Document:

Exhibit 10.11

 

CONFIDENTIAL SEPARATION AGREEMENT
 AND GENERAL RELEASE OF CLAIMS

 

It is hereby agreed by and between you, Michael J. Herbert, and all of your heirs, executors, administrators, attorneys, and assigns, (collectively, “you”), and Simpson Manufacturing Co., Inc. and all of its subsidiaries, affiliated companies, predecessors, successors, and assigns, and all of its and their predecessors, successors and assigns (collectively, the “Company”), as follows:

 

1.                                      Separation of Employment.  You acknowledge that your employment with the Company has ended effective August 1, 2013 (“Separation Date”).  You are to perform no further duties, functions or services for the Company after the Separation Date.

 

2.                                      Payment of Moneys Owed.   The Company has paid you all wages or salary earned, including any accrued, but unused, vacation pay and your Cash Profit Sharing (CPS) payment for the second quarter of 2013, through the Separation Date.  You will receive a prorated CPS payment for July 2013 in October 2013 pursuant to the Company’s usual timing for payment of CPS.  You are entitled to these payments regardless of whether you sign this Agreement.  Your group health benefits will continue through August 31, 2013, but your accrual of, and eligibility for, vacation, sick leave, holiday pay, and any other employee benefits and privileges will cease as of the Separation Date.  When your group health benefits end, you will be eligible to elect COBRA continuation coverage.  You will be furnished a COBRA notice with information about the coverage and how to elect it.

 

3.                                      Reimbursement of Business Expenses.  The Company agrees to reimburse you for necessary business expenses incurred by you in the course and scope of your employment with the Company on or before the Separation Date which are supported by appropriate documentation, subject to approval by the Company and any defenses provided by law. You agree to submit any claim for reimbursement of such business expenses to the Company within 15 days of the Separation Date.

 

4.                                      Consideration.    As consideration for your promises in this Agreement, including the general release of claims, if you sign and do not revoke this Agreement as set forth in Paragraph 14, the Company will provide you with the following:

 

(a)                                 Incentive paid to obtain Release.  Incentive paid to obtain Release in the gross amount of $168,750 (an amount equal to 7.5 months of your base salary), less deductions required by law (the “Incentive paid to obtain Release Payment”)..  This Incentive paid to obtain Release will be paid out in a lump sum within ten days after you sign this Agreement and comply with the requirements of Paragraph 4 (e) and Paragraph 7, provided you do not revoke or otherwise violate this Agreement.

 

(b)                                 Restricted Stock Units and Stock Options.  Immediate vesting of all Restricted Stock and Stock Options. Distribution or payment of any amount of the restricted stock unit awards will be payable no later than March 15, 2014.

 

(c)                                  COBRA Reimbursement.  Provided you timely elect to continue your health coverage under COBRA, the Company will reimburse you for your COBRA payments (grossed up for tax purposes) until the earlier of:  (a) August 31, 2014 or (b) the date upon which you and/or your eligible dependents become covered under similar plans or are otherwise ineligible for continued group coverage under COBRA.  Any such COBRA reimbursements shall be made by the Company to you consistent with the Company’s

 

1

 

normal expense reimbursement policy, but in no event more than 30 days after substantiation of COBRA expenses is received by the Company, and provided that you submit documentation to the Company substantiating your payments for COBRA coverage within 30 days of the date each such expense is incurred.

 

(d)                                 Outplacement Assistance.  Up to six (6) months of outplacement services for you to be determined and paid for directly by the Company.

 

(e)                                  Laptop and Phone.  You may retain your Company i-phone and laptop computer, provided you bring both pieces of equipment into the Company for data removal by the Company’s IT department.  All other Company-owned equipment in your possession must be returned.

 

5.                                      Acknowledgment of Consideration.  You acknowledge that the payments described in Paragraph 4, above, represent amounts above and beyond those to which you would be entitled if you did not enter this Agreement.

 

6.                                      Non-Solicitation of Employees.  For a period of one year from the Separation Date, you shall not directly or indirectly, either on your own account or for any person, firm, partnership, corporation, limited liability company, or other entity: (i) solicit (either directly or indirectly ) any employee of Company that was employed by Company during your employment with Company to leave his or her employment with Company; or (ii) induce or attempt to induce any such employee to breach his or her agreement(s) with Company. You expressly acknowledge that this provision is enforceable and necessary to protect Company’s trade secrets.

