Document:

Exhibit 10.1

 

RETIREMENT  AGREEMENT AND GENERAL
RELEASE OF ALL CLAIMS

 

THIS
RETIREMENT AGREEMENT AND GENERAL RELEASE OF ALL CLAIMS (this “Agreement”) is made and entered into as of this 3rd day of August, 2010, by and
between Richard C. Celio, an individual (the “Executive”),
and DineEquity, Inc., f/k/a IHOP Corp., a Delaware corporation (the “Company”).

 

WHEREAS,
Executive is employed by the Company as its Chief Restaurant Support Officer;

 

WHEREAS,
Executive and the Company now desire to terminate their employment relationship
with Executive’s retirement and to resolve amicably, fully and finally all
matters between them, including, but in no way limited to, those matters
relating to the employment relationship between them and the termination of
that relationship;

 

WHEREAS,
the Company has agreed to provide Executive with certain additional rights and
benefits (as described below) in exchange for Executive’s full release of any
and all claims that Executive may have against the Company and/or any of the “Executive
Released Parties” (as that term is defined herein) as provided herein,
Executive’s cooperation in certain matters relating to the business of the
Company and the Executive Released Parties as provided herein, and all of the
other covenants, promises and terms contained in this Agreement; and

 

NOW
THEREFORE, in consideration of the recitals above and the mutual promises and
obligations contained herein, and other good and valuable consideration, the
receipt and sufficiency of which are expressly acknowledged, it is agreed as
follows:

 

1.     Retirement.    Executive
hereby retires from his employment and any and all offices, directorships and
other positions with the Company, as well as each subsidiary or affiliate of
the Company  and the Company hereby accepts
such retirement, effective August 31, 2010 (the “Retirement
Date”).  Executive
acknowledges and agrees that he will have no further duties or responsibilities
and no further authority on behalf of the Company or its affiliates after the
Retirement Date, other than as specifically set forth herein.

 

2.     Accrued Obligations.    The Company will pay to Executive
his full base salary, at the rate in effect on the Retirement Date, along with
all accrued, unused vacation in accordance with Company policy, through the
Retirement Date, regardless of whether Executive signs this Agreement (the “Accrued
Obligations”).  For avoidance of doubt,
the parties acknowledge that Executive currently has 93.8 hours of accrued,
unused vacation as of August 31, 2010. 
Executive shall also be reimbursed for all business expenses incurred in
accordance with Company Policy for which he was not previously reimbursed.  Executive understands that except as set
forth in Section 2 and Section 3, Executive shall not
be entitled to any further wages (including bonuses or other incentive
compensation) or benefits from the Company. 

 

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Executive acknowledges and agrees that as of the
Retirement Date, he has received all wages and benefits earned through the
Retirement Date.

 

3.     Separation Benefits.    In consideration of Executive’s release of
all claims and his other covenants and agreements contained herein, and
provided that this Agreement has been executed by Executive by the twenty-second
(22nd) day following
the date of presentation hereof and has not been revoked by Executive as of the
eighth (8th) calendar day
following Executive’s execution of this Agreement, and further provided that
Executive has not breached this Agreement in any material respect, the Company
shall provide Executive with the following separation benefits, which include
all separation benefits under his employment agreement dated as of November 1,
2008 (the “Employment Agreement”) and additional benefits:

 

(a)                                 The Company
shall pay Executive $659,967, consisting of one times his current annual base
salary & annual auto allowance ($432,500) and one times his average
annual bonus for the past three years ($227,467), less all applicable federal,
state, and/or local taxes and all other authorized payroll deductions  in a two installments, which, subject to Paragraphs 5 and 6
hereof, shall be payable as follows: (i) $490,000 as soon as practicable
in a lump sum following the “Effective Date”
(as that term is defined in Section 8 hereof), but in no event
earlier than the Retirement Date, and in no event later than 30 days following
the Retirement Date and (ii) $169,967on March 1, 2011..

 

(b)                                 Executive’s
healthcare insurance benefits under the Company’s healthcare insurance plan
shall end on August 31, 2010. 
Provided that Executive timely elects to continue his healthcare
insurance benefits under the group health continuation requirements of Section 4980B
(“COBRA”) of the Internal Revenue Code of
1986, as amended (the “Code”) and/or
Cal-COBRA, for the twenty-four (24) months beginning September 1, 2010 and
ending August 31, 2012 (the “Welfare Benefit
Continuation Period”), the Company shall pay Executive’s COBRA
premium; provided, however, that if Executive becomes eligible for
healthcare insurance benefits under any other employer’s group healthcare
insurance benefit plan before the expiration of the Welfare Benefit
Continuation Period, Executive shall promptly notify the Company and the
Company’s obligation to pay the COBRA premium shall cease as of the first date
on which Executive is eligible for healthcare insurance benefits under the
other employer’s group healthcare insurance benefit plan. In addition, to those
healthcare insurance benefits afforded under COBRA (See Attachment B) the
executive shall continue to have the premiums associated with the continuation
of the Executive Supplemental Life Insurance benefit ($500,000 coverage) paid
for by the Company for a period of 24 months from termination of employment.  At the end of the 24 month period the
Executive will have the option to continue such 

 

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coverage in accordance with
the terms of the plan in effect at that time. Benefits provide under COBRA
include

 

(c)                                  The Company
shall provide outplacement services to Executive with a value of $10,500
through an executive outplacement service provider selected by the Company and
approved by Executive. Such services will remain in place for one year from the
initial date of service commencement.

 

(d)                                 As of the
Retirement Date, all unvested restricted stock (7,102 shares) and unvested
stock options (options to purchase 47,406 shares) held by Executive shall vest
(see Attachment C ), and with respect to all vested options, Executive shall
have until the earlier of twenty-four (24) months following the Retirement Date
or the option expiration date in which to exercise such options. In the event
of the death of the Executive prior to the option expiration period as stated
above his designated heir(s) shall retain the ability to exercise the
designated options during this period. Except as provided in this Agreement,
all restricted stock and stock options shall remain subject to the terms and
conditions of the plans, grant notices and agreements pursuant to which they
were awarded.

 

Executive hereby acknowledges and agrees that, he
shall not be eligible to receive any payments or other consideration under this
Agreement until after the Effective Date. 
For avoidance of doubt, Executive acknowledges and agrees that if he
does not timely sign this Agreement, or if he revokes or breaches this
Agreement, he will have no right to receive any of the payments or benefits
under this Agreement, and the Company shall have no further obligation to him
hereunder.  Notwithstanding the
foregoing, Executive will receive his regular compensation through the
termination of his employment and the separation benefits provided under his
Employment Agreement, whether or not he signs this Agreement, in accordance
with applicable law and the terms of the Employment Agreement.

