Document:

EX-10.1

 Exhibit 10.1 

EXECUTION VERSION 

SHARE REPURCHASE AGREEMENT  

This SHARE REPURCHASE AGREEMENT (this “Agreement”) is made as of December 11, 2014 by and between Installed
Building Products, Inc., a Delaware corporation (the “Company”) and Cetus Capital II, LLC, a Delaware limited liability company. Cetus Capital II, LLC is referred to herein as the “Selling Stockholder.” 

WITNESSETH: 

WHEREAS, (i) the Selling Stockholder wishes to sell an aggregate of 300,000 shares (the “Shares”) of common
stock, par value $0.01 per share, of the Company (the “Common Stock”) and (ii) the Company wishes to purchase the Shares from the Selling Stockholder, in each case upon the terms and subject to the conditions hereinafter set
forth. 
 WHEREAS, after due consideration, the Board of Directors and the Audit Committee of the Company have approved the transaction
contemplated hereby. 
 NOW, THEREFORE, in consideration of the premises and the representations, warranties, covenants and
undertakings contained herein, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows: 

ARTICLE 1 

DEFINITIONS 

Section 1.01. Definitions. For purposes of this Agreement, the terms defined in the preamble have the respective meanings ascribed
to them therein, and the following terms have the meanings set forth below: 
 “Action” means any action, suit, proceeding,
claim, arbitration, litigation or investigation, at law or in equity, in each case by or before any Person. 
 “Affiliate”
means, with respect to any specified Person, any other Person that, directly or indirectly, through one or more intermediaries, controls, is controlled by or is under common control with, such specified Person. 

“Business Day” means any day other than Saturday, Sunday or any day on which the Commission or New York Stock Exchange is
closed due to public holiday. 
 “Commission” means the Securities and Exchange Commission. 

“control” (and its derivatives) means the possession, directly or indirectly, of the power to direct or cause the direction
of the management and policies of a Person, whether through ownership of voting equity interests, as trustee or executor, by contract or otherwise. 

“Governmental Authority” means any federal, state, local or foreign government or political subdivision thereof, or any
agency or instrumentality of such government or political subdivision, or any self-regulated organization or other non-governmental regulatory authority or quasi-governmental authority (to the extent that the rules, regulations or orders of such
organization or authority have the force of Law), or any arbitrator, court or tribunal of competent jurisdiction. 

“Law” means any statute, law, ordinance, regulation, rule, code, order, constitution, treaty, common law, judgment,
writ, decree, permit, license or other requirement or rule of law of any Governmental Authority. 
 “Lien” means any
mortgage, lien, pledge, claim, charge, security interest, adverse claim, transfer restriction or encumbrance of any kind, other than restrictions under federal or state securities laws. 

“Material Adverse Effect” means any change, effect or circumstance that, individually or when taken together with all other
such changes, effects or circumstances that occurred prior to the date of determination of the occurrence of the Material Adverse Effect, is or is reasonably likely to materially delay or prevent the consummation of the transaction contemplated by
this Agreement. 
  

 “Organizational Documents” means the articles of incorporation, certificate of
incorporation, certificate of formation, bylaws, memorandum or articles of incorporation, operating agreement, certificate of limited partnership, partnership agreement and all other similar documents, instruments or certificates executed, adopted
or filed in connection with the creation, formation or organization of a Person, including any amendments thereto. 

“Person” means any individual, corporation, partnership, limited liability company, trust, unincorporated association,
Governmental Authority or any agency, instrumentality or political subdivision of any governmental entity, or any other entity or body. 

“Purchase Price” means an amount per share equal to $17.61, the last reported sale price of the Company’s common stock
as of the date of this Agreement. 
 “Securities Act” means the Securities Act of 1933, as amended, and the rules and
regulations thereunder. 
 ARTICLE 2 

PURCHASE AND SALE 

Section 2.01. Purchase and Sale. Upon the terms and subject to the conditions of this Agreement, and in reliance on the
representations, warranties and agreements set forth in this Agreement, at the Closing, (i) the Selling Stockholder shall sell, transfer and deliver the Shares to the Company, free and clear of all Liens and (ii) the Company shall purchase
and acquire the Shares from the Selling Stockholder, in each case in exchange for the payment by the Company, pursuant to Section 2.02(a), of an amount equal to the product of the Purchase Price and the number of Shares being sold by the
Selling Stockholder hereunder (such product, the “Aggregate Purchase Price”) to such Selling Stockholder on the Closing Date (defined below). 

