Document:

EX-10.1

 Exhibit 10.1 

SEPARATION AGREEMENT AND RELEASE 

This Separation Agreement and Release (the “Agreement”) is made by and between Alan Krock, an individual (the “Employee”)
and InvenSense Inc. (the “Company”)(individually each a “Party” and collectively the “Parties”) effective at the end of the seventh calendar day after the date a signed copy of this Agreement is delivered to the Company
by the Employee (“Effective Date”). The Employee must sign and return this Agreement within twenty-one (21) days of receipt of this Agreement to be eligible for the severance benefits described below; provided, however, that this
Agreement may not be signed prior to September 1, 2014. 
 RECITALS 

WHEREAS, the Employee served the Company as its Chief Financial Officer, 

WHEREAS, the Company terminated the Employee’s service as an employee effective September 1, 2014, (the “Employment Termination
Date”), 
 WHEREAS, the Company wishes to provide the Employee with a severance package and to retain Executive as a consultant
pursuant to the Consulting Agreement attached hereto as Exhibit A (the “Consulting Agreement”), but is willing to do so only if the Employee provides the Company with this release so that the Company is assured that the severance pay
satisfies the Employee’s expectations, and 
 WHEREAS, the Employee acknowledges that the Employee has received final paychecks which
included payment of all wages due and all accrued, unused vacation and/or PTO through the Employment Termination Date. The Employee represents that he has been paid all amounts he was owed as salary, bonuses, commissions or other wages and has
received reimbursement of all reimbursable business expenses through the Employment Termination Date. 
 NOW, THEREFORE, in consideration of
the promises made herein, the Parties hereby agree as follows: 
 Agreement 

1. In consideration of the Employee’s execution of this Agreement and the Employee’s fulfillment of all of its terms and conditions,
and provided that the Employee does not revoke the Agreement, the Company agrees as follows: 
 (i) The Company agrees to pay the Employee
the lump sum of one hundred and seventy five thousand dollars ($175,000) less applicable tax withholdings (“Separation Pay”). This payment will be made on or before the November 15, 2014. This payment will be subject to all legally
required payroll deductions and withholdings. 
 (ii) COBRA. Following the Employment Termination Date, Employer shall provide
Employee COBRA benefits as required by law, with Employee to pay the COBRA premiums. If Employee elects COBRA continuation coverage, the Company agrees to reimburse the Employee for health continuation coverage premiums through June 30, 2015 at

 
the same level as the monthly amount that was paid by the Company for health insurance for Employee and his dependents prior to the Employment Termination Date. The Employee is solely responsible
for filing any necessary paperwork for COBRA coverage and payment of all premiums. 
 (iii) The Company will retain the Employee as a
consultant at his current salary under the Consulting Agreement through October 31, 2014 or earlier if terminated according to its terms. Any equity compensation held by the Employee will continue to vest in accordance with its original vesting
schedule during the Term of the Consulting Agreement as defined therein. Any option or other equity grants held by the Employee are hereby amended to allow the Employee to exercise the option or other equity grant at any time within the 90 day
period following the Term of the Consulting Agreement or, if earlier, to the time when the option would otherwise expire. 
 (iv) The
Employee acknowledges that without this Agreement, he is otherwise not entitled to the consideration listed in this Section 1, and this consideration is offered by the Company solely as consideration for this Agreement. 

2. The Employee, releases and forever discharges the Company and each of its employees, officers, directors, shareholders, agents,
predecessors and successors in interest, parents, subsidiaries, attorneys, and assigns (“Company-Affiliates”), from any and all claims, demands, obligations and/or liabilities which arise out of or relate to any action by the Company or
the Company-Affiliates or omission to act by the Company or the Company-Affiliates occurring on or before the date this Agreement is signed by the Employee (the “Release”). The Release does not extend to claims for unemployment or
workers’ compensation benefits. 
 3. There are certain claims which, under state or federal statutes or regulations, may not be
released or may not be released except with the participation and approval of a state or federal agency. For example, claims for indemnification under the California Labor Code cannot be waived or released and claims related to Workers’
Compensation benefits may not be waived without the express approval of the agency that oversees administration of those laws. The Release is not intended to cover and does not extend to these claims or other claims that, by law, cannot be released
in an agreement between an employer and an employee. 
 4. To the extent permitted by law, the Release includes, but is not limited to,
release of any and all claims arising out of the Employee’s employment with the Company or Company-Affiliates and the termination of that employment. This includes a release of any rights or claims the Employee may have under the Age
Discrimination in Employment in Employment Act, 29 U.S.C. §§621, et seq., (as amended by the Older Workers’ Benefit Protection Act, 29 U.S.C. §626(f)) which prohibits age discrimination in employment, Title VII of
the Civil Rights Act of 1964, 42 U.S.C. §§2000, et seq., which prohibits discrimination in employment based on race, color, national origin, religion, or sex, the Equal Pay Act, which prohibits paying men and women unequal
pay for equal work, the Americans with Disabilities Act (42 U.S.C. §§12101, et seq.), which prohibits discrimination against the disabled, the Employee Retirement Income Security Act (“ERISA”), 29 U.S.C.
§§1001, et seq., the Family Medical Leave Act (29 USC §2601, et seq.) which provides job security to employees due to certain absences from work, the Fair Labor Standards Act, 29 U.S.C. §§201 et seq., (as
amended), the California Fair Employment and Housing Act (“FEHA”), 

 
Government Code §§12940, et seq., the California Labor Code, the California Private Attorney General Act, or any other federal, state or local laws or regulations relating
to terms and conditions of employment. The Release also includes any claims for unpaid wages, wrongful discharge, breach of contract, fraud, misrepresentation, intentional and negligent infliction of emotional distress, harassment, and any claims
that the Company or any Company-Affiliate has dealt with the Employee unfairly or in bad faith. 
 5. To the maximum extent permitted by
law, the Release extends to all claims of every nature and kind whatsoever, whether known or unknown, suspected or unsuspected. The Employee expressly waives the provisions of Section 1542 of the Civil Code which provides: 

A general release does not extend to claims which the creditor does not know or suspect to exist in his or her favor at the time of executing
the release, which if known by him or her must have materially affected his or her settlement with the debtor. 
 6. The Release does not
waive any rights or claims that the Employee might have arising after the date the Employee signs this Agreement. 
 7. The Employee
acknowledges that his employment with the Company ceased on or before the date this Agreement is signed by Employee. 
 8. The Employee
promises and states that the Employee has not given or sold any claim discussed in this Agreement to anyone and that the Employee has not filed a lawsuit, claim, or charge with any court or government agency asserting any claims that are released by
the Release. Without limiting the generality of the foregoing, the Employee agrees that the Employee will not bring or participate in any class action or collective action against the Company which asserts, in whole or in part, any claim(s) which
arose prior to the date this Agreement is signed by the Employee, whether or not such claims are covered by the Release. 
 9. The Employee
promises and states that he has returned to the Company all property belonging to the Company or authored by or concerning Company (other than the Employee’s personal copies of his payroll and benefits records), including, but not limited to,
keys and passes, credit cards, computer hardware and software, papers, manuals, records, drawings, and documents. 
 10. The Employee
promises and agrees that he will not, except upon written authorization from the Company or as required by law, disclose any confidential or proprietary information belonging to or concerning the Company, and/or Company-Affiliates, vendors, or
customers, including, without limitation, financial data, business and marketing plans, budgets, personnel information, product designs and specifications, research and development plans and budgets, technical drawings and specifications,
manufacturing methods, technical know-how or other trade secrets. The Employee acknowledges and reaffirms in its entirety the Employee Proprietary Information Agreement executed upon commencement of his
employment, a copy of which is attached to this Agreement (the “IP Agreement”). Notwithstanding anything else contained herein nothing in this Agreement is intended to or shall be construed to modify, impair or terminate any obligation of
the Employee pursuant to the IP Agreement that by the terms of the IP Agreement continues after his separation from the Company’s employment. 

 11. The Employee promises to hold the provisions of this Agreement in strictest confidence. The
Employee may disclose this Agreement, in confidence, to his immediate family, to his attorneys, accountants, auditors, tax preparers and financial advisors, and as may be necessary to enforce its terms or as otherwise required by law. Otherwise, the
Employee agrees not to publicize or disclose its terms to anyone, in any manner. In particular (but without limitation), the Employee agrees not to discuss the terms of this Agreement with former or current employees, clients, suppliers,
subcontractors or other business contacts of the Company. 
 12. Employee agrees not to act in any manner that might damage the business of
the Company. Employee agrees not to counsel or assist any attorneys or their clients in the presentation or prosecution of any disputes, differences, grievances, claims, charges, or complaints by any third party against the Company and/or any
officer, director, employee, agent, representative, shareholder or attorney of the Company, unless under a subpoena or other court order to do so. 