 

4.     No Other Separation Benefits.    As of the Effective Date, the
payments and benefits provided hereunder are in lieu of any severance payment
or severance benefits under any Company severance plan or any other Company
plan, policy, program or arrangement whatsoever, whether written or unwritten,
formal or informal, Executive’s rights to any severance compensation or
severance benefits from the Company, other than as set forth herein, shall
cease as of the Retirement Date, and Executive’s active participation in any
other Company plan, policy, program or arrangement whatsoever, whether written
or unwritten, formal or informal, shall cease as of the Retirement Date and
Executive’s rights and benefits thereunder shall be governed in accordance with
the terms of such plan, policy, program or arrangement.

 

5.     Code Section 409A.    The
parties intend that Executive shall not be subject to the payment of additional
taxes and interest under Section 409A of the Code with respect to any of
the payments or benefits being made to Executive under this Agreement.  In furtherance of this intent, and
notwithstanding anything to the contrary in this Agreement, this 

 

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Agreement shall be interpreted, operated, and
administered in a manner consistent with these intentions, and the payment of
consideration, compensation, and benefits pursuant to this Agreement shall be
interpreted and administered in a manner intended to avoid the imposition of
additional taxes under Section 409A of the Code.

 

(a)                                 Notwithstanding
any provision to the contrary in this Agreement, no payment or distribution
under this Agreement which constitutes an item of deferred compensation under Section 409A
of the Code and becomes payable by reason of Executive’s termination of
employment with the Company will be made to Executive unless Executive’s
termination of employment constitutes a “separation from service” (as such term
is defined in Treasury Regulations issued under Section 409A of the Code).

 

(b)                                 In addition, no
such payment or distribution will be made to Executive prior to the earlier of (i) the
expiration of the six (6)-month period (the “Six-Month
Delay”) measured from the date of Executive’s “separation from
service” (as such term is defined in Treasury Regulations issued under Section 409A
of the Code) or (ii) the date of Executive’s death, if Executive is deemed
at the time of such separation from service to be a “key employee” within the
meaning of that term under Section 416(i) of the Code and to the
extent such delayed commencement is otherwise required in order to avoid a
prohibited distribution under Section 409A(a)(2) of the Code.  All payments and benefits which had been delayed
pursuant to the immediately preceding sentence shall be paid to Executive in a
lump sum upon expiration of such six-month period (or, if earlier, upon the
Executive’s death).

 

(c)                                  Notwithstanding
the foregoing provisions, to the extent permitted under Section 409A, any
separate payment or benefit under this Agreement or otherwise shall not be “deferred
compensation” subject to Section 409A and the Six-Month Delay to the
extent provided in the exceptions in Treasury Regulation Section 1.409A-1(b)(4) and
(b)(9) and any other applicable exception or provision under Section 409A.
Further, each individual installment payment that becomes payable under this
Agreement shall be a “separate payment” under Section 409A. Specifically,
to the extent the provisions of Treasury Regulation Section 1.409A-1(b)(9) are
applicable to any individual installment payment that becomes payable under
this Agreement, the portion of the such payment that is less than the limit
prescribed under Treasury Regulation Section 1.409A-1(b)(9)(iii)(A) (or
any successor provision) (the “Separation Pay Amount”)
shall be payable to the Executive in the manner prescribed herein without any
regard to the Six-Month Delay.

 

(d)                                 To the extent
that any reimbursable expenses hereunder (including, without limitation,
expenses paid or reimbursed under Section 2) are 

 

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deemed to constitute
compensation to Executive, such expenses shall be paid or reimbursed reasonably
promptly, but not later than by December 31 of the year following the year
in which the expense was incurred.  The
amount of such expenses eligible for reimbursement in one calendar year shall
not affect the amount of expenses eligible for reimbursement in any other
calendar year, and Executive’s right to reimbursement of any such expenses
shall not be subject to liquidation or exchange for any other benefit.

 

6.     General Release by Executive.    Subject
to Section 7 below, Executive hereby releases and discharges
forever the Company, and each of its divisions, affiliates and subsidiaries,
and each of their present and former directors, officers, employees, trustees,
agents, attorneys, administrators, plans, plan administrators, insurers, parent
corporations, subsidiaries, divisions, related and affiliated companies and
entities, shareholders, members, representatives, predecessors, successors and
assigns, and all persons acting by, through, under or in concert with them
(hereinafter collectively referred to as the “Executive
Released Parties”), from and against all liabilities, claims,
demands, liens, causes of action, charges, suits, complaints, grievances,
contracts, agreements, promises, obligations, costs, losses, damages, injuries,
attorneys’ fees, and other legal responsibilities (collectively referred to as “Claims”), of any form whatsoever, including, but not limited
to, any claims in law, equity, contract, tort, or any claims under the
California Labor Code, the California Civil Code, the California Business and
Professions Code, the California Fair Employment and Housing Act, Title VII of
the Civil Rights Act of 1964, as amended, the Americans With Disabilities Act,
the Age Discrimination in Employment Act (“ADEA”), as
amended by the Older Workers Benefit Protection Act of 1990 (29 U.S.C. §§ 621, et seq.), the Sarbanes-Oxley Act of 2002,
the Employee Retirement Income Security Act of 1974, or any other local
ordinance or federal or state statute, regulation or constitution, whether
known or unknown, unforeseen, unanticipated, unsuspected or latent, which
Executive or Executive’s successors in  interest now
own or hold, or have at any time heretofore owned or held, or may at any time
own or hold by reason of any matter or thing arising from any cause whatsoever
prior to the date of execution of this Agreement, and without limiting the
generality of the foregoing, from all claims, demands and causes of action
based upon, relating to, or arising out of: 
(a) Executive’s employment relationship with the Company and/or any
of the Executive Released Parties and the termination of that relationship; (b) Executive’s
relationship as a shareholder, optionholder or holder of any interest
whatsoever in any of the Executive Released Parties; (c) Executive’s
relationship with any of the Executive Released Parties as a member of any
boards of directors; and (d) any other type of relationship (business or
otherwise) between Executive and any of the Executive Released Parties.

