Document:

Document

AMENDED AND RESTATED 
EXECUTIVE EMPLOYMENT AGREEMENT

between

HOMESTREET, INC.,

HOMESTREET BANK

and

JOHN M. MICHEL

Michel Executive Employment Agreement

AMENDED AND RESTATED Executive Employment Agreement
This AMENDED AND RESTATED EXECUTIVE EMPLOYMENT AGREEMENT (“Agreement”), effective August 4th, 2022 (the “Effective Date”), is between Home Street, Inc. HomeStreet Bank (“Bank”) and its affiliate or subsidiary organizations and its successors and assigns (collectively, the “Company”) and John M. Michel (“Executive” or “Employee”) (collectively, the “Parties”). This Agreement supersedes, amends and restates that certain executive employment agreement dated May 11, 2022, between the parties (the “Prior Employment Agreement”).  In consideration of the foregoing promises and for other good and valuable consideration, the sufficiency and receipt of which are hereby acknowledged, the Company and Executive hereby agree to enter into an employment relationship in accordance with the terms and conditions set forth below. Capitalized terms have the meanings given to them in this Agreement or in the respective document referred to herein. In the event of a conflict between provisions of various documents, the terms of this Agreement control.
I.EMPLOYMENT
A.Position and Duties 
The Company will employ Executive, and Executive will accept employment as the Chief Financial Officer of Home Street Inc. and HomeStreet Bank and report to the Chief Executive Officer of Home Street. Inc. and HomeStreet Bank or their designee.  Executive will perform the duties of his position, or such other position assigned to him from time to time and will devote his full time and attention to achieving the purposes and discharging the responsibilities afforded the positions, and such other duties as may be assigned by the Company, which relate to the business of the Company and are reasonably consistent with Executive’s position.  During Executive’s employment, Executive will not engage in any business activity that, in the reasonable judgment of the Chief Executive Officer, conflicts with the duties of Executive under this Agreement, whether or not such activity is pursued for gain, profit or other advantage.  Executive will comply with Company policies and procedures, and all applicable laws and regulations. 
B.Term of Agreement
This Agreement shall commence on the Effective Date and continue for an additional term of three (3) years (“Additional Term”) unless sooner terminated as set forth in Section III.  Either party may elect to terminate this Agreement or Executive’s employment at the end of the Additional Term by providing notice to the other party at least one hundred eighty (180) days prior to the end of the term.  This Agreement shall automatically renew for a one-year term absent notice from either party to terminate or absent mutual agreement.  Notwithstanding any termination of this Agreement or Executive's employment, the Executive shall remain subject to the restrictions in Section IV of this Agreement.  
II.COMPENSATION AND BENEFITS 
The Company agrees to pay to Executive and Executive agrees to accept in exchange for the services rendered hereunder the following compensation and benefits:
C.Annual Salary
Executive’s compensation shall consist of an annual base salary (the “Salary”) of no less than $456,820.00 annually (equivalent to $17,570.00 per bi-weekly pay period), payable in accordance with the payroll practices of the Company. 
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D.Annual Incentive Compensation  
    The Company shall establish a performance-based, target incentive bonus under the terms of the Company’s incentive bonus compensation plan in effect from time to time, pursuant to which Executive may receive, based on completion of objectives, a target of 60% of Executive’s Salary (“Target Incentive Payment”), less required withholding and authorized deductions.   The maximum incentive bonus shall be 90% of Executive’s Salary.  The Chief Executive Officer or his designee shall establish the individual performance objectives. The Chief Executive Officer, or his designee, shall reasonably determine the extent to which the Target Incentive Payment has been earned and shall ensure that the Target Incentive Payment complies with Sound Incentive Compensation Planning Guidelines and other regulations or restrictions applicable to financial institutions.
E.Equity Compensation  
    Executive will be eligible to receive an annual equity grant.  The target equity grant for 2023 will be calculated based on 60% of base salary (equivalent to $274,092.00).  One half of the equity interests herein will be awarded in the form of restricted stock units that shall vest ratably each year of the three years of the Additional Term (or as otherwise specified in Section III.C. of this Agreement).  The remainder of the equity interest awarded herein shall be considered performance share units that will vest after three years, in accordance with the terms of the applicable plan.  Subsequent to 2023, grants will be awarded to the Executive consistent with the Equity Plans in place at that time and with appropriate market compensation levels.  Executive may be awarded additional stock options, restricted stock, or performance share units at the discretion of the Compensation Committee of the Company’s Board and consistent with similarly situated executives and any stock plans or agreements in place at that time.  
F.Relocation Assistance
The Company will reimburse Executive for relocation costs as outlined in Exhibit ‘C’ to the Prior Employment Agreement upon Executive providing invoices or receipts to the Company. The relocation assistance reimbursement will be subject to a pro-rata repayment in the event you voluntarily leave the Bank or are terminated for Cause (as defined in Section III E (1) of this Agreement) within two years of the Effective Date.  Repayment will be calculated based on the number of whole months that termination occurs prior to the second anniversary of the effective date divided by twenty-four.  By signing below, Executive authorizes the Company to deduct any amount of the relocation owed pursuant to this pro rata repayment obligation from any amount that the Company owes to Executive, including from the final paycheck. Executive will be obligated to repay any amounts due to the Company in the event the final paycheck is insufficient to cover the full repayment obligation hereunder.
G.Benefits
Executive shall be eligible to participate, subject to and in accordance with applicable eligibility requirements, in such benefit programs as are provided to the Bank’s employees, which may include, at a minimum, free personal banking and premium checking with automatic payroll deposit and reduced closing costs on mortgage loans, sick leave, basic health, life and disability insurance.  Executive shall be eligible for vacation each year of employment for use consistent with Company and Bank policies, including any maximum accrual limits.  The Bank shall provide Executive paid parking and paid membership to the Washington Athletic Club.  
H.Business Expenses
Executive shall be reimbursed for all reasonable out-of-pocket expenses actually incurred by Executive in the conduct of the business of the Company, provided that such expenses are 
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consistent with Company business expense policies and Executive submits appropriate supporting documentation for all such expenses to the Company on a timely basis in accordance with the policies of the Company and the Bank, effective as such on the date such expenses are incurred. 
III.TERMINATION
I.Employment Termination
Prior to the end of the term identified in Section I.B., this Agreement and Executive’s employment may be terminated by the Company or the Bank for Cause (as defined below), or without Cause or by Executive for Good Reason (as defined below) or without Good Reason or upon the Executive’s death or Total Disability.  Except where a specific notice procedure is described herein, the Company or Executive shall provide the other party at least thirty (30) days’ notice of any termination (or 30 days of pay in lieu of notice).  Upon any termination of employment, Executive shall be entitled to receive payments or benefits as described in this Agreement.
J.Automatic Termination on Death or Total Disability
This Agreement and Executive’s employment hereunder shall terminate automatically upon the death or Total Disability of Executive.  “Total Disability” shall have the same meaning as defined in the Company’s long-term disability plan or policy.  Termination hereunder shall be deemed to be effective (a) upon Executive’s death or (b) immediately upon the sooner to occur of a determination by the Company’s long-term disability insurance carrier or Executive’s primary care physician that Executive is disabled and eligible for long-term disability benefits.  Executive shall receive the following benefits on termination of employment for Death or Disability:  
(1)    Executive’s earned but unpaid Salary through the effective date of the termination.
(2)    Subject to the provisions of the Company’s incentive bonus compensation plan in effect from time to time, any earned but unpaid incentive compensation, including incentive compensation earned in the previous year but not yet paid.
(3)    Reimbursable business expenses for activities prior to the effective date of termination. 
(4)    Any vested equity grants shall remain exercisable for a period of six months after death as provided under the terms of any grant or plan.
(5)    In the event of Total Disability, in order to receive the benefits described herein that Executive is not otherwise entitled to receive, no later than sixty (60) days after termination of employment, the Company and Executive must execute the Company’s general release agreement (“Release”) in order to receive the benefits.  The Release will be effective upon completion of the payments due to Executive.  Executive must also remain in substantial and continued compliance with the terms of Section IV of this Agreement.
(6)    In the event of death, all payments shall be made to the person or persons identified as the Executive’s beneficiary for any Company-sponsored life insurance.
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K.Termination with Cause or Resignation Without Good Reason
If the Company terminates Executive’s employment with Cause or Executive resigns without Good Reason, the Company shall provide Executive compensation and benefits as follows:
(1)    Payment of Executive’s earned but unpaid Salary through the effective date of termination.
(2)     Reimbursement of all reasonable business expenses incurred for activities prior to the Effective Date of termination.
(3)    Any vested equity grants shall remain exercisable for a period of 90 days after termination under the terms of any grant or plan.
L.Termination Without Cause or Executive Resigns for Good Reason 
Other than in the case of a Change in Control as defined in the Executive Change In Control Agreement referred to in Section VI.J below, if the Company or Bank terminates Executive’s employment without Cause or Executive terminates his employment for Good Reason, then Executive shall be entitled to receive the following termination payments:  
(1)    As severance pay, an amount equal to two times (a) Executive’s Salary and (b) two times the greater of Executive last incentive bonus or the then-current year Target Incentive Payment; and (c) an amount equal to eighteen months of health insurance premiums to continue Executive’s health insurance pursuant to COBRA.  The payment shall be paid in a lump sum within ten days following the Effective Date of the Company’s release agreement identified below, provided, however the payment may be delayed as required to avoid additional tax for a “specified employee” under Code Section 409A in accordance with Section VI.G.
(2)    Executive’s earned but unpaid Salary, paid on the next regularly scheduled payroll date following the date on which Executive’s employment terminated. 
(3)    Any earned but unpaid incentive compensation, including incentive compensation earned in the prior year but not yet paid.
(4)    Reimbursement of all reasonable business expenses incurred for activities prior to the effective date of termination.
(5)    All of Executive’s unvested equity grants shall vest immediately and remain exercisable consistent with any such grant or applicable plan.
(6)    In order to receive the benefits described herein that Executive is not otherwise entitled to receive, no later than sixty (60) days after termination of employment, the Company and Executive must execute the Company’s Release in order to receive the benefits.  Executive must also remain in substantial and continued compliance with the terms of Section IV of this Agreement.  
M.Definitions of “Cause”, “Good Reason” 
1.Cause
Wherever reference is made in this Agreement to termination being with or without Cause, “Cause” shall mean the occurrence of one or more of the following events:
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(a)    the willful and continued failure of the Executive to perform his duties; 
(b)    the willful engaging by the Executive in illegal conduct, fraud, or gross misconduct which in the reasonable judgment of the Company is materially injurious to the Company; 
(c)    the Executive’s conviction or plea of guilty or nolo contendere to the charge of commission of a criminal offense (other than a minor traffic charge); 
(d)    the Executive’s breach of a regulatory rule that in the reasonable judgment of the Company materially and adversely affects the Executive’s ability to perform the Executive’s principal employment duties for the Company and its affiliates; or
(e)    prior to a termination for Cause under subsection (a) above, Employer shall provide Executive 30-day prior written notice of the claimed basis for the possible “Cause” termination and an opportunity for Executive to cure any defect or deficiency on his performance. 
2.Good Reason
For the purposes of this Agreement, “Good Reason” shall mean that Executive, without his consent, has experienced one of the following events or circumstances: 
(a)    the assignment to the Executive of any duties materially diminished from those in effect immediately prior to such assignment; 
(b)    a change in the Executive’s authority, duties or responsibilities which represents a material adverse change from those in effect immediately prior to such change; 
(c)    a material decrease in the Executive’s annual Salary or elimination or reduction of any material benefit that the Company otherwise provides to its executives of similar rank (except those changes to any benefit or benefit program implemented for all Company employees who participate in such benefits or programs or that may be required by law) without his prior written agreement; 
(e)     relocation of Executive’s principal place of employment to a location that increases the Executive’s commute from his primary residence by more than 30 miles one way; 
(f)    any other action or inaction that constitutes a material breach of the terms of the Agreement by the Company; or  
(g)    to comply with Section 409A of the Code, the Executive’s termination of employment will not be for Good Reason unless (i) Executive notifies the Company in writing of the existence of the condition which Executive believes constitutes Good Reason within sixty (60) days of the initial existence of such condition (which notice specifically identifies such condition), and (ii) the Company fails to remedy such condition within thirty (30) days after the date on which it receives such notice (the “Remedial Period”) whereupon Executive’s employment shall be deemed to be terminated for Good Reason upon failure of the Company to remedy.  If Company attempts to cure, or disputes the existence of Good Reason, it shall provide documentary evidence thereof to Executive within the Remedial Period. Executive may elect to remain employed by Company and dispute any response by Company during the Remedial Period, without prejudice to the claim of Good Reason, by invoking the provisions of Section VI.I below.  If Executive terminates employment before the expiration of the Remedial Period or after the Company remedies the condition (even if within the end of the Remedial Period), then Executive’s termination will not be considered to be for Good Reason.  Even where the parties 
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dispute the existence of Good Reason and Executive invokes a dispute resolution process, Executive’s “separation from service” for Good Reason must occur no later than six months following the initial existence of the circumstances giving rise to Good Reason.
IV.CONFIDENTIALITY; NON-SOLICITATION 
Executive recognizes that the Company’s business and continued success depend upon the use and protection of confidential information and proprietary information, and therefore Executive is subject to, and this Agreement is conditioned on agreement to, the terms of the Confidentiality and Nonsolicitation Agreement (the “Confidentiality Agreement”) substantially in the form attached hereto as Exhibit ‘A’ entered into by Executive and the terms of the Confidentiality Agreement shall survive the termination of Executive’s employment with the Company or a Successor Employer for the period identified in the Confidentiality unless otherwise required by law. 
V.ASSIGNMENT 
    This Agreement is personal to Executive and shall not be assignable by Executive.  The Company may assign its rights hereunder to (a) any other corporation resulting from any merger, consolidation, or other reorganization to which the Company is a party; (b) any other corporation, partnership, association or other person to which the Company may transfer all or substantially all of the assets and business of the Company existing at such time; or (c) any subsidiary, parent or other affiliate of the Company (“Successor Employer”).  All of the terms and provisions of this Agreement shall be binding upon and shall inure to the benefit of and be enforceable by the parties hereto and their respective successors and permitted assigns.
VI.MISCELLANEOUS 
A.    Amendments
No amendment, modification, waiver, termination or discharge of any provision of this Agreement, or consent to any departure therefrom by either party hereto, shall in any event be effective unless the same shall be in writing, specifically identifying this Agreement and the provision intended to be amended, modified, waived, terminated or discharged and signed by the Company and Executive, and each such amendment, modification, waiver, termination or discharge shall be effective only in the specific instance and for the specific purpose for which given.  No provision of this Agreement shall be varied, contradicted or explained by any oral agreement, course of dealing or performance or any other matter not set forth in an agreement in writing and signed by the Company and Executive. 
B.     Applicable Law
This Agreement shall in all respects, including all matters of construction, validity and performance, be governed by, and construed and enforced in accordance with, the laws of the State of Washington, without regard to any rules governing conflicts of laws. 

