Document:

Document

EMPLOYMENT AGREEMENT
THIS EMPLOYMENT AGREEMENT (this “Agreement”) is made and entered into, as of July 12, 2021, by and among S&T Bancorp, Inc., a Pennsylvania corporation (the “Company”), S&T Bank, a Pennsylvania banking corporation and a direct, wholly-owned subsidiary of the Company (the “Bank”) and David G. Antolik (“Executive”).
WHEREAS, the Company and the Bank desire to retain Executive’s services in the role of President of the Company and of the Bank; and
WHEREAS, the Company, the Bank and Executive desire to enter into this Agreement to set forth the terms of Executive’s service to the Company and the Bank.
NOW, THEREFORE, in consideration of the foregoing, the mutual promises contained herein and other good and valuable consideration, the receipt and sufficiency of which are acknowledged, the parties agree as follows:
1.Employment Period.  The Company agrees to employ Executive, and Executive agrees to serve the Company, the Bank and their respective Affiliates (as defined below), subject to the terms and conditions of this Agreement, for the period commencing on August 23, 2021 (the “Effective Date”) and ending on the third anniversary of the Effective Date (the “Employment Period”).  Thereafter, unless previously terminated, the Employment Period shall be automatically extended for consecutive periods of one year unless either party provides written notice to the other party of non-renewal in accordance with Section 11(b) (a “Notice of Non-Renewal”) not less than 180 days prior to the end of the Employment Period as then in effect.  Notwithstanding the foregoing, the Employment Period shall immediately terminate upon any termination of Executive’s employment with the Company and the Bank pursuant to Section 4.  For purposes of this Agreement, the term “Affiliate” means an entity controlled by, controlling or under common control with the Company or the Bank (for the avoidance of doubt, the Company is an Affiliate of the Bank and vice versa).
2.Position and Duties; Location; Standard of Services.
(a)Position and Duties.  During the Employment Period, Executive shall serve as President of the Company and the Bank and shall perform customary and appropriate duties as may be reasonably assigned to Executive from time to time by the Chief Executive Officer or the Board of Directors of the Company (the “Board”) or the Board of Directors of the Bank (the “Bank Board”).  Executive shall have such responsibilities, power and authority as those normally associated with such position in public companies of a similar stature.  Executive shall report directly to the Chief Executive Officer.
(b)Location.  During the Employment Period, Executive’s principal place of employment shall be the Company’s offices in Indiana, Pennsylvania, subject to business travel at the Company’s request.
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(c)Standard of Services.  During the Employment Period, Executive agrees to devote Executive’s full business attention and time to the business and affairs of the Company, the Bank and their respective Affiliates and to use Executive’s best efforts to perform faithfully and efficiently such responsibilities.  During the Employment Period, Executive may serve on civic, charitable or other not-for-profit boards or committees, deliver lectures, fulfill speaking engagements or teach at educational institutions, manage personal investments and, subject to the prior written approval of the Board, a committee thereof or the Chief Executive Officer (which approval may be withheld in the sole discretion of the Board, such committee or the Chief Executive Officer), serve on boards of for-profit entities, in each case, so long as such activities do not interfere with the performance of Executive’s responsibilities in accordance with this Agreement and Executive complies with applicable provisions of any codes of business conduct and ethics of the Company, the Bank and their respective Affiliates, as in effect from time to time.
3.Compensation and Employee Benefits.
(a)Annual Base Salary.  During the Employment Period, Executive shall receive an annual base salary (the “Annual Base Salary”) of no less than $500,000, payable in accordance with the Company’s regular payroll practices.  The Annual Base Salary shall be reviewed periodically by the Board or an appropriate committee thereof (the Board or such committee, the “Committee”) for possible increase, as determined in the sole and absolute discretion of the Committee.  The term “Annual Base Salary” as used in this Agreement shall refer to the Annual Base Salary as it may be so adjusted from time to time.
(b)Annual Bonus.  During the Employment Period, Executive shall have the opportunity to earn, for each fiscal year of the Company, an annual bonus (the “Annual Bonus”) pursuant to the terms of the Company’s Management Incentive Plan, as in effect from time to time or any successor thereto (the “MIP”).  Executive’s target Annual Bonus opportunity in respect of each fiscal year during the Employment Period (the “Target Annual Bonus”) shall be 45% of his Annual Base Salary; provided, however, with respect to fiscal year 2021 only, partially in consideration for Executive’s prior service as Interim Chief Executive Officer, his target Annual Bonus opportunity shall be $295,017 (which is approximately 51.67% of an Annual Base Salary of $571,000).  The Annual Bonus shall be payable at the same time as bonuses are generally payable to other senior executives of the Company subject to Executive’s continued employment with the Company or its Affiliates through such date.  The Company shall have no obligation to award an Annual Bonus in any given year, and the Annual Bonus shall not be considered an acquired right of Executive, even if it is paid on a repeated basis.  
(c)Long-Term Incentive Awards.  Executive shall be eligible to participate in the Company’s long-term equity incentive plans and programs, as in effect from time to time, that are generally applicable to other senior executives of the Company; provided, that in respect of fiscal year 2022 only, partially in consideration for Executive’s prior service as Interim Chief Executive Officer, Executive shall be eligible for long-term equity incentive awards with an aggregate grant date value of $409,217, which shall be granted (i) 50% in the form of a performance-based restricted stock or restricted stock unit award, which shall cliff vest on the 
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third anniversary of the date of grant based on the achievement of performance goals determined by the Committee, and (ii) 50% in the form of a restricted stock or restricted stock unit award, which shall vest ratably on each of the second anniversary and third anniversary of the date of grant, subject in each case to Executive’s continued employment with the Company or its Affiliates through such dates.   
(d)Employee Benefit Plans.  During the Employment Period, Executive shall be eligible to participate in the employee benefit plans, programs, policies and practices, as in effect from time to time, that are generally applicable to other senior executives of the Company (including vacation, retirement, deferred compensation, health and welfare and life insurance benefits).
(e)Company Vehicle; Club Dues.  During the Employment Period, the Company shall provide a vehicle to Executive and shall pay or reimburse reasonable costs related to such vehicle.  In addition, during the Employment Period, the Company shall pay or reimburse Executive for dues associated with membership at the Duquesne Club in Pittsburgh, Pennsylvania and the Indiana Country Club in Indiana, Pennsylvania.  Any reimbursement by the Company under this Section 3(e) shall be on terms that are consistent with the expense reimbursement policy of the Company and the Bank, as in effect from time to time.
(f)Business Expenses.  During the Employment Period, the Company and the Bank shall pay or reimburse Executive’s business expenses on terms that are consistent with the expense reimbursement policy of the Company and the Bank, as in effect from time to time.
