Document:

EX-10.1

 Exhibit 10.1 
  

 
  
 SEPARATION AGREEMENT 

August 14, 2018 
 Jan Kees van Gaalen 

Dear Jan Kees: 
 This letter agreement
(“Separation Agreement”) is provided to confirm the terms of your separation from employment with Kennametal Inc. (“Company”). The Company advises you to consult with an attorney regarding this Separation Agreement, which
includes the Company’s consideration it shall pay you in exchange for a release of claims, as per Section 4(a) and Section 15 of your Officer’s Employment Agreement effective September 1, 2015 (“Officer’s
Employment Agreement”). 
 1.      Termination of Officer Status and Employment with the Company.

 Your status as Vice President and Chief Financial Officer and employment with the Company will terminate without cause effective
September 7, 2018 (“Termination Date”). On the Termination Date, you will cease to perform any duties or responsibilities of your former position as Vice President and Chief Financial Officer. As such, you are not authorized to make
any commitments on behalf of the Company or otherwise bind or obligate the Company, nor are you authorized to represent to others (directly or by implication) that you have any such authority. 

Your Officer’s Employment Agreement will terminate on the Termination Date concurrent with your employment, except for your continued
obligations under the terms of paragraph 9 concerning confidential information and non-disclosure (which are reincorporated herein as if set forth in full). You acknowledge and agree that no “Change of
Control” as defined under the Officer’s Employment Agreement has occurred. Your designation as an “executive officer” of the Company for purposes of the Securities Exchange Act of 1934, as amended, shall also cease on your
Termination Date or such earlier date as determined by the Kennametal Board of Directors, but the Company’s Insider Trading Policy, as well as all other applicable Company policies and procedures, will continue to apply to you in accordance
with their terms. 

 

 
  

 Notwithstanding your termination of employment and officer status, the Company acknowledges
and agrees that the obligations set forth under the Indemnification Agreement dated September 1, 2015 between you and the Company remain in full force and effect according to the terms of that agreement. 

2.        Compensation and Benefits. 

In accordance with the terms and conditions of your employment with the Company, the following sets forth the compensation and benefits you
are entitled to and will receive. You are not entitled to any compensation or benefits not otherwise set forth in this Section 2. 

(a)        Base Salary: You will continue to receive your current base salary, subject to
current deductions, withholdings and current benefit elections, through your Termination Date, in accordance with the Company’s established payroll practices. 

(b)        Paid Time Off Payout: After your employment with the Company terminates, you will be
paid for any earned and unused Paid Time Off (“PTO”), through your Termination Date, subject to normal withholdings. This represents full payment of all of your PTO as of the termination of your employment. You will not earn any PTO
or pay after your Termination Date, and you will not receive any further payment for earned and unused PTO. In the event you have used more PTO than you have earned up to your Termination Date, you authorize the Company to withhold from the
separation benefit payments, which are to be paid in accordance with Section 3, an amount equal to the unearned PTO taken. 

(c)        Active Benefits: Subject to your current elections, you will continue to receive
active coverage for medical, dental, and vision benefits through the last day of the month in which your employment terminates. Coverage for life, AD&D, and disability will end effective on your Termination Date. 

(d)        COBRA Benefits: After your healthcare coverage as an active employee ends, you and
your dependents have the right to continue your group health care coverage under the Consolidated Omnibus Budget Reconciliation Act (“COBRA”), by paying the applicable premium, for a period of time (usually 18 months). You will receive
information about this benefit continuation under separate cover from Business Solver, Kennametal’s third party COBRA administrator. 

(e)        Equity Awards: 

(i)        Stock Options: You will have all rights to vested stock options previously granted
to you, subject to and in accordance with the terms and conditions of the applicable stock option award agreements between you and the Company, as well as other relevant plan provisions. Vesting of stock options will continue through your
Termination Date, to the extent provided by the terms of the applicable agreements. Your right to exercise vested stock options, following your Termination Date, shall be in accordance with the applicable stock plan(s) and

  
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any applicable stock option agreements. Stock Options not vested on your Termination Date will be forfeited. 