C.    Entire Agreement
Except as specified below, this Agreement, on and as of the date hereof, constitutes the entire agreement between the Company and Executive with respect to the subject matter hereof.   To the extent any agreement, plan or policy of the Company is inconsistent with this Agreement, the provisions of this Agreement shall prevail, and control and such other agreement, plan or policy will be construed by Company to be consistent with this Agreement and, if that is not 
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possible, the other agreement, plan or policy shall be modified as to Executive to be in conformance with this Agreement
D.    Severability
If any provision of this Agreement is held to be invalid, illegal or unenforceable in any respect under any regulatory action, applicable law or rule in any jurisdiction, such invalidity, illegality or unenforceability, regardless of the reason therefor shall not affect any other provision of this Agreement or any action in any other jurisdiction, or the obligation of any other entity to this Agreement. If either entity to this Agreement is determined by any regulatory authority or court not to be able to perform its obligation(s) to Executive or not to have the authority to enter into this Agreement, then the other entity shall be liable therefor. 
E.    Legal Limitations 
Notwithstanding any provision to the contrary in this Agreement, no payment of any type or amount of compensation or benefits shall be made or owed by Company to Executive pursuant to this Agreement or otherwise if payment of such type or amount is prohibited by, is not permitted under, or has not received any required approval under, any applicable governmental statute, regulation, rule, order (including any cease and desist order), determination, opinion, or similar provision whether now in existence or hereafter adopted or imposed, including without limitation, by or under (i) any provisions of the Dodd-Frank Wall Street Reform and Consumer Protection Act (“Dodd-Frank”) and regulations promulgated thereunder, (ii) any governmental  provisions relating to indemnification by Company or an affiliate, including without limitation any applicable prohibitions or restrictions on depository institutions and their affiliates set forth in 12 USC 1828(k) or in 12 CFR Part 359, or (iii) any governmental provisions relating to payment of golden parachutes or similar payments, including without limitation any prohibitions or restrictions on such payments by troubled institutions and companies and their affiliates set forth in 12 USC 1828(k) or in 12 CFR Part 359.  In the event any payment to Executive is prohibited or otherwise restricted, (x) such payment shall, to the extent allowed by law, order or regulatory determination and not objected to by applicable banking or other regulatory agencies, be reinstated as an obligation of the obligor(s) without further action immediately upon the cessation of such prohibition or restriction, and (y)  the Company shall use its best efforts to secure the consent, if any shall be required, of the FDIC or other applicable banking or other regulatory agencies to make such payments in the highest amount permissible, up to the amount provided for in this Agreement.
If any payment made to Executive hereunder or under any prior employment agreement or arrangement is required under any applicable governmental provision (including, without limitation, Dodd-Frank and regulations promulgated thereunder) to be paid back to Company, the Executive shall upon written demand from Company promptly pay such amount back to Company.
F.    Code Section 280G
In the event that any payments or benefits provided or to be provided by the Company or the Bank to the Executive under this Agreement (“Covered Payments”) (a) constitute “parachute payments” within the meaning of Section 280G of the Internal Revenue Code of 1986, as amended (the “Code”), and (b) but for this Section VI.F. would be subject to the excise tax imposed by Section 4999 of the Code (or any successor provision thereto or any similar tax imposed by state or local law or any interest or penalties with respect to such taxes), then the Covered Payments shall be payable either: (i) in full, or (ii) an amount reduced to the minimum extent necessary to ensure that no portion of such Covered Payments is subject to excise tax under Section 4999 of the Code (or any successor provision thereto or any similar tax imposed by state or local law or any interest or penalties with respect to such taxes), whichever of the 
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foregoing amounts, taking into account the applicable federal, state and local income taxes and the excise tax imposed by Section 4999 of the Code (or any successor provision thereto and any similar tax imposed by state or local law or any interest or penalties with respect to such taxes), results in the receipt by Executive on an after-tax basis, of the greatest amount of benefits, notwithstanding that all or some portion of such benefits may be taxable under Section 4999 of the Code (or any successor provision thereto or any similar tax imposed by state or local law or any interest or penalties with respect to such taxes).  Any such reduction shall be made by the Company in its sole discretion consistent with the requirements of Code Section 409A. 
G.    Code Section 409A
With respect to any payments or benefits hereunder that are subject to Code Section 409A and any official guidance and regulations issued thereunder (together “Code Section 409A”) and that are payable on account of Executive’s termination of employment, such payments shall only be made if such termination of employment constitutes a “separation from service” within the meaning of Code Section 409A.  The Company may adjust any payment hereunder to avoid liability or obligation under Code Section 409A but such adjustments shall ensure that the payments are made in a manner that is as close to the terms of this Agreement as possible.  Notwithstanding anything to the contrary contained in this Agreement, all reimbursements for costs and expenses under this Agreement will be paid in no event later than the end of the calendar year following the calendar year in which Executive incurs such expense.  With regard to any provision herein that provides for reimbursement of costs and expenses or in-kind benefits, except as permitted by Code Section 409A, (i) the right to reimbursement or in-kind benefits shall not be subject to liquidation or exchange for another benefit, and (ii) the amount of expenses eligible for reimbursements or in-kind benefits provided during any taxable year shall not affect the expenses eligible for reimbursement or in-kind benefits to be provided in any other taxable year.  In the event that the period for Executive to execute any required release and the Company’s obligation to pay any amount referenced in the section straddles two calendar years, the payment will be made in the later calendar year.
The Company and the Bank make no representations or warranties to Executive with respect to any tax, economic or legal consequences of this Agreement or any payments or other benefits provided hereunder, including without limitation under Code Section 409A, and no provision of the Agreement shall be interpreted or construed to transfer any liability for failure to comply with Code Section 409A from Executive or any other individual to the Company or any of its affiliates.  Executive, by executing this Agreement, shall be deemed to have waived any claim against the Company and its affiliates with respect to any such tax, economic or legal consequences of this Agreement or any payments or other benefits provided hereunder.  However, the parties intend that this Agreement and the payments and other benefits provided hereunder be exempt from the requirements of Code Section 409A to the maximum extent possible, whether pursuant to the short-term deferral exception described in Treasury Regulation Section 1.409A-1(b)(4), the involuntary separation pay plan exception described in Treasury Regulation Section 1.409A-1(b)(9) (iii), or otherwise.  To the extent Code Section 409A is applicable to this Agreement (and such payments and benefits); the parties intend that this Agreement (and such payments and benefits) comply with the deferral, payout and other limitations and restrictions imposed under Code Section 409A.  Notwithstanding any other provision of this Agreement to the contrary, this Agreement shall be interpreted, operated and administered in a manner consistent with such intentions.  In addition, if Executive is a “specified employee,” within the meaning of Code Section 409A, then to the extent necessary to avoid subjecting Executive to the imposition of any additional tax under Code Section 409A, amounts that would otherwise be payable under this Agreement during the six (6) month period immediately following Executive’s “separation from service” for reasons other than Executive’s death (except those payments that may be exempt from Code Section 409A) shall not be paid to Executive during such period, but shall instead be accumulated and paid to Executive in a lump 
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sum on the first business day after the date that is six (6) months following Executive’s separation from service. 
H.    No Mitigation/Offset 
In order to receive severance benefits provided in this Agreement, Executive shall not be required to engage in mitigation activities or seek alternative employment, nor would any other compensation received by Executive serve as an offset agreement to the severance or other benefits provided in this Agreement.
I.    Disputes 
(1)    In the event of a dispute or claim between Executive and the Company or the Bank related to Employee’s employment or termination of employment, all such disputes or claims will be resolved exclusively by confidential arbitration in accordance with the Employment Arbitration Rules of the American Arbitration Association (the “AAA”).  This means that the parties agree to waive their rights to have such disputes or claims decided in court by a jury.  Instead, such disputes or claims will be resolved by an impartial AAA arbitrator (or other mutually agreeable person) whose decision will be final.  
(2)    The only disputes or claims that are not subject to arbitration are any claims by Executive for workers’ compensation or unemployment benefits, and any claim by Executive for benefits under an employee benefit plan that provides its own arbitration procedure.  Also, Executive and Employer may seek injunctive relief in court in appropriate circumstances.
(3)    The arbitration procedure will afford Executive and Employer the full range of statutory remedies, based on the statutes of limitations that would apply to the specific claims asserted as if they were asserted in court.  Employer will pay all costs that are unique to arbitration, except that the party who initiates arbitration will pay the filing fee charged by AAA.  Executive and Employer shall be entitled to discovery sufficient to adequately arbitrate their claims, including access to essential documents and witnesses, as determined by the arbitrator and subject to limited judicial review.  In order for any judicial review of the arbitrator’s decision to be successfully accomplished, the arbitrator will issue a written decision that will decide all issues submitted and will reveal the essential findings and conclusions on which the award is based. The substantially prevailing party will be entitled to reimbursement of attorneys’ fees and costs of the arbitration proceeding.
J.    Change in Control Agreement
In conjunction with and as part of this Agreement, the parties will execute and enter into an Executive Change In Control Agreement substantially in the form of agreement attached hereto as Exhibit ‘B.’ 
IN WITNESS WHEREOF, the parties have executed and entered into this Agreement effective on the date first set forth above.
JOHN M. MICHEL

/s/ John M. Michel    

Date:  August 4, 2022    

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HOMESTREET BANK

By:/s/ Mark K. Mason    
Its:  Chief Executive Officer    

Date:  August 4, 2022    

HOMESTREET, INC.

By: /s/ Mark K. Mason    
Its:  Chief Executive Officer    

Date:  August 4, 2022    

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EXHIBIT A
CONFIDENTIALITY AND NONSOLICITATION AGREEMENT

This Confidentiality and Nonsolicitation Agreement (“Agreement”) is between HomeStreet Bank (“Bank”), its parent, affiliate or subsidiary organizations and successors and assigns (collectively, the “Company” or “HomeStreet”) and John Michel (“Executive” or “Employee”) (collectively, the “Parties”).
Employee is currently employed as Executive Vice-President and Chief Financial Officer for HomeStreet, and as of the date of this Agreement, the Parties are executing an Amended and Restated Executive Employment Agreement that provides Employee with additional consideration.   It is the intent of the Parties that this Agreement will become effective immediately and extend beyond the termination of Executive’s services to the Company. By virtue of his position with the Company, Executive has access to Confidential Information (defined below). HomeStreet must have assurance from Employee that all Confidential Information provided to Employee is and remains confidential after termination of his services.   Therefore, for valuable consideration, the receipt of which is acknowledged to be sufficient, Employee and HomeStreet agree as follows:
1.“Confidential Information” means information concerning the business, operations, strategies, financial status, products, services, customer names, customer lists and customer information of HomeStreet, which is confidential or proprietary to HomeStreet.  
2.Confidential Information does not include information that: (a) is or becomes generally available to the public through no fault or act of Employee or any of his Representatives in violation of this Agreement; (b) is or becomes available to Employee or his representatives on a non-confidential basis from a source other than HomeStreet not known to Employee or such Representatives to be prohibited from disclosing such information by a contractual, legal or fiduciary obligation of confidentiality; (c) is independently developed by the Employee or his representatives without use of or reliance on, either directly or indirectly, Confidential Information; or (d) was known to or in the possession of Employee or one of his representatives on a non-confidential basis prior to disclosure by HomeStreet under the terms of this Agreement; or (e) is developed primarily through the efforts or work product of Executive.
3.While employed by and after the termination of his services or employment agreement, Employee agrees not to disclose any Confidential Information to any third party, unless such third party is a fiduciary, affiliate or HomeStreet vendor and such vendor and HomeStreet have signed a similar confidentiality agreement, or such disclosure of Confidential Information is required by lawful judicial or governmental order or is covered by paragraph 4 below.   Employee agrees to give HomeStreet reasonable notice in writing in advance of releasing Confidential Information pursuant to any judicial or governmental order, except for disclosures described in paragraph 4, below.  Employee additionally agrees to implement and maintain at all times reasonably appropriate procedures and controls to ensure at all times the security and confidentiality of all of HomeStreet’s Confidential Information, to protect against any anticipated threats or hazards to the security or integrity of such information; and to protect against unauthorized access to or use of such information that could result in substantial harm or inconvenience to Home Street or any customer of HomeStreet.  Employee agrees to notify HomeStreet of any known security breach, any known unauthorized release of Confidential Information, or any known unauthorized attempt to access Confidential Information of which it becomes aware within a reasonable time of the occurrence of such event.  Such notice will include, at a minimum, the date and time of any 
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such event, the nature and extent of Confidential Information involved in any such event, and the corrective measures taken by Employee in response to any such event.
4.Executive understands and acknowledges that nothing in this Agreement prohibits or limits Executive or Executive’s counsel from initiating communications directly with, responding to any inquiry from, volunteering information to, or providing testimony before, the Securities and Exchange Commission regarding this agreement and its underlying facts and circumstances, or any reporting of, investigation into, or proceeding regarding suspected violations of law, and that Executive is not required to advise or seek permission from HomeStreet before engaging in any such activity. Executive recognizes that, in connection with any such activity, Executive must inform such authority that the information Executive is providing is confidential. Despite the foregoing, Executive is not permitted to reveal to any third-party, including any governmental, law enforcement, or regulatory authority, information Executive came to learn during the course of employment with HomeStreet that is protected from disclosure by any applicable privilege, including but not limited to the attorney-client privilege, attorney work product doctrine and/or other applicable legal privileges.  HomeStreet does not waive any applicable privileges or the right to continue to protect its privileged attorney-client information, attorney work product, and other privileged information. Additionally, Executive recognizes that Executive’s ability to disclose information may be limited or prohibited by applicable law and the Company does not consent to disclosures that would violate applicable law.  Such applicable laws include, without limitation, laws and regulations restricting disclosure of confidential supervisory information (any information or materials relating to the examination and supervision of the Company by applicable bank regulatory agencies, Company materials responding to or referencing non-public information relating to examinations or supervision by bank regulatory agencies and correspondence to or from applicable banking regulators) or disclosures subject to the Bank Secrecy Act, including information that would reveal the existence or contemplated filing of a suspicious activity report.

