Document:

Exhibit 10.3

 

ORTHOPEDIATRICS
CORP. 

2017
INCENTIVE AWARD PLAN

RESTRICTED STOCK AWARD GRANT NOTICE 

 

OrthoPediatrics Corp.,
a Delaware corporation, (the “Company”), pursuant to the OrthoPediatrics Corp. 2017 Incentive Award Plan, as
amended from time to time (the “Plan”), hereby grants to the individual listed below (the “Holder”),
in consideration of the mutual agreements set forth herein and for other good and valuable consideration, the receipt and sufficiency
of which are hereby acknowledged, the number of shares of the Company’s common stock set forth below (the “Shares”).
This Restricted Stock award is subject to all of the terms and conditions as set forth herein and in the Restricted Stock Award
Agreement attached hereto as Exhibit A (the “Agreement”) (including, without limitation, the Restrictions
on the Shares set forth in the Agreement) and the Plan, each of which is incorporated herein by reference. Unless otherwise defined
herein, the terms defined in the Plan shall have the same defined meanings in this Restricted Stock Award Grant Notice (the “Grant
Notice”) and the Agreement.

 

	Holder:	[_________________________________________]
	Grant Date:	[_________________________________________]
	Total Number of Shares of Restricted Stock:	[______________________] Shares
	Vesting Commencement Date:	[_________________________________________]
	Vesting Schedule:	[_________________________________________]
	Termination:	If Holder experiences a Termination of Service prior to the applicable vesting date, any portion of the Award (and the Shares subject thereto) that has not become vested on or prior to the date of such Termination of Service (after taking into consideration any vesting that may occur in connection with such Termination of Service, if any) will thereupon be automatically forfeited by Holder, and Holder’s rights in such portion of the Award and any Shares subject thereto shall thereupon lapse and expire.

 

     

     

    

 

 

By his or her signature
and the Company’s signature below, Holder agrees to be bound by the terms and conditions of the Plan, the Agreement and this
Grant Notice. Holder has reviewed the Agreement, the Plan and this Grant Notice in their entirety, has had an opportunity to obtain
the advice of counsel prior to executing this Grant Notice and fully understands all provisions of this Grant Notice, the Agreement
and the Plan. Holder hereby agrees to accept as binding, conclusive and final all decisions or interpretations of the Administrator
upon any questions arising under the Plan, this Grant Notice or the Agreement. In addition, by signing below, Holder also agrees
that the Company, in its sole discretion, may satisfy any withholding obligations in accordance with Section 2.2(d) of the Agreement
by (i) withholding Shares otherwise issuable to Holder upon vesting of the shares of Restricted Stock, (ii) instructing a broker
on Holder’s behalf to sell Shares otherwise issuable to Holder upon vesting of the shares of Restricted Stock and submit
the proceeds of such sale to the Company, or (iii) using any other method permitted by Section 2.2(d) of the Agreement or the Plan.
If Holder is married or part of a registered domestic partnership, his or her spouse or domestic partner has signed the Consent
of Spouse or Registered Domestic Partner attached to this Grant Notice as Exhibit B.

 

	ORTHOPEDIATRICS CORP.:Holder:	 	HOLDER:
	 	 	 
	By:		 	By:	
	Print Name: 		 	Print Name:  	
	Title:		 	  	 

 

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EXHIBIT
A

TO RESTRICTED STOCK AWARD GRANT NOTICE

RESTRICTED STOCK AWARD AGREEMENT

 

Pursuant to the Restricted
Stock Award Grant Notice (the “Grant Notice”) to which this Restricted Stock Award Agreement (this “Agreement”)
is attached, OrthoPediatrics Corp., a Delaware corporation (the “Company”), has granted to Holder the number
of shares of Restricted Stock (the “Shares”) under the OrthoPediatrics Corp. 2017 Incentive Award Plan, as amended
from time to time (the “Plan”), as set forth in the Grant Notice. Capitalized terms not specifically defined
herein shall have the meanings specified in the Plan and Grant Notice.

 

ARTICLE
I.

general

1.1              
Incorporation of Terms of Plan. The Award (as defined below) is subject to the terms and conditions of the Plan,
which are incorporated herein by reference. In the event of any inconsistency between the Plan and this Agreement, the terms of
the Plan shall control.