(g)Transition Award.  In consideration for Executive’s service as interim Chief Executive Officer and work to achieve a smooth transition from the Company’s prior Chief Executive Officer to its next Chief Executive Officer, Executive shall receive a cash bonus in the amount of $75,000 (the “Transition Award”), which shall vest on September 1, 2021, subject to Executive’s continued employment through such date, and be payable within thirty (30) days thereafter.
4.Termination of Employment.
(a)Death or Disability.  Executive’s employment shall terminate automatically upon Executive’s death during the Employment Period.  If the Board determines in good faith that the Disability of Executive has occurred during the Employment Period (pursuant to the definition of Disability set forth below), it may provide Executive with written notice in accordance with Section 11(b) of its intention to terminate Executive’s employment.  In such event, Executive’s employment with the Company, the Bank and their respective Affiliates shall terminate effective on the thirtieth (30th) day after Executive’s receipt of such notice (the “Disability Effective Date”), provided that, within the thirty (30) days after such receipt, Executive shall not have returned to fulltime performance of Executive’s duties.  For purposes of this Agreement, “Disability” shall mean the absence of Executive from Executive’s duties with the Company and the Bank on a fulltime basis for ninety (90) consecutive days, or for one hundred twenty (120) days (which need not be consecutive) within a one-year period, as a result of incapacity due to mental or physical illness.
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(b)Cause.  the Company and the Bank may terminate Executive’s employment during the Employment Period either with or without Cause.  For purposes of this Agreement, “Cause” shall mean, as determined by the Board:
(i)Failure to substantially perform employment duties as reasonably assigned hereunder (other than by reason of Disability), after reasonable written demand for substantial performance has been delivered by the Company specifically identifying the manner in which the Company believes Executive has not performed Executive’s duties, and Executive has been given a reasonable opportunity (not to exceed fifteen (15) days) to cure any deficiencies in performance;
(ii)Willful misconduct that demonstrably results in material injury to the Company, the Bank or their Affiliates;
(iii)Fraud, dishonesty or willful breach of fiduciary duty that is injurious to the Company, the Bank or their Affiliates;
(iv)Conviction or plea of guilty or nolo contendere to any felony or crime involving moral turpitude, fraud or dishonesty;
(v)Willful violation of any law, rule or regulation (other than traffic violations, misdemeanors or similar offenses) or cease-and-desist order, court order, judgment or supervisory agreement that demonstrably results in material injury to the Company, the Bank or their Affiliates; or 
(vi)A material breach by Executive of (A) Executive’s obligations under this Agreement, including any breach of the provisions of Section 7, or (B) any material written policy of the Company, the Bank or their Affiliates and, if the breach is curable, Executive shall not have cured such material breach after reasonable written demand for cure has been delivered by the Company specifically identifying the material breach, and Executive has been given a reasonable opportunity (not to exceed fifteen (15) days) to cure any such material breach (to the extent curable).
(c)Good Reason.  Executive’s employment may be terminated by Executive either with or without Good Reason.  For purposes of this Agreement, “Good Reason” shall mean Executive’s voluntary resignation after any of the following actions are taken by the Company, the Bank or any of their Affiliates without Executive’s written consent:
(i)The material diminution of Executive’s duties, authority or responsibility, including a requirement that Executive report to a corporate officer or employee instead of reporting directly to the Chief Executive Officer;
(ii)A material change in the geographic location at which Executive must perform services (in this case, a material change means any location more than forty (40) land-miles from the location contemplated by this Agreement);
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(iii)A material diminution in Executive’s base salary (in this case, a material diminution means a reduction of more than ten percent (10%) in Executive’s Annual Base Salary); or
(iv)A material breach by the Company of this Agreement.
In order to invoke a termination for Good Reason, Executive shall provide written notice to the Company of the existence of one or more of the conditions described in clauses (i) through (iv) within ninety (90) days following the initial existence of such condition or conditions, specifying in reasonable detail the conditions constituting Good Reason, and the Company, the Bank and their respective Affiliates shall have thirty (30) days following receipt of such written notice (the “Cure Period”) during which they may remedy the condition.  In the event that the Company, the Bank and their respective Affiliates fail to remedy the condition constituting Good Reason during the applicable Cure Period, Executive’s “separation from service” (within the meaning of Section 409A of the Internal Revenue Code of 1986, as amended (collectively, with the regulations and other guidance promulgated thereunder, the “Code”)) must occur, if at all, within thirty (30) days following such Cure Period in order for such termination as a result of such condition to constitute a termination for Good Reason.
(d)Notice of Termination.  Any termination by the Company or the Bank with or without Cause, or by Executive with or without Good Reason, shall be communicated by Notice of Termination to the other party hereto given in accordance with Section 11(b).  For purposes of this Agreement, a “Notice of Termination” means a written notice that (i) indicates the specific termination provision in this Agreement relied upon, (ii) to the extent applicable, sets forth in reasonable detail the facts and circumstances claimed to provide a basis for termination of Executive’s employment under the provision so indicated and (iii) specifies the Date of Termination (as defined below), which date shall be not more than thirty (30) days after the delivery of such notice, or the end of any Cure Period referenced in such notice, as applicable.
(e)Date of Termination.  “Date of Termination” means (i) if Executive’s employment is terminated by the Company or the Bank with or without Cause, or by Executive for Good Reason, the date of receipt of the Notice of Termination or any later date specified therein within thirty (30) days following such notice, (ii) if Executive’s employment is terminated voluntarily without Good Reason, the thirtieth (30th) day following the date of receipt of the Notice of Termination, provided that the Company may in its discretion accelerate the Date of Termination, or (iii) if Executive’s employment is terminated by reason of death or Disability, the Date of Termination shall be the date of death of Executive or the Disability Effective Date, as the case may be.
(f)Resignation from Other Positions.  Upon the termination of Executive’s employment for any reason (unless otherwise agreed in writing by the Company and Executive), Executive shall be deemed to have resigned, without any further action by Executive, from any and all officer and director positions that Executive, immediately prior to such termination, held with (i) the Company, the Bank or any of their respective Affiliates and (ii) any other entities at the direction of, or as a result of Executive’s affiliation with, the Company, the Bank or any of their respective Affiliates.  If for any reason this Section 4(f) is deemed to be insufficient to 
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effectuate such resignations, then Executive shall, upon the Company’s request, execute any documents or instruments that the Company may deem necessary or desirable to effectuate such resignations.  In addition, Executive hereby designates the Secretary or any Assistant Secretary of the Company, the Bank and of any Affiliate to execute any such documents or instruments as Executive’s attorney-in-fact to effectuate such resignations if execution by the Secretary or any Assistant Secretary of the Company, the Bank or the Affiliate is deemed by the Company, the Bank or the Affiliate to be a more expedient means to effectuate such resignation or resignations.