5.All Confidential Information is and shall remain the property of HomeStreet.   No license or conveyance of any right is granted or implied by the distribution of any Confidential Information to Employee.  Employee agrees not to use, duplicate, or reproduce in any way any Confidential Information for Employee’s own benefit or financial gain, or for any third party’s benefit or financial gain except to the extent reasonably necessary to analyze and prepare a business proposal to HomeStreet, in connection with rendering services to HomeStreet and to prepare and maintain his internal files in the ordinary course of its business.  All documents (originals and copies, including electronic versions) containing Confidential Information shall either be destroyed or disposed of in a manner consistent with the Fair and Accurate Credit Transactions Act of 2003 or, if directed by HomeStreet, returned to HomeStreet upon termination of the rendering of services to HomeStreet by Employee.  Employee agrees that HomeStreet may take reasonable actions as deemed appropriate by HomeStreet to confirm that Employee has satisfied these obligations. It is understood that Employee may retain one archival copy of such information for his internal files except for Bank customer loan files and documents containing private customer information.
6.Executive understands that pursuant to the federal Defense of Trade Secrets Act, an individual who files a lawsuit for retaliation by an employer for reporting a suspected violation of law may disclose the trade secret to the attorney of the individual and use the trade secret in the court proceeding, if the individual (A) files any document containing the trade secret under seal; and (B) does not disclose the trade secret, except pursuant to court order.  Nothing in the foregoing provision shall be construed to authorize or limit liability for, an act that is otherwise prohibited by law, such as the unlawful access of material by unauthorized means.
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7.By making any Confidential Information available to Employee, HomeStreet makes no representation, warranty or guarantee, either express or implied, as to the accuracy or completeness of any Confidential Information or to the format in which such Confidential Information is provided to Employee. Except as otherwise provided in any engagement letter, HomeStreet shall not be liable to any party for damages, of whatever kind, as a result of Employee’s reliance on any Confidential Information or any format in which Confidential Information is made available to Employee.
8.Employee acknowledges that due to the highly sensitive nature of the Confidential Information, Employee will be liable to HomeStreet for all losses suffered by HomeStreet as a result of Employee’s intentional and material breach of this Agreement.  In addition to any other remedies available to HomeStreet, Employee agrees that, if Employee breaches this Agreement, HomeStreet may seek injunctive relief against Employee to stop any such breach.  
9.If either Party to this Agreement commences legal action to enforce any rights arising out of or relating to this Agreement, the prevailing Party in any such action shall be entitled to recover reasonable attorneys’ fees and costs, including fees and costs on appeal.   This Agreement shall be governed by and interpreted in accordance with the laws of the State of Washington and the venue for any legal action shall be Seattle, Washington.   
10.If Employee and HomeStreet have entered into any other agreement, the terms of this Agreement shall, by this reference, be incorporated into and made a part of such other agreement, except to the extent otherwise specifically provided in such other agreement.  The terms of this Agreement shall survive the termination of rendering of services to HomeStreet by Employee for a period of ten years.  
11.During Employee’s employment with the Company and/or a successor employer and for eighteen (18) months after the termination of such employment, Employee will not, directly or indirectly, on his own or on behalf of any other entity:  (1) induce, or attempt to induce, any employee, executive, or independent contractor of the Company to cease such employment or relationship with HomeStreet; (2) engage, employ, contract with, or participate in ownership with any person who was an employee, executive, or independent contractor for HomeStreet within the six (6) months immediately prior to such engagement, employment, contract or other business relationship on behalf of any Competing Business (defined below); or (3)  solicit, divert, appropriate to or accept on behalf of any Competing Business, any business or account from any customer of the Company with whom Employee has interacted as part of his duties with the Company or about whom Employee has acquired confidential information in the course of his employment, or encourage or entice any such customer to cease its business or banking relationship with the Company.  “Competing Business” means any bank or thrift with an office or branch in Washington, Oregon, Idaho, Utah, California or Hawaii or any other state where the Company has an office or branch and employs fifteen or more people.
12.Employee acknowledges and agrees that the restrictive covenants in this Agreement are reasonable and necessary to protect HomeStreet’s goodwill, confidential and proprietary information, trade secrets, business strategies, customer relationships and other legitimate business interests, that irreparable injury will result to the Company if Employee breaches or threatens to breach any terms of the Agreement, and that in the event Employee breaches or threatens to breach any terms of the Agreement, HomeStreet will have no adequate remedy at law.  Employee accordingly agrees that in the event of any actual or threatened breach by his of any of the terms of the Agreement, HomeStreet shall be entitled to immediate temporary injunctive and other equitable relief, and without the necessity of showing actual monetary damages, subject to hearing as soon thereafter as possible.  Nothing contained herein shall be construed as prohibiting HomeStreet from pursuing any other remedies available to it for 
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such breach or threatened breach, including the recovery of any damages which it is able to prove.  If a bond is required in any action to enforce a right under this Agreement, including an action for a Temporary Restraining Order or Preliminary Injunction, the parties hereto agree that a reasonable amount of bond is $100.
13.Employee agrees that a successor in interest to HomeStreet may enforce the rights set forth in this Agreement following a change of control, without further express consent by Employee and that HomeStreet may, at its option, assign its rights to any successor or assign.  Any amendment to or modification of this Agreement, or waiver of any obligation hereunder, shall be in writing signed by the party to be bound thereby.  Any waiver by HomeStreet of a breach of any provision of this Agreement shall not operate or be construed as a waiver of any subsequent breach of the provision or as a waiver of a breach of any other provision of this Agreement. 
14.This Agreement shall be governed by the law of the State of Washington.  This Agreement sets forth the entire agreement, and supersedes any prior agreements, with regard to the subject matter hereof.  Employee acknowledges that he/she has carefully read all of the provisions of this Agreement and agree that (a) the same are necessary for the reasonable and proper protection of the Company’s business, (b) every provision of this Agreement is reasonable with respect to its scope and duration and (c) he/she has received a copy of this Agreement and had the opportunity to review, and in fact reviewed it with legal counsel.  If either Party to this Agreement commences legal action to enforce any rights arising out of or relating to this Agreement, the prevailing Party in any such action shall be entitled to recover reasonable attorneys’ fees and costs, including fees and costs on appeal.   The venue for any legal action shall be Seattle, Washington.  If a court of law holds any provision of this Agreement to be illegal, invalid or unenforceable, (a) that provision shall be deemed amended to achieve an economic effect that is as near as possible to that provided by the original provision and (b) the legality, validity and enforceability of the remaining provisions of this Agreement shall not be affected.
This Agreement is dated this 4th day of August 2022.

HomeStreet:                                       Employee:

            By: /s/ Mark K. Mason                                       /s/ John M. Michel

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EXHIBIT B
EXECUTIVE CHANGE IN CONTROL AGREEMENT

HomeStreet, Inc. and HomeStreet Bank (collectively “the Company” or “Employer”) and John Michel (“Employee”) enter into this agreement (the “CIC Agreement”) to provide certain benefits to Employee in the event that Employee’s employment is terminated as a result of a Change in Control, as defined below.  This CIC Agreement is executed in conjunction with a Confidentiality and Nonsolicitation Agreement and provides consideration for the obligations thereunder.
AGREEMENT
Change in Control Benefit.  If within twelve months following a Change in Control or ninety (90) days prior to a Change in Control, Employee resigns for Good Reason or Employee’s employment is terminated by the Company for any reason except for Cause, Employer shall pay Employee as severance pay an amount equal to twenty four (24) months base salary plus an amount equal to two times his last annual bonus paid or his Target Incentive Compensation for the current year, whichever is greater (“Change in Control Payment”).  In addition, all of Employee’s unvested equity grants will vest immediately and remain exercisable consistent with any such grant or applicable plan.  These Change in Control benefits are conditioned upon Employee executing a release agreement in favor of the Company and the Bank at the time of termination of his employment. Payment shall be made in a lump sum on the earlier of the 90 days following the employee’s termination of employment or March 15 of the year following the year in which the termination occurred, provided that Employee has executed and submitted a general release of claims and the statutory period during which the Employee is entitled to revoke the release of claims has expired before the payment date; provided, further, to the extent required to avoid any additional tax or penalties under Section 409A of the Internal Revenue Code, if the period for Employee to execute any required release and the Company’s obligation to pay any amount straddles two calendar years, the payment will be made in the later calendar year.  The Change in Control Payment will be subject to the Company’s collection of applicable federal income and employment withholding taxes.