13. To the extent not already accomplished, the Employee hereby resigns all positions he held with the Company and its subsidiaries as an
officer or a director. 
 14. This Agreement recognizes the rights and responsibilities of the Equal Employment Opportunity Commission
(“EEOC”) and the California Department of Fair Employment and Housing (“DFEH”) to enforce the statutes which come under their jurisdiction. This Agreement is not intended to prevent Employee from initiating or participating in
any investigation or proceeding conducted by the EEOC or the DFEH; provided, however, that nothing in this section limits or affects the finality or the scope of the Release. The Employee has waived and released any claim the Employee may have for
damages based on any alleged discrimination and may not recover damages in any proceeding conducted by the EEOC or the DFEH. 
 15. Employee
agrees to refrain from any disparagement, defamation, libel or slander of the Company or Company-Affiliates or tortious interference with the contracts and relationships of the Company. 

16. This Agreement is to be governed by California law. 

17. Payments and benefits provided under this Agreement are taxable under the laws of the United States and the State of California and will
be subject to all required withholdings and court ordered wage assignments and/or garnishments. This Agreement is intended to qualify as a “separation pay plan” under Treasury Regulations section 1.409A-1(b)(9), and the payments
hereunder are intended to be exempt from the definition of “deferral of compensation” pursuant to the exemption for short-term deferrals under Treasury Regulations section 1.409A-1(b)(4) and/or the exemption for separation pay due to
involuntary separation from service under Treasury Regulations section 1.409A-1(b)(9)(iii). To the extent that any payment hereunder does not meet an exemption from section 409A of the Internal Revenue Code of 1986, as amended (the
“Code”), then this Agreement is intended to comply with the applicable requirements of Code section 409A and shall be interpreted and administered in a manner that is consistent with the foregoing intent. Notwithstanding any provision
to the contrary in the Agreement, the Company will delay the commencement of severance pay benefits to which the Employee would otherwise become entitled under the Agreement until the earlier of: (i) the first day of the month following
the 

 
expiration of the six (6)-month period from the date of the Employee’s “separation from service” (as such term is defined in Treasury Regulations issued under Code section 409A)
with the Company; or (ii) the date of the Employee’s death, if the Company in good faith determines that the Employee is a “specified employee” within the meaning of Code section 409A(a)(2)(B)(i) at the time of such separation
from service and that the delayed commencement is required in order to avoid a prohibited distribution under Code section 409A(a)(2). The provisions of the Agreement that require payment upon a termination of employment shall be interpreted to
require that the Employee have a “separation from service” with the Company, as such term is defined in regulations under Code section 409A. To the extent that severance pay benefits may be paid in multiple installments, each
installment of severance pay benefits shall for all purposes of Code section 409A be treated as a separate payment. To the extent that any expense reimbursements or the provision of any in-kind benefits under this Agreement are determined to be
subject to Code section 409A (including any exemptions thereto), the amount of any such expenses eligible for reimbursement or the provision of any in-kind benefit in one calendar year shall not affect the expenses eligible for reimbursement or
in-kind benefits to be provided in any other calendar year (except for any aggregate limitation applicable to medical expenses), in no event shall any expenses be reimbursed after the last day of the calendar year following the calendar year in
which the Employee incurred such expenses, and in no event shall any right to reimbursement or the provision of any in-kind benefit be subject to liquidation or exchange for another benefit. 

18. If any portion of this Agreement is found to be unenforceable, then both the Employee and the Company desire that all other portions that
can be separated from it or appropriately limited in scope shall remain fully valid and enforceable. 
 19. Except as prohibited by law, any
legal dispute between the Employee and the Company (or between the Employee and any Company-Affiliates, each of whom is hereby designated a third party beneficiary of this agreement regarding arbitration) arising out of the Employee’s
employment or termination of employment or this Agreement (a “Dispute”) will be resolved through binding arbitration in Santa Clara County California under the Federal Arbitration Act and, to the extent not inconsistent with or preempted
by the Federal Arbitration Act, the Arbitration Rules set forth in California Code of Civil Procedure Section 1280 et seq. Nothing in this arbitration provision is intended to limit any right the Employee may have to file a charge or claim with
(or, to the extent not barred by the Release, to obtain relief from) the National Labor Relations Board, or other federal or state agencies. The Parties agree that such arbitration shall be conducted on an individual basis only, not a class,
representative or collective basis, and hereby waive any right to bring classwide, collective or representative claims before any arbitrator or in any forum. THE PARTIES UNDERSTAND THAT BY AGREEING TO ARBITRATE DISPUTES THEY ARE WAIVING ANY RIGHT
THEY MIGHT OTHERWISE HAVE TO A JURY TRIAL. This arbitration provision is not intended to modify or limit substantive rights or the remedies available to the Parties, including the right to seek interim relief, such as injunction or attachment,
through judicial process, which shall not be deemed a waiver of the right to demand and obtain arbitration. 
 20. This Agreement is
intended by the Parties to be their final agreement. The statements, promises and agreements in this Agreement may not be contradicted by any prior understandings, agreements, promises or statements. The Employee states and promises that in signing
this Agreement he has not relied on any statements or promises made by the Company, other than the promises contained in this Agreement. Any changes to this Agreement must be in writing and signed by both Parties. 

 21. If the Employee breaks any of the promises or agreements made in this Agreement, or if any of
the representations or statements made by the Employee in this Agreement are discovered to be untrue, the Company may stop providing the severance benefits described in Paragraph 1 and the Employee will return to the Company all severance payments
which have been made up to that date. All of the other terms of this Agreement will remain in full force and effect. 
 22. If either Party
files any arbitration, lawsuit, claim, or charge based on, or in any way related to, the Employee’s employment with the Company, any claim that the Employee has released in the Release or the promises and agreements contained in this Agreement,
the Party that wins the lawsuit or arbitration or prevails on the claim or charge will be entitled to recover from the other Party all costs it incurs, in connection with the dispute, including reasonable attorneys’ fees. 

23. Paragraphs 21 and 22 shall not apply if the Employee asserts a claim under the Age Discrimination in Employment in Employment Act, 29
U.S.C. §§621, et seq., (as amended by the Older Workers’ Benefit Protection Act, 29 U.S.C. §626(f)), even though such claim is barred by the Release given by the Employee in this Agreement. This Paragraph does not
limit the completeness or finality of Release. It only limits the Company’s remedies in the event that the employee asserts certain claims barred by the Release. 

24. In signing this Agreement, the Employee intends to bind himself and his heirs, administrators, executors, personal representatives and
assigns. 
 25. The Employee is advised to consult with an attorney before signing this Agreement. The Employee understands that the
choice of whether or not to sign this Agreement is the Employee’s decision. The Employee acknowledges that the Employee has been given at least twenty-one (21) days to consider this Agreement before signing it. 

26. The Employee may revoke this Agreement within seven (7) days of signing it. Revocation can be made by sending a written notice
of revocation to the Company. For such revocation to be effective, notice must be received no later than 5:00 p.m. on the seventh calendar day after the Employee signs this Agreement. If the Employee revokes this Agreement, it shall not become
effective or enforceable and the Employee will not receive the severance package described in this Agreement. 
 27. The Employee represents
and warrants that 1) the Employee has had the opportunity to discuss this Agreement with counsel, and 2) the Employee signs this Agreement of the Employees own volition, without outside inducement or coercion, fully intending to be bound by its
terms. 
 In order to bind the Parties to this Agreement, the Parties, or their duly authorized representatives have signed their names
below. 

					
		 	InvenSense Inc.
			
	Dated: August 27, 2014	 	By:	 	
                  /s/ Leon
Bezdikian

		
		 	Alan Krock
		
	Dated: September 1, 2014	 	
                  /s/ Alan
Krock

 Exhibit A 

CONSULTING AGREEMENT 

THIS CONSULTING AGREEMENT (“Agreement”), dated as of this 2nd day of September,
2014 (“Effective Date”), is made by and between Alan Krock, an individual (“Consultant”) and InvenSense Inc. (the “Company”)(individually each a “Party” and collectively the “Parties”). 

WHEREAS, Consultant previously served the Company as its Chief Financial Officer; 

WHEREAS, the Company and Consultant are parties to a Separation Agreement and Release to which this Agreement is Exhibit A (the
“Separation Agreement”); and 
 WHEREAS, the Company wishes to retain Consultant to assist with transition of his former duties to
its new CFO on an as needed basis, 
 NOW, THEREFORE, in consideration of the promises made herein, the Parties hereby agree as follows:

 1. Statement of work. Consultant will assist the Company with transition of his former duties to the Company’s new CFO on an
as needed basis. Consultant and the Company anticipate that Consultant shall be required to work on average approximately 10 hours per week. Consultant will provide services hereunder on a timely basis. 