5.Obligations of the Company upon Termination.  
(a)Other Than for Cause, Death or Disability.  If, during the Employment Period, the Company and its Affiliates terminate Executive’s employment other than for Cause or Disability, other than within twenty-four (24) months following the consummation of a Change in Control (in which case Section 5(b) shall apply), then, subject to Executive’s execution within fifty (50) days following the Date of Termination, and non-revocation, of a release of claims in a form satisfactory to the Company (the “Release”), the Company shall pay to Executive the following:
(i)the sum of (A) the portion of the Annual Base Salary due for the period through the Date of Termination to the extent not theretofore paid and (B) Executive’s business expenses that have not been reimbursed by the Company as of the Date of Termination that were incurred by Executive prior to the Date of Termination in accordance with the applicable policy of the Company and pursuant to the terms of this Agreement (the sum of the amounts described in clauses (A) and (B) shall be hereinafter referred to as the “Accrued Obligations”), which Accrued Obligations shall be paid in a lump sum in cash within sixty (60) days following the Date of Termination;
(ii)any unpaid Annual Bonus earned by Executive in respect of the fiscal year of the Company that was completed on or prior to the Date of Termination (the “Unpaid Annual Bonus”), which shall include the Transition Award prior to the date the Transition Award is otherwise paid pursuant to the terms of this Agreement, which Unpaid Annual Bonus shall be paid in a lump sum in cash within sixty (60) days following the Date of Termination (other than any portion of such Unpaid Annual Bonus that was deferred, which portion shall instead be paid in accordance with the applicable deferral arrangement and any election thereunder);
(iii)an amount equal to the product of (A) two (2) multiplied by (B) the Annual Base Salary and Target Annual Bonus, which shall be paid in equal installments over the two-year period following the Date of Termination in accordance with the Company’s regular payroll practices as of the Date of Termination; provided, however, that any amounts payable in respect of the first sixty (60) days following the Date of Termination shall be accrued and paid in a lump sum on such sixtieth (60th) day or the first business day thereafter;
(iv)an amount equal to the product of (A) the amount of the monthly premiums for coverage under the Company’s or and its Affiliates’ health care plans for purposes of continuation coverage under Section 4980B of the Code with respect to the level of coverage in effect for Executive and Executive’s spouse and dependents as of immediately prior to the 
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Date of Termination, multiplied by (B) 24, which shall be paid in equal installments over the two-year period following the Date of Termination in accordance with the Company’s regular payroll practices as of the Date of Termination;
(v)to the extent not theretofore paid or provided, the Company shall timely pay or provide, in accordance with the terms of the applicable plan, program, policy, practice or contract, to Executive any other amounts or benefits required to be paid or provided or that Executive is eligible to receive under any plan, program, policy, practice or contract of the Company through the Date of Termination (such other amounts and benefits shall be hereinafter referred to as the “Other Benefits”).
If Executive does not execute the Release within fifty (50) days following the Date of Termination, or if Executive revokes the Release, Executive shall be entitled to only the compensation and benefits contemplated by Sections 5(a)(i) and (v).  Other than as set forth in this Section 5(a), in the event of a termination of Executive’s employment by the Company or the Bank without Cause (other than due to death or Disability), the Company, the Bank and their respective Affiliates shall have no further obligation to Executive under this Agreement.
(b)Change in Control Termination.  If, during the Employment Period, the Company or the Bank terminates Executive’s employment other than for Cause or Disability, or Executive terminates employment for Good Reason, in each case, within twenty-four (24) months following the consummation of a Change in Control, then, subject to Executive’s execution within fifty (50) days following the Date of Termination, and non-revocation, of the Release, the Company shall pay to Executive the following:
(i)the Accrued Obligations, the Unpaid Annual Bonus and the Other Benefits in accordance with the terms of Sections 5(a)(i), (ii) and (v), respectively; 
(ii)an amount equal to the product of (A) three (3) multiplied by (B) the sum of (x) the Annual Base Salary and (y) the Target Annual Bonus as in effect for the fiscal year in which the Date of Termination (or, if greater, for the fiscal year in which the Change in Control) occurs, payable in a lump sum within sixty (60) days following the Date of Termination; provided, however, if the Change in Control does not constitute an event described in Section 409A(a)(2)(v) of the Code and the regulations thereto, any portion of the foregoing payment that constitutes “nonqualified deferred compensation” within the meaning of Section 409A of the Code shall instead be paid on the schedule contemplated by Section 5(a)(iii) to the extent required by Section 409A of the Code;
(iii)an amount equal to the product of (A) the amount of the monthly premiums for coverage under the Company’s or and its Affiliates’ health care plans for purposes of continuation coverage under Section 4980B of the Code with respect to the level of coverage in effect for Executive and Executive’s spouse and dependents as of immediately prior to the Date of Termination, multiplied by (B) 36, payable in a lump sum within sixty (60) days following the Date of Termination; provided, however, if the Change in Control does not constitute an event described in Section 409A(a)(2)(v) of the Code and the regulations thereto, any portion of the foregoing payment that constitutes “nonqualified deferred compensation” 
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within the meaning of Section 409A of the Code shall instead be paid on the schedule contemplated by Section 5(a)(iv) to the extent required by Section 409A of the Code; and
(iv)an amount equal to the product of (x) the Target Annual Bonus for the fiscal year in which the Date of Termination occurs (or, if greater, for the fiscal year in which the Change in Control occurs) and (y) a fraction, the numerator of which is the number of days in the fiscal year in which the Date of Termination occurs through the Date of Termination, and the denominator of which is 365, payable in a lump sum within sixty (60) days following the Date of Termination.
For the avoidance of doubt, if applicable, any amount payable pursuant to Section 5(b) shall be determined without regard to any reduction in compensation that resulted in Executive’s termination of employment for Good Reason.  If Executive does not execute the Release within fifty (50) days following the Date of Termination, or if Executive revokes the Release, Executive shall be entitled to only the compensation and benefits contemplated by Sections 5(a)(i) and (v).
For purposes of this Agreement, “Change in Control” shall mean the occurrence of any of the following: 
1.Any “person” (as such term is used in Sections 13(d) and 14(d) of the Securities and Exchange Act of 1934, as amended, or any successor statute (the “Exchange Act”)), other than a pension, profit-sharing or other employee benefit plan established by the Company or the Bank, that is or becomes the “beneficial owner” (as defined in Rule 13d-3 under the Exchange Act), directly or indirectly, of securities of the Company representing twenty-five percent (25%) or more of the combined voting power of the Company’s then outstanding securities;

