Document:

Exhibit 10.10

 

AMENDED AND RESTATED LIMITED LIABILITY COMPANY AGREEMENT

 

OF

 

NEIMAN MARCUS GROUP LTD LLC

 

This Amended and Restated Limited Liability Company Agreement of Neiman Marcus Group LTD LLC (the “Company”), dated as of October 28, 2013 (this “Agreement”) is entered into by Mariposa Intermediate Holdings LLC, a Delaware limited liability company, as the sole member (the “Member”).

 

WHEREAS, the Certificate of Formation of the Company was executed and filed in the office of the Secretary of State of the State of Delaware on October 28, 2013 (the “Certificate of Formation”), thereby forming the Company pursuant to and in accordance with the Delaware Limited Liability Company Act (6 Del. C. § 18-101, et seq.), as amended from time to time (the “Act”);

 

WHEREAS, the Member and ACOF Operating Manager IV, LLC, a Delaware limited liability company (the “Class B Member”), entered into a Limited Liability Company Agreement of the Company, dated as of October 28, 2013 (the “Original LLC Agreement”);

 

WHEREAS, on October 28, 2013, all of the Class B Units (as defined in the Original LLC Agreement) were redeemed and the Class B Member ceased to be a member of the Company; and

 

WHEREAS, the sole Member now desires to amend and restate the Original LLC Agreement as follows:

 

1.             Name.  The name of the Company is Neiman Marcus Group LTD LLC.

 

2.             Certificates.  The Member and each Officer (as defined herein) is an “authorized person” within the meaning of the Act.  The Member or any Officer, as an authorized person, within the meaning of the Act, shall execute, deliver and file, or cause the execution, delivery and filing of, all certificates (and any amendments and/or restatements thereof) required or permitted by the Act to be filed in with the Secretary of State of the State of Delaware.  The Member or any Officer shall execute, deliver and file, or cause the execution, delivery and filing of any certificates (and any amendments and/or restatements thereof) necessary for the Company to qualify to do business in any other jurisdiction in which the Company may wish to conduct business.

 

3.             Purpose; Term.  The Company is formed for the object and purpose of, and the nature of the business to be conducted and promoted by the Company is, engaging in any lawful act or activity for which limited liability companies may be formed under the Act and engaging in any and all activities necessary or incidental to the foregoing. The term of the Company commenced on April 22, 2005.  The existence of the Company will be perpetual, unless the Company is sooner dissolved pursuant to Section 9.

 

4.             Principal Business Office.  The principal business office of the Company shall be located at One Marcus Square, 1618 Main Street, Dallas, Texas 75201, or such other location as may hereafter be determined by the Member.

 

 

5.             Registered Office.  The address of the registered office of the Company in the State of Delaware is c/o The Corporation Trust Company, Corporation Trust Center, 1209 Orange Street, Wilmington, DE 19801.

 

6.             Registered Agent.  The name and address of the registered agent of the Company for service of process on the Company in the State of Delaware is The Corporation Trust Company.

 

7.             Member.  The Member is hereby admitted as the member of the Company upon its execution and delivery of this Agreement.  The mailing address of the Member is set forth on Schedule A attached hereto.

 

8.             Powers.  The business and affairs of the Company shall be managed by the Member.  The Company shall be “member managed” within the meaning of and pursuant to the Act.  At no time shall the Company have any board of managers, board of directors or similar governing body.  The Member shall have the power to do any and all acts necessary or convenient to or for the furtherance of the purposes described herein, including all powers, statutory or otherwise, possessed by members under the laws of the State of Delaware.  Notwithstanding any other provision of this Agreement, the Member or any Officer (pursuant to the delegation of authority under Section 17 below), acting alone, is authorized to execute and deliver any document on behalf of the Company without any vote or consent of any other person.

 

9.             Dissolution.  The Company shall dissolve, and its affairs shall be wound up upon the first to occur of the following:  (a) the written consent of the Member, (b) any time there are no members of the Company unless the Company is continued in accordance with the Act, or (c) the entry of a decree of judicial dissolution under Section 18-802 of the Act.