Section 2.02. Closing. The closing of the transaction contemplated hereby (the “Closing”) shall take place at the
offices of Proskauer Rose LLP at 10:00 am ET on the third (3rd) Business Day following the date hereof or, if later, on such date and time as may be mutually agreed to by the Selling
Stockholder and the Company after satisfaction or waiver of all conditions set forth in Article 5 (the “Closing Date”). At the Closing: 

(a) The Company shall deliver to the Selling Stockholder such Selling Stockholder’s Aggregate Purchase Price by wire transfer of
immediately available federal funds to an account designated by such Selling Stockholder. 
 (b) The Selling Stockholder shall
(i) deliver to the Company an executed receipt for the Aggregate Purchase Price; (ii) cause the Shares to be electronically transferred to the Company’s account at the transfer agent for the Company; and (iii) furnish any other
documents reasonably requested by the Company’s transfer agent in order to effect the transaction contemplated hereby. 
 ARTICLE 3

 REPRESENTATIONS AND WARRANTIES OF THE
SELLING STOCKHOLDER 
 The Selling Stockholder represents and warrants to the Company as of the date of
this Agreement and as of the Closing Date as follows: 
 Section 3.01. Existence; Authorization. Such Selling Stockholder is an
entity duly organized, validly existing and in good standing under the Laws of its jurisdiction of organization, as applicable. Such Selling Stockholder has the requisite power and authority to enter into, execute and deliver this Agreement, to
perform all of the obligations to be performed by it hereunder, and to consummate the transaction contemplated hereby. This Agreement has been duly authorized, executed and delivered by it, and, assuming due authorization, execution and delivery by
the Company, this Agreement constitutes a valid and binding obligation of such Selling Stockholder, enforceable against it in accordance with its terms and conditions, except (i) as such enforcement is limited by bankruptcy, insolvency or other
similar Laws affecting the enforcement of creditors’ rights generally and (ii) for limitations imposed by general principles of equity. 

 Section 3.02. No Conflicts. None of the execution, delivery or performance by such
Selling Stockholder of this Agreement, nor the consummation of the transaction contemplated hereby by such Selling Stockholder will conflict with, result in the breach of, constitute a default under or accelerate the performance required by the
terms of: (i) any Organizational Document of such Selling Stockholder; (ii) any judgment, order writ, decree, permit or license of any court or government, governmental or regulatory agency to which such Selling Stockholder or its assets
may be subject; (iii) any Law; (iv) any other contract, agreement, commitment or instrument to which such Selling Stockholder is a party or by which any of its assets are bound; or (v) constitute an event which, with or without due
notice, the passage of time or action by a third party, would result in any of the foregoing, except, with respect to clauses (ii) through (v), in any case where such conflict, breach, default or acceleration would not reasonably be expected to
have a Material Adverse Effect. Assuming the accuracy of the representations and warranties set forth in Article 4, the execution and delivery of this Agreement by such Selling Stockholder and the performance and consummation of the
transaction contemplated hereby do not require any registration, filing (except for filings pursuant to the Securities Exchange Act of 1934), qualification, consent, authorization or approval under any Law. Neither the execution and delivery of this
Agreement nor the performance or consummation of the transaction contemplated hereby by such Selling Stockholder will result in the creation of any Lien upon any of the Shares. 

Section 3.03. Ownership of Shares. Such Selling Stockholder owns all right title and interest (legal and beneficial) in and to the
Shares being sold by such Selling Stockholder hereunder. Upon the Closing, the Company will acquire marketable title to such Shares free and clear of all Liens other than any Liens created by the Company. 