Definitions.  For purposes of this CIC Agreement, the following definitions will be in effect:
A.Assets means all or substantially all of the assets of the Company, as they shall be held by the Company from time to time, including the assets of all divisions, segments, and business units in existence at such time.
B.Change in Control means except for a sale of the Company’s stock in a broad-based public offering:
1.One person or entity acquiring or otherwise becoming the owner of more than fifty percent (50%) of the Company’s outstanding shares; or
2.Sale of fifty percent (50%) or more in value of the assets of either HomeStreet, Inc. or HomeStreet Bank; or
3.A change “in the ownership or effective control” or “in the ownership of a substantial portion of the assets” of Employer, within the meaning of Section 409A of the Internal Revenue Code.
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C.Good Reason means that Executive, without his consent, has experienced one of the following events or circumstances: 
1.the assignment to the Executive of any duties materially diminished from those in effect immediately prior to such assignment; 
2.a change in the Executive’s authority, duties or responsibilities which represents a material adverse change from those in effect immediately prior to such change; 
3.a material decrease in the Executive’s annual Salary or elimination or reduction of any material benefit that the Company otherwise provides to its executives of similar rank (except those changes to any benefit or benefit program implemented for all Company employees who participate in such benefits or programs or that may be required by law) without his prior written agreement; 
4.relocation of Executive’s principal place of employment to a location that increases the Executive’s commute from his primary residence by more than 30 miles one way; 
5.any other action or inaction that constitutes a material breach of the terms of the Agreement by the Company; 
6.or to comply with Section 409A of the Code, the Executive’s termination of employment will not be for Good Reason unless (i) Executive notifies the Company in writing of the existence of the condition which Executive believes constitutes Good Reason within sixty (60) days of the initial existence of such condition (which notice specifically identifies such condition), and (ii) the Company fails to remedy such condition within thirty (30) days after the date on which it receives such notice (the “Remedial Period”) whereupon Executive’s employment shall be deemed to be terminated for Good Reason upon failure of the Company to remedy.  If Company attempts to cure, or disputes the existence of Good Reason, it shall provide documentary evidence thereof to Executive within the Remedial Period. Executive may elect to remain employed by Company and dispute any response by Company during the Remedial Period, without prejudice to the claim of Good Reason, by invoking the provisions of Section VI.I of Employee’s executive employment agreement.  If Executive terminates employment before the expiration of the Remedial Period or after the Company remedies the condition (even if within the end of the Remedial Period), then Executive’s termination will not be considered to be for Good Reason.  Even where the parties dispute the existence of Good Reason and Executive invokes a dispute resolution process, Executive’s “separation from service” for Good Reason must occur no later than six months following the initial existence of the circumstances giving rise to Good Reason.
D.    Control means owning and having the present and continuing right to exercise control over, a majority of the voting power of, and right to exercise control over management of, any entity, which right is not subject to any material limitations, qualifications, or exceptions (whether temporary or permanent).
D.Termination Employee’s employment for Cause.   Wherever reference is made in this Agreement to termination being with or without Cause, “Cause” shall mean 
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the definition provided as defined in Article III.E.1. of Employee’s Amended and Restated Employment Agreement. 
Term of Agreement.  This CIC Agreement shall be in effect for a term that is coextensive with Employee’s executive employment agreement and shall automatically renew in successive one-year increments, provided Employee remains employed by the Company, Employee has executed a Confidentiality and Nonsolicitation Agreement in a form acceptable to the Company, and neither party provides the other written notice of an intent not to renew this CIC Agreement more than sixty (60) days prior to its renewal.  Provided the Change in Control occurs during the term of this CIC Agreement, then the Change in Control Payment required under this CIC Agreement shall still be payable, even if the resignation or termination that triggers the payment occurs after the CIC Agreement has expired.  In addition, if the Company is, at the time the Change in Control Payment is payable, prohibited or restricted by applicable statutory, regulatory, contractual or other legal requirement from making the Change in Control Payment, then the Company shall be obligated for a period of three (3) years from such time to make the Change in Control Payment (or any unpaid portion) in the event that such prohibition or restriction is no longer applicable and the Company is otherwise then legally permitted to make such payment.   In the event that any Change in Control Payment (or any portion thereof) made to Employee hereunder or under any prior similar agreement or understanding is required under any applicable statutory, regulatory, order, contractual or other legal requirement to be paid back to the Company (or its successor), then Employee shall upon written demand from the Company (or its successor) promptly pay such amount back to the Company (or its successor).
Miscellaneous Provisions
A.Death.  Should Employee die after becoming entitled to but before receipt of the Change in Control Payment, then such payment will be made to the executors or administrators of his estate.
E.General Creditor Status.  The payment to which Employee may become entitled hereunder will be paid, when due, from the general assets of the Company, and no trust fund, escrow arrangement or other segregated account will be established as a funding vehicle for such payment. Accordingly, Employee’s right (or the right of the executors or administrators of Employee’s estate) to receive any payment hereunder will at all times be that of a general creditor of the Company and will have no priority over the claims of other general creditors.
F.Regulatory Effect.  The terms of this CIC Agreement and the payment of any Change in Control Payment is subject to and may be limited by applicable statutory, regulatory, contractual or other legal restriction binding on the Company or any required regulatory approval.
G.Miscellaneous.  This CIC Agreement will be binding upon the Company, its successors and assigns (including, without limitation, the surviving entity in any Change in Control) and is to be construed and interpreted under the laws of the State of Washington. This CIC Agreement shall be interpreted and administered in order to be an exempt “short term deferral” under Section 409A of the Internal Revenue Code and the regulations thereunder and otherwise exempt from Section 409A of the Internal Revenue Code, to the maximum extent possible.  This CIC Agreement may be amended only by written instrument signed by Employee and an authorized officer of the Company other than Employee. It supersedes all other Change in Control agreements executed by Employee and the Company.  If any provision of this CIC Agreement as applied to Employee or the Company or to any circumstance should be adjudged by a court of competent jurisdiction to be void or unenforceable for any reason, the invalidity of that provision will in no 
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way affect (to the maximum extent permissible by law) the application of such provision under circumstances different from those adjudicated by the court, the application of any other provision of this CIC Agreement, or the enforceability or invalidity of this CIC Agreement as a whole. Should any provision of this CIC Agreement become or be deemed invalid, illegal or unenforceable in any jurisdiction by reason of the scope, extent or duration of its coverage, then such provision will be deemed amended to the extent necessary to conform to applicable law so as to be valid and enforceable or, if such provision cannot be so amended without materially altering the intention of the parties, then such provision will be stricken and the remainder of this CIC Agreement will continue in full force and effect.
H.Attorneys’ Fees.  In the event of any legal proceeding with respect to any controversy, claim or dispute relating to the interpretation or application of the provisions of this letter agreement or any benefits payable hereunder, the prevailing party in such proceedings will be entitled to recover from the losing party reasonable attorney fees and costs incurred in connection with such proceedings or in the enforcement or collection of any judgment or award rendered in such proceedings. For purposes of this provision, the prevailing party means the party determined by the court to have most nearly prevailed in the proceedings, even if that party does not prevail in all matters and does not necessarily mean the party in whose favor the judgment is actually rendered.
I.Internal Revenue Code Section 280G.  Notwithstanding anything in this CIC Agreement to the contrary, if it is determined that the total of the Change in Control Payment, together with any other payments or benefits paid by the Employer to Employee, would constitute a “parachute payment” within the meaning of Section 280G of the Internal Revenue Code, then Section VI.F of Employee’s executive employment agreement will apply.

Dated this 4th day of August 2022.
    HOMESTREET BANK

/s/ John M. Michel                                        By: /s/ Mark K. Mason 
Employee:                    Its:  Chief Executive Officer 
Date:  August 4, 2022                                    Date: August 4, 2022        
HOMESTREET, INC.

By: /s/ Mark K. Mason
Its:  Chief Executive Officer

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OUTBRAIN INC.
EXECUTIVE AGREEMENT

THIS EXECUTIVE AGREEMENT (this “Agreement”) is made and entered into as of the date signed below, by and between Outbrain Inc. (the “Company”), and Jason Benjamin Kiviat (the “Executive”).  The Company and the Executive are sometimes hereinafter referred to individually as a “Party” and together as “Parties.”
Unless otherwise defined in the body of this Agreement, capitalized terms shall be defined as provided in Appendix I to this Agreement.
In consideration of the mutual covenants contained herein and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Parties hereto agree as follows:
AGREEMENT
1.Agreement Term.  The “Agreement Term” shall mean the period commencing on July 1, 2022 (the “Effective Date”) and ending on the Termination Date as provided in Section 5 hereof.
2.Position and Duties.
(a)Title; Responsibilities.  During the period of his employment, the Executive will serve as Chief Financial Officer and will have the normal duties, responsibilities and authority of that position, subject to the power of the Company to expand or limit such duties, responsibilities and authority.  In this trusted, senior position, the Executive will be given access to the Company’s Confidential Information.  The Executive shall comply in all material respects with all applicable laws, rules and regulations relating to the performance of the Executive’s duties and responsibilities hereunder.  The principal place of performance by Executive of Executive’s duties hereunder shall be the Company’s offices in New York, New York, except for travel outside of such area which may be required in connection with the performance of Executive’s duties and remote work consistent with applicable Company policy, as in effect from time to time.
(b)Exclusive Employment. During the period of his employment, the Executive shall devote substantially all of the Executive’s full business time to the Executive’s duties and responsibilities set forth above, and may not, without the prior written consent of the CEO, operate, participate in the management, board of directors, operations or control of, or act as an employee, officer, consultant, agent or representative of, any type of business or service (other than as an employee of the Company); provided, however, that, the Executive may (a) engage in civic and charitable activities; (b) own publicly traded securities as a passive investment in such form as to not require any services by the Executive; and/or (c) engage in other personal passive investment activities, in each case, to the extent such activities do not impair, interfere or conflict with the Executive’s performance of his duties, or violate the Executive’s obligations, under this Agreement. The Executive represents and warrants to the Company that the Executive has no prior or other commitments or obligations of any kind to anyone else or any entity that would hinder or interfere with the Executive’s acceptance of the Executive’s obligations hereunder or the exercise of the Executive’s best efforts to the performance of the Executive’s duties hereunder. 
									
			

3.Compensation.
(a)Base Salary.  The Executive shall receive a yearly base salary under this Agreement of three hundred thirty thousand dollars ($330,000) per year (“Base Salary”) as of the Effective Date.  The Executive’s Base Salary will be paid by the Company in equal installments in accordance with the Company’s normal payroll practices.  The Base Salary will be reviewed annually in accordance with the Company’s procedures for the review of compensation of executives at the Executive’s level and any such increased Base Salary shall constitute “Base Salary” for purposes of this Agreement.  All amounts payable to the Executive under this Agreement will be subject to all required withholding by the Company.
(b)Annual Non-Equity Incentive Program and Equity Incentive Compensation.  In addition to the Base Salary, for any full calendar year of employment (and for the period of July 1, 2022 through December 31, 2022), Executive shall be eligible for an annual grant of non-equity incentive-based cash compensation (the “Annual Bonus”). The applicable performance goals shall be determined by the Compensation Committee of the Board, in its sole discretion, provided that during the Agreement Term, the target Annual Bonus for Executive shall be fifty percent (50%) of the Base Salary (provided that for 2022 it shall be twenty five percent (25%) of the Executive’s Base Salary). The actual amount of Executive’s Annual Bonus to be paid shall be determined by the Compensation Committee, in its sole discretion, on the basis of the above-referenced performance goals and paid no later than March 15 of the year following the calendar year to which such Annual Bonus relates. The Annual Bonus is not earned until it is paid. Executive must remain employed by the Company through the date on which the Annual Bonus is paid in order to receive such Annual Bonus, except as provided below in Section 5.  In addition, Executive may be eligible to receive an annual equity award in such amount as determined by the Compensation Committee in its sole discretion.
4.Benefits.
(a)Other Benefit Plans and Programs.  In addition to the Base Salary and other compensation provided for in Section 3 above, Executive shall be eligible to participate in such health and welfare benefit plans (including Executive’s eligible dependents) and any qualified and/or non-qualified retirement plans of the Company as may be in effect from time to time; provided, however, that participation shall be subject to all of the terms and conditions of such plans, including, without limitation, all waiting periods, eligibility requirements, vesting, contributions, exclusions and other similar conditions or limitations.  Any and all benefits under any such plans shall also be payable, if applicable, in accordance with the underlying terms and conditions of such plan document.  Executive’s participation in the foregoing plans and any perquisite programs will be on terms no less favorable than afforded to senior officers at the Executive’s level in the Executive’s country of residence, as in effect from time to time.  The Company, however, shall have the right in its sole discretion to modify, amend or terminate such benefit plans and/or perquisite programs at any time except as otherwise provided pursuant to the terms of such plans or programs.
(b)Health Care Continuation.  Executive (and his eligible dependents) shall be entitled to continued participation in and benefits under the Company’s health plans under COBRA, at the same cost to Executive as immediately prior to the Termination Date, for a period of six (6) months following the Termination Date, except with respect to any Termination Date occurring under Section 5(b)(i), Section 5(b)(ii) and Section 5(c)(ii) of this Agreement (and subject to the terms of applicable law, including COBRA) (the “COBRA Subsidy”); provided, that, if Executive is entitled to participate in a health plan provided by a new employer, any payment by the Company for continued participation in and benefits under the Company’s health plans shall cease (although participation and benefits may continue solely at Executive’s cost, to 
									
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the extent participation and benefits must be offered under applicable law, including COBRA); provided, further, that, if the new employer’s health plan does not have preexisting condition coverage, Executive may continue participation in and benefits under the Company’s health plans for the balance of the period and at the cost first described above (subject to the terms of applicable law, including COBRA). For the avoidance of doubt, if the Company determines that the payment of the COBRA premiums would result in a violation of the nondiscrimination rules of Section 105(h)(2) of the Code or any statute or regulation of similar effect, then, in lieu of providing the COBRA premiums, the Company shall instead pay Executive on the first day of any remaining months of such six-month period a fully taxable cash payment equal to the COBRA premium for that month. Executive may, but is not obligated to, use such payment toward the payment of COBRA premiums.
(c)The Company will reimburse the Executive for all reasonable business expenses incurred by Executive in the course of performing Executive’s duties and responsibilities under this Agreement which are consistent with the Company’s policies and procedures in effect from time to time.
5.Termination.
(a)Events of Termination.  The Executive’s employment with the Company and the Agreement Term will end on the earliest to occur of (i) the Executive’s death or Permanent Disability, (ii) the date of the Executive’s termination due to resignation at any time with or without Good Reason after the required notice period, or (iii) the date of the Executive’s termination by the Company at any time with or without Cause after the required notice period, if any.  
(b)Termination Without Notice Period.
(i)Termination Due to Death or Permanent Disability.  If the Executive’s employment is terminated due to Executive’s death or Permanent Disability, then Executive will be entitled to the Accrued Benefits.  In addition, Executive shall be eligible for any unpaid Annual Bonus for a completed calendar year pursuant to Section 3(b) and a payment equal to the Pro-Rata Bonus paid on the sixty-day anniversary of the Termination Date subject to the Executive (or his estate, if applicable) executing a Release in substantially the form attached hereto as Appendix II and such Release is not timely revoked by Executive (or his estate) and becomes legally effective, as provided in Section 5(d) below. The “Pro-Rata Bonus” is an amount equal to the target Annual Bonus (as then in effect) for the calendar year in which the Termination Date occurs multiplied by a fraction, the numerator of which shall equal the number of days during such calendar year prior to the Termination Date and the denominator of which shall equal three hundred and sixty-five (365).
(ii)Termination by the Company With Cause.  If the Executive’s employment is terminated by the Company with Cause, then, through the Executive’s Termination Date, the Executive will be entitled to receive the Accrued Benefits.
(c)Termination With Notice Period.  Except as otherwise provided for in Section 5(b), any termination of the Executive’s employment by the Company or by the Executive will be effective as specified in a written notice from the terminating Party to the other Party; provided, however, that the terminating Party must give the other Party notice as specified in this Section 5(c).  During such notice period:  (x) the Company may reduce or change Executive’s duties and responsibilities, require that Executive does not come into the workplace, and/or place the Executive on a paid leave of absence; (y) the Executive will continue to receive salary and other entitlements and benefits (to the extent permitted by the terms of the applicable 
									