 

10.          Ownership and Issuance of Units.  The Member owns that number of units, representing membership interests in the Company (the “Units”), as appears opposite its name on Schedule A attached hereto.

 

11.          Capital Contributions.  The Member is not required to make any contribution to the capital of the Company.  However, the Member may, at any time and in its sole discretion, make additional contributions to the capital of the Company.

 

12.          Tax Treatment.  The Company shall be treated as an association taxable as a corporation for all tax purposes (and consistent therewith shall have an election under U.S. Treasury Regulations Section 301.7701-3(c) in effect), unless otherwise required by applicable law.

 

13.          Distributions.  Distributions shall be made to the Member at the times and in the aggregate amounts determined by the Member.  Notwithstanding any provision to the contrary contained in this Agreement, the Company shall not be required to make a distribution to the Member on account of its Units if such distribution would violate the Act or other applicable law.

 

14.          Assignments.  The Member may at any time assign in whole or in part its Units, including pursuant to or in connection with a pledge of such Units to a creditor of the Member or the Company.  If the Member transfers all of its Units pursuant to this Section 14, the transferee (including any creditor or any of its assignees following the exercise of remedies in respect of the applicable pledge to such creditor of the Member’s Units) shall be admitted to the Company as a member upon its execution of an instrument signifying its agreement to be bound by the terms and conditions of this Agreement.  Such admission shall be deemed effective immediately prior to the transfer, and, immediately following such admission, the transferor Member shall cease to be a member of the Company.

 

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15.          Resignation.  The Member may at any time resign from the Company.

 

16.          Admission of Additional Members.  One or more additional members of the Company may be admitted to the Company with the prior consent of the Member; provided, however, that the Member hereby consents to the admission to the Company of any creditor of the Member or the Company (or any of its assignees) upon the exercise by such creditor (or any of its assignees) of remedies in respect of the applicable pledge to such creditor of the Member’s Units.

 

17.          Officers.  The Member may, from time to time as it deems advisable, select natural persons who are employees or agents of the Company and designate them as officers of the Company (the “Officers”) and assign titles (including, without limitation, President, Vice President, Secretary, and Treasurer) to any such person.  Unless the Member decides otherwise, if the title is one commonly used for officers of a business corporation formed under the Delaware General Corporation Law, the assignment of such title shall constitute the delegation to such person of the authorities and duties that are normally associated with that office.  The Member may delegate to any Officer any of the Member’s powers under this Agreement, including, without limitation, the power to bind the Company.  Any delegation pursuant to this Section 17 may be revoked at any time by the Member.  An Officer may be removed with or without cause by the Member.  The initial officers of the Company shall be as follows:

 

