Document:

ex10_1.htm

    
      
        

      
Exhibit 10.1

       

      DATED
THIS 10th DAY OF FEBRUARY 2009

      

      

       

       

      BETWEEN

      

      

      ACTIVE
VALOR INTERNATIONAL LIMITED

      

      

      AND

      

      

      SECURED
DIGITAL APPLICATIONS, INC

      

      

      AND

      

      

      DIGITALAPPS
SDN BHD

      

      

      ******************************************************

      

      

      SHAREHOLDERS
AGREEMENT

      

      

      *******************************************************

      
        
           

        

        
          1

          
            

          

        

        
           

        

      

      THIS AGREEMENT is dated this
10th  day of  February, 2009.

      

      BETWEEN

      

      
        	
                (1)

              	
                ACTIVE VALOR INTERNATIONAL
      LIMITED, a private limited company incorporated in British Virgin
      Islands and having its registered office at Portcullis
      Trustnet Chambers, P.O. Box 3444, Road Town, Tortola British Virgin
      Islands (hereinafter
      referred to as "AVI") of the first
      part;

              

      

      

      
        AND

      

       

      
        	
                (2)

              	
                SECURED DIGITAL APPLICATIONS,
      INC, a company incorporated in Delaware, United States of America
      and having its business address at 230 Park Avenue, 10th
      Floor, New York, NY 10169 (hereinafter referred to as "SDA") of the second
      part;

              

      

      

      
        AND

      

      

      
        	
                (3)

              	
                DIGITALAPPS SDN BHD, a private
      limited company incorporated in Malaysia and having its registered office
      32B, Jalan SS2/66, 47300 Petaling Jaya, Selangor (hereinafter referred to
      as “the Company”)
      of the third part;

              

      

      

      

      WHEREAS
:-

      

      

      
        	
                (A)

              	
                The
      Company is in the business of providing mobile Voice Over Internet
      Protocol (“VoIP”) application, information technology and multimedia
      content production services, biometric security solutions and RFID-enabled
      applications.

              

      

      

      
        	
                (B)

              	
                The
      Company and SDA are desirous of raising additional capital to fund the
      roll out of mobile VoIP applications including VoIP voice calls, mobile
      advertising and mobile video sharing services in
  China.

              

      

      

      
        	
                (C)

              	
                The
      parties hereto wish to conclude this Agreement to set down their mutual
      understandings in respect of the Business of the Company, their respective
      shareholdings and to regulate their relationship as shareholders of the
      Company.

              

      

      
        
           

        

        
          2

          
            

          

        

        
           

        

      

      NOW
THEREFORE THIS AGREEMENT WITNESSETH as follows :-

      

      
        	
                1.

              	
                INTERPRETATION AND
      DEFINITIONS

              

      

      

      
        	
                 
      

              	
                Save
      as otherwise defined herein, all terms used shall have the meanings
      ascribed to them in the Subscription Agreement.  In this
      Agreement, unless otherwise required or indicated by the context, the
      singular shall include the plural and vice versa, words indicating any one
      gender shall include the other genders, words indicating natural persons
      shall include legal persons and bodies corporate and vice versa, terms
      defined elsewhere in this Agreement shall have the meanings respectively
      assigned to them and the following terms shall have the meanings
      respectively assigned to them hereunder,
  namely:-

              

      

      

      
        	
                 
      

              	
                "Act"

              	
                means
      the Malaysian Companies Act, 1965, as amended or revised from time to
      time;

              

      

      

      
        	
                 
      

              	
                "Agreement"

              	
                means
      the agreement recorded in this
document;

              

      

      

      
        	
                 
      

              	
                “Board”

              	
                means
      the board of Directors of the Company for the time
  being;

              

      

      

      
        	
                 
      

              	
                "Business"

              	
                means
      the business as described in the Recitals
  hereto;

              

      

      

      
        	
                 
      

              	
                "Business
      days"

              	
                means
      all days of the week excluding Saturdays and Sundays and public holidays
      in Malaysia;

              

      

      

      
        	
                 
      

              	
                "Company"

              	
                means
      DIGITALAPPS SDN BHD
      (Company No : 721697-W) a private limited company incorporated in
      Malaysia and having its registered office 32B Jalan SS2/66, 47300 Petaling
      Jaya, Selangor, Maaysia.

              

      

      

      
        	
              	
                “Director
      & Directors”

              	
                means
      one or more directors of the Company for the time
  being;

              

      

      

      
        	
                 
      

              	
                “Issue
      Price”

              	
                means
      the price at which each Share shall be issued to AVI which shall be
      RM1.00;

              

      

      

      
        	
                 
      

              	
                "Members"

              	
                means
      the shareholders of the Company from time to time in terms of this
      Agreement and "Member" shall have a corresponding
  meaning;

              

      

      

      
        	
                 
      

              	
                “Parties”

              	
                means
      the Company, AVI and SDA and  “Party” means any one of
      them;

              

      

      

      
        	
                 
      

              	
                “Person
      or Persons”

              	
                means
      one or more individuals, partnerships, limited liability companies,
      corporations, trusts, unincorporated associations or government
      authorities or agencies;

              

      

      
        
           

        

        
          3

          
            

          

        

        
           

        

      

       

      
        	
                 
      

              	
                “Ringgit
      Malaysia

                or
      RM”

              	
                 

                means
      the lawful currency of Malaysia

              

      

      

      
        	
                 
      

              	
                “Share(s)”

              	
                means
      the ordinary shares of Ringgit Malaysia One (RM1.00) each only in the
      Company;

              

      

      

      
        	
              	
                “Subscription
      Shares”

              	
                means
      the nine hundred (900) Shares to be   subscribed for by AVI
      at the Issue Price per share.

              

      

      

      
        	
                 
      

              	
                “Shareholder(s)”

              	
                means
      the holders of the Shares in the
Company;

              

      

       

      
        	
                2.

              	
                DURATION

              

      

      

      
        	
                 
      

              	
                The
      obligations of the parties under this Agreement shall take effect from the
      date of the execution of this Agreement (hereinafter referred to as “the Effective Date”)
      and shall subject to early termination in accordance with the provisions
      hereunder, subsist until such time as determined in writing by mutual
      agreement of the parties.

              

      

       

      
        	
                3.

              	
                AGREEMENT

              

      

      

      
        	
                3.1

              	
                AVI
      and SDA in consideration of the mutual promises and covenants set forth
      herein hereby agree to enter into this Agreement to regulate their
      relationship as shareholders of the
Company.

              

      

      

      
        	
                3.2

              	
                The
      Company shall be party to and be bound by the terms of this
      Agreement.

              

      

      

      
        	
                3.3

              	
                The
      Business of the Company shall be conducted in its best interests on sound
      commercial principles subject to the provisions of this Agreement and in
      accordance with all applicable laws of
Malaysia.