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plans based on the services Executive will perform during such notice period) and will continue to vest in prior equity grants through the Termination Date, and (z) Executive will not directly or indirectly work for any other company (and none of the aforementioned actions during such notice period shall constitute Good Reason). 
(i)Termination by the Company Without Cause.  If the Executive’s employment with the Company is terminated by the Company without Cause (but not during a Change in Control Period), then the Company shall provide six (6) months’ notice to the Executive before the Termination Date. During such notice period, the Executive will be entitled to the benefits provided for in Section 5(c)(y) above, subject to the terms and conditions of all governing documents, and will become entitled to the Accrued Benefits upon the Termination Date.  In addition, subject to the Executive executing a Release in substantially the form attached hereto as Appendix II and such Release is not timely revoked by Executive and becomes legally effective, as provided in Section 5(d) below, the Executive shall be entitled to receive: (x) any unpaid Annual Bonus for a completed calendar year pursuant to Section 3(b); (y) an amount equal to one-half (1/2) multiplied by the Executive’s yearly Base Salary (as in effect at the time the Company provides notice of termination), which shall be paid in lump sum no later than the sixty-day anniversary of such Termination Date, and (z) the COBRA Subsidy subject to the terms of Section 4(b). Payment of a Pro-Rata Bonus for any incomplete calendar year as of the Executive’s Termination Date shall be subject to the Company’s discretion.
(ii)Termination by the Executive Without Good Reason.  If the Executive’s employment with the Company is terminated by the Executive without Good Reason, then the Executive shall provide six (6) months’ notice to the Company before the Termination Date.  During such notice period, the Executive will be entitled to the benefits provided for in Section 5(c)(y) above, subject to the terms and conditions of all governing documents, and will become entitled to the Accrued Benefits upon the Termination Date. Additionally, if the Executive continues to comply with the terms of this Agreement throughout the notice period, including (unless otherwise requested by the Company) continuing to carry out assigned duties and responsibilities, the Executive shall be entitled to receive any unpaid Annual Bonus for a completed calendar year pursuant to Section 3(b), subject to the Executive executing a Release in substantially the form attached hereto as Appendix II and such Release is not timely revoked by Executive and becomes legally effective, as provided in Section 5(d) below.  Payment of a Pro-Rata Bonus for any incomplete calendar year as of the Executive’s Termination Date shall be subject to the Company’s discretion.  
(iii)Termination by the Executive With Good Reason.  If the Executive’s employment with the Company is terminated by the Executive with Good Reason (but not during a Change in Control Period), then the Executive will provide the notice required by the Good Reason definition.  During the notice period (which will include the period commencing with the date the Executive provides written notice of Good Reason and ending with the date the Executive resigns from employment with the Company), the Executive will be entitled to the benefits provided for under Section 5(c)(y) above, subject to the terms and conditions of all governing documents, and will become entitled to the Accrued Benefits upon the Termination Date. In addition, subject to the Executive executing a Release in substantially the form attached hereto as Appendix II and such Release is not timely revoked by Executive and becomes legally effective, as provided in Section 5(d) below, the Executive shall be entitled to receive: (w) any unpaid Annual Bonus for a completed calendar year pursuant to Section 3(b); (x) a Pro-Rata Bonus for any incomplete calendar year paid no later than the sixty-day anniversary of the Termination Date; (y) the COBRA Subsidy subject to the terms of Section 4(b); and (z) an amount equal to one half (1/2) multiplied by the Executive’s yearly Base Salary (as in effect at the time the Executive provides notice of termination), which shall be paid in lump sum no later than the sixty-day anniversary of the Termination Date.
									
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(iv)Termination During Change in Control Period by the Company Without Cause or by the Executive With Good Reason.  If during a Change of Control Period, the Executive’s employment with the Company is terminated by the Company without Cause or by the Executive with Good Reason, then, in the case of termination by the Company without Cause, the Company shall provide six (6) months’ notice to the Executive before the Termination Date, and in the case of termination by the Executive with Good Reason, the Executive will provide the notice required by the Good Reason definition.  During the applicable notice period (which, for termination by the Executive with Good Reason, will include the period commencing with the date the Executive provides written notice of Good Reason and ending with the date the Executive resigns from employment with the Company), the Executive will be entitled to the benefits provided for under Section 5(c)(y) above, subject to the terms and conditions of all governing documents, and will become entitled to the Accrued Benefits upon the Termination Date.  In addition, subject to the Executive executing a Release in substantially the form attached hereto as Appendix II and such Release is not timely revoked by Executive and becomes legally effective, as provided in Section 5(d) below, the Executive shall be entitled to receive: (v) any unpaid Annual Bonus for a completed calendar year pursuant to Section 3(b); (w) a Pro-Rata Bonus for any incomplete calendar year paid no later than the sixty-day anniversary of such Termination Date; (x) the COBRA Subsidy subject to the terms of Section 4(b); (y) the Executive’s outstanding equity awards shall accelerate and become fully vested as of the Termination Date notwithstanding the terms of the applicable equity plan or grant agreement; and (z) an amount equal to one half (1/2) multiplied by the Executive’s yearly Base Salary (as then in effect), which shall be paid in lump sum no later than the sixty-day anniversary of such Termination Date. 
(d)Release Requirements.  Notwithstanding the foregoing, the Executive shall not be entitled to receive certain of the payments or benefits described in Section 5(c) above unless, not later than sixty (60) days after the Termination Date, the Executive has executed the Release, and the period during which the Release may be revoked has expired without the Executive having revoked the Release.  None of the payments or benefits described in Section 5 contingent upon the Release shall be paid until the Release has been signed and become effective, and any payments, which would otherwise be payable during such sixty-day period prior to the date the Release becomes effective, shall be accumulated and paid on the first payroll date following the date the Release becomes effective without interest, or, if such sixty-day period begins in one calendar year and ends in a second calendar year, the first payroll date during the second calendar year following the date the Release becomes effective, as described above.  In addition, Executive must continue to comply with the terms of this Agreement throughout any notice period, including (unless otherwise requested by the Company) continuing to carry out assigned duties and responsibilities to be eligible for any of the aforementioned payments.
(e)No Offset or Mitigation.  Except for offset to such monies due and owing to the Company, if Executive’s employment with the Company is terminated for any reason, the Company will have no right of offset, nor will Executive be under any duty or obligation to seek or accept alternative or substitute employment at any time after the effective date of such termination or otherwise mitigate any amounts payable by the Company to Executive.
(f)No Other Benefits.  Except as set forth in this Section 5, the Executive will not be entitled to any other Base Salary, severance, compensation or benefits from the Company following a termination of employment, other than those previously earned under any of the Company’s retirement plans or expressly required under applicable law.  For the avoidance of doubt, Executive’s rights upon termination of employment under any outstanding LTIP grants will be determined exclusively by the terms of the LTIP and any award agreements.
									
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6.Confidential Information.
(a)The Executive recognizes and acknowledges that the continued success of the Company and its Affiliates depends upon the use and protection of a large body of confidential and proprietary information and that the Executive will have access to the entire universe of the Company’s Confidential Information (as defined below in Section 6(b)), as well as certain confidential information of other Persons with which the Company and its Affiliates do business, and that such information constitutes valuable, special and unique property of the Company, its Affiliates and such other Persons.
(b)Confidential Information.  For purposes of this Agreement, the Company’s “Confidential Information” shall mean the Company and its Affiliates’ trade secrets as defined under New York law, as well as any other information or material that is not generally known to the public, and which: (i) is generated, collected by or utilized in the operations of the Company or its Affiliates’ business and relates to the actual or anticipated business, research or development of the Company, its Affiliates or the Company and its Affiliates’ actual or prospective Customers; or (ii) is suggested by or results from any task assigned to the Executive by the Company or its Affiliates, or work performed by the Executive for or on behalf of the Company or its Affiliates.  Confidential Information shall not be considered generally known to the public if the Executive or others improperly reveal such information to the public without the Company or its Affiliates’ express written consent and/or in violation of an obligation of confidentiality owed to the Company or its Affiliates.  Confidential Information includes, without limitation, the information, observations and data obtained by the Executive while employed by the Company concerning the business or affairs of the Company or its Affiliates, including information concerning acquisition opportunities in or reasonably related to the Company or its Affiliates’ business or industry, the identities of and other information (such as databases) relating to the current, former or prospective employees, suppliers and Customers of the Company or its Affiliates, development, transition and transformation plans, methodologies and methods of doing business, strategic, marketing and expansion plans, financial and business plans, financial data, pricing information, employee lists and telephone numbers, locations of sales representatives, new and existing customer or supplier programs and services, customer terms, customer service and integration processes, requirements and costs of providing service, support and equipment.
(c)The Executive agrees to use the Company’s Confidential Information only as necessary and only in connection with the performance of Executive’s duties hereunder.  The Executive shall not, without the Company’s prior written permission, directly or indirectly, utilize for any purpose other than for a legitimate business purpose solely on behalf of the Company or its Affiliates, or directly or indirectly, disclose outside of the Company or outside of the Affiliates, any of the Company’s Confidential Information, as long as such matters remain Confidential Information.  The Executive agrees not to download, upload, copy, transmit and/or transfer any Confidential Information and/or Company property or Work Product, to any network, server, computer, mobile device, external storage device and/or any other media that is not owned and/or controlled by the Company, unless authorized to do so in writing by the Company and in furtherance of a work-related activity.
(d)The restrictions set forth in this paragraph are in addition to and not in lieu of any obligations the Executive may have by law with respect to the Company’s Confidential Information, including any obligations the Executive may owe under any applicable trade secrets statutes or similar state or federal statutes.  This Agreement shall not prevent the Executive from revealing evidence of criminal wrongdoing to law enforcement or prohibit the Executive from divulging the Company’s Confidential Information by order of court or agency of competent jurisdiction.  However, to the extent permitted by applicable law, the Executive shall promptly inform the Company of any such situations and shall take such reasonable steps to prevent 
									
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disclosure of the Company’s Confidential Information until the Company or its relevant Affiliates have been informed of such requested disclosure and the Company has had an opportunity to respond to the court or agency.
(e)The Executive understands that the Company and its Affiliates will receive from third parties confidential or proprietary information (“Third Party Information”) subject to a duty on the Company or its Affiliates to maintain the confidentiality of such information and to use it only for certain limited purposes.  During the Agreement Term and thereafter, and without in any way limiting the foregoing provisions of this Section 6, the Executive will hold Third Party Information in the strictest confidence and will not disclose to anyone (other than personnel and consultants of the Company and its Affiliates who need to know such information in connection with their work for the Company or its Affiliates) or use Third Party Information unless expressly authorized by such third party or by the CEO.
(f)During the Agreement Term and thereafter, the Executive will not improperly use or disclose any confidential information or trade secrets, if any, of any former employers or any other person or entity to whom the Executive has an obligation of confidentiality, and will not bring onto the premises of the Company or its Affiliates any unpublished documents or any property belonging to any former employer or any other person or entity to whom the Executive has an obligation of confidentiality unless consented to in writing by the former employer or such other person or entity.  The Executive will use in the performance of Executive’s duties only information which is (i) generally known and used by persons with training and experience comparable to the Executive’s and which is (x) common knowledge in the industry or (y) otherwise legally in the public domain, (ii) otherwise provided or developed by the Company or its Affiliates or (iii) in the case of materials, property or information belonging to any former employer or other person or entity to whom the Executive has an obligation of confidentiality, approved for such use in writing by such former employer or other person or entity.
(g)Nothing in this Section 6 prohibits the Executive from reporting possible violations of applicable law or regulation to any governmental agency or entity or making other disclosures that are protected under the whistleblower provisions of applicable law or regulation. In particular, notwithstanding the terms of this Section 6 or any other provision of this Agreement, Executive is not prohibited from disclosing factual information related to any claim of discrimination, harassment, or retaliation to law enforcement, the U.S. Equal Employment Opportunity Commission, the New York State Division of Human Rights, or any local commission on human rights (including the New York City Commission on Human Rights), or an attorney retained by Executive.  Further, nothing herein shall prohibit Executive from inquiring about, discussing, or disclosing the wages of Executive or another employee of the Company with other employees of the Company.
(h)In compliance with 18 U.S.C. § 1833(b) (“Section 1833(b)(1)”), as established by the Defend Trade Secrets Act of 2016, Executive is given notice of the following immunities listed in Sections 1833(b)(1) and (2) (Immunity From Liability For Confidential Disclosure Of A Trade Secret To The Government Or In A Court Filing): (1) IMMUNITY.—An individual shall not be held criminally or civilly liable under any Federal or State trade secret law for the disclosure of a trade secret that (A) is made (i) in confidence to a Federal, State, or local government official, either directly or indirectly, or to an attorney; and (ii) solely for the purpose of reporting or investigating a suspected violation of law; or (B) is made in a complaint or other document filed in a lawsuit or other proceeding, if such filing is made under seal. (2) USE OF TRADE SECRET INFORMATION IN ANTI-RETALIATION LAWSUIT.—An individual who files a lawsuit for retaliation by an employer for reporting a suspected violation of law may disclose the trade secret to the attorney of the individual and use the trade secret information in 
									