	
Karen   W. Katz
    	
President   and Chief Executive Officer
    
	
James   E. Skinner
    	
Executive   Vice President, Chief Operating Officer and Chief Financial Officer
    
	
James   J. Gold
    	
President   and Chief Executive Officer, Specialty Retail
    
	
John E.   Koryl
    	
President,   Neiman Marcus Direct
    
	
Joshua   Schulman
    	
President,   Bergdorf Goodman
    
	
Tracy   M. Preston
    	
Senior   Vice President, General Counsel and Assistant Secretary
    
	
Joseph   N. Weber
    	
Senior   Vice President, Chief Human Resources Officer
    
	
Michael   R. Kingston
    	
Senior   Vice President and Chief Information Officer
    
	
Thomas   J. Lind
    	
Senior   Vice President, Corporate Business Strategies
    
	
Wayne   A. Hussey
    	
Senior   Vice President, Properties and Store Development
    
	
Wanda   Gierhart
    	
Senior   Vice President, Chief Marketing Officer
    
	
Stacie   R. Shirley
    	
Senior   Vice President, Finance and Treasurer
    
	
T. Dale   Stapleton
    	
Senior   Vice President, Chief Accounting Officer
    
	
W.   Craig Johnson
    	
Vice   President, Tax
    
	
Nina   Kern
    	
Vice   President, Associate Relations
    
	
Kim Yee
    	
Vice   President, Assistant General Counsel, Transactions & Compliance
    
	
Margaret   Lesesne
    	
Vice   President, Assistant General Counsel, Litigation
    
	
Scott   M. Seale
    	
Vice   President, Benefits
    
	
Heather   Logsdon
    	
Vice   President, Compensation, HRIS and HR Administration
    
	
Eric   Artho
    	
Vice   President, Corporate Finance and Assistant Treasurer
    
	
Kurt   Beall
    	
Vice   President, Chief Audit Executive
    
	
Brenda   A. Sanders
    	
Corporate   Secretary
    

 

18.          Liability of Member.  Except as otherwise provided by the Act, the debts, obligations and liabilities of the Company, whether arising in contract, tort or otherwise, shall be solely the debts, obligations and liabilities of the Company, and the Member shall not be obligated personally for any such debt, obligation or liability of the Company solely by reason of being a member of the Company.

 

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19.          Governing Law.  This Agreement shall be governed by, and construed under, the laws of the State of Delaware, all rights and remedies being governed by said laws.

 

20.          Separability of Provisions.  Each provision of this Agreement shall be considered separable, and if for any reason any provision or provisions herein are determined to be invalid, unenforceable or illegal under any existing or future law, such invalidity, unenforceability or illegality shall not impair the operation of or affect those portions of this Agreement that are valid, enforceable and legal.

 

21.          Amendments.  This Agreement may not be modified, altered, supplemented or amended except pursuant to a written agreement executed and delivered by the Member.

 

22.          Sole Benefit of Member.  Except as expressly set forth in Sections 14 and 16, the provisions of this Agreement (including Section 11) are intended solely to benefit the Member and, to the fullest extent permitted by applicable law, shall not be construed as conferring any benefit upon any creditor of the Member or of the Company (and no such creditor shall be a third-party beneficiary of this Agreement), and the Member shall not have any duty or obligation to any creditor of the Company or of the Member to make any contributions or payments to the Company.

 

23.          Exculpation and Indemnification.  No Member or Officer shall be liable to the Company or any other person or entity who is bound by this Agreement for any loss, damage or claim incurred by reason of any act or omission performed or omitted by such Member or Officer in good faith on behalf of the Company and in a manner reasonably believed to be within the scope of the authority conferred on such Member or Officer by this Agreement, except that a Member or an Officer shall be liable for any such loss, damage or claim incurred by reason of such Member’s or Officer’s gross negligence or willful misconduct.  To the full extent permitted by applicable law, a Member or Officer shall be entitled to indemnification from the Company for any loss, damage or claim incurred by such Member or Officer by reason of any act or omission performed or omitted by such Member or Officer in good faith on behalf of the Company and in a manner reasonably believed to be within the scope of the authority conferred on such Member or Officer by this Agreement, except that no Member or Officer shall be entitled to be indemnified in respect of any loss, damage or claim incurred by such Member or Officer by reason of gross negligence or willful misconduct with respect to such acts or omissions; provided, however, that any indemnity under this Section 23 shall be provided out of and to the extent of Company assets only, and the Member shall not have personal liability on account thereof.

 