2. Term. The initial term of this Agreement shall commence on the Effective Date set forth above and shall expire on October 31,
2014, or such earlier date as the Agreement terminated pursuant to Section 20(a) or (c) below (the “Term”). 
 3.
Compensation. In consideration of the Consultant’s performance of these services, the Company agrees to pay the Consultant twenty-five thousand dollars ($25,000) per month for the months of September and October of 2014. The fee for each
full calendar month of service hereunder shall be due and payable no later than the fifth day of the following month. In addition, any equity compensation from the Company held by the Consultant will continue to vest in accordance with its original
vesting schedule during the Term of this Agreement. 
 4. Reimbursement for Expenses. All reasonable direct expenses necessarily
incurred by Consultant in providing services hereunder are chargeable to the Company. Consultant may obtain reimbursement of such chargeable expenses by submitting expense reports with receipts or such other documentation as may be required under
the Company’s policies or under the terms of this Agreement. All other expenses incurred by Consultant in connection with providing services under this Agreement, shall be the sole responsibility of Consultant. 

5. Tools and Equipment. Consultant shall provide his own tools, equipment and materials for services to be rendered hereunder at his
sole cost and expense. 

 6. Designated Facility. Consultant generally will perform services in his own facility.
The Company may in its discretion provide the Consultant with space to work from time to time, but the Consultant will not have a regularly assigned workspace. 

7. Ownership of Work Product. All records, databases, forms, summaries, information, data, computer programs and other material
originated or prepared by the Company and delivered to Consultant for use in the performance of the services hereunder (the “the Company Materials”) shall remain the exclusive property of the Company, and Consultant shall acquire no
right, title or interest in an to any such the Company Materials. Consultant shall not disclose such the Company Materials to third parties without the prior written consent of the Company and shall return all copies of the Company Materials to the
Company promptly upon completion of the services or upon the Company’s prior request. 
 Consultant acknowledges and agrees that all worldwide right,
title and interest in and to any and all work product, works of authorship (including but not limited to computer programs, software, logic design, and documentation), trademarks, methods of doing business, sound recordings, pictorial reproductions,
drawings, graphic representations, deliverables, improvements, innovations, discoveries and inventions conceived, made or reduced to practice in the course of performing services under this Agreement (collectively, the “Work
Product”) shall be the sole property of the Company. Consultant hereby agrees to assign, and does hereby assign, to the Company all worldwide right, title and interest in and to the Work Product, including, without limitation, all patent
rights, trademarks, service marks, copyrights, trade secret rights and other proprietary rights (collectively “Intellectual Property”). During and after the Term of this Agreement, Consultant shall, upon the Company’s request,
execute additional documentation confirming the Company’s sole ownership of the Work Product and its underlying Intellectual Property; to the extent Consultant does not do so, Consultant hereby authorizes officers of the Company to sign such
documents on Consultant’s behalf. For the avoidance of doubt, Work Product does not include any works of authorship, trademarks, methods of doing business, sound recordings, pictorial reproductions, drawings, graphic representations,
deliverables, improvements, innovations, discoveries or other inventions that are conceived, made or reduced to practice on the Consultant’s own time outside of and unrelated to the performance of services hereunder. 

To the extent that Consultant has intellectual property rights of any kind in any pre-existing works which are
incorporated in any Work Product produced in rendering services under this Agreement, Consultant hereby grants the Company a royalty-free, irrevocable, world-wide, perpetual,
non-exclusive license (with the right to sublicense) to make, have made, copy, modify, make derivative works of, use, sell, license, disclose, publish, or otherwise disseminate or transfer such subject
matter.  
 All decisions with respect to the time, manner, form and extent of publication or other use or exploitation of the Work Product shall
rest exclusively with the Company. 
 8. Confidentiality. As used in this Agreement, the term “Confidential
Information” refers to any and all information relating to the Company that Consultant acquires as a direct or indirect result of Consultant’s activities under this Agreement, including but not limited to, products, research and
development, billing and account data, customer lists, business information, technical information, computer programs and systems, secrets, specifications, drawings, sketches, models, samples, tools, records, information pertaining to the
Company’s software and hardware systems, inventions, mask works, trade secrets, ideas, processes, formulas, source and object codes, know-how, improvements, discoveries, developments, designs, techniques and any other information concerning the
Company which it deems confidential or proprietary. Consultant agrees that such Confidential Information shall not be revealed by Consultant to anyone outside the Company without the prior written consent of the Company, and such Confidential
Information shall be used by Consultant only in performing Consultant’s 

 
obligations hereunder. All such information shall remain the Company’s property, and that all copies of the same on computer disc or in written, graphic or tangible form shall be returned to
the Company upon completion of each project. Nothing in this Agreement, however, shall confer upon Consultant the obligation to preserve the confidentiality of any information that: (a) was known to Consultant prior to the date such information
was disclosed to Consultant under this Agreement free of any obligation to keep it confidential; (b) is distributed by the Company to third parties without any restrictions as to confidentiality; (c) is or becomes publicly available, other
than by unauthorized disclosure by Consultant; or (d) is rightfully disclosed to Consultant by a third party without any restrictions as to confidentiality. 

9. Independent Contractor. This Agreement does not establish an employer-employee relationship with the Company. Consultant is for all
purposes an independent contractor. Consultant will not be entitled to any benefits available to the Company employees including, but not limited to, medical, unemployment, vacation and pension benefits, except as otherwise provided herein.
Consultant is solely responsible for providing Workers’ compensation coverage, and all other legally required benefits, to any persons performing services for Consultant who are entitled to the same under applicable state or federal law.
Consultant shall be responsible for all employment-related taxes pursuant to the requirements of applicable local, state and federal regulation. 

10. Insurance: Consultant understands and agrees that as an independent contractor, Consultant is responsible for maintaining adequate
insurance coverage for Consultant and, if appropriate, for all of Consultant’s employees, representatives, and agents. Adequate insurance coverage shall, at all minimum, include any mandated benefits/labor insurance, including workers’
compensation, and automobile liability insurance for the operator of all motor vehicles used in the performance of this Agreement. 
 11.
Compliance with Laws and Rules. Consultant agrees to comply fully with any and all of the Company’s reasonable rules and regulations that relate to any of Consultant’s activities as to which it has been given advance notice.
Consultant shall secure and maintain in force all licenses and permits required of Consultant by law or regulation, and Consultant (including any required business license) and shall fully comply with all federal, state and local laws, ordinances
and regulations applicable to Consultant. 
 12. Consultant’s Other Agreements and Conflicts of interest. Consultant represents
that performance under this Agreement does not and will not breach any agreement the Consultant has with any third party. Consultant represents that there are no other agreements, written or oral, conveying to any third party any rights in any
research or other work to be conducted by Consultant under this agreement. During the Term of this agreement Consultant will not inter into any contracts with or do business with any person, firm or company which would conflict with or impair
Consultant’s performances of the services contemplated by this agreement. 
 13. Assignment. This Agreement may not be assigned
in whole or in part by Consultant without the express written consent of the Company. 
 14. Entire Agreement. This Agreement and the
Separation Agreement and the IP Agreement set forth the entire understanding of the parties and supersede any and all prior agreements, arrangements and understandings relating to the subject matter hereof, and may not be changed except in a writing
signed by the parties. No representation, promise, inducement or statement of intention has been made by either party which is not embodied herein. 

 15. Waiver. No provision of this Agreement shall be deemed waived, amended or modified by
either party, unless such waiver, amendment or modification is in writing and is signed by the party against whom it is sought to be enforced. 

16. Successors and Assigns. This Agreement shall inure to the benefit of and shall be binding upon the parties hereto and their
respective successors and assigns. 
 17. Arbitration and Governing Law. Disputes under this Agreement shall be arbitrated pursuant
to Section 19 of the Separation Agreement. This Agreement shall be construed, interpreted, governed and enforced in accordance with the laws of the State of California. 

18. Attorneys’ Fees. In the event of any dispute between the parties hereto involving the covenants or conditions contained in
this Agreement or arising out of the subject matter of this Agreement, the prevailing party shall be entitled to recover reasonable expenses, attorneys’ fees and costs. 