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the court proceeding, if the individual (A) files any document containing the trade secret under seal; and (B) does not disclose the trade secret, except pursuant to court order.  
7.Return of the Company Property.  The Executive acknowledges and agrees that all notes, records, reports, sketches, plans, unpublished memoranda or other documents, whether in paper, electronic or other form (and all copies thereof), held by the Executive concerning any information relating to the business of the Company or its Affiliates that Executive acquired during the course of Executive’s employment with the Company, whether confidential or not, are the property of the Company and its Affiliates.  Upon a written request from the CEO, the Executive will immediately deliver to the Company at the termination or expiration of the Agreement Term, or, if later, at the termination of employment, or at any other time the CEO may request, all requested equipment, files, property, memoranda, notes, plans, records, reports, computer tapes, printouts and software and other documents and data (and all electronic, paper or other copies thereof) belonging to the Company or its Affiliates, which includes, but is not limited to, any materials that contain, embody or relate to the Confidential Information, Work Product or the business of the Company or its Affiliates, which Executive may then possess or have under Executive’s control.  The Executive will take any and all actions reasonably deemed necessary or appropriate by the Company or its Affiliates from time to time in its sole discretion to ensure the continued confidentiality and protection of the Confidential Information.  The Executive will notify the Company and the appropriate Affiliates promptly and in writing of any circumstances of which the Executive has knowledge relating to any possession or use of any Confidential Information by any Person other than those authorized by the terms of this Agreement.
8.Intellectual Property Rights.  The Executive acknowledges and agrees that all inventions, technology, processes, innovations, ideas, improvements, developments, methods, designs, analyses, trademarks, service marks, and other indicia of origin, writings, audiovisual works, concepts, drawings, reports and all similar, related, or derivative information or works (whether or not patentable or subject to copyright), including but not limited to all resulting patent applications, issued patents, copyrights, copyright applications and registrations, and trademark applications and registrations in and to any of the foregoing, along with the right to practice, employ, exploit, use, develop, reproduce, copy, distribute copies, publish, license, or create works derivative of any of the foregoing, and the right to choose not to do or permit any of the aforementioned actions, that relate to the Company or Affiliates’ actual or anticipated Business, research and development or existing or future products or services and that are conceived, developed or made by the Executive while employed by the Company or an Affiliate (collectively, the “Work Product”) belong to the Company.  The Executive further acknowledges and agrees that to the extent relevant, this Agreement constitutes a “work for hire agreement” under the Copyright Act, and that any copyrightable work (“Creation”) constitutes a “work made for hire” under the Copyright Act such that the Company is the copyright owner of the Creation.  To the extent that any portion of the Creation is held not to be a “work made for hire” under the Copyright Act, the Executive hereby irrevocably assigns to the Company all right, title and interest in such Creation.  All other rights to any new Work Product and all rights to any existing Work Product are also hereby irrevocably conveyed, assigned and transferred to the Company pursuant to this Agreement.  The Executive will promptly disclose and deliver such Work Product to the Company and, at the Company’s expense, perform all actions reasonably requested by the Company (whether during or after the Agreement Term) to establish, confirm and protect such ownership (including, without limitation, the execution of assignments, copyright registrations, consents, licenses, powers of attorney and other instruments).
									
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9.Non-Compete, Non-Solicitation. 
(a)In further consideration of the compensation to be paid to the Executive hereunder, the Executive acknowledges that in the course of Executive’s employment with the Company, Executive has, and will continue to, become familiar with the Company’s Confidential Information, methods of doing business, business plans and other valuable proprietary information concerning the Company, its Affiliates, and their Customers and suppliers and that Executive’s services have been and will be of special, unique and extraordinary value to the Company and its Affiliates.  The Executive agrees that, during the period of his employment and continuing for six (6) months thereafter, regardless of the reason for the termination of Executive’s, the Executive will not, directly or indirectly, anywhere in the Restricted Area:
(i)own, manage, operate, or participate in the ownership, management, operation, or control of, or be employed by, any entity which is in competition with the Business of the Company or its Affiliates in which the Executive would hold a position with responsibilities that are entirely or substantially similar to any position the Executive held during the last twelve (12) months of the Executive’s employment with the Company or in which the Executive would have responsibility for and access to confidential information that is similar to or relevant to that which the Executive had access to during the last twelve (12) months of the Executive’s employment with the Company; or 
(ii)provide services to any person or entity that engages in any business that is similar to, or competitive with the Company or its Affiliates’ Business if doing so would require the Executive to use or disclose the Company’s Confidential Information.
A business or entity shall be considered “in competition” with the Company or its Affiliates if it engages in the Business, as defined in this Agreement, in which the Company or any of its Affiliates engages.
Nothing herein will prohibit the Executive from being a passive owner of the outstanding stock of any class of a corporation which is publicly traded, so long as the Executive has no active participation in the business of such corporation.
(b)During the period of his employment and continuing for twelve (12) months thereafter, regardless of the reason for the termination, the Executive agrees that he will not, directly or indirectly, except on behalf of the Company during employment:  (i)  solicit or otherwise attempt to employ or retain or enter into any business relationship with, any Person who is or was an employee of or individual consultant who provided services (directly or indirectly) to the Company or its Affiliates within the twelve (12) month period immediately preceding the termination of Executive’s employment, (ii) induce or attempt to induce any person who is or was an employee of, or individual consultant who provided services (directly or indirectly) to, the Company or its Affiliates within the twelve (12) month period immediately preceding the termination of Executive’s employment, to leave the employ of the Company or the relevant Affiliates, or in any way interfere with the relationship between the Company, its Affiliates and any of their employees or individual consultants, and/or (iii) employ or retain or enter into any business relationship with any person who was an employee of or individual consultant who provided services (directly or indirectly) to the Company or its Affiliates within the twelve (12) month period immediately preceding the termination of Executive’s employment (provided, however that the Executive may hire former employees and consultants to the Company and its Affiliates after such former employees or consultants have ceased to be employed or otherwise engaged by the Company or its Affiliates for a period of at least six (6) months).
									
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(c)During the period of his employment and continuing for twelve (12) months thereafter, regardless of the reason for the termination, the Executive agrees that he will not, directly or indirectly:  (i) call on, solicit or service any Customer with the intent of selling or attempting to sell any service or product similar to, or competitive with, the services or products sold by the Company or its Affiliates as of the Termination Date, or (ii) in any way adversely interfere with the relationship between the Company, its Affiliates and any Customer, supplier, licensee or other business relation (or any prospective Customer, supplier, licensee or other business relationship) of the Company or its Affiliates (including, without limitation, by making any negative or disparaging statements or communications regarding the Company, its Affiliates or any of their operations, officers, directors or investors).  This non-solicitation provision applies only to those actual and prospective Customers, suppliers, licensees or other business relationships of the Company with whom the Executive: (1) has had contact or has solicited at any time in the twelve (12) month period of time preceding the termination of the Executive’s employment; (2) has supervised the services of any of the Company’s or Affiliates’ employees who have had any contact with or have solicited at any time during the twelve (12) month period of time preceding the termination of Executive’s employment; or (3) has had access to any Confidential Information about such Customers, suppliers, licensees or other business relationships at any time during the twelve (12) month period of time preceding the termination of Executive’s employment.
(d)The Executive acknowledges and agrees that the restrictions contained in this Section 9 with respect to time, geographical area and scope of activity are reasonable and do not impose a greater restraint than is necessary to protect the goodwill and other legitimate business interests of the Company and its Affiliates.  In particular, the Executive agrees and acknowledges that the Company is currently engaging in Business and actively marketing its services and products throughout the Restricted Area, that Executive’s duties and responsibilities for the Company and/or its Affiliates are co-extensive with the entire scope of the Company’s Business, that the Company has spent significant time and effort developing and protecting the confidentiality of their methods of doing business, technology, Customer lists, long term Customer relationships and trade secrets and that such methods, technology, Customer lists, Customer relationships and trade secrets have significant value.  However, if, at the time of enforcement of this Section 9, a court holds that the duration, geographical area or scope of activity restrictions stated herein are unreasonable under circumstances then existing or impose a greater restraint than is necessary to protect the goodwill and other business interests of the Company and its Affiliates, the Parties agree that the maximum duration, scope or area reasonable under such circumstances will be substituted for the stated duration, scope or area and that the court will be allowed to revise the restrictions contained herein to cover the maximum duration, scope and area permitted by law, in all cases giving effect to the intent of the parties that the restrictions contained herein be given effect to the broadest extent possible.  The existence of any claim or cause of action by the Executive against the Company, whether predicated on this Agreement or otherwise, will not constitute a defense to the enforcement by the Company of the provisions of Sections 6, 7, 8 and 9, which Sections will be enforceable notwithstanding the existence of any breach by the Company.  Notwithstanding the foregoing, the Executive will not be prohibited from pursuing such claims or causes of action against the Company (including, but not limited to, a declaratory judgment).  The Executive consents to the Company notifying any future employer of the Executive of the Executive’s obligations under Sections 6, 7, 8 and 9 of this Agreement.
10.Survival.  Any provision which by its nature is intended to survive and continue in full force in accordance with its terms shall continue notwithstanding the termination of the Agreement Term.
11.Notices.  Any notice provided for in this Agreement will be in writing and will be either personally delivered, sent by reputable overnight courier service, or mailed by first class 
									
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mail, return receipt requested, or delivered by email to the recipient at the address below indicated:
Notices to the Executive:
At such home address which is currently on record with the Company and/or
[email address] 
Notices to the Company:
Outbrain Inc.
111 West 19th Street 
New York, NY 10011
Attention: Legal Dept.
Email: vgonzalez@outbrain.com
or such other address or to the attention of such other person as the recipient Party will have specified by prior written notice to the sending Party.  Any notice so addressed shall be deemed to be given: if delivered by hand or email, on the date of such delivery; if mailed by overnight courier, on the first business day following the date of such mailing; and if mailed by first class mail, return receipt requested, on the date of delivery specified on the return receipt.
12.Severability.  Whenever possible, each provision of this Agreement will be interpreted in such manner as to be effective and valid under applicable law, but if any provision of this Agreement is held to be invalid, illegal or unenforceable in any respect under any applicable law or rule in any jurisdiction, such invalidity, illegality or unenforceability will not affect any other provision or any action in any other jurisdiction, but this Agreement will be reformed, construed and enforced in such jurisdiction as if such invalid, illegal or unenforceable provision had never been contained herein.
(a)No Conflicts; Other Agreements. Executive represents and warrants that he has no other agreements or relationships with or commitments to any other person or entity that conflict with Executive’s relationship with the Company or under this Agreement, and that Executive’s relationship with the Company and Executive’s performance of the terms of this Agreement will not require Executive to violate any obligation to or confidence with Executive’s prior employer or another party, including but not limited to any non-competition, nonsolicitation or confidentiality agreement.  Executive represents and warrants that he is not bound by and has not entered into any other agreements or relationships with or commitments to any other person or entity regarding proprietary information or inventions.
13.Complete Agreement.  This Agreement embodies the complete agreement and understanding among the Parties and supersedes and preempts any prior understandings, agreements or representations by or among the Parties, written or oral, which may have related to the subject matter hereof in any way.
14.Counterparts.  This Agreement may be executed in separate counterparts (including by facsimile signature pages), each of which is deemed to be an original and all of which taken together constitute one and the same agreement.
15.No Strict Construction.  The parties hereto jointly participated in the negotiation and drafting of this Agreement.  The language used in this Agreement will be deemed to be the language chosen by the Parties hereto to express their collective mutual intent, this Agreement 
									
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will be construed as if drafted jointly by the Parties hereto, and no rule of strict construction will be applied against any Person.
16.Successors and Assigns.  This Agreement is intended to bind and inure to the benefit of and be enforceable by the Executive, the Company and their respective heirs, successors and assigns.  The Executive may not assign Executive’s rights or delegate Executive’s duties or obligations hereunder without the prior written consent of the Company.  The Company may not assign its rights and obligations hereunder, without the consent of, or notice to, the Executive, with the sole exception being a sale to any Person that acquires all or substantially all of the Company whether stock or assets, in which case such consent of the Executive is not necessary.
17.Choice of Law; Exclusive Venue.  THIS AGREEMENT, AND ALL ISSUES AND QUESTIONS CONCERNING THE CONSTRUCTION, VALIDITY, ENFORCEMENT AND INTERPRETATION OF THIS AGREEMENT, WILL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE INTERNAL LAWS OF THE STATE OF NEW YORK, WITHOUT GIVING EFFECT TO ANY CHOICE OF LAW OR CONFLICT OF LAW RULES OR PROVISIONS (WHETHER OF THE STATE OF NEW YORK OR ANY OTHER JURISDICTION) THAT WOULD CAUSE THE APPLICATION OF THE LAWS OF ANY JURISDICTION OTHER THAN THE STATE OF NEW YORK.  SUBJECT TO SECTION 20 OF THIS AGREEMENT, THE PARTIES AGREE THAT ALL LITIGATION ARISING OUT OF OR RELATING TO SECTIONS 6, 7, 8 and 9 OF THIS AGREEMENT MUST BE BROUGHT EXCLUSIVELY IN AN APPLICABLE STATE OR FEDERAL COURT LOCATED IN NEW YORK COUNTY, NEW YORK (COLLECTIVELY THE “DESIGNATED COURTS”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
18.Dispute Resolution.  Notwithstanding anything to the contrary, any and all other disputes, controversies or questions arising under, out of, or relating to this Agreement (or the breach thereof), or, the Executive’s employment with the Company or termination thereof, other than those disputes relating to Sections 6 (Confidential Information), 7 (Return of the Company Property), 8 (Intellectual Property Rights) and 9 (Non-Compete, Non-Solicitation) of this Agreement, shall be referred for binding arbitration in New York, New York which shall be the exclusive and sole means for resolving any dispute subject to arbitration under this Agreement.  The arbitration shall be conducted by a single neutral arbitrator (who is licensed to practice law in any State within the United States of America) selected by the Executive and the Company.  Such arbitration shall be conducted in accordance with the National Rules for Resolution of Employment Disputes of the American Arbitration Association.  All costs of arbitration, including each party’s reasonable attorneys’ fees and costs, shall be borne by such, provided that the arbitrator shall have the discretion to award reasonable attorneys’ fees, costs and expenses to the prevailing party.  Judgment upon the award rendered by the arbitrator may be entered in any court having jurisdiction thereof.  This Section 19 does not apply to any action by the Company to enforce Sections 6, 7, 8 and 9 of this Agreement and does not in any way restrict the Company’s rights under Section 18 of this Agreement.  
									