Section 3.04. Litigation. There is no Action pending or, to the knowledge of such Selling Stockholder, threatened in writing
against such Selling Stockholder or its Affiliates which, if adversely determined, would prevent the consummation of the transaction contemplated by this Agreement. There is no Action by such Selling Stockholder pending or threatened against any
other Person relating to the Shares owned by such Selling Stockholder. 
 Section 3.05. Sophistication of Selling Stockholder.
Such Selling Stockholder (either alone or together with its advisors) has such knowledge and experience in financial or business matters that it is capable of evaluating the merits and risks of the transaction contemplated by this Agreement. The
Selling Stockholder has had the opportunity to ask questions and receive answers concerning the terms and conditions of such transaction as it has requested. The Selling Stockholder has received all information that it believes is necessary or
appropriate in connection with the transaction contemplated by this Agreement. The Selling Stockholder acknowledges that it has not relied upon any express or implied representations or warranties of any nature made by or on behalf of the Company,
whether or not any such representations, warranties or statements were made in writing or orally, except as expressly set forth for the benefit of the Selling Stockholder in this Agreement. 

ARTICLE 4 

REPRESENTATIONS AND WARRANTIES OF THE COMPANY

 The Company hereby represents and warrants to the Selling Stockholder, as of the date of this Agreement and as of the Closing Date as
follows: 
 Section 4.01. Existence; Authorization. The Company is duly organized, validly existing and in good standing under
the Laws of the State of Delaware. The Company has the requisite power and authority to enter into, execute and deliver this Agreement, to perform all of the obligations to be performed by it hereunder, and to consummate the transaction contemplated
hereby. This Agreement has been duly authorized, executed and delivered by it, and, assuming due authorization, execution and delivery by the Selling Stockholder, this Agreement constitutes a valid and binding obligation of the Company, enforceable
against it in accordance with its terms and conditions, except (i) as such enforcement is limited by bankruptcy, insolvency or other similar Laws affecting the enforcement of creditors’ rights generally and (ii) for limitations
imposed by general principles of equity. 
 Section 4.02. No Conflicts. None of the execution, delivery or performance by the
Company of this Agreement, nor the consummation of the transaction contemplated hereby by the Company will conflict with, result in the breach of, constitute a default under or accelerate the performance required by the terms of: (i) any
Organizational Document of the Company; (ii) any judgment, order writ, decree, permit or license of any court or government, governmental or regulatory agency to which the Company or its assets may be subject; (iii) any Law; (iv) any
other contract, agreement, commitment or instrument to which the Company is a party or by which any of its assets are bound; or (v) constitute an event which, with or without due notice, the passage of time or action by a

 
third party, would result in any of the foregoing, except, with respect to clauses (ii) through (v), in any case where such conflict, breach, default or acceleration would not reasonably be
expected to have a Material Adverse Effect. Assuming the accuracy of the representations and warranties set forth in Article 3, the execution and delivery of this Agreement by the Company and the performance and consummation of the
transaction contemplated hereby do not require any registration, filing (except for filings pursuant to the Securities Exchange Act of 1934), qualification, consent or approval under any such Law. 

Section 4.03. Litigation. There is no Action pending, or to the knowledge of the Company, threatened against the Company or its
Affiliates which, if adversely determined, would prevent the consummation of the transaction contemplated by this Agreement. 
 ARTICLE 5

 CONDITIONS TO CLOSING 

Section 5.01. Conditions to Obligation of the Company. The obligations of the Company to consummate the transaction contemplated
by this Agreement at the Closing are subject to each of the following conditions: 
 (a) Representations and Warranties. The
representations and warranties of the Selling Stockholder contained in this Agreement shall be true and accurate as of the Closing Date. 

(b) Legal Proceedings. No order of any nature issued by a court of competent jurisdiction restraining, prohibiting or affecting the
consummation of the transaction contemplated by this Agreement (a “Court Order”) shall be in effect, and no claim, suit, action, investigation, inquiry or other proceedings by any Governmental Authority or other person (a
“Governmental Proceeding”) shall be pending or threatened which questions the validity or legality of the transaction contemplated by this Agreement or prohibits the consummation of the Closing. 