 

ARTICLE
II.

award of restricted stock

2.1              
Award of Restricted Stock.

 

(a)               
Award. Pursuant to the Grant Notice and upon the terms and conditions set forth in the Plan and this Agreement, effective
as of the Grant Date set forth in the Grant Notice, the Company has granted to Holder an award of Restricted Stock (the “Award”)
under the Plan in consideration of Holder’s past and/or continued employment with or service to the Company or any affiliate,
and for other good and valuable consideration. The number of Shares subject to the Award is set forth in the Grant Notice.

 

(b)               
Book Entry Form; Certificates. At the sole discretion of the Administrator, the Shares will be issued in either (i)
uncertificated form, with the Shares recorded in the name of Holder in the books and records of the Company’s transfer agent
with appropriate notations regarding the restrictions on transfer imposed pursuant to this Agreement, and upon vesting and the
satisfaction of all conditions set forth in Sections 2.2(b) and (d) hereof, the Company shall remove such notations on any such
vested Shares in accordance with Section 2.1(e) below; or (ii) certificated form pursuant to the terms of Sections 2.1(c), (d)
and (e) below.

 

(c)               
Legend. Certificates representing Shares issued pursuant to this Agreement shall, until all Restrictions (as defined
below) imposed pursuant to this Agreement lapse or have been removed and the Shares have thereby become vested or the Shares represented
thereby have been forfeited hereunder, bear the following legend (or such other legend as shall be determined by the Administrator):

 

“THE SECURITIES
REPRESENTED BY THIS CERTIFICATE ARE SUBJECT TO CERTAIN VESTING REQUIREMENTS AND MAY BE SUBJECT TO FORFEITURE UNDER THE TERMS OF
A RESTRICTED STOCK AWARD AGREEMENT, BY AND BETWEEN ORTHOPEDIATRICS CORP. AND THE REGISTERED OWNER OF SUCH SHARES, AND SUCH SHARES
MAY NOT BE, DIRECTLY OR INDIRECTLY, OFFERED, TRANSFERRED, SOLD, ASSIGNED, PLEDGED, HYPOTHECATED OR OTHERWISE DISPOSED OF UNDER
ANY CIRCUMSTANCES, EXCEPT PURSUANT TO THE PROVISIONS OF SUCH AGREEMENT.”

 

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(d)               
Escrow. The Company or such other escrow holder as the Administrator may appoint may retain physical custody of any
certificates representing the Shares until all of the Restrictions on transfer imposed pursuant to this Agreement lapse or shall
have been removed; in such event, Holder shall not retain physical custody of any certificates representing unvested Shares issued
to him or her. Holder, by acceptance of the Award, shall be deemed to appoint, and does so appoint, the Company and each of its
authorized representatives as Holder’s attorney(s)-in-fact to effect any transfer of unvested forfeited Shares (or Shares
otherwise reacquired by the Company hereunder) to the Company as may be required pursuant to the Plan or this Agreement and to
execute such documents as the Company or such representatives deem necessary or advisable in connection with any such transfer.

 

(e)               
Removal of Notations; Delivery of Certificates Upon Vesting. As soon as administratively practicable after the vesting
of any Shares subject to the Award pursuant to Section 2.2(b) hereof, the Company shall, as applicable, either remove the notations
on any Shares subject to the Award issued in book entry form which have vested or deliver to Holder a certificate or certificates
evidencing the number of Shares subject to the Award which have vested (or, in either case, such lesser number of Shares as may
be permitted pursuant to Section 11.2 of the Plan). Holder (or the beneficiary or personal representative of Holder in the event
of Holder’s death or incapacity, as the case may be) shall deliver to the Company any representations or other documents
or assurances required by the Company. The Shares so delivered shall no longer be subject to the Restrictions hereunder.

 

2.2              
Restrictions.

 

(a)               
Forfeiture. Notwithstanding any contrary provision of this Agreement, upon Holder’s Termination of Service
for any or no reason, any portion of the Award (and the Shares subject thereto) which has not vested prior to or in connection
with such Termination of Service (after taking into consideration any accelerated vesting and lapsing of Restrictions which may
occur in connection with such Termination of Service, if any) shall thereupon be forfeited immediately and without any further
action by the Company, and Holder’s rights in any Shares and such portion of the Award shall thereupon lapse and expire.
For purposes of this Agreement, “Restrictions” shall mean the restrictions on sale or other transfer set forth
in Section 3.3 hereof and the exposure to forfeiture set forth in this Section 2.2(a).

