programs), and any other persons acting by, through, under or in concert with any of the persons or entities listed in this subsection, and their successors (collectively, the “Released Parties”).  Employee understands that Employee is not releasing future rights or claims, meaning rights or claims that arise after the date that Employee executes and delivers this Second Release.  Employee understands that the Claims Employee is releasing might arise under many different federal, state, local or non-U.S. laws (including statutes, regulations, other administrative guidance, and common law doctrines).  Without limiting the generality of the foregoing, Employee acknowledges that Employee knowingly and voluntarily waives and releases any and all Claims under the Age Discrimination in Employment Act (the “ADEA”) and Executive Order 11,141, which prohibit age discrimination in employment, as well as all Claims under the following:
(i)    Anti-discrimination statutes, such as Title VII of the Civil Rights Act of 1964, Sections 1981 and 1983 of the Civil Rights Act of 1866, and Executive Order 11,246, which prohibit discrimination based on race, color, national origin, religion, or sex; the Equal Pay Act, which prohibits paying men and women unequal pay for equal work; the Americans With Disabilities Act (“ADA”) and Sections 503 and 504 of the Rehabilitation Act of 1973, which prohibit discrimination based on disability; the Genetic Information Nondiscrimination Act of 2008 (“GINA”), which prohibits discrimination based on genetic information; and any other federal, state, local or non-U.S. laws prohibiting discrimination in employment based on a protected category, such as actual or perceived race, religion, color, national origin, ancestry, physical or mental disability, medical condition, genetic information, marital status, sex, sexual orientation, or association with a person who has, or is perceived to have, any of those characteristics;
(ii)    Federal employment statutes, such as the Worker Adjustment and Retraining Notification Act (“WARN Act”), which requires that advance notice be given of certain work force reductions; the Employee Retirement Income Security Act of 1974 (“ERISA”), which, among other things, protects employee benefits; and any other federal laws relating to employment, such as veterans’ reemployment rights laws; and 
(iii)    Other laws, such as any federal, state, local or non-U.S. laws mandating leaves of absence, restricting an employer’s right to terminate employees, or otherwise regulating employment; any federal, state, local or non-U.S. law enforcing express or implied employment contracts or requiring an employer to deal with employees fairly or in good faith; any other federal, state, local or non-U.S. laws providing recourse for alleged 

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wrongful discharge, tort, physical or personal injury, emotional distress, fraud, negligent misrepresentation, defamation, and similar or related claims; any other law relating to salary, commission, compensation, benefits, and other matters; and family and medical leave laws.
Examples of released Claims include, but are not limited to the following (except to the extent explicitly preserved by Section 3 or 4(b) of the Separation Agreement):  (i) Claims that in any way relate to or arose during Employee’s employment with the Company, or the termination of that employment, such as Claims for compensation, bonuses, commissions, lost wages, or unused accrued vacation or sick pay; (ii) Claims that in any way relate to the design or administration of any employee benefit program; (iii) Claims that Employee has irrevocable or vested rights to severance or similar benefits or to post-employment health or group insurance benefits; (iv) any Claims to attorneys’ fees or other indemnities (such as under the Civil Rights Attorneys’ Fees Act), with respect to Claims Employee is releasing; or (v) Claims under the Connecticut Human Rights and Opportunities Law, the Connecticut Family and Medical Leave Law, the Connecticut Age Discrimination and Employee Insurance Benefits Law, and the Connecticut Smokers’ Rights Law.
2.    Employee acknowledges that Employee has read and understands Section 1542 of the California Civil Code that reads as follows:
A general release does not extend to claims that the creditor or releasing party does not know or suspect to exist in his or her favor at the time of executing the release and that, if known by him or her, would have materially affected his or her settlement with the debtor or released party.
Employee hereby expressly waives and relinquishes all rights and benefits under that section and any law of any jurisdiction of similar effect with respect to the release of any claims herein.
3.    Employee hereby acknowledges and agrees that the Covenant not to Sue set forth in Section 4(d) of the Separation Agreement applies to all Claims released pursuant to this Second Release.
4.    Notwithstanding anything to the contrary, nothing in this Second Release shall constitute a release of any rights of Employee that are preserved pursuant to Section 3 or 4(b) of the Separation Agreement, and nothing herein shall prohibit or restrict Employee from taking any actions permitted by Section 6(e) of the Separation Agreement.  In addition, nothing in this Second Release shall prohibit or restrict Employee from  challenging the knowing and voluntary nature of Employee’s release of claims under the ADEA pursuant to the Older Workers Benefit Protection Act.  
5.    Employee acknowledges that, before signing this Second Release, Employee was given at least 21 days in which to consider this Second Release.  Employee waives any right Employee might have to additional time within which to consider this Second Release.  Employee further acknowledges that:  (1) Employee took advantage of the time Employee was given to consider this Second Release before signing it; (2) Employee carefully read this Second Release; (3) Employee fully understands it; (4) Employee is entering into it voluntarily; (5) Employee is receiving valuable consideration in exchange for Employee’s execution of this Second Release that Employee would not otherwise be entitled to receive; (6) the Company, by this writing, encouraged Employee to discuss this Second Release with Employee’s attorney (at Employee’s own expense) before signing it, and that Employee did so to the extent Employee deemed appropriate; and (7) any changes made to this Second Release, whether material or immaterial, will not restart the 21 day consideration period.  Employee understands that Employee is entitled to revoke this Second Release, in writing, within 7 days once Employee signs it.  Such revocation must be delivered to the Company as provided herein within the 7 day period, in which case Employee will receive no benefits pursuant to Appendix A of the Separation Agreement.  If Employee does not revoke this Second Release, it will become enforceable on the eighth day after Employee signs it.  The Company need not sign this Second Release for it to become effective and irrevocable.

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	YOU MAY NOT MAKE ANY CHANGES TO THE TERMS OF THIS SECOND RELEASE.  
BEFORE SIGNING THIS SECOND RELEASE, TAKE IT HOME, READ IT, AND CAREFULLY CONSIDER IT.  IF YOU CHOOSE, DISCUSS IT WITH YOUR ATTORNEY (AT YOUR OWN EXPENSE).  YOU HAVE 21 DAYS TO CONSIDER THIS AGREEMENT.  IF YOU DO NOT SIGN AND RETURN THIS AGREEMENT WITHIN THIS 21-DAY PERIOD, IT AUTOMATICALLY EXPIRES.  
ONCE YOU SIGN THIS AGREEMENT, YOU WILL HAVE AN ADDITIONAL 7 DAYS TO REVOKE IT.  IF YOU CHOOSE TO REVOKE THIS AGREEMENT, YOU MUST DELIVER A WRITTEN NOTICE OF REVOCATION TO:
RACHEL STERN, CHIEF LEGAL OFFICER
FACTSET RESEARCH SYSTEMS INC.
45 GLOVER AVENUE, NORWALK, CT 06850
 
BY SIGNING THIS AGREEMENT, YOU WILL BE WAIVING YOUR KNOWN AND UNKNOWN CLAIMS.

Executed at Norwalk, Connecticut, this [●]th day of [●], 20[●], and signed under penalty of perjury under the laws of the state of Connecticut. 

______________________________
Signature

____________________________________
Print Name

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