Section 5.02. Conditions to Obligation of Selling Stockholder. The obligations of the Selling Stockholder to consummate the
transaction contemplated by this Agreement at the Closing are subject to each of the following conditions: 
 (a) Representations and
Warranties. The representations and warranties of the Company contained in this Agreement shall be true and accurate as of the Closing Date. 

(b) Legal Proceedings. No Court Order shall be in effect, and no Governmental Proceeding shall be pending or threatened which questions
the validity or legality of the transaction contemplated by this Agreement or prohibits the consummation of the Closing. 
 ARTICLE 6

 GENERAL PROVISIONS 

Section 6.01. Termination. 

(a) This Agreement may be terminated and the transaction contemplated by it abandoned before the Closing (i) pursuant to the mutual
written consent of the Company and the Selling Stockholder at any time prior to the Closing, or (ii) upon prompt written notice by either the Company or the Selling Stockholder, if a Court Order shall be in effect or a Governmental Proceeding
shall be pending or threatened which questions the validity or legality of the transaction contemplated by this Agreement or prohibits the consummation of the Closing. 

(b) This Agreement may be terminated, by prompt written notice, by (i) the Selling Stockholder, if the Company is unable to take the
action specified in Section 2.02(a) within five (5) Business Days following the date hereof, (ii) by the Company, if the Selling Stockholder is unable to take the actions specified in Section 2.02(b) within ten
(10) Business Days following the date hereof, or (iii) by either party, if such other party is unable to fulfill the conditions to Closing, as set forth in Article 5, within ten (10) Business Days following the date hereof;
provided, however, that no party may terminate this Agreement under this Section 6.01(b), if such party is otherwise unable to take the actions required or meet the conditions to Closing of such party under this Agreement. 

 (c) If this Agreement is terminated as permitted by Section 6.01(a) or
Section 6.01 (b) above prior to the Closing, then the Company shall have no further obligation to buy, and the Selling Stockholder shall have no further obligation to sell, any Shares. If this Agreement is terminated as permitted by
Section 6.01(a) above prior to the Closing, no party to this Agreement shall have any liability or further obligation to any other party pursuant to this Agreement. 

Section 6.02. Assignment; Successors. Neither this Agreement nor any of the rights, interests or obligations under this Agreement
may be assigned or delegated, in whole or in part, by operation of Law or otherwise, by the Selling Stockholder or the Company without the prior written consent of the Company or the Selling Stockholder, as the case may be, and any such assignment
without such prior written consent shall be null and void. Subject to the preceding sentence, this Agreement and all of its provisions shall be binding upon and inure to the benefit of the parties and their respective successors and assigns. 

Section 6.03. No Broker. Except as previously disclosed to the other party, no party has engaged any third party as broker or
finder or incurred or become obligated to pay any broker’s commission or finder’s fee in connection with the transaction contemplated hereby. 

Section 6.04. Amendment; Waiver. This Agreement may be amended or waived only if such amendment or waiver is in writing and is
signed, in the case of an amendment, by each party to this Agreement, or in the case of a waiver, by the party or parties against whom the waiver is sought to be enforced. Any failure of the Company to comply with any obligation, agreement or
condition under this Agreement may only be waived in writing by the Selling Stockholder, and any such failure by the Selling Stockholder may only be waived in writing by the Company, but any such waiver shall not operate as a waiver of, or estoppel
with respect to, any subsequent or other failure. No failure by a party to take any action against any breach of this Agreement or default by the other party shall constitute a waiver of such party’s right to enforce any provision of this
Agreement or to take any such action. 
 Section 6.05. Notice. All notices, demands or other communications to be given or
delivered under or by reason of the provisions of this Agreement will be in writing and will be deemed to have been given when delivered personally, mailed by certified or registered mail, return receipt requested and postage prepaid, or sent via a
nationally recognized overnight courier, or sent via facsimile or electronic mail to the recipient. Such notices, demands and other communications will be sent to the address indicated below: 

