Document:

Exhibit 10.6

      

       
        Execution Version

      

       

      

      TRADEMARK LICENSE AGREEMENT

       

      by and between

       

      INGERSOLL-RAND PLC

       

      and

       

      INGERSOLL-RAND U.S. HOLDCO, INC.

       

      Dated as of  February 29, 2020

       

      
        
          

      

      
      TABLE OF CONTENTS

       

      	 	
              Page

            
	
              ARTICLE I DEFINITIONS

            	
              1

            
	
              ARTICLE II GRANT

            	
              2

            
	
              ARTICLE III CERTAIN COVENANTS

            	
              5

            
	
              ARTICLE IV OWNERSHIP

            	
              5

            
	
              ARTICLE V QUALITY CONTROL

            	
              6

            
	
              ARTICLE VI REPRESENTATIONS AND WARRANTIES

            	
              6

            
	
              ARTICLE VII INDEMNIFICATION

            	
              6

            
	
              ARTICLE VIII TERM AND TERMINATION

            	
              7

            
	
              ARTICLE IX TRANSFERABILITY AND ASSIGNMENT

            	
              8

            
	
              ARTICLE X MISCELLANEOUS

            	
              9

            

      

      

      
        i

        
          

      

      
      TRADEMARK LICENSE AGREEMENT, dated as of February 29, 2020 (this “Agreement”),

        by and between INGERSOLL-RAND U.S. HOLDCO, INC., a Delaware corporation (“Licensor”), and INGERSOLL-RAND PLC, a public limited company incorporated in Ireland (“Licensee”).

       

      RECITALS

       

      WHEREAS, in connection with the contemplated Distribution and related transactions of SpinCo and concurrently with the execution of this Agreement,
        Licensor and Licensee are entering into a Separation and Distribution Agreement (the “Separation Agreement”);

       

      WHEREAS, pursuant to the Separation Agreement and the other Transaction Documents, as of the Distribution Date, Licensor will be the owner of the
        Licensed Trademarks; and

       

      WHEREAS, it is the intent of the Parties that Licensor license the Licensed Trademarks to Licensee to continue to use the Licensed Trademarks for a
        transitional period, subject to the terms and conditions hereof.

       

      NOW, THEREFORE, in consideration of the mutual agreements, provisions and covenants contained herein, and for other good and valuable consideration,
        the receipt and sufficiency of which are hereby acknowledged, the Parties, intending to be legally bound hereby, agree as follows:

       

      ARTICLE I

      DEFINITIONS

       

      Section 1.01.          Definitions.  As used in this Agreement, the following terms have the meanings set forth below.  Capitalized terms used, but not defined, in this Agreement shall have the meanings ascribed to such terms in the Separation
        Agreement or any other Transaction Document, as applicable.

       

      “Current Moon Name” means Ingersoll-Rand plc.

       

      “Divested Entity” has the meaning set forth in Section 9.02.

       

      “Domain Names” means Internet domain names, including top level domain
        names and global top level domain names, URLs, social and mobile media identifiers, handles and tags.

       

      “Licensed Products and Services” means each product manufactured,
        assembled, offered, sold, distributed or otherwise commercialized and each service offered, provided or otherwise commercialized, in each case by or on behalf of the Moon Business as of immediately prior to the Distribution Time, that contains,
        bears, displays, uses or is offered, sold, distributed, provided or otherwise commercialized under any Licensed Trademarks.

       

      “Licensed Trademarks” shall mean (a) the Moon Trademarks and (b) any
        and all other Trademarks owned by Licensor or any member of the SpinCo Group and used by or on behalf of the Moon Business as of immediately prior to the Distribution Time, or at any time during the twelve (12) months prior thereto, including the
        Trademarks set forth on Schedule A.

       

      
        1

        
          

      

      “Moon Indemnitees” has the meaning set forth in Section 7.02.

       

      “Moon Trademarks has the meaning set forth in the Intellectual Property
        Matters Agreement.

       

      “Packaging” means any and all materials in any forms or media used in
        connection with any products or services, including all packaging, containers, product or service tags, product or service literature, labels, manuals, inserts or other similar materials.

       

      “Party” means either party hereto, and “Parties” means both parties hereto.

       

      “SpinCo Indemnitees” has the meaning set forth in Section 7.01.

       

      “Term” has the meaning set forth in Section 8.01.

       

      “Trademark Guidelines” has the meaning set forth in Section 5.02.

       

      “Trademarks” means trademarks, service marks, trade names, trademark
        rights in corporate names and dba names, logos, slogans, trade dress, Domain Names or other source identifiers, including any registration or any application for registration therefor, together with all goodwill associated therewith.

       

      ARTICLE II

      GRANT

       

      Section 2.01.       
        Licenses.  Subject to the terms and conditions of this Agreement, effective as of the Distribution Time, Licensor (on behalf of itself and the other members of the SpinCo
        Group) hereby grants to Licensee and the other members of the Moon Group the following worldwide, non-exclusive, fully paid-up, royalty free, non-sublicensable (except as permitted by Section

            2.02), non-assignable and non-transferable (except as permitted by Article IX) and irrevocable (subject to Section 8.02) licenses to use the Licensed
        Trademarks, solely in a manner consistent with past practice and customary “phase out” use:

       

      (a)         Products and Services: for a period of nine (9) months following the Distribution Date, in connection with the manufacture, assembly, offer for sale, sale,
          distribution, provision or other commercialization of Licensed Products and Services, including any Packaging therefor;

       

      (b)          Signage: for a period of one (1) year following the Distribution Date, in connection with building signage that contains, bears, displays or uses any Licensed
          Trademark;

       

      
        2

        
          

      

      (c)          Online Uses: for a period of ninety (90) days following the Distribution Date, in connection any websites, social media platforms and accounts,Domain Names and email addresses, mobile and
          other online applications, digital displays and other online materials that contain, bear, display or use any Licensed Trademark, provided that, except with respect to (i) the principal website of the Moon Business located at IngersollRand.com,
          including any English language webpages directly linked from the homepage of such website or (ii) any United States-based social media accounts of the Moon Business, including Facebook and Twitter, if Licensee makes commercially reasonable
          efforts to cease such use within the foregoing period, such period shall be deemed extended for so long as Licensee makes such efforts, not to exceed an additional six (6) months;