 

7.     Exclusions from General Release.    Notwithstanding
the generality of Section 6, Executive does not release the
following claims and rights:

 

(e)                                  Executive’s
rights under this Agreement;

 

(f)                                   Executive’s
rights as a shareholder and option holder in the Company

 

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(g)                                  any claims for
unemployment compensation or any state disability insurance benefits pursuant
to the terms of applicable state law;

 

(h)                                 claims to
continued participation in certain of the Company’s group benefit plans
pursuant to the terms and conditions of the federal law known as COBRA or the
comparable California law known as Cal-COBRA;

 

(i)                                     any rights
vested prior to the Retirement Date to benefits under any Company-sponsored
retirement or welfare benefit plan;

 

(j)                                    Executive’s
rights, if any, to indemnity and/or advancement of expenses pursuant to
applicable state law, the Company’s articles, bylaws or other corporate
governance documents, and/or to the protections of any director’ and officers’
liability policies of the Company or any of its affiliates; and

 

(k)                                 any other right that may not be released by private agreement.

 

(collectively, the “Executive Unreleased Claims”).

 

8.     Rights Under the ADEA.    Without
limiting the scope of the foregoing release of Claims in any way, Executive
certifies that this release constitutes a knowing and voluntary waiver of any
and all rights or claims that exist or that Executive has or may claim to have
under ADEA.  This release does not govern
any rights or claims that might arise under the ADEA after the date this
Agreement is signed by the parties. 
Executive acknowledges that: 
(a) the consideration provided pursuant to this Agreement is in
addition to any consideration that he would otherwise be entitled to receive;
(b) he has been and is hereby advised in writing to consult with an
attorney prior to signing this Agreement; (c) he has been provided a full
and ample opportunity to review this Agreement, including a period of at least
twenty-one (21) days within which to consider it; (d) to the extent that
Executive takes less than twenty-one (21) days to consider this Agreement prior
to execution, Executive acknowledges that he had sufficient time to consider
this Agreement with counsel and that he expressly, voluntarily and knowingly
waives any additional time; and (e) Executive is aware of his right to
revoke this Agreement at any time within the seven (7)-day period following the
date on which he executes the Agreement and that the Agreement shall not become
effective or enforceable until the calendar day immediately following the expiration
of the seven (7)-day revocation period (the “Effective
Date”).  Executive further
understands that he shall relinquish any right he has to the consideration
specified in this Agreement if he exercises his right to revoke it, and shall
instead receive only such consideration as provided in his Employment
Agreement.  Notice of revocation must be
made in writing and must be received by John Jakubek, Senior Vice President,
Human Resources of the Company, no later than 5:00 p.m. (Pacific Time) on
the seventh (7th) calendar day immediately following the date on which
Executive executes this Agreement.

 

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9.     Unknown Claims.    It
is further understood and agreed that Executive waives all rights under Section 1542
of the California Civil Code and/or any statute or common law principle of
similar effect in any jurisdiction with respect to any Claims other than the
Executive Unreleased Claims.  Section 1542
reads as follows:

 

“A
GENERAL RELEASE DOES NOT EXTEND TO CLAIMS WHICH THE CREDITOR DOES NOT KNOW OR
SUSPECT TO EXIST IN HIS OR HER FAVOR AT THE TIME OF EXECUTING THE RELEASE,
WHICH IF KNOWN BY HIM OR HER MUST HAVE MATERIALLY AFFECTED HIS OR HER
SETTLEMENT WITH THE DEBTOR.”

 

Notwithstanding
the provisions of Section 1542 or any statute or common law principle of
similar effect in any jurisdiction, and for the purpose of implementing a full
and complete release and discharge of all claims, Executive expressly
acknowledges that this Agreement is intended to include in its effect, without
limitation, all claims which Executive does not know or suspect to exist in
Executive’s favor at the time of execution hereof, and that the general release
agreed upon contemplates the extinguishment of any such claims.

 

10.  Covenant Not To Sue.    Executive
represents and covenants that he has not filed, initiated or caused to be filed
or initiated, any Claim, charge, suit, complaint, grievance, action or cause of
action against the Company or any of the Executive Released Parties.  Except to the extent that such waiver is
precluded by law, Executive further promises and agrees that he will not file,
initiate, or cause to be filed or initiated any Claim, charge, suit, complaint,
grievance, action, or cause of action based upon, arising out of, or relating
to any Claim, demand, or cause of action released herein, nor shall Executive
participate, assist or cooperate in any Claim, charge, suit, complaint,
grievance, action or proceeding regarding any of the Executive Released Parties,
whether before a court or administrative agency or otherwise, unless required
to do so by law.  The parties acknowledge
that this Agreement will not prevent the Executive from filing a charge with
the Equal Employment Opportunity Commission (or similar state agency) or
participating in any investigation conducted by the Equal Employment
Opportunity Commission (or similar state agency); provided, however,
that Executive acknowledges and agrees that any Claims by Executive, or brought
on his behalf, for personal relief in connection with such a charge or
investigation (such as reinstatement or monetary damages) would be and hereby
are barred.

 

11.  No Assignment.    Executive
represents and warrants that he has made no assignment or other transfer, and
covenants that he will make no assignment or other transfer, of any interest in
any Claim which he may have against the Executive Released Parties, or any of
them.

 

12.  Indemnification of Executive Released
Parties.    Executive agrees to indemnify and
hold harmless the Executive Released Parties, and each of them, against any
loss, claim, demand, damage, expenses, or any other liability whatsoever,
including reasonable attorneys’ fees and costs resulting from:  (a) any breach of this Agreement by
Executive or 

 

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Executive’s successors in interest; (b) any
assignment or transfer, or attempted assignment or transfer, of any Claims
released hereunder; or (c) any action or proceeding brought by Executive
or Executive’s successors in interest, or any other, if such action or
proceeding arises out of, is based upon, or is related to any Claims, demands,
or causes of action released herein; provided, however, that this
indemnification provision shall not apply to any challenge by Executive of the
release of claims under the ADEA, Title VII, or similar discrimination laws,
and any right of the Release Parties to recover attorneys’ fees and/or expenses
for such breach shall be governed by applicable law.  It is the intention of the parties that this
indemnity does not require payment as a condition precedent to recovery by any
of the Executive Released Parties under this indemnity.

 

13.  No Admission.    Executive
and the Company each understands that the foregoing payments and consideration
are received by Executive and the Company in connection with the parties’
resolution of all matters between them, including, but not limited to, all
matters relating to their employment relationship and the termination of that
relationship, and that neither this Agreement nor the aforesaid payments and
consideration are to be construed as an admission on the part of any of the
Executive Released Parties of any wrongdoing or liability, nor to be admissible
as evidence in any proceeding, other than for enforcement of the provisions of
this Agreement.