 

7.                                      Confidential Information/Company Property.  You agree and acknowledge that during the course of your employment with the Company, you had access and were privy to information, documents and/or materials relating to the Company that are of a confidential and/or proprietary nature or which constitute or contain privileged information, or matters subject to an attorney client privilege or which are related work product, the disclosure of which will cause irreparable harm to the Company.  As part of this Agreement, you agree to return such information which is in your possession or which has been given to others, and that you will not discuss or disclose to any person or entity any trade secret, confidential and/or proprietary information, or matters subject to an attorney-client privilege or which are related work product, without the express permission of the Company.  You also agree to immediately return to the Company all other Company property and equipment in your possession except for your iphone and laptop computer, subject to the condition set forth in Paragraph 4(e).  You acknowledge that you will not be entitled to any payment under Paragraph 4 until you have returned all such Company property and equipment to the Company.

 

8.                                      Confidentiality.  Until the Company files this Agreement with its Form 10-Q in August 2013, you agree that you will not at any time communicate to anyone, including any former, present or future employee of the Company, the fact or the terms of this Agreement, except to your immediate family, legal counsel, accountant, or financial advisor, or as required by law and as necessary for compliance purposes.  If, prior to this time, you do disclose this information to your immediate family, attorney, or tax advisor, then you will inform them that they also must keep this information confidential.   This confidentiality provision shall be null and void after the Company files this Agreement with its Form 10-Q in October 2013.

 

2

 

9.                                      Nondisparagement.  You will not make, authorize, or invite/induce any statement to the media or others that could disparage or defame the Company’s good name or reputation.

 

10.                               Full and General Release.  In consideration for the payments provided for in Paragraph 4, you unconditionally release and forever discharge Simpson Manufacturing Co., Inc., and any affiliate or subsidiary of Simpson Manufacturing Co., Inc. (all of whom are hereinafter referred to as the “Releasees”), from any and all claims, demands, actions, suits, causes of action, obligations, damages and liabilities of whatever kind or nature, based on any act, omission, event, occurrence, or nonoccurrence from the beginning of time to the date of execution of this Agreement, including, but not limited to, claims that arise out of or in any way relate to my employment or separation from employment with Simpson Manufacturing Co., Inc..  You acknowledge and agree that this general release includes, but is not limited to, any claims for wages, overtime, vacation, sick or holiday pay, premiums, and penalties, 401k vesting, profit sharing, co-payments for memorial counseling, travel or other business expenses, or any benefits under the Employee Retirement Income Security Act of 1974, as amended, claims of breach of implied or express employment contracts or covenants, defamation, wrongful termination, public policy violations, emotional distress and related matters, claims of discrimination or harassment under federal, state or local laws, and claims based on any federal, state or other governmental statute, regulation or ordinance, including, but not limited to, Title VII of the Civil Rights Act of 1964, as amended, the Civil Rights Act of 1991, the Americans With Disabilities Act, the ADA Amendments Act, the Ledbetter Fair Pay Act, the Family and Medical Leave Act, and the Texas Labor Code, and any amendments to the foregoing.  You expressly understand that among the various rights and claims being waived by you in this Agreement are those arising under the Age Discrimination in Employment Act (“ADEA”), as amended.  Excluded from this Release are any claims or rights which cannot be waived by law.

 

11.                               Covenant Not to Sue.  A “covenant not to sue” is a legal term which means you promise not to file a lawsuit in court.  It is different from the General Release of claims contained in Paragraph 10 above.  Besides waiving and releasing the claims covered by Paragraph 10 above, you represent and warrant that you have not filed, and agree that you will not file, or cause to be filed, any judicial complaint or lawsuit involving any claims you have released in Paragraph 10, and you agree to withdraw any judicial complaints or lawsuits you have filed, or that were filed on your behalf, prior to the effective date of this Agreement.  You agree and acknowledge that if you sue the Company or any other Releasee in violation of this Agreement, then you shall pay all legal expenses, including reasonable attorneys’ fees, incurred by any Releasee in defending against your suit.  Alternatively, if you sue the Company in violation of this Agreement, you may, at the Company’s option, be required to return all monies paid to you pursuant to this Agreement, except for $100  In that event, the Company shall be excused from making any further payments otherwise owed to you under Paragraph 4 of this Agreement.