       

      (d)          Corporate Names: for a period of ninety (90) days following the Distribution Date in the corporate, fictitious or other name of any entity that contains or uses any Licensed
          Trademark, provided that, if Licensee files such documents and takes such commercially reasonable actions to change such names within ninety (90) days of the Distribution Date and diligently prosecutes such name changes, such ninety (90) day
          period shall automatically be deemed extended to the extent necessary to accommodate the requirements of or delay in processing such name change by the applicable Governmental Authority, provided, further, that Licensee shall not be obligated to
          cease use of the Licensed Marks in the corporate names of Ingersoll-Rand Company Chile y Compañia Limitada and Ingersoll-Rand Zimbabwe (Private) Limited solely for so long as and to the extent that such entities are dormant and carry out no
          business activities, do not trade and receive no income; and

       

      (e)          Other Uses: for a period of (i) one-hundred eighty (180) days following the Distribution Date, in connection with continuing any other uses of any Licensed Trademark as of
          the date hereof, or at any time during the nine (9) months prior thereto, that are not addressed in the foregoing clauses (a) – (d), including product and sales literature, store displays, billboards, advertisements, vehicle and equipment markings, digital materials, supplies, uniforms, and (ii) ninety (90) days following
          the date on which the applicable entity name change has been approved by the applicable Governmental Authority as contemplated by the foregoing clause (d), in
          connection with stationery, purchase orders or similar forms, business cards, invoices, contracts or letterhead and other materials of such entity that purport to represent an affiliation with or the ability to bind Licensor or its Affiliates;

       

      provided, that, in each case of the foregoing clauses (a) – (e), all such uses shall be in a manner consistent with the operation of the Moon Business prior to the
        Distribution Date; provided, further, that, in each case of the foregoing clauses (a) – (e), or Section 2.05,

        where Licensee has made reasonable efforts to comply with the applicable time period provided therein, the period of such license shall be deemed extended to the extent of additional periods of time solely as required to comply with applicable Laws
        or to obtain any license, permit, consent, approval or authorization from an applicable Governmental Authority or, with respect to the foregoing clause (b), any binding
        contract with any applicable landlord.

       

      Section 2.02.        Service Providers.  The licenses granted to Licensee in Section 2.01(a) and Section 2.01(e) include the right to grant sublicenses to or otherwise authorize use by dealers, distributors, contractors and any other service providers of the Moon Group, in each case, solely for
        the benefit of the Moon Business and within the scope of the licenses set forth in Section 2.01 above, and provided that Licensee shall be liable hereunder for any action or inaction by any such sublicensee that would breach this Agreement if
        committed by Licensee.  Any purported sublicense in violation of this Section 2.02 shall be null and void ab initio and of no force and effect.

       

      
        3

        
          

      

      Section 2.03.        Efforts to Remove. Notwithstanding Section 2.01, Licensee shall use commercially reasonable efforts to cease any public-facing uses of the Licensed Trademarks by any member of the Moon Group as soon as reasonably practicable
        following the Distribution Date.  Notwithstanding the foregoing or anything else to the contrary herein, nothing herein shall require the Moon Group to transition from or cease any uses of any Licensed Trademarks in any internal or
        non-public-facing systems, Software, archives, facilities, manuals, policies or similar documents, records or other materials that are not public-facing.

       

      Section 2.04.        No Implied Licenses.  Nothing contained in this Agreement shall be construed as conferring any rights (including the right to sublicense) by implication, estoppel or otherwise, under any Intellectual
        Property Rights, other than as expressly granted in this Agreement, and all other rights under any Intellectual Property Rights licensed to a Party or the members of its Group hereunder are expressly reserved by the Party granting the license.  All
        goodwill generated by Licensee’s and the Moon Group’s use of the Licensed Trademarks inures solely to the benefit of Licensor.

       

      Section 2.05.          Moon plc Name.  Subject to the terms and conditions of this Agreement, solely in the event that the Moon Name Change (as defined in the Merger Agreement) has not occurred as of the Distribution Time,
          notwithstanding Section 2.01(d), Licensor (on behalf of itself and the other members of the SpinCo Group) hereby grants to Licensee a worldwide, non-exclusive, fully
          paid-up, royalty free, non-sublicensable (except as permitted by Section 2.02), non-assignable and non-transferable (except as permitted by Article IX) and irrevocable license to use the Current Moon Name solely (i) as the legal entity name of Moon; and (ii) to the minimum extent required by applicable Laws for Licensee to
          operate its business; in each case, until such time as Licensee changes the Current Moon Name to a Permitted Moon Name (as that term is defined in the Merger Agreement) and for ninety (90) days thereafter (subject to the second proviso of Section 2.01).  The foregoing license shall be subject to all other terms and conditions of this Agreement (except the last sentence of Section 8.02), and the Current Moon Name shall be deemed a Licensed Trademark for all purposes herein (other than Section 2.01(d)). 

          For clarity, for purposes of this Section 2.05, use “to the minimum extent required by applicable Laws” means use to the extent necessary to operate its business in compliance with applicable Laws, and, unless otherwise required by applicable
          Law, in non-stylized plain text, in the least prominent size and location, and the lowest quantity of uses required to comply with applicable Law.  To the fullest extent permitted by applicable Law and reasonably practicable, Licensee shall use
          together with the Current Moon Name (i) a dba name that includes a Permitted Moon Name (once the Permitted Moon Name has been finally selected and approved by Moon) and (ii) the unique numerical identifier associated with the Current Moon Name as
          registered with the applicable Governmental Authority in the Republic of Ireland, in each case, to indicate the use of the Current Moon Name as a corporate name.  For further clarity, the license in this Section 2.05 permits use by Licensee only
          as a corporate name and not any other form of Trademark, without limiting any of Licensee’s other rights and licenses under this Agreement.  If the Moon Name Change has taken effect as of the Distribution Time, the license in this Section 2.05
          shall be null and void ab initio, and the Current Moon Name shall be deemed a Licensed Trademark for all purposes hereunder.