 

14.  Non-Disparagement by Executive.    Subject
to Section 17, Executive agrees not to publish or disseminate,
directly or indirectly, any statements, whether written or oral, or other
verbal or non-verbal communications that clearly communicate an affirmative or
negative response to a question or statement, that are or could be harmful to
or reflect negatively on any of the Executive Released Parties and/or their
businesses, or that are otherwise disparaging of any of the Executive Released
Parties and/or their businesses, or any of their past or present or future
officers, directors, employees, advisors, or agents in their capacity as such,
or any of their policies, procedures, practices, decision-making, conduct,
professionalism or compliance with standards. 
For avoidance of doubt, statements by Executive, which Executive
reasonably and in good faith believes to be accurate and truthful, made to the
Company, or its subsidiaries, affiliates or representatives pursuant to
Executive’s obligations under Section 16 hereof shall not be deemed
a violation of this Section 14.

 

15.  Non-Disparagement by the Company. The
Company agrees not to publish or disseminate, directly or indirectly, any
statements, whether written or oral, or other verbal or non-verbal
communications that clearly communicate an affirmative or negative response to
a question or statement, that are or could be harmful to or reflect negatively
on Executive, or that are otherwise disparaging of Executive, or any of his
past or present practices, decision-making, conduct, professionalism or
compliance with standards.  The foregoing
portion of this Section shall apply only to representatives of the Company
at the level of executive officer or individuals acting at their
direction.  The Company agrees that,
provided Executive directs any potential employer to contact the Company’s
Chief Executive Officer or Senior Vice President of Human Resources for
purposes of a reference, the Company shall provide a reference for Executive in
the form mutually agreed by the parties, attached hereto as Exhibit “A”.

 

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16.  Cooperation.     Subject
to Section 17, Executive agrees to cooperate fully with the Company
and its subsidiaries and affiliates in transitioning his duties in response to
reasonable requests for information about the business of the Company or its subsidiaries
or affiliates or Executive’s involvement and participation therein; the defense
or prosecution of any claims or actions now in existence or which may be
brought in the future against or on behalf of the Company or its subsidiaries
or affiliates which relate to event or occurrences that transpired while
Executive was employed by the Company; and in connection with any investigation
or review by any federal, state or local regulatory, quasi-regulatory or
self-governing authority (including, without limitation, the Securities and
Exchange Commission) as any such investigation or review relates to events or
occurrences that transpired while Executive was employed by the Company.  Executive’s full cooperation shall include,
but not be limited to, being available to meet and speak with officers or
employees of the Company and/or its counsel at reasonable times and locations,
executing accurate and truthful documents, appearing at the Company’s request
as a witness at depositions, trials or other proceedings without the necessity
of a subpoena, and taking such other actions as may reasonably be requested by
of the Company and/or its counsel to effectuate the foregoing.  In requesting such services, the Company will
consider other commitments that Executive may have at the time of the request,
and Executive’s availability and obligations under this Section shall in
all instances reasonably be subject to Executive’s other commitments.  It is agreed that pursuant to the terms of
this paragraph, it is not deemed to be a conflict if the Executive is working
directly or indirectly as an employee or contractor for an IHOP or Applebee’s
franchisee, affiliate thereof or a group of such franchisees. Moreover,
Executive shall not be required to spend more than 20 hours in any calendar
month in response to requests from the Company; however, this limitation shall
not apply to testimony compelled by legal process of any court or governmental
agency of competent jurisdiction.  The Company
agrees to reimburse Executive for any reasonable, out-of-pocket travel, hotel
and meal expenses incurred in connection with Executive’s performance of
obligations pursuant to this Section for which Executive has obtained
prior, written approval from the Company, and the Company shall pay Executive
$250.00 per hour for any services performed by Executive at the request of the
Company pursuant to this Section 16.

 

17.  Truthful Testimony; Notice of Request for
Testimony.     Nothing in this Agreement is
intended to or shall preclude either party from providing testimony that such
party reasonably and in good faith believes to be truthful in response to a
valid subpoena, court order, regulatory request or other judicial,
administrative or legal process or otherwise as required by law.  Executive shall notify the Company in writing
as promptly as practicable after receiving any such request of the anticipated
testimony and at least ten (10) days prior to providing such testimony
(or, if such notice is not possible under the circumstances, with as much prior
notice as is possible) to afford the Company a reasonable opportunity to
challenge the subpoena, court order or similar legal process.  Moreover, nothing in this Agreement shall be
construed or applied so as to limit any person from providing candid statements
that such party reasonably and in good faith believes to be truthful to any
governmental or regulatory body or any self-regulatory organization.

 

18.  General Release by Executive.  Subject
to Section 7 below, the Company hereby releases and discharges
forever Executive and his heirs, estates, successors and assigns, 

 

9

 

attorneys, and all persons acting by, through, under
or in concert with them (hereinafter collectively referred to as the “Company Released Parties”), from and against all
liabilities, claims, demands, liens, causes of action, charges, suits,
complaints, grievances, contracts, agreements, promises, obligations, costs,
losses, damages, injuries, attorneys’ fees, and other legal responsibilities
(collectively referred to as “Claims”), of
any form whatsoever, including, but not limited to, any claims in law, equity,
contract, tort, or any local ordinance or federal or state statute, regulation
or constitution, whether known or unknown, unforeseen, unanticipated,
unsuspected or latent, which the Company or the Company’s successors in  interest now own or hold, or have at any time heretofore
owned or held, or may at any time own or hold by reason of any matter or thing
arising from any cause whatsoever prior to the date of execution of this
Agreement, and without limiting the generality of the foregoing, from all
claims, demands and causes of action based upon, relating to, or arising out
of:  (a) Executive’s employment
relationship with the Company and/or any of the Company Released Parties and
the termination of that relationship; (b) Executive’s relationship as a
shareholder, optionholder or holder of any interest whatsoever in any of the
Company Released Parties; (c) Executive’s relationship with any of the
Company Released Parties as a member of any boards of directors; and (d) any
other type of relationship (business or otherwise) between Executive and any of
the Company Released Parties.

 

19.  Exclusions from General Release.     Notwithstanding
the generality of Section 18, the Company e does not release the
following claims and rights:

 

(a)                                 The Company’s
rights under this Agreement;

 

(b)                                 any other right that may not be released by private agreement.