2.During any period of two (2) consecutive years, individuals who at the beginning of such period constitute the Board cease for any reason to constitute at least a majority thereof, unless the election of each director who was not a director at the beginning of such period has been approved in advance by directors representing at least a majority of the directors then in office who were directors at the beginning of the period;

3.The consummation of a merger or consolidation of the Company with any other corporation, other than a merger or consolidation which would result in the voting securities of the Company then outstanding immediately prior thereto continuing to represent (either by remaining outstanding or by being converted into voting securities of the surviving entity) at least fifty percent (50%) of the total voting power represented by the voting securities of the Company or such surviving entity outstanding immediately after such merger or consolidation;

4.The stockholders of the Company or the Board or the Bank Board approve a plan of complete liquidation or an agreement for the sale of or disposition (in one transaction or a series of transactions) of all or substantially all of the Company’s or the Bank’s assets; or

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5.Any other event that constitutes a change in control of a nature that would be required to be reported by the Company in response to Item 6(e) of Schedule 14A of Regulation 14A promulgated under the Exchange Act (whether or not the Company then is subject to the requirements of the Exchange Act).

A Change in Control shall exclude: (i) a public stock offering by the Company; or (ii) a convertible debt offering by the Company.
i.Death; Disability.  If Executive’s employment is terminated by reason of Executive’s death or Disability during the Employment Period, this Agreement shall terminate without further obligations to Executive, other than for payment of the Accrued Obligations and the Unpaid Annual Bonus and the timely payment or provision of the Other Benefits.  The Accrued Obligations and the Unpaid Annual Bonus shall be paid to Executive’s estate (in the event of death) or Executive or Executive’s legal representative (in the event of Disability), as applicable, on the same schedule as contemplated by Sections 5(a)(i)-(ii).
ii.Other Termination.  If Executive’s employment is terminated during the Employment Period for a reason other than those governed by Section 5(a), (b) or (c) (including upon the expiration of the Employment Period following a Notice of Non-Renewal), this Agreement shall terminate without further obligations to Executive under this Agreement, other than for payment of the Accrued Obligations within sixty (60) days following the Date of Termination and the timely payment or provision of the Other Benefits.
iii.Full Settlement.  The payments and benefits provided under this Section 5 shall be in full satisfaction of the obligations of the Company, the Bank and their respective Affiliates to Executive under this Agreement or any other plan, agreement, policy or arrangement of the Company, the Bank and their respective Affiliates upon Executive’s termination of employment, and in no event shall Executive be entitled to severance pay or benefits beyond those specified in this Section 5.
6.No Mitigation.  In no event shall Executive be obligated to seek other employment or take any other action by way of mitigation of any amounts payable to Executive under Section 5 and such amounts shall not be reduced whether or not Executive obtains other employment.
7.Restrictive Covenants.  In consideration for Executive’s continued employment and the compensation and benefits payable hereunder, Executive agrees to the covenants set forth below.
iv.Nondisclosure of Confidential Information.  
a.The parties agree that, during the course of Executive’s employment with the Company, the Bank and their respective Affiliates, Executive has had and will continue to have access to, and has gained and will continue to gain knowledge with respect to, “Confidential Information” (as defined below). Executive agrees that Executive shall not, without the prior written consent of the Company, during the period of Executive’s employment 
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with the Company, the Bank and their respective Affiliates and thereafter for so long as it remains Confidential Information, use or disclose, or knowingly permit any unauthorized Person (as defined in Section 13(d) of the Exchange Act) to use, disclose or gain access to, any Confidential Information; provided, however, that Executive may disclose Confidential Information (x) as required by law or (y) as ordered by a court, provided that in any event described in the preceding clause (x) or (y), (A) Executive shall promptly notify the Company in writing, and consult with and assist the Company in seeking a protective order or request for another appropriate remedy, (B) in the event that such protective order or remedy is not obtained, or if the Company waives compliance with the terms of the preceding clause (A), Executive shall disclose only that portion of the Confidential Information that, in the opinion of Executive’s legal counsel, is legally required to be disclosed and shall exercise reasonable best efforts to assure that confidential treatment shall be accorded to such Confidential Information by the receiving Person and (C) to the extent permitted by applicable law, the Company shall be given an opportunity to review the Confidential Information prior to disclosure thereof.
b.Without limiting the foregoing, Executive agrees to keep confidential the existence of, and any information concerning, any dispute between Executive and the Company, the Bank or any of their Affiliates, except that Executive may disclose information concerning such dispute in connection with any proceeding, including in any court, that is considering such dispute and to Executive’s legal counsel to the extent necessary to the prosecution or defense of such dispute.
c.For purposes of this Agreement, “Confidential Information” means information, observations and data concerning the business and affairs of the Company, the Bank or any of their Affiliates, including all business information (whether or not in written form) that relates to the Company, the Bank or any of their Affiliates, or their directors, officers, employees, customers, suppliers or contractors or any other third parties with respect to which the Company, the Bank or any of their Affiliates has a business relationship or owes a duty of confidentiality, or their respective businesses or products, and that is not known to the public generally other than as a result of Executive’s breach of this Agreement, including technical information or reports; trade secrets; unwritten knowledge and “know-how”; operating instructions; training manuals; customer lists; customer buying records and habits; product sales records and documents; product development, marketing and sales strategies; market surveys; marketing plans; profitability analyses; product cost; long-range plans; information relating to pricing, competitive strategies and new product development, including processes, formulas, designs, drawings, engineering and technology; information relating to any forms of compensation or other personnel-related information; contracts; and supplier lists. Confidential Information shall not include such information known to Executive prior to Executive’s involvement with the Company, the Bank or any of their Affiliates or information rightfully obtained from a third party (other than pursuant to a breach by Executive of this Agreement or any other duty of confidentiality).  Furthermore, Confidential Information shall not include information that:  (a) is or becomes available to the public generally, other than as a result of disclosure by Executive in breach of the terms of this Agreement; or (b) becomes available to Executive from a source other than the Company, the Bank or any of their Affiliates, including prior to the date hereof, provided that such source is not bound by a confidentiality agreement 
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with or does not have a contractual, legal or fiduciary obligation of confidentiality to the Company, the Bank or any of their Affiliates or any other person with respect to such information.
v.Inventions and Patents.  Executive agrees that all inventions, innovations, improvements, developments, methods, designs, analyses, drawings, reports and all similar or related information that relate to the actual or anticipated business, research and development or existing or future products or services of the Company, the Bank or their Affiliates, and that are conceived, developed or made by Executive during Executive’s employment with the Company, the Bank or their Affiliates (“Work Product”) belong to the Company, the Bank and their respective Affiliates.  Executive shall promptly disclose such Work Product to the Company, the Bank and their respective Affiliates and perform all actions reasonably requested by the Company, the Bank or their respective Affiliates (whether during or after the Employment Period) to establish and confirm such ownership (including assignments, consents, powers of attorney, and other instruments).  To the fullest extent permitted by applicable law all intellectual property (including patents, trademarks, and copyrights) which are made, developed or acquired by Executive in the course of Executive’s employment with the Company, the Bank or their Affiliates will be and remain the absolute property of the Company, the Bank and their respective Affiliates, and Executive shall assist the Company, the Bank and their respective Affiliates in perfecting and defending their rights to such intellectual property.
vi.Noncompetition and Nonsolicitation.
d.From the date hereof until the first anniversary of the Date of Termination (the “Restriction Period”) for any reason, Executive shall not, without the prior written consent of the Company, directly or indirectly: 
