Document:

Employment Agreement--Richard S. Paradise

 Exhibit 10.21 
 EMPLOYMENT AGREEMENT 
 THIS EMPLOYMENT AGREEMENT (this “Agreement”), dated as of
February 26, 2009, is made by and between Keystone Automotive Holdings, Inc., a Delaware corporation (the “Company”), and Richard S. Paradise (“Executive”). 
 WHEREAS, the Company has offered, and Executive has accepted, a position of employment with the
Company as the Company’s financial senior vice president effective March 2, 2009 and will then assume the position of chief financial officer and executive vice president, effective Monday, April 6, 2009. 
 NOW, THEREFORE, in consideration of the mutual covenants contained herein and other good and valuable consideration, the receipt and sufficiency of which
are hereby acknowledged, the parties hereto agree as follows: 
 1. Definitions. In this Agreement: 
 “Base Salary” has the meaning given to that term in Section 3(a). 
 “Benefits” means, collectively, all of the employee benefit programs, including, without limitation, medical and dental plans and
retirement plans, for which senior executive employees of the Company and its Subsidiaries are generally eligible. 
 “Board” means the Board of Directors of the Company. 
 “Cause” means Executive (i) commits,
or is charged with, a felony or other crime involving moral turpitude; (ii) engages in willful misconduct or fraud with respect to the Company or any of its Subsidiaries or any of their customers or suppliers or an intentional act of dishonesty
or disloyalty in the course of his employment; (iii) engages in the abuse of alcohol or illegal drugs causing the Company or any of its Subsidiaries material disrepute or economic harm or materially adversely affecting Executive’s ability
to perform his duties, responsibilities and functions hereunder; (iv) refuses to perform his material obligations under this Agreement (except in connection with a Disability) as reasonably directed by the Board, which failure is not cured
within 15 days after written notice thereof to Executive; (v) misappropriates one or more of the Company’s assets or business opportunities; or (vi) breaches Section 5, 6 or 7 hereof which breach, if capable
of being cured, is not cured within 10 days after written notice thereof has been delivered to Executive. 
 “Code” means
the Internal Revenue Code of 1986, as amended. 
 “Disability” means Executive’s inability to perform the essential
duties, responsibilities and functions of his position with the Company and its Subsidiaries for a continuous period of 180 days as a result of any mental or physical disability or incapacity, as determined under the definition of disability in the
Company’s long-term disability plan so as to qualify Executive for benefits under the terms of that plan or as determined by an independent physician to the extent no such plan is then in effect. Executive shall cooperate in all respects

 
with the Company if a question arises as to whether he has become disabled (including, without limitation, submitting to an examination by a medical doctor
or other health care specialists selected by the Company and authorizing such medical doctor or such other health care specialist to discuss Executive’s condition with the Company). 
 “Employment Period” means the period commencing on the date hereof and ending on the Expiration Date or such earlier date as
contemplated in the proviso to Section 4(a). 
 “Expiration Date” means the third anniversary of the date
hereof; provided, that if a written notice is not given by the Company or Executive at least 90 days prior to such anniversary (or any subsequent anniversary if this Agreement is extended) stating that such party is electing to terminate the
Employment Period, then the Expiration Date will automatically be extended to the next anniversary of the date hereof. 
 “Expiration
Year” means the calendar year in which the Employment Period expires. 
 “Good Reason” means:
(i) Executive’s compensation is reduced in a manner not in accordance with the provisions for any such reduction provided by this Agreement; (ii) Executive’s duties or authority are changed, without his permission, in a manner
materially inconsistent with his role as chief financial officer and executive vice president or they are adversely changed or reduced; iii) if principal location of employment (Parsippany, New Jersey as of the date hereof) is moved in excess of 50
miles further from employee’s current residence as of the date hereof; or (iv) there is otherwise a material breach of this Agreement by the Company. 
 “Non-Compete Period” means the period commencing on the date hereof and ending 12 months after Executive’s termination of employment. 
 “Termination Year” means the calendar year in which the Employment Period is terminated. 
 “Subsidiaries” means any corporation or other entity of which the securities or other ownership interests having the voting power to
elect a majority of the board of directors or other governing body are, at the time of determination, owned by the Company, directly or through one of more Subsidiaries. 
 2. Employment, Position and Duties. 
 (a) The Company shall employ Executive and Executive hereby
accepts employment with the Company, upon the terms and conditions set forth in this Agreement, for the Employment Period. 
 (b) During the
Employment Period, Executive shall serve as the chief financial officer and executive vice president of the Company and shall perform the normal duties, responsibilities and functions of the chief financial officer and executive vice president of a
company of a similar size and type and shall have such power and authority as shall reasonably be required to enable him to perform his duties hereunder, subject to the power and authority of 

  

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the Board to expand or limit such duties, responsibilities, functions, power and authority and to overrule actions of officers of the Company in a manner
consistent with the traditional responsibilities of such office. 
 (c) During the Employment Period, Executive shall (i) render such
administrative, financial and other executive and managerial services to the Company and its Subsidiaries which are consistent with Executive’s position as the Board may from time to time direct, (ii) report to the Company’s chief
executive officer and the Board, and devote his best efforts and his full business time and attention (except for permitted vacation periods and reasonable periods of illness or other incapacity and except that Executive may, with the consent of the
Board (which consent shall not be unreasonably withheld) serve as a director of an unrelated Person that is not engaged in a Competing Business (as defined below)) to the business and affairs of the Company and its Subsidiaries and (iii) submit
to the Board all business, commercial and investment opportunities presented to Executive or of which Executive becomes aware which relate to the business of the Company and its subsidiaries and unless approved by the Board in writing, Executive
shall not pursue, directly or indirectly, any such opportunities on Executive’s own behalf. Executive shall perform his duties, responsibilities and functions to the Company and its Subsidiaries hereunder to the best of his abilities in a
diligent, trustworthy and professional manner. 
 3. Compensation and Benefits. 
 (a) During the Employment Period, Executive’s base salary shall be a minimum of $350,000 per annum (as increased or decreased in accordance
with this Agreement from time to time, the “Base Salary”), which salary shall be payable by the Company in regular installments in accordance with the Company’s general payroll practices in effect from time to time.
Executive’s Base Salary will be subject to review and increase or decrease (but not below the Base Salary in effect on the date of this Agreement) by the Board on or about January 1 of each fiscal year during the Employment Period. In
addition, during the Employment Period, Executive shall be entitled (i) to participate in all of the Benefits and (ii) an automobile allowance of $150.00 per week, payable in accordance with the Company’s general payroll practices in
effect from time to time. 
 (b) Executive shall be entitled to twenty (20) days of paid vacation each calendar year, which will accrue
in accordance with the Company’s vacation policies in effect from time to time. Any vacation not taken in any year may not be carried forward to any subsequent calendar year and no compensation shall be payable in lieu thereof. 
 (c) During the Employment Period, the Company shall reimburse Executive for all reasonable business expenses incurred by him in the course of performing
his duties, responsibilities and functions under this Agreement which are consistent with the Company’s policies in effect from time to time with respect to travel, entertainment and other business expenses, subject to the Company’s
requirements with respect to reporting and documentation of such expenses. For purposes of compliance with Code Section 409A, (i) all expenses or other reimbursements under this Agreement shall be made on or prior to the last day of the
taxable year following the taxable year in which such expenses were incurred by Executive, (ii) any right to reimbursement or in kind benefits is not subject to liquidation or 

  