              

      

      

      
        	
                3.4

              	
                On
      the Effective Date, the shareholdings of the parties in the Company shall
      be as set out hereinbelow
      :

              

      

       

      
        
          
            
              
                
                  	
                          Name

                        	
                          No.
      of

                          Shares

                        	
                          Percentage

                          (%)

                        
	
                          AVI

                        	
                          900

                        	
                          90

                        
	
                          SDA

                        	
                          100

                        	
                          10

                        
	 
      	 
      	 
      
	
                          Total

                        	
                          1000

                        	
                          100.0

                        

                

              

            

          

        

      

       

      
        	
                3.5

              	
                Notwithstanding
      any clause herein or in the Articles of Association of the Company, AVI
      and SDA shall be entitled to transfer any portion of the Shares held by it
      to any of its nominee, subsidiary or associated companies at any time it
      deems fit by service of written notice and the Parties hereto shall pass
      the requisite resolutions to give effect to the
  same.

              

      

      
        
           

        

        
          4

          
            

          

        

        
           

        

      

      
        	
                3.6

              	
                In
      consideration of AVI acquiring ninety (90) percent equity in the Company,
      AVI shall pay to SDA a guaranteed income of $3,900,000.00 payable over a
      period of three (3) years:

              

      

      

      
        
          
            
              
                
                  	
                          Year

                        	 	
                          Amount
      (US$)

                        	 
	 
      	 	 	 
	
                          2009

                        	 	 	1,200,000.00	 
	
                          2010

                        	 	 	1,300,000.00	 
	
                          2011

                        	 	 	1,400,000.00	 

                

              

            

          

        

      

      

      
        	
                3.7

              	
                The
      method of payment by AVI to SDA shall be in the form of cash or payment by
      third parties on behalf of AVI or any other mode of payment as the Parties
      may mutually agree.

              

      

      

      
        	
                3.8

              	
                AVI
      and SDA shall use their best  effort to list
      the  Company’s  shares on an Asian stock exchange
      within three (3) years from the Effective Date of this Agreement subject
      to the Company meeting the listing
requirements.

              

      

      

      
        	
                3.9

              	
                AVI
      will provide up to $11.5 million to  fund the roll
      out  of  the  Company’s mobile VoIP services
      that shall include mobile VoIP calls, mobile advertising and mobile video
      sharing applications in China within one (1) year from the Effective Date
      of this Agreement.

              

      

       

      
        	
                4.

              	
                THE
      COMPANY

              

      

      

      
        	
                4.1

              	
                The
      Memorandum and Articles of Association of the Company shall be drawn or
      amended, as the case may be, so as to ensure conformity with the
      provisions of this Agreement. In the event of any conflict between the
      terms of this Agreement and the Articles of Association of the Company,
      the terms of this Agreement shall
prevail.

              

      

      

      
        	
                4.2

              	
                The
      main objects of the Company shall include the carrying on of the Business
      in accordance with the terms and conditions contained
    herein.

              

      

      

      
        	
                4.3

              	
                The
      authorised share capital of the Company presently is RM100,000.00 divided
      into 100,000 ordinary shares of RM1.00
each

              

      

      

      
        	
                4.4

              	
                Subject
      to the other provisions of this Agreement, the shareholding ratio of the
      parties in the Company shall at all times be maintained at the proportions
      set out in Clause 3.4 above unless otherwise mutually agreed by the
      parties.

              

      

      

      
        	
                4.5

              	
                The
      registered office of the Company shall be at 32B Jalan SS2/66, 47300
      Petaling Jaya, Selangor unless otherwise determined in writing by
      AVI.

              

      

      

      
        	
                4.6

              	
                A
      resolution for the appointment of two (2) persons nominated by AVI and one
      (1) person by the SDA as directors for the Company shall be adopted on the
      Effective Date (unless already done prior to the Effective Date) at a
      Board Meeting or General Meeting of the Company as the case may
      be.  Notwithstanding the provision of this Clause, AVI has the
      prerogative to nominate one (1) person as director at the time of
      execution of this Agreement.

              

      

      
        
           

        

        
          5

          
            

          

        

        
           

        

      

      
        	
                4.7

              	
                The
      financial year end of the Company shall be 31st
      December or any other date mutually agreed upon by the parties to this
      Agreement.

              

      

      

      
        	
                4.8.

              	
                Each
      of the parties hereto covenant and undertake to the other that it will use
      its best endeavours to contribute its expertise and resources including
      but not limited to the matters as set out below to ensure the successful
      operation of the Company :

              

      

      

      
        	
              	
                4.8.1

              	
                The
      Members shall
      collectively assist in setting the policies and direction of the Company
      at the Board level.

              

      

      

      
        	
              	
                4.8.2

              	
                The
      Parties respectively covenant with each other that for the duration of
      this Agreement :

              

      

      

      
        	
                 
      

              	
                (a)

              	
                to
      support and complement each other for the mutual benefit and
      enhancement  of  the  Business of the
      Company as agreed;.

              

      

      

      
        	
                 
      

              	
                (b)

              	
                to
      make the requisite declarations at the earliest time possible in any event
      where the private businesses of the Members may give rise to any potential
      conflict or conflict of interests with the business of the
      Company.

              

      

      

      
        	
              	
                4.8.3

              	
                Nothwithstanding
      clause 4.8.2(b) above, AVI agrees that SDA or its subsidiaries shall be
      not be restricted in any manner whatsoever to conduct the same Business as
      the Company in any country.

              

      

      

      
        	
                4.9

              	
                AVI
      shall have the sole right to change or appoint the auditors and/or the
      corporate secretary/company secretary of the Company as it deems
      fit.

              

      

      

      
        	
                5.

              	
                MEETINGS
      OF MEMBERS

              

      

      

      
        	
                5.1

              	
                The
      quorum for general meetings and all adjourned general meetings shall
      comprise two (2) Members of the Company. Members may be represented by
      their duly authorised corporate representatives or  proxy who,
      provided that he is duly appointed as such, shall be entitled to speak and
      vote on behalf of the Member appointing
him/her.

              

      

      

      
        	
                5.2

              	
                Fourteen
      (14) days notice shall be given for all annual and extraordinary general
      meetings of the Company save for those meetings requiring special
      resolutions which shall require twenty-one (21)
  days.

              

      

      

      
        	
                5.3

              	
                The
      Chairman at meetings of Members shall be a representative of or a person
      nominated by AVI, failing which such other director as may be appointed by
      the board of Directors (“the Board”). The
      Chairman shall have a second or casting vote in addition to his
      deliberative vote as a representative of a
  Member.

              

      

      
        
           

        

        
          6

          
            

          

        

        
           

        

      

      
        	
                5.4

              	
                A
      written resolution signed on behalf of all of the Members, whether on the
      same document or on different documents in identical terms, shall be as
      valid and effective as a resolution duly passed at a duly constituted
      meeting of Members, provided that such written resolution shall be placed
      in the minute book of the Company.

              

      

      

      
        	
                6.

              	
                DIRECTORS

              

      

      

      
        	
                6.1

              	
                The
      Company shall be managed by a Board of Directors. Unless otherwise agreed
      the number of directors shall be three (3),
      one a nominee of  SDA and two (2)  being nominees
      of  AVI.

              

      

      

      
        	
                6.2

              	
                Each
      of the Members shall be entitled to appoint their representatives to the
      Board of Directors and to remove any such director and to replace any such
      director who is removed or ceases for any other reason to be a director.
      Any appointment to or removal from the office of director shall be made by
      notice in writing to the Company and shall take effect immediately upon
      such notice.