19. Survival. The obligations described in Sections 7, 8, 9, 13, 14, 15, 16, 17, 18 and 21 shall survive the termination of this
Agreement under Section 20 or the expiration of this Agreement. 
 20. Termination. Either Party may terminate this Agreement
only for Cause. In the Case of termination by the Company, Cause shall mean (i) failure of Consultant to execute the Separation Agreement or timely revocation of his acceptance of the Separation Agreement; (ii) breach by Consultant of the
terms of (x) this Agreement, (y) the Separation Agreement or (z) the IP Agreement as defined in Section 10 of the Separation Agreement, (iii) theft, embezzlement, fraud, dishonesty or falsification of any document or record
in connection with the provision of services hereunder, (iv) conviction of, or in a plea of nolo contendere to, a crime involving moral turpitude, or (v) failure to timely perform services assigned under Section 1 above, provided that
the Company has given Consultant notice that the services have not been timely performed and Consultant has not cured such breach within ten days of receipt of such notice. In the case of termination of this Agreement for Cause by the Company,
Consultant shall not be entitled to any additional payments hereunder after the date of delivery of notice of the breach to Consultant. In the case of termination by the Consultant, Cause shall mean failure of the Company to make any payment under
Section 3 above when due, provided that Consultant has given the Company notice that the payment has not been paid when due and the Company has not cured such breach within ten days of receipt of such notice. In the case of termination of this
Agreement for Cause by Consultant, Consultant shall be entitled full payment of all amounts described in Section 3 above within 20 days following provision of notice of Cause and accelerated vesting of such portion of the equity compensation
held by Consultant as would have vested had this Agreement remained in place through October 31, 2014. 
 21. Section 409A.
To the extent that any payment hereunder does not meet an exemption from section 409A of the Internal Revenue Code of 1986, as amended (the “Code”), then this Agreement is intended to comply with the applicable requirements of Code section
409A and shall be interpreted and administered in a manner that is consistent with the foregoing intent. The provisions of the Agreement that require payment upon a termination shall be interpreted to require that Consultant have a
“separation from service” with the Company, as such term is defined in regulations under Code section 409A. To the extent that any expense reimbursements or the provision of any in-kind benefits under this Agreement are determined to
be subject to Code section 409A (including any exemptions thereto), the amount of any such expenses eligible for reimbursement or the provision of any in-kind benefit in one calendar year shall not affect the expenses eligible for reimbursement or
in-kind benefits to be provided in any other calendar year (except for any aggregate limitation applicable to medical expenses), in no event shall any expenses be reimbursed after the last day of the calendar year following the calendar year in
which Consultant incurred such expenses, and in no event shall any right to reimbursement or the provision of any in-kind benefit be subject to liquidation or exchange for another benefit. 

 IN WITNESS WHEREOF, the parties have caused this Agreement to be executed by their duly
authorized representatives on the day and year first above written. 
  

					
		 	InvenSense Inc.
			
	Dated: August 27, 2014	 	By:	 	
                  /s/ Leon
Bezdikian

		
		 	Alan Krock
		
	Dated: September 1, 2014	 	
                  /s/ Alan
KrockFinalRYAMExecSevPayPlan

Rayonier Advanced Materials Inc.  
Executive Severance Pay Plan

Human Resources
June 2014

RAYONIER ADVANCED MATERIALS INC.
EXECUTIVE SEVERANCE PAY PLAN
1.Purpose
The Compensation and Management Development Committee of the Board of Directors of Rayonier Advanced Materials Inc. recognizes that, as with many publicly held corporations, there exists the possibility of a Change in Control of the Company. This possibility and the uncertainty it creates may result in the loss or distraction of senior executives of the Company, to the detriment of the Company and its shareholders.
Accordingly, the Committee has determined that appropriate steps should be taken to assure the Company of the continued employment, attention and dedication to duty of its senior executives-including maintaining professionalism, indifference and objectivity in negotiating with a potential acquirer and to seek to ensure the availability of their continued service, notwithstanding the possibility, threat, or occurrence of a Change in Control.
Therefore, in order to fulfill the above purposes, this Executive Severance Pay Plan is adopted effective as specified in Section 17. 
The definitions of capitalized terms are located in Section 8.
2.    Covered Employees
Covered employees under this Plan are those full-time, regular executive salaried employees of the Company, who are identified and designated as Tier I or Tier II on Appendix A attached hereto (each an "Executive"), as such Appendix A may be amended by the Committee from time to time prior to a Change in Control.
An Executive shall cease to be a participant in this Plan only as a result of termination or amendment of this Plan complying with Section 13, or when he or she ceases to be a full time employee of the Company, unless, at the time he or she ceases to be an employee, such Executive is entitled to payment of Separation Benefits as provided in this Plan or there has been an event or occurrence that constitutes Good Reason after a Change in Control that would enable Executive to terminate his or her employment and receive Separation Benefits. An Executive entitled to payment of Separation Benefits under the Plan shall remain a participant in the Plan until the full amount of the Separation Benefits has been paid to Executive.

3.    Upon a Qualifying Termination 
		
	A.
	Qualifying Termination.  If, within two years following a Change in Control, (a) an Executive terminates his or her full time employment for Good Reason, or (b) the Company terminates an Executive's full time employment, the Executive shall be provided Scheduled Severance Pay and Additional Severance (collectively, “Separation Benefits”) in accordance with the terms of this Plan, except that Separation Benefits shall not be payable where Executive:

		
	•
	is terminated for Cause;

		
	•
	voluntarily resigns (including normal retirement), other than for Good Reason;

		
	•
	voluntarily fails to return from an approved leave of absence (including a medical leave of absence); or

		
	•
	terminates employment as a result of Executive's death or Disability. 

Any non-excepted termination is a "Qualifying Termination." 
		
	B.
	Definitions Related to Qualifying Termination.  For purposes of this Section 3, the following terms have the indicated definitions:

"Cause" shall mean with respect to any Executive: (i) the willful and continued failure of Executive for a period of ninety (90) days to perform substantially Executive's duties with the Company (other than any such failure resulting from incapacity due to physical or mental illness), after a written demand for substantial performance is delivered to Executive by the Board of Directors of the Company that specifically identifies the manner in which the Board believes that Executive has not substantially performed Executive's duties, or (ii) the engaging by Executive in illegal conduct or gross misconduct that is demonstrably injurious to the Company. For purposes of this definition, no act or failure to act on the part of Executive shall be considered "willful" unless it is done, or omitted to be done, by Executive without reasonable belief that Executive's action or omission was in the best interests of the Company. Any act or failure to act based upon authority given pursuant to a resolution duly adopted by the Board of Directors or upon the instructions of the Chief Executive Officer or a senior officer of the Company or based upon the advice of counsel for the Company shall be conclusively presumed to be done, or omitted to be done, by Executive in good faith and, in the best interests of the Company. An Executive shall be deemed to have engaged in illegal conduct and shall be subject to termination for Cause if Executive has been indicted or charged by any prosecuting agency with the commission of a felony.

"Disability" shall mean an illness or injury that has prevented Executive from performing his or her duties (as they existed immediately prior to the illness or injury) on a full-time basis for 180 consecutive business days.
"Good Reason" shall mean, with respect to any Executive: (i) the assignment to Executive of any duties inconsistent in any respect with Executive's position (including status, offices, titles and reporting requirements), authority, duties or responsibilities immediately before the Change in Control, or any other action by the Company that results in a significant diminution in such position, authority, duties or responsibilities, excluding for this purpose an isolated, insubstantial and inadvertent action not taken in bad faith and which is remedied by the Company promptly after receipt of notice thereof given by Executive; (ii) any material reduction in Executive's Base Pay, opportunity to earn annual bonuses or other compensation or employee benefits, other than as a result of an isolated and inadvertent action not taken in bad faith and that is remedied by the Company promptly after receipt of notice thereof given by Executive; (iii) the Company's requiring Executive to relocate his or her principal place of business to a place which is more than thirty-five (35) miles from his or her previous principal place of business; or (iv) any purported termination of this Plan otherwise than as expressly permitted by this Plan. For purposes of this Plan, any good faith determination of Good Reason made by Executive shall be conclusive; provided that, no basis for a termination for “Good Reason” shall apply if it would cause any portion of the resulting amounts payable hereunder to cease to be eligible for the short-term deferral exception to the application of Code Section 409A Rules.

4.    Plan Benefits
For purposes of this Plan, “Plan Benefits” consist of (i) Scheduled Severance Pay calculated as provided in Section 4A, (ii) Additional Severance calculated as provided in Section 4B and Section 4C, (iii) the Single Trigger Benefits as provided in Section 4D, and (iv) certain additional amounts provided for in Section 7.  The Company shall pay the Scheduled Severance Pay and Additional Severance to Executive in a lump sum not later than 10 days after the Effective Date of the Executive’s Qualifying Termination; provided that, no portion of the Scheduled Severance Pay or Additional Severance that is payable on account of an Executive’s Separation from Service shall be paid earlier than the end of the Separation Delay Period if the payment is on account of such Separation from Service and at that date the Executive is a Specified Employee; provided that, such delay in payment shall not apply to any portion of the Scheduled Severance Pay or Additional Severance that is excepted from such delay under the Code Section 409A Rules as a Short-Term Deferral or Separation Pay.  The Company shall pay the Single Trigger Benefits as provided in Section 4D upon a Change in Control and, if applicable, the additional amounts as provided in Section 7; provided that, if any such additional amount is payable as a result of the Executive’s Separation from Service, it shall not be paid prior to the end of the Separation Delay Period if on the date of such Separation from 

Service the Executive was a Specified Employee; and provided further that, such delay in payment shall not apply to any such additional amounts that are excepted from such delay under the Code Section 409A Rules as Short-Term Deferrals or Separation Pay.
		
