Document:

Exhibit
10.1

 

		One
        Jake Brown Road

        Old
        Bridge, New Jersey 08857

        Tel:
        732-679-4000 

        Fax:
        732-679-4353

        www.blondertongue.com

 

  

June
29, 2018

 

Mr.
Ronald Alterio

501
Aylesbury Lane

Delray
Beach, FL 33444

 

Dear
Ron:

 

This
letter supersedes and replaces our prior letter to you dated June 28, 2018. On behalf of Blonder Tongue Laboratories, Inc. (the
“Company”), I am pleased to offer you employment with our Company. We look forward to a successful working relationship
providing the highest quality of products and services to our customers.

 

Your
compensation, benefits, and other initial employment terms are summarized on the enclosed schedule.

 

On
your first day of employment you should report to Bruce Gureck and bring with you evidence of your legal authorization to work
in the U.S. I enclose the Company’s Proprietary Information and Inventions Agreement, which you must sign and return prior
to your first day of work.

 

By
signing below, you are accepting employment and agreeing to all the terms of this letter and its enclosures, which supersede any
prior agreements, representations, or discussions regarding your employment.

 

We
look forward to your joining our team.

 

	 	Sincerely, 
	 	
	 	Eric Skolnik
	 	Senior Vice President

 

Accepted
and Agreed:

 

/s/
Ronald Alterio

Ronald
Alterio

 

Dated:
06/29/18

 

	Enc: 	Schedule of Compensation,
    Benefits, and Other Terms
	 	Proprietary Information and Inventions Agreement

 

 

 

    	 	1	 

     

    

 

SCHEDULE
OF COMPENSATION, BENEFITS, AND OTHER TERMS

 

	Expected
    Start Date:	July
    23, 2018 (“Start Date”)
	 	 
	Position:	Vice President -
    Chief Technology Officer (CTO)
	 	Reports to COO
	 	Direct Reports -
    Engineering & Product Management 
	 	You will be based
    in Old Bridge, NJ 
	 	 
	Salary:	$214,000 per year,
    less taxes and withholdings. 
	 	 
	Bonus Plan:	You will be eligible
    to participate in the Executive Officer Salary Bonus Plan, subject to the terms of the Plan, as determined by the Compensation
    Committee. 
	 	 
	Stock Option
    Award:	You will be granted
    stock options entitling you to purchase up to 150,000 shares of Common Stock (“Stock Options”), with the
    grant date being the second business day following the date on which the Company releases its earnings for the fiscal quarter
    ending June 30, 2018 (the “Grant Date”).  The Stock Options will not be “incentive stock
    options” as defined in Section 422 of the Internal Revenue Code of 1986, as amended (they will be “non-qualified
    stock options”).
	 	 
	 	The exercise price
    of your Stock Options will be set on the Grant Date, based on the arithmetic mean of the high and low selling price of the
    Company’s common stock on the Grant Date, as reported by the NYSE American Exchange, consistent with the terms of the
    2016 Plan.
	 	 
	 	Your Stock Options
    will vest at the rate of 50,000 per year on each of the three one-year anniversaries of your Start Date, such that the first
    date on which any of the Stock Options will vest and be exercisable shall be on the first anniversary of the Start Date, all
    as will be more fully set forth in an Option Agreement that will be entered into with you as of the Grant Date.  Vesting
    will be accelerated upon a change in control of the Company.  For this purpose, “change in control of the
    Company” shall mean a change in control of such nature that it would be required to be reported to the Securities and
    Exchange Commission pursuant to Schedule 14A of Regulation 14A or any successor provision (whether or not the Company is then
    subject to such reporting requirements).  A change of control will be deemed to have occurred if any person, other
    than persons or entities who on the date hereof are the “beneficial owners” (as determined pursuant to Sections
    13(d) and 14(d) of the Securities Exchange Act of 1934), directly or indirectly, of securities of the Company representing
    10% or more of the combined voting power of the Company’s then outstanding securities, is or becomes the “beneficial
    owner” of 25% or more of the combined voting power of the outstanding securities of the Company or if during two consecutive
    year periods, the directors at the beginning of such periods cease for any reason during the two-year period to constitute
    a majority of the Board of Directors of the Company.