              

      

      

      
        	
                6.3

              	
                In
      the event that the shareholding ratio ceases to be as set out in Clause
      3.5 hereof, the number of directors which each party is entitled to
      appoint shall be varied to reflect the proportion of the new shareholdings
      (as far as may be practicable).

              

      

      

      
        	
                6.4

              	
                Any
      person appointed as a director shall
:-

              

      

      

      
        	
              	
                6.4.1

              	
                hold
      office until;

              

      

      

      
        
        

      

      
        
          	 	
                  6.4.1.1

                	
                  he
      shall have been removed therefrom by the Member
      so appointing him; or

                
	 	 	 
	 	
                  6.4.1.2

                	
                  he
      shall have resigned therefrom by notice in writing
      to the Company; or

                
	 	 	 
	
                   
      

                	
                  6.4.1.3

                	
                  he
      shall have been disqualified therefrom for any reason
      whatsoever;

                

        

      

      

      
        	
                
                

              	
                6.4.2

              	
                be
      entitled to hold shares in the share capital of the
    Company;

              

      

      

      
        	
                
                

              	
                6.4.3

              	
                be
      entitled, with the written consent of the Member so appointing him (if
      applicable) to appoint an alternate director to
  himself.

              

      

      

      
        	
                6.5

              	
                The
      directors shall meet as often as is necessary for the effective management
      of the Company, but not less than once every
  year.

              

      

      

      
        	
                6.6

              	
                Notice
      of all meetings of directors shall be given to the directors or their
      alternate, as the case may be, at least seven days prior to the holding of
      such meeting. Notices of directors' meetings shall be sent by courier
      service or telefax to the directors as such telefax numbers of which they
      may notify the Company from time to time and also to the Members in
      accordance with the provisions of Clause
13.

              

      

       

      
        
          
          

        

        
          7

          
            

          

        

        
          
          

        

      

       

      
        	
                6.7

              	
                Decisions
      of directors may only be taken at meetings of which a quorum is present. A
      quorum for any meeting of directors or adjournments thereof shall be two
      (2) directors.  If such a quorum is not present at any meeting
      of the directors within half-an hour of the time appointed for the meeting
      then such meeting shall stand adjourned to a date seven (7) days from the
      date of the said meeting at the same time and place (hereinafter
      referred to as “the Adjourned Board Meeting”).  At any Adjourned
      Board Meeting of the directors, only matters specified in the notice of
      the initial meeting of the directors may be decided. PROVIDED ALWAYS THAT
      in the event of the day being a public holiday the Adjourned Board Meeting
      shall be held on the next Business Day at the same time and
      place.

              

      

      

      
        	
                6.8

              	
                Subject
      to the quorum being present, all resolutions of the Board of Directors
      shall be approved by a simple majority vote of the directors
      present.

              

      

      

      
        	
                6.9

              	
                A
      circular resolution signed by a majority of the Directors, whether on the
      same document or on different documents in identical terms, shall be as
      valid and effective as a resolution duly passed at a duly constituted
      meeting of directors, provided that such circular resolution shall be
      placed in the minute book of the
Company.

              

      

      

      
        	
                6.10

              	
                The
      Parties hereto agree that a Director shall be permitted to participate and
      vote at a meeting of Directors through the use of teleconferencing and/or
      video conferencing facilities subject always that the Directors
      participating at that meeting shall reconfirm with each other prior to the
      adjournment of that meeting:

              

      

      

      
        	
                 
      

              	
                (a)

              	
                all
      resolutions made; and

              

      

      

      
        	
                 
      

              	
                (b)

              	
                that
      each one has heard the other
clearly;

              

      

      

      and all
such resolutions shall be reduced to writing to be duly executed by the
participating Directors within twenty four (24) hours from the time of meeting
and the written document shall be recorded in the minute book.

      

      
        	
                6.11

              	
                The
      Chairman of the Board of Directors of the Company shall be a director
      appointed by the Board of Directors and shall be a representative of
      AVI.

              

      

      

      
        	
                7.

              	
                CONDUCT
      OF THE BUSINESS OF THE
COMPANY

              

      

      

      
        	
                7.1

              	
                The
      parties hereto agree to work together to manage the
    Company.

              

      

      

      
        	
                7.2

              	
                AVI
      shall be entitled to nominate a person(s) and the Company shall appoint
      the nominated person as the Executive Chairman and Managing Director of
      the Company.

              

      

      
        
           

        

        
          8

          
            

          

        

        
           

        

      

      
        	
                7.3

              	
                The
      terms of employment and particularly the remuneration and responsibilities
      of any other key or senior personnel shall be subject to mutual agreement
      of the Parties.

              

      

      

      
        	
                7.4

              	
                Dividends
      shall be declared by the Board of Directors at their discretion from time
      to time.

              

      

      

      
        	
                8.

              	
                FINANCING

              

      

      

      
        	
                 
      

              	
                The
      working capital financial requirements of the Company in excess of the
      present paid up capital of the Company shall be funded by
    AVI.

              

      

      

      
        	
                9.

              	
                CONFIDENTIALITY

              

      

      

      
        	
                9.1

              	
                None
      of the parties shall, during the period of this Agreement or at any time
      thereafter, divulge or communicate to any person any confidential
      information concerning the business or finances of the Company or any
      dealings, transactions or affairs or other information relating to the
      parties pertaining to the Company and its business. For the purposes of
      this Clause 9, "confidential information" shall mean all information,
      know-how, data, specifications, reports and other materials, whether in
      written, oral, electronic or visual form, trade secrets customer supplier
      or clientele listings, but does not include information which at the time
      of disclosure thereof, is in the public domain or, after disclosure,
      becomes part of the public domain by publication or otherwise, through no
      fault of the parties or any of them. The parties shall procure that their
      employees, directors, consultants and agents (if any) shall be bound to
      the restrictions contained in this Clause
9.

              

      

      

      
        	
                9.2

              	
                The
      confidentiality provisions as contained in sub-Clause 9.1 above shall not
      apply to any disclosure of confidential information for purposes of
      enforcing any provision of this Agreement nor shall they apply to any
      disclosure made in compliance with any requirements of law or where such
      disclosure is required by any governmental authority or regulatory
      body.

              

      

      

      
        	
                9.3

              	
                These
      confidentiality provisions shall survive the termination of this Agreement
      and shall be binding on the parties for a period of three (3) years from
      the termination of this Agreement.

              

      

      

      
        	
                10.

              	
                MUTUAL
      SUPPORT

              

      

      

      
        	
                 
      

              	
                The
      parties undertake to do or to procure the doing of such things and to
      perform or procure the performance of all acts necessary for or incidental
      to the putting into effect or the maintenance of this Agreement and to
      deal with each other and with the Company in the utmost good
      faith.

              

      

      

      
        	
                11.