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exchange for another benefit, and (iii) no such reimbursement, expenses eligible for reimbursement, or in-kind benefits provided in any taxable year
shall in any way affect the expenses eligible for reimbursement, or in-kind benefits to be provided, in any other taxable year. 
 (d) In
addition to the Base Salary, during the calendar year following the end of each fiscal year during the Employment Period, the Board shall award a bonus to Executive in an amount to be determined by the Board (with a target of 70% of
Executive’s Base Salary in effect at the end of such fiscal year) based upon Executive’s performance and the Company’s achievement of operating targets established by the Board (or any compensation committee thereof) in consultation
with Executive at the beginning of such fiscal year. 
 (e) Executive will be indemnified and defended for acts performed (or omissions
made) in his capacity as an officer or director of the Company to the fullest extent specified in the Company’s certificate of incorporation and bylaws and as permitted under Delaware law. 
 4. Termination and Payment Terms. 
 (a) The Employment Period shall end on the Expiration Date; provided, that (i) the Employment Period shall terminate prior to such date immediately upon Executive’s resignation, death or Disability and (ii) the
Employment Period may be terminated by resolution of the Board, with or without Cause at any time prior to such date. Except as otherwise provided herein, any termination of the Employment Period by the Company shall be effective as specified in a
written notice from the Company to Executive. 
 (b) If the Employment Period is terminated prior to the Expiration Date: 
 (i) (A) by resolution of the Board (other than for Cause) or by Executive resigning for Good Reason, (B) as a result of Executive’s death or
Disability, or (C) if the Employment Period expires on the Expiration Date, Executive shall be entitled to receive (1) all previously earned and accrued but unpaid Base Salary and accrued vacation and unpaid business expenses up to the
date of such termination or the Expiration Date, as applicable, (2) any bonus (if any) earned by Executive for the fiscal year prior to the Termination Year or the Expiration Year, as applicable, but then unpaid, (3) the pro rata portion
of Executive’s target bonus during the Termination Year or the Expiration Year, as applicable, (to the extent targets thereunder are achieved for such year after such termination or expiration,) pro rated based on the number of days of the
Termination Year or the Expiration Year, as applicable, prior to the date of termination or the Expiration Date, as applicable, which payment shall be made when the bonus payments for such Termination Year or the Expiration Year, as applicable, are
otherwise due; (4) severance pay in the full amount of Base Salary at the time of termination or expiration from the date of termination or the Expiration Date, as applicable, through the period ending on the first anniversary of the date of
termination or the Expiration Date, as applicable, payable by the Company in regular installments in accordance with the Company’s general payroll practices in effect from time to time, and (5) continuation of Executive’s
participation in the Company’s health benefits plans at the Company subsidized rate during the one year severance period. . 
  

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 (ii) for any other reason, including as a result of Executive’s voluntary resignation for other
than Good Reason or by resolution of the Board for Cause, Executive’s sole entitlement shall be to receive all previously earned and accrued but unpaid Base Salary, vacation and unpaid business expenses up to the date of such termination or
expiration and Executive shall not be entitled to any further Base Salary, bonus payments or Benefits for that year or any future year, except as required by law, or to any other severance compensation of any kind. 
 (c) Executive agrees that: (i) Executive shall be entitled to the payments and services provided for in Sections 4(b)(i)(3), 4(b)(i)(4), and
4(b)(i)(5), if any, if and only if Executive has executed and delivered the Release attached hereto as Exhibit A (the “Release”) and such Release is no longer subject to revocation, if applicable, within sixty (60) days
following Executive’s termination of employment and Executive has not breached as of the date of termination of the Employment Period the provisions of Sections 5, 6 and 7 hereof and does not breach such sections or
such covenants or any representation or warranty or covenant in the Release at any time during the period for which such payments or services are to be made; and (ii) the Company’s obligation to make such payments and services will
terminate upon the occurrence of any such breach during such period. To the extent any such payments and/or services are not “deferred compensation” for purposes of Code Section 409A, then such payments or services shall commence upon
the first scheduled payment date immediately after the date the release is executed and no longer subject to revocation (the “Release Effective Date”). The first such cash payment shall include payment of all amounts that otherwise
would have been due prior to the Release Effective Date under the terms of this Agreement applied as though such payments commenced immediately upon Executive’s termination of employment, and any payments made thereafter shall continue as
provided herein. The delayed services shall in any event expire at the time such services would have expired had such services commenced immediately following Executive’s termination of employment. To the extent any such payments and/or
services are not “deferred compensation” for purposes of Code Section 409A, then such payments or services shall be made or commence upon the sixtieth (60) day following Executive’s termination of employment. The first such
cash payment shall include payment of all amounts that otherwise would have been due prior thereto under the terms of this Agreement had such payments commenced immediately upon Executive’s termination of employment, and any payments made
thereafter shall continue as provided herein. The delayed services shall in any event expire at the time such services would have expired had such services commenced immediately following Executive’s termination of employment. For purposes of
Code Section 409A, Executive’s right to receive any installment payment pursuant to this Agreement shall be treated as a right to receive a series of separate and distinct payments. 
 (d) Except as stated above, any payments pursuant to Section 4(b) shall be paid by the Company in regular installments in accordance with
the Company’s general payroll practices in effect on the date of termination and following such payments the Company shall have no further obligation to Executive pursuant to this Section 4 except as provided by law. All amounts
payable to Executive as compensation hereunder shall be subject to all customary withholding, payroll and other taxes. The Company shall be entitled to deduct or withhold from any amounts payable to Executive any federal, state, local or foreign
withholding taxes, excise tax, or employment taxes imposed with respect to Executive’s compensation or other payments or Executive’s ownership interest in the Company (including, without limitation, wages, bonuses, dividends, the receipt
or exercise of equity options and/or the receipt or vesting of restricted equity). 
  

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 (e) Executive hereby agrees that except as expressly provided herein, no severance compensation of any
kind, nature or amount shall be payable to Executive and except as expressly provided herein, Executive hereby irrevocably waives any claim for severance compensation. 
 (f) Except as provided in Sections 4(b)(i) and 4(b)(ii) above, all of Executive’s rights to Benefits hereunder (if any) shall cease upon the termination or expiration of the Employment Period.

 5. Confidential Information. 
 (a) Executive acknowledges that the information, observations and data (including trade secrets) that will be obtained by him while employed by the Company concerning the business or affairs of the Company and its Subsidiaries
(“Confidential Information”) are the property of the Company or such Subsidiary. Therefore, Executive agrees that, except as required by law or court order, including, but not limited to, depositions, interrogatories, court
testimony, and the like, he shall not disclose to any unauthorized person or use for his own purposes any Confidential Information without the prior written consent of the Board, unless and to the extent that the Confidential Information becomes
generally known to and available for use by the public other than as a result of Executive’s acts or omissions. Executive shall deliver to the Company at the termination or expiration of the Employment Period, or at any other time the Company
may request, all memoranda, notes, plans, records, reports, computer tapes, printouts and software and other documents and data (and copies thereof) embodying or relating to the Confidential Information, Work Product (as defined below) or the
business of the Company and its Subsidiaries which he may then possess or have under his control. 
 (b) Executive shall be prohibited from
using or disclosing any confidential information or trade secrets that Executive may have learned through any prior employment. If at any time during this employment with the Company or any Subsidiary, Executive believes he is being asked to engage
in work that will, or will be likely to, jeopardize any confidentiality or other obligations Executive may have to former employers, Executive shall immediately advise the Board so that Executive’s duties can be modified appropriately.