 

(collectively, the “Company Unreleased Claims”).

 

20.  Unknown Claims.     It
is further understood and agreed that the Company waives all rights under Section 1542
of the California Civil Code and/or any statute or common law principle of
similar effect in any jurisdiction with respect to any Claims other than the
Company Unreleased Claims.  Section 1542
reads as follows:

 

“A
GENERAL RELEASE DOES NOT EXTEND TO CLAIMS WHICH THE CREDITOR DOES NOT KNOW OR
SUSPECT TO EXIST IN HIS OR HER FAVOR AT THE TIME OF EXECUTING THE RELEASE,
WHICH IF KNOWN BY HIM OR HER MUST HAVE MATERIALLY AFFECTED HIS OR HER
SETTLEMENT WITH THE DEBTOR.”

 

Notwithstanding
the provisions of Section 1542 or any statute or common law principle of
similar effect in any jurisdiction, and for the purpose of implementing a full
and complete release and discharge of all claims, the Company expressly
acknowledges that this Agreement is intended to include in its effect, without
limitation, all claims which the Company does not know 

 

10

 

or
suspect to exist in the Company’s favor at the time of execution hereof, and
that the general release agreed upon contemplates the extinguishment of any
such claims.

 

21.  Covenant Not To Sue.     The
Company represents and covenants that he has not filed, initiated or caused to
be filed or initiated, any Claim, charge, suit, complaint, grievance, action or
cause of action against Executive or any of the Company Released Parties.  Except to the extent that such waiver is
precluded by law, the Company further promises and agrees that it will not
file, initiate, or cause to be filed or initiated any Claim, charge, suit,
complaint, grievance, action, or cause of action based upon, arising out of, or
relating to any Claim, demand, or cause of action released herein, nor shall
the Company participate, assist or cooperate in any Claim, charge, suit,
complaint, grievance, action or proceeding regarding any of the Company
Released Parties, whether before a court or administrative agency or otherwise,
unless required to do so by law.

 

22.  No Assignment.     The
Company represents and warrants that it has made no assignment or other
transfer, and covenants that it will make no assignment or other transfer, of
any interest in any Claim which he may have against the Company Released
Parties, or any of them.

 

23.  Indemnification of Company Released Parties.     The
Company agrees to indemnify and hold harmless the Company Released Parties, and
each of them, against any loss, claim, demand, damage, expenses, or any other
liability whatsoever, including reasonable attorneys’ fees and costs resulting
from:  (a) any breach of this
Agreement by the Company or the Company’s successors in interest; (b) any
assignment or transfer, or attempted assignment or transfer, of any Claims
released hereunder; or (c) any action or proceeding brought by the Company
or the Company’s successors in interest, or any other, if such action or
proceeding arises out of, is based upon, or is related to any Claims, demands,
or causes of action released herein.  It
is the intention of the parties that this indemnity does not require payment as
a condition precedent to recovery by any of the Company Released Parties under
this indemnity.

 

24.No Materially Harmful or
Detrimental Actions or Omissions.  Executive
represents and warrants that he is not aware of any actions or omissions by any
current or former officer, director, employee, agent, consultant, or
representative of the Company (including Executive) through the date hereof
that were or have been alleged to be (individually or in the aggregate)
materially harmful or detrimental to the Company, its business, or its
shareholders, including, without limitation, violations of any laws or
accounting policies or principles, the taking of unreasonable tax positions, or
the furnishing of inaccurate statements, invoices or other reports to any
person or entity. It is understood that the above is based upon the Executives
actual knowledge and does not obligate the Executive to a duty to investigate
such matters.

 

25.Return of Property.     Executive
covenants and agrees that he shall immediately return to the Company, on or
before the Retirement Date, all Company property in his possession, custody or
control, including, but not limited to, Executive’s Company ID card, keys,
parking and building access cards and any cellular phone, computer or
electronic devices owned or provided to Executive (for use while employed with
the Company) by the Company and 

 

11

 

allocated
to or otherwise in the possession, custody or control of Executive. The above
notwithstanding the Executive will retain possession of his current laptop
computer and I-pad device.

 

24.  Arbitration.     Except
as is necessary for any of the Executive Released Parties or the Company
Released Parties to enforce their rights under this Agreement through
provisional or interim injunctive relief or specific performance, the parties
agree that any disputes or controversies arising out of, relating to or in
connection with this Agreement and/or Executive’s employment relationship with
the Company and the termination of that relationship shall be submitted to
binding arbitration before a single neutral arbitrator in Los Angeles,
California, in accordance with the rules of the JAMS governing employment
disputes then in effect, as the exclusive remedy for resolving any and all such
disputes.  Judgment may be entered on the
arbitrator’s award in any court having jurisdiction.  Each party shall bear one-half of the
arbitration fees and expenses.

 

25.  Notices.     All
notices, requests, demands and other communications that are required or may be
given under this Agreement shall be in writing and shall be deemed to have been
duly given when received if personally delivered, or, if not personally
delivered shall be deemd eto have been duly given (i) the day it is
transmitted if transmitted by telecopy, electronic or digital transmission
method with electronic confirmation of receipt; (ii) the day after it is
sent, if sent for next-day delivery to a domestic address by recognized
overnight delivery service (e.g.,  FedEx); and (iii) on the third day after
it is sent, if sent by certified or registered mail, return receipt
requested.  In each case notice shall be
sent to:

 

	
  If
  to the Company:

  	
   

  	
   

  
	
   

  	
   

  	
  DineEquity,
  Inc.

  
	
   

  	
   

  	
  450
  N. Brand Blvd.

  
	
   

  	
   

  	
  7th Floor

  
	
   

  	
   

  	
  Glendale,
  CA 91203

  
	
   

  	
   

  	
  Attention:
  Chief Executive Officer

  
	
   

  	
   

  	
  Facsimile:
  818-637-4740

  
	
   

  	
   

  	
   

  
	
  with
  a copy to:

  	
   

  	
  Latham
  & Watkins LLP

  
	
   

  	
   

  	
  355
  South Grand Avenue

  
	
   

  	
   

  	
  Los
  Angeles, CA 90071-1560

  
	
   

  	
   

  	
  Attention:
  Joseph B. Farrell

  
	
   

  	
   

  	
  Facsimile:
  213-891-8763

  
	
   

  	
   

  	
   

  
	
  If
  to Employee:

  	
   

  	
  Richard
  C. Celio

  
	
   

  	
   

  	
  2300
  Camino Del Sol

  
	
   

  	
   

  	
  Fullerton,
  CA 92833

  
	
   

  	
   

  	
  Facsimile:
  714-525-0834

  
	
   

  	
   

  	
   

  
	
  with
  a copy to:

  	
   

  	
  Richard
  Salus

  
	
   

  	
   

  	
  2603
  Main Street, East Tower, Suite 1300

  
	
   

  	
   

  	
  Irvine,
  CA 92614

  
	
   

  	
   

  	
  Facsimile:
  949-757-1225

  

 

12

 

Either
Party may change the address for notice by sending written notice of a change
of address to the other Party in accordance with this Section 5.