24.          Nonexclusivity of Indemnification.  The indemnification provided by, or granted pursuant to, Section 23 shall not be deemed exclusive of any other rights to which those seeking indemnification may be entitled under this Agreement, the Certificate of Formation, the agreement or vote of the Member or otherwise, both as to action in such person’s official capacity and as to action in another capacity while holding such office. The provisions of this Section 24 shall not be deemed to preclude the indemnification of any person who is not specified in Section 23 but whom the Company has the power or obligation to indemnify under the provisions of the Act, or otherwise.  To the extent that the Amended and Restated Certificate of Incorporation of Neiman Marcus Group LTD Inc. (the “Corporation”), as amended (the “Charter”), as in effect immediately prior to the Effective Time (as defined in the Agreement and Plan of Merger, dated as of September 9, 2013 (the “Merger Agreement”), by and among NM Mariposa Holdings, Inc., Mariposa Merger Sub LLC and the Corporation) afforded a current or former director or officer of the Company with greater exculpation, indemnification or expense advancement in respect of acts or omissions occurring at or prior to the Effective Time (including in respect of any matters arising in connection with the Merger Agreement and the transactions contemplated thereby) than the provisions of Section 23 and Section 24 of this Agreement, the provisions of the Charter shall govern.

 

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[Signature page follows]

 

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IN WITNESS WHEREOF, the undersigned, intending to be legally bound hereby, has duly executed this Agreement as of the date first written above.

 

 

	
 
    	
SOLE   MEMBER:
    
	
 
    	
 
    
	
 
    	
MARIPOSA   INTERMEDIATE HOLDINGS LLC
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/   Brenda Sanders
    
	
 
    	
 
    	
Name:   Brenda Sanders
    
	
 
    	
 
    	
Title:   Secretary
    

 

 

 

SCHEDULE A

 

Member

 

	
Name
    	
 
    	
Mailing Address
    	
 
    	
Units
    
	
Mariposa   Intermediate Holdings LLC
    	
 
    	
2000   Avenue of the Stars

12th Floor

Los   Angeles, CA 90067
    	
 
    	
1
    

 

A-1Exhibit 10.1

 

TRANSITION AND SEPARATION AGREEMENT

 

This Transition and Separation Agreement (the “Agreement”) is made by and between ImmunoGen, Inc., a Massachusetts corporation (the “Company”), and Gregory D. Perry (“Executive”), and shall become effective on the eighth (8th) day following the Executive’s execution of it (the “Effective Date”), as described more fully in Section 14 below. This Agreement is intended to confirm the understanding and set forth the agreement between the Company and the Executive with respect to the Executive’s separation from the Company. In consideration of the mutual promises and covenants contained in this Agreement, and for other good and valuable consideration, the receipt and sufficiency of which are hereby mutually acknowledged, the Company and the Executive hereby agree as follows:

 

1.                                      Transition Period; Separation of Employment; Resignations.

 

(a)                                 Transition Period.  The Executive’s employment with the Company shall end effective as of the close of business on September 13, 2013 (the “Separation Date”).  The period between the Effective Date and the Separation Date shall be referred to herein as the “Transition Period.”  The Executive’s employment shall continue on the same terms and conditions as the Executive’s present employment during the Transition Period, e.g., the Executive shall continue to receive the Executive’s current base salary in accordance with Company payroll practices and shall continue participation in Company benefit plans under the same terms and conditions as the Executive currently is participating.  Notwithstanding the foregoing, between August 26, 2013 and the Separation Date the Executive shall not be required to report to the Company’s offices unless requested to do so by the Company, provided that the Executive shall remain available to, and cooperate with, the Company to transition the Executive’s job duties (including meeting with Company personnel, answering questions from Company personnel, and transferring knowledge to Company personnel) and to perform other such duties as the Company may from time to time request. The Executive shall not contact clients or partners of the Company or its subsidiaries during this time period, unless otherwise instructed by the Company.

 

(b)                                 Separation of Employment.  The Transition Period shall conclude on the Separation Date.  From and after the Separation Date, the Executive shall not represent himself as an employee or agent of the Company.

 

(c)                                  Resignations.  The Executive hereby resigns from the following positions as of the Separation Date, and shall timely execute any additional documentation requested by the Company or its subsidiaries to effectuate such resignations: (i) Executive Vice President, Chief Financial Officer and Treasurer of the Company; (ii) Director and Treasurer of ImmunoGen Securities Corp., (iii) Director of ImmunoGen Europe Limited; and (iv) any other position held in the Company or any of its subsidiaries.