              	
                TERMINATION

              

      

      

      
        	
                 
      

              	
                Should
      any party (the "defaulting party")
:

              

      

      
        
           

        

        
          9

          
            

          

        

        
           

        

      

      
        	
                11.1

              	
                commit
      any act of insolvency or bankruptcy as defined in the insolvency or
      bankruptcy legislation of its home jurisdiction;
  or

              

      

      

      
        	
                11.2

              	
                be
      wound up, whether provisionally or finally and whether compulsorily or
      voluntarily or be placed under judicial management or have a receiver
      appointed over the whole or any part of its assets;
  or

              

      

      

      
        	
                11.3

              	
                enter
      into any arrangement or compromise with any of its creditors;
      or

              

      

      

      
        	
                11.4

              	
                be
      the subject of any resolution passed for its winding up or dissolution;
      or

              

      

      

      
        	
                11.5

              	
                have
      a judgment given against it/him in any court of law which, if appealable,
      is not appealed against within the period allowed for the lodging of such
      an appeal or if not subject to an appeal, remains unsatisfied for a period
      of ten (10) days; or

              

      

      

      
        	
                11.6

              	
                die
      or become insane (for natural persons);
or

              

      

      

      
        	
                11.7

              	
                breach
      any of the terms and conditions of this
  Agreement;

              

      

      

      
        	
                 
      

              	
                then
      the other party or parties (the "Aggrieved party or parties") shall
      be  entitled forthwith in the case of sub-Clauses 11.1 to 11.6,
      both inclusive, and in the case of sub-Clause 11.7 where the defaulting
      party has failed to remedy such breach within a period of fifteen (15)
      business days after receipt or deemed receipt of written notice pursuant
      to Clause 13 by the Aggrieved party requiring it to do so, to terminate
      this Agreement by written notice to that effect given to the defaulting
      party, which termination shall be effective immediately upon delivery of
      the said notice and  without prejudice to any other rights which
      the Aggrieved party may have at law.  The Aggrieved party or
      parties shall also be entitled to purchase the shares of the defaulting
      party (except if the provisions under Clause 11.6) in proportion to their
      shareholdings then prevailing at fifty percent (50%) of the net tangible
      assets (NTA) of the shares of the defaulting party based on the NTA of the
      Company as at the calendar quarter immediately preceding the default (to
      be determined by the Company Auditors) by written notice delivered to the
      defaulting party any time after the delivery of the notice of
      termination.  If the Aggrieved party or parties elect not to or
      are unable to purchase such shares at 50% of the NTA value of those shares
      the parties shall share equally any costs and expenses necessary or
      required in the liquidation or dissolution
  process.

              

      

      

      
        	
                 
      

              	
                In
      the event the provisions under Clause 11.6 apply the Aggrieved party or
      parties shall have full benefit of the above provision save that the
      shares shall be acquired at One Hundred (100%) per centum of the then
      prevailing net tangible assets per share of the Company as certified by
      the Company’s Auditors.

              

      

      

      
        	
                12.

              	
                MEDIATION

              

      

      

      
        	
                12.1

              	
                Any
      dispute, controversy or claim arising out of or relating to this Agreement
      or the breach, termination or invalidity thereof, shall be settled in the
      following manner:

              

      

      
        
           

        

        
          10

          
            

          

        

        
           

        

      

      
        	
                 
      

              	
                (a)

              	
                firstly,
      by mediation between all parties to this Agreement. The appointing
      authority shall be the appointed Mediator for the time being for the Kuala
      Lumpur Bar Council. The number of Mediators shall be one (1). The place of
      mediation shall be the Bar Council, No. 13, 15-17, Jalan Leboh Pasar
      Besar, 50050 Kuala Lumpur. The language to be used in mediation
      proceedings shall be the English
Language.

              

      

      

      
        	
                 
      

              	
                (b)

              	
                in
      the event that Clause 12.1(a) is unsuccessful, only then by resort to the
      Courts of Malaysia.

              

      

      

      
        	
                13.

              	
                NOTICES

              

      

      

      
        
          	
                   
      

                	
                  Any
      notice given by or to either party or by or to the Company in terms of
      this Agreement shall be given in writing and shall be delivered by hand to
      the responsible person or to their last known address (if not the address
      in this Agreement) or sent by courier service or prepaid certificate of
      post to the person and address as stated in this Agreement whereupon it
      shall be deemed to have been received when so delivered by hand or three
      (3) days after being sent by courier service or prepaid certificate of
      posting.

                

        

      

      

      
        	
                14.

              	
                OVERRIDING
      AGREEMENT

              

      

      

      
        	
                 
      

              	
                In
      the event of any conflict between the Articles of Association of the
      Company and this Agreement, the terms and conditions of this Agreement
      shall prevail. The parties shall take such steps as may be necessary to
      amend the Articles of Association of the Company to conform with the terms
      of this Agreement.

              

      

      

      
        	
                15.

              	
                GOVERNING
      LAW AND JURISDICTION

              

      

      

      
        	
                 
      

              	
                This
      Agreement shall be governed by and interpreted under the laws of Malaysia
      for the time being in force.

              

      

      

      
        	
                16.

              	
                NO
      VARIATION

              

      

      

      
        	
                 
      

              	
                No
      variation of or addition or agreed cancellation to this Agreement shall be
      of any force or effect unless it is reduced to writing and signed by or on
      behalf of the parties.

              

      

      

      
        	
                17.

              	
                GENERAL

              

      

      

      
        	
                17.1

              	
                This
      Agreement constitutes the entire agreement between the parties regarding
      the subject matter hereof. No agreements, guarantees or representations,
      whether verbal or in writing, have been concluded, issued or made, upon
      which either party is relying in concluding this Agreement, save to the
      extent set out herein.

              

      

      

      
        	
                17.2

              	
                The
      headings appearing in this Agreement have been used for reference purposes
      only and will not affect its
interpretation.

              

      

      
        
           

        

        
          11

          
            

          

        

        
           

        

      

      
        	
                17.3

              	
                No
      indulgence, leniency or extension of time which a party (the "grantor")
      may grant or show to the other, will in any way prejudice the grantor or
      preclude the grantor from exercising any of his rights in the
      future.

              

      

      

      
        	
                17.4

              	
                If
      any particular provision and/or term of this Agreement is found to be
      defective or unenforceable or is cancelled for any reason (whether by any
      competent Court or otherwise) then the remaining provisions and/or terms
      shall continue to be of full force and effect. Each provision and/or term
      of this Agreement shall accordingly be construed as entirely separate and
      separately enforceable in the widest sense from the other provisions
      and/or terms hereof.

              

      

      

      
        	
                17.5

              	
                None
      of the parties hereto shall be entitled to cede or assign any of its
      rights, or delegate any of its obligation hereunder without the prior
      written consent of the other first being
  obtained.

              

      

      

      
        	
                17.6

              	
                Time
      wherever mentioned in this Agreement, shall be of the essence and shall be
      strictly adhered to unless otherwise extended or varied in writing by the
      parties.

              

      

      

      
        	
                18.

              	
                COSTS

              

      

      

      
        	
                 
      

              	
                Each
      party shall bear their own solicitors costs in the vetting negotiation and
      conclusion of this Agreement.

              

      

      

      
        	
                19.

              	
                FORCE
      MAJEURE

              

      

      

      
        	
                19.1

              	
                The
      parties hereto shall not have any claim of any nature whatsoever against
      each other for failure to fulfil their obligations under this Agreement by
      reason of force majeure.