	A.
	An Executive’s “Scheduled Severance Pay” is the product of the Executive’s Base Pay times the Executive’s Applicable Tier Multiplier.    

		
	B.
	An Executive’s “Additional Severance” is the sum of the Executive’s Benefits Continuation Amount, calculated as provided in Section 4C below, and the Executive’s Bonus Severance, calculated as provided in this Section 4B.

		
	(i)
	An Executive’s “Bonus Severance” is the product of the Executive’s Applicable Bonus times the Executive’s Applicable Tier Multiplier, together with an additional amount equal to the Executive’s Current Pro-rata Bonus.  

		
	(1)
	An Executive’s “Applicable Bonus” is the greatest of (A) the highest bonus amount actually paid to the Executive under the Rayonier Advanced Materials annual incentive bonus plan (the “Bonus Plan”) in the three year period comprised of the year of the Qualifying Termination and the two immediately preceding calendar years, (B) the Executive’s Target Bonus Award under the Bonus Plan for the year in which the Change in Control takes place or (C) the Executive’s Target Bonus Award under the Bonus Plan in the year of Qualifying Termination.  The Executive’s Applicable Bonus shall be determined without regard to any election the Executive may have made to defer receipt of all or any portion thereof as if there had been no deferral election in effect.

		
	(2)
	An Executive’s “Current Pro-rata Bonus” is equal to the product of the Executive’s Applicable Bonus times a fraction the numerator of which is the number of months or portion thereof lapsed in the then current year prior to the Qualifying Termination and the denominator of which is twelve.

		
	C.
	Benefits Continuation Amounts.  The Executive’s Benefits Continuation Amount is the sum of the Executive’s Retirement Savings Adjustment and Other Benefits Adjustment.  The Executive’s Retirement Savings Adjustment shall be in addition to amounts to which Executive is entitled under the Retirement Plan for Salaried Employees of Rayonier Advanced Materials Inc., the Retirement Plan for Salaried Employees of ITT Corporation, the Rayonier Advanced Materials Investment and Savings Plan for Salaried Employees and the Supplemental Plans (collectively, the "Retirement Plans"), in effect on the Effective Date of the Qualifying Termination.  (Capitalized terms in this Section 4C that are not otherwise defined here or elsewhere in this Plan shall have the meaning ascribed to them in the applicable Retirement Plans.) 

		
	(i)
	An Executive’s “Retirement Savings Adjustment” is an amount equal to the excess of (X) over (Y), where (X) is the “Equivalent Actuarial Value” of the benefit to which Executive would have been entitled under the terms of the Retirement Plans, without regard to "vesting" thereunder, had Executive accumulated an additional 3 years of eligibility service as a fully vested participant in the Retirement Plans and an additional 3 years of benefit service in all the Retirement Plans other than the Retirement Plan for Salaried Employees of ITT Corporation and the ITT Supplemental Plans and as if Executive were 3 years older, solely for purposes of benefit eligibility and determining the amount of reduction in benefit on account of payment commencing prior to the Executive's normal retirement date, and by defining Executive's “Final Average Compensation” as equal to the greater of Executive's Base Pay on the Effective Date of Executive's Qualifying Termination or Executive's Final Average Compensation as determined under the terms of the Retirement Plan for Salaried Employees of Rayonier Advanced Materials Inc., and (Y) is the Equivalent Actuarial Value of the amounts otherwise actually payable to Executive under the Retirement Plans.  The Equivalent Actuarial Value shall be determined using the same assumptions utilized under the Rayonier Advanced Materials Inc. Excess Benefit Plan upon the date of payment of the Benefits Continuation Amount and based on Executive's age on such date.

Notwithstanding the foregoing, for purposes of calculating the Retirement Savings Adjustment, Executive shall not be required to contribute to the Rayonier Advanced Materials Investment and Savings Plan for Salaried Employees (the “Savings Plan”) or the Rayonier Advanced Materials Inc. Excess Savings and Deferred Compensation Plan (the “Excess Plan”) as a condition to receiving the Retirement Savings Adjustment nor shall the Company be required to include in the Retirement Savings Adjustment amounts attributable to contributions Executive would have made under the Savings Plan or the Excess Plan had Executive continued to participate in those plans. The Company shall only be obligated to include in the Retirement Savings Adjustment the Company contributions that would have been made under the Savings Plan and the Excess Plan had Executive continued to participate in those plans at the level of compensation and rate of contribution in effect as of the pay date immediately preceding the Effective Date of the Qualifying Termination, without allocating any deemed earnings to said Company contributions.
		
	(ii)
	Other Benefits Adjustment.  The “Other Benefits Adjustment” is an amount equal to the sum of the Medical Benefits Payment, the Executive Tax Services Payment and the Outplacement Services, determined as provided in subsections (1) - (3) below.

		
	(1)
	An Executive’s “Medical Benefits Payment” is the product of the employer contribution component of the health and welfare plans maintained for the 

Executive as of the Change in Control under the applicable employee welfare benefit plan (within the meaning of Section 3(1) of ERISA) maintained by the Company for the benefit of the Company's employees at such date, times the Executive’s Applicable Tier Multiplier, discounted for present value applying a 4% discount rate.
		
	(2)
	An Executive’s “Executive Tax Services Payment” means $10,000 in the case of a Tier II Executive and, in the case of a Tier I Executive, the amount that otherwise would be payable for one year under the Company’s Senior Executive Tax Plan (or any successor thereto), as applicable to the Executive immediately prior to the Change in Control, together with an amount equal to any Senior Executive Tax Plan benefits accrued but unpaid as of the Effective Date of the Qualifying Termination. 

		
	(3)
	“Outplacement Services” means the cost of outplacement services, the scope and provider of which shall be selected by Executive in his or her sole discretion, for a period not to extend beyond twelve (12) months after the Effective Date of Executive's Qualifying Termination, in an amount not to exceed $30,000 in the aggregate.

		
	D.
	Single Trigger Benefits.  Company shall provide to Executive the following additional benefits upon a Change in Control, and without regard to whether or not there has been, or there subsequently occurs, a Qualifying Termination with respect to the Executive, to the extent not actually provided under an Applicable Incentive Stock Plan of the Company (collectively, the “Single Trigger Benefits”).  Terms used in this Section 4D not otherwise defined in this Plan shall have the meaning assigned in the Applicable Incentive Stock Plan.

		
	(i)
	Options.  The Company shall cause all of the options to purchase the Common Shares of the Company ("Stock Options") granted to Executive prior to the Change in Control by the Company to become immediately exercisable in full in accordance with the terms of the Applicable Incentive Stock Plan pursuant to which they were issued (provided that no Stock Option shall be exercisable after the termination date of such Stock Option).  

		
	(ii)
	Restricted Stock.  The Company shall (a) cause Executive to immediately vest in all outstanding shares of Restricted Stock that were the subject of an Award under an Incentive Stock Plan of the Company which Restricted Stock is held by or for the benefit of the Executive immediately prior to the Change in Control without any remaining restrictions other than those imposed by applicable securities laws, and (b) issue stock certificates in respect thereof to Executive without a restrictive legend.

		
	(iii)
	Performance Share Awards.  In the event of a Change in Control, Awards of “Performance Shares” under all “Performance Share Award Programs” shall be settled as follows: (a) with respect to any Award for which the applicable Performance Period is more than 50% completed, the Performance Period shall be deemed to end as of the Change in Control and the Executive shall receive the greater of (1) the result obtained by applying the share price at the closing of the transaction causing the Change in Control for purposes of measuring Company performance with that of the comparison group at that time under the applicable program, and (2) the Award at 100% of target performance under the applicable program; and (b) with respect to any Award as to which the applicable Performance Period is not more than 50% completed, the Executive shall receive the Award at 100% of target performance under the applicable program. 

		
	(iv)
	Coordination with Incentive Stock Plans.  Any amounts paid hereunder shall be an offset against amounts otherwise due from the Company under the Applicable Incentive Stock Plan in respect of the same Award covered herein. 

		
	(v)
	Coordination with Section 409A.   If at any time the payment of a Single Trigger Benefit would be deemed to be payable to an Executive as a result of the Executive’s Separation from Service, payment of such Single Trigger Benefit shall not be made earlier than the end of the Separation Delay Period where on the date of the Separation from Service the Executive was a Specified Employee; provided that, such delay in payment shall not apply to any portion of the Single Trigger Benefit that is excepted from such delay under the Code Section 409A Rules as a Short-Term Deferral, Separation Pay or otherwise.  It is the intention that all payments under this Plan be excluded from penalties under the Code Section 409A Rules.