 (c) Executive represents and warrants to the Company that Executive took nothing with him which belonged to any former employer when
Executive left his prior position and that Executive has nothing that contains any information which belongs to any former employer. If at any time Executive discovers this is incorrect, Executive shall promptly return any such materials to
Executive’s former employer. The Company does not want any such materials, and Executive shall not be permitted to use or refer to any such materials in the performance of Executive’s duties hereunder. 
 6. Intellectual Property, Inventions and Patents. Executive acknowledges that all discoveries, concepts, ideas, inventions, innovations,
improvements, developments, methods, 

  

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designs, analyses, drawings, reports, patent applications, copyrightable work and mask work (whether or not including any confidential information) and all
registrations or applications related thereto, all other proprietary information and all similar or related information (whether or not patentable) which relate to the Company’s or any of its Subsidiaries’ actual or anticipated business,
research and development or existing or future products or services and which are conceived, developed or made by Executive (whether above or jointly with others) while employed by the Company (“Work Product”), belong to the Company
or such Subsidiary. Executive shall promptly disclose such Work Product to the Board and, at the Company’s expense, perform all actions reasonably requested by the Board (whether during or after the Employment Period) to establish and confirm
such ownership (including, without limitation, assignments, consents, powers of attorney and other instruments). 
 7. Non-Compete,
Non-Solicitation. 
 (a) In further consideration of the compensation to be paid to Executive hereunder, Executive acknowledges that
during the course of his employment with the Company he shall become familiar with the Company’s and its Subsidiaries’ trade secrets and with other Confidential Information concerning the Company and its Subsidiaries (and their respective
predecessor companies) and that his services have been and shall be of special, unique and extraordinary value to the Company and its Subsidiaries, and therefore, Executive agrees that, during the Employment Period and thereafter until the end of
the Noncompete Period, he shall not directly or indirectly own any interest in, manage, control, participate in, consult with, render services for, or in any manner engage in any Competing Business within any geographical area in which the Company
or its Subsidiaries engage or plan to engage in such businesses. Nothing herein shall prohibit Executive from being a passive owner of not more than 2% of the outstanding stock of any class of a corporation which is publicly traded, so long as
Executive has no active participation in the business of such corporation. For purposes of this paragraph, “Competing Business” means any business that is substantially the same as, or competitive with, the business of the Company,
including, without limitation, any business involving the distribution or marketing of after market specialty automobile parts. 
 (b)
During the Noncompete Period, Executive shall not directly or indirectly through another person or entity (i) induce or attempt to induce any executive of the Company or any Subsidiary to leave the employ of the Company or such Subsidiary, or
in any way interfere with the relationship between the Company or any Subsidiary and any executive thereof, (ii) hire any person who was an executive of the Company or any Subsidiary at any time within the one year period before Employee’s
termination from employment or (iii) induce or attempt to induce any customer, supplier, licensee, licensor, franchisee or other business relation of the Company or any Subsidiary to cease doing business with the Company or such Subsidiary, or
in any way interfere with the relationship between any such customer, supplier, licensee or business relation and the Company or any Subsidiary. 
 (c) If, at the time of enforcement of this Section 7, a court shall hold that the duration, scope or area restrictions stated herein are unreasonable under circumstances then existing, the parties agree that the maximum
duration, scope or area reasonable under such circumstances shall be substituted for the stated duration, scope or area and that the court shall be allowed to revise the restrictions contained herein to cover the maximum period, scope and area
permitted by law. Executive acknowledges that the restrictions contained in this Section 7 are reasonable and that he has reviewed the provisions of this Agreement with his legal counsel. 
  

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 (d) In the event of the breach or a threatened breach by Executive of any hereunder (including, of the
provisions of this Section 7, the Company would suffer irreparable harm, and in addition and supplementary to other rights and remedies existing in its favor, the Company shall be entitled to specific performance and/or injunctive or
other equitable relief from a court of competent jurisdiction in order to enforce or prevent any violations of the provisions hereof (without posting a bond or other security). 
 8. Company’s Obligations. Notwithstanding anything in this Agreement to the contrary, the Company shall have the right to satisfy any
obligation owing to Executive without limitation, any payment obligation) by causing Keystone Automotive Operations, Inc. or any other Subsidiary of the Company to satisfy such obligation on behalf of the Company. In the event the Company fails to,
or elects not to, satisfy any obligation owing hereunder to Executive, Executive shall have the right to seek satisfaction of such right against Keystone Automotive Operations, Inc. or any other Subsidiary of the Company or where satisfaction of
such obligation has still not been made, against the Company. 
 9. Executive’s Representations. Executive hereby represents and
warrants to the Company that (i) the execution, delivery and performance of this Agreement by Executive do not and shall not conflict with, breach, violate or cause a default under any contract, agreement, instrument, order, judgment or decree
to which Executive is a party or by which he is bound, (ii) Executive is not a party to or bound by any employment agreement, noncompete agreement or confidentiality agreement with any other person or entity which could prevent the Employee
from entering into this Agreement or performing all of the Employee’s duties and obligations hereunder and (iii) upon the execution and delivery of this Agreement by the Company, this Agreement shall be the valid and binding obligation of
Executive, enforceable in accordance with its terms. EXECUTIVE HEREBY ACKNOWLEDGES AND REPRESENTS THAT HE HAS CONSULTED WITH INDEPENDENT LEGAL COUNSEL REGARDING HIS RIGHTS AND OBLIGATIONS UNDER THIS AGREEMENT AND THE TERMS OF THE RELEASE ATTACHED
HERETO AS EXHIBIT A AND THAT HE FULLY UNDERSTANDS THE TERMS AND CONDITIONS CONTAINED HEREIN AND THEREIN. 
 10. Survival.
This Agreement survives and continues in full force in accordance with its terms notwithstanding the expiration or termination of the Employment Period. 
 11. Notices. Any notice provided for in this Agreement shall be in writing and shall be either personally delivered, sent by reputable overnight courier service or mailed by first class mail, return receipt
requested, to the recipient at the address below indicated: 
  

			
	Notice to Executive:
		
		  	Richard S. Paradise
		  	8 Petti Lane
		  	Edison, NJ 08820

  

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	Notice to the Company:
		
		  	Keystone Automotive Holdings, Inc.
		  	44 Tunkhannock Avenue
		  	Exeter, PA 18643
		  	Attention:           Chief Executive Officer and President
		  	Fax:                    (570) 655-8203
	
	With copies (which shall not constitute notice to the Company):
		
		  	Bain Capital Partners, LLC
		  	745 Fifth Avenue
		  	New York, NY 10151
		  	Attention:           Stephen Zide
		  	Fax:                    (212) 421-2225
		