A.Own any interest in, manage, operate, control, be employed by, render consulting or advisory services to, or participate in or be connected with the management or control of any business that is then engaged, or proposing to engage, in the operation of a Competing Business in the Territory. For purposes of this Agreement, (x) “Competing Business” means any entity or business engaged in the banking or financial services business (including commercial banks, savings banks, credit unions, mortgage companies, savings and loan associations, trust companies, investment advisory or sales businesses, and any similar financial institutions), or any other entity or business engaged in a business in which the Company, the Bank, or any of their Affiliates are engaged, or are contemplating becoming engaged, during the period of Executive’s service (whether as an employee or as a consultant) with the Company, the Bank or any of their Affiliates; and (y) “Territory” means any state or commonwealth of the United States of America that is east of the Mississippi River or any other state in which, during the period of Executive’s service (whether as an employee or as a consultant), the Company, the Bank, or any of their Affiliates conduct operations.  Notwithstanding the foregoing, Executive may, without violating this 
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Agreement, own as a passive investment not in excess of one percent (1%) of the outstanding capital stock or other equity interests of a corporation or other entity whose shares or other equity interests are publicly traded on an established securities market;
B.Solicit or in any way contact any Customer(s) of the Company, Bank or any of their Affiliates for the purposes of directly or indirectly furnishing any financial, wealth management, insurance, or other banking services that the Company, the Bank or any of their Affiliates provide, or is permitted by law to provide, on the date of such termination of employment. For purposes of this Agreement, “Customer(s)” shall mean any individual, corporation, partnership, business or other entity, whether for-profit or not-for-profit (x) whose existence and business is known to Executive as a result of Executive’s access to customer lists, customer account information, or other business related information; or (y) that is a business entity or individual with whom Executive has contracted on behalf of the Company, the Bank or any of their Affiliates, performed services for, or negotiated with, during the two (2)-year period preceding such solicitation or contact; or
C.Solicit, or assist any other person or entity in soliciting, any employee or other service provider (or any individual who was an employee or other service provider during the two (2)-year period preceding such solicitation) of the Company, Bank, or any of their Affiliates to perform services for any entity (other than the Company, the Bank, or any of their Affiliates), or encourage any employee or other service provider of the Company, the Bank, or any of their Affiliates to leave their employment or service with the Company, the Bank, or any of their Affiliates.
e.In the event Executive breaches any of the provisions contained in this Section 7(c) and the Company, the Bank or any of their Affiliates seeks compliance with such provisions by judicial proceedings, the time period during which Executive is restricted by such provisions shall be extended by the time during which Executive has actually competed with the Company, the Bank or any of their Affiliates or been in violation of any such provision and any period of litigation required to enforce Executive’s obligations under this Agreement, provided that, in such cases, Executive is judicially determined to be in breach of the applicable provision.
f.Executive and the Company intend that this Section 7(c) of this Agreement be enforced as written. However, if one or more of the provisions contained in this Section 7(c) shall for any reason be held to be unenforceable because of the duration or scope of such provision or the area covered thereby, Executive and the Company agree that the court making such determination shall have the full power to reform, by “blue penciling” or any other means, the duration, scope and/or area of such provision and in its reformed form such provision shall then be enforceable and shall be binding on the parties.
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vii.Nondisparagement.  During the Employment Period and thereafter, Executive shall not make, either directly or by or through another person, any oral or written negative, disparaging or adverse statements or representations of or concerning the Company, the Bank or any of their Affiliates, any of their Customers or any of their current or former directors, officers or employees.
viii.Return of Property.  Executive acknowledges that all documents, records, files, lists, equipment, computer, software or other property (including intellectual property) relating to the businesses of the Company or any of its Affiliates, in whatever form (including electronic), and all copies thereof, that have been or are received or created by Executive while an employee of the Company or any of its Affiliates (including Confidential Information) are and shall remain the property of the Company, the Bank and their respective Affiliates, and Executive shall immediately return such property to the Company upon the Date of Termination and, in any event, at the Company’s request.  Executive further agrees that any property situated on the premises of, and owned by, the Company or any of its Affiliates, including disks and other storage media, filing cabinets or other work areas, is subject to inspection by the Company’s personnel at any time with or without notice.
ix.Remedies and Injunctive Relief.  Executive acknowledges that a violation by Executive of any of the covenants contained in this Section 7 would cause irreparable damage to the Company, the Bank and their respective Affiliates in an amount that would be material but not readily ascertainable, and that any remedy at law (including the payment of damages) would be inadequate. Accordingly, Executive agrees that, notwithstanding any provision of this Agreement to the contrary, in addition to any other damages it is able to show, in the event of a violation by Executive of any of the covenants contained in this Section 7, the Company, the Bank and their respective Affiliates shall be entitled (without the necessity of showing economic loss or other actual damage) to (i) cease payment of the compensation and benefits contemplated by Section 5 to the extent not previously paid or provided, (ii) the prompt return by Executive of any portion of such compensation and the value of such benefits previously paid or provided, other than with respect to an immaterial breach of the covenants that does not result in harm to the Company, the Bank or their respective Affiliates, and (iii) injunctive relief (including temporary restraining orders, preliminary injunctions and permanent injunctions), without posting a bond, in any court of competent jurisdiction for any actual or threatened breach of any of the covenants set forth in this Section 7 in addition to any other legal or equitable remedies it may have.  The preceding sentence shall not be construed as a waiver of the rights that the Company, the Bank and their respective Affiliates may have for damages under this Agreement or otherwise, and all such rights shall be unrestricted.  In the event that a court of competent jurisdiction determines that any provision of this Section 7 is invalid or more restrictive than permitted under the governing law of such jurisdiction, then, only as to enforcement of this Section 7 within the jurisdiction of such court, such provision shall be interpreted and enforced as if it provided for the maximum restriction permitted under such governing law. Notwithstanding the foregoing, the Company and the Bank hereby inform Executive that, notwithstanding any provision of this Agreement to the contrary, an individual may not be held criminally or civilly liable under any federal or state trade secret law for the disclosure of a trade secret that (A) is made in confidence to a federal, state, or local government official, either 
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directly or indirectly, or to an attorney, and solely for the purpose of reporting or investigating a suspected violation of law, or (B) is made in a complaint or other document that is filed under seal in a lawsuit or other proceeding.  Further, an individual who files a lawsuit for retaliation by an employer for reporting a suspected violation of law may disclose the employer’s trade secrets to the attorney and use the trade secret information in the court proceeding if the individual files any document containing the trade secret under seal and does not disclose the trade secret, except pursuant to court order.  In addition, notwithstanding anything in this Agreement to the contrary, nothing in this Agreement shall impair Executive’s rights under the whistleblower provisions of any applicable federal law or regulation or, for the avoidance of doubt, limit Executive’s right to receive an award for information provided to any government authority under such law or regulation.
x.Acknowledgements.
g.Executive acknowledges that the Company, the Bank and their respective Affiliates have expended and will continue to expend substantial amounts of time, money and effort to develop business strategies, employee, customer and other relationships and goodwill to build an effective organization. Executive acknowledges that the Company, the Bank and their respective Affiliates have a legitimate business interest in and right to protect its Confidential Information, goodwill and employee, customer and other relationships, and that the Company, the Bank and their respective Affiliates would be seriously damaged by the disclosure of Confidential Information and the loss or deterioration of its employee, customer and other relationships.  Executive further acknowledges that the Company, the Bank and their respective Affiliates are entitled to protect and preserve the going concern value of the Company, the Bank and their respective Affiliates to the extent permitted by law.
h.In light of the foregoing acknowledgments, Executive agrees that the covenants contained in this Agreement are reasonable and properly required for the adequate protection of the businesses and goodwill of the Company, the Bank and their respective Affiliates.  Executive further acknowledges that, although Executive’s compliance with the covenants contained in this Agreement may prevent Executive from earning a livelihood in a business similar to the business of the Company, the Bank and their respective Affiliates, Executive’s experience and capabilities are such that Executive has other opportunities to earn a livelihood and adequate means of support for Executive and Executive’s dependents.  Accordingly, Executive agrees not to challenge or contest the reasonableness, validity or enforceability of any limitations on, and obligations of, him contained in this Agreement.
