Document:

exv10w16

EXHIBIT 10.16

			
	 	 	 
	Mike Malady 

14601 Highway 41 North 

Evansville, IN 47725
	 	March 9, 2011

Dear Mike:

The items below confirm our agreement related to your transition and separation from UCI:

	 	•	 	You agree to work through August 31, 2011 and possibly until December 31, 2011. UCI and
The Rank Group will determine your final separation date which in no event will be prior to
August 31, 2011, absent earlier termination for cause.

	 	•	 	You agree that this letter agreement and the accompanying Release replace your
Severance Agreement in totality.

In exchange for the above, you will receive the following:

	 	•	 	Your Annual Base Salary will increase to $300,000 effective January 27, 2011.
	 
	 	•	 	Your Target Bonus will increase to 60% effective January 1, 2011.
	 
	 	•	 	You will be eligible for a 2011 bonus payment (based on 2011 earnings), prorated to
reflect your final separation date. This bonus payment will be made at the normal time
bonus payments are made in 2012. Your bonus payment percentage will not be less than the
overall UCI funding level.
	 
	 	•	 	You will receive six months’ severance pay paid in monthly increments over a six month
time period commencing the month immediately after your separation.
	 
	 	•	 	You will receive six months of medical and dental coverage paid by the Company (runs
concurrent with COBRA).

Thank you for your contributions to UCI and for agreeing to this transition period.

Sincerely,

/s/ Bruce Zorich

 

Bruce Zorich

President and CEO

UCI International

			
	 	 	 
	Agreed and Accepted: 
	/s/ Mike Malady 

 

Mike Malady 	Date: March 22, 2011

14601 Highway 41 North — Evansville, IN 47725 — Phone: 812-867-4156 — Fax: 812-867-4157

 

 

RELEASE

     In return for the consideration in the letter agreement dated as of _______, 2011, I, Mike
Malady, desire to and do execute this Release to resolve any existing or potential claims that I
have or may have with or against The Rank Group, UCI International, and their respective
affiliates, parents, subsidiaries, insurers, successors and assigns, and all of those entities’
respective directors, officers, employees and agents (collectively and individually, “the
Company”), and agree as follows:

     I hereby waive, release and completely discharge the Company from any and all liability,
claims, suits in equity, and actions and causes of action at law, of any nature whatever, tort or
contract, and in any form whatever, arising out of or in any way connected with my employment with
the Company or the termination thereof, whether such claims are known to exist or hereafter become
known, including but not limited to claims of wrongful discharge, breach of contract, breach of an
implied covenant of good faith and fair dealing, negligence, fraud, misrepresentation, slander,
defamation, wage claims, personal injury, violation of public policy, emotional harm or distress,
conspiracy to terminate wrongfully, loss of consortium, invasion of privacy, wrongful denial of
severance pay, harassment, retaliation, and/or discrimination, and including but not limited to
claims under the Title VII of the Civil Rights Act of 1964, as amended; The Civil Rights Act of
1866 and 1964, as amended; the Equal Pay Act, as amended, the Age Discrimination in Employment Act
of 1967 (“ADEA”); the Older Workers Benefit Protection Act; the Americans with Disabilities Act, as
amended, the Rehabilitation Act of 1973, as amended, the Family and Medical Leave Act, as amended;
the Employee Retirement Income Security Act of 1974; the Sarbanes-Oxley Act of 2002; the Fair
Credit Reporting Act; the Worker Adjustment and Retraining Notification Act; and any other
violations of laws or regulations (state, federal, or local), executive orders, the federal or any
state constitution, “whistleblower” claims, and claims under any Company-sponsored internal dispute
resolution plan. I further discharge, indemnify and save harmless the Company from any and all
liability from such claims, together with all claims for monetary and equitable relief, punitive
and compensatory relief and attorneys’ fees and costs.

     I represent and warrant that I will not file, or cause to be filed, any lawsuit asserting any
claims that are released above. I understand, however, that nothing herein shall prevent me from
filing an administrative charge if applicable law requires that I be permitted to do so; provided,
however, that I understand and agree that I am waiving my right to any monetary recovery in
connection with any such charge that I may file with an administrative agency. Furthermore,
although through my execution of this Release, I acknowledge that I am waiving claims against the
Company under the ADEA and that I also agree not to pursue such claims against the Company in the
future, I also understand that nothing provided for in this Release shall prevent me from
challenging the validity of my waiver of the right to pursue such ADEA claims. I also understand
that this Release does not waive any rights or claims that may arise after the date of my execution
of this Release, nor does it waive any pre-existing claims for workers’ compensation benefits or
health and welfare plan benefits.