		  	Kirkland & Ellis, LLP
		  	153 East 53rd Street
		  	New York, NY 10022
		  	Attention:           Eunu Chun
		  	Fax:                    (212) 446-4900

 or such other address or to the attention of such other person as the recipient party shall have specified by
prior written notice to the sending party. Any notice under this Agreement shall be deemed to have been given when so delivered, one business day after being so sent or five business days after being so mailed. 
 12. Complete Agreement. This Agreement and the Equity Documents (as defined below) embody the complete agreement and understanding between the
parties hereto and supersede and preempt any prior understandings, agreements, or representations by or among the parties hereto, written or oral, which may have related to the subject matter hereof in any way. For purposes of this Agreement,
“Equity Documents” means, collectively, in the event that the Executive is granted stock options in the Company, (i) the Company’s 2003 Executive Stock Option Plan, (ii) any Option Agreement, executed by and between
the Company and Executive, and if options are so granted, (iii) the Stockholders Agreement, dated October 30, 2003, by and among the Company and the Company’s stockholders from time to time parties thereto and (iv) the
Registration Rights Agreement, dated October 30, 2003, by and among the Company and the Company’s stockholders from time to time parties thereto, in each case, as such document may be amended, restated or otherwise modified from time to
time in accordance with its terms. 
 13. Counterparts. This Agreement may be executed in separate counterparts, each of which is
deemed to be an original and all of which taken together constitute one and the same agreement. 
 14. Successors and Assigns. This
Agreement is intended to bind and inure to the benefit of and be enforceable by Executive, the Company and their respective heirs, successors 

  

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and assigns; provided, that the services provided by Executive under this Agreement are of a personal nature and rights and obligations of Executive
under this Agreement shall not be assignable. 
 15. Choice of Law; Jurisdiction. ALL ISSUES AND QUESTIONS CONCERNING THE
CONSTRUCTION, VALIDITY, ENFORCEMENT AND INTERPRETATION OF THIS AGREEMENT AND THE EXHIBITS AND SCHEDULES HERETO SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF DELAWARE, WITHOUT GIVING EFFECT TO ANY CHOICE OF LAW OR
CONFLICT OF LAW RULES OR PROVISIONS, WHETHER OF THE STATE OF DELAWARE OR OTHERWISE, AND THE PARTIES HERETO HEREBY IRREVOCABLY SUBMIT TO THE JURISDICTION OF THE COURTS OF THE STATE OF DELAWARE. 
 16. Amendment and Waiver. The provisions of this Agreement may be amended or waived only with the prior written consent of the Company (as
approved by the Board) and Executive, and no course of conduct or course of dealing or failure or delay by any party hereto in enforcing or exercising any of the provisions of this Agreement (including, without limitation, the Company’s right
to terminate the Employment Period for Cause) shall affect the validity, binding effect or enforceability of this Agreement or be deemed to be an implied waiver of any provision of this Agreement. 
 17. Key Man Life Insurance. The Company may apply for and obtain and maintain a key man life insurance policy in the name of Executive together
with other executives of the Company in an amount deemed sufficient by the Board, the beneficiary of which shall be the Company. Executive shall submit to physical examinations and answer reasonable questions in connection with the application and,
if obtained, the maintenance of, as may be required, such insurance policy. 
 18. Executive’s Cooperation. During the Employment
Period and thereafter, Executive shall cooperate with the Company and its Subsidiaries in any internal investigation or administrative, regulatory or judicial proceeding as reasonably requested by the Company (including, without limitation,
Executive being available to the Company upon reasonable notice for interviews and factual investigations, appearing at the Company’s request to give testimony without requiring service of a subpoena or other legal process, volunteering to the
Company all pertinent information and turning over to the Company all relevant documents which are or may come into Executive’s possession, all at times and on schedules that are reasonably consistent with Executive’s other permitted
activities and commitments). In the event the Company requires Executive’s cooperation in accordance with this section after the termination of the Employment Period, the Company shall reimburse Executive for all of his reasonable costs and
expenses incurred, in connection therewith, plus pay Executive a reasonable amount per day for his time spent. 
 *    *    *    *    * 
  

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

			
	KEYSTONE AUTOMOTIVE HOLDINGS, INC.
		
	By:	 	 /s/ Stuart B. Gleichenhaus

	Name:	 	Stuart B. Gleichenhaus
	Title:	 	 Interim Chief Financial Officer

	
	 /s/ Richard S. Paradise

	RICHARD S. PARADISE

 EXHIBIT A 
 Form of Release 
 THIS RELEASE (this
“Release”) is made as of this      day of             , 20    , by and between Keystone Automotive Operations,
Inc., a Delaware corporation (the “Company”), and Richard S. Paradise (“Executive”). 
 PRELIMINARY
RECITALS 
 A. Executive’s employment with the Company has terminated. 
 B. Executive and the Company are parties to an Employment Agreement, dated as of
[            ], 2009 (the “Agreement”). 
 AGREEMENT 
 In consideration of the payments due Executive under the Agreement, and other good and valuable consideration,
the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows: 
 1. Executive, intending to be legally
bound, does hereby, on behalf of himself and his agents, representatives, attorneys, assigns, heirs, executors and administrators (collectively, the “Executive Parties”) REMISE, RELEASE AND FOREVER DISCHARGE the Company, its
affiliates, subsidiaries, parents, joint ventures, and its and their officers, directors, shareholders, members, managers and employees, and its and their respective successors and assigns, heirs, executors, and administrators (collectively, the
“Company Parties”) from all causes of action, suits, debts, claims and demands whatsoever in law or in equity, which Executive or any of the Executive Parties ever had, now has, or hereafter may have, by reason of any matter, cause
or thing whatsoever, from the beginning of Executive’s initial dealings with the Company to the date of this Release, and particularly, but without limitation of the foregoing general terms, any claims arising from or relating in any way to
Executive’s employment relationship with Company, the terms and conditions of that employment relationship, and the termination of that employment relationship, including, but not limited to, any claims arising under the Age Discrimination in
Employment Act, as amended, 29 U.S.C. § 621 et seq. (the “ADEA”), Title VII of The Civil Rights Act of 1964, as amended, 42 U.S.C. § 2000e et seq., the Civil Rights Act of 1966, 42 U.S.C. §1981, the Civil Rights Act
of 1991, Pub. L. No. 102-166, the Americans with Disabilities Act, 42 U.S.C. §12101 et seq., the Age Discrimination in Employment Act, as amended, 29 U.S.C. §621 et seq., the Fair Labor Standards Act, 29 U.S.C. §201 et seq., the
National Labor Relations Act, 29 U.S.C. §151 et seq., and any other claims under any federal, state or local common law, statutory, or regulatory provision, now or hereafter recognized, but not including such claims to payments and other rights
provided Executive under the Agreement. This Release is effective without regard to the legal nature of the claims raised and without regard to whether any such claims are based upon tort, equity, implied or express contract or discrimination of any
sort. Except as specifically provided herein, it is expressly understood and agreed that this Release shall operate as a clear and unequivocal waiver by Executive of any claim for accrued or unpaid wages, benefits or any other type of payment.

  

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 2. Executive expressly waives all rights afforded by any statute which limits the effect of a release
with respect to unknown claims. Executive understands the significance of his release of unknown claims and his waiver of statutory protection against a release of unknown claims. 
 3. Executive agrees that he will not be entitled to or accept any benefit from any claim or proceeding within the scope of this Release that is filed or
instigated by him or on his behalf with any agency, court or other government entity. 
 4. Executive further agrees and recognizes that he
has permanently and irrevocably severed his employment relationship with the Company, effective as of the date hereof, that he shall not seek employment with the Company or any affiliated entity at any time in the future, and that the Company has no
obligation to employ him in the future. 
 5. The parties agree and acknowledge that the Agreement, and the settlement and termination of any
asserted or unasserted claims against the Company and the Company Parties pursuant to this Release, are not and shall not be construed to be an admission of any violation of any federal, state or local statute or regulation, or of any duty owed by
the Company or any of the Company Parties to Executive. 
 6. Executive certifies and acknowledges as follows: 
 (a) That he has read the terms of this Release, and that he understands its terms and effects, including the fact that he has agreed to
RELEASE AND FOREVER DISCHARGE the Company and all Company Parties from any legal action or other liability of any type related in any way to the matters released pursuant to this Release other than as provided in the Agreement and in this Release;