xi.No Restrictions. Executive hereby warrants and represents that he is entering into this Agreement voluntarily and is not subject to any restrictive covenant or other agreement or contractual restriction that would prevent Executive from performing Executive’s obligations hereunder.  To the extent Executive is subject to confidentiality obligations to a former employer or any third party, Executive acknowledges and agrees that it is Executive’s responsibility to ensure that he complies with such obligations on a continuing basis.  Executive acknowledges that the Company and the Bank are relying upon Executive’s warranty, representation and acknowledgement in this Section 7(h) in entering into this Agreement and that, in the event of a 
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breach of this warranty and representation, the Company will have grounds to terminate Executive’s employment for Cause.  In the event of any claim against Executive by any third party arising out of a breach of this Section 7(h), Executive agrees to indemnify and hold the Company, the Bank and their Affiliates (and their directors, officers and employees) harmless from and against all costs, claims and damages arising from such third party’s claim.
8.Treatment of Certain Payments.
xii.Anything in this Agreement to the contrary notwithstanding, in the event the Accounting Firm (as defined below) shall determine that receipt of all Payments (as defined below) would subject Executive to the excise tax under Section 4999 of the Code, the Accounting Firm shall determine whether to reduce any of the Payments paid or payable pursuant to the Agreement (the “Agreement Payments”) so that the Parachute Value (as defined below) of all Payments, in the aggregate, equals the Safe Harbor Amount (as defined below).  The Agreement Payments shall be so reduced only if the Accounting Firm determines that Executive would have a greater Net After-Tax Receipt (as defined below) of aggregate Payments if the Agreement Payments were so reduced.  If the Accounting Firm determines that Executive would not have a greater Net After-Tax Receipt (as defined below) of aggregate Payments if the Agreement Payments were so reduced, Executive shall receive all Agreement Payments to which Executive is entitled hereunder.
xiii.If the Accounting Firm determines that aggregate Agreement Payments are either subject to the excise tax under Section 4999 of the Code or should be reduced so that the Parachute Value of all Payments, in the aggregate, equals the Safe Harbor Amount, the Company shall promptly give Executive advance notice to that effect and a copy of the detailed calculation thereof.  The Company also agrees to cooperate with Executive and Executive’s consultants and advisors during the course of the Accounting Firm’s determination process.  All determinations made by the Accounting Firm under this Section 8 shall be binding upon the Company, the Bank and their respective Affiliates and Executive and shall be made as soon as reasonably practicable and in no event later than fifteen (15) days following the Date of Termination.  For purposes of reducing the Agreement Payments so that the Parachute Value of all Payments, in the aggregate, equals the Safe Harbor Amount, only amounts payable under the Agreement (and no other Payments) shall be reduced.  The reduction of the amounts payable hereunder, if applicable, shall be made by reducing the payments and benefits under the following sections in the following order:  (i) cash payments that may not be valued under Treas. Reg. § 1.280G-1, Q&A-24(c) (“24(c)”), (ii) equity-based payments that may not be valued under 24(c), (iii) cash payments that may be valued under 24(c), (iv) equity-based payments that may be valued under 24(c) and (v) other types of benefits.  With respect to each category of the foregoing, such reduction shall occur first with respect to amounts that are not “deferred compensation” within the meaning of Section 409A of the Code and next with respect to payments that are deferred compensation, in each case, beginning with payments or benefits that are to be paid the farthest in time from the determination of the Accounting Firm.  All reasonable fees and expenses of the Accounting Firm shall be borne solely by the Company.
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xiv.To the extent requested by Executive, the Company shall cooperate with Executive in good faith in valuing, and the Accounting Firm shall take into account the value of, services provided or to be provided by Executive (including Executive’s agreeing to refrain from performing services pursuant to a covenant not to compete or similar covenant) before, on or after the date of a change in ownership or control of the Company (within the meaning of Q&A-2(b) of the final regulations under Section 280G of the Code), such that payments in respect of such services may be considered reasonable compensation within the meaning of Q&A-9 and Q&A-40 to Q&A-44 of the final regulations under Section 280G of the Code and/or exempt from the definition of the term “parachute payment” within the meaning of Q&A-2(a) of the final regulations under Section 280G of the Code in accordance with Q&A-5(a) of the final regulations under Section 280G of the Code.  The Company agrees, at its expense, to engage a reasonable third-party advisor (which may be the Accounting Firm) to assist the Company performing such a valuation of Executive’s post-employment covenants.  
xv.The following terms shall have the following meanings for purposes of this Section 8:
i.“Accounting Firm” shall mean a nationally recognized certified public accounting firm or other professional organization that is a certified public accounting firm recognized as an expert in determinations and calculations for purposes of Section 280G of the Code that is selected by the Company prior to a Change in Control for purposes of making the applicable determinations hereunder, which firm shall not, without Executive’s consent, be a firm serving as accountant or auditor for the Person effecting the Change in Control. 
j.“Net After-Tax Receipt” shall mean the present value (as determined in accordance with Sections 280G(b)(2)(A)(ii) and 280G(d)(4) of the Code) of a Payment net of all taxes imposed on Executive with respect thereto under Sections 1 and 4999 of the Code and under applicable state and local laws, determined by applying the highest marginal rate under Section 1 of the Code and under state and local laws which applied to Executive’s taxable income for the immediately preceding taxable year, or such other rate(s) as the Accounting Firm determines to be likely to apply to Executive in the relevant tax year(s).
k.“Parachute Value” of a Payment shall mean the present value as of the date of the change of control for purposes of Section 280G of the Code of the portion of such Payment that constitutes a “parachute payment” under Section 280G(b)(2) of the Code, as determined by the Accounting Firm for purposes of determining whether and to what extent the excise tax under Section 4999 of the Code will apply to such Payment.
l.“Payment” shall mean any payment or distribution in the nature of compensation (within the meaning of Section 280G(b)(2) of the Code) to or for the benefit of Executive, whether paid or payable pursuant to the Agreement or otherwise.
m.“Safe Harbor Amount” shall mean 2.99 times Executive’s “base amount,” within the meaning of Section 280G(b)(3) of the Code.
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9.Successors.  This Agreement is personal to Executive and without the prior written consent of the Company and the Bank, which consent may be withheld by the Company and the Bank in their sole discretion, shall not be assignable by Executive other than by will or the laws of descent and distribution.  This Agreement shall inure to the benefit of and be enforceable by Executive’s legal representatives.  This Agreement shall inure to the benefit of and be binding upon the Company and the Bank and their respective successors and assigns.  As used in this Agreement, “Company” and “Bank” shall mean the Company and the Bank as hereinbefore defined and any successor to their respective businesses and/or assets as aforesaid which assumes and agrees to perform this Agreement by operation of law, or otherwise.
10.Indemnification.  The Company and the Bank shall indemnify Executive and hold Executive harmless to the fullest extent permitted by the laws of the Commonwealth of Pennsylvania against and in respect of any and all actions, suits, proceedings, claims, demands, judgments, costs, expenses, losses, and damages resulting from Executive’s good faith performance of Executive’s duties and obligations with the Company, the Bank and their respective Affiliates.  The Company and the Bank shall cover Executive under directors’ and officers’ liability insurance both during and, while potential liability exists, after employment in the same amount and to the same extent as the Company and the Bank cover their other officers and directors.  These obligations shall survive the termination of Executive’s employment with the Company, the Bank and their respective Affiliates.
11.Miscellaneous.    Governing Law and Dispute Resolution.  This Agreement shall be governed by and construed in accordance with the laws of the Commonwealth of Pennsylvania, without reference to principles of conflict of laws.  The parties irrevocably submit to the jurisdiction of any state or federal court sitting in or for Indiana County, Pennsylvania with respect to any dispute arising out of or relating to this Agreement or the Release, and each party irrevocably agrees that all claims in respect of such dispute or proceeding shall be heard and determined in such courts.  The parties hereby irrevocably waive, to the fullest extent permitted by law, any objection that they may now or hereafter have to the venue of any dispute arising out of or relating to this Agreement or the transactions contemplated hereby brought in such court or any defense of inconvenient forum for the maintenance of such dispute or proceeding.  Each party agrees that a judgment in any such dispute may be enforced in other jurisdictions by suit on the judgment or in any other manner provided by law.  THE PARTIES HEREBY WAIVE A TRIAL BY JURY IN ANY ACTION, PROCEEDING, CLAIM OR COUNTERCLAIM BROUGHT OR ASSERTED BY EITHER OF THE PARTIES HERETO AGAINST THE OTHER ON ANY MATTERS WHATSOEVER ARISING OUT OF OR IN ANY WAY RELATED TO THIS AGREEMENT.
xvi.Notices.  All notices and other communications hereunder shall be in writing and shall be given by hand delivery to the other party or by registered or certified mail, return receipt requested, postage prepaid, addressed as follows:
If to Executive:  To the most recent address on file with the Company.
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If to the Company or to the Bank:

800 Philadelphia Street
Indiana, Pennsylvania  15701
Attention:  General Counsel 

or to such other address as either party shall have furnished to the other in writing in accordance herewith.  Notice and communications shall be effective when actually received by the addressee.
xvii.Acknowledgements.  Prior to execution of this Agreement, Executive was advised by the Company and the Bank of Executive’s right to seek independent advice from an attorney of Executive’s own selection and at Executive’s own expense regarding this Agreement. Executive acknowledges that he has entered into this Agreement knowingly and voluntarily and with full knowledge and understanding of the provisions of this Agreement after being given the opportunity to consult with counsel. Executive further represents that, in entering into this Agreement, Executive is not relying on any statements or representations made by any of the directors, officers, employees or agents of the Company or the Bank that are not expressly set forth herein, and that Executive is relying only upon Executive’s own judgment and any advice provided by Executive’s attorney.
xviii.Cooperation.  Executive agrees that upon the request of the Company, the Bank or their Affiliates following Executive’s termination of employment, Executive shall use reasonable efforts to assist and cooperate with the Company, the Bank and their Affiliates in connection with the defense or prosecution of any claim that may be made against or by the Company, the Bank or their Affiliates, or in connection with any ongoing or future investigation or dispute or claim of any kind involving the Company, the Bank or their Affiliates, including any proceedings before any arbitral, administrative, regulatory, judicial, legislative or other body or agency.  Executive shall be eligible for to reimbursement for any reasonable out-of-pocket expenses (including travel expenses) incurred in connection with providing such assistance, as well as the payment to Executive of reasonable consulting expenses to the extent such services exceed forty (40) hours in aggregate time.
xix.Invalidity.  If any term or provision of this Agreement or the application thereof to any person or circumstance shall to any extent be invalid or unenforceable, the remainder of this Agreement or the application of such term or provision to persons or circumstances other than those to which it is invalid or unenforceable shall not be affected thereby, and each term and provision of this Agreement shall be valid and be enforced to the fullest extent permitted by law.
xx.Survivability.  The provisions of this Agreement that by their terms call for performance subsequent to the termination of either Executive’s employment or this Agreement (including the terms of Sections 5, 7 and 10) shall so survive such termination.
xxi.Section Headings; Construction. The section headings used in this Agreement are included solely for convenience and shall not affect, or be used in connection with, the 
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interpretation hereof.  For purposes of this Agreement, the term “including” shall mean “including, without limitation.”
xxii.Counterparts.  This Agreement may be executed in several counterparts, each of which shall be deemed to be an original but all of which together shall constitute one and the same instrument.
xxiii.Tax Withholding.  The Company may withhold from any amounts payable under this Agreement such Federal, state, local or foreign taxes as shall be required to be withheld pursuant to any applicable law or regulation.
xxiv.Section 409A.
n.General.  It is intended that payments and benefits made or provided under this Agreement shall not result in penalty taxes or accelerated taxation pursuant to Section 409A of the Code.  Any payments that qualify for the “short-term deferral” exception, the separation pay exception or another exception under Section 409A of the Code shall be paid under the applicable exception.  For purposes of the limitations on nonqualified deferred compensation under Section 409A of the Code, each payment of compensation under this Agreement shall be treated as a separate payment of compensation.  All payments to be made upon a termination of employment under this Agreement may only be made upon a “separation from service” under Section 409A of the Code to the extent necessary in order to avoid the imposition of penalty taxes on Executive pursuant to Section 409A of the Code.  In no event may Executive, directly or indirectly, designate the calendar year of any payment under this Agreement, and to the extent required by Section 409A of the Code, any payment that may be paid in more than one taxable year (depending on the time that Executive executes the Release) shall be paid in the later taxable year.
o.Reimbursements and In-Kind Benefits.  Notwithstanding anything to the contrary in this Agreement, all reimbursements and in-kind benefits provided under this Agreement that are subject to Section 409A of the Code shall be made in accordance with the requirements of Section 409A of the Code, including, where applicable, the requirement that (A) any reimbursement is for expenses incurred during Executive’s lifetime (or during a shorter period of time specified in this Agreement); (B) the amount of expenses eligible for reimbursement, or in-kind benefits provided, during a calendar year may not affect the expenses eligible for reimbursement, or in-kind benefits to be provided, in any other calendar year; (C) the reimbursement of an eligible expense will be made no later than the last day of the calendar year following the year in which the expense is incurred; and (D) the right to reimbursement or in-kind benefits is not subject to liquidation or exchange for another benefit.
p.Delay of Payments.  Notwithstanding any other provision of this Agreement to the contrary, if Executive is considered a “specified employee” for purposes of Section 409A of the Code (as determined in accordance with the methodology established by the Company, the Bank and their respective Affiliates as in effect on the Termination Date), any payment that constitutes nonqualified deferred compensation within the meaning of Section 409A of the Code that is otherwise due to Executive under this Agreement during the six-month 
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period immediately following Executive’s separation from service (as determined in accordance with Section 409A of the Code) on account of Executive’s separation from service shall be accumulated and paid to Executive on the first business day of the seventh month following Executive’s separation from service (the “Delayed Payment Date”), to the extent necessary to prevent the imposition of tax penalties on Executive under Section 409A of the Code.  If Executive dies during the postponement period, the amounts and entitlements delayed on account of Section 409A of the Code shall be paid to the personal representative of Executive’s estate on the first to occur of the Delayed Payment Date or 30 calendar days after the date of Executive’s death.
xxv.Amendments.  No provision of this Agreement shall be modified or amended except by an instrument in writing duly executed by the parties hereto.  No custom, act, payment, favor or indulgence shall grant any additional right to Executive or be deemed a waiver by the Company or the Bank of any of Executive’s obligations hereunder or release Executive therefrom or impose any additional obligation upon the Company or the Bank.  No waiver by any party of any breach by the other party of any term or provision hereof shall be deemed to be an assent or waiver by any party to or of any succeeding breach of the same or any other term or provision.  
xxvi.Background Check.  Executive’s employment with the Company and the Bank pursuant to this Agreement shall be contingent on Executive’s successful completion of a background and reference check.  For the avoidance of doubt, in the event Executive does not successfully complete the background and reference check, the Effective Date shall not occur and this Agreement shall be null and void ab initio.
xxvii.Entire Agreement.  This Agreement constitutes the entire agreement of the parties hereto in respect of the terms and conditions of Executive’s employment with the Company, the Bank and their respective Affiliates, including Executive’s severance entitlements, and, as of the Effective Date, supersedes and cancels in their entirety all prior understandings, agreements and commitments, whether written or oral, relating to the terms and conditions of employment between Executive, on the one hand, and the Company, the Bank or their Affiliates, on the other hand, including, for the avoidance of doubt, the Severance Agreement between Executive and the Company, dated May 17, 2019 and the Confidentiality, Trade Secrets, Non-Solicitation and Severance Agreement between Executive and the Company and the Bank, dated October 14, 2020.  For the avoidance of doubt, this Agreement does not supersede the award agreements governing Executive’s equity award agreements with the Company, including the restricted stock award agreement dated October 12, 2020, which shall remain in full force and effect in accordance with their terms.
[Signature page follows]
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IN WITNESS WHEREOF, Executive has hereunto set Executive’s hand, and each of the Company and the Bank, pursuant to the authorization from their respective boards of directors, has caused these presents to be executed in its name on its behalf, all as of the date first above written.
			
	/s/ David G. Antolik
	David G. Antolik
	

S&T BANCORP, INC.
						
	By:	/s/ Christine J. Toretti
		Christine J. Toretti 
		Chair of the Board and Director

S&T BANK
						
	By:	/s/ Christine J. Toretti
		Christine J. Toretti 
		Chair of the Board and DirectorExhibit 10.1

 

Certain information (as indicated by [***]) has been excluded from
this Exhibit 10.1 pursuant to Item 601(b)(10)(iv) of Regulation S-K because such information is both (1) not material and (2) the type
of information that the Registrant treats as private and confidential.

 

MASTER PURCHASE AGREEMENT

主供销合同

 

THIS MASTER PURCHASE AGREEMENT
(the “Agreement”) is made as of March 19, 2021 (the “Effective Date”) by and between
Electric Last Mile, Inc., a Delaware Corporation, with its principle place of business in Michigan, USA (“Buyer”), and
Liuzhou Wuling Automobile Industry Co., Ltd., a China company located in Wuling Building, No. 18 Hexi Road, Liuzhou City, Guangxi
, China (the “Supplier”). Buyer and Supplier may be referred to herein individually as a “Party”
and collectively as the “Parties”.

 

本主供销合同(以下简称“合同”)由Electric
Last Mile, Inc.,一家美国特拉华州的股份有限公司,其主要经营地在美国密西根州(简称“采购方”)和柳州五菱汽车工业有限公司,一家坐落于中国广西柳州市河西路18号五菱大厦的公司(以下简称“供货方”)于2021年3月19日签订(以下简称“生效日”)。采购方和供货方将被各自指代为“一方”或共同指代为“各方”。

 

WHEREAS, Supplier manufactures
and/or sells electric vehicle parts, modules, design and engineering solutions (“Products”); and

 

鉴于,供货方生产和/或销售电动汽车零件、单元、设计和工程解决方案(简称“产品”);且

 

WHEREAS, Buyer desires
to purchase from Supplier, and Supplier desires to sell to Buyer, the Products on the terms and conditions set forth in this Agreement.