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Nothing herein shall prohibit any party from seeking injunctive or equitable relief from the state or federal courts in New York, New York, in an effort to prevent an actual or threatened breach of this Agreement, including Sections 6, 7, 8, and 9 of this Agreement, or in an effort to obtain specific performance of the terms and conditions of this Agreement. With respect to any such legal action, the parties agree to be subject to personal jurisdiction in the state and federal courts located in New York, New York. By signing this Agreement, Executive and the Company waive their right to commence, be a party to, or act as a class member in, any class or collective action in any court action against the other party relating to employment issues. Further, the parties waive their right to commence or be a party to any group, class or collective action claim in arbitration or any other forum. The parties agree that any claim by or against you or the Company shall be heard without consolidation of such claim with any other person or entity’s claim.  This agreement to arbitrate is governed by the Federal Arbitration Act (the "FAA") (9 U.S.C. §§ 1 et seq.) and, to the extent, if any, that the FAA is held not to apply, by the laws of the State of New York, without regard to its conflict of laws principles (including for purposes of determining contract formation). 
19.Mutual Waiver of Jury Trial.  IN THE EVENT OF LITIGATION AS PERMITTED UNDER SECTIONS 18 and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
20.Section 280G.  
(a)In the event that the total amount of payments to be received by the Executive, pursuant to this Agreement or otherwise, that are contingent upon a change in ownership or control (within the meaning of Section 280G of the Code) would, but for this Section 20(a), be subject to the excise tax imposed by Section 4999 of the Code (the “Excise Tax”), then the amount of payments to be received by the Executive pursuant to this Agreement shall be reduced to the maximum amount that will cause the total amounts of the payments not to be subject to the Excise Tax, but only if the amount of such payments, after such reduction and after payment of all applicable taxes on the reduced amount, is equal to or greater than the amount of such payments the Executive would otherwise be entitled to retain without such reduction after the payment of all applicable taxes, including the Excise Tax, all as determined in good faith by the Company.
(b)The accounting firm engaged by the Company for general audit purposes shall perform any calculations necessary in connection with this Section 20.  The Company shall bear all expenses with respect to the determinations by such accounting firm required to be made 
									
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hereunder.  The accounting firm engaged to make the determinations under this Section 20 shall provide its calculations, together with detailed supporting documentation, to Executive and the Company within 15 calendar days after the date on which Executive’s right to a payment contingent on a change in control is triggered (if requested at that time by Executive or the Company) or such other time as requested by Executive or the Company.  If the accounting firm determines that no Excise Tax is payable with respect to such payments, it shall furnish Executive and the Company with an opinion reasonably acceptable to Executive that no Excise Tax will be imposed with respect to such payments.  Any good faith determinations of the accounting firm made hereunder shall be final, binding, and conclusive upon Executive and the Company.  If a reduction in payments or benefits constituting “parachute payments” is required by Section 20(a), the reduction shall occur in the following order unless Executive elects in writing a different order (provided, however, that such election shall be subject to the Company’s approval if made on or after the date on which the event that triggers the payment occurs and to the extent that such election does not violate Code Section 409A): reduction of cash payments (in reverse order of the date on which such cash payments would otherwise be made with the cash payments that would otherwise be made last being reduced first); cancellation of accelerated vesting of stock awards; reduction of employee benefits.  In the event that accelerated vesting of stock awards is to be reduced, such accelerated vesting shall be cancelled in the reverse order of the grant date of Executive’s stock awards unless Executive elects in writing a different order for cancellation.
21.Indemnification. In addition to any rights to indemnification to which the Executive is entitled under the Company’s charter and by-laws, to the extent permitted by applicable law, the Company will indemnify, from the assets of the Company supplemented by insurance in an amount determined by the Company, the Executive at all times, during and after the Agreement Term, and, to the maximum extent permitted by applicable law, shall pay the Executive’s expenses (including reasonable attorneys’ fees and expenses, which shall be paid in advance by the Company as incurred, subject to recoupment in accordance with applicable law) in connection with any threatened or actual action, suit or proceeding to which the Executive may be made a party, brought by any shareholder of the Company directly or derivatively or by any third party by reason of any act or omission or alleged act or omission in relation to any affairs of the Company or any Affiliate of the Company of the Executive as an officer, director or employee of the Company or any Affiliate of the Company.  The Company shall use best efforts to purchase and maintain, at its own expense, during the Agreement Term and thereafter insurance coverage sufficient in the reasonable determination of the Board to satisfy any indemnification obligation of the Company arising under this Section 20.
22.Nondisparagement.  Both during the Agreement Term and thereafter, the Executive shall not make or publish any statements or comments that disparage or injure the reputation or goodwill of the Company or any of its Affiliates, or any of its or their respective officers or directors, or otherwise make any oral or written statements that a reasonable person would expect at the time such statement is made to likely have the effect of diminishing or injuring the reputation or goodwill of the Company, or any of its Affiliates, or any of its or their respective officers or directors, and the Company shall not, and shall not permit any of the members of the Board or senior executives to, make or publish any statements or comments that disparage or injure the reputation or goodwill of the Executive, or otherwise make any oral or written statements that a reasonable person would expect at the time such statement is made to likely have the effect of diminishing or injuring the reputation or goodwill of the Executive.  Nothing herein shall prevent the Executive, the Company, or any members of the Board or senior executives, from providing any information that may be compelled by law or from making good faith, business-related intra-Company communications to persons with a legitimate business reason to know of the information.
									
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23.Assistance in Proceedings.  During the Agreement Term and thereafter, the Executive will cooperate with the Company in any internal investigation or administrative, regulatory or judicial proceeding as reasonably requested by the Company (including, without limitation, the Executive being available to the Company upon reasonable notice for interviews and factual investigations, appearing at the Company’s request to give testimony without requiring service of a subpoena or other legal process, volunteering to the Company all pertinent information and turning over to the Company all relevant documents which are or may come into the Executive’s possession, all at times and on schedules that are reasonably consistent with the Executive’s other permitted activities and commitments).  In the event the Company requires the Executive’s cooperation in accordance with this Section 23, the Company will pay the Executive a reasonable per diem as determined by the CEO and reimburse the Executive for reasonable expenses incurred in connection therewith (including lodging and meals, upon submission of receipts).
24.Amendment and Waiver.  The provisions of this Agreement may be amended or waived only with the prior written consent of the Company and the Executive or pursuant to Section 12, and no course of conduct or course of dealing or failure or delay by any Party hereto in enforcing or exercising any of the provisions of this Agreement will affect the validity, binding effect or enforceability of this Agreement or be deemed to be an implied waiver of any provision of this Agreement.
25.Section 409A of the Code.  To the extent applicable, it is intended that this Agreement will comply with the provisions of Section 409A of the Internal Revenue Code and the guidance promulgated thereunder (“Section 409A”).  This Agreement shall be administered in a manner consistent with this intent (although the Company gives no warranty or guaranty as to such compliance), and any provision that would cause the Agreement to fail to satisfy Section 409A shall have no force and effect until amended by the parties to comply with Section 409A (which amendment may be retroactive to the extent permitted by Section 409A).  Unless otherwise expressly provided, any payment of compensation by Company to Executive, whether pursuant to this Agreement or otherwise, shall be made no later than the 15th day of the third month (i.e., 21⁄2 months) after the later of the end of the calendar year or the Company’s fiscal year in which Executive’s right to such payment vests (i.e., is not subject to a “substantial risk of forfeiture” for purposes of Code Section 409A).  For purposes of this Agreement, “Separation from Service” shall have the meaning given to such term under Section 409A. Each payment and each installment of any severance payments provided for under this Agreement shall be treated as a separate payment for purposes of application of Section 409A.  To the extent that any severance payments come within the definition of “short term deferrals” or “involuntary severance” under Section 409A, such amounts shall be excluded from “deferred compensation” as allowed under Section 409A, and shall not be subject to the following Section 409A compliance requirements.  All payments of “nonqualified deferred compensation” (within the meaning of Section 409A) are intended to comply with the requirements of Section 409A, and shall be interpreted in accordance therewith. Neither party individually or in combination may accelerate, offset or assign any such deferred payment, except in compliance with Section 409A.  No amount shall be paid prior to the earliest date on which it is permitted to be paid under Section 409A and Executive shall have no discretion with respect to the timing of payments except as permitted under Section 409A.  Any payments to which Section 409A applies and which are subject to execution of a waiver and release which may be executed and/or revoked in a calendar year following the calendar year in which the payment event (such as Separation from Service) occurs shall commence payment only in the later calendar year as necessary to comply with Section 409A. In the event that Executive is determined to be a “specified employee” (as defined and determined under Section 409A) of the Company at a time when its stock is deemed to be publicly traded on an established securities market, payments determined to be “nonqualified deferred compensation” payable upon separation from service shall be delayed until (i) the first day of the seventh (7th) complete calendar month following such termination of 
									
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employment, or (ii) Executive’s death, consistent with the provisions of Section 409A.  Any payment delayed by reason of the prior sentence shall be paid out in a single lump sum at the end of such required delay period in order to catch up to the original payment schedule.  All expense reimbursements or in-kind benefits subject to Section 409A provided under this Agreement or, unless otherwise specified in writing, under any Company program or policy, shall be subject to the following rules: (i) the amount of expenses eligible for reimbursement or in-kind benefits provided during one calendar year may not affect the benefits provided during any other year; (ii) reimbursements shall be paid no later than the end of the calendar year following the year in which the Executive incurs such expenses, and the Executive shall take all actions necessary to claim all such reimbursements on a timely basis to permit the Company to make all such reimbursement payments prior to the end of said period, and (iii) the right to reimbursement or in-kind benefits shall not be subject to liquidation or exchange for another benefit. Notwithstanding anything herein to the contrary, no amendment may be made to this Agreement if it would cause the Agreement or any payment hereunder not to be in compliance with Section 409A.
*    *    *    *    *

[signature page follows]
									
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IN WITNESS WHEREOF, the Parties hereto have executed this Agreement as of the date set forth below.
OUTBRAIN INC.
By:     /s/ DAVID KOSTMAN    
David Kostman
Its: Co-CEO
EXECUTIVE
 /s/ JASON KIVIAT        
Jason Benjamin Kiviat
Date:  August 3, 2022    
									
			

APPENDIX I
DEFINITIONS
“Accrued Benefits” means (a) Base Salary earned but not yet paid through the Termination Date; (b) a payment representing the Executive’s accrued but unused vacation as of the Termination Date; and (c) anything in this Agreement to the contrary notwithstanding, (i) the payment of any vested, but not forfeited, benefits as of the Termination Date under the Company’s employee benefit plans payable in accordance with the terms of such plans and (ii) the availability of such benefit continuation and conversion rights to which Executive is entitled in accordance with the terms of such plans.
“Affiliates” means any company, directly or indirectly, controlled by, controlling or under common control with the Company, including, but not limited to, the Company’s subsidiary entities, parent, partners, joint ventures, and predecessors, as well as its successors and assigns.
“Board” means the Board of Directors of the Company.
“Business” means (a) online recommendation and advertising platform business; and (b) any other material business directly engaged in or under development by the Company and its Affiliates during period of the Executive’s employment with the Company.
“Cause” means (i) the commission and conviction of a felony or other crime involving moral turpitude or the commission of any other act or omission involving misappropriation, dishonesty, fraud, illegal drug use or breach of fiduciary duty, (ii) willful failure to perform material duties as reasonably directed, (iii) the Executive’s gross negligence or willful misconduct with respect to the performance of the Executive’s duties hereunder, or (iv) obtaining any personal profit not fully disclosed to and approved by the Board in connection with any transaction entered into by, or on behalf of, the Company.  Except for a failure, breach or refusal which, by its nature, cannot reasonably be expected to be cured, the Executive shall have two (2) weeks from the delivery of written notice by the Company within which to cure any acts constituting Cause.  For purposes of this provision, no act or failure to act on the part of the Executive shall be considered “willful” unless it is done, or omitted to be done, by the Executive in bad faith or without reasonable belief that the Executive’s action or omission was in the best interests of the Company.  Any act, or failure to act, based upon authority given pursuant to a resolution duly adopted by the Board or upon the advice of counsel for the Company shall be conclusively presumed to be done, or omitted to be done, by the Executive in good faith and in the best interests of the Company.
“CEO” means the Chief Executive Officer of the Company.
“Change in Control” means such term as defined in the Outbrain Inc. 2021 Long-Term Incentive Plan, or such other LTIP as may be in effect from time to time. 
“Change in Control Period” means the period beginning on the date three months prior to the closing of a Change in Control and ending on the twelve (12) month anniversary after the Change in Control.  
“Code” means the Internal Revenue Code of 1986, as amended.
“Copyright Act” means the United States Copyright Act of 1976, as amended.
“Customer” means any Person:
									