 

2.                                      Separation Benefit.  In exchange for the promises and consideration contained herein, including but not limited to the services provided by the Executive during the Transition Period (as described in Section 1 above) and the additional covenants and agreements by the Executive (as described in Section 9 below), the Company shall pay the Executive a total amount equal to twelve (12) months of the Executive’s then current Base Salary, less applicable taxes and deductions (the “Separation Benefit”), to be made in approximately equal bi-weekly installments

 

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in accordance with the Company’s usual payroll practices beginning on the first (1st) business day of the seventh (7th) month following the Separation Date, provided that on the first regularly scheduled payroll date following such 1st business day of such 7th month the Executive shall be paid an aggregate amount equal to the accumulated but yet unpaid Separation Benefit otherwise due to the Executive.  The Executive acknowledges and agrees that (a) the Separation Benefit, (b) the portion of the Executive’s Base Salary that has accrued prior to the Separation Date and has not yet been paid, (c) to the extent required by law and the Company’s policy, an amount equal to the value of the Executive’s accrued but unused vacation days, and (d) the amount of any expenses properly incurred by the Executive on behalf of the Company prior to the Separation Date and not yet reimbursed, shall be the sole amounts owing to the Executive upon termination of the Executive’s employment.  The Executive shall not be eligible for any other payments or benefits, including but not limited to additional base salary payments, bonuses, commissions, vacation pay, holiday pay, equity, stock, stock options, paid time off, or other forms of compensation or benefits, except as may otherwise be set forth in this Agreement or other Company plan documents with respect to plans in which the Executive is a participant.

 

3.                                      Equity.  To the extent applicable, all of the terms, rights and conditions of the ImmunoGen, Inc. 2006 Employee, Director and Consultant Equity Incentive Plan (the “Plan”) and any stock option agreements executed by the Executive pursuant thereto (collectively the “Stock Option Agreements”) are hereby incorporated by reference and shall survive the signing of this Agreement.  The Executive may exercise any unexercised vested options in accordance with the Plan and applicable Stock Option Agreements.  The Executive acknowledges and agrees that the Executive must be an employee of the Company at the time that any options vest, and that following the Separation Date the Executive shall not have any right to vest in any additional stock options under any Company stock or stock option plan (of whatever name or kind) in which the Executive was eligible to participate.

 

4.                                      General Release.

 

(a)                                 Executive Release.  In consideration of the payments and benefits provided to the Executive hereunder, and for other good and valuable consideration, receipt of which is hereby acknowledged, the Executive, with the intention of binding the Executive and the Executive’s heirs, executors, administrators and assigns, does hereby release, remise, acquit and forever discharge the Company and each of its subsidiaries and affiliates (the “Company Affiliated Group”), their present and former officers, directors, executives, agents, attorneys, employees and employee benefits plans (and the fiduciaries thereof), and the successors, predecessors and assigns of each of the foregoing (collectively, the “Company Released Parties”), of and from any and all claims, actions, causes of action, complaints, charges, demands, rights, damages, debts, sums of money, accounts, financial obligations, suits, expenses, attorneys’ fees and liabilities of whatever kind or nature in law, equity or otherwise, whether accrued, absolute, contingent, unliquidated or otherwise and whether now known or unknown, suspected or unsuspected which the Executive, individually or as a member of a class, now has, owns or holds, or has at any time heretofore had, owned or held, against any Company Released Party in any capacity, including, without limitation, any and all claims (i) arising out of or in any way connected with the Executive’s service to any member of the Company Affiliated Group (or the predecessors thereof) in any capacity, or the termination of such service in any such capacity, (ii) for severance benefits, vacation benefits, holiday pay, sick pay, wages, salary payments, commissions, or incentive payments, (iii) for

 