5.    Dispute Resolution.
		
	A.
	If there has been a Change in Control and any dispute arises between Executive and the Company as to the validity, enforceability and/or interpretation of any right or benefit afforded by this Plan, at Executive's option such dispute shall be resolved by binding arbitration proceedings in accordance with the rules of the American Arbitration Association. The arbitrators shall presume that the rights and/or benefits afforded by this Plan which are in dispute are valid and enforceable and that Executive is entitled to such rights and/or benefits. The Company shall be precluded from asserting that such rights and/or benefits are not valid, binding and enforceable and shall stipulate before such arbitrators that the Company is bound by all the provisions of this Plan. The burden of overcoming by clear and convincing evidence the presumption that Executive is entitled to such rights and/or benefits shall be on the Company. The results of any arbitration shall be conclusive on both parties and shall not be subject to judicial interference or review on any ground whatsoever, including without limitation any claim that the Company was wrongfully induced to enter into this agreement to arbitrate such a dispute. 

The Company shall pay the cost of any arbitration proceedings under this Plan. Executive shall be entitled (within two (2) business days of requesting such advance) to an advance of the actual legal fees and expenses incurred by such Executive in connection with such proceedings and Executive shall be obligated to reimburse the Company for such fees and expenses in connection with such arbitration proceedings only if it is finally and specifically determined by the arbitrators that Executive's position in initiating the arbitration was frivolous and completely without merit. 
		
	B.
	In the event Executive is required to defend in any legal action or other proceeding the validity or enforceability of any right or benefit afforded by this Plan, the Company will pay any and all actual legal fees and expenses incurred by such Executive regardless of the outcome of such action and, if requested by Executive, shall (within two business days of such request) advance such expenses to Executive. The Company shall be precluded from asserting in any judicial or other proceeding commenced with respect to any right or benefit afforded by this Plan that such rights and benefits are not valid, binding and enforceable and shall stipulate in any such proceeding that the Company is bound by all the provisions of this Plan. 

		
	C.
	Amounts payable by the Company under this Section 5 shall in the first instance be paid by the trustee under the trust established by that certain Trust Agreement, known as the “Legal Resources Trust”, to the extent such amounts were previously transferred by the Company to the trustee of the Legal Resources Trust.

6.    Covenants of Executive.  
		
	A.
	As a condition to the receipt of a portion of the Single Trigger Benefits if there has been no Qualifying Termination, and the other Plan Benefits if there has been a Qualifying Termination, in either case payable in cash (such portion, the “Covenant Amount”) and in consideration thereof, Executive shall be deemed to have made and be bound by the “Change in Control Covenants” (defined below), which at the request of the Company shall be acknowledged by Executive in a simple declarative statement “I hereby confirm that I am bound by the Change in Control Covenants” attested to in writing by the Executive.  The Covenant Amount shall be equal to so much of the identified amount payable in cash as the Company shall designate in a written notice to Executive given within thirty (30) days of the Change in Control and as may be adjusted upon a subsequent Qualifying Termination; provided that, the Covenant Amount shall not exceed an amount equal to the Base Pay of Executive immediately before the Change in Control times the Executive’s Applicable Tier Multiplier (without regard to whether or not there is a Qualifying Termination) and determined by the Company in good faith to be reasonable compensation for the Change in Control Covenants.  The intention is that the amount be allocated so as to minimize the additional amounts payable by the Company pursuant to Section 7.

		
	B.
	The Executive’s “Change in Control Covenants” are the Non-compete Covenants and the Confidentiality Covenants as set forth in this Section 6B.  

		
	(vi)
	Non-compete Covenants.  While employed by the Company following a Change in Control, and for a period (the “Covenant Period”) equal to the shorter of (a) two years from the Change in Control or (b) one year following a Qualifying Termination, Executive covenants that Executive shall not, without the prior authorization of the Company (which shall not be unreasonably withheld):  

		
	(1)
	accept or maintain employment with, or act as a principal of, or advisor or consultant to, or otherwise act as an agent of, any person, firm, corporation or other entity that competes directly with the timberland management or performance fibers businesses of the Company immediately before the Change in Control (collectively, the “Businesses”); or

		
	(2)
	solicit any client having a relationship with the Businesses, to terminate or reduce in a way materially adverse to the Businesses any relationship such client has with the Businesses; or

		
	(3)
	solicit for employment any individual that was employed by the Businesses within sixty (60) days preceding the Change in Control and who was employed in the Businesses during the Covenant Period and within sixty (60) days prior to such solicitation; or

		
	(4)
	except as permitted or compelled by law, orally or in writing, disparage, demean or deprecate the Company or any products of the Businesses.

		
	(vii)
	Confidentiality Covenants.  While employed by the Company following the Change in Control, and for a period of three (3) years from the Change in Control, or two (2) years following a Qualifying Termination, whichever is longer (the “Confidential Information Period”), Executive covenants that Executive shall not disclose or make available to any person or entity any “Confidential Information” (as defined below) and shall not use or cause to be used any Confidential Information for any purpose other than fulfilling Executive’s employment obligations to the Company, without the express prior written authorization of the Company.  For this purpose, “Confidential Information” means all information about the Company relating to any of its products or services or any phase of operations, including, without limitation, business plans and strategies, trade secrets, know-how, contracts, financial statements, pricing strategies, costs, customers and potential customers, vendors and potential vendors, marketing and distribution information, business results, software, hardware, databases, processes, procedures, technologies, designs, concepts, ideas, and methods not generally known through legitimate means to any of its competitors with which Executive became acquainted during the term of employment by the Company.  

Confidential Information also includes confidential information of third parties made available to the Company on a confidential basis, but does not include information which is generally known to the public without breach by Executive, (b) was given to Executive by a third party without any obligation of confidentiality, or (c) was obtained or independently developed by Executive prior to or following employment by the Company without the use of information that is otherwise Confidential Information.
		
	(viii)
	Certain Public Company Employment.  Executive will not be considered to have violated the covenant in Section 6B(i)(1) above by employment with a public company that competes with the Company as long as no competing division of the public company reports to Employee.

		
	C.
	Remedies Limited to Equitable Relief.  By accepting payment of the Covenant Amount, Executive shall be deemed (a) to have acknowledged that in the event Executive breaches any of the Change in Control Covenants, the damages to the Company would be irreparable and that the Company shall have the right to seek injunctive and/or other equitable relief in any court of competent jurisdiction to enforce the Change in Control Covenants and (b) to have  consented to the issuance of a temporary restraining order to maintain the status quo pending the outcome of any proceeding.  The foregoing shall be the exclusive remedy of the Company for a breach of the Change in Control Covenants and under no circumstances shall the Company be entitled to seek return of all or any portion of the Covenant Amount or of any other amount payable hereunder, nor shall the Company be awarded or accept monetary damages for any such breach. 

7.    Certain Additional Payments by the Company
		
	A.
	Anything in this Plan to the contrary notwithstanding and except as set forth below, in the event it shall be determined that any payment or distribution by the Company to or for the benefit of any Executive (whether paid or payable or distributed or distributable pursuant to the terms of this Plan or otherwise, but determined without regard to any additional payments required under this Section 7, a "Payment") would be subject to the excise tax imposed by Section 4999 of the Code, or any interest or penalties are incurred by Executive with respect to such excise tax (such excise tax, together with any such interest and penalties, are hereinafter collectively referred to as the "Excise Tax"), then Executive shall be entitled to receive an additional payment (a "Gross-Up Payment") in an amount such that after payment by the Executive of all taxes (including any income taxes and interest or penalties imposed with respect to any such taxes), and the Excise Tax imposed upon the Gross-Up Payment, Executive retains an amount of the Gross-Up Payment equal to the Excise Tax imposed upon the Payments.

		
	B.
	Subject to the provisions of Section 7C, all determinations required to be made under this Section 7, including whether and when a Gross-Up Payment is required and the amount of such Gross-Up Payment and the assumptions to be utilized in arriving at such determination, shall be made by such nationally recognized certified public accounting firm as may be designated by Executive (the "Accounting Firm"), which shall provide detailed supporting 

calculations both to the Company and Executive within fifteen (15) business days of the receipt of notice from Executive that there has been a Payment, or such earlier time as is requested by the Company. In the event that the Accounting Firm is serving as accountant or auditor for the individual, entity, or group effecting the Change of Control, Executive shall appoint another nationally recognized accounting firm to make the determinations required hereunder (which accounting firm shall then be referred to as the Accounting Firm hereunder). All fees and expenses of the Accounting Firm shall be borne solely by the Company. Any Gross-Up Payment, as determined pursuant to this Section 7, shall be paid by the Company to Executive within five (5) days of the receipt of the Accounting Firm's determination. Any determination by the Accounting Firm shall be binding upon the Company and Executive. As a result of the uncertainty in the application of Section 4999 of the Code at the time of the initial determination by the Accounting Firm hereunder, it is possible that Gross-Up Payments that should have been made by the Company will not have been made by the Company (an "Underpayment"), consistent with the calculations required to be made hereunder. In the event that the Company exhausts its remedies pursuant to Section 7C and Executive thereafter is required to make a payment of any Excise Tax, the Accounting Firm shall determine the amount of the Underpayment that has occurred and any such Underpayment shall be promptly paid by the Company to or for the benefit of Executive.
		