       

      
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      ARTICLE III

      CERTAIN COVENANTS

       

      Section 3.01.       
        Restrictions on Use.  Except as expressly permitted in this Agreement, Licensee shall:

       

      (a)           not use any of the Licensed Trademarks in a way
          that would (i) tarnish or disparage a Licensed Trademark or (ii) dilute the value, reputation or distinctiveness of any Licensed Trademark; or

       

      (b)          not adopt, use, register or file applications to
          register, acquire or otherwise obtain, in any jurisdiction, any Trademark or Domain Name that consists of, incorporates or is confusingly similar to any Licensed Trademark;

       

      (c)           use the Licensed Trademarks in accordance with all
          applicable Laws in effect at the time of such use; and

       

      (d)           use all notices and legends reasonably requested by
          Licensor, including those required by applicable Law;

       

      provided, however,
        that, for clarity, any uses of the Licensed Trademarks that are consistent with the operation of the Moon Business prior to the Distribution Date shall not be restricted by Section
            3.01(a) or (d).

       

      Section 3.02.          Enforcement. Licensee shall notify Licensor in writing upon Licensee obtaining any knowledge of infringement, or possible infringement, of the Licensed Trademarks during the Term of this Agreement.  Licensor
          shall have no obligation to take any action against any third party with respect to the Licensed Trademarks, but should Licensor take action, Licensee will fully cooperate with Licensor at Licensor’s expense.

       

      ARTICLE IV

      OWNERSHIP

       

      Section 4.01.        Ownership.  Licensee acknowledges that, as between the Parties, the Licensed Trademarks are the exclusive and sole property of Licensor.  Nothing in this Agreement shall confer in Licensee any right of ownership in any
        Licensed Trademarks.  Licensee shall not dispute or contest, directly or indirectly, (i) Licensor’s ownership of the Licensed Trademarks or (ii) the validity or enforceability of the Licensed Trademarks. For clarity, in the event of Licensee’s
        continued use of the Current Moon Name, Licensee’s ownership of the corporate registration for such Current Moon Name does not affect Licensor’s ownership of the Moon Trademarks incorporated therein.

       

      Section 4.02.          No Obligation to Prosecute or Maintain Trademarks.  Neither Party nor any member of its Group shall have any obligation to seek, perfect or maintain any protection for any of the Licensed Trademarks. Licensee shall have no
        right, and Licensor shall have the sole right, but not the obligation, to file, prosecute until registration, register, maintain, renew and assert against third parties all registrations, applications and reservations of all Trademarks containing
        or comprising the Licensed Trademarks.

       

      
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      ARTICLE V

      QUALITY CONTROL

       

      Section 5.01.        Quality Control Standards.  Licensee shall manufacture, assemble, distribute and provide the Licensed Products and Services according to a level of quality that is substantially consistent with the quality of the Moon
        Business during the twelve (12) months prior to the Distribution Date. Upon Licensor’s reasonable request, Licensee shall, at Licensor’s sole expense, provide Licensor representative samples of any goods, literature, brochures, letterhead, business
        cards, signage, or advertising material bearing the Licensed Trademarks that have not previously been provided to Licensor.

       

      Section 5.02.        Conditions Applicable to the Appearance of the Licensed Trademarks. Licensee agrees to comply with the trademark guidelines in effect for the Moon Business (or any applicable portion thereof), if any,
        during the twelve (12) months prior to the Distribution Date with respect to the appearance and manner of use of the Licensed Trademarks (“Trademark Guidelines”).  Any
        material changes to any form of use of the Licensed Trademarks not provided for herein, contemplated by the Separation Agreement or any other Transaction Document or otherwise consistent with the Trademark Guidelines shall be adopted by Licensee
        only upon prior written approval of Licensor, such approval not to be unreasonably withheld, conditioned or delayed.

       

      Section 5.03.        Registered User Agreements. To the extent required by applicable Law, Licensee shall execute registered user agreements and similar documents required by Licensor in order to protect or enhance Licensor’s title and rights in
        the Licensed Trademarks, in each case to the extent consistent with past practice of the Moon Business during the twelve (12) months prior to the Distribution Date.

       

      ARTICLE VI

      REPRESENTATIONS AND WARRANTIES

       

      Section 6.01.        Disclaimer of Representations and Warranties.  Licensee (on behalf of itself and each other member of its Group) acknowledges and agrees that Licensor makes no representations or warranties whatsoever,
          including any implied warranties of merchantability, fitness for a particular purpose, title, registerability, allowability, enforceability or non-infringement, as to any Licensed Trademarks, or any other matter concerning, any Licensed
          Trademarks.

       

      ARTICLE VII

      INDEMNIFICATION

       

      Section 7.01.        Indemnification by Licensee.  Licensee shall indemnify, defend and hold harmless any Indemnified Party of SpinCo (collectively, the “SpinCo

            Indemnitees”) from and against any and all Liabilities of the SpinCo Indemnitees relating to, arising out of or resulting from (i) Licensee’s breach of this Agreement or (ii) the Moon Group’s use of any Licensed Trademark or conduct
        of its business under the Licensed Trademarks hereunder.

       

      
        6

        
          

      

      Section 7.02.          Indemnification by Licensor.  Licensor shall indemnify, defend and hold harmless any Indemnified Party of Moon (collectively, the “Moon Indemnitees”) from and against any and all Liabilities of the Moon Indemnitees to the extent that it is based upon (i) Licensor’s breach of this Agreement or (ii) the SpinCo Group’s or Clover’s or its
        Subsidiaries’ use of any Licensed Trademark, except to the extent the claim relates to a breach by Moon under the Merger Agreement.

       

      Section 7.03.          Limitation on Liability. Except as may expressly be set forth in this Agreement, in no event shall any Party have any Liability pursuant to this Agreement for any lost profits
        or opportunity costs, or any special, punitive or consequential damages (except in any such case to the extent assessed in connection with a Third Party Claim or except in the case of consequential damages to the extent such damages are the
        reasonable and foreseeable result of the matter in question).