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breach of contract, wrongful discharge, impairment of economic opportunity, defamation, intentional or negligent infliction of emotional harm, promissory estoppel, unjust enrichment, breach of a covenant of good faith and fair dealing, violation of public policy, defamation, interference with contractual relations, invasion of privacy, misrepresentation, deceit, fraud or other tort, or any claim to attorneys’ fees under any applicable statute or common law theory, and (iv) for any violation of applicable federal, state and local labor and employment laws, including, without limitation, any and all claims concerning unlawful and unfair labor and employment practices and any and all claims arising under the civil rights laws of any federal, state or local jurisdiction, including Title VII of the Civil Rights Act of 1964 (“Title VII”), the Age Discrimination in Employment Act (“ADEA”), the Americans with Disabilities Act (“ADA”), the Family and Medical Leave Act (“FMLA”), the National Labor Relations Act (“NLRA”), the Employee Retirement Income Security Act of 1974 (“ERISA”), the Consolidated Omnibus Budget Reconciliation Act of 1986 (“COBRA”), Sections 503 and 504 of the Rehabilitation Act, the Massachusetts Fair Employment Practices Act, the Massachusetts Civil Rights Act, the Massachusetts Equal Rights Act, the Massachusetts Wage Act, the Massachusetts Equal Pay Act, and any and all claims under any whistleblower laws or whistleblower provisions of other laws.

 

(b)                                 Company Release.  In consideration of the Executive’s commitment to, and fulfillment of, the terms and conditions of this Agreement, and for other good and valuable consideration, receipt of which is hereby acknowledged, the Company Affiliated Group and the successors, predecessors and assigns of each entity within the Company Affiliated Group (collectively, the “Company Releasors”) do hereby release, remise, acquit and forever discharge the Executive and the Executive’s heirs, executors, administrators and assigns of and from any and all claims, actions, causes of action, complaints, charges, demands, rights, damages, debts, sums of money, accounts, financial obligations, suits, expenses, attorneys’ fees and liabilities of whatever kind or nature in law, equity or otherwise, whether accrued, absolute, contingent, unliquidated or otherwise and whether now known or unknown, suspected or unsuspected which the Company Releasors now have, own or hold, or have at any time heretofore had, owned or held, against the Executive in any capacity; provided, however, that the foregoing release does not extend to: (i) any claim or cause of action that the Company Releasors may have against the Executive relating to his engaging in any criminal misconduct relating to the Company; (ii) the Executive’s breach of any material provision of the Proprietary Information, Inventions, and Competition Agreement executed by him; (iii) the Executive’s engaging in any act involving material fraud or theft against the Company; (iv) the Executive’s willful breach of a material provision of any code of conduct or ethics policy in effect at the Company; (v) the Executive’s breach of any material provision of this Agreement; (vi) any right or claim or cause of action which by law the Company Releasors are not permitted to waive; or (vii) the Company Releasors’ right to participate in any investigation or proceeding conducted by the U.S. Equal Employment Opportunity Commission or any other governmental authority with responsibility for the administration of fair employment practices laws (the “Excluded Claims”).  The Company expressly acknowledges and represents that none of the Company Releasors has knowledge of any action or failure to act by the Executive that would give rise to an Excluded Claim as of the date that the Company executes this Agreement.

 

5.                                      No Admissions.  The Executive acknowledges and agrees that this Agreement is not to be construed in any way as an admission of any liability whatsoever by any Company Released Party, any such liability being expressly denied.

 

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6.                                      Application to all Forms of Relief.  The release of claims in Section 4 applies to any relief no matter how called, including, without limitation, wages, back pay, front pay, compensatory damages, liquidated damages, punitive damages for pain or suffering, costs and attorney’s fees and expenses.

 

7.                                      Specific Waiver.  The Executive specifically acknowledges that his acceptance of this Agreement, specifically including the terms of Section 4 herein, constitutes, among other things, a specific waiver of his rights, claims and causes of action under Title VII, ADEA, ADA, FMLA, NLRA, ERISA, COBRA, the Massachusetts Fair Employment Practices Act, the Massachusetts Civil Rights Act, the Massachusetts Equal Rights Act, the Massachusetts Wage Act, the Massachusetts Equal Pay Act, and any state or local law or regulation in respect of employment of any kind; provided, however, that nothing herein shall be deemed, nor does anything herein purport, to be a waiver of any right or claim or cause of action which by law the Executive is not permitted to waive.