	C.
	Executive shall notify the Company in writing of any claim by the Internal Revenue Service that, if successful, would require the payment by the Company of the Gross-Up Payment. Such notification shall be given as soon as practicable but no later than ten (10) business days after Executive is informed in writing of such claim and shall apprise the Company of the nature of such claim and the date on which such claim is requested to be paid. Executive shall not pay such claim prior to the expiration of the thirty (30)-day period following the date on which it gives such notice to the Company (or such shorter period ending on the date that any payment of taxes with respect to such claim is due). If the Company notifies Executive in writing prior to the expiration of such period that it desires to contest such claim, Executive shall:

		
	(i)
	give the Company any information reasonably requested by the Company relating to such claim;

		
	(ii)
	take such action in connection with contesting such claim as the Company shall reasonably request in writing from time to time, including, without limitation, accepting legal representation with respect to such claim by an attorney reasonably selected by the Company;

		
	(iii)
	cooperate with the Company in good faith in order effectively to contest such claim; and

		
	(iv)
	permit the Company to participate in any proceedings relating to such claim; provided, however, that the Company shall bear and pay directly all costs and expenses (including additional interest and penalties) incurred in connection with such contest and shall indemnify and hold Executive harmless, on an after-tax basis, for any Excise Tax or income tax (including interest and penalties with respect thereto) imposed as a result of such representation and payment of costs and expenses. Without limitation on the foregoing provisions of this Section 7C, the Company shall control all proceedings taken in connection with such contest and, at its sole option, may pursue or forgo any and all administrative appeals, proceedings, hearings and conferences with the taxing authority in respect of such claim and may, at its sole option either direct Executive to pay the tax claimed and sue for a refund or contest the claim in a permissible manner, and the Executive agrees to prosecute such contest to a determination before any administrative tribunal, in a court of initial jurisdiction and in one or more appellate courts as the Company shall determine; provided, however, that if the Company directs Executive to pay such claim and sue for a refund, the Company shall advance the amount of such payment to Executive on an interest-free basis and shall indemnify and hold Executive harmless, on an after-tax basis, from any Excise Tax or income tax (including interest or penalties with respect thereto) imposed with respect to such advance or with respect to any imputed income with respect to such advance and further provided that an extension of the statute of limitations relating to payment of taxes for the taxable year of Executive with respect to which such contested amount is claimed to be due is limited solely to such contested amount. Furthermore, the Company's control of the contest shall be limited to issues with respect to which a Gross-Up Payment would be payable hereunder and Executive shall be entitled to settle or contest, as the case may be, any other issue raised by the Internal Revenue Service or any other taxing authority.

		
	D.
	If, after the receipt by Executive of an amount advanced by the Company pursuant to Section 7C, Executive becomes entitled to receive any refund with respect to such claim, Executive shall (subject to the Company's complying with the requirements of Section 7C) promptly pay to the Company the amount of such refund (together with any interest paid or credited thereon after taxes applicable thereto). If, after the receipt by Executive of an amount advanced by the Company pursuant to Section 7C, a determination is made that Executive shall not be entitled to any refund with respect to such claim and the Company does not notify Executive in writing of its intent to contest such denial of refund prior to the expiration of thirty (30) days after such determination, then such advance shall be forgiven and shall not be required to be repaid and the amount of such advance shall offset, to the extent thereof, the amount of Gross-Up Payment required to be paid.

		
	E.
	Payments under this Section 7 will be made not later than the end of the Executive’s taxable year in which the Executive remits the related taxes.

8.    Definitions
The following terms used in this Plan have the indicated meaning:
“Additional Severance” with respect to an Executive means the sum of Executive’s Benefits Continuation Amount and Executive’s Bonus Severance as set forth in Section 4B.
 “Applicable Bonus” has the definition set forth in Section 4B(i)(1). 
“Applicable Incentive Stock Plan” means the Rayonier Advanced Materials Incentive Stock and Management Bonus Plan, as amended, as the context dictates, as in effect immediately prior to a Change in Control.
“Applicable Tier Multiplier” means three (3) for Tier I Executives and two (2) for Tier II Executives.  
“Award” has the meaning set forth in the Applicable Incentive Stock Plan, as the context requires.
“Base Pay” means the annual base salary rate payable to Executive at the Effective Date of the Qualifying Termination, including compensation converted to other benefits under a flexible pay arrangement maintained by the Company or deferred pursuant to a written plan or agreement with the Company, provided that, such annual base salary rate shall in no event be less than the highest annual base salary rate paid to Executive at any time during the twenty-four (24) month period immediately preceding the Change in Control.
“Benefits Continuation Amount” with respect to an Executive means the amount calculated as provided in Section 4C and payable upon a Qualifying Termination.
“Bonus Plan” has the definition set forth in Section 4B(i)(1).
“Bonus Severance”  with respect to an Executive means the sum of the amount calculated under Section 4B(i)(1) and the Current Pro-rata Bonus calculated under Section 4B(i)(2), and payable upon a Qualifying Termination.
“Businesses” has the definition set forth in Section 6B(i)(1).
“Cause” has the definition provided in Section 3B.
“Change in Control” has the definition set forth in the Retirement Plan for Salaried Employees of Rayonier Advanced Materials Inc. , and as the same may be hereafter amended from time to time prior to the occurrence of a Change in Control.

“Code” shall mean the Internal Revenue Code of 1986, as amended from time to time, and “Code Section 409A Rules" shall mean Section 409A of the Code and the final regulations and other IRS guidance promulgated thereunder, as in effect from time to time.
“Committee” means the Compensation and Management Development Committee of the Board of Directors of the Company.
“Company” means Rayonier Advanced Materials Inc. and any successor to, or assignee of, the business or assets thereof that becomes bound by this Plan as provided in Section 10.
“Confidentiality Covenants” with respect to an Executive are the covenants set forth in Section 6B (ii) and for which purpose “Confidential Information” has the definition set forth in Section 6 B(ii).
“Covenant Amount” with respect to an Executive is the cash portion of Plan Benefits designated as provided in Section 6A.
“Covenant Period” is the period determined under Section 6B(i) during which an Executive is bound by the Non-compete Covenants.
“Current Pro-rata Bonus” has the definition set forth in Section 4B(i)(2).
“Disability” has the definition provided in Section 3B.
“Effective Date of the Qualifying Termination” is the date the Company selects as the Executive's last day of active full-time employment.
“Equivalent Actuarial Value” has the definition applicable under the Retirement Plans.
“Executive Tax Services Payment” means the amount calculated in accordance with Section 4C(ii)(2).
“Excess Plan” has the definition provided in Section 4C(i).
“Executive” means a person identified on Appendix A, as amended from time to time by the Committee prior to a Change in Control.
“Final Average Compensation” has the meaning applicable under the Retirement Plans.
“Good Reason” has the definition provided in Section 3B.
“Gross-Up Payment” and the associated terms “Payment,”  “Excise Tax,” “Accounting Firm” and “Underpayment” have the definitions set forth in Section 7.
“Legal Resources Trust” has the definition provided in Section 5C.
“Medical Benefits Payment” means the amount calculated in accordance with Section 4C(ii)(1).

“Non-compete Covenants” with respect to an Executive are the covenants set forth in Section 6(B)(i).
“Other Benefits Adjustment” has the definition in Section 4C(ii).
“Outplacement Services” has the definition set forth in Section 4C(ii)(3).
“Performance Shares” and “Performance Share Award Programs” mean the right to receive contingent performance shares or performance shares (or other Awards) to be made at the end of a performance period under programs adopted by the Committee under Section 6 of the Applicable Incentive Stock Plan under which such program was authorized, upon attainment of the comparative performance measures provided for in such program.
“Plan Benefits” has the definition provided in Section 4.
“Plan Change” has the definition set forth in Section 13
“Plan” means this Executive Severance Pay Plan effective as provided in Section 17.
“Qualifying Termination” has the definition provided in Section 3A.
“Retirement Plans” has the definition provided in Section 4C.
“Retirement Savings Adjustment” with respect to an Executive means the amount calculated in accordance with Section 4C(i), for which purpose “normal retirement date” means the first of the month that coincides with or follows Executive's 65th birthday.
“Savings Plan” has the definition set forth in Section 4C(i).
“Scheduled Severance Pay” with respect to an Executive means the amount calculated as provided in Section 4A and payable upon a Qualifying Termination.  
“Separation Benefits” as provided in Section 3A means with respect to an Executive means the sum of the Executive’s Scheduled Severance Pay and Additional Severance payable in respect of a Qualifying Termination.
“Separation Delay Period” shall mean the six month period following the date of a Executive’s Separation from Service (or such other applicable period as may be provided for by Section 409A(a)(2)(B)(i) of the Code as in effect at the time), or earlier upon the death of the Executive, such that any payment delayed during the Separation Delay Period is to be paid on the first business day of the seventh month following the Separation from Service or, if earlier, such Executive’s death.
“Separation from Service” and “Separation Pay” and “Short-Term Deferral” and “Specified Employee” shall have the respective meanings assigned such terms under the Code Section 409A Rules.