       

      ARTICLE VIII

      TERM AND TERMINATION

       

      Section 8.01.        Term.  The term of this Agreement shall begin as of the Distribution Date and shall expire on the later date of (i) the expiration of last of the periods set forth above in Section 2.01 and (ii) the expiration of the license granted in Section 2.05 (the “Term”).

       

      Section 8.02.        No Termination.  The Parties acknowledge and agree that the licenses granted hereunder are irrevocable during the Term, and this Agreement may not be terminated prior to the expiration of the Term in Section 8.01, except by an agreement in writing signed by a duly authorized officer of each of the Parties.  Subject to the next sentence, in the event
          of a breach of this Agreement, the sole and exclusive remedy of the non-breaching Party shall be to recover
          monetary damages and/or to obtain injunctive or equitable relief in accordance with Sections 10.02 and 10.09.  Notwithstanding the foregoing, Licensor may terminate this Agreement (except the license in Section 2.05, which shall not be
          subject to termination for any reason) with immediate effect if a court of competent jurisdiction rules by non-appealable final order that Licensee has committed an intentional, material breach of this Agreement in connection with uses of the
          Licensed Trademarks that are not consistent with the operation of the Moon Business prior to the Distribution Date, such breach
          materially harms the Licensed Trademarks and such breach cannot be cured.

       

      Section 8.03.         Non-Trademark Uses.  Notwithstanding anything in this Agreement to the contrary, and without limiting the rights otherwise granted in Article II, nothing herein shall impair the rights of the Moon Group to: (i) use and make factual references to any Licensed Trademarks or any corporate, fictitious or other names of any member of the Moon Group or SpinCo
        Group in a non-trademark manner, including any use in corporate or financial records, tax or regulatory filings and other similar materials or (ii) make any use of any Trademark that may be required under applicable Laws, or make “fair use” of any
        Trademark.

       

      Section 8.04.        Effect of Expiration.  After the expiration of the Term, Licensee and the Moon Group shall no longer have the licenses granted hereunder to use the Licensed Trademarks.  Expiration of the Term shall be without prejudice to
        any rights of a Party accruing prior to such expiration.

       

      
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      Section 8.05.          Survival.  Notwithstanding anything in this Agreement to the contrary, Article I, Section

            4.01, Article VII, this Article VIII, Article IX and Article X shall survive the expiration or any termination of this Agreement.

       

      ARTICLE IX

      TRANSFERABILITY AND ASSIGNMENT

       

      Section 9.01.          Assignment.  Except as expressly set forth in this Agreement, neither this Agreement nor any of the rights, interests or obligations under this Agreement, including the licenses granted pursuant
        to this Agreement, shall be assigned, in whole or in part, by operation of Law or otherwise by either Party without the prior written consent of the other Party.  Notwithstanding the foregoing, either Party may assign this Agreement, in whole or in
        part, without prior written consent (a) in connection with (i) one or more merger transactions in which such assigning Party is not the surviving entity and the surviving entity acquires or assumes all or substantially all of such Party’s assets or
        (ii) one or more sales of such Party’s businesses or lines of business, or of all or substantially all of such Party’s assets or (b) to such Party’s Affiliates. Subject to the preceding sentences, this Agreement will be binding upon, inure to the
        benefit of, and be enforceable by, the Parties and their respective successors and assigns.  No assignment permitted by this Section 9.01 shall release the assigning
        Party from liability for full performance of its obligations under this Agreement prior to such assignment date, but shall release such Party from liability arising after such date.

       

      Section 9.02.          Divested Businesses.  In the event a Party divests a business by (a) spinning off a member of its Group by its sale or other disposition to a third party or (b) reducing ownership or control in a
        member of its Group so that it no longer qualifiers as a member of its Group under this Agreement (each such divested entity, a “Divested Entity”), the Divested Entity
        shall retain those licenses granted to it under this Agreement; provided that the license shall be limited to the business of the Divested Entity as of the date of divestment and the natural or reasonable extensions and evolutions thereof.  The
        retention of any license rights herein is not subject to the consent of the other Party, but is subject to the Divested Entity’s delivery to the non-retaining Party, within 90 days of the effective date of such divestment, of a duly authorized,
        written undertaking, agreeing to be bound by the applicable terms of this Agreement.

       

      Section 9.03.        Third Party Products or Services. For the avoidance of doubt, in no event will any assignment of a license hereunder or the licenses retained by a Divested Entity grant a license to products or services of a third party
          acquirer existing on or before the date of the divestment.
         

      

      Section 9.05.        Prohibited Assignments Null and Void. 
          Any purported assignment in violation of Article IX shall be null and void ab initio and of no force and effect.

       

      
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      ARTICLE X

      MISCELLANEOUS

       

      Section

          10.01.      Corporate Power; Facsimile Signatures.

       

      (a)           Moon represents on behalf of itself and on behalf of other members of the Moon Group, and SpinCo represents on behalf of itself and on behalf of other members of the SpinCo Group, as follows:

       

      (i)          each such Person has
          the requisite corporate power and authority and has taken all corporate action necessary in order to execute, deliver and perform this Agreement and to consummate the transactions contemplated hereby; and

       

      (ii)         this Agreement has been duly
          executed and delivered by it and constitutes a valid and binding agreement of it enforceable in accordance with the terms thereof.

       

      (b)          Notwithstanding any
          provision of this Agreement, neither Moon nor SpinCo shall be required to take or omit to take any act that would violate its fiduciary duties to any minority stockholders of any non-wholly owned Subsidiary of Moon or SpinCo, as the case may be (it being understood that directors’ qualifying shares or similar interests will be disregarded for purposes of determining
          whether a Subsidiary is wholly owned).

       

      Section 10.02.      Governing Law; Submission to Jurisdiction; Waiver of Trial.

       

      (a)          This Agreement, and all Actions (whether in contract or tort) that may be based upon, arise out of or relate to this Agreement or the negotiation, execution or performance hereof (including any claim or cause of action based upon,
          arising out of or related to any representation or warranty made in or in connection with this Agreement or as an inducement to enter into this Agreement) shall be governed by and construed in accordance with the Law of the State of Delaware,
          without regard to the choice of law or conflicts of law principles thereof. The Parties expressly waive any right they may have, now or in the future, to demand or seek the application of a governing Law other than the Law of the State of
          Delaware.