     I understand that the Company has encouraged and advised me to discuss this Release with my
private attorney before I sign it. I understand that this Release is final and binding.

 

 

     I understand that this Release is not to be construed as an admission that that either the
Company or I have violated any law or breached any of its policies or procedures with respect to my
employment or separation therefrom.

     I understand that this Release contains the entire agreement between myself and the Company
and can only be modified by a subsequent written agreement. I understand that the clauses in this
Release are severable and that if any clause is found to be invalid, such invalidity will not
affect the validity of the other clauses herein. I understand that this Release will be
interpreted, enforced and governed by the internal laws of the State of Indiana.

     I understand that I have twenty-one (21) days from the date this Release was provided to me to
consider this Release. I also understand that I have seven (7) days after signing to revoke this
Release. I understand that any revocation must be in writing and delivered via both mail and
facsimile to Margaret Bowen, The Rank Group, 6641 West Broad Street, Richmond, Virginia 23230,
facsimile number 804-281-2602. I understand that, if I have questions regarding the summary of
employees or this Release, I may direct such questions to Margaret Bowen.

     I ACKNOWLEDGE THAT I HAVE FULLY READ AND UNDERSTAND THIS SEVERANCE RELEASE, INCLUDING BUT NOT
LIMITED TO MY RELEASE AND WAIVER OF CLAIMS AGAINST THE COMPANY, THAT GOOD AND SUFFICIENT
CONSIDERATION HAS BEEN GIVEN TO ME FOR SIGNING THIS SEVERANCE RELEASE, THAT MY EXECUTION OF THIS
SEVERANCE RELEASE IS KNOWING AND VOLUNTARY, THAT I HAVE BEEN ADVISED TO AND HAVE HAD AMPLE
OPPORTUNITY TO SEEK THE COUNSEL OF AN ATTORNEY, AND THAT I HAVE HAD SUFFICIENT TIME TO READ THE
SEVERANCE RELEASE AND MAKE AN INFORMED DECISION REGARDING ACCEPTANCE OF ITS TERMS.

	 	 	 	 	 
	 	 	 
	 Date:      __________________, 2011 	 	

 	 
	 	 	Mike Maladyexv10w17

EXHIBIT 10.17

 

Agreement of Indemnification

Dated 11 January 2011

UCI Holdings Limited

for the benefit and in favour of

the Indemnitees defined in this Agreement of Indemnification

(UCI Holding Companies — United States)

 

 

Contents

	 	 	 	 	 	 	 
	Clause	 	 	 	Page
	1.

	 	Definitions
	 	 	4	 
	2.

	 	Indemnification
	 	 	4	 
	3.

	 	Limitations on Indemnification
	 	 	4	 
	4.

	 	Indemnification Procedure
	 	 	5	 
	5.

	 	Severability
	 	 	5	 
	6.

	 	Governing law
	 	 	5	 
	7.

	 	Amendments
	 	 	5	 
	8.

	 	Termination
	 	 	5	 
	 
	 	 	 	 	 	 
	Schedule	 	 	 	 
	 
	 	 	 	 	 	 
	1.

	 	Part A: U.S. Obligor
	 	 	7	 
	2.

	 	Part B: List of Indemnitees
	 	 	7	 

 

 

THIS AGREEMENT OF INDEMNIFICATION (“Agreement”) is made on 11 January 2011

BY:

UCI Holdings Limited, a company registered in New Zealand whose registered office is at c/o Bell
Gully (GJM), Level 22, Vero Centre, 48 Shortland Street, Auckland, New Zealand (“UCI
Holdings”);

IN FAVOUR AND FOR THE BENEFIT OF:

Each Indemnitee (as defined below).

BACKGROUND

	A.	 	Each U.S. Obligor (as defined below) is a member of the UCI Holdings group of companies (the
“UCI Holdings Group”).

	B.	 	It is currently intended that UCI Holdings will indirectly acquire the UCI group of companies
(the “UCI Group”) through the merger of Uncle Acquisition 2010 Corp (an indirect
subsidiary of UCI Holdings) and UCI International, Inc., with UCI International, Inc. as the
surviving entity (the “Acquisition”).