 (b) That he has signed this Release voluntarily and knowingly in exchange for the consideration described herein, which he
acknowledges is adequate and satisfactory to him and which he acknowledges is in addition to any other benefits to which he is otherwise entitled; 
 (c) That he has been and is hereby advised in writing to consult with an attorney prior to signing this Release; 
 (d) That he does not waive rights or claims that may arise after the date this Release is executed or those claims arising under the Agreement with respect to payments and other rights due Executive on the date of, or
during the period following, the termination of his Employment; 
 (e) That the Company has provided him with adequate
opportunity, including a period of twenty-one (21) days from the initial receipt of this Agreement and all other time periods required by applicable law, within which to consider this Release (it being understood by Executive that Executive may
execute this Release less than 21 days from its receipt from the Company, but agrees that such execution will represent his knowing waiver of such 21-day consideration period), and he has been advised by the Company to consult with counsel in
respect thereof; 
  

 2 

 (f) That he has seven (7) calendar days after signing this Release within which to
rescind the portion of this Release relating to Claims (as defined below) arising under the ADEA or any other federal, state, or local law that requires inclusion of such rescission right on any release of Claims arising under such laws, in writing
and delivered to the Company; 
 (g) That Executive shall not be entitled to any of the benefits specified in the Agreement if
Executive rescinds all or any portion of this Release; and 
 (h) That at no time prior to or contemporaneous with his
execution of this Release has he filed or caused or knowingly permitted the filing or maintenance, in any state, federal or foreign court, or before any local, state, federal or foreign administrative agency or other tribunal, any charge, claim or
action of any kind, nature and character whatsoever (“Claim”), known or unknown, suspected or unsuspected, which he may now have or has ever had against the Company Parties which is based in whole or in part on any matter referred
to in Section 1 above; and, subject to the Company’s performance under this Release, to the maximum extent permitted by law, Executive is prohibited from filing or maintaining, or causing or knowingly permitting the filing or maintaining,
of any such Claim in any such forum. Executive hereby grants the Company his perpetual and irrevocable power of attorney with full right, power and authority to take all actions necessary to dismiss or discharge any such Claim. Executive further
covenants and agrees that he will not encourage any person or entity, including but not limited to any current or former employee, officer, director or stockholder of the Company, to institute any Claim against the Company Parties or any of them,
and that except as expressly permitted by law or administrative policy or as required by legally enforceable order he will not aid or assist any such person or entity in prosecuting such Claim. 
 7. The Company (meaning, solely for this purpose, the Company’s directors and executive officers and other individuals authorized to make official
communications on the Company’s behalf) will not disparage Executive or Executive’s performance or otherwise take any action which could reasonably be expected to adversely affect Executive’s personal or professional reputation.
Similarly, Executive will not disparage the Company, any of its Subsidiaries or any of their respective directors and executives, officers and other individuals authorized to make official communications on the Company’s behalf or otherwise
take any action which could reasonably be expected to adversely affect the personal or professional reputation of the Company, its Subsidiaries or any of their respective directors, executive officers or other individuals authorized to make official
communications on the Company’s behalf. 
 8. This Release is mutual, and the Company hereby releases Executive from all claims except
for claims with respect to (i) any potential breach of fiduciary duty by Executive, and (ii) any act or failure to act that Executive has concealed from the Company’s chief executive officer and/or board of directors, and to the same
extent as described above in this Release, effective as of the seventh day following the date hereof, if Executive has not rescinded this Release in accordance with Section 6(f) hereof. Executive hereby represents and warrants to the Company
and each of the Company Parties that at no time prior to or contemporaneous with his execution of this Release has he knowingly engaged in any wrongful conduct against, on behalf of or as the representative or agent of the Company or any of its
Subsidiaries (as defined 

  

 3 

 
in the Agreement) and hereby acknowledges and agrees that the Company’s release of claims against the Executive herein is conditioned upon the accuracy
such representation and warranty on the part of Executive. 
 9. Miscellaneous 
 (a) This Release and the Agreement, and any other documents expressly referenced therein, constitute the complete and entire agreement and
understanding of Executive and the Company with respect to the subject matter hereof, and supersedes in its entirety any and all prior understandings, commitments, obligations and/or agreements, whether written or oral, with respect thereto; it
being understood and agreed that this Release and including the mutual covenants, agreements, acknowledgments and affirmations contained herein, is intended to constitute a complete settlement and resolution of all matters set forth in
Section 1 hereof. 
 (b) The Company Parties are intended third-party beneficiaries of this Release, and this Release may
be enforced by each of them in accordance with the terms hereof in respect of the rights granted to such Company Parties hereunder. Except and to the extent set forth in the preceding two sentences, this Release is not intended for the benefit of
any Person other than the parties hereto, and no such other person or entity shall be deemed to be a third party beneficiary hereof. Without limiting the generality of the foregoing, it is not the intention of the Company to establish any policy,
procedure, course of dealing or plan of general application for the benefit of or otherwise in respect of any other employee, officer, director or stockholder, irrespective of any similarity between any contract, agreement, commitment or
understanding between the Company and such other employee, officer, director or stockholder, on the one hand, and any contract, agreement, commitment or understanding between the Company and Executive, on the other hand, and irrespective of any
similarity in facts or circumstances involving such other employee, officer, director or stockholder, on the one hand, and Executive, on the other hand. 
 (c) The invalidity or unenforceability of any provision of this Release shall not affect the validity or enforceability of any other provision of this Release, which shall otherwise remain in full force and effect.

 (d) This Release may be executed in separate counterparts, each of which shall be deemed to be an original and all of which
taken together shall constitute one and the same agreement. 
 (e) The obligations of each of the Company and Executive
hereunder shall be binding upon their respective successors and assigns. The rights of each of the Company and Executive and the rights of the Company Parties shall inure to the benefit of, and be enforceable by, any of the Company’s,
Executive’s and the Company Parties’ respective successors and assigns. The Company may assign all rights and obligations of this Release to any successor in interest to the assets of the Company. 
  

 4 

 (f) No amendment to or waiver of this Release or any of its terms shall be binding upon
any party hereto unless consented to in writing by such party. 
 (g) ALL ISSUES AND QUESTIONS CONCERNING THE CONSTRUCTION,
VALIDITY, ENFORCEMENT AND INTERPRETATION OF THIS RELEASE SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF DELAWARE, WITHOUT GIVING EFFECT TO ANY CHOICE OF LAW OR CONFLICT OF LAW RULES OR PROVISIONS (WHETHER OF THE
STATE OF DELAWARE OR ANY OTHER JURISDICTION) THAT WOULD CAUSE THE APPLICATION HERETO OF THE LAWS OF ANY JURISDICTION OTHER THAN THE STATE OF DELAWARE. 
 *    *    *    *    * 
  

 5 

 Intending to be legally bound hereby, Executive and the Company have executed this Release as of the date
first written above. 
  

			
	KEYSTONE AUTOMOTIVE HOLDINGS, INC.
		
	By:	 	  

	Name:	 	
	Title:	 	

 READ CAREFULLY BEFORE SIGNING 
 I have read this Release and have been given adequate opportunity, including 21 days from my initial receipt of this Release, to review this Release and to consult legal
counsel prior to my signing of this Release. I understand that by executing this Release I will relinquish certain rights or demands I may have against the Company Parties or any of them. 
  