 

    	 	2	 

     

    

 

	 	The
    Stock Options will be granted to you as an inducement award in accordance with the requirements for such awards set forth
    in the New York Stock Exchange Listed Company Manual, and not pursuant to any shareholder-approved plan maintained by the
    Company; as such the shares shall be subject to restrictions pursuant to Rule 144 under the Securities Act of 1933 as well
    as all other applicable securities laws as a result of your anticipated status as a person subject to Section 16 of the Securities
    Exchange Act of 1934.    
	Relocation Expenses:	You will be eligible
    for (i) housing rental expense reimbursement, payable in monthly increments no greater than $2,500 per month, up to a maximum
    aggregate amount of $15,000, and (ii) reimbursement up to a maximum of $15,000 for reasonable out-of-pocket, documented expenses
    associated with your relocation.  Documentation associated with these expenses must be provided to the Company prior
    to reimbursement of payment.  
	 	 
	Paid Time Off:
    	You will be eligible
    for (i) five (5) vacation days during the remainder of calendar year 2018 and (ii) fifteen (15) vacation days per calendar
    year for each calendar year thereafter (or such greater number of days to which you may be entitled under the Company’s
    then standard employment policies) and (iii) up to six (6) sick days per year, in addition to Company-paid holidays.
	 	 
	Benefits:	Eligibility to participate
    in the Company’s sponsored group health insurance coverage (medical, dental, vision), life insurance, and long-term
    disability plan commences on or about the Start Date, but in no event later than the first day of the calendar month following
    the Start Date.  You will be eligible to participate in the Company’s 401(k) plan after six months of employment.
    
	 	 
	Status:	Full-time employee.  This
    position is not eligible for overtime as it is exempt from overtime under applicable law.  You will be employed
    as an at-will employee, meaning either you or the Company can end the employment relationship at any time for any reason or
    no reason.

 

    	 	3	 

     

    

 

	 	 
	Work Location:	You will be based
    in the Company’s Old Bridge, NJ office.  However, your position will involve travel time away from the Company’s
    office from time to time.  Any work-related injuries, even if sustained away from the office, are to be reported
    to the Company immediately.  You must take all necessary and reasonable steps
    to safeguard the security of both electronic and paper records from unauthorized disclosure or damage, whether on-site or
    at a remote work location, and follow any applicable information technology or security policies relating thereto. 
	 	 
	Company Standards:	As an employee,
    you will be expected to adhere to the Company’s standards of professionalism, loyalty, integrity, honesty, and reliability.  Employment
    is subject to all of the policies and procedures of the Company, as amended from time to time, including but not limited to
    the Code of Ethics, the Insider Trading Policy, and the Employee Handbook, copies of which are available upon request for
    your review. As an executive officer of a public company, you will also be subject to compliance with all applicable federal
    and state securities laws.
	 	 
	Third Party Agreements:	You represent that
    you have provided to the Company (or the Company’s counsel) copies of any agreements with any current or former employers
    or other third parties that could restrict your ability to be employed or that limit the manner in which you may be employed.  You
    further represent that you are not subject to any agreements with any current or former employers or other third parties that
    prevent you from accepting employment with the Company or performing the duties of your position.  You agree not
    to bring to the Company or use in performing your duties for the Company any current or former employer or third-party confidential
    or proprietary information or trade secrets.  You also agree that you will not conduct yourself in a manner that
    would be violative of any such agreement with your current or former employers.

 

The
Company has the right to modify the terms referenced herein at any time, consistent with any plan terms and applicable law. You
acknowledge and agree that the Company has not provided you any legal or tax advice and that you have had a reasonable opportunity
to consult with your own legal and tax advisors if you so choose.

 

    	 	4Exhibit

INDEMNIFICATION AGREEMENT

INDEMNIFICATION AGREEMENT, dated as of [____________], by and among Tractor Supply Company, a Delaware corporation (the “Company”), and the director and/or executive officer of the Company whose name appears on the signature page of this Agreement (“Indemnitee”).

RECITALS

A.    The Board of Directors of the Company (the “Board”) has determined that the Company should act to assure its directors and executive officers that there will be increased certainty of protection through insurance or indemnification against risks of claims and actions against them arising out of their service to and activities on behalf of the Company.

B.    It is reasonable and prudent for the Company contractually to obligate itself to indemnify such persons to the fullest extent permitted by applicable law so that they will serve or continue to serve the Company free from undue concern that they will not be so indemnified.