“Severance Trust” has the definition provided in Section 11.
“Single Trigger Benefits” with respect to an Executive means the Plan Benefits payable as provided in Section 4D upon a Change in Control without regard to whether or not the Executive is terminated, for which purpose “Performance Period”, “Stock Options” and “Restricted Stock” have the meanings set forth in the Applicable Incentive Stock Plan and the programs thereunder, and , “Stock Options, “Restricted Stock” and “Award.”.
“Supplemental Plans” means any excess benefit plan, within the meaning of Section 3(36) of the Employee Retirement Income Security Act of 1974, as amended, and the regulations thereunder (“ERISA”), or any supplemental executive retirement plan or other employee pension benefit plan, within the meaning of Section 3(2) of ERISA, not intended to be qualified under Section 401 (a) of the Code, maintained by the Company or by ITT Corporation, subject to the terms and conditions of such plans, in which the Executive is entitled to benefits by virtue of his employment with the Company or prior employment by ITT Corporation.
“Target Bonus Award” means the standard bonus target percentages of base salaries, as defined under the Bonus Plan for the respective executive salary grades as determined pursuant to Company base salary compensation schedules in effect for eligible executives at a 100 percent performance factor as of December 31 of the year in which the Change in Control takes place.
“Tier I” or “Tier II” means the designation assigned to an Executive on Appendix A as adopted and in effect immediately prior to a Change in Control.
9.    Release
No Separation Benefits will be provided under this Plan unless Executive executes and delivers to the Company a mutual release, satisfactory to the Company, in which Executive discharges and releases the Company and the Company's directors, officers, employees, and employee benefit plans from all claims (other than for benefits, to which Executive is entitled under this Plan or any Company employee benefit plan) arising out of Executive's employment or termination of employment and the Company discharges and releases Executive from any and all claims arising out of Executive's employment or termination of employment with the Company.
10.    Successor to Company
This Plan shall bind any successor of the Company, its assets, or its businesses (whether direct or indirect, by purchase, merger, consolidation, or otherwise), in the same manner and to the same extent that the Company would be obligated under this Plan if no succession had taken place.
In the case of any transaction in which a successor would not by the foregoing provision or by operation of law be bound by this Plan, the Company shall require such successor expressly and unconditionally to assume and agree to perform the Company's obligations under this Plan, in the 

same manner and to the same extent that the Company would be required to perform if no such succession had taken place.
11.    Administration of Plan/Coordination with Severance Trust
The Company is the Named Fiduciary for the Plan under ERISA. The Committee is the Plan Administrator, which shall have the exclusive right to interpret this Plan, adopt any rules and regulations for carrying out this Plan as may be appropriate and, except as otherwise provided in this Plan, decide any and all matters arising under this Plan. All interpretations and decisions by the Committee shall be final, conclusive and binding on all parties affected thereby.
Amounts payable by the Company under this Plan (except under Section 5) may be made by direction of the Company to the trustee under the trust established by that certain Trust Agreement for the Rayonier Advanced Materials Inc. Supplemental Senior Executive Pay Plan (the “Severance Trust”), to the extent such amounts were previously transferred by the Company to the trustee of the Severance Trust, but shall be deemed to have been paid only upon receipt by the Executive.
12.    Claims Procedure
If an employee or former employee makes a written request alleging a right to receive benefits under this Plan or alleging a right to receive an adjustment in benefits being paid under the Plan, the Company shall treat it as a claim for benefit. All claims for benefit under the Plan shall be sent to the Company’s Senior Vice President, Human Resources, or such other officer as may be designated by the Committee, and must be received within thirty (30) days after termination of employment. If the Company determines that any individual who has claimed a right to receive benefits, or different benefits, under the Plan is not entitled to receive all or any part of the benefits claimed, it will inform the claimant in writing of its determination and the reasons therefor in terms calculated to be understood by the claimant. The notice will be sent within ninety (90) days of the claim unless the Company determines additional time, not exceeding ninety (90) days, is needed. The notice shall make specific reference to the pertinent Plan provisions on which the denial is based, and describe any additional material or information as necessary. Such notice shall, in addition, inform the claimant what procedure the claimant should follow to take advantage of the review procedures set forth below in the event the claimant desires to contest the denial of the claim. The claimant may within ninety (90) days thereafter submit in writing to the Company a notice that the claimant contests the denial of his or her claim by the Company and desires a further review. The Company shall within sixty (60) days thereafter review the claim and authorize the claimant to appear personally and review pertinent documents and submit issues and comments relating to the claim to the persons responsible for making the determination on behalf of the Company. The Company will render its final decision with specific reasons therefor in writing and will transmit it to the claimant within sixty (60) days of the written request for review, unless the Company determines additional time, not exceeding sixty (60) days, is needed, and so notifies the employee. If the Company fails to respond to a claim filed in accordance with the foregoing within sixty (60) days or any such extended period, the Company shall be deemed to have denied the claim. If the 

appeal is denied, the Committee’s written notification to the claimant shall set forth: (1) the specific reason for the adverse determination; (2) specific reference to pertinent provisions on which the Committee based its adverse determination; (3) a statement that the claimant is entitled to receive, upon request and free of charge, reasonable access to, and copies, of, all documents, records and other information relevant to the claimant’s claim for benefits; and  (4) a statement that the claimant has a right to bring a civil action under Section 502(a) of ERISA.
13.    Termination or Amendment
The Committee or the Company's Board of Directors may amend or terminate this Plan (a "Plan Change") at any time, except that no such Plan Change may reduce or adversely affect Separation Benefits for any Executive who has a Qualifying Termination within two years of the effective date of such Plan Change provided that Executive was a Covered Employee under this Plan on the date of the Plan Change; provided that (a) a change in Appendix A prior to a Change in Control shall not be deemed to be an Plan Change and (b) an Executive by accepting any benefit under this Plan that was introduced prior to a Change in Control and not available prior to the Plan Change, shall be deemed to have waived the two-year limitation. Notwithstanding the foregoing, for two years after the occurrence of a Change in Control event, this Plan may not be terminated or amended until after all Executives who become entitled to any payments hereunder shall have received such payments in full. Any extension, amendment, or termination of this Plan in accordance with the foregoing shall be made in accordance with the Company's charter and bylaws and applicable law, and shall be evidenced by a written instrument signed by a duly authorized officer of the Company, certifying that such action has been taken.
14.    Plan Supersedes Prior Plans
This Plan supersedes and replaces all prior severance policies, plans, or practices maintained by the Company with respect to all Covered Employees other than individualized written agreements executed by the Company and Executive.
15.    Unfunded Plan Status
This Plan is intended to be an unfunded plan maintained primarily for the purpose of providing deferred compensation for a select group of management or highly compensated employees, within the meaning of Section 401 of ERISA. All payments pursuant to the Plan shall be made from the general funds of the Company and no special or separate fund shall be established or other segregation of assets made to assure payment. No Executive or other person shall have under any circumstances any interest in any particular property or assets of the Company as a result of participating in the Plan.  Notwithstanding the foregoing, the Company may but shall not be obligated to create one or more grantor trusts, such as the Legal Resources Trust and the Severance Trust, the assets of which are subject to the claims of the Company's creditors, to assist it in accumulating funds to pay its obligations under the Plan.

16.    Miscellaneous
Except as provided in this Plan, Executive shall not be entitled to any notice of termination or pay in lieu thereof.
In cases where Severance Pay is provided under this Plan, pay in lieu of any unused current year vacation entitlement will be paid to Executive in a lump sum.  
This Plan is not a contract of employment, does not guarantee any Executive employment for any specified period and does not limit the right of the Company to terminate the employment of any Executive at any time.
The section headings contained in this Plan are included solely for convenience of reference and shall not in any way affect the meaning of any provision of this Plan.
If, for any reason, any one or more of the provisions or part of a provision contained in this Plan shall be held to be invalid, illegal or unenforceable in any respect, such invalidity, illegality or unenforceability shall not affect any other provision or part of a provision of this Plan not held so invalid, illegal or unenforceable, and each other provision or part of a provision shall to the full extent consistent with law remain in full force and effect.
17.    Adoption Date and Amendment
This Plan was first adopted effective June 28, 2014.

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