			

who purchased products or services from the Company or any of its Affiliates during the twelve (12) month period prior to the Executive’s Termination Date; or
to whom the Company or any of its Affiliates solicited the sale of its products or services during the twelve (12) month period prior to the Executive’s Termination Date.
“Good Reason” means, without the Executive’s consent, there is a (i) material diminution in title, duties, responsibilities or authority of the Executive; (ii) material reduction of Base Salary or employee benefits except for changes that impact other executives at the Executive’s level; (iii) a relocation of the Executive’s principal place of employment by more than fifty (50) miles, or (iv) material breach of the Agreement by the Company or any other agreement between the Company and the Executive; provided, however, that Executive’s voluntary termination shall be considered to be for Good Reason only if (a) Executive provides written notice to the Company of the act or omission constituting Good Reason within ninety (90) days after the initial occurrence of such act or omission; (b) after receiving such notice, the Company fails to remedy such act or omission within thirty (30) days of such notice; and (c) Executive resigns within thirty (30) days after the end of such cure period.
“Permanent Disability” means mental, physical or other illness, disease or injury, which has prevented the Executive from substantially performing Executive’s duties hereunder for the greater of:  (a) the eligibility waiting period under the Company’s long term disability Plan, if any, or (b) an aggregate of six (6) months in any twelve (12) month period.  
“Person” means any natural person, corporation, general partnership, limited partnership, limited liability company or partnership, proprietorship, other business organization, trust, union, association or governmental or regulatory entities, department, agency or authority.
“Release” means the customary waiver and release agreement generally used by the Company for executives, as amended from time to time.
“Restricted Area” means (a) throughout the world, but if such area is determined by judicial action to be too broad, then it means (b) within North America, but if such area is determined by judicial action to be too broad, then it means (c) within the continental United States, but if such area is determined by judicial action to be too broad, then it means (d) within any state in which the Company and its Affiliates is engaged in Business.
“Termination Date” means the last day of Executive’s employment with the Company.

									
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Exhibit B
FORM OF 
SEVERANCE AGREEMENT AND GENERAL RELEASE
This Severance Agreement and General Release (“Agreement”) is being entered into by Outbrain Inc. (the “Company”) and ____________ (“Employee”) (together, the “Parties”).
WHEREAS, Employee and The Company are party to an employment agreement, dated _________________, 20___ (the “Employment Agreement”);
WHEREAS, Employee’s employment with the Company is being terminated;
WHEREAS, the Company wishes to provide Employee with certain benefits in exchange for a general release of claims; and
WHEREAS, the Parties wish to resolve all matters related to Employee’s employment with and termination from employment with the Company in an amicable manner.
THEREFORE, in consideration of the mutual agreements and promises contained herein, the Parties agree as follows:
1.TERMINATION DATE.
1.1Employee’s termination from employment with the Company is effective __________ (“Termination Date”).
2.VALUABLE CONSIDERATION.
2.1[Benefits to be provided to be specified here.]1
2.2Employee acknowledges that some of the benefits described above are over and above anything owed to him/her by law, contract or under the policies of the Company, and that they are being provided to Employee expressly in exchange for his entering into this Agreement.  Except as specified in this Section 2, or otherwise expressly provided in or pursuant to the Agreement, Employee shall be entitled to no compensation, benefits or other payments or distributions, and references in the release of claims below against the Company shall be deemed to also include reference to the release of claims against all compensation and benefit plans and arrangements established or maintained by the Company and its affiliates.  All amounts otherwise payable under this Agreement shall be subject to customary withholding and other employment taxes, and shall be subject to such other withholding as may be required in accordance with the terms of this Agreement.

1Note: Benefits to be specified shall be the benefits provided under Sections 5(c)(i), (iii) and (iv) of the Employment Agreement, as applicable, as well as a reference to any other payments owed to Employee at the time of termination (e.g., vesting of equity awards).
									
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3.RELEASE, WAIVER AND COVENANTS NOT TO SUE.
3.1In consideration of the payments to be made by the Company to the Employee in Section 2 above, the Employee, with full understanding of the contents and legal effect of this Agreement and having the right and opportunity to consult with his counsel, releases and discharges the Company, its divisions, subsidiaries and affiliates, and all related entities of any kind or nature, and its and their officers, directors, board members, supervisors, managers, employees, agents, representatives, attorneys, predecessors, successors, heirs, executors, administrators, and assigns (collectively, the “the Company Released Parties”) from any and all claims, actions, causes of action, grievances, suits, charges, or complaints of any kind or nature whatsoever (“Claims”), that he ever had or now has, whether fixed or contingent, liquidated or unliquidated, known or unknown, suspected or unsuspected, and whether arising in tort, contract, statute, or equity, before any federal, state, local, or private court, agency, arbitrator, mediator, or other entity, regardless of the relief or remedy.  Without limiting the generality of the foregoing, it being the intention of the parties to make this release as broad and as general as the law permits, this release specifically includes any and all subject matters and claims arising from any alleged violation by the Company Released Parties under the Age Discrimination in Employment Act of 1967, as amended; Title VII of the Civil Rights Act of 1964, as amended; the Civil Rights Act of 1866, as amended by the Civil Rights Act of 1991 (42 U.S.C. § 1981); the Rehabilitation Act of 1973, as amended; the Employee Retirement Income Security Act of 1974, as amended (“ERISA”); the Americans with Disabilities Act; the Worker Adjustment and Retraining Notification Act; the Equal Pay Act; Executive Order 11246; Executive Order 11141; the New York Human Rights Law, the New York Labor Law, the New York City Administrative Code, the New York Paid Family Leave Law, the New York Earned Safe and Sick Time Act, the New York City Human Rights Law, the New York City Earned Safe and Sick Time Act, the New York COVID-19 Paid Sick Leave Law, the New York statutory provisions or common law regarding retaliation or discrimination for filing a workers’ compensation claim, any state or local civil rights or antidiscrimination law; any state or local wage and hour law; any whistleblower law; any public policy, contract, tort, or common law; and any other statutory claim, employment or other contract or implied contract claim or common law claim for wrongful discharge, breach of an implied covenant of good faith and fair dealing, defamation, or invasion of privacy arising out of or involving his employment with the Company or the termination of his employment with the Company, including any claims arising out of the Employment Agreement (other than enforcement of the severance obligations thereunder) and any allegation for costs, fees, or other expenses including attorneys’ fees incurred in these included matters.  This general release of claims also excludes any claims made under state workers’ compensation or unemployment laws, and/or any claims which cannot be waived by law.  The Employee further acknowledges that he is aware that statutes exist that render null and void releases and discharges of any Claims which are unknown to the releasing or discharging part at the time of execution of the release and discharge.  The Employee hereby expressly waives, surrenders and agrees to forego any protection to which he would otherwise be entitled by virtue of the existence of any such statute in any jurisdiction.  Notwithstanding the foregoing, nothing in this Agreement shall prevent Employee from enforcing Employee’s rights to (i) Employee’s non-forfeitable accrued benefits (within the meaning of Section 203 and 204 of ERISA) under any tax-qualified retirement plan maintained by the Company; (ii) receive continuation coverage pursuant to COBRA; (iii) indemnification under the Company’s certificate of incorporation, 
									
		21
	

by-laws, Section 22 of the Employment Agreement, and/or any indemnification agreement entered into between Employee and any Company Released Party; (iv) Employee’s Accrued Benefits (as defined in the Employment Agreement); (v) the payments and benefits due pursuant to Section 5(e) or 5(f), if applicable, of the Employment Agreement; (vi) other benefits or other rights under plans or grants contemplated as earned, surviving or continuing by Section 5(i) of the Employment Agreement; (vii) the enforcement of Section 22 of the Employment Agreement; or (viii) the enforcement of this Agreement.  Also, Employee does not release any Claims against any Company Released Party that may arise after this Agreement becomes effective. 
3.2Employee also agrees not to file any lawsuit based on claims he has released in this Agreement, although he may participate in an investigation or proceeding conducted by an administrative agency provided he agrees to waive his right to any monetary recovery.
3.3This agreement not to file a lawsuit does not apply to any claims that arise based on events that take place after the date on which Employee signs this Agreement or to any lawsuit Employee may file to enforce this Agreement.
3.4Notwithstanding any provision herein to the contrary,  nothing herein is intended to nor shall it limit or prohibit Employee from, or waive any right on Employee’s part to: (a) bringing any action to enforce the terms of this Agreement; (b) filing a timely charge with, or providing information to the U.S. Equal Employment Opportunity Commission (“EEOC”), the New York State Division of Human Rights (“DHR”), or an equivalent state or local agency; (c) cooperating or participating in any investigation or proceeding conducted by the EEOC, DHR, or equivalent agency regarding any claim of employment discrimination (although in connection with any charge or complaint referenced in (b) or (c) of this paragraph, Employee has waived Employee’s right to personal injunctive relief and to personal recovery, damages and compensation of any kind on the claims released); or (d) initiating or engaging in communication with, responding to any inquiry or subpoena from, or otherwise providing information to any federal or state regulatory, self-regulatory, or enforcement agency or including the EEOC, the DHR, or law enforcement, or to disclose information as otherwise required or protected by applicable law.  
4.CONFIDENTIALITY.
4.1Employee agrees not to disclose the existence or terms of this Agreement to any third party without the prior written consent of the Company, except that he may discuss the terms of this Agreement with his attorney, tax advisor and/or immediate family members, all of whom must also comply with the terms of this Section 4, and as required by law.
4.2Nothing in this Agreement prohibits Employee from reporting possible violations of federal or state law or regulation to any governmental agency or entity or making other disclosures that are protected under the whistleblower provisions of federal or state law or regulation.
4.3Trade Secrets. In compliance with 18 U.S.C. § 1833(b) (“Section 1833(b)(1)”), as established by the Defend Trade Secrets Act of 2016, Employee is given notice of the following immunities listed in Sections 1833(b)(1) and (2) 
									
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(Immunity From Liability For Confidential Disclosure Of A Trade Secret To The Government Or In A Court Filing): (1) IMMUNITY.—An individual shall not be held criminally or civilly liable under any Federal or State trade secret law for the disclosure of a trade secret that (A) is made (i) in confidence to a Federal, State, or local government official, either directly or indirectly, or to an attorney; and (ii) solely for the purpose of reporting or investigating a suspected violation of law; or (B) is made in a complaint or other document filed in a lawsuit or other proceeding, if such filing is made under seal. (2) USE OF TRADE SECRET INFORMATION IN ANTI-RETALIATION LAWSUIT.—An individual who files a lawsuit for retaliation by an employer for reporting a suspected violation of law may disclose the trade secret to the attorney of the individual and use the trade secret information in the court proceeding, if the individual (A) files any document containing the trade secret under seal; and (B) does not disclose the trade secret, except pursuant to court order.
5.RESTRICTIVE COVENANTS.
Employee acknowledges that Section 6, 7, 8, 9, 12, 15, 17, 18, 19, 22, 23, and 24 of the Employment Agreement survive and are expressly incorporated into this Agreement. 
6.KNOWING AND VOLUNTARY RELEASE.
6.1Employee agrees that s/he has signed this Agreement knowingly and voluntarily and not as a result of threats or coercion.
6.2Employee acknowledges that s/he received this Agreement by __________ and that s/he has [21] [45] days in which to consider whether to sign this Agreement.
6.3EMPLOYEE IS HEREBY ADVISED TO CONSULT WITH AN ATTORNEY BEFORE SIGNING THIS AGREEMENT.
7.ENTIRE AGREEMENT AND SEVERABILITY.
7.1The Parties agree that this Agreement sets forth the entire agreement between them and supersedes any other written or oral understanding or contract they may have.
7.2Employee and the Company further agree that, if any portion of this Agreement is held to be invalid or legally unenforceable, the remaining portions of this Agreement will not be affected and will be given full force and effect.
8.APPLICABLE LAW.
8.1This Agreement is governed by the laws of the state of New York.
9.EFFECTIVE DATE.
9.1To accept the terms of this Agreement, Employee must sign this Agreement on or after ____________ and deliver it by email or regular mail to [__________].
									
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9.2This Agreement becomes effective and binding on the parties eight days after the date on which it is executed by Employee (“Effective Date”) if not revoked pursuant to the terms of Section 9.3 below.
9.3Employee may revoke this Agreement during this seven-day period prior to the Effective Date (“Revocation Period”) by delivering a written notice of revocation to [__________].
9.4This Agreement will become final and binding on both Parties if written notice of revocation is not delivered on or before the expiration of the Revocation Period.
HAVING READ AND UNDERSTOOD THIS AGREEMENT, CONSULTED COUNSEL OR VOLUNTARILY ELECTED NOT TO CONSULT COUNSEL DESPITE BEING ADVISED BY THE COMPANY TO CONSULT COUNSEL REGARDING THE TERMS HEREOF, AND HAVING HAD SUFFICIENT TIME TO CONSIDER WHETHER TO ENTER INTO THIS AGREEMENT, THE UNDERSIGNED HEREBY EXECUTE THIS AGREEMENT ON THE DATES SET FORTH BELOW.

						
	EMPLOYEE

__________________________________

Date:  _____________________________
	OUTBRAIN INC.

By: _______________________________

Title:  _____________________________

Date: ______________________________

									
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