	
	  

	[Executive]

  

	
	Witness:
	  
  

  

 6Employment Offer Letter, dated as of March 25, 2009  - David J.B. Smith

 Exhibit 10.01 
 

 
 March 25, 2009 
 David Smith

 85 Gordon Street 
 Hawthorne QLD 4171 
 Dear David 
 We are pleased to offer you (“Executive”) employment
in the role of Chief Financial Officer and Secretary of Peplin Limited (the “Company”) based in the Australia and reporting to the CEO of Peplin, Inc. (“Peplin”). You will serve as an officer of the Company and of Peplin and have
principal accountability for all secretarial and financial reporting activities of the Company and Peplin. 
 The conditions of your employment are set out
as follows: 
  

	1.	Appointment 

 Your position is Chief Financial
Officer and Secretary, based in Brisbane and reporting to the Chief Executive Officer. In this role, you have shall have such authority, duties and responsibilities as ordinarily assigned to an employee holding such position, including without
limitation, principal accountability for all secretarial and financial reporting activities of the Company and Peplin. Executive shall also have such additional authority, duties and responsibilities as assigned to Executive by the Company and/or
Peplin from time to time with Executive’s consent. Executive shall comply with all proper and reasonable directives and instructions of the CEO, the Board and/or any committee of the Board 
  

	2.	Remuneration 

  

	 	(a)	 Your total annual remuneration comprises a Base Salary of $213,636.36 (which may comprise cash and certain benefits as are chosen by you and agreed by the Company)
(your “Base Compensation”) paid monthly in advance at the start of each month and a Company superannuation contribution (currently 10% as set out at Section 11 of this letter). The total cost to the Company of the package (including
Fringe Benefits Tax to the extent applicable) is $235,000 per annum (your “Total Package”), with effect from your commencement date set forth in Section 3. From and after December 31, 2008, your Base Compensation will be
$224,545.45 paid monthly in advance at the start of each month, your Company superannuation contribution shall remain 10% as set out at Section 11 of this letter) and your Total Package shall be $247,000 per annum. Benefits you may elect to
include as part of your Total Package are confined to car leasing and 

	 	 
superannuation; information on these is available from the Office Manager. Clauses 4 and 12 of this letter itemise additional benefits that do not fall
within the Total Package definition. 

  

	 	(b)	Your Base Compensation and Total Package will be reviewed annually with any adjustments based solely on performance. Your next review of the Total Package will take place in
December 2009. 

  

	3.	Term of employment and commencement date 

 Your
appointment to this role commences on Tuesday, 2 September 2008, and will continue until terminated in accordance with the procedures set out in Clause 18. 
  

	4.	Incentive plan 

 You shall, in addition to the
compensation detailed in the remuneration clause, be eligible to participate in short term incentive (“STI”) and long term incentive (“LTI”) arrangements as follows: 
  

	 	a)	Thirty percent (30%) of your Salary will be available as a target incentive on the achievement of individual, team and Company goals agreed by you and your manager and based on
performance in a complete year. The actual amount of the STI awarded shall be such amount as is determined by the Compensation Committee (the “Committee”) of the Board based on achievement of these goals. Your maximum STI for 2009
will be based on your actual earnings during the year. 

  

	 	b)	From time to time as determined by the Board, an additional LTI may be made available to you based upon the level of achievement of personal and corporate performance. This LTI will
be expressed as a right to Peplin shares or options at a determination point or points in the future. Participation by eligible persons employed or contracted by the Company must be approved by the Board of Peplin Limited. 

 

	5.	Working hours and responsibilities 

  

	 	(a)	Your ordinary hours of work are 38 hours per week plus reasonable additional hours. 

  

	 	(b)	Due to the Company’s operational requirements and, to meet the demands of your position, from time to time, you may be required to work reasonable additional hours in addition
to the ordinary hours of work specified in clause 5(a). Your Total Package allows, and compensates you, for such additional hours. 

  

	 	(c)	During your appointment you will: 

  

	 	(i)	subject to directions, administer, conduct the business of, and control and manage the productive resources of the Company in your functional area in an effective and efficient
manner, and perform tasks reasonably associated with that function; 

  

	 	(ii)	devote substantially the whole of your time and attention, during normal commercial hours of business and at such other times as the nature of the Company’s business shall
require, to the performance of your duties and the discharge of your responsibilities; and 

  

	 	(iii)	well and faithfully serve the Company to the best of your ability and use your utmost endeavours to promote the interests of the Company in all things. 

  

 2 

	6.	Annual Leave 

 You are entitled to the pro-rata
equivalent of 4 weeks’ paid annual leave per 12 months’ completed service to be taken at a time mutually agreeable to you and the Company. 
  

	7.	Personal/Carer’s Leave 

 You are entitled to
the pro-rata equivalent of 10 days’ paid personal leave per 12 months’ completed service. ‘Personal leave’ comprises: 
  

	 	(a)	paid leave taken by you because of a personal illness, or injury (‘Sick Leave’); or 

  

	 	(b)	paid or unpaid leave taken by you to provide care or support to a member of your immediate family because of: 

  

	 	(i)	a personal illness or injury, of the member; or 

  

	 	(ii)	an unexpected emergency affecting the member (‘Carer’s Leave’). 

  

	 	(c)	Peplin Ltd may require you to provide: 

  

	 	(i)	a medical certificate from a registered health practitioner; or 

  

	 	(ii)	a statutory declaration made by you, 

 to support an
absence on sick or carer’s leave. 
  

	 	(d)	You are also entitled to 2 days’ paid compassionate leave. 

  

	8.	Public Holidays 

 If a public holiday statutorily
observed in Brisbane falls on a day when you are typically at work, you are entitled to that time off. 
  

	9.	Long Service Leave 

 You are entitled to long
service leave in accordance with the Queensland Industrial Relations Act 1999. Any long service leave must be taken at such times as are convenient to you and the Company. 
  

	10.	Above Award 

 If an award becomes applicable to your
employment, your total remuneration package, including cash and the value of non-cash benefits, may be applied in satisfaction of any entitlements you may have under that award (for example, overtime, penalty rates etc). Your Base Salary is not a
rate of pay for ordinary hours on which penalties or other award entitlements may be calculated. 
  

	11.	Superannuation 

 You may select the superannuation
fund to which the Company will make future superannuation contributions, provided the fund selected is a complying superannuation fund under the Superannuation Industry (Superannuation) Act 1993. A choice form will be made available to you
within 28 days of your commencement date. 
 If you do not make a choice, contributions will be paid into the Company’s default fund. The
gross amount of contributions, comprising your individual contribution and 

  

 3 

 
that of the Company is included in your Total Package. The gross amount of contributions by the Company will be 10%, being the statutory superannuation
guarantee contribution (currently 9%) plus an additional 1% which is intended to be applied towards Life and TPD Insurance. 
 Your Base
Salary will be used for determining contributions under the plan. Your salary for this purpose is noted at clause 2(a) above. 
 Peplin’s
default superannuation fund is SunSuper. Information on the fund will be made available to you in due course but an introduction to SunSuper can be found at the SunSuper website at www.sunsuper.com.au. 
  

	12.	Job Facility Provisions 

  

	 	(a)	Telephone 

 We expect there will be need for telephone
communication with or by you outside the office or office hours. You will be provided with a mobile telephone at no cost to yourself to be used for Company related calls or be eligible to claim reimbursement for the reasonable costs of your personal
mobile telephone. 
  