To the Selling Stockholder: 

Cetus Capital II, LLC 
 8 Sound
Shore Drive 
 Greenwich, Connecticut 06830 

Attention: Robert E. Davis 
 With
a copy to (which shall not constitute notice): 
 Sheppard, Mullin, Richter & Hampton LLP 

30 Rockefeller Plaza 
 New York,
New York 10112 
 Attention: Shon E. Glusky, Esq. 

Facsimile No: 
 Email Address:

 To the Company: 
 Installed
Building Products, Inc. 
 495 South High Street, Suite 50 

Columbus, Ohio 43215 
 Attention:
Michael T. Miller 

 With a copy to (which shall not constitute notice): 

Proskauer Rose LLP 
 Eleven Times
Square 
 New York, New York 10036 

Attention: Robin M. Feiner, Esq. 

Facsimile No: 
 Email Address:

 Section 6.06. Third Parties. Except as specifically set forth or referred to in this Agreement, nothing in this Agreement,
expressed or implied, is intended, or shall be construed, to confer upon or give to any person or entity other than the parties hereto and their successors or assigns, any rights or remedies under or by reason of this Agreement. 

Section 6.07. Governing Law; Waiver of Jury Trial. This Agreement shall be governed by and construed in accordance with the Laws
of the State of New York, without regard to any conflicts of Laws principles which would result in the application of the Laws of any other jurisdiction. To the fullest extent permitted by Law, each party hereto waives any and all rights such
party may have to a jury trial with respect to any dispute arising under this Agreement or the transaction contemplated hereby. 

Section 6.08. Entire Agreement. This Agreement sets forth the entire agreement and understanding of the parties with respect to
the subject matter of this Agreement and supersedes all prior agreements, promises, covenants, arrangements, communications, term sheets, memoranda of understanding, letters of intent, representations or warranties, whether oral or written, by any
party or any officer, employee or representative of any party. 
 Section 6.09. Further Assurances. Each of the Company and the
Selling Stockholder shall execute and deliver such additional documents and instruments and shall take such further action as may be necessary or appropriate to effectuate fully the provisions of this Agreement. 

Section 6.10. Survival of Representations and Warranties. Expect as expressly set forth in Section 6.01, all
representations and warranties contained herein or made in writing by any party in connection herewith shall survive the execution and delivery of this Agreement and the consummation of the transaction contemplated hereby. 

Section 6.11. Severability. Whenever possible, each provision or portion of any provision of this Agreement shall be interpreted
in such manner as to be effective and valid under applicable Law, but if any provision or portion of any provision of this Agreement is held to be invalid, illegal or unenforceable in any respect under any applicable Law, such invalidity, illegality
or unenforceability shall not affect any other provision or portion of any provision in the applicable jurisdiction, and this Agreement shall be reformed to the minimum extent necessary so that this Agreement may be construed and enforced in such
jurisdiction to the maximum extent that such illegal or unenforceable provision may be enforced. 
 Section 6.12. Headings;
Interpretation. The headings of the Articles and Sections of this Agreement are inserted for convenience only and shall not constitute a part of or affect in any way the meaning or interpretation of this Agreement. The words “include,”
“includes” and “including” when used in this Agreement shall be deemed in each case to be followed by the words “without limitation.” Defined terms used in this Agreement shall have the same meaning whether defined or
used herein in the singular or the plural, as the case may be. Each party hereto acknowledges that it has reviewed this Agreement prior to its execution and that changes were made to this Agreement based upon its comments. If any disputes arise with
respect to the interpretation of any provision of this Agreement, the provision shall be deemed to have been drafted by all of the parties and shall not be construed against any party on the basis that the party was responsible for drafting that
provision. 
 Section 6.13. Counterparts. This Agreement may be executed in two or more identical counterparts, each of which
shall be deemed an original, but all of which together shall constitute one and the same instrument. Facsimile and portable document format (.pdf) copies of this Agreement shall have the same force and effect as an original. 

[Signature Pages Follow]  

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

			
	 COMPANY:

	
	 INSTALLED BUILDING PRODUCTS, INC.