              

      

      

      
        	
                19.2

              	
                If
      any obligation of either party is delayed by reason of force majeure, then
      the period for carrying out such obligation shall be extended to such date
      as is agreed by the parties hereto in
writing.

              

      

      

      
        	
                19.3

              	
                For
      purposes of this Clause 19, "force majeure" shall include, without
      limitation, any acts of God, fires, strikes, wars, riots, earthquakes,
      floods, storms, typhoon lockouts, compliance with governmental requests,
      laws, regulations, orders or action not within the reasonable control,
      directly or indirectly, of the party affected, but only if and to the
      extent that, (a) such event, despite the exercise of reasonable diligence,
      cannot be or be caused to be prevented, avoided or removed by such party,
      (b) such event materially adversely affects (in cost and/or time) the
      ability of such party to perform its obligations under this Agreement and
      such party has taken all reasonable precautions, due care and reasonable
      alternative measures in order to avoid the effect of such event on such
      party’s ability to perform its obligations under this Agreement and to
      mitigate the consequences thereof, (c) such event is not the direct or
      indirect result of the failure of such party to perform any of its
      obligations hereunder and (d) such party has given the other party prompt
      notice describing such event, the effect thereof and the actions being
      taken in order to avoid, remove or mitigate the effect of such event, then
      either party shall be excused from performance and shall not be construed
      to be in default in respect of any obligation hereunder for so long as its
      failure to perform such obligation shall be due to an event of Force
      Majeure.

              

      

      
        
           

        

        
          12

          
            

          

        

        
           

        

      

      
        	
                20.

              	
                ACCOUNTING
      AND OTHER FINANCIAL REPORTS

              

      

      

      
        	
                20.1

              	
                The
      Board of Directors shall ensure that the Company maintains accurate and
      complete accounting and other financial records in accordance with
      generally accepted accounting principles in
  Malaysia.

              

      

      

      
        	
                20.2

              	
                At
      the end of each accounting period, the books, records and accounts of the
      Company shall be audited at the expense of the Company by the auditors
      appointed by the Company.

              

      

      

      
        	
                20.3

              	
                The
      Directors of the Company shall have full and complete access to the books,
      records, accounts and supporting documents maintained by the Company
      during the Company’s normal business
hours.

              

      

      

      
        	
                21.

              	
                SALE
      AND TRANSFER OF SHARES

              

      

      

      
        	
                 
      

              	
                Any
      party to this Agreement shall be at liberty at any time to sell, transfer,
      or otherwise dispose of its shares or any part thereof to a nominee or a
      related company (within the definition of the term “related” in Section 6
      of the Companies Act 1965) or to any director of its related company
      subject to the consent in writing of the other parties whose consent shall
      not be unreasonably withheld.  The party selling, transferring
      or otherwise disposing of its shares or any part thereof shall remain
      liable as primary obligor and not just as guarantor to ensure that the
      obligations and covenants of this Agreement are complied
    with.

              

      

      

      
        	
                22.

              	
                RIGHT
      OF FIRST REFUSAL

              

      

      

      
        	
                22.1.

              	
                The
      parties to this Agreement may sell, transfer or otherwise dispose of its
      shares at any time only by serving written notice to the other party in
      accordance with the provisions of this
Clause.

              

      

      

      
        	
                22.2

              	
                If
      at any time any of the parties to this Agreement proposes to sell,
      transfer or otherwise dispose all but not part only of its shares that
      party shall first offer the shares to the other parties hereto (in
      proportion to their then existing shareholding in the Company) at a fair
      market value to be certified by a qualified person appointed by the
      Company and such determination made shall be deemed to be made as an
      expert and shall be final, conclusive and binding on the
      parties.  The other parties or any of them shall have thirty
      (30) days in which to accept any such offer.  If the other
      parties or any of them do not accept any such offer within such period,
      the party making the offer may thereafter sell, transfer or otherwise
      dispose of all but not some only of its shares to any other person not
      later than ninety (90) days from the non-acceptance of the offer to the
      Members, at a price no less than the fair market value certified by a
      qualified person subject to the consent of the other parties which consent
      shall not be unreasonably withheld and PROVIDED ALWAYS that such other
      person covenants with the existing shareholders to observe this Agreement
      and to perform all the obligations of the transferor under this Agreement
      including guaranteeing and/or providing security for any financing taken
      by the Company or providing shareholders’ loan before such other person
      shall be treated as a shareholder for the purposes of this
      Agreement.

              

      

      
        
           

        

        
          13

          
            

          

        

        
           

        

      

      
        	
                22.3

              	
                The
      costs of  the valuation in connection with the certification of
      the fair market value shall be borne in equal proportion by the parties
      proposing to sell, transfer or dispose of its shares and the party wishing
      to acquire the shares.

              

      

      

      
        	
                22.4.

              	
                The
      parties hereto hereby give all necessary authority to the directors of the
      Company to execute any document or instrument or perform any act on behalf
      of any party hereto in order to consummate and give legal effect to the
      sale and purchase of the shares pursuant to this Clause in the event that
      such party shall fail to do the
same.

              

      

      

      
        	
                22.5

              	
                Prior
      to or upon the completion of the sale of shares pursuant to this Clause
      the party selling its shares shall procure the resignations of its
      appointees on the Board acknowledging that they each have no claim for
      compensation damages or otherwise against the Company or the party
      purchasing the shares.

              

      

       

      
        	
                23.

              	
                RELATIONSHIP
      AMONG THE PARTIES

              

      

      

      
        	
                 
      

              	
                The
      relationship of the parties hereto under and in relation to this Agreement
      shall be limited to the matters herein contained and what is provided for
      by law as the liability of a shareholder of the Company, and nothing
      herein provided shall be considered or interpreted as constituting the
      relationship of the parties hereto as a partnership, association or other
      relationship in which any party may be liable for the acts or omissions of
      the other parties, nor shall anything herein contained be considered or
      interpreted as constituting any party as the general agent of the other
      parties.

              

      

       

      
        	
                24.

              	
                PERFORMANCE
      OF AGREEMENT

              

      

      

      
        	
                 
      

              	
                Each
      of the parties hereto agree to exercise its voting rights for the time
      being in the Company and to take such steps as for the time being lie
      within its power to procure that the Company performs and observes the
      provisions of this Agreement which the Company would be liable to perform
      as if it has been joined as a party to this
  Agreement.

              

      

      

      
        	
                25.

              	
                SURVIVAL
      OR RIGHTS, DUTIES AND
OBLIGATIONS

              

      

      

      
        	
                 
      

              	
                Termination
      of this Agreement for any cause shall not release any party hereto from
      any liability which at the time of termination has already accrued to the
      other parties hereto or which thereafter may accrue in respect of any act
      or omission prior to such
termination.

              

      

      
        
           

        

        
          14

          
            

          

        

        
           

        

      

      
        	
                26.

              	
                SUCCESSORS
      BOUND

              

      

      

      
        	
                 
      

              	
                This
      Agreement shall be binding on the successors in title, executors and
      permitted assigns of the parties
hereto.