C.    Indemnitee is willing to serve, to continue to serve and to take on additional service for or on behalf of the Company on the condition that Indemnitee be so indemnified.

D.    In consideration of the benefits received and to be received by the Company in connection with actions taken and to be taken by the Board and by the executive officers of the Company, the Company has determined that it is in the best interest of the Company for the reasons set forth above to be a party to this Agreement and to provide indemnification to the directors and executive officers of the Company in connection with their service to and activities on behalf of the Company and its respective subsidiaries.

E.    The Company acknowledges that for purposes of this Agreement the directors and executive officers of the Company who enter into this Agreement are serving in such capacities at the request of the Company.

F.    The Company further acknowledges that such directors and executive officers are willing to serve, to continue to serve and to take on additional service for or on behalf of the Company, thereby benefiting the Company and its subsidiaries, on the condition that the Company enter into, and provide indemnification pursuant to, this Agreement.

AGREEMENT

In consideration of the premises and the covenants contained herein, the Company and Indemnitee do hereby covenant and agree as follows:

		
	1.
	DEFINITIONS.

		
	(a)
	For purposes of this Agreement:

(i)“Affiliate” shall mean any corporation, partnership, joint venture, trust or other entity in respect of which Indemnitee is or was or will be serving as a director or officer directly or indirectly at the request of the Company, and including, but not limited to, service with respect to an employee benefit plan.

(ii)“Disinterested Director” shall mean a director of the Company who is not or was not a party to the Proceeding in respect of which indemnification is being sought by Indemnitee.

(iii)“Expenses” shall include all attorneys’ fees and costs, retainers, court costs, transcripts, fees of experts, witness fees, travel expenses, duplicating costs, printing and binding costs, telephone charges, postage, delivery service fees and all other disbursements or expenses incurred in connection with asserting or defending claims.

(iv)“fines” shall include any excise taxes assessed on Indemnitee with respect to any employee benefit plan.

(v)“Independent Counsel” shall mean a law firm or lawyer that neither is presently nor in the past year has been retained to represent: (i) the Company or Indemnitee in any matter material to any such party 

or (ii) any other party to the Proceeding giving rise to a claim for indemnification hereunder in any matter material to such other party. Notwithstanding the foregoing, the term “Independent Counsel” shall not include any firm or person who, under the applicable standards of professional conduct then prevailing, would have a conflict of interest in representing the Company or Indemnitee in an action to determine Indemnitee’s right to indemnification under this Agreement. All Expenses of the Independent Counsel incurred in connection with acting pursuant to this Agreement shall be borne by the Company.

(vi)“Losses” shall mean all expenses, liabilities, losses and claims (including attorneys’ fees, judgments, fines, excise taxes under the Employee Retirement Income Security Act of 1974, as amended from time to time, penalties and amounts to be paid in settlement) incurred in connection with any Proceeding.

(vii)“Proceeding” shall include any threatened, pending or completed action, suit, arbitration, alternate dispute resolution mechanism, investigation, administrative hearing or any other proceeding, whether civil, criminal, administrative or investigative.

(b)For purposes of this Agreement, a person who acted in good faith and in a manner such person reasonably believed to be in the interest of the participants and beneficiaries of an employee benefit plan shall be deemed to have acted in a manner “not opposed to the best interests of the Company” as referred to in this Agreement; the term “serving at the request of the Company” shall include any service as a director, officer, employee or agent of the corporation which imposes duties on, or involves services by, such director, officer, employee or agent with respect to an employee benefit plan, its participants or beneficiaries; and references to the “Company” shall include, in addition to the resulting corporation, any constituent corporation (including any constituent of a constituent) absorbed in a consolidation or merger which, if its separate existence had continued, would have had power and authority to indemnify Indemnitee in its capacity as a director, officer, or employee or agent, so that Indemnitee shall stand in the same position under this Agreement with respect to the resulting or surviving corporation as Indemnitee would have with respect to such constituent corporation if its separate existence had continued.

2.SERVICE BY INDEMNITEE.  Indemnitee agrees to begin or continue to serve the Company or any Affiliate as a director and/or executive officer. Notwithstanding anything contained herein, this Agreement shall not create a contract of employment between the Company and Indemnitee, and the termination of Indemnitee’s relationship with the Company or an Affiliate by either party hereto shall not be restricted by this Agreement.