(ii)        Restricted Stock Units: You will have all rights to restricted stock units
previously granted to you subject to and in accordance with the terms and conditions of the applicable restricted stock unit agreements between you and the Company, as well as other relevant stock plan provisions. Restricted stock units not vested
on your Termination Date will be forfeited. 
 (iii)        Performance Stock Units: As your
performance stock units will not be vested on your Termination Date, they will be forfeited. 
 (f)
        Thrift Plus Plan: As a vested participant in the Thrift Plus Plan (TPP), you will have all rights subject to the terms and conditions of the TPP Plan document. 

(g)         Executive Retirement Plan: You are not entitled to Executive Retirement Plan
(“ERP”) benefits as you are not vested under the terms and conditions of the ERP Plan document. 

(h)        Officer Benefits: Your eligibility for the continuation of the following officer
benefits is as set forth below: 
 (i)        Annual Incentive Plan Eligibility: Your are
not eligible for the Annual Incentive Plan for Fiscal Year 2019. 
 (ii)        Long Term
Incentive Program: You are not eligible to receive any future grants through the Long Term Incentive Program (“LTIP”), subsequent to September 7, 2018. Your rights related to prior grants issued to you under the LTIP are subject
to the terms and conditions of the applicable agreements between you and the Company, as well as other relevant plan provisions. 

3.        Separation Benefits 

Consistent with the terms of your Officers Employment Agreement, the Company asks that you sign this Separation Agreement to obtain the
compensation described in this Section 3 and to effectuate the release of claims set forth in Section 4. In exchange for your execution of this release, and upon your signing this Separation Agreement (without revoking it, as provided
herein) and it becoming effective, the Company will provide you: 
 (a) Severance: For the twelve (12) month period beginning on
September 7, 2018 and ending on September 6, 2019, you will receive severance pay in the form of salary continuation payments, at the rate of your current base salary ($556,200 per year), in substantially equal installments (at least
monthly) in accordance with the Company’s established payroll practices, subject to required and authorized withholdings and deductions. 

  
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 (b) Additional Severance: The Company will pay to you a lump sum cash payment equal to
$600,000, which represents 50% of your ERP vested amount on the vesting date of December 2, 2018. This amount will be paid as a total lump sum payment six (6) months following the Termination Date, subject to required and authorized
withholdings and deductions in accordance with IRC 409A. 
 The following disclosure pertains to Section 409A of the Internal Revenue
Code of 1986, as amended (the “Code”), and how it may affect payments of deferred compensation under this Separation Agreement. The Code governs the taxation of deferred compensation, and contains provisions that accelerate income
recognition and impose interest and additional taxes on payments and awards subject to Code Section 409A that fail to conform or are modified inconsistent with the requirements of Code Section 409A. You should review the content of this
Agreement, specifically this paragraph 3, with your attorney and/or tax advisor for Section 409A compliance. You are solely liable for all tax, interest and penalties that might be imposed under Section 409A. The Company agrees to discuss
modifying the terms of this paragraph 3 at your request, if necessary, to comply with the requirements of Section 409A and the regulations promulgated thereunder. Such request must be made within 21 days from the date of this letter. For
purposes of this Agreement, each payment is intended to be excepted from Section 409A to the maximum extent provided under Section 409A as follows: each severance payment, including each individual installment payment, shall be treated as
a separate payment. Each payment under this Agreement is intended to be excepted from Section 409A to the maximum extent provided under Section 409A as follows: (i) each payment made within the applicable 2 1⁄2 month period specified in Treas. Reg. § 1.409A-1(b)(4) is intended to be excepted under the short-term deferral
exception as specified in Treas. Reg. § 1.409A-1(b)(4); (ii) post-termination medical benefits are intended to be excepted under the medical benefits exceptions as specified in Treas. Reg. § 1.409A-1(b)(9)(v)(B); and (iii) to the extent payments are made as a result of an involuntary separation, each payment that is not otherwise excepted under the short-term deferral exception or
medical benefits exception is intended to be excepted under the involuntary pay exception as specified in Treas. Reg. § 1.409A-1(b)(9)(iii). You shall have no right to designate the date of any payment
hereunder. With respect to payments subject to Section 409A of the Code (and not excepted therefrom), if any, it is intended that each payment is paid on permissible distribution event and at a specified time consistent with Section 409A
of the Code. 
 4.        Your Release of Claims.  