 

(b)               
Vesting and Lapse of Restrictions. Subject to Section 2.2(a) above and Section 2.2(c) below, the Award shall vest
and the Restrictions shall lapse in accordance with the vesting schedule set forth in the Grant Notice (rounding down to the nearest
whole Share).

 

(c)               
Accelerated Vesting. Subject to Section 2.2(a) above, in the event Holder incurs a Termination of Service (i) due
to Holder’s death or disability, (ii) without Cause or (iii) if Holder is a party to a written employment or similar agreement
with the Company (or any Subsidiary) in which the term “Good Reason” is defined, then for Good Reason (as such term
is defined in the applicable written employment or similar agreement), the Award shall vest and the Restrictions shall lapse with
respect to one-hundred percent (100%) of the Shares subject to the Award.

 

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As used in this Agreement,
“Cause” means (i) an act or omission by Holder that constitutes deliberate or willful misconduct, a breach of fiduciary
trust for the purpose of gaining a personal profit, or a violation of any law, rule or regulation; (ii) an act or omission by Holder
that materially and adversely affects the best interests of the Company or any affiliate; (iii) an act or omission by Holder that,
under the circumstances, would make it unreasonable to expect the Company to continue to employ or engage Holder, including without
limitation, (x) the commission of any crime (other than minor vehicular violations), (y) the commission or attempted commission
of any act of fraud, embezzlement, neglect or negligence in the performance of Holder’s duties or (iii) any act of malfeasance,
substance abuse, sexual harassment, discrimination, or moral turpitude that, in Holder’s reasonable judgment, reflects adversely
on the reputation of the Company or its affiliates; (iv) Holder’s material breach of any provision of any written employment
or similar agreement with the Company (or any Subsidiary); or (v) Holder’s willful and continued failure to substantially
perform Holder’s duties if such failure continues for a period of thirty (30) calendar days after the Company delivers to
Holder a written demand for substantial performance, specifically identifying in such written demand the manner in which Holder
has not substantially performed Holder’s duties. The foregoing definition shall not in any way preclude or restrict the right
of the Company (or any Subsidiary) to discharge or dismiss Holder or any other person in the service of the Company (or any Subsidiary)
for any other acts or omissions, but such other acts or omissions shall not be deemed, for purposes of this Agreement, to constitute
grounds for termination for Cause. Notwithstanding the foregoing, if Holder is a party to a written employment or similar agreement
with the Company (or any Subsidiary) in which the term “Cause” is defined, then “Cause” shall be as such
term is defined in the applicable written employment or similar agreement.

 

(d)               
Tax Withholding. As set forth in Section 11.2 of the Plan, the Company shall have the authority and the right to
deduct or withhold from the Restricted Stock or other compensation, or to require Holder to remit to the Company, an amount sufficient
to satisfy all applicable federal, state and local taxes required by law to be withheld with respect to any taxable event arising
in connection with the Award. The Company shall not be obligated to deliver any new certificate representing Shares to Holder or
Holder’s legal representative or enter such Shares in book entry form unless and until Holder or Holder’s legal representative
shall have paid or otherwise satisfied in full the amount of all federal, state and local taxes applicable to the taxable income
of Holder resulting from the grant or vesting of the Award or the issuance of Shares.

 

(e)               
Conditions to Delivery of Shares. To ensure compliance with the Restrictions, the provisions of the charter documents
of the Company, and/or Applicable Law and for other proper purposes, the Company may issue appropriate “stop transfer”
and other instructions to its transfer agent with respect to the Restricted Stock. The Company shall notify the transfer agent
as and when the Restrictions lapse.

 

2.3              
Consideration to the Company. In consideration of the grant of the Award pursuant hereto, Holder agrees to render
faithful and efficient services to the Company or any affiliate.