 

12.                               Exclusions.  Excluded from your release and covenant not to sue are (a) any right or claim that arises after the date you sign this Agreement, (b) any right that this Agreement creates or recognizes, and (c) any right that lawfully cannot be waived, such as the right to file, assist with, or participate in a charge of discrimination with an administrative agency; you do waive, though, any monetary recovery as to any such charge filed by you or anyone else.

 

13.                               Release of Unknown Claims.  For the purpose of implementing a full and complete release, you expressly acknowledge and agree that this Agreement resolves all legal claims you may have against the Company and the Releasees as of the date of this Agreement, including but not limited

 

3

 

to claims that you did not know or suspect to exist in your favor at the time of the effective date of this Agreement.

 

14.                               Voluntary Agreement.  You are hereby advised in writing to consult an attorney about this Agreement.  You sign knowingly and voluntarily, with an intent to bind you and your heirs, representatives, and assigns, for the benefit of each Releasee.  You have twenty-one (21) days within which to decide whether to sign this Agreement, although you may sign this Agreement at any time within the twenty-one (21) day period.  You will have an additional seven (7) days after you sign to change your mind and revoke the Agreement, by delivering, within seven (7) days after you sign it, a written notice of revocation to Karen Colonias  To be effective, your written notice of revocation must be received by Karen Colonias within the seven-day revocation period.  You are owed nothing under this Agreement if you revoke it.

 

15.                               No Representations; Entire Agreement.  You acknowledge that no promise or inducement has been offered to you, except as expressly stated above, and you are relying upon none.  This Agreement represents the entire agreement between you and the Company regarding the subject matter covered herein and supersedes any other written or oral understandings pertaining to the subject matter of this Agreement.  It may not be amended, modified or superseded except by a written agreement signed by both you and the Company.  No oral statement by any employee of the Company shall modify or otherwise affect the terms and provisions of this Agreement.

 

16.                               Certifications.  By signing this Agreement, you certify that you: (i) have been paid in full for all hours worked, including overtime; (ii) have no accrued but unused vacation due to you; and (iii) have not suffered any on-the-job injury for which you have not already filed a claim.

 

17.                               Binding Agreement.  This Agreement shall be binding upon you and your heirs, administrators, representatives, executors, successors and assigns, and shall inure to the benefit of Releasees and each of them, and to their heirs, administrators, representatives, executors, successors, and assigns.

 

18.                               Severability. Should any provision of this Agreement be declared or be determined by any court to be illegal or invalid, the validity of the remaining parts, terms, or provisions shall not be affected, and said illegal or invalid part, term, or provision shall be deemed not to be part of this Agreement.

 

19.                               Non-Admission of Liability.  This Agreement does not constitute an admission that the Company or any other Releasee has violated any law, rule, regulation, contractual right or any other duty or obligation.

 

20.                               Governing Law.  This Agreement is made and entered into in the State of Texas and shall in all respects be interpreted, enforced, and governed under the law of that state.  The language of all parts in this Agreement shall be construed as a whole, according to fair meaning, and not strictly for or against any party.

 

4

 

·                                          PLEASE READ CAREFULLY.  THIS AGREEMENT INCLUDES THE RELEASE OF ALL KNOWN AND UNKNOWN CLAIMS.

 

 

	
Dated:
    	
August 1,   2013
    	
 
    	
/s/   Michael J. Herbert
    
	
 
    	
Michael   J. Herbert
    
	
 
    	
 
    
	
 
    	
 
    
	
Dated:
    	
August 1,   2013
    	
 
    	
SIMPSON   MANUFACTURING CO., INC.
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/   Brian J. Magstadt
    
	
 
    	
 
    	
Brian   J. Magstadt
    
	
 
    	
 
    	
Chief   Financial Officer
    

 

5Exhibit 10.2

 

AMERISOURCEBERGEN CORPORATION
 COMPENSATION POLICY FOR NON-EMPLOYEE DIRECTORS

 

AmerisourceBergen Corporation (the “Corporation”) has established this Compensation Policy for Non-Employee Directors (the “Policy”) to provide each member of the Corporation’s Board of Directors (the “Board”) who is not an employee of the Corporation (a “Non-Employee Director”) with compensation for services performed as a Non-Employee Director, the terms of which are hereinafter set forth.