	C.	 	In order to partially fund the Acquisition and the associated costs and transactions required
to effect the Acquisition, certain members of the UCI Holdings Group intend to incur
indebtedness.

	D.	 	Each U.S. Obligor may, among other things, be required to do some or all of the following:

	 	1.	 	enter into an indenture in respect of the issue of unsecured notes by
indirect subsidiaries of UCI Holdings (the “Unsecured Notes”), including the
provision of related guarantees in respect of the Unsecured Notes;
	 
	 	2.	 	enter into a registration rights agreement or joinder thereof and/or a
purchase agreement or joinder thereof relating to the Unsecured Notes;
	 
	 	3.	 	publish offering documents in respect of the Unsecured Notes, together with
entering into an agreement relating to both the underwriting of those notes by the
initial note purchasers and the future registration of

2

 

	 	 	 	those notes (and consequent tender offer) with the US Securities Exchange
Commission;
	 
	 	4.	 	enter into a credit agreement providing for term loan and revolving
facilities (the “Senior Secured Credit Facilities”);
	 
	 	5.	 	provide a guarantee in respect of the Senior Secured Credit Facilities;
	 
	 	6.	 	provide security over certain assets in respect of collateral under the
applicable agreements, instruments or other documents creating security interests to
secure the obligations in respect of the Senior Secured Credit Facilities (the
“Security Documents”); and
	 
	 	7.	 	enter into an intercreditor agreement in respect of the guarantees,
indebtedness and security described above as may be necessary to give effect to the
proposed structure,
	 
	 	 	 	(together, the “Financing Transactions”).
	 
	 	 	 	Upon the closing of the Acquisition, certain members of the UCI Group may participate in
the Financing Transactions.
	 
	 	 	 	In addition, certain of the U.S. Obligors may be required to take certain steps as may be
necessary or desirable to effect corporate restructuring(s) and other steps necessary or
desirable to implement or in connection with the Acquisition including, without limitation,
by way of entry into loan, acquisition, merger, subscription and contribution agreements
and/or any other document and any associated corporate authorisations; and may also
participate in and take steps in connection with the acquisition of certain of the UCI
Group entities, and associated steps to fund such acquisitions, by members of the UCI
Holdings Group shortly upon or following closing of the Acquisition, including, without
limitation, by way of entry into of any loan, acquisition, merger, subscription and
contribution agreements, and/or any other documents and any associated corporate
authorisations (the “Acquisition and Structuring Transactions”).
	 
	 	 	 	(The Financing Transactions together with the Acquisition and Structuring Transactions are,
collectively, the “Transactions”, and the documents relating to the Transactions,
are collectively, the “Transaction Documents”.)

	E.	 	UCI Holdings has agreed to provide an indemnity to the Indemnitees (as defined below) in
respect of the Transactions, as further described below.

It is the intention of UCI Holdings that this document be executed as an agreement (this
“Agreement”) in favour and for the benefit of each Indemnitee.

3

 

THIS AGREEMENT WITNESSES as follows:

1. Definitions

	 	 	“Indemnitee” means each person listed in Part B of the Schedule to this Agreement;
and

	 	 	“U.S. Obligor” means each company listed in Part A of the Schedule to this
Agreement.

2. Indemnification

	 	 	UCI Holdings shall indemnify each Indemnitee against all legal expenses, losses,
liabilities, judgments, fines, penalties and amounts paid in settlement (including all
interest, assessments and other charges in connection therewith) (collectively, the
“Indemnified Liabilities”) incurred by an Indemnitee or on an Indemnitee’s behalf
in connection with any proceeding resulting from or relating to decisions the Indemnitee
made or any actions the Indemnitee took on behalf of a U.S. Obligor in his or her capacity
as a director or officer of that company in connection with any transactions or the
approval or execution of any resolutions or documents in relation to the Acquisition, the
Transaction Documents, or the Transactions.