3.INDEMNIFICATION.  The Company agrees to indemnify Indemnitee for, and hold Indemnitee harmless from and against, any Losses or Expenses at any time incurred by or assessed against Indemnitee arising out of or in connection with the service of Indemnitee as a director or officer of the Company or of an Affiliate (collectively referred to as an “Officer or Director of the Company”) to the fullest extent permitted by the laws of the State of Delaware in effect on the date hereof or as such laws may from time to time hereafter be amended to increase the scope of such permitted indemnification. Without diminishing the scope of the indemnification provided by this Section, the rights of indemnification of Indemnitee provided hereunder shall include but shall not be limited to those rights set forth hereinafter.

4.ACTION OR PROCEEDING OTHER THAN AN ACTION BY OR IN THE RIGHT OF THE COMPANY.  Indemnitee shall be entitled to the indemnification rights provided herein if Indemnitee is a person who was or is made a party or is threatened to be made a party to or is involved (including, without limitation, as a witness) in any Proceeding (other than an action by or in the right of the Indemnitee (unless approved in advance in writing by the Board) or the Company) by reason of (a) the fact that Indemnitee is or was an Officer or Director of the Company or any other entity which Indemnitee is or was or will be serving at the request of the Company, or (b) anything done or not done by Indemnitee in any such capacity.

5.ACTIONS BY OR IN THE RIGHT OF THE COMPANY.  Indemnitee shall be entitled to the indemnification rights provided herein if Indemnitee is a person who was or is a party or is threatened to be made a party to or is involved (including, without limitation, as a witness) in any Proceeding brought by or in the right of the Company to procure a judgment in its favor by reason of (a) the fact that Indemnitee is or was an Officer or Director of the Company or any Affiliate, or (b) anything done or not done by Indemnitee in any such capacity. Pursuant to this Section, Indemnitee shall be indemnified against Losses or Expenses incurred or suffered by Indemnitee or on Indemnitee’s behalf in connection with the defense or settlement of any Proceeding if Indemnitee acted in good faith and in a manner Indemnitee reasonably believed to be in or not opposed to the best interests of the Company. Notwithstanding the foregoing provisions of this Section, no such indemnification shall be made in respect of any claim, issue or matter as to which Delaware law expressly prohibits such indemnification by reason of an adjudication of liability of Indemnitee to the Company unless and only to the extent that the Court of Chancery of the State of Delaware or the court in which such action or suit was brought 

shall determine upon application that, despite the adjudication of liability but in view of all the circumstances of the case, Indemnitee is fairly and reasonably entitled to indemnity for such Losses and Expenses which the Court of Chancery or such other court shall deem proper.

6.INDEMNIFICATION FOR LOSSES AND EXPENSES OF PARTY WHO IS WHOLLY OR PARTLY SUCCESSFUL.  Notwithstanding any other provision of this Agreement, to the extent that Indemnitee has been wholly successful on the merits or otherwise in any Proceeding referred to in Sections 3, 4 or 5 hereof on any claim, issue or matter therein, Indemnitee shall be indemnified against all Losses and Expenses incurred by Indemnitee or on Indemnitee’s behalf in connection therewith. If Indemnitee is not wholly successful in such Proceeding but is successful, on the merits or otherwise, as to one or more but less than all claims, issues or matters in such Proceeding, the Company agrees to indemnify Indemnitee to the maximum extent permitted by law against all Losses and Expenses incurred by Indemnitee in connection with each successfully resolved claim, issue or matter. In any review or Proceeding to determine the extent of indemnification, the Company shall bear the burden of proving any lack of success and which amounts sought in indemnity are allocable to claims, issues or matters which were not successfully resolved. For purposes of this Section and without limitation, the termination of any such claim, issue or matter by dismissal with or without prejudice shall be deemed to be a successful resolution as to such claim, issue or matter.

7.PAYMENT FOR EXPENSES OF A WITNESS.  Notwithstanding any other provision of this Agreement, to the extent that Indemnitee is, by reason of the fact that Indemnitee is or was an Officer or Director of the Company or any Affiliate, as the case may be, a witness in any Proceeding, the Company agrees to pay to Indemnitee all Expenses actually and reasonably incurred by Indemnitee or on Indemnitee’s behalf in connection therewith.