 

1.                                      COMPENSATION

 

(a)                                 Generally.  Each Non-Employee Director will receive an annual award of cash and equity-based compensation for each year of service beginning each January 1 and ending the following December 31 (each a “Service Period”).  The mix of cash and equity-based compensation for the Service Period in which services are provided must be elected by each Non-Employee Director and such election received by the Corporation prior to the December 31 preceding the Service Period, or within 30 days of initial appointment or election to the Board, as the case may be.  If a Non-Employee Director does not file an election form with respect to a Service Period by the specified date, the Non-Employee Director will be deemed to have elected to receive the compensation in the manner elected by the Non-Employee Director in his or her last valid election, or if there had been no prior election, will be deemed to have elected to receive the maximum annual cash retainer.  When an election is made with respect to a Service Period, the Non-Employee Director may not revoke or change that election with respect to such Service Period.  The mix of cash and equity-based compensation is subject to the following:

 

(i)                                     Annual Cash Retainer.  To the extent not elected to be paid in the form of equity and/or deferred pursuant to Section 2 below, an annual cash retainer will be paid to each Non-Employee Director.  The Chairman of the Board shall be eligible to earn a maximum annual cash retainer of $150,000.  Non-Employee Directors not serving as the Chairman of the Board shall receive a maximum annual cash retainer of $100,000; provided that the Chair of the Audit and Corporate Responsibility Committee shall receive an additional annual cash retainer of $20,000; the Chair of the Compensation and Succession Planning Committee shall receive an additional annual cash retainer of $15,000; and the Chairs of the Governance and Nominating Committee and Finance Committee shall each receive an additional annual cash retainer of $10,000.  Payment of the annual cash retainer will be made in equal quarterly installments in advance.

 

(1)         Election to Receive Equity in Lieu of Annual Cash Retainer.  A Non-Employee Director may elect to forego 50% or more of the annual retainer compensation payable to the Non-Employee Director for a Service Period; provided that a newly-elected Non-Employee Director may elect to forego 50% or more of the retainer compensation payable to such Non-Employee Director for the period beginning on the date such Non-Employee Director first becomes a Non-Employee Director and ending the next succeeding January 31.  An election to forego annual retainer compensation must be made on a form provided by the Secretary of the Corporation for such purpose and before such time described above in Section 1(a).  A Non-Employee Director who elects to forego 50% or more of their annual retainer compensation shall

 

 

receive either fully vested shares of the Corporation’s common stock (“Shares”) or an award of fully vested restricted stock units (“RSUs”), in each case with respect to Shares having a Fair Market Value(1) equal to the amount of the foregone retainer compensation.  Shares and RSU awards under this Section will be delivered or made quarterly at such time the foregone retainer compensation would otherwise be payable.  The number of Shares deliverable or subject to a RSU award under this Section shall be determined as the quotient of (x) the amount of the foregone quarterly retainer compensation divided by (y) the Fair Market Value per Share measured as of the date of grant.  Any fractional Shares that would result from an election under this Section will be paid to the Non-Employee Director in cash.

 

(ii)                                  Annual Equity Award.  Each Non-Employee Director who is elected or has been elected to serve as a member of the Board for the one-year period beginning on the date of the annual meeting of stockholders shall be granted a restricted stock or RSU award for Shares having a Fair Market Value, measured as of the date of such annual meeting, approximately equal to $125,000.  The Chairman of the Board who is elected or has been elected to serve as a member of the Board for the one-year period beginning on the date of the annual meeting of stockholders shall be granted a restricted stock or RSU award for Shares having a Fair Market Value (as defined above) of such award, measured as of the date of such annual meeting, approximately equal to $175,000.  No later than the December 31 preceding the Service Period that includes the date of grant of the annual equity awards, a Non-Employee Director will elect whether such grant will be delivered as restricted stock or RSUs.

 

(b)                                 Terms of Equity Awards.

 

(i)                                     All Shares received in lieu of retainer, and all restricted stock and RSU awards made to Non-Employee Directors, shall be made under and pursuant to the AmerisourceBergen Corporation Equity Incentive Plan (the “Equity Plan”) and applicable Award Agreement(2), and such awards will only be made to the extent that Shares remain available for issuance under the Equity Plan.  In the event of a conflict between any term of this Policy and the terms of the Equity Plan or Award Agreement, the terms of the Plan and Award Agreement shall control.