              

      

      

      

      [THE
REST OF THIS PAGE HAS BEEN INTENTIONALLY LEFT BLANK]

      

      

        
          
             

          

          
            15

            
              

            

          

          
             

          

        

IN WITNESS WHEREOF the parties
hereto have caused this Agreement to be executed by their duly authorised
representatives.

      

      

      Secured
Digital Applications, Inc.

      

      

      
        
          
            
              
                
                  
                    
                      
                        
                          
                            
                              
                                
                                  
                                    
                                      
                                        
                                          
                                            
                                              
                                                
                                                  
                                                    
                                                      
                                                        
                                                          
                                                            
                                                              	
                                                                      By:

                                                                    	
                                                                      /s/ Patrick Soon-Hock Lim

                                                                    	 
	
                                                                      Name:  Patrick
      Soon-Hock Lim

                                                                    
	
                                                                      Title:  Chairman
      & CEO

                                                                    
	 
      
	 
      
	
                                                                      Active
      Valor International Limited

                                                                    
	 
      
	 
      
	
                                                                      By:

                                                                    	
                                                                      /s/ K.B. Bujang

                                                                    	 
	
                                                                      Name:  K.B.
      Bujang

                                                                    
	
                                                                      Title:  Director
      of Operations

                                                                    
	 
      
	 
      
	
                                                                      DigitalApps
      Sdn Bhd

                                                                    
	 
      
	 
      
	
                                                                      By:

                                                                    	
                                                                      /s/ Valerie Hoi-Fah Looi

                                                                    	 
	
                                                                      Name:  Valerie
      Hoi-Fah Looi

                                                                    
	
                                                                      Title:  Director

                                                                    

                                                            

                                                          

                                                        

                                                      

                                                    

                                                  

                                                

                                              

                                            

                                          

                                        

                                      

                                    

                                  

                                

                              

                            

                          

                        

                      

                    

                  

                

              

            

          

        

 

       16ex10_1.htm

Exhibit 10.1

Modine Manufacturing Company

1500 DeKoven Avenue

Racine, Wisconsin 53403

Revised: January 16, 2009

January 13, 2009

Mr. James R. Rulseh

6125 10th Street

Kenosha, WI 53144

Dear Jim:

In accordance with all the provisions set forth below, this letter, when signed by you, will be a binding agreement documenting the terms and conditions with regard to your employment status with Modine Manufacturing Company (“Modine” or the “Company”) and your separation from employment with the Company.

For your information, an outline of the details set forth below has been reviewed with and approved by the Chair of the Company’s Officer Nomination and Compensation Committee.

1.             Separation from the Company. You agree that your last day of active employment with the Company will be January 31, 2009.  You
agree to resign your position as Regional Vice President, Americas, and any other positions you may hold with the Company or any of the Company’s subsidiaries, affiliates or plants as of January 31, 2009.  Beginning on February 1, 2009, you will no longer be required to report to the office or perform any work except assisting the Company as reasonably requested by the Company.  Since you have elected early retirement, you hereby agree that your employment with the Company will be terminated
on May 31, 2009.

2.            Compensation. On the condition that on or within seven days after February 1, 2009, you sign, date, and return to me the Waiver and
General Release attached hereto as Attachment A (the “Release”), and you do not thereafter effectively revoke the Release as provided therein, you will be considered on a paid leave of absence at your current salary level until May 31, 2009.  If you do not sign, date, and return to me the Release on or within seven days after February 1, 2009, you will be considered on an unpaid leave of absence until May 31, 2009.

On the condition that on or within seven days after May 31, 2009, you sign, date and return to me the Release, and you do not thereafter effectively revoke the Release as provided therein, you will receive the following from the Company following the termination of your employment:

  

  

  

(a)           Severance.  For the period from June 1, 2009 through January 31, 2010, the Company shall pay you bi-weekly an amount equivalent to your current bi-weekly base salary.  All legally required
taxes will be deducted from the above sums.  It is expressly agreed that all payments as described above are being allocated for purposes of unemployment compensation to each of the applicable pay periods.

(b)           Consulting Services.  The Company will enter into a consulting arrangement with you beginning on June 1, 2009 and concluding on November 30, 2009.  Under this consulting arrangement,
you will serve in the role of Special Assistant to the Chief Executive Officer, and provide services as directed by the CEO. For each month of service that is completed as a consultant, you will be paid the net sum of $20,000.  Payment will be made once per month, at the end of each month.

(c)           Vacation Pay.  You will be paid for five weeks of vacation on June 1, 2009.  The total amount of such payment shall be $32,452.  All legally required taxes will be deducted
from the above sum.

(d)           Health and Dental Insurance and Other Benefits.  Your participation in and eligibility for the Company’s health, dental and vision insurance plans and all other employee benefit plans will
end May 31, 2009.  Under current federal COBRA legislation, you may elect to continue health and dental insurance beyond May 31, 2009 at specified group rates for up to 18 months’ duration.  If you elect COBRA coverage for health and dental insurance, the Company will pay your COBRA premiums for health and dental coverage for a period of 12 months from June 1, 2009 through May 31, 2010.  Such payments from the Company shall cease as of the date you become eligible for group
health insurance coverage with another employer.  Beginning on June 1, 2010, if you are not eligible for group health insurance coverage with a new employer, the Company will provide you with a $6,384 annual cash payment, less applicable withholdings, until you reach age 65 or until you become eligible for group health insurance coverage through another employer, whichever occurs first.  For calendar year 2010, you will receive 7 months of this annual cash payment ($3,724), payable on June
1, 2010.  You agree to notify me promptly if you become eligible for group health insurance coverage with another employer at any time in the future.  Your short-term disability, life insurance and long-term disability benefits will continue until your last day of paid leave with the Company, May 31, 2009, at which time your coverage under these and all other employee benefit plans will terminate in accordance with the applicable plans.  However, you will be offered the opportunity
to make your life insurance policy portable after May 31, 2009.

(e)           Modine Stock Options and Restricted Stock Awards.  You may continue to exercise, at your discretion, stock options granted to you under the 1994 and 2002 Incentive Compensation Plans (the “Incentive
Plans”) in accordance with the terms of the Incentive Plans and the stock option agreements to which you are a party.  Any qualified stock options granted to you must be exercised within 90 days of May 31, 2009 in order to be considered incentive stock options; stock options exercised after that date will be treated as non-qualified stock options.

You will remain eligible as a participant in the Long Term Incentive Program (“LTIP”) for new grants of restricted stock awards and stock options through May 31, 2009.  With respect to outstanding grants of restricted stock awards made to you under the Incentive Plans, any restricted stock awards scheduled to vest
after May 31, 2009 shall vest after the Board of Directors meeting on May 27, 2009 if approved by the Board at the meeting.  The Company will present a proposal to the Board of Directors on May 27, 2009 for such vesting, and the vesting provided in this paragraph is conditional upon the Board of Directors approving the Company’s proposal in a written resolution.  The vesting date will be immediately after the conclusion of the final 7-day revocation period of your signed release.  Performance
stock awards available to you under the Incentive Plans and any successor plans, if any, will vest on a pro-rata basis at the end of the applicable performance periods.

  

  

  

(f)           Executive Physical.  You will be provided one additional medical exam at Mayo Clinic in Rochester, MN or Froedtert/Medical College of Wisconsin, at your election, under the Company’s executive
medical program between the date hereof and May 31, 2009, which you shall schedule through the Company’s normal process for such exams.