8.ADVANCEMENT OF EXPENSES AND COSTS.  All Expenses incurred by or on behalf of Indemnitee (or reasonably expected by Indemnitee to be incurred by Indemnitee within three months) in connection with any Proceeding shall be paid by the Company in advance of the final disposition of such Proceeding within twenty (20) days after the receipt by the Company of a statement or statements from Indemnitee requesting from time to time such advance or advances, whether or not a determination to indemnify has been made under Section 9. Indemnitee’s entitlement to such advancement of Expenses shall include those incurred in connection with any Proceeding by Indemnitee seeking an adjudication or award in arbitration pursuant to this Agreement. The financial ability of Indemnitee to repay an advance shall not be a prerequisite to the making of such advance. Such statement or statements shall reasonably evidence such Expenses incurred (or reasonably expected to be incurred) by Indemnitee in connection therewith and shall include or be accompanied by a written undertaking by or on behalf of Indemnitee to repay such amount if it shall ultimately be determined that Indemnitee is not entitled to be indemnified therefor pursuant to the terms of this Agreement.

9.PROCEDURE FOR DETERMINATION OF ENTITLEMENT TO INDEMNIFICATION.

(a)When seeking indemnification under this Agreement (which shall not include in any case the right of Indemnitee to receive payments pursuant to Section 7 and Section 8 hereof, which shall not be subject to this Section 9), Indemnitee shall submit a written request for indemnification to the Company. The Secretary of the Company shall, promptly upon receipt of Indemnitee’s request for indemnification, advise the Board that Indemnitee has made such request for indemnification.

(b)The entitlement of Indemnitee to indemnification under this Agreement shall be determined, with respect to a person who is an Officer or Director of the Company at the time of such determination, by one of the following methods, which will be at the election of the Board: (1) by the Board by a majority vote of the Disinterested Directors, even though less than a quorum, or (2) by a committee of the Disinterested Directors designated by majority vote of the Disinterested Directors, even though less than a quorum, or (3) if there are no Disinterested Directors, or if such Disinterested Directors so direct, by Independent Counsel, or (4) by the stockholders. The entitlement of the Indemnitee to indemnification shall be determined with respect to any person who is not a director or officer at the time of such determination by any means reasonably determined by the Company.

(c)In the event the determination of entitlement is to be made by Independent Counsel, such Independent Counsel shall be selected by the Board and approved by Indemnitee. Upon failure of the Board to so select such Independent Counsel or upon failure of Indemnitee to so approve, such Independent Counsel shall be selected by 

the American Arbitration Association of New York, New York or such other person as such Association shall designate to make such selection.

(d)If a determination is made pursuant to Section 9(b) that Indemnitee is not entitled to indemnification to the full extent of Indemnitee’s request, Indemnitee shall have the right to seek entitlement to indemnification in accordance with the procedures set forth in Section 10 hereof.

(e)If the person, persons or entity empowered or selected under Section 9(b) to determine whether Indemnitee is entitled to indemnification has not made a determination within 30 days after receipt by the Company of the request, the requisite determination of entitlement to indemnification will be deemed to have been made, and Indemnitee will be entitled to such indemnification absent (i) a misstatement by Indemnitee of a material fact or an omission of a material fact necessary to make Indemnitee’s statement not materially misleading in connection with the request for indemnification, or (ii) a prohibition of such indemnification under applicable law. Such 30-day period may be extended for a reasonable time, not to exceed an additional 30 days, if the person, persons, or entity making such determination with respect to entitlement to indemnification in good faith requires such additional time to obtain or evaluate documentation or information relating thereto. The provisions of this Section 9(e) will not apply if the determination of entitlement to indemnification is to be made by the stockholders pursuant to Section 9(b) and if (A) within 15 days after receipt by the Company of the request for such determination, the Board or the Disinterested Directors, if appropriate, resolve to submit such determination to the stockholders for their consideration at an annual meeting to be held within 75 days after such receipt, and such determination is made at that annual meeting, or (B) a special meeting of stockholders is called within 15 days after such receipt for the purpose of making such determination, such meeting is held for such purpose within 60 days after having been so called and such determination is made at that meeting.

(f)The termination of any Proceeding by judgment, order, settlement or conviction, or upon a plea of NOLO CONTENDERE or its equivalent, shall not, of itself, adversely affect the rights of Indemnitee to indemnification hereunder except as may be specifically provided herein, or create a presumption that Indemnitee did not act in good faith and in a manner which Indemnitee reasonably believed to be in or not opposed to the best interests of the Company, or create a presumption that (with respect to any criminal action or proceeding) Indemnitee had reasonable cause to believe that Indemnitee’s conduct was unlawful.