 

 

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ARTICLE
III.

other provisions

3.1              
Section 83(b) Election. If Holder makes an election under Section 83(b) of the Code to be taxed with respect to the
Restricted Stock as of the date of transfer of the Restricted Stock rather than as of the date or dates upon which Holder would
otherwise be taxable under Section 83(a) of the Code, Holder hereby agrees to deliver a copy of such election to the Company promptly
after filing such election with the Internal Revenue Service.

 

3.2              
Administration. The Administrator shall have the power to interpret the Plan and this Agreement and to adopt such
rules for the administration, interpretation and application of the Plan as are consistent therewith and to interpret, amend or
revoke any such rules. All actions taken and all interpretations and determinations made by the Administrator in good faith shall
be final and binding upon Holder, the Company and all other interested persons. No member of the Administrator or the Board shall
be personally liable for any action, determination or interpretation made in good faith with respect to the Plan, this Agreement
or the Award.

 

3.3              
Restricted Stock Not Transferable. Until the Restrictions hereunder lapse or expire pursuant to this Agreement and
the Shares vest, the Restricted Stock (including any Shares received by holders thereof with respect to Restricted Stock as a result
of stock dividends, stock splits or any other form of recapitalization) shall be subject to the restrictions on transferability
set forth in Section 11.3 of the Plan; provided, however, that notwithstanding this Section 3.3, with the consent of the
Administrator, the Shares may be transferred to one or more Permitted Transferees, subject to and in accordance with Section 11.3
of the Plan.

 

3.4              
Rights as Stockholder. Except as otherwise provided herein or in the Plan, upon the Grant Date, Holder shall have
all the rights of a stockholder of the Company with respect to the Shares, subject to the Restrictions, including, without limitation,
voting rights in respect of the Shares subject to the Award and deliverable hereunder.

 

3.5              
Tax Consultation. Holder understands that Holder may suffer adverse tax consequences in connection with the Restricted
Stock granted pursuant to this Agreement (and the Shares issuable with respect thereto). Holder represents that Holder has consulted
with any tax consultants Holder deems advisable in connection with the Restricted Stock and that Holder is not relying on the Company
for any tax advice.

 

3.6              
Adjustments Upon Specified Events. The Administrator may accelerate the vesting of the Restricted Stock in such circumstances
as it, in its sole discretion, may determine. Holder acknowledges that the Restricted Stock is subject to adjustment, modification
and termination in certain events as provided in this Agreement and Section 13.2 of the Plan.

 

3.7              
Notices. Any notice to be given under the terms of this Agreement to the Company shall be addressed to the Company
in care of the General Counsel of the Company at the Company’s principal office, and any notice to be given to Holder shall
be addressed to Holder at Holder’s last address reflected on the Company’s records. By a notice given pursuant to this
Section 3.7, either party may hereafter designate a different address for notices to be given to that party. Any notice shall be
deemed duly given when sent via email or when sent by certified mail (return receipt requested) and deposited (with postage prepaid)
in a post office or branch post office regularly maintained by the United States Postal Service.

 

 

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3.8              
Holder’s Representations. If the Shares issuable hereunder have not been registered under the Securities Act
or any applicable state laws on an effective registration statement at the time of such issuance, Holder shall, if required by
the Company, concurrently with such issuance, make such written representations as are deemed necessary or appropriate by the Company
and/or its counsel.

 

3.9              
Titles. Titles are provided herein for convenience only and are not to serve as a basis for interpretation or construction
of this Agreement.

 

3.10          
Governing Law. The laws of the State of Delaware shall govern the interpretation, validity, administration, enforcement
and performance of the terms of this Agreement without regard to conflicts of laws thereof or of any other jurisdiction.

 

3.11          
Conformity to Securities Laws. Holder acknowledges that the Plan and this Agreement are intended to conform to the
extent necessary with all provisions of the Securities Act and the Exchange Act, and any and all Applicable Law. Notwithstanding
anything herein to the contrary, the Plan shall be administered, and the Award is granted, only in such a manner as to conform
to such Applicable Law. To the extent permitted by Applicable Law, the Plan and this Agreement shall be deemed amended to the extent
necessary to conform to such Applicable Law.