 

26.  No Presumption Against Drafter.     Executive
and the Company understand that this Agreement is deemed to have been drafted
jointly by the parties.  Any uncertainty
or ambiguity shall not be construed for or against any party based on
attribution of drafting to any party.

 

27.  Headings.     The
Section headings in this Agreement are for the convenience of the parties
only, and shall not limit or modify, in any way, the contents of this Agreement
or any Section of this Agreement.

 

28.  Counterparts.     This
Agreement may be executed in counterparts, which together shall constitute one
and the same Agreement.  The parties may
execute more than one copy of this Agreement, each of which copies shall
constitute an original.  A facsimile
signature shall be deemed to be the same as an original signature.

 

29.  Entire Agreement.     Executive
and the Company understand that this Agreement represents the entire agreement
and understanding between the parties with respect to the subject matter hereof
and, except as expressly stated in this Agreement, supersedes any prior
agreement, understanding or negotiations respecting such subject matter,
including but not limited to the Executive’s Employment Agreement; provided,
however, that this agreement shall not supersede Executive’s obligations under
any agreement, including his Employment Agreement, with respect to any
restrictions on the use of confidential information or trade secrets, any
restriction on the solicitation of employees or any assignment of intellectual
property rights.  No change to or
modification of this Agreement shall be valid or binding unless it is in
writing and signed by Executive and a duly authorized representative of the
Company.

 

30.  No Reliance.     Executive
and the Company understand and acknowledge that reliance is placed wholly upon
Executive’s and the Company’s own judgment, belief and knowledge as to the
propriety of entering into this Agreement. 
Executive and the Company further acknowledge that each of them is
relying solely upon the contents of this Agreement, that there have been no
other representations or statements made by any of the Executive Released
Parties or Executive, and that Executive and the Company are not relying on any
other representations or statements whatsoever of any of the Executive Released
Parties or Executive as an inducement to enter into this Agreement, and if any
of the facts upon which Executive or the Company now relies in making this
Agreement shall hereafter prove to be otherwise, this Agreement shall nonetheless
remain in full force and effect.

 

31.  No Waiver.     No
waiver of any breach of any term or provision of this Agreement shall be
construed to be, nor shall be, a waiver of any other breach of this
Agreement.  No waiver shall be binding
unless in writing and signed by the party waiving the breach.

 

13

 

32.  Successors and Assigns.     This
Agreement shall inure to the benefit of and be binding upon the heirs,
representatives, successors and assigns of each of the parties to it.

 

33.  Choice of Law.     This
Agreement shall be governed and construed under the laws of the State of
California, without regard to its conflict of laws rules.

 

34.  Acknowledgement by Executive.     Executive
acknowledges that Executive has personally read this Agreement and that
Executive has reviewed, or has had the opportunity to review, this Agreement
with legal counsel of Executive’s own choosing. 
Executive further acknowledges that he has been provided a full and
ample opportunity to study this Agreement, that it fully and accurately
reflects the content of any and all understandings and agreements between the
parties concerning the matters referenced herein.

 

[Signature page follows]

 

14

 

IN
WITNESS WHEREOF, this Agreement is executed by the parties hereto as of the
date indicated by the signature.

 

 

	
   

  	
  RICHARD
  C. CELIO

  
	
   

  	
   

  
	
   

  	
   

  
	
  DATED:
  August 3, 2010

  	
  /s/
  Richard C. Celio

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  DINE
  EQUITY, INC. f/k/a IHOP CORP.,

  
	
   

  	
  a
  Delaware corporation

  
	
   

  	
   

  
	
   

  	
   

  
	
  DATED:
  August 3, 2010

  	
  By:

  	
  /s/
  John Jakubek

  
	
   

  	
   

  	
   

  
	
   

  	
  Its:
  Senior Vice President, Human Resources

  

 

15Exhibit 10.1

 

BRUKER
CORPORATION

 

FORM OF
STOCK OPTION AGREEMENT

 

UNDER
2010 INCENTIVE COMPENSATION PLAN

 

INCENTIVE
STOCK OPTION

 

AGREEMENT entered into [       ]
by and between Bruker Corporation, a Delaware corporation with a principal
place of business in Billerica, Massachusetts (the “Company” ), and the
undersigned employee (the “Employee”) of the Company or one of its subsidiaries
(the Company and its subsidiaries herein together referred to as the “Company”).

 

1.             The
Company desires to grant the Employee an incentive stock option under the
Company’s 2010 Incentive Compensation Plan (the “2010 Plan”) to acquire shares
of the Company’s common stock, $.01 par value per share (the “Shares”).

 

2.             Section 6
of the 2010 Plan provides that each option is to be evidenced by an option
agreement, setting forth the terms and conditions of the option.

 

ACCORDINGLY, in consideration of the premises and of
the mutual covenants and agreements contained herein, the Company and the
Employee hereby agree as follows:

 

1.             Grant
of Option.  The Company hereby irrevocably grants under
the 2010 Plan and subject to the terms and conditions of the 2010 Plan to the
Employee an incentive stock option (the “Option”) to purchase all or any part
of an aggregate of [       ] Shares on the
terms and conditions hereinafter set forth.

 

2.             Purchase
Price.  The
purchase price (“Purchase Price”) for the Shares covered by the Option shall be
$[     ] per Share.