       

      (b)          Each of the Parties
          hereby irrevocably and unconditionally submits, for itself and its property, to the exclusive jurisdiction of the Court of Chancery of the State of Delaware (or, if such court shall not have jurisdiction, any federal court of the United States of
          America sitting in Delaware, or if jurisdiction is not then available in such federal court, then in any Delaware state court siting in New Castle County) and any appellate court from any appeal thereof (the “Chosen Courts”) in any Action arising out of or relating to this Agreement or the transactions contemplated hereby or for recognition or enforcement of any judgment relating thereto, and each of
          the Parties hereby irrevocably and unconditionally (i) agrees not to commence any such Action except in such courts, (ii) agrees that any claim in respect of any such Action may be heard and determined in the Chosen
          Courts, (iii) waives, to the fullest extent it may legally and effectively do so, any objection which it may now or hereafter have to the laying of venue of any such Action in the Chosen Courts and (iv) waives, to the fullest extent permitted by
          Law, the defense of an inconvenient forum to the maintenance of such Action in the Chosen Courts. Each of the Parties agrees that a final judgment in any such Action shall be conclusive and may be enforced in other jurisdictions by suit on the
          judgment or in any other manner provided by Law. Each Party irrevocably consents, to the fullest extent permitted by Law, to service of process in the manner provided for notices in
              Section 10.05. Nothing in this Agreement will affect the right of any party to this Agreement to serve process in any other manner permitted by Law.

       

      
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      (c)        EACH PARTY ACKNOWLEDGES
          AND AGREES THAT ANY CONTROVERSY WHICH MAY ARISE UNDER THIS AGREEMENT IS LIKELY TO INVOLVE COMPLICATED AND DIFFICULT ISSUES, AND THEREFORE IT HEREBY IRREVOCABLY AND UNCONDITIONALLY WAIVES ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN RESPECT OF ANY
          LITIGATION DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY. EACH PARTY CERTIFIES AND ACKNOWLEDGES THAT (I) NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PARTY HAS REPRESENTED,
          EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PARTY WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE EITHER OF SUCH WAIVERS, (II) IT UNDERSTANDS AND HAS CONSIDERED THE IMPLICATIONS OF SUCH WAIVERS, (III) IT MAKES SUCH WAIVERS VOLUNTARILY AND (IV)
          IT HAS BEEN INDUCED TO ENTER INTO THIS AGREEMENT BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION 10.02(c).

       

      Section 10.03.          Survival of Covenants.  Except as expressly set forth in this Agreement and liability for the breach of any obligations contained herein or therein, shall survive each of the Reorganization, the
        Distribution and the Merger, and shall remain in full force and effect.

       

      Section 10.04.          Waivers of Default.  Any Party may, at any time prior to the Closing, by action taken by its board of directors, a committee thereof or officers thereunto duly authorized,
        waive any of the terms or conditions of this Agreement or (without limiting Section 10.11) agree to an amendment or modification to this Agreement by an agreement in
        writing executed in the same manner (but not necessarily by the same Persons) as this Agreement; provided, that unless the Merger Agreement shall have been terminated in
        accordance with its terms, any such waiver, amendment or modification by SpinCo shall be subject to the prior written consent of Clover. No waiver by any of the Parties of any breach hereunder, whether intentional or not, shall be deemed to extend
        to any prior or subsequent breach hereunder or affect in any way any rights arising by virtue of any prior or subsequent such occurrence. No waiver by any of the Parties of any of the provisions hereof shall be effective unless explicitly set forth
        in writing and executed by the Party sought to be charged with such waiver.

       

      Section 10.05.          Notices. All notices and other communications among the Parties shall be in writing and shall be deemed to have been duly given (a) when delivered in person, (b) when delivered after posting in the United States mail having been sent registered or certified mail return receipt requested, postage prepaid, (c) when delivered by FedEx or other
        nationally recognized overnight delivery service or (d) when delivered by email (so long as the sender of such email does not receive an automatic reply from the recipient’s email server indicating that the recipient
        did not receive such email), addressed as follows:

       

      
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      If to Moon then to:

      Ingersoll-Rand plc

      170/175 Lakeview Drive

      Airside Business Park, Swords, Co. Dublin, Ireland

      Attention: Evan M. Turtz

      Email: Evan_Turtz@irco.com

       

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

       

      Paul, Weiss, Rifkind, Wharton & Garrison LLP

      1285 Avenue of the Americas

      New York, NY 10019

      
        	 	
                Attention:

              	
                Scott A. Barshay

                Steven J. Williams 

              

      

      
        	 	
                Email:

              	
                sbarshay@paulweiss.com; swilliams@paulweiss.com

              

      

       

      If to SpinCo, then to:

       

      800 Beaty Street

      Building A

      Davidson, North Carolina 28036

      Attention: Legal Department

       

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

       

      Simpson Thacher & Bartlett LLP

      425 Lexington Avenue

      New York, NY 10017

      
        	 	
                Attention:

              	
                Marni Lerner

                Mark Pflug 

              

      

      
        	 	
                Email:

              	
                mlerner@stblaw.com; mpflug@stblaw.com

              

      

       

      Section 10.06.      Severability.  If any provision of this Agreement, or the application of any provision to any Person or circumstance, is held invalid or unenforceable by any court of competent jurisdiction, the
        other provisions of this Agreement shall remain in full force and effect. The Parties further agree that if any provision contained herein is, to any extent, held invalid or unenforceable in any respect under the Laws governing this Agreement, they
        shall take any actions necessary to render the remaining provisions of this Agreement valid and enforceable to the fullest extent permitted by Law and, to the extent necessary, shall amend or otherwise modify this Agreement to replace any provision
        contained herein that is held invalid or unenforceable with a valid and enforceable provision giving effect to the intent of the Parties.