 

8.                                      No Complaints or Other Claims.  The Executive acknowledges and agrees that he has not, with respect to any transaction or state of facts existing prior to the date hereof, filed any complaints, charges or lawsuits against any Company Released Party with any governmental agency, court or tribunal.  This Agreement does not: (a) prohibit or restrict the Executive from communicating, providing relevant information to or otherwise cooperating with the U.S. Equal Employment Opportunity Commission or any other governmental authority with responsibility for the administration of fair employment practices laws regarding a possible violation of such laws or responding to any inquiry from such authority, including an inquiry about the existence of this Agreement or its underlying facts, or (b) require the Executive to notify the Company of such communications or inquiry.

 

9.                                      Conditions of Agreement.

 

(a)                                 Terms and Conditions.  From and after the Separation Date, the Executive shall abide by all the terms and conditions of this Agreement and the terms and any conditions set forth in any employment or confidentiality agreements signed by the Executive, which is incorporated herein by reference.

 

(b)                                 Confidentiality.  The Executive shall not, without the prior written consent of the Company or as may otherwise be required by law or any legal process, or as is necessary in connection with any adversarial proceeding against any member of the Company Affiliated Group (in which case the Executive shall cooperate with the Company in obtaining a protective order at the Company’s expense against disclosure by a court of competent jurisdiction), communicate, to anyone other than the Company and those designated by the Company or on behalf of the Company in the furtherance of its business, any trade secrets, confidential information, knowledge or data relating to any member of the Company Affiliated Group, obtained by the Executive during the Executive’s employment by the Company that is not generally available public knowledge (other than acts by the Executive in violation of this Agreement).  This confidentiality obligation is in addition to, and not in lieu of, any other contractual, statutory and common law confidentiality obligation of the Executive to the Company.

 

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(c)                                  Return of Company Material.  The Executive represents that he has returned or will have returned to the Company all Company Material (as defined below) on or before the Separation Date.  For purposes of this Section 9(c), “Company Material” means any documents, files and other property and information of any kind belonging or relating to (i) any member of the Company Affiliated Group, (ii) the current and former suppliers, creditors, directors, officers, employees, agents and customers of any of them, or (iii) the businesses, products, services and operations (including without limitation, business, financial and accounting practices) of any of them, in each case whether tangible or intangible (including, without limitation, credit cards, building and office access cards, keys, computer equipment, cellular telephones, pagers, electronic devices, hardware, manuals, files, documents, records, software, customer data, research, financial data and information, memoranda, surveys, correspondence, statistics and payroll and other employee data, and any copies, compilations, extracts, excerpts, summaries and other notes thereof or relating thereto), excluding only information (x) that is generally available public knowledge or (y) that relates to the Executive’s compensation or the Executive’s benefits.

 

(d)                                 Cooperation. During the six (6) month period immediately following the Separation Date, the Executive shall reasonably cooperate with the Company upon its reasonable request regarding matters arising out of the Executive’s services to the Company Affiliated Group, and shall be reasonably available to the Company with respect to such matters.  The Company shall make reasonable efforts to request such cooperation such that it does not unreasonably interfere with the Executive’s professional obligations, and shall promptly reimburse the Executive for any business expenses that he reasonably incurs in connection with any such requests, subject to the Executive’s timely submission of appropriate documentation supporting same.

 

(e)                                  Non-Disparagement.  The Executive acknowledges and agrees that he shall not make any statements that are professionally or personally disparaging about or adverse to the interests of the Company or any Company Released Party, including, but not limited to, any statements that disparage in any way whatsoever the Company’s products, services, businesses, finances, financial condition, capabilities or other characteristics.  The Company acknowledges and agrees that no Company director or member of its senior management team shall make any statements that are professionally or personally disparaging about or adverse to the interests of the Executive, including, but not limited to, any statements that disparage in any way whatsoever the Executive’s services to the Company, capabilities or other characteristics.