By signing this Separation Agreement and accepting the compensation set forth in Section 3, you, on behalf of yourself, your heirs,
executors, administrators, successors and assigns, waive, release and forever discharge the Company and all current and former subsidiaries, divisions, related or affiliated companies, and all of their officers, directors, employees, agents,
successors, predecessors and assigns, including but not limited to all management and supervisory employees (severally and collectively “Releasees”), jointly and individually, from all claims, complaints, demands, causes of action,
obligations, liabilities and damages of every nature and description, known or unknown, foreseen or unforeseen, in law or equity, at common law or under any statute, rule, regulation, order or law, whether federal, state or local, on any grounds
whatsoever arising before your signing this Separation Agreement, 

  
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including but not limited to any claim relating to or arising out of your employment by the Company or the Company’s involuntary termination of your employment, any claim under the WARN Act,
any claim under the Age Discrimination in Employment Act of 1967, as amended, any claim of discrimination on any basis under any federal, state or local law, any claim of breach of any express or implied contract, any claim for promissory estoppel
or detrimental reliance, and any claim for wrongful or constructive discharge. If any administrative agency or court assumes jurisdiction of any charge, complaint, proceeding or action covered by Section 4 of this Separation Agreement against
any of the Releasees, you agree not to accept, recover or receive any monetary damages or other relief from or in connection with such charge, complaint, proceeding or action. You agree that if a court of competent jurisdiction determines that you
are to be awarded damages under WARN, those damages will be offset by the total compensation paid to you under Section 3(a) and 3(b) of this Separation Agreement. 

The Company advises you to consult with your own attorney before agreeing to the release of claims set forth in this section. As set forth
below in Section 12, you have twenty-one (21) days from the date of your receipt of this letter to review this Separation Agreement and the release it contains. 

Nothing in this section impairs your right to vested Company benefits to which you are entitled as of the date you sign this Separation
Agreement. Nothing in this section impairs any right you hold that cannot be waived or released as a matter of law. By way of example, nothing in this section impairs your right to file a charge or complaint with any appropriate federal, state, or
local agency, such as the United States Equal Employment Opportunity Commission, or to participate in or cooperate with any such charge or complaint procedure. After signing this Separation Agreement, you retain the right to challenge the validity
of the Separation Agreement. If you have any questions about other rights you may hold that cannot be waived or released as a matter of law, the Company advises you to consult with your own attorney on that subject. 

5.        Your Representations. 

By signing this Separation Agreement and accepting the compensation set forth in Section 3, you represent and affirm that you have
neither filed nor caused or permitted to be filed on your behalf any claim, charge, proceeding or action against any of the Releasees in any court or administrative agency for your benefit. Further, you represent and affirm that you are aware of no
facts that would support the filing of any such claim, charge, proceeding or action. Further, you represent and affirm that, as of the date you signed this Separation Agreement, you were aware of no facts indicating that the Company, or any person
or entity acting on its behalf, engaged in illegal or unethical conduct of any sort, and that you have not engaged in any such conduct. If you are unable to make these representations, you must contact the Company before signing this Separation
Agreement. All of the representations contained in this Section 5 are material to the Company’s decision to offer the compensation set forth in Section 3, and the Company is acting in reliance on your representations when offering and
providing these benefits. 

  
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 6.
        Non-Admission. 
 The act of offering this
Separation Agreement is not an admission of any liability whatsoever by the Company or any of the Releasees. 