		
	 By:
	 	 /s/ Michael T. Miller

	 Name:
	 	Michael T. Miller
	 Title:
	 	Chief Financial Officer
	
	 SELLING STOCKHOLDER:

	
	 CETUS CAPITAL II, LLC

		
	 By:
	 	Littlejohn Fund IV, L.P., as sole member
		
	 By:
	 	 /s/ Robert E. Davis

	 Name:
	 	Robert E. Davis
	 Title:
	 	Managing Director

 Signature Page to Repurchase AgreementEX-10.1

 Exhibit 10.1 

12/10/14 
 CYNTHIA VALKO
(CEO) 
 GLOBAL INDEMNITY plc (GBLI) 

EXECUTIVE EMPLOYMENT AGREEMENT 
  

			
	POSITION & TITLE:	  	Chief Executive Officer (“CEO”) of Global Indemnity plc (including affiliates, GBLI), reporting to the chairman (“Chairman”) of the board of directors (“Board”) of GBLI.
		
	TERM:	  	January 1, 2014 through December 31, 2017.
		
	BASE SALARY:	  	$600,000, effective as of January 1, 2014.
		
	ANNUAL BONUS OPPORTUNITY:	  	$500,000, payable 50% in cash & 50% in restricted shares (“Bonus Shares”), with bonus amount determination to be based on the achievement of Board approved annual underwriting income, premium volume, and underwriting
profitability targets (with true-up), as determined by the Board in its sole discretion and subject to CEO’s continued employment through (i) the bonus payment date with respect to the 50% cash portion and (ii) the Bonus Share grant date with
respect to the Bonus Shares. Bonus Shares will vest  1⁄3 on each anniversary of grant subject to CEO’s continued employment with GBLI through each such
vesting date and subject to accident year true-up of bonus year underwriting results as of the 3rd anniversary of grant.
		
	STOCK OPTIONS:	  	 CEO was previously granted a stock option award to purchase 300,000 shares of GBLI stock (the “Initial Options”) effective as of
September 19, 2011 pursuant to the terms of that certain Executive Employment Term Sheet between CEO and GBLI dated September 12, 2011.
  

CEO has been granted an additional stock option award, which was approved by the compensation committee of the Board on February 9, 2014, to purchase 300,000
shares of GBLI stock (“2014 Stock Options”). The 2014 Stock Options vest as follows: 20% on the last day of calendar year 2015; 30% on the last day of calendar year 2016; and the remaining 50% on the last day of calendar year 2017, solely
to the extent in respect of each such year or cumulatively over the vesting period, GBLI achieves Board approved underwriting income, premium volume, and underwriting profitability targets determined on an accident year basis trued up on the 3rd
anniversary of each such year and

 12/10/14 
  

			
		  	 subject to CEO’s continued employment on each applicable vesting date. The exercise price applicable to the 2014 Stock Options is $25.00
plus (i) GBLI’s average year-end tangible book value per share for the period commencing with calendar year-end 2014 and ending on the date the 2014 Stock Options are exercised, (ii) multiplied by the average interest rate of Treasury bonds
having a 7-year remaining term over the same period referenced in (i) above and (iii) multiplied by the number of years commencing with calendar year 2014 and ending on the date the 2014 Stock Options are exercised; provided, however, that in no
event shall the exercise price applicable to the 2014 Stock Options be below the fair market value of GBLI shares on the date of grant.
  

Following termination of CEO’s employment with GBLI, CEO may exercise the 2014 Stock Options that are vested and outstanding as of his termination date
for a period of 90 days following such termination, after which period any such 2014 Stock Options that remain unexercised will expire and terminate and may no longer be exercised, provided, however that CEO’s right to exercise such vested 2014
Stock Options shall terminate immediately if (i) CEO fails to provide GBLI, its affiliates and their respective directors, officers, employees, managers, shareholders, members with an executed general release of claims (“Release”) or
revokes such Release within any legally applicable revocation period, or (ii) CEO’s employment is terminated by GBLI due to the occurrence of a “Cause Event” (defined below). All 2014 Stock Options that are unvested as of the date of
CEO’s termination shall immediately terminate and CEO shall have no further right, title or interest in such 2014 Stock Options. All 2014 Stock Options issued to CEO are and will be subject to the terms of the Global Indemnity plc Share
Incentive Plan, as amended, subject to shareholder approval of such plan to the extent required to effect such grant under the plan and any ancillary agreements thereunder.