3. Limitations on Indemnification

	 	 	Notwithstanding any other provision of this Agreement, an Indemnitee shall not be entitled
to indemnification under this Agreement:

	 	(a)	 	to the extent that such indemnification is not permitted by applicable laws;
or
	 
	 	(b)	 	to the extent such Indemnified Liabilities are the result of the gross
negligence, bad faith or wilful misconduct of the Indemnitee; or
	 
	 	(c)	 	to the extent that payment is actually made, or for which payment is
available, to or on behalf of the relevant Indemnitee under an insurance policy,
except in respect of any amount in excess of the limits of liability of such policy or
any applicable deductible for such policy; or
	 
	 	(d)	 	to the extent that payment has or will be made to the relevant Indemnitee by
a U.S. Obligor or any affiliate of UCI Holdings otherwise than pursuant to this
Agreement; or
	 
	 	(e)	 	in connection with any proceeding (or part thereof) initiated by an
Indemnitee, unless:

	 	(i)	 	such indemnification is expressly required to be made by
law;
	 
	 	(ii)	 	the proceeding was authorised by the shareholder(s) (or
other decision making organ) of the relevant U.S. Obligor; or
	 
	 	(iii)	 	such indemnification is provided by the relevant U.S.
Obligor, in its sole discretion, pursuant to the powers vested in the U.S.
Obligor under applicable law.

4

 

4. Indemnification Procedure

	 	4.1	 	Each Indemnitee shall give UCI Holdings notice in writing as soon as
practicable of any proceeding in relation to that Indemnitee for which indemnification
will or could be sought under this Agreement. To obtain indemnification payments or
advances under this Agreement, an Indemnitee shall submit to UCI Holdings a written
request therefore, together with such invoices or other supporting information as may
be reasonably requested by UCI Holdings and reasonably available to the relevant
Indemnitee. Subject to clause 4.2, UCI Holdings shall make such indemnification
payment within 30 business days of receipt of such invoices and supporting
information.
	 
	 	4.2	 	There shall be no presumption in favour of indemnification. If there is a
dispute between UCI Holdings and an Indemnitee as to whether that Indemnitee is
entitled to indemnification, then independent legal counsel shall be selected by the
board of directors of UCI Holdings to make such determination. The selected
independent legal counsel shall make such determination within 30 business days of
being selected and the decision of such independent legal counsel shall be binding
upon UCI Holdings and the relevant Indemnitee.

5. Severability

	 	 	If any provision or provisions of this Agreement shall be held to be invalid, illegal or
unenforceable for any reason, the validity, legality and enforceability of the remaining
provisions of this Agreement shall not in any way be affected or impaired thereby and shall
remain enforceable to the fullest extent permitted by law.

6. Governing law

	 	 	This Agreement shall be governed by and its provisions construed in accordance with New
York law.

7. Amendments

	 	 	No amendment or modification of this Agreement shall be effective unless it is approved in
writing by each Indemnitee having the benefit of this Agreement.

8. Termination

	 	 	This Agreement shall remain in effect in favour and for the benefit of each Indemnitee
until the expiration of 12 months after the date that is the later to occur of:

	 	(a)	 	the relevant Indemnitee ceasing to serve as a director or officer (as
relevant) of the relevant U.S. Obligor; and
	 
	 	(b)	 	the date on which all obligations of the relevant U.S. Obligor of which that
Indemnitee is a director or officer (as relevant) in respect of the Transaction
Documents are expired, terminated or released.

5

 

IN WITNESS of which this Agreement has been executed and has been delivered on the date stated at
the beginning of this Agreement for the benefit and in favour of each Indemnitee.

UCI Holdings Limited

					
	 	
 	 
	 	  	/s/ Gregory Alan Cole
 	 
	 	 	Name:  	Gregory Alan Cole 	 
	 	 	Position: Director 	 
	 

	 	 	 	 	 
	 	 	 
	 	                             /s/ Olivia Johnson
 	 
	 	Signature of witness 	 
	 	 	 
	 
	 	 	 
	 	  	                             Analyst
 	 
	 	 	Occupation 	 
	 	 	 	 
	 
	 	 	 
	 	  	                            Auckland
 	 
	 	 	City of Residence 	 
	 	 	 	 
	 

6

 

Schedule

Part A

U.S. Obligor

	•	 	UCI Acquisition Holdings (No. 1) Corp
	 
	•	 	UCI Acquisition Holdings (No. 2) Corp
	 
	•	 	Uncle Acquisition 2010 Corp

Part B

List of Indemnitees

	•	 	Thomas James Degnan
	 
	•	 	Helen Dorothy Golding
	 
	•	 	Allen Philip Hugli
	 
	•	 	Gregory Alan Cole
	 
	•	 	any other director or officer (as relevant) of the U.S. Obligors from time to time

7

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