 

3.12          
Amendment, Suspension and Termination. This Agreement may be amended in a writing signed by Holder and a duly authorized
representative of the Company. In addition, to the extent permitted by the Plan, this Agreement may be wholly or partially amended
or otherwise modified, suspended or terminated at any time or from time to time by the Administrator or the Board; provided,
however, that, except as may otherwise be provided by the Plan, no amendment, modification, suspension or termination of this
Agreement shall adversely affect the Award in any material way without the prior written consent of Holder.

 

3.13          
Successors and Assigns. The Company or any affiliate may assign any of its rights under this Agreement to single
or multiple assignees, and this Agreement shall inure to the benefit of the successors and assigns of the Company and its affiliates.
Subject to the restrictions on transfer set forth in Section 3.3 hereof, this Agreement shall be binding upon Holder and his or
her heirs, executors, administrators, successors and assigns.

 

3.14          
Limitations Applicable to Section 16 Persons. Notwithstanding any other provision of the Plan or this Agreement,
if Holder is subject to Section 16 of the Exchange Act, then the Plan, the Award and this Agreement shall be subject to any additional
limitations set forth in any applicable exemptive rule under Section 16 of the Exchange Act (including any amendment to Rule 16b-3
of the Exchange Act) that are requirements for the application of such exemptive rule. To the extent permitted by applicable law,
this Agreement shall be deemed amended to the extent necessary to conform to such applicable exemptive rule.

 

3.15          
Not a Contract of Service Relationship. Nothing in this Agreement or in the Plan shall confer upon Holder any right
to continue to serve as an Employee or other service provider of the Company or any of its affiliates or shall interfere with or
restrict in any way the rights of the Company and its affiliates, which rights are hereby expressly reserved, to discharge or terminate
the services of Holder at any time for any reason whatsoever, with or without cause, except to the extent expressly provided otherwise
in a written agreement between the Company or an affiliate and Holder.

 

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3.16          
Entire Agreement. The Plan, the Grant Notice and this Agreement (including all Exhibits thereto, if any) constitute
the entire agreement of the parties and supersede in their entirety all prior undertakings and agreements of the Company and its
affiliates and Holder with respect to the subject matter hereof.

 

3.17          
Limitation on Holder’s Rights. Participation in the Plan confers no rights or interests other than as herein
provided. This Agreement creates only a contractual obligation on the part of the Company as to amounts payable and shall not be
construed as creating a trust. Neither the Plan nor any underlying program, in and of itself, has any assets. Holder shall have
only the rights of a general unsecured creditor of the Company and its affiliates with respect to amounts credited and benefits
payable, if any, with respect to the Shares issuable hereunder.

 

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EXHIBIT
B

TO RESTRICTED STOCK AWARD GRANT NOTICE

CONSENT OF SPOUSE OR REGISTERED DOMESTIC PARTNER

 

I, _______________,
spouse or domestic partner of _______________, have read and approve the Restricted Stock Award Grant Notice (the “Grant
Notice”) to which this Consent of Spouse or Registered Domestic Partner is attached and the Restricted Stock Award Agreement
(the “Agreement”) attached to the Grant Notice. In consideration of issuing to my spouse or domestic partner
the shares of the common stock of OrthoPediatrics Corp. set forth in the Grant Notice, I hereby appoint my spouse or domestic partner
as my attorney-in-fact in respect of the exercise of any rights under the Agreement and agree to be bound by the provisions of
the Agreement insofar as I may have any rights in said Agreement or any shares of the common stock of OrthoPediatrics Corp. issued
pursuant thereto under the community property laws or similar laws relating to marital property in effect in the state of our residence
as of the date of the signing of the foregoing Agreement.

 

 

	Dated:	 	 	 
	 	 	 	Signature of Spouse or Domestic Partner

 

 

 

    	 	B-1ex_96634.htm

Exhibit 10.1

 

General Release and 

Amendment to Employment Agreement

 

This General Release and Amendment to employment agreement (this “Release”) is made and entered into by and between Keric M. Knerr (“Knerr”) and Washington Prime Group Inc., an Indiana corporation (the “Company”), as of October 13, 2017. Reference is made to the Employment Agreement between Knerr and the Company dated as of January 31, 2017 (the “Employment Agreement”). Defined terms used herein but not defined herein shall have the meanings set forth thereto in the Employment Agreement.