 

(f)                                   Ownership of Inventions, Non-Disclosure, Non-Competition and Non-Solicitation.  The Executive expressly acknowledges and agrees that the Proprietary Information, Inventions, and Competition Agreement executed by him is incorporated herein by reference, and shall survive the execution of this Agreement in full force and effect pursuant to its terms.

 

(g)                                  No Representation.  The Executive acknowledges that, other than as set forth in this Agreement, (i) no promises have been made to him and (ii) in signing this Agreement the Executive is not relying upon any statement or representation made by or on behalf of any Company Released Party and each or any of them concerning the merits of any claims or the nature, amount, extent or duration of any damages relating to any claims or the amount of any money, benefits, or compensation due the Executive or claimed by the Executive, or concerning the Agreement or concerning any other thing or matter.

 

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(h)                                 Injunctive Relief.  In the event of a breach or threatened breach by the Executive of the Executive’s obligations under this Section 9, the Executive agrees that the Company shall be entitled to injunctive relief in a court of appropriate jurisdiction to remedy any such breach or threatened breach, the Executive acknowledging that damages would be inadequate or insufficient.

 

10.                               Voluntariness.  The Executive agrees that he is relying solely upon his own judgment; that the Executive is over eighteen years of age and is legally competent to sign this Agreement; that the Executive is signing this Agreement of his own free will; that the Executive has read and understood the Agreement before signing it; and that the Executive is signing this Agreement in exchange for consideration that he believes is satisfactory and adequate.

 

11.                               Legal Counsel.  The Executive acknowledges that he has been informed of the right to consult with legal counsel and has been encouraged to do so.

 

12.                               Complete Agreement/Severability.  Other than the agreements and/or obligations specifically referenced as surviving herein, this Agreement constitutes the complete and final agreement between the parties and supersedes and replaces all prior or contemporaneous agreements, negotiations, or discussions relating to the subject matter of this Agreement.  All provisions and portions of this Agreement are severable.  If any provision or portion of this Agreement or the application of any provision or portion of the Agreement shall be determined to be invalid or unenforceable to any extent or for any reason, all other provisions and portions of this Agreement shall remain in full force and shall continue to be enforceable to the fullest and greatest extent permitted by law.

 

13.                               Acceptance.  The Executive acknowledges that he has been given a period of twenty-one (21) days within which to consider this Agreement, unless applicable law requires a longer period, in which case the Executive shall be advised of such longer period and such longer period shall apply.  The Executive may accept this Agreement at any time within this period of time by signing the Agreement and returning it to the Company.

 

14.                               Revocability.  This Agreement shall not become effective or enforceable until seven (7) calendar days after the Executive signs it.  The Executive may revoke his acceptance of this Agreement at any time within that seven (7) calendar day period by sending written notice to the Company.  Such notice must be received by the Company within the seven (7) calendar day period in order to be effective and, if so received, would void this Agreement for all purposes.

 

15.                               Governing Law.  Except for issues or matters as to which federal law is applicable, this Agreement shall be governed by and construed and enforced in accordance with the laws of the Commonwealth of Massachusetts without giving effect to the conflicts of law principles thereof.

 

[Signature Page to Follow]

 

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IN WITNESS WHEREOF, the parties hereto have executed and delivered this Agreement as of the date first written above.

 

	
EXECUTIVE
    	
 
    	
IMMUNOGEN, INC.
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
/s/   Gregory D. Perry
    	
 
    	
By:
    	
/s/   Daniel M. Junius
    
	
(Signature)
    	
 
    	
 
    	
Name:   Daniel M. Junius
    
	
Print   Name: Gregory D. Perry
    	
 
    	
 
    	
Title:   President and CEO
    

 

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