7.        Non-Compete,
Non-Solicitation, Confidential Information and Non-Disclosure; Return of Company Property. 

(a) Non-Compete, Non-Solicitation, Confidential Information
and Non-Disclosure: You agree to comply with any obligations you may have, contractual or otherwise to: 

(i) refrain from competing against the Company for a period of two (2) years from the Termination Date. The competitors shall include,
without limitation, those listed on Appendix A attached hereto and incorporated herein. 
 (ii) refrain from soliciting any employee of the
Company for hire for a period of two (2) years from the Termination Date; 
 (iii) refrain from disclosing and otherwise protect any
confidential information about or belonging to the Company including, but not limited to, those obligations set forth in your Officer’s Employment Agreement, and to honor any other applicable post-employment restrictions you may have agreed to
as a Company employee, which obligations are not superseded by this Separation Agreement. 
 (b) Return of Company Property: You
agree that you have returned, or will return within one (1) day of your Termination Date, as provided in Section 1 above, all Company property and information, including but not limited to the following: all keys and/or access cards to the
Company’s facilities/offices, all equipment, documents, customer lists, written information, forms, plans, documents or other written or computer material or data, software or firmware, records, or copies of the same, belonging to the Company
or any company affiliated with the Company, in your possession or control. You agree that you are not entitled to receive or retain the compensation set forth in Section 3 of this Separation Agreement until you return all information and
property to the Company in compliance with this Separation Agreement. 
 8.
        Confidentiality Regarding Terms of This Separation Agreement. 
 You agree that the
terms and conditions of this Separation Agreement, and the actions of the parties in accordance therewith, are confidential, and that you have not disclosed and will not disclose such information to anyone, other than your attorney, accountant, tax
advisor, immediate family or as required by law or for purposes of enforcing this Separation Agreement. To the extent you disclose such information to any of the aforementioned persons, you will advise them that they must not disclose that
information and are bound by this confidentiality provision. 
 9.         Company-Issued Credit
Card Obligations. 

  
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 You agree that you will issue payment to the approved Kennametal credit provider (for
example: JP Morgan Chase) for any outstanding balance on my Company-issued credit card within thirty (30) days of your Termination Date. If you do not issue payment to the approved credit provider within that period of time, you authorize the
Company to withhold from the separation benefit payments, which are to be paid in accordance with Section 3 above, an amount equal to the unpaid balance that remains due to the approved credit provider. Any business expenses that are subject to
reimbursement by the Company, which are incurred through your Termination Date, may be processed for reimbursement either prior to your Termination Date through normal expense reimbursement processes or, after your termination date, by promptly
forwarding a request for reimbursement directly to your supervisor. 
 10.         Non-Disparagement. 
 You agree that you will not communicate to third parties disparaging remarks,
untrue statements, or negative opinions about the Company, its subsidiaries and affiliated companies, or any of their employees, officers or directors. You agree that you are not entitled to receive or retain the compensation set forth in
Section 3 of this Separation Agreement if you breach this non-disparagement obligation. 
 11.
        Complete Agreement/Ongoing Contractual Obligations. 
 When executed, this Separation
Agreement is the complete understanding concerning the Company’s involuntary termination of your employment and supersedes any and all prior agreements or understandings concerning that subject, except as otherwise provided in this Separation
Agreement. 
 12.         Governing Law. 

This Separation Agreement will be governed by Pennsylvania law without regard to its conflict of laws provision, except to the extent federal
law applies. If any provision of this Separation Agreement, except the Release in Section 4, is declared illegal or unenforceable by a court of competent jurisdiction and cannot be modified to be enforceable, such provision shall immediately
become null and void, leaving the remainder of this Separation Agreement in full force and effect. 
 13.
        Acknowledgements. 
 By executing this Separation Agreement, you acknowledge that:

 (a) the Company hereby advises you (in writing) to review this Separation Agreement, including the release of claims in Section 4,
with your own attorney before you sign the Separation Agreement, and that you are solely responsible for the fees and costs of such attorney; 

(b) you have twenty-one (21) days from the date of your receipt of this letter to review and
accept this Separation Agreement and the release it contains, you acknowledge that, if you execute this Separation Agreement prior to the expiration of the twenty-one (21) day period, you