 

1.         Confirmation of Termination.  Knerr has resigned from his employment with the Company effective October 13, 2017 (the “Date of Termination”). Pursuant to Section 4(d) of the Employment Agreement, the Company shall have no further obligations to Knerr other than to provide the Accrued Obligations and Other Benefits, if any. 

 

2.         Resignation.  Effective as of the Date of Termination, Knerr hereby resigns as an officer of the Company and any of its affiliates and subsidiaries, as well as from any such positions held with any other entities at the direction or request of the Company or any of its affiliates.  Knerr agrees to promptly execute and deliver such other documents as the Company shall reasonably request to evidence such resignations.  In addition, Knerr hereby agrees and acknowledges that the Date of Termination shall be the date of his termination from all other offices, positions, trusteeships, committee memberships and fiduciary capacities held with, or on behalf of, the Company or any of its affiliates and subsidiaries.

 

3.         Amendment of Restrictive Covenants.  Provided Knerr executes this Release and does not revoke it within the time specified in Section 10 below, then, subject to Section 9 below, the Company and Knerr hereby agree that Sections 8(b) and 8(c) of the Employment Agreement shall be amended effective as of the Date of Termination to read as follows:   

 

“(b)     Non-competition. During the period commencing on the Effective Date and ending on the Date of Termination, the Executive shall not engage in, have an interest in, or otherwise be employed by or, as an owner, operator, partner, member, manager, employee, officer, director, consultant, advisor, lender, or representative, associate with, or permit his name to be used in connection with the activities of, any business or organization engaged in the ownership, development, management, leasing, expansion or acquisition of indoor or outdoor shopping centers or malls (the “Business”) that, (i) if such business or organization is a public company, has a market capitalization of greater than $1 billion or, (ii) if such business or organization is a private company, has assets which may be reasonably valued of more than $1 billion, in (x) North America or (y) any country outside of North America in which the Company or any of its affiliates is engaged in the ownership, development, management, leasing, expansion or acquisition of indoor or outdoor shopping centers or malls, or has indicated an intent to do so or interest in doing so as evidenced by a written plan or proposal prepared by or presented to senior management of the Company prior to the Date of Termination; other than for or on behalf of, or at the request of, the Company or any affiliate; provided, that passive ownership of less than two percent (2%) of the outstanding stock of any publicly traded corporation (or private company through an investment in a hedge fund or private equity fund, or similar vehicle) shall not be deemed to be a violation of this Section 8(b) solely by reason thereof.  Notwithstanding the foregoing, the provisions of this Section 8(b) shall not be violated by the Executive being employed by, associating with or otherwise providing services to a subsidiary, division or unit of any entity where such entity has a subsidiary, division or unit (other than the subsidiary, division or unit with which the Executive is employed, associated with or otherwise provides services to) which is engaged in the Business so long as the Executive does not provide services or advice, with or without specific compensation, to the subsidiary, division or unit engaged in the Business.

 

 

 

(c)     Non-solicitation of Employees.  During the period commencing on the Effective Date and ending on the eighteen (18) month anniversary of the Date of Termination (the “Covenant Period”), the Executive shall not, directly or indirectly, (i) induce or attempt to induce any employee of the Company to leave the employ of the Company or in any way interfere with the relationship between the Company, on the one hand, and any employee thereof, on the other hand, (ii) hire any person who was an employee of the Company until six (6) months after such individual’s employment relationship with the Company has been terminated or (iii) induce or attempt to induce any customer, supplier, licensee or other business relation of the Company to cease doing business with the Company, or in any way knowingly interfere with the relationship between any such customer, supplier, licensee or business relation, on the one hand, and the Company, on the other hand; provided, that solicitations incidental to general advertising or other general solicitations in the ordinary course not specifically targeted at such persons and employment of any person not otherwise solicited in violation hereof shall not be considered a violation of this Section 8(c). The Executive shall not be in violation of this Section 8(c) solely by providing a reference for a former employee of the Company.”