		
	EMPLOYEE BENEFITS:	  	CEO is entitled to participate in all existing and future employee benefit plans, (e.g. pension and retirement, savings, medical, health and accident, life, disability) that are available to other senior executives of GBLI
and will be provided with four weeks paid vacation annually.
		
	TERMINATION:	  	CEO’s employment is terminable at the discretion of the Board in which event CEO shall receive as severance an amount equal to one month of Base Salary for each 12 months of employment (prior to the date of termination) unless
such termination is by

  
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 12/10/14 
  

			
		  	reason of the occurrence of a Cause Event, with such amount payable in a lump sum on the 60th date following CEO’s termination date, provided that such payment shall be
subject to CEO providing an executed Release and not revoking such Release within any legally applicable revocation period. In the event CEO voluntarily terminates her employment for any reason, she shall not be entitled to the severance payment
described above.
		
	CAUSE EVENT:	  	A “Cause Event” means: (i) conduct of CEO constituting malfeasance, incompetence, gross misconduct, gross negligence, fraud, dishonesty, (ii) CEO is officially charged with or indicted for a felony criminal offense
involving moral turpitude, (iii) CEO fails to follow the lawful written instructions of the Board (including a committee thereof or the Chairman), and (iv) substantive violation of GBLI governance, code of conduct, conflict of interest, and
similar GBLI policies applicable to all GBLI employees or senior executives.
		
	DISPUTES GOVERNING LAW:	  	Any disputes shall be resolved by arbitration in Philadelphia, Pennsylvania. The governing law shall be that of New York. The arbitration shall be conducted by a single arbitrator selected by the parties in accordance with the JAMS
Employment Arbitration Rules & Procedures pertaining at the time the dispute arises. Any arbitration will be conducted on a strictly confidential basis. This agreement to arbitrate and any arbitration hereunder will be interpreted and conducted
in all manners necessary to ensure its enforceability.
		
	TAXES/ WITHHOLDING	  	GBLI shall make such deductions and withhold such amounts from each payment made to CEO hereunder as may be required from time to time by law, governmental regulation or order. CEO shall be entitled to reimbursement for any taxes
that may be imposed on her in respect of Section 409A of the Internal Revenue Code of 1986 (“Section 409A”) as well as any state, federal or local income or employment taxes imposed on such reimbursement.
		
	OTHER MATTERS:	  	This agreement incorporates and supersedes all prior agreements among the parties relating to CEO’s employment by GBLI, including without limitation that certain Executive Employment Term Sheet between GBLI and CEO dated
September 12, 2011 but excluding the Initial Options and any award agreement governing such Initial Options grant. This agreement may only be amended, the provisions hereof may only be waived, and consents hereunder shall only be effective if the
amendment,

  
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		  	waiver, or consent is evidenced by a written document that is physically signed by CEO and GBLI. It is the intent of the parties that payments and benefits under this agreement comply with, or be exempt from, Section 409A, as
amended and, accordingly, to the maximum extent permitted, this agreement shall be interpreted and administered consistent with such intent. With respect to any reimbursements or other in-kind benefits provided to CEO by GBLI (i) all such expenses
or other reimbursements hereunder shall be made on or prior to the last day of the taxable year following the taxable year in which such expenses were incurred by CEO, (ii) any right to such reimbursement or in-kind benefits shall not be subject to
liquidation or exchange for another benefit, and (iii) no such reimbursement, expenses eligible for reimbursement, or in-kind benefits provided in any taxable year shall in any way affect the expenses eligible for reimbursement, or in-kind benefits
to be provided, in any other taxable year.

  
 4

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