(g)           If you die prior to receiving all of the payments referred to in this paragraph 2, any unpaid payments will be made to your designated beneficiary.

3.            401(k) Plan and Pension Plan. Your rights and benefits under the Modine 401(k) Retirement Savings Plan for Salaried Employees (the “401(k)
Plan”), the Modine Non-Union Hourly and Salaried Employee Pension Plan (the “Pension Plan”), the Modine Manufacturing Company Executive Supplemental Retirement Plan (the “SERP”), and the Modine Manufacturing Company Deferred Compensation Plan (the “Deferred Compensation Plan”) are governed by the provisions of those plans as they may be amended by the Company from time to time.  You acknowledge that those rights and benefits have been explained to you and that
you fully understand those rights and benefits.

4.            Employment Reference; Career Transition Assistance. If asked by a prospective employer for a reference, you will be provided with a
favorable reference upon request to the Company’s Vice President/Chief Human Resources Officer.  You and the Company may characterize your separation from Modine as an early retirement.

The Company will provide to you career transition assistance within certain limits as determined by the Company, with a total cost to the Company not to exceed $7,500.  Arrangements and billing for this assistance will be made through me.

5.             No Admission. You agree that neither the execution of this agreement nor the furnishing of the described benefits to you will
be deemed or construed as an admission by the Company of any liability or any unlawful conduct of any kind.

6.             Benefits Agreed To. You understand and agree that you would not receive all of the benefits provided in paragraph 2 except for
your execution of this agreement and the fulfillment of the promises contained herein, and execution of the Release.

7.             No Authority; Indemnification. Because you will have no regular duties as a Modine employee after January 31, 2009, you acknowledge
and agree that you will have no authority on behalf of or to bind the Company after that date.  You agree to hold the Company and its subsidiaries and affiliates harmless from any acts you make in contravention of this paragraph 7.

  

  

  

 

In the event that, during the year following your separation you are requested by or on behalf of the Company to assist in defending litigation or ordered to appear as a witness in litigation regarding matters or actions you took within the scope of your authority while an employee of the Company, the Company will indemnify you for all
out-of-pocket necessary and reasonable expenses in connection with preparation, appearance, consultations and any other activity directly related to litigation involving the Company, including necessary and reasonable legal expenses, provided that (a) you advise the Company immediately and obtain the approval of the Company prior to the commitment to any such expenses, (b) you cooperate fully with the Company in connection therewith, upon reasonable notice to you and subject to your reasonable availability, and
(c) the Company has the right to assume the defense of any such action and discharge its obligation by holding you harmless from any judgment or settlement it may make.  In the event such assistance is requested or required after the one year anniversary of your separation, the Company agrees to compensate you for your time and expenses at a rate reasonable for such consultation services.

If a court of competent jurisdiction ultimately determines that the above-described litigation resulted from matters or actions taken by you that exceeded the scope of your authority or were criminal in nature while you were an employee of Modine, you agree to reimburse Modine for any legal and/or other expenses paid by Modine on your
behalf, and repay any and all payments and benefits received from the Company under paragraph 2 above.

8.             Non-Disclosure of Confidential Company Information.  You agree not to use or disclose to any person not employed by the Company, or not engaged to render services to the Company, except with the prior
written consent of an officer authorized to act in the matter by the Board of Directors of Company, any confidential information obtained by you while in the employ of the Company, including, without limitation, information relating to any of the Company’s inventions, processes, formulae, plans, devises, compilations of information, methods of distribution, customers, client relationships, marketing strategies or trade secrets; provided, however, that this provision shall not preclude you from use or disclosure
of information known generally to the public or of information not considered confidential by persons engaged in the business conducted by the Company or from disclosure required by law or court order.  The agreement herein made in this paragraph 8 shall be in addition to, and not in limitation or derogation of, any obligation otherwise imposed by law upon you with respect to confidential information and trade secrets of the Company and its affiliates.

9.            Return of Company Property.  You further represent that any papers, letters, records, files, computer disks, and other documents or materials containing such confidential information or belonging to the
Company that you have in your possession will be returned to the Company on or before January 31, 2009.  You will retain your Blackberry, laptop and e-mail access for the duration of your consulting period.  You will retain the laptop computer at the end of the consulting period after Modine proprietary software is removed.

  

  

  

10.           Non-Disclosure of this Agreement. You agree not to disclose the contents of this letter to any person except to your attorney, tax preparer, immediate family, or as otherwise may be required by law.

11.           Non-Competition. From the date of your separation on May 31, 2009 until one year following your separation, you agree that you will
not, directly or indirectly, individually or otherwise, manage, operate, join, control, participate in the ownership, management, operation, or control of, or be employed by or provide services as a consultant or advisor to, any person, corporation, firm, partnership, or other entity whatsoever that is engaged in North America in any business or activity related to the manufacture or selling of heat transfer products (as presently manufactured or sold by Modine), including but not limited to powertrain cooling
products, engine products, passenger thermal management products, commercial HVAC products, and fuel cell products.

You agree that you are fully aware of the restrictions that this paragraph 11 places on your future employment with someone other than the Company.  You understand and agree that your previous positions with the Company and your access to confidential information make these restrictions
both necessary and reasonable.  You acknowledge and agree that the restrictions constitute reasonable protections of the legitimate business interests of the Company and that they will not unduly restrict your opportunities for future employment.

12.           Nonsolicitation.  From the date hereof until one year following your separation (May 31, 2010), you further agree that you will not, directly or indirectly, hire away or participate or assist in the hiring
away of any person employed by or acting as a representative or agent of the Company.

13.           Nondisparagement.  You also agree that from the date hereof you shall not, at any time in the future, directly or indirectly, make or cause to be made any disparaging, derogatory, misleading or false statement,
whether orally or in writing, to any person or entity, including members of the investment community, press, customers, competitors and advisors to the Company, about the Company and its present or former directors, officers or employees, or the business strategy, plans, policies, practices or operations of the Company.  The Company shall instruct the directors and board elected officers of the Company not to, directly or indirectly, make or cause to be made any disparaging, derogatory, misleading or
false statement, orally or in writing, to any person or entity about you at any time in the future.  Notwithstanding the foregoing, the Company and you may each confer in confidence with its own respective legal counsel, and nothing herein shall prevent either party from responding truthfully to any information requests or questions posed in any formal or informal legal, regulatory, administrative or investigative proceedings involving any court, tribunal or governmental body or agency or otherwise
as required by law.

14.           Injunctive Relief.  You acknowledge and agree that your breach of any of the provisions set forth in paragraphs 8-13 above will result in irreparable harm to the Company, and that the Company will be entitled
to immediate injunctive relief and monetary damages to redress any such breach.

  

  

  

15.           Legal Consultation and Timing of Execution of Agreement.  You are encouraged to consult an attorney before you sign this agreement
and the Release.

16.           Voluntary Act. You acknowledge that you are signing this agreement as your free and voluntary act after having had the opportunity to
consider all alternatives and to discuss the arrangements agreed upon as set forth above with your own attorney and any other advisors of your choice.