 

3.             Time
of Exercise of Option.

 

(a)           The
Option shall not be exercisable prior to one (1) year from grant.  Thereafter, the Option shall only be
exercisable as follows:

 

	
   

  	
   

  	
  Percentage of

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Shares Becoming

  	
   

  	
  Cumulative

  	
   

  
	
   

  	
   

  	
  Available for

  	
   

  	
  Percentage

  	
   

  
	
  On or After

  	
   

  	
  Exercise

  	
   

  	
  Available

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  12 months

  	
   

  	
  20

  	
  %

  	
  20

  	
  %

  
	
  24 months

  	
   

  	
  20

  	
  %

  	
  40

  	
  %

  
	
  36 months

  	
   

  	
  20

  	
  %

  	
  60

  	
  %

  
	
  48 months

  	
   

  	
  20

  	
  %

  	
  80

  	
  %

  
	
  60 months

  	
   

  	
  20

  	
  %

  	
  100

  	
  %

  

 

4.             Term
of Options; Exercisability.

 

(a)           Each
Option shall expire not more than ten (10) years from the date of the
granting thereof, but shall be subject to earlier termination as herein provided.

 

(b)           Except
as otherwise provided in this Section 4, if the Employee ceases to be an
employee of the Company, the Option granted to the Employee hereunder shall
terminate on the date that 

 

 

is sixty (60) days after the Employee ceases to be an
employee of the Company, or on the date on which the Option expires by its
terms, whichever occurs first, and the Option shall not be exercisable after
such date.

 

(c)           If
such termination of employment is because the Employee has become permanently
disabled (within the meaning of Section 22(e)(3) of the Internal
Revenue Code of 1986, as amended (the “Code”)), such Option shall terminate
sixty (60) days from the date the Employee ceases to be an employee, or on the
date on which the Option expires by its terms, whichever occurs first.

 

(d)           If
such termination of employment is “for cause”, all outstanding and unexercised
portions of the Option as of the time the Employee is notified that the
Employee’s employment is terminated “for cause” will immediately be forfeited.
For purposes of this Agreement, “cause” shall include (and is not limited to)
dishonesty with respect to the Company or any of its affiliates, breach of
fiduciary duty, insubordination, substantial malfeasance or non-feasance of
duty, unauthorized disclosure of confidential information, material failure or
refusal to comply with Company’s published policies generally applicable to all
employees, and conduct materially harmful to the business of the Company or any
of its affiliates. The determination of the Compensation Committee (as defined
in the 2010 Plan) as to the existence of “cause” will be conclusive on the
Employee and the Company. In addition, “cause” is not limited to events which
have occurred prior to the Employee’s termination of employment, nor is it
necessary that the Compensation Committee’s finding of “cause” occur prior to
termination.  If the Compensation
Committee determines, subsequent to the Employee’s termination of employment
but prior to the exercise of the Option, or any portion thereof, that either
prior or subsequent to the Employee’s termination the Employee engaged in
conduct which would constitute “cause”, then the right to exercise any
outstanding unexercised portion of the Option will be immediately
forfeited.  Notwithstanding the
foregoing, any definition in an agreement between the Employee and the Company
which (i) contains a conflicting definition of “cause” for termination and
(ii) is in effect at the time of such termination shall supersede the
definition in this Agreement with respect to the Employee.

 

(e)           In
the event of the death of the Employee, the Option granted to the Employee
shall terminate ninety (90) days from the date of death, or on the date on
which the Option expires by its terms, whichever occurs first.

 

(f)            If
the Employees ceases to be an employee of the Company, the Option shall be
exercisable only to the extent that the right to purchase Shares under such
Option, as provided in Section 3, has accrued and is in effect on the date
of termination of employment.

 

(g)           No
partial exercise may be made for less than fifty (50) full Shares.

 

(h)           In
the event of the death of the Employee, the Option may be exercised by the
estate of the Employee, or by any person or persons who acquired the right to
exercise the Option by will or pursuant to the laws of descent and distribution
as a result of the death of the Employee, subject to Section 4(d) hereof.

 

5.             Manner
of Exercise of Option.

 

(a)           To
the extent that the right to exercise the Option has accrued and is in effect,
the Option may be exercised in full or in part by giving written notice to the
Company stating the number of Shares exercised and accompanied by payment in
full for such Shares.  Payment shall be
made (a) in cash or by check payable to the order of the Company, (b) at
the discretion of the Compensation Committee, and so long as there is no
adverse tax or accounting impact to the Company, by delivery of Shares owned by
the Employee having a fair market value equal in amount to the exercise price
of the Option being exercised and having been held by the Employee for at least
six months, (c) at the discretion of the Compensation Committee, by
delivery of a properly executed exercise notice to the Company, together 

 

2

 

with a copy of irrevocable instructions to a broker to
deliver promptly to the Company the amount of sale or loan proceeds to pay the
exercise price, (d) at the discretion of the Compensation Committee, by a “net
exercise” arrangement pursuant to which the Company will reduce the number of
Shares issued upon exercise by the largest whole number of Shares with a fair
market value that does not exceed the aggregate exercise price, together with
cash or other payment from the Employee to the extent of any remaining balance
of the aggregate exercise price not satisfied by such reduction in the number
of whole Shares, or (e) at the discretion of the Compensation Committee,
by any combination of (a), (b), (c) and (d) above. Upon such exercise,
delivery of a certificate for paid-up, non-assessable Shares shall be made at
the principal office of the Company to the person exercising the Option, not
more than thirty (30) days from the date of receipt of the notice by the
Company.

 

(b)           The
Company shall at all times during the term of the Option reserve and keep
available such number of Shares of its common stock as will be sufficient to
satisfy the requirements of the Option. 
The Employee shall not have any of the rights of a stockholder of the Company
in respect of the Shares until one or more certificates for such Shares shall
be delivered to him or her upon the due exercise of the Option.

 

6.             Non-Transferability.  The right of the Employee to
exercise the Option shall not be assignable or transferable by the Employee
otherwise than by will or the laws of descent and distribution, and the Option
may be exercised during the lifetime of the Employee only by him or her.  The Option shall be null and void and without
effect upon the bankruptcy of the Employee or upon any attempted assignment or
transfer, except as hereinabove provided, including without limitation any
purported assignment, whether voluntary or by operation of law, pledge,
hypothecation or other disposition contrary to the provisions hereof, or levy
of execution, attachment, divorce, trustee process or similar process, whether
legal or equitable, upon the Option.

 

7.             (a)            Representation Letter and Investment Legend.

 

(i)            In
the event that for any reason the Shares to be issued upon exercise of the
Option shall not be effectively registered under the Securities Act of 1933,
upon any date on which the Option is exercised in whole or in part, the person
exercising the Option shall give a written representation to the Company in the
form attached hereto as Exhibit 1 and the Company shall place an “investment
legend”, so-called, as described in Exhibit 1, upon any certificate
for the Shares issued by reason of such exercise.