       

      Section 10.07.     Entire
            Agreement.  This Agreement, the other Transaction Documents, the Merger Agreement, the Confidentiality Agreement (as defined in the Merger Agreement), including any related annexes, Exhibits and Schedules, as
          well as any other agreements and documents referred to herein and therein, shall together constitute the entire agreement between the Parties relating to the transactions contemplated hereby and supersede any other agreements, whether written or
          oral, that may have been made or entered into by or among any of the Parties or any of their respective Affiliates relating to the transactions contemplated hereby.

       

      
        11

        
          

      

      Section 10.08.          No Third-Party Beneficiaries. Nothing expressed or implied in this Agreement is intended or shall be construed to confer upon or give any Person, other than the Parties, any rights or remedies under or by reason of
        this Agreement, except as provided in Article VII with respect to Moon Indemnities and SpinCo Indemniteees (which is intended to be for the benefit of the Persons covered
        thereby and may be enforced by such Persons); provided, however,
        that Clover shall be a third-party beneficiary of the rights of SpinCo as provided in this Agreement.

       

      Section 10.09.          Specific Performance.  In the event of any actual or threatened default in, or breach of, any of the terms, conditions and provisions of this Agreement, the Party who is, or is to be, thereby aggrieved shall have
        the right to specific performance and injunctive or other equitable relief (on an interim or permanent basis) in respect of its rights under this Agreement. The Parties agree that the remedies at law for any breach or threatened breach, including
        monetary damages, are inadequate compensation for any loss and that any defense in any Action for specific performance that a remedy at law would be adequate is waived. Any requirements for the securing or posting of any bond with such remedy are
        waived by each of the Parties to this Agreement.

       

      Section 10.10.          Expenses.  Except as otherwise expressly provided in this Agreement, the Separation Agreement or the other Transaction Documents or the Merger Agreement, each Party agrees that it shall be
        responsible for its own expenses incurred in conjunction with any activities under this Agreement.

       

      Section 10.11.          Amendment.  No provision of this Agreement may be amended or modified except by a written instrument signed by each of the parties hereto or thereto, as applicable. In
        addition, unless the Merger Agreement shall have been terminated in accordance with its terms, any such amendment or modification shall be subject to the written consent of Clover.

       

      Section

          10.12.          Rules of Construction. Unless the context of this Agreement otherwise requires:

       

      (a)         (A) Words of any gender
          include each other gender and neuter form; (B) words using the singular or plural number also include the plural or singular number, respectively; (C) derivative forms of defined terms
          will have correlative meanings; (D) the terms “hereof,” “herein,” “hereby,” “hereto,” “herewith,” “hereunder” and derivative or similar words refer to this entire Agreement; (E) the
          terms “Article,” “Section,” “Annex,” “Exhibit,” and “Schedule,” refer to the specified Article, Section, Annex, Exhibit, or Schedule  of this Agreement and references to “paragraphs” or “clauses” shall be to separate paragraphs or clauses of the
          Section or subsection in which the reference occurs; (F) the words “include,” “includes” and “including” shall be deemed to be followed by the phrase “without limitation,” and (G) the
          word “or” shall be disjunctive but not exclusive.

       

      
        12

        
          

      

      (b)         References to Contracts (including this Agreement)
          and other documents or Laws shall be deemed to include references to such Contract, document or Law as amended, supplemented or modified from time to time in accordance with its terms and the terms hereof, as applicable, and in effect at any
          given time (and, in the case of any Law, to any successor provisions).

       

      (c)          References to any federal, state, local, foreign or
          supranational statute or other Law shall include all regulations promulgated thereunder.

       

      (d)          References to any Person include references to such
          Person’s successors and permitted assigns, and in the case of any Governmental Authority, to any Person succeeding to its functions and capacities.

       

      (e)          The language used in this Agreement shall be deemed
          to be the language chosen by the Parties to express their mutual intent. The Parties acknowledge that each Party and its attorney has reviewed and participated in the drafting of this Agreement and that any rule of construction to the effect that
          any ambiguities are to be resolved against the drafting Party, or any similar rule operating against the drafter of an agreement, shall not be applicable to the construction or interpretation of this Agreement.

       

      (f)          Whenever this Agreement refers to a number of days,
          such number shall refer to calendar days unless Business Days are specified. If any action is to be taken or given on or by a particular calendar day, and such calendar day is not a Business Day, then such action may be deferred until the next
          Business Day.

       

      (g)          The phrase “to the extent” shall mean the degree to
          which a subject or other thing extends, and such phrase shall not mean simply “if.”

       

      (h)          The term “writing,” “written” and comparable terms
          refer to printing, typing and other means of reproducing words (including electronic media) in a visible form.

       

      (i)           All accounting terms used herein and not
          expressly defined herein shall have the meanings given to them under GAAP unless the context otherwise requires.

       

      (j)           All monetary figures shall be in United States
          dollars unless otherwise specified.

       

      Section 10.13.      Captions; Counterparts.  The captions in this Agreement are for convenience only and shall not be considered a part of or affect the construction or interpretation of any provision of this Agreement. This Agreement
        may be executed in two or more counterparts (including by electronic or .pdf transmission), each of which shall be deemed an original, but all of which together shall constitute one and the same instrument.  Delivery of any signature page by
        facsimile, electronic or .pdf transmission shall be binding to the same extent as an original signature page.

       

      
        13

        
          

      

      Section

          10.14.     Performance. Moon will cause to be performed, and hereby guarantees the performance of, all actions, agreements and obligations set forth in this
        Agreement to be performed by any member of the Moon Group. SpinCo will cause to be performed, and hereby guarantees the performance of, all actions, agreements and obligations set forth in this Agreement to be performed by any member of the SpinCo
        Group. Each Party (including its permitted successors and assigns) further agrees that it will (a) give timely notice of the terms, conditions and continuing obligations contained in this Section 10.14 to all of the other members of its Group, and (b) cause all of the other members of its Group not to take any action
        inconsistent with such Party’s obligations under this Agreement or the transactions contemplated hereby.