(g)For purposes of any determination of good faith hereunder, Indemnitee shall be deemed to have acted in good faith if in taking such action Indemnitee relied on the records or books of account of the Company or an Affiliate, including financial statements, or on information supplied to Indemnitee by the officers of the Company or an Affiliate in the course of their duties, or on the advice of legal counsel for the Company or an Affiliate or on information or records given or reports made to the Company or an Affiliate by an independent certified public accountant or by an appraiser or other expert selected with reasonable care to the Company or an Affiliate. The Company shall have the burden of establishing the absence of good faith. The provisions of this Section 9(g) shall not be deemed to be exclusive or to limit in any way the other circumstances in which Indemnitee may be deemed to have met the applicable standard of conduct set forth in this Agreement.

(h)The knowledge and/or actions, or failure to act, of any other director, officer, agent or employee of the Company or an Affiliate shall not be imputed to Indemnitee for purposes of determining the right to indemnification under this Agreement.

10.REMEDIES IN CASES OF DETERMINATION NOT TO INDEMNIFY OR TO ADVANCE EXPENSES.

(a)In the event that (i) a determination is made that Indemnitee is not entitled to indemnification hereunder, (ii) advances are not made pursuant to Section 8 hereof or (iii) payment has not been timely made following a determination of entitlement to indemnification pursuant to Section 9 hereof, Indemnitee shall be entitled to seek a final adjudication either through an arbitration proceeding or in an appropriate court of the State of Delaware or any other court of competent jurisdiction of Indemnitee’s entitlement to such indemnification or advance.

(b)In the event a determination has been made in accordance with the procedures set forth in Section 9 hereof, in whole or in part, that Indemnitee is not entitled to indemnification, any judicial proceeding or arbitration referred to in Section 10(a) shall be DE NOVO and Indemnitee shall not be prejudiced by reason of any such prior determination that Indemnitee is not entitled to indemnification, and the Company shall bear the burdens of proof specified in Sections 6 and 9 hereof in such proceeding.

(c)If a determination is made or deemed to have been made pursuant to the terms of Section 9 or 10 hereof that Indemnitee is entitled to indemnification, the Company shall be bound by such determination in any judicial proceeding or arbitration in the absence of (i) a misrepresentation of a material fact by Indemnitee or (ii) a final judicial determination that all or any part of such indemnification is expressly prohibited by law.

(d)To the extent deemed appropriate by the court, interest shall be paid by the Company to Indemnitee at a reasonable interest rate for amounts which the Company indemnifies or is obliged to indemnify Indemnitee for the period commencing with the date on which Indemnitee requested indemnification (or reimbursement or advancement of any Expenses) and ending with the date on which such payment is made to Indemnitee by the Company.

11.EXPENSES INCURRED BY INDEMNITEE TO ENFORCE THIS AGREEMENT.  All Expenses incurred by Indemnitee in connection with the preparation and submission of Indemnitee’s request for indemnification hereunder shall be borne by the Company. In the event that Indemnitee is a party to or intervenes in any proceeding in which the validity or enforceability of this Agreement is at issue or seeks an adjudication to enforce Indemnitee’s rights under, or to recover damages for breach of, this Agreement, Indemnitee, if Indemnitee prevails in whole in such action, shall be entitled to recover from the Company, and shall be indemnified by the Company against, any Expenses incurred by Indemnitee. If it is determined that Indemnitee is entitled to indemnification for part (but not all) of the indemnification so requested, Expenses incurred in seeking enforcement of such partial indemnification shall be reasonably prorated among the claims, issues or matters for which Indemnitee is entitled to indemnification and for claims, issues or matters for which Indemnitee is not so entitled. 

12.NON-EXCLUSIVITY.  The rights of indemnification and to receive advances as provided by this Agreement shall not be deemed exclusive of any other rights to which Indemnitee may at any time be entitled under any law, certificate of incorporation, by-law, other agreement, vote of stockholders or resolution of directors or otherwise, both as to action in Indemnitee’s official capacity and as to action in another capacity while holding such office. To the extent Indemnitee would be prejudiced thereby, no amendment, alteration, rescission or replacement of this Agreement or any provision hereof shall be effective as to Indemnitee with respect to any action taken or omitted by such Indemnitee in Indemnitee’s position with the Company or an Affiliate or any other entity which Indemnitee is or was serving at the request of the Company prior to such amendment, alteration, rescission or replacement.