  
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do so having fully and carefully considered the Separation Agreement and you agree that, to the extent this Separation Agreement was modified by the parties prior to its execution by you, such
modification does not restart or extend this twenty-one (21) day period; 
 (c) you have the
right to revoke and cancel this Separation Agreement for seven (7) days after you sign it, it shall not be effective until after passage of that seven (7) day period without your revoking it and you may revoke it within seven (7) days
after signing it by hand delivering, sending via overnight mail or mailing a written notice of revocation to Kennametal Inc., 600 Grant Street, Suite 5100, Pittsburgh, Pennsylvania 15219, Attn: Vice President and Chief Human Resources Officer; 

(d) you have read this Separation Agreement in its entirety and understand all of its terms, including the release in Section 4; 

(e) the compensation described in Section 3 is the only consideration for your signing this Separation Agreement, and no other provision
or inducement has been offered or made to induce you to sign this Separation Agreement; 
 (f) you would not be entitled to receive the
compensation described in Section 3 if you did not sign this Separation Agreement; and 
 (g) you voluntarily and knowingly agree to
all the terms and conditions in this Separation Agreement. 
  

					
		  	 Sincerely,
  

/s/ Christopher Rossi
 Christopher Rossi

President and Chief Executive Officer
 Kennametal
Inc.

 Attachments 
 I hereby execute
this Separation Agreement, 
 including the release in Section 4, intending 

to be legally bound, this 7th day of 

September, 2018. 
 By /s/ Jan Kees van Gaalen

Jan Kees van Gaalen 

  
 8ex-10.45

 EXHIBIT 10.45
 

 

 

 LOAN AGREEMENT
 April 5, 2018
 

 Richard N. Jeffs (the “Lender”) of 11750 Fairtide Road, Ladysmith, BC V9G 1K5, advanced CDN$10,000 (the “Principal Sum”) to Cell MedX Corp. (the “Borrower”) of 123 W. Nye Ln, Suite 446, Carson City, NV 89706. The Lender advanced the funds on April 5, 2018.
 

 The Borrower agrees to repay the Principal Sum on demand, together with interest calculated and compounded monthly at the rate of 12% per year (the “Interest”) from April 5, 2018 (the “Effective Date”). The Borrower agrees to pay an administrative fee of $500 for securing the loan; the administrative fee shall be added to Principal Sum and will accumulate interest at the same terms as the Principal Sum.
 

 The Borrower is liable for repayment of the Principal Sum, accrued Interest, the administrative fee, and any additional costs that the Lender incurs in trying to collect the Principal Sum and the Interest.
 

 The Borrower will evidence the debt and its repayment of the Principal Sum and the Interest with a promissory note in the attached form.
 

 	 	 	
	 LENDER
	  
	 BORROWER

	 Richard N. Jeffs
	  
	 Cell MedX Corp.

	  
	  
	  

	 Per:
	  
	 Per:

	  
	  
	  

	  
	  
	  

	 /s/ Richard N. Jeffs
	  
	 /s/ Yanika Silina

	 Richard N. Jeffs
	  
	 Yanika Silina, CFO

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 
 

 PROMISSORY NOTE
 

 	 	
	 Principal Amount: CAD$10,000
	 April 5, 2018

 

 

 Cell MedX Corp., (the “Borrower”) promises to pay on demand to the order of Richard N. Jeffs (the “Lender”) the sum of $10,000 lawful money of Canada (the “Principal Sum”) together with the administrative fee of $500 and interest accrued on the Principal Sum and administrative fee calculated from April 5, 2018 (“Effective Date”) both before and after maturity, default and judgment at the Interest Rate as defined below.
 

 For the purposes of this promissory note, Interest Rate means 12 per cent per year. Interest at the Interest Rate must be calculated and compounded monthly not in advance from and including the Effective Date (for an effective rate of 12.68% per annum calculated monthly), and is payable together with the Principal Sum when the Principal Sum is repaid.
 

 The Borrower may repay the Principal Sum and the Interest in whole or in part at any time.
 

 The Borrower waives presentment, protest, notice of protest and notice of dishonour of this promissory note.
 

 BORROWER
 Cell MedX Corp.
 

 Per:
 

 

 /s/ Yanika Silina
 Yanika Silina, CFO

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