 

(1)  For purposes of this Policy, Fair Market Value means: (i) if the Shares are publicly traded, then the Fair Market Value per Share shall be determined as follows: (x) if the principal trading market for the Shares is a national securities exchange or the Nasdaq National Market, the price per share at the close of regular trading on the relevant date (or, if the relevant date is not a day in which the Shares are being traded, then the last such date before the relevant date), or (y) if the Shares are not principally traded on such exchange or market, the mean between the last reported “bid” and “asked” prices of Shares on the relevant date (or, if the relevant date is not a date upon which a sale was reported, as reported on Nasdaq or, if not so reported, as reported by the National Daily Quotation Bureau, Inc. or as reported in a customary financial reporting service, as applicable, then the last such date before the relevant date) and as the Committee determines; (ii) if the Shares are not publicly traded or, if publicly traded, are not subject to reported transactions or “bid” or “asked” quotations as set forth above, the Fair Market Value per Share shall be as determined by the Governance and Nominating Committee.

 

(2)  For purposes of this Policy, Award Agreement means a written agreement or certificate delivering Shares or granting an award of restricted stock or RSUs.  An Award Agreement shall contain such terms and conditions as the Governance and Nominating Committee deems appropriate and that are not inconsistent with the terms of the Equity Plan.

 

2

 

(ii)                                  All Shares or RSU awards received in lieu of annual retainer shall be fully vested upon receipt.

 

(iii)                               The vesting period applicable to an award of restricted stock or RSUs made to a Non-Employee Director as part of the annual equity grant shall be the three-year period commencing on the date of grant.  The vesting of an award may be accelerated upon certain events as described in the applicable Award Agreement.  Unless otherwise provided for in an Award Agreement, if a Non-Employee Director’s service on the Board terminates due to Voluntary Retirement, the Non-Employee Director’s restricted stock and RSUs shall continue to vest and any RSUs will be delivered according to the schedule set forth in the applicable Award Agreement or deferral election as if his service on the Board continued.  For purposes of this Policy, “Voluntary Retirement” means any voluntary termination of service on the Board by a Non-Employee Director after reaching age sixty-two (62) and completing five years (sixty (60) full months) of continuous service on the Board.

 

(c)                                  Prescription Drug Benefit.  Non-Employee Directors may participate in the Directors’ PAID Prescription Plan, which covers 100% of prescription drugs with no co-pay or co-insurance for the director and his or her spouse and dependents (children up to age 26) until such time as the director ceases to serve on the Board.  The benefit is fully paid by the Corporation.

 

(d)                                 Education Reimbursement Benefit.  Non-Employee Directors are encouraged to attend continuing education courses relevant to their service on the Board and are reimbursed by the Corporation for reasonable expenses incurred in connection with such continuing education courses.

 

2.                                      DEFERRAL ELECTIONS

 

(a)                                 Cash Retainer.  A Non-Employee Director may elect to defer any annual cash retainer payable with respect to a Service Period in accordance with the AmerisourceBergen Corporation 2001 Deferred Compensation Plan, incorporated herein by reference.  The Non-Employee Director must file the deferral election form no later than the December 31 preceding the Service Period; provided however, that newly-elected Non-Employee Directors may elect to defer the retainer within 30 days of initial appointment or election to the Board with respect to the retainer that relate to service performed after the election.  When a deferral election is made with respect to a Service Period, the Non-Employee Director may not revoke or change that election with respect to such Service Period.

 

(b)                                 Restricted Stock Units.  The Non-Employee Director may elect to defer settlement of Shares payable with respect to any restricted stock units that will be granted to the Non-Employee Director with respect to a Service Period, subject to the terms and conditions set forth in this Policy, the restricted stock unit deferral election form as adopted by the Corporation from time to time, Section 409A of the Internal Revenue Code of 1986, as amended (the “Code”) and the regulations thereunder, and the Equity Plan and applicable Award Agreement.