       

      Section 10.15.      Rights in Bankruptcy.  To the fullest extent permitted by applicable Law, all rights and licenses granted under or pursuant to this Agreement, are, and shall otherwise be
        deemed to be, for purposes of Section 365(n) of the U.S. Bankruptcy Code or analogous provisions of applicable Law outside the United States, licenses of rights to “intellectual property” as defined under Section 101
        of the U.S. Bankruptcy Code or analogous provisions of applicable Law outside the United States.  The Parties agree that, in the event of a bankruptcy of Licensor,  Licensee shall retain and may fully exercise all of its respective rights, remedies
        and elections under the U.S. Bankruptcy Code or any other provisions of applicable Law outside the United States that provide similar protections for intellectual property rights.

       

      Section 10.16.      Further Assurances. Each Party covenants and agrees that, without any additional consideration, it shall execute and deliver any further legal instruments and perform any acts that are or may become necessary
          to effectuate this Agreement

       

      [SIGNATURE PAGES FOLLOW]

       

      
        14

        
          

      

      IN WITNESS WHEREOF, the Parties have caused this Trademark License Agreement to be executed by their duly authorized representatives.

       

      	 	
              INGERSOLL-RAND PLC

            
	 	 

      	 	
              By:

            	/s/ Sara W. Brown	 

      	 	
              Name:

            	
              Sara W. Brown

            
	 	
              Title:

            	
              Assistant Secretary

            
	 	 	 

      	 	
              INGERSOLL-RAND U.S. HOLDCO, INC.

            
	 	 

      	 	
              By:

            	/s/ Sara W. Brown	 

      	 	
              Name:

            	
              Sara W. Brown

            
	 	
              Title:

            	
              Assistant Secretary

            

       

      

      
        [Signature Page to Trademark Agreement]Exhibit

EXHIBIT 4(vi)

DESCRIPTION OF THE REGISTRANT’S SECURITIES
REGISTERED PURSUANT TO SECTION 12 OF THE
SECURITIES EXCHANGE ACT OF 1934

As of December 31, 2019, Unity Bancorp, Inc.  (“Unity”), the registrant and the registered banking holding Company or Unity Bank (“Unity Bank”) had one class of security registered under Section 12 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), our common stock, no par value per share (“Common Stock”).

Description of Capital Stock

We are authorized by our certificate of incorporation to issue 12,500,000 shares of common stock, no par value per share, and 500,000 shares of preferred stock, the terms, rights and features of which are determined by our Board of Directors upon issuance. As of the date hereof, we have 10,880,603 shares of common stock issued and outstanding and no shares of preferred stock issued and outstanding.   

Common Stock

The following description contains certain general terms of Unity’s common stock.

Dividend Rights

The holders of Unity’s common stock are entitled to dividends when, as, and if declared by the Unity board of directors out of funds legally available for the payment of dividends. Generally, New Jersey law prohibits corporations from paying dividends or any other distributions to shareholders, if after giving effect to the distribution, either the corporation would be unable to pay its debts as they become due in the usual course of its business or the corporation’s total assets would be less than its total liabilities.

The primary source of dividends paid to the Unity’s shareholders is dividends paid to Unity by Unity Bank. Thus, as a practical matter, any restrictions on the ability of Unity Bank to pay dividends will act as restrictions on the amount of funds available for payment of dividends by Unity. Under the New Jersey Banking Act of 1948, as amended, dividends may be paid by Unity Bank only if, after the payment of each such dividend, the capital stock of Unity Bank will be unimpaired and either Unity Bank will have a surplus of not less than 50% of its capital stock or the payment of such dividend will not reduce Unity Bank’s surplus. The payment of dividends is also dependent upon the Bank’s ability to maintain adequate capital ratios pursuant to applicable regulatory requirements. In addition to these explicit limitations, the federal regulatory agencies are authorized to prohibit a banking subsidiary or bank holding company from engaging in an unsafe or unsound banking practice. Depending upon the circumstances, the agencies could take the position that paying a dividend would constitute an unsafe or unsound banking practice.
The dividend rights of holders of Unity’s common stock are qualified and subject to the dividend rights of holders of Unity’s preferred stock that may be issued in the future as described below in the section titled “Preferred Stock”.

Voting Rights

Each holder of Unity’s common stock is entitled to one vote for each share held on all matters voted upon by the shareholders, including the election of directors. There is no cumulative voting in the election of directors.

Preemptive Rights

Holders of shares of Unity’s common stock are not entitled to preemptive rights with respect to any shares of the common stock that may be issued.

Liquidation Rights

In the event of any liquidation, dissolution or winding up of the affairs of Unity, subject to the rights and preferences, if any, of the holders of preferred stock, holders of Unity’s common stock are entitled to share, ratably in proportion to the number of shares of common stock held by them, in the remaining assets of Unity available for distribution to its shareholders.

Assessment and Redemption

All outstanding shares of Unity’s common stock are fully paid and non-assessable. Unity’s common stock is not redeemable at the option of the issuer or the holders thereof.

Transfer Agent

Computershare is presently the transfer agent for Unity’s common stock.

Listing

Unity’s common stock is listed on the NASDAQ Global Select Market under the symbol “UNTY”.
  
Preferred Stock

Unity has 500,000 authorized shares of preferred stock typically referred to as “blank check” preferred stock. This term refers to stock for which the rights and restrictions are determined by the board of directors of a corporation. Unity’s certificate of incorporation authorizes Unity’s Board of Directors to issue new shares of Unity’s preferred stock without further shareholder action.

Unity’s certificate of incorporation gives the board of directors of Unity authority to issue preferred stock from time to time in one or more classes or series thereof, each such class or series to have voting powers (if any), conversion rights (if any), designations, preferences and relative, participating, optional or other special rights, and such qualifications, limitations or restrictions thereof, as shall be determined by the board of directors of Unity and stated and expressed in a resolution or resolutions thereof providing for the issuance of such preferred stock.

With respect to any class or series of preferred stock, Unity’s certificate of incorporation allows the board of directors of Unity at any time to determine:

		
	▪
	the dividend rate on shares of such class or series and any restrictions, limitations or conditions upon the payment of such dividends, and whether dividends are cumulative, and the dates on which dividends, if declared, would be payable;

		
	▪
	whether the shares of such class or series would be redeemable and, if so, the terms of redemption;

		
	▪
	the rights of holders of shares of such class or series in the event of the liquidation, dissolution or winding up of Unity, whether voluntary or involuntary, or any other distribution of its assets;

		
	▪
	whether the shares of such class or series would be subject to the operation of a purchase, retirement or sinking fund and, if so, the terms and conditions thereof;

		
	▪
	whether the shares of such class or series would be convertible into shares of any other class or series of the same or any other class, and if so, the terms of such conversion; and

		
	▪
	the extent of voting powers, if any, of the shares of such class or series.