	 	(b)	Internet Access 

 You will be entitled to claim
reimbursement of the cost of installing and maintaining (to a maximum of $60 per month) internet access at your home. 
  

	 	(c)	Car parking 

 You are provided with motor vehicle parking
at the Company’s premises at no cost to yourself. 
  

	13.	Out of Pocket Expenses 

 The Company shall reimburse
or meet the reasonable cost of expenses which are necessarily incurred by you in the performance of your duties and the discharge of your responsibilities in accordance with criteria determined from time to time by the Company. You must provide
receipts or other evidence of payment and the purpose of each expense to support each claim or outlay. Reimbursement claims are to be submitted in accordance with approved policies and procedures and where applicable substantiated via an FBT
declaration. 
  

	14.	Outside Work 

 You are not to perform remunerated
work or otherwise be engaged or concerned in any other business or occupation whatsoever, or serve as a director of any other company, without the prior written approval of the CEO. 
  

	15.	Company Policy 

 To the extent that a matter is not
addressed in this letter, you are expected to comply with the detailed policies applying from time to time to the conditions of staff employment, currently set out in the Company’s Policies and Procedures, copies of which are available for your
inspection. The Company reserves the right to amend these Policies and Procedures from time to time. 
  

 4 

	16.	Security of Information 

  

	 	(a)	You acknowledge that - 

  

	 	(i)	notwithstanding that you will acquire certain information in the ordinary course of your duties, the property of the Company includes, and will include, all confidential information
and all records, documents, accounts, plans, formulae, designs, specifications; price lists, customer lists, correspondence and letters and papers of every description, electronically recorded data, including all copies of or extracts from the same,
within your possession or control relating to the affairs or business of the Company and belonging to the Company or which may come into your possession in the course and by reason of your employment, whether or not originally supplied by the
Company (the “Company’s Documents”); 

  

	 	(ii)	the information contained in the Company’s Documents has been, and will be, acquired by the Company at considerable effort and expense; 

  

	 	(iii)	the Company has also expended, and will also expend, considerable effort and moneys in establishing its customer base and employee skills; and 

  

	 	(iv)	accordingly, it is reasonable that you should be subject to the restrictions set out in this Clause. 

  

	 	(b)	You will not, either during the term of your employment or after its termination, except in the proper course of your duties under this agreement or as required by law or the
Company, use or divulge to any person whomsoever and shall use your best endeavours to prevent the publication or disclosure of any trade secret or any confidential information concerning the products, business, finances, customers or trade
connections of the Company or any of its dealings, transactions or affairs and will use your best endeavours to prevent the use or disclosure of any such information to third parties. 

  

	 	(c)	You shall not during your employment make, prepare, obtain or otherwise bring into existence other than for the benefit of the Company, any records, documents, accounts, plans,
formula, designs, specifications, prices, customer lists, correspondence, letters, papers of any description, or electronically recorded data, including any copies, photocopies, photographs or extracts of the same relating to any matter within the
scope of the business of the Company relating to the affairs or business of the Company, nor shall you use or permit to be used any of this material otherwise than for the benefit of the Company. All of the material shall be and remain at all times
the property of the Company and you shall, upon termination of your employment, leave the documents at the registered office of the Company. 

 Notwithstanding any of the above provisions, you will be entitled to keep, and upon termination retain, personal diaries and records relating to your employment, for personal use (including use in any future
proceedings in which you may be directly or indirectly involved), provided the Company is informed of the existence of such material and provided you let the Company have copies upon request. You agree you shall not take commercial advantage of any
such personal records without the prior consent of the Company. 
  

	 	(d)	You agree that all inventions, discoveries, knowledge, know-how, trade secrets, information capable of protection by patent, copyright, design or other registration or notification,
and all other forms of intellectual property which come into your possession or control as a direct or indirect result of your employment are the property of the Company. 

  

 5 

	 	(e)	In this clause, reference to the Company includes all corporations which are related bodies corporate. 

  

	17.	Employee Privacy Consent 

 The Company is bound by
the Privacy Act 1998 (Cth) and the National Privacy Principles contained within that Act. 
 The Company may from time to time request you to
provide it with personal information, sensitive information and health information about you to enable it to administer its employment relationship with you. If you do not provide the Company with the information which it may request about you, then
the Company may not be able to fully administer its employment relationship with you. When requesting information from you, the Company will advise you of the nature of the information which it requires and the consequences of not having the
requested information. 
 The Company may also request third parties to provide it with information about you. Such third parties include
external health service providers and other service providers engaged by the Company to deliver services related to your employment. 
 You
acknowledge that the personal, sensitive and health information collected about you may be used by the Company to enable it to administer its employment relationship with you. In particular, the Company may use the personal, sensitive and health
information collected about you to endeavour to ensure your fitness for work and safety in any of the work environments in which you may work, together with endeavouring to ensure that you receive any prompt treatment that may be required. You
further acknowledge that the personal, sensitive and health information collected about you may be used by the Company for any other purpose reasonably related to your employment with the Company. You consent to any such uses of the personal,
sensitive and health information held about you by the Company. 
 You acknowledge that the Company may disclose the personal, sensitive and
health information which it holds about you to other companies within the Peplin Group, the Company’s insurers and insurance loss adjusters, legal and other professional advisers, financiers, joint venture partners, health service providers or
other organisations which have your consent or which are otherwise authorised by law to collect the personal, sensitive and health information held about you. The Company will only disclose the personal, sensitive and health information which it
holds about you if such disclosure is necessary for a purpose reasonably related to your employment with the Company. You consent to any such disclosures of the personal, sensitive and health information held about you by the Company. 
 You may gain access to the personal information held about you by contacting the Company Secretary. 
  

 6 

	18.	Termination of Employment 

  

	 	18.1	In General. 

 The Executive’s employment
hereunder may be terminated by the Company or the Executive, as applicable, without any breach of this Agreement only as described below in Sections 18.2-18.7. 
  

	 	18.2	Death. 

 Executive’s employment shall terminate
on the date of Executive’s death. 
  

	 	18.3	Disability. 

 Unless prohibited by law, the Company
may terminate Executive’s employment if Executive becomes Disabled, as defined below, at any time upon a vote in favor or termination because Executive is Disabled by a majority of the members of the Board of Directors and written notice to
Executive specifying a date of termination not less than thirty (30) days nor more than forty-five (45) days following the date of the written notice. For purposes of this Section 18.3, the term “Disabled” shall mean a
physical or mental incapacity as a result of which Executive becomes unable to continue to perform the essential functions of Executive’s job with or without accommodation hereunder for six (6) consecutive calendar months or for shorter
periods aggregating one hundred twenty-five (125) business days in any twelve (12) month period. 
  