 

(ii)           The
Company shall be under no obligation to qualify Shares or to cause a
registration statement or a post-effective amendment to any registration
statement to be prepared for the purpose of covering the issue of Shares.

 

(b)           Holding
of Incentive Stock Option Shares; Legend.  In order to enable the Company to determine when
it is entitled to a tax deduction upon the disposition of any Shares issued
upon exercise of this Option, for the periods during which such a disposition
would entitle the Company to such a deduction (generally, a disposition within
two years from the date of grant of the Option or within one year from the date
of exercise of the Option will entitle the Company to a deduction), all stock
certificates of such Shares shall be held by the Employee in his or her name
and not in the name of a broker, nominee or other person or entity, and shall
bear a legend reflecting that such Shares were obtained upon exercise of an
incentive stock option.  The Employee
acknowledges that the Company may send a Form W-2, W-2c or substitute
therefor, as appropriate, to the Employee with respect to any income recognized
by the Employee upon a disposition of the Shares for the periods during which
such a disposition would entitle the Company to such a deduction.  Nothing in this Section 7(b) shall
restrict the Employee from selling, transferring or otherwise disposing of such
Shares at any time, but only from holding such Shares in other than his or her
own name.

 

3

 

8.             Adjustments
on Changes in Recapitalization, Reorganization and the Like. Adjustments on changes in recapitalization, reorganization and the
like shall be made in accordance with Section 13 of the 2010 Plan, as in
effect on the date of this Agreement.

 

9.             No
Special Employment Rights.  Nothing contained in the 2010 Plan or this
Agreement shall be construed or deemed by any person under any circumstances to
bind the Company to continue the employment of the Employee for the period
within which this Option may be exercised.

 

10.           Rights
as a Shareholder.  The Employee shall have no rights as a
shareholder with respect to any Shares which may be purchased by exercise of
this Option unless and until a certificate or certificates representing such
Shares are duly issued and delivered to the Employee.  Except as otherwise expressly provided in the
2010 Plan, no adjustment shall be made for dividends or other rights for which
the record date is prior to the date such stock certificate is issued.

 

ll.             Withholding
Taxes. 
Whenever Shares are to be issued upon exercise of this Option, the
Company shall have the right to require the Employee to remit to the Company an
amount sufficient to satisfy all Federal, foreign, state and local withholding
tax requirements prior to issuance of the Shares and the delivery of any
certificate or certificates for such Shares.

 

12.           Qualification
under Section 422.  It is understood and intended that the Option
granted hereunder shall qualify as an “incentive stock option” as defined in Section 422
of the Code.  Accordingly, the Employee
understands that in order for the Employee to obtain the benefits of an
incentive stock option under Section 421 of the Code, no sale or other
disposition may be made of any Shares acquired upon exercise of the Option
within the one-year period beginning on the day after the day of the transfer
of such Shares to him or her, nor within the two-year period beginning on the
day after the grant of the Option.  If
the Employee intends to dispose or does dispose (whether by sale, gift,
transfer or otherwise) of any such Shares within said periods, he or she will
notify the Company within thirty (30) days after such disposition.

 

13.           Governing
Law.  This
Agreement shall be governed by and construed in accordance with the laws of the
Commonwealth of Massachusetts.

 

IN WITNESS WHEREOF, the Company has caused this
Agreement to be executed and its corporate seal to be hereto affixed by its
officer thereunto duly authorized, and the Employee has hereunto set his or her
hand and seal, all as of the day and year first above written.

 

	
  EMPLOYEE

  	
   

  	
  BRUKER CORPORATION

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By: 

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  Name: 

  	
   

  	
   

  	
  Title: 

  	
   

  
	
   

  	
   

  	
   

  
	
  Address: 

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
							

 

4

 

EXHIBIT 1

 

TO
STOCK OPTION AGREEMENT

 

 

Ladies and Gentlemen:

 

In connection with the exercise by me as to [     ] shares of common stock, par
value $.01 per share, of Bruker Corporation (the “Company”) under the incentive
stock option dated [       ]
granted to me under the 2010 Incentive Compensation Plan, I
hereby acknowledge that I have been informed as follows:

 

1.             The
shares of common stock of the Company to be issued to me pursuant to the
exercise of said option have not been registered under the Securities Act of
1933, as amended (the “Act”), and accordingly, must be held indefinitely unless
such shares are subsequently registered under the Act, or an exemption from
such registration is available.

 

2.             Routine
sales of securities made in reliance upon Rule 144 under the Act can be
made only after the holding period and in limited amounts in accordance with
the terms and conditions provided by that Rule, and in any sale to which that Rule is
not applicable, registration or compliance with some other exemption under the
Act will be required.

 

3.             The
Company is under no obligation to me to register the shares or to comply with
any such exemptions under the Act.

 

4.             The
availability of Rule 144 is dependent in certain cases upon adequate
current public information with respect to the Company being available and, at
the time that I may desire to make a sale pursuant to the Rule, the Company may
neither wish nor be able to comply with such requirement.

 

In consideration of the issuance of certificates for
the shares to me, I hereby represent and warrant that I am acquiring such
shares for my own account for investment, and that I will not sell, pledge or
transfer such shares in the absence of an effective registration statement
covering the same, except as permitted by the provisions of Rule 144, if
applicable, or some other applicable exemption under the Act.  In view of this representation and warranty, I
agree that there may be affixed to the certificates for the shares to be issued
to me, and to all certificates issued hereafter representing such shares (until
in the opinion of counsel, which opinion must be reasonably satisfactory in
form and substance to counsel for the Company, it is no longer necessary or
required) a legend, as follows:

 

 

“The shares of common stock represented by this
certificate have not been registered under the Federal Securities Act of 1933,
as amended, and were acquired by the registered holder pursuant to a
representation and warranty that such holder was acquiring such shares for his
own account and for investment, with no intention to transfer or dispose of the
same, in violation of the registration requirements of that Act.  These shares may not be sold, pledged or
transferred in the absence of an effective registration statement under the
Securities Act of 1933, as amended, or an opinion of counsel, which opinion is
reasonably satisfactory to counsel to the Company, to the effect that
registration is not required under said Act.

 

In the event that the shares of common stock
represented by this certificate are transferred within the two year period
commencing on the date of this certificate, contemporaneous notice of such
transfer must be provided to the Company.”

 

I further agree that the Company may place a stop
order with its Transfer Agent, prohibiting the transfer of such shares, so long
as the legend remains on the certificates representing the shares.

 

	
   

  	
  Very
  truly yours,

  

 

2

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