The issuance of additional common or preferred stock may be viewed as having adverse effects upon the holders of common stock. Holders of Unity’s common stock do not have preemptive rights with respect to any newly issued stock. Unity’s board could adversely affect the voting power of holders of Unity’s common stock by issuing shares of preferred stock with certain voting, conversion and/or redemption rights. In the event of a proposed merger, tender offer or other attempt to gain control of Unity that the board does not believe to be in the best interests of its shareholders, the board could issue additional preferred stock which could make any such takeover attempt more difficult to complete. Blank check preferred stock may also be used in connection with the issuance of a shareholder rights plan, sometimes called a poison pill.

Anti-Takeover Provisions

  The provisions of our certificate of incorporation, bylaws and the New Jersey corporation law summarized in the following paragraphs may be deemed to have anti-takeover effects and may delay, defer, or prevent a tender offer or takeover attempt that a shareholder might consider to be in such shareholder's best interest, including those attempts that might result in a premium over the market price for the shares held by shareholders, and may make removal of management more difficult.

Authorized but Unissued Stock 

  The authorized but unissued shares of common stock and preferred stock will be available for future issuance without shareholder approval. These additional shares may be used for a variety of corporate purposes, including future public offerings to raise additional capital, corporate acquisitions, and employee benefit plans. The existence of authorized but unissued and unreserved shares of common and preferred stock may enable our Board of Directors to issue shares to persons friendly to current management, which could render more difficult or discourage any attempt to obtain control of us by means of a proxy contest, tender offer, merger or otherwise, and thereby protect the continuity of our management.

Number of Directors 

  Our current board is comprised of 11 directors. Our certificate of incorporation currently provides that the Board of Directors shall consist of not less than 1 or more than 15 directors. The number of directors may be amended only by the affirmative vote of a majority of directors then in office or the affirmative vote of shareholders owning at least two-thirds of the outstanding shares entitled to vote.

Classified Board of Directors

Our certificate of incorporation divides the Board of Directors into three classes of directors serving staggered three-year terms. As a result, approximately one-third of the Board of Directors will be elected at each annual meeting of shareholders. The classification of directors will have the effect of making it more difficult for shareholders to change the composition of the Board of Directors. As a result, at least two annual meetings of shareholders may be required for the shareholders to change a majority of the directors, whether or not a change in the Board of Directors would be beneficial to the Company and its shareholders and whether or not a majority of the Company’s shareholders believes that such a change would be desirable.

Bank Regulatory Requirements

Under the Federal Change in Bank Control Act (the “Control Act”), a 60 day prior written notice must be submitted to the Board of Governors of the Federal Reserve System (“FRB”) if any person, or any group acting in concert, seeks to acquire 10% or more of any class of outstanding voting securities of a bank holding company, unless the FRB determines that the acquisition will not result in a change of control. Under the Control Act, the FRB has 60 days within which to act on such notice taking into consideration certain factors, including the financial and managerial resources of the acquirer, the convenience and needs of the community served by the bank holding company and its subsidiary banks and the antitrust effects of the acquisition. Under the Bank Holding Company Act of 1956, as amended (‘BHCA”), a company is generally required to obtain prior approval of the FRB before it may obtain control of a bank holding company. Under the BHCA, control is generally described to mean the beneficial ownership of 25% or more of the outstanding voting securities of a company, although a presumption of control may exist if a party beneficially owns 10% or more of the outstanding voting securities of a company and certain other circumstances are present.

New Jersey Shareholders Protection Act

A provision of New Jersey law, the New Jersey Shareholders’ Protection Act (the “Shareholders’ Protection Act”), prohibits certain transactions involving an “interested stockholder” and a resident domestic corporation. When used in reference to any such corporation, an “interested stockholder” is generally defined as one who is the beneficial owner, directly or indirectly, of 10% or more of the voting power of the outstanding voting stock of that corporation or who is an affiliate or associate of that corporation and at any time within the five-year period immediately prior to the date in question was the beneficial owner, directly or indirectly, of 10% or more of the voting power of the then outstanding stock of that corporation.

The Shareholders’ Protection Act generally prohibits any business combination between an interested stockholder and a resident domestic corporation for a period of five years following that interested stockholder’s stock acquisition date unless: (a) that business combination is approved by the corporation’s board of directors prior to that interested stockholder’s stock acquisition date or (b) the transaction(s) which caused the person to become an interested stockholder was approved by the corporation’s board of directors prior to that interested stockholder’s stock acquisition date and any subsequent business combinations with that interested stockholder are approved by the corporation’s board of directors, provided that any such subsequent business combination is approved by (1) the board of directors, or a committee thereof, consisting solely of persons who are not employees, officers, directors, stockholders, affiliates or associates of that interested stockholder, and (2) the affirmative vote of the holders of a majority of the voting stock not beneficially owned by such interested stockholder at a meeting called for such purpose. After the five-year period expires, the prohibition on business combinations with an interested stockholder continues unless certain conditions are met. Subject to further limitations, these conditions include: (a) a business combination approved by the corporation’s board of directors prior to that interested stockholder’s stock acquisition date; (b) a business combination approved by a vote of two-thirds of the voting stock not owned by the interested stockholder; (c) a business combination whereby its shareholders receive consideration in accordance with the Shareholders’ Protection Act; and (d) a business combination approved by the corporation’s board of directors, or a committee thereof, consisting solely of persons who are not employees, officers, directors, stockholders, affiliates or associates of that interested stockholder prior to the consummation of the business combination and by the affirmative vote of the holders of a majority of the voting stock not beneficially owned by such interested stockholder at a meeting called for such purpose if the transaction(s) with the interested stockholder which caused the person to become an interested stockholder was approved by the corporation’s board of directors prior to the consummation of such transaction(s).

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