	 	18.4	By the Company For Cause. 

 The Company may
terminate Executive’s employment for Cause, as defined below in this Section 18.4, at any time upon a vote in favor of termination for Cause by a majority of the members of the Board of Directors and written notice to Executive specifying
a date of termination not less than thirty (30) days nor more than forty-five (45) days following the date of the written notice. Such notice shall specify the subpart(s) of this Section 18.4 and the facts relied upon by the Board to
determine that Cause exists. The Company may relieve Executive of some or all of Executive’s duties between the date notice is given and the date of termination, and such action shall not constitute Good Reason for Executive to terminate
Executive’s employment under Section 18.6. 
 For purposes of this Agreement, “Cause” shall mean the Board’s
reasonable determination that one or more of the following conditions exist: 
 (a) Executive has been convicted of or pled guilty or no
contest to any felony, or any violation of securities law of any jurisdiction; 
 (b) Executive has committed one or more acts of theft,
embezzlement or misappropriation against the Company; 
 (c) Executive has breached Executive’s obligations under this Agreement, which
breach was not remedied, if remediable, within thirty (30) days after delivery to Executive by the Company of a written notice specifically identifying the breach that the Company believes has occurred. 
 (d) Executive has violated Peplin’s Code of Business Conduct and Ethics 
 (e) Executive’s material failure to perform his duties to the Company or a Subsidiary of the Company to a reasonably satisfactory level as determined by a majority of the members of the Board of Directors after
there has been delivered to Employee a written demand for performance by the Company or a Subsidiary of the Company that describes the specific material deficiencies 

  

 7 

 
in Employee’s performance and the specific manner in which Employee’s performance must be improved and that provides twenty (20) business days
from the date of notice to remedy such performance deficiencies. 
  

	 	18.5	By the Company Without Cause. 

 The Company may
terminate Executive’s employment without Cause, as defined in Section 18.4, at any time upon a vote in favor of termination without Cause by a majority of the members of the Board of Directors and written notice to Executive specifying a
date of termination not less than thirty (30) days nor more than forty-five (45) days following the date of the written notice. The Company may relieve Executive of some or all of Executive’s duties between the date notice is given
and the date of termination, and such action shall not constitute Good Reason for Executive to terminate Executive’s employment under Section 18.6. 
  

	 	18.6	By Executive For Good Reason. 

 Executive may
terminate Executive’s employment for Good Reason, as defined below in this Section 18.6, at any time upon written notice to the Company specifying a date of termination not less than thirty (30) days nor more than forty-five
(45) days following the date of the written notice. Such notice shall specify the subpart(s) of this Section 18.6 and the facts relied upon by Executive to determine that Good Reason exists. If the Company cures the breach or violation
cited in the notice prior to the date of termination specified in the notice, the Executive may not terminate Executive’s employment for Good Reason. Between the date notice is given and the date of termination, Executive shall not be employed
by any other person or entity, and shall continue to perform Executive’s duties for the Company to the extent Executive is requested by the Company to do so. The Company may relieve Executive of some or all of Executive’s duties between
the date notice is given and the date of termination, and such action shall not constitute Good Reason for Executive to terminate Executive’s employment under Section 18.6. 
 For purposes of this Agreement, “Good Reason” shall mean: 
 (a) the Company’s material breach of the compensation and benefit obligations set forth in herein; 
 (b)
a material, substantial, and permanent reduction in Executive’s duties, responsibilities or authority at the Company without Executive’s prior written consent; or 
 (c) a material change in the geographic location at which Executive must perform services (other than a reassignment or relocation to the United States
agreed to by Executive and the Company). 
 Executive shall be deemed to have waived Executive’s right to terminate for Good Reason with
respect to any such breach or action if Executive does not notify the Company in writing of such breach or action within thirty (30) days of the event that gives rise to such breach or action. 
  

	 	18.7	By Executive Without Good Reason. 

 Executive may
terminate Executive’s employment without Good Reason, as defined in Section 18.6 upon written notice to the Company specifying a date of termination not less than thirty (30) days nor more than forty-five (45) days following the
date of the written notice. Between the date notice is given and the date of termination, Executive shall not be employed by any other person or entity, and shall continue to perform Executive’s duties for the Company to the extent Executive is
requested by the Company to do so. 
  

 8 

	 	18.8	Return of Property. 

 Upon termination of
Executive’s employment, Executive shall return to the Company any and all Company property, materials, or equipment in Executive’s possession. 
  

	 	18.9	Severance 

 (a) Termination on Death or
Disability, or by Company for Cause or by Executive without Good Reason. In the event that Executive’s employment terminates pursuant to Section 18.2 (Death), Section 18.3 (Disability), Section 18.4 (For Cause) or
Section 18.7 (Without Good Reason) at any time: (i) Executive, if requested and able to do so, shall continue to render services to the Company pursuant to this Agreement until the Effective Date of Termination, as defined in this
Section 18.9; (ii) Executive shall continue to receive Executive’s Base Compensation and benefits as otherwise provided under this Agreement through the Effective Date of Termination; and (iii) after the Effective Date of
Termination, Executive shall have no further right to receive compensation, benefits or other consideration from the Company, and Executive shall not be entitled to any severance payments or benefits, except as required by applicable law or the
Company’s pension or welfare benefit plans. The “Effective Date of Termination” shall be the date specified in the written notice of termination for a termination under Sections 18.4, 18.5, 18.6, or 18.7. 
 (b) Termination by Company without Cause or by Executive for Good Reason. In the event that Executive is terminated pursuant to Section 18.5
(Without Cause) after or pursuant to Section 18.6 (For Good Reason) at any time: (i) Executive, if requested and able to do so, shall continue to render services to the Company pursuant to this Agreement until the Effective Date of
Termination; (ii) Executive shall continue to receive Executive’s Base Compensation and benefits as provided in this Agreement through the Effective Date of Termination; and (iii) provided that not later than sixty (60) days
following Executive’s separation from service (“Separation from Service”), Executive (or Executive’s trust or estate, as applicable) executes and delivers, and any revocation period required by law has run and Executive (or
Executive’s trust or estate, as applicable) has not revoked, a general release of claims against the Company, its Board, its affiliates, and their employees and agents that complies with the relevant law which will be provided to the Executive
not later than one (1) week following Executive’s Separation from Service (the “General Release”), and Executive is not in material breach of any of the material provisions of this Agreement, then upon execution of such release
and expiration of any revocation period, the Company shall pay Executive your Total Package then in effect immediately prior to the Effective Date of Termination for a period of six (6) months following Executive’s Separation from Service.

 18.10 No Duty to Mitigate. 
 Executive shall be entitled to the full severance benefits provided under this Section 18, without regard to Executive’s efforts or lack of efforts to obtain alternative employment, and the severance benefits provided to Executive
shall not be reduced by any amounts received by Executive from any other source. 
  

	19.	Governing Law; Relocation. 

 This agreement shall be
governed by and shall be construed and interpreted in accordance with the laws of Queensland. If Executive shall relocate to the United States, then Executive and the Company agree to enter into a new agreement, which addresses any requirements of
United States law, including the provisions of Section 409A of the U.S. Internal Revenue Code of 1986, as amended. 
  

 9 

	20.	Other Agreement Superseded 

 You acknowledge that
this document embodies the entire agreement between the parties and supersedes any prior agreement between the parties notwithstanding oral or written statements made prior to the execution of this document. 
  

	21.	Acceptance of Conditions 

 Please confirm your
agreement with the above conditions by signing the attached copy and returning it to me. 
 I look forward to you joining the team at Peplin and contributing
to the success of the Company. 
  

	
	Yours sincerely,
	
	 /s/    Tom Wiggans

	Tom Wiggans
	Chairman and Chief Executive Officer

  

 10 

 Acceptance of Conditions 
 Please confirm your agreement with the above conditions by signing the attached copy and returning it to me. 
 I look forward to you joining the
team at Peplin and contributing to the success of the Company. 
  

	
	Yours sincerely,
	
	 /s/    Tom Wiggans

	Tom Wiggans
	Chairman and Chief Executive Officer

 I accept the conditions of my employment detailed in the letter dated March 25, 2009. 
 Signed, 
  

	
	 /s/    David Smith

	David Smith

  

 11

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