 

(i)                                     The Non-Employee Director may elect to defer settlement of 100% of the restricted stock units that the Non-Employee Director receives with respect to a Service Period

 

3

 

by filing a completed restricted stock unit deferral election form with the Secretary of the Corporation.  The Non-Employee Director must file the deferral election form no later than the December 31 preceding the Service Period that includes the date of grant of the applicable RSU award; provided however, that newly-elected Non-Employee Directors may elect to defer settlement of restricted stock units within 30 days of initial appointment or election to the Board with respect to restricted stock units that relate to service performed after the election.  When a deferral election is made with respect to a Service Period, the Non-Employee Director may not revoke or change that election with respect to such Service Period.  The Non-Employee Director must irrevocably elect the specified date(s) and increment(s) with respect to which the Non-Employee Director will receive the Shares associated with the settlement of the restricted stock units that the Non-Employee Director has elected to defer (the “Settlement Date”) as provided under the deferral election form in accordance with such form.  In the event that the Non-Employee Director fails to elect a Settlement Date, settlement of the restricted stock units, to the extent vested, will occur on the date of the Non-Employee Director’s “separation from service” (within the meaning of Section 409A of the Code and Treasury Regulations thereunder (a “Separation from Service”).

 

(ii)                                  Subject to subsection (iii) below, the Non-Employee Director shall receive payment of the Shares on the Settlement Date(s) elected by the Non-Employee Director (or the date of the Non-Employee Director’s Separation from Service in the event that the Non-Employee Director fails to elect a Settlement Date) pursuant to the deferral election form described above, and only to the extent that such Shares vested.

 

(iii)                               Notwithstanding anything to the contrary herein, no deferred Shares subject to an RSU award shall be paid to the Non-Employee Director during the 6-month period following the Non-Employee Director’s Separation from Service if the Non-Employee Director is a “specified employee” at the time of such Separation from Service (as determined by the Corporation in accordance with Section 409A of the Code).  If the payment of such deferred Shares is delayed as a result of the previous sentence, then on the first business day following the end of such 6-month period (or such earlier date upon which such amount can be paid under Section 409A of the Code without resulting in a prohibited distribution, including as a result of the Non-Employee Director’s death), the Corporation shall deliver to the Non-Employee Director the RSU Shares that would have otherwise been delivered to the Non-Employee Director during such period.

 

3.                                      EXPENSE REIMBURSEMENT

 

The Non-Employee Director will be reimbursed for reasonable out-of-pocket travel expenses incurred in connection with attendance at Board and committee meetings, director education programs and other Board related activities in accordance with the Corporation’s plans or policies as in effect from time to time.  To the extent that any such reimbursements are deemed to constitute compensation to the Non-Employee Director, such amounts shall be reimbursed no later than December 31 of the year following the year in which the expense was incurred.  The amount of any expense reimbursements that constitute compensation in one year shall not affect the amount of expense reimbursements constituting compensation that are eligible for reimbursement in any subsequent year, and the Non-Employee Director’s right to

 

4

 

such reimbursement of any such expenses shall not be subject to liquidation or exchange for any other benefit.

 

4.                                      OWNERSHIP REQUIREMENTS

 

In accordance with the AmerisourceBergen Corporation Non-Employee Directors’ Stock Ownership Guidelines, from and after the fifth year following election to the Board, each Non-Employee Director must achieve and maintain ownership of AmerisourceBergen common stock equal in value to at least five times their applicable annual cash retainer.  In the event that ownership requirements increase due to an amendment of the stock ownership guidelines for Non-Employee Directors, the Non-Employee Directors will have five years from the date of change to attain compliance with the amount of the increase.  The Board may consider unusual market conditions when assessing compliance with this Section 4.

 

5.                                      TAXES

 

In connection with the payment of compensation, grant or exercise of any equity award or the lapse of restrictions on any equity award contemplated by this Policy, the Corporation shall have the right to require the Non-Employee Director to take any action deemed necessary to protect its interests with respect to tax liabilities.  The Corporation shall not be obligated to make any delivery or transfer of Shares until the Non-Employee Director has complied, to the Corporation’s satisfaction, with any withholding requirement, or until the Corporation has been indemnified to its satisfaction for any applicable tax, charge or assessment.  The Corporation may deduct from other compensation payable by the Corporation the amount of any withholding taxes due with respect to any equity award.

 

6.                                      AMENDMENT AND TERMINATION

 

This Policy may be amended or terminated by the Board at any time.  A termination or amendment of this Policy that occurs after an equity award is granted shall not materially impair the rights of a Non-Employee Director unless the Non-Employee Director consents.  The termination of this Policy shall not impair the power and authority of the Governance and Nominating Committee with respect to an outstanding equity award.

 

7.                                      EFFECTIVE DATE

 

This Policy is approved by the Board of Director on November 11, 2011, effective as of January 1, 2012.

 

Amended by the Board on May 16, 2013

 

5

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00220-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00220-of-00352.parquet"}]]