13.DURATION OF AGREEMENT.  This Agreement shall apply to any claim asserted and any Losses and Expenses incurred in connection with any claim asserted on or after the effective date of this Agreement and shall continue until and terminate upon the later of: (a) ten years after Indemnitee has ceased to occupy any of the positions or have any of the relationships described in Section 3, 4 or 5 hereof; or (b) one year after the final termination of all pending or threatened Proceedings of the kind described herein with respect to Indemnitee. This Agreement shall be binding upon the Company and its respective successors and assigns and shall inure to the benefit of Indemnitee and Indemnitee’s spouse, assigns, heirs, devisee, executors, administrators or other legal representatives.

14.MAINTENANCE OF D&O INSURANCE.

(a)The Company hereby covenants and agrees with Indemnitee that, so long as Indemnitee shall continue to serve as a Director or Officer of the Company, and for a reasonable period of time thereafter, the Company shall use commercially reasonable efforts to maintain in full force and effect (taking into account the scope and amount of coverage available relative to the cost thereof) directors’ and officers’ liability insurance, issued by one or more reputable insurers, providing coverage for officers and directors of the Company or any of its subsidiaries, that is substantially comparable in scope and amount to the coverage available for any other director or officer of the Company (collectively, “D&O Insurance”). 

(b)In all policies of D&O Insurance, Indemnitee shall be named as an insured in such a manner as to provide Indemnitee the same rights and benefits, subject to the same limitations, as are accorded to the Company’s directors or officers most favorably insured by such policy.

(c)Notwithstanding anything to the contrary set forth in (a) above, the Company shall have no obligation to maintain D&O Insurance if the Company determines in good faith that such insurance is not reasonably available, the premium cost for such insurance is disproportionate to the amount of coverage provided or the coverage provided by such insurance is limited by exclusions so as to provide an insufficient benefit.

15.SEVERABILITY.  Should any part, term or condition hereof be declared illegal or unenforceable or in conflict with any other law, the validity of the remaining portions or provisions hereof shall not be affected thereby, 

and the illegal or unenforceable portions hereof shall be and hereby are redrafted to conform with applicable law, while leaving the remaining portions hereof intact.

16.COUNTERPARTS.  This Agreement may be executed in several counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same document.

17.HEADINGS.  Section headings are for convenience only and do not control or affect meaning or interpretation of any terms or provisions hereof.

18.MODIFICATION AND WAIVER. No supplement, modification or amendment of this Agreement shall be binding unless executed in writing by each of the parties hereto.

19.NO DUPLICATIVE PAYMENT. The Company shall not be liable under this Agreement to make any payment of amounts otherwise indemnifiable hereunder if and to the extent that Indemnitee has otherwise actually received such payment (net of Expenses incurred in collecting such payment) under any insurance policy, contract, agreement or otherwise.

20.NOTICES. All notices, requests, demands and other communications provided for by this Agreement shall be in writing and shall be deemed to have been given at the time when mailed, enclosed in a registered or certified postpaid envelope, in any general or branch office of the United States Postal Service, or sent by Federal Express or other similar overnight courier service, addressed to the address of the parties stated below or to such changed address as such party may have fixed by notice.

		
	(a)
	If to Indemnitee, to the address appearing on the signature page hereof.

		
	(b)
	If to the Company to:

Tractor Supply Company
5401 Virginia Way
Brentwood, Tennessee 37027
Attention: General Counsel

21.GOVERNING LAW. The parties agree that this Agreement shall be governed by, and construed and enforced in accordance with, the internal laws of the State of Delaware without regard to its conflicts of law rules.

22.ENTIRE AGREEMENT. Subject to the provisions of Section 12 hereof, this Agreement constitutes the entire understanding between the parties and supersedes all proposals, commitments, writings, negotiations and understandings, oral and written, and all other communications between the parties relating to the subject matter hereof. This Agreement may not be amended or otherwise modified except in writing duly executed by all of the parties. A waiver by any party of any breach or violation of this Agreement shall not be deemed or construed as a waiver of any subsequent breach or violation thereof.

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

TRACTOR SUPPLY COMPANY

By:     

Name:     

Title:     

INDEMNITEE

Name:     

Address:     

City and State:

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