 

4.         General Release and Waiver.  In consideration of the Company’s agreement to amend the Employment Agreement as set forth above, and for other good and valuable consideration, receipt of which is hereby acknowledged, Knerr for himself and for his heirs, executors, administrators, trustees, legal representatives and assigns (collectively, the “Releasors”), hereby releases, remises, and acquits the Company and its affiliates and all of their respective past, present and future parent entities, subsidiaries, divisions, affiliates and related business entities, any of their successors and assigns, assets, employee benefit plans or funds, and any of their respective past and/or present directors, officers, fiduciaries, agents, trustees, administrators, managers, supervisors, shareholders, investors, employees, legal representatives, agents, counsel and assigns, whether acting on behalf of the Company or its affiliates or, in their individual capacities (collectively, the “Releasees” and each a “Releasee”) from any and all claims, known or unknown, which the Releasors have or may have against any Releasee arising on or prior to the date of this Release and any and all liability which any such Releasee may have to Knerr, whether denominated claims, demands, causes of action, obligations, damages or liabilities arising from any and all bases, however denominated, including but not limited to (a) any claim under the Age Discrimination in Employment Act of 1967 (including, without limitation, the Older Workers Benefit Protection Act), the Americans with Disabilities Act of 1990, the Family and Medical Leave Act of 1993, the Civil Rights Act of 1964, the Civil Rights Act of 1991, Section 1981 of the Civil Rights Act of 1866, the Equal Pay Act, the Immigration Reform and Control Act of 1986, the Employee Retirement Income Security Act of 1974, (excluding claims for accrued, vested benefits under any employee benefit or pension plan of the Company, subject to the terms and conditions of such plan and applicable law), the Sarbanes-Oxley Act of 2002, all as amended; (b) any claims under any state statutory or decisional law pertaining to wage payment, wrongful discharge, discrimination, retaliation, breach of contract, breach of public policy, misrepresentation, fraud or defamation, (c) any and all claims under the Indiana Civil Rights Act and the Indiana wage payment provisions, each as amended; (d) any claim under any other Federal, state, or local law and any workers’ compensation or disability claims under any such laws; and (e) any claim for attorneys’ fees, costs, disbursements and/or the like.  This Release includes, without limitation, (i) any and all claims arising from or relating to Knerr’s employment relationship with Company and his service relationship as an officer or director of the Company, or as a result of the termination of such relationships and (ii) any and all matters, transactions or things occurring prior to Knerr’s execution of this Release.  Knerr further agrees that he will not file or permit to be filed on his behalf any such claim.  Notwithstanding the preceding sentence or any other provision of this Release, this Release is not intended to interfere with Knerr’s right to file a charge with the Equal Employment Opportunity Commission (“EEOC”) in connection with any claim he believes he may have against any Releasee.  However, by executing this Release, Knerr hereby waives the right to recover in any proceeding Knerr may bring before the EEOC or any state human rights commission or in any proceeding brought by the EEOC or any state human rights commission on Knerr’s behalf.  This Release is for any relief, no matter how denominated, including, but not limited to, injunctive relief, wages, back pay, front pay, compensatory damages, or punitive damages.  This Release shall not apply to (i) Knerr’s rights to indemnification from the Company or rights to be covered under any applicable insurance policy with respect to any liability Knerr incurred or might incur as an employee, officer or director of the Company; or (ii) any right Knerr may have to obtain contribution as permitted by law in the event of entry of judgment against Knerr as a result of any act or failure to act for which Knerr, on the one hand, and Company or any other Releasee, on the other hand, are jointly liable.

 

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5.         Continuing Covenants. Knerr acknowledges and agrees that, except as specifically set forth in this Release, he remains subject to the provisions of Section 8 (Restrictive Covenants) of the Employment Agreement which shall remain in full force and effect for the periods set forth therein.

 

6.        No Admission; No Claims; No Knowledge of Illegal Action.  This Release does not constitute an admission of liability or wrongdoing of any kind by the Company or any other Releasee.  This Release is not intended, and shall not be construed, as an admission that any Releasee has violated any federal, state or local law (statutory or decisional), ordinance or regulation, breached any contract or committed any wrong whatsoever against any Releasor. Knerr confirms that no claim, charge or complaint against the Company or any other Releasee brought by him exists before any federal, state, or local court or administrative agency. Knerr represents and warrants that he has no knowledge of any undisclosed improper or illegal actions or omissions by the Company, nor does he know of any undisclosed basis on which any third party or governmental entity could reasonably assert such a claim.  This expressly includes any and all conduct that potentially could give rise to claims under the Sarbanes-Oxley Act of 2002.