17.           Governing Law. This agreement is made in the State of Wisconsin and shall be interpreted under the laws of the State of Wisconsin.

18.           Entire Agreement.  This agreement and the attached Release represent the entire understanding and agreement between the parties and supersede all prior communications between the parties.  You
and the Company expressly agree that this agreement supersedes, terminates and renders null and void the Change in Control and Termination Agreement between you and the Company effective February 26, 1997 and amended and restated effective May 20, 1999.

19.           Binding Agreement. This agreement will be binding upon and inure to the benefit of the parties, their respective heirs, representatives,
successors, and assigns and the affiliates and subsidiaries of the Company.

Assuming this agreement fully and accurately sets forth the arrangements that have been discussed and agreed upon, please sign both copies and return one copy to me.

Sincerely,

/s/ Gregory T. Troy

Gregory T. Troy

Vice President  & Chief Human Resources Officer

* * * * *

By signing this agreement, I state that:

I have read it;

I completely understand it and know I am giving up important rights;

I agree with everything in it;

I am aware of my right to consult an attorney and that I may take up to 21 days to sign this agreement;

I am aware that I may revoke this agreement within seven days after signing it; and

I have signed it knowingly and voluntarily.

	
/s/ James R. Rulseh
	  	
1/17/09
	 
	
James R. Rulseh
	  	
Date Signed

  

  

  

Attachment A

WAIVER AND GENERAL RELEASE

WHEREAS, I, James R. Rulseh, have entered into a binding agreement documenting the terms and conditions with regard to my employment status with Modine Manufacturing Company and my separation from employment with the Company;

WHEREAS, I acknowledge the sufficiency of the consideration offered by the Company for this Waiver and General Release (the “Release”) and I would not be entitled to such consideration if I did not execute this Release pursuant to the terms of my separation agreement with the Company;

NOW, THEREFORE, I hereby agree to the following terms:

1.             General Release of Claims.

I hereby release Modine from, and covenant not to sue Modine with respect to, any and all claims I have or may have against Modine.  This Release applies both to claims that are now known or are later discovered.

2.             Claims Released Include Age Discrimination and Other Claims.

The claims released include, but are not limited to, (1) claims arising under the Age Discrimination in Employment Act, as amended (29 U.S.C. Section 621 et seq.); (2) claims arising out of or relating in any way to my employment with Modine or the termination of that employment; (3) claims arising under any other federal, state or local
law, regulation, ordinance or order; (4) common law claims; (5) claims for breach of any express or implied contract, written or unwritten; and (6) claims for attorneys’ fees incurred in relation to any released claims.

3.             Claims to Which Release Does Not Apply.

This Release does not apply to any claims that may arise after the date I execute this Release.  This Release does not apply to any claims that may not be released under applicable law.  Nothing in this Release prevents me from communicating with any government agency regarding matters that are within the agency’s
jurisdiction.  Nothing in this Release is a waiver of my right to file any charge or complaint with administrative agencies such as the United States Equal Employment Opportunity Commission which, as a matter of law, I cannot be prohibited from or punished for filing (an “Excepted Charge”).  Modine’s acknowledgment of this exception does not limit the scope of the waiver and release in Paragraphs 1 – 6 of this Release and I waive any right to recover damages or obtain
individual relief that might otherwise result from the filing of any Excepted Charge.

  

  

  

 

4.             Release Covers Claims Against Related Parties.

For purposes of this Release, the term “Modine” includes Modine Manufacturing Company and any of its present, former and future owners, parents, affiliates and subsidiaries, and its and their directors, officers, shareholders, employees, agents, servants, representatives, predecessors, successors and assigns.  Therefore,
the claims released include claims I have or may have against any such persons or entities.

 

5.            The Terms “Claims” and “Release” are Construed Broadly.

 

As used in this Release, the term “claims” shall be construed broadly and shall be read to include, for example, the terms “rights”, “causes of action (whether arising in law or equity)”, “damages”, “demands”, “obligations”, “grievances” and “liabilities”
of any kind or character.  Similarly, the term “release” shall be construed broadly and shall be read to include, for example, the terms “discharge” and “waive”.

6.             Release Binding on Employee and Related Parties.

This Release shall be binding upon me and my agents, attorneys, personal representatives, executors, administrators, heirs, beneficiaries, successors and assigns.

7.             Additional Consideration.

 

I have executed this Release in consideration of the benefits described in Modine’s letter to me dated January 13, 2009 and revised January 16, 2009 (the “Letter”).  I acknowledge that these benefits represent consideration in addition to anything of value that
I am otherwise entitled to receive from Modine, and that the benefits described in the Letter are sufficient to support this Release.

8.             Representations.

In connection with my decision to provide this Release I acknowledge that I have not relied on any verbal or written representations by Modine other than those explicitly set forth in the Letter and this Release itself.

9.             Opportunity to Consider this Release; Consultation with Attorney.

I have read this Release and fully understand its terms.  I have been offered 21 days to consider its terms.  I have been (and am again hereby) advised in writing to consult with an attorney before signing this Release.

10.           Voluntary Agreement.

I have entered into this Release knowingly and voluntarily.  I fully understand its terms, and understand that its terms are binding on me.  I have had the opportunity to consider all alternatives and to discuss the arrangements agreed upon as set forth above with my own attorney and other advisors of my choice.

  

  

  

 

11.           Partial Invalidity of Release.

If any part of this Release is held to be unenforceable, invalid or void, then the balance of this Release shall nonetheless remain in full force and effect to the extent permitted by law.

12.           Headings.

The headings and subheadings in this Release are inserted for convenience and reference only and are not to be used in construing this release.

13.           Applicable Law.

Wisconsin law will apply in connection with any dispute or proceeding concerning this Release.

	
14.
	
Suit in Violation of this Release - Loss of Benefits and Payment of Costs.

If I bring an action against Modine in violation of this Release or if I bring an action asking that this Release be declared invalid or unenforceable, I agree that prior to the commencement of such an action I will tender back to Modine all payments that I have received as consideration for this release.  If my action is unsuccessful,
I further agree that I will pay all costs, expenses and reasonable attorneys’ fees incurred by Modine in its successful defense against the action.  I acknowledge and understand that all remaining benefits to be provided to me as consideration for this Release will permanently cease as of the date such action is instituted.

15.           Preservation of Rights under Benefit Plans and Indemnities.

This Release shall not adversely affect my rights to receive any benefit that I am otherwise entitled to receive under any of Modine’s qualified and nonqualified benefit plans, or my rights to indemnification under Modine’s officers and directors’ insurance coverage, Modine’s Articles of Incorporation or Bylaws
or any indemnity agreement between Modine and me.

16.           Seven Day Revocation Period.

I understand that I have a period of seven calendar days following the date I deliver a signed copy of this Release to Modine Manufacturing Company, Attn: Gregory T. Troy, 1500 DeKoven Avenue, Racine, Wisconsin 53403 to revoke this Release by giving written notice to that person.  This Release and my entitlement to severance
pay described in the Letter will be binding and effective upon the expiration of this seven day period if I do not revoke, but not before.

 

EXECUTED THIS 31st DAY OF January, 2009.

/s/ James R. Rulseh

James R. Rulseh

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