 

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7.        Heirs and Assigns.  The terms of this Release shall be binding upon and inure to the benefit of the parties named herein and their respective successors and permitted assigns.

 

8.         Miscellaneous.  This Release will be construed and enforced in accordance with the laws of the State of Indiana without regard to the principles of conflicts of law.  If any provision of this Release is held by a court of competent jurisdiction to be illegal, void or unenforceable, such provision shall have no effect; however, the remaining provisions will be enforced to the maximum extent possible.  The parties acknowledge and agree that, except as otherwise set forth herein, this Release constitutes the complete understanding between the parties with regard to the matters set forth herein and, except as otherwise set forth herein, supersede any and all agreements, understandings, and discussions, whether written or oral, between the parties.  No other promises or agreements are binding unless in writing and signed by each of the parties after the Release Effective Date (as defined below).  Should any provision of this Release require interpretation or construction, it is agreed by the parties that the entity interpreting or constructing this Release shall not apply a presumption against one party by reason of the rule of construction that a document is to be construed more strictly against the party who prepared the document.

 

9.         Additional Acknowledgments, Covenants and Agreements by Knerr. Knerr further acknowledges, covenants, and agrees that:

 

a.     he has received all compensation and benefits he was or will be entitled to by virtue of his employment with the Company;

 

b.     he has been encouraged to seek legal counsel before signing this Release, he was given 21 days within which to consider this Release before he signed it, and in executing this Release, he does not rely upon and has not relied upon any representation or statement with regard to the subject matter, basis or effect of this Release, other than those specifically stated in this Release;     

 

c.     he has returned or will immediately return to the Company all keys, files, records, documents, information, data, equipment, lists, computer programs and/or data, property, materials, or other items relating in any way to the business and/or operations of the Company;

 

d.     he shall not defame, or otherwise disparage, the Company or any of its present or former partners, officers, directors, shareholders, agents, independent contractors, employees, representatives, or attorneys, in their representative as well as their individual capacities, or any of the Company’s parents, subsidiaries, affiliates, predecessors, successors or assigns;

 

e.     he has read and understands this Release, and he executes it voluntarily and of his own free will;

 

4

 

 

f.    his execution of this Release is in consideration of something of value to which he would not otherwise be entitled; and 

 

g.   he has been provided with at least twenty-one (21) days from the date of this Agreement to review the terms and conditions set forth herein.

 

10.       Effective Time of Release.  This Release shall not become effective until it has been fully executed by both parties, but no earlier than the eighth (8th) day after Knerr signs it. During the seven-day period immediately following the date of Knerr’s execution of this Release, Knerr shall be entitled to revoke it by putting the revocation in writing and delivering to the Company, by hand delivery or certified mail, return receipt requested, within seven (7) calendar days of the date on which he signs the Release. If Knerr delivers the revocation by mail, it must be postmarked within seven (7) calendar days of the date Knerr executes the Release. If this release is not revoked during such seven (7) calendar day period, then such seventh day shall be the effective day of the Release (the “Release Effective Date”). If the last day of the Revocation Period falls on a Saturday, Sunday or holiday, the last day of the Revocation Period will be deemed to be the next business day. If Knerr does not execute this Release or exercises his right to revoke hereunder, Sections 8(b) and 8(c) of the Employment Agreement shall not be amended as described herein and Knerr shall be subject to the non-competition and non-solicitation restrictions for the periods set forth in the Employment Agreement.

 

                 IN WITNESS WHEREOF, the Company has executed this this Release on the date first above written and Knerr has executed this Release as of the date set forth below.

 

	 	
			KERIC M. KNERR

			
	 	
			 

			
	 	
			/s/ Keric M. Knerr

			
	 	
			 

			
	 	
			Date: October 13, 2017

			
	 	
			 

			WASHINGTON PRIME GROUP INC.

			
	 	
			 

			
	 	
			By:

				
			/s/ Robert P. Demchak

			
	 	
			 

				
			Name:  Robert P. Demchak

			
	 	
			 

				
			Title: Executive Vice President, General 

			         Counsel and Corporate Secretary

			

 

 

 

 

5

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