 

鉴于,采购方希望从供货方采购产品,且供货方希望销售给采购方产品,双方购销参照本合同的条款条件。

 

NOW, THEREFORE, and
in consideration of the provisions of this Agreement, the Parties agree as follows:

 

因此,考虑到合同的条款,各方达成以下一致:

 

1. 
Definitions. The following terms shall have their indicated meanings:

 

定义。以下条款对应的意思为:

 

1.1. “Affiliate”
means an entity controlled by, or under common control with, a Party.

 

“关联方”的意思是由一方控制的单位,或一方与他方共同控制的单位。

 

1.2. “Buyer’s
Facility” means Buyer’s assembly facility in the U.S.A., or other address as Buyer may designate by notice to Supplier
pursuant to any Individual Contract

 

“采购方场所”的意思是采购方在美国的总装厂,或由采购方通知供货方依据单独的合同所指示的。

 

     

     

    

 

1.3. “Buyer’s
Products” shall mean the Goods and services sold by Buyer which may incorporate the Products.

 

“采购方产品”的意思是集成到采购方商品和服务中的产品。

 

1.4. “Customer”
means the distributor, initial end user, or any other organizational user or reseller of Buyer’s Products in the chain of distribution
to the individual end user.

 

“客户”的意思是分销商,初始终端用户,或产品采购方通过分销链将产品传递到个人终端用户的其他机构用户或再销售商。

 

1.5. “Goods”
means all products, kits, parts, accessories and other materials, including, without limitation, as listed on Exhibit A attached
hereto (which may be amended by the Parties from time to time), which may be purchased by Buyer from Supplier under the terms of this
Agreement and any Individual Contracts.

 

“商品”的意思是所有产品、零件、元件、附件和其他材料,包括但不限于在后附的《附件A》中所列(可由各方随时修订),可以由采购方从供货方在合同条款和任何独立合同的约定下采购。

 

1.6. “Individual Contract”
means the contract between Buyer and Supplier arising from Supplier’s acceptance or performance of a Purchase Order, and it shall
consist of this Agreement and the Purchase Order.

 

“独立合同”的意思是因供应商接受或履行采购订单而在采购方和供货方之间形成的合同,该合同应当包括本合同和采购订单。

 

1.7. “Territory”
means North America and territory consent by both Parties in writing.

 

“区域”指北美以及双方书面同意的其他区域。

 

1.8. “Purchase Order”
means the valid written purchase order (including Buyer’s general terms and conditions of purchase) issued by Buyer for Goods.

 

“采购订单”的意思是由采购方签发的采购货物的有效书面订单(包括采购方的通用采购条款条件)。

 

1.9. “Specifications”
means drawings, written designs and/or other specifications which may be provided by Buyer to Supplier directly or by an Affiliate or
representative of Buyer under this Agreement or in or with respect to any Individual Contract from time to time.

 

“规格”的意思是图纸、书面设计和/或其他可能由采购方和供货方直接提供或由关联方或采购方代表在本合同约定或依照任何独立合同随时提供的工程设计。

 

    2

     

    

 

2. 
Sale and Purchase of Goods.

 

商品的销售和采购

 

2.1. Purchase and Sale.
Supplier shall manufacture, package, ship, and sell to Buyer, and Buyer shall purchase and take delivery from Supplier, the Goods in such
quantities and at such times as are specified in any Individual Contracts, pursuant to the terms and conditions set forth in this Agreement.

 

采购和销售。供货方应当生产、包装、寄送和销售给采购方,且采购方应当遵照本合同列明的条款条件购买并从供货方按照独立合同商品数量取得交付。

 

2.2. Purchase Orders/Individual
Contracts. If Buyer desires to enter into an Individual Contract with Supplier for the purchase of particular Goods, Buyer shall issue
a Purchase Order to Supplier stating the terms of the proposed Individual Contract, and it is deemed accepted by supplier unless PO is
rejected in writing within 48 hours.

 

采购订单/独立合同。如果采购方希望与供货方为采购特定商品订立独立合同,采购方应当签发一个写明提议独立合同条款的采购订单给供货方。如果供货方未能在48小时内以书面、邮件形式拒绝,将被视为此订单已被接受。

 

2.3. Exclusivity. Buyer
shall have the exclusive right, to (a) in the Territory market, distribute and sell all Goods in the product segments set forth on
Exhibit C attached hereto, and (b) manufacture, assemble, market, distribute and sell Buyer’s Products incorporating
such Goods.

 

排他性。采购方应当拥有以下排他性权利:(a)
在区域内市场营销、分拨和销售《附件C》中产品栏列明的所有商品,和(b)生产、组装、市场营销、分拨和销售集成了以上产品的采购方的产品。

 

3. 
Delivery; Title; Taxes. 交付;所有权;税收。

 

3.1. Delivery; Title.
Supplier shall ship the Goods to such locations and in such quantity as Buyer shall specify in any Individual Contract. Unless otherwise
specified in the applicable Individual Contract, all shipments shall be FOB China Port (“Delivery Facility”). All Goods
sold by Supplier to Buyer hereunder shall be delivered to Buyer in accordance with the delivery schedule specified in the applicable Individual
Contract.

 

交付;所有权。供货方应当依独立合同的规定寄送符合质量的商品到指定地点。除非在独立合同中另有说明,所有寄送商品应当依照FOB中国港口(简称“交付场所”)。下述所有由供货方向采购方销售的商品应当遵照在适当的独立合同中指定的交付日程表交付给采购方。

 

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3.2. Packaging. Supplier
shall supply at its expense: (a) the boxes or other packaging for individual units; and (b) the shipping containers, boxes or other materials
to be used to ship the Products.

 

包装。供货方应当自行承担如下开销:(a)单个产品的包装箱或其他包装;和(b)寄送的集装箱,箱子或其他用于寄送产品的材料。

 

3.3. Transportation, Shipping,
Taxes, Duties and Other Charges. Unless otherwise agreed to in writing by the Parties, Seller and Buyer shall be responsible to freight
and fees according to the respective obligations under INCOTERM FOB.

 

运输、寄送、税收、关税和其他收费。除非各方以书面方式同意,供货方和采购方各自负责国际贸易条款FOB项下的对应费用。

 

4. 
Price; Payment Terms.

 

价格;支付条款。

 

4.1. Price. The initial
purchase price of the Goods initially ordered (pursuant to orders placed prior to the date of this Agreement or under Individual Contract(s)
under this Agreement) shall be as set forth in Exhibit D attached hereto or, with respect to new categories of Goods or jointly
developed products, as determined by mutual agreement of Buyer and Supplier prior to entering into the first Individual Contract for such
Goods or jointly developed products.

 

价格。初次采购初次订购商品(按照本合同签订之前已下订单或依本合同下的独立合同)价格应当在本合同所附《附件D》中列明。其后,商品采购价格应当在此合同附件《附件D》中列明,或按照新的商品目录或共同开发产品,这将由达成第一个为该等商品或共同开发产品的独立合同之前由双方同意确定。

 

4.2. Invoices, Terms of Payment.
Invoices setting forth the quantity of Goods and the purchase price therefore shall be forwarded to Buyer at the time of shipment of the
Goods hereunder. Payment terms shall be in accordance with policy of China Export Credit Insurance or Irrevocable Sight Letter of Credit,
20% shall be prepaid by T/T wire transfer, and the balance of 80% of each Purchase Order Payment shall be made to the Supplier address
specified hereafter. (1) Payment term for the initial 1000 units is Net 30 days; for units after the 1000 initial units, the payment term
shall be Net 90 days. Payment term date shall start from the date of issuance of the respective bill of lading or equivalent shipping
documents. Payment shall be made to the address designated by Supplier in the applicable invoices.

 

发票、条款和付款。发票列明商品数量和购买价格并应当在本合同提及的寄送时间转发至采购方。供货方和采购方以中国出口信用保险或以即期不可撤销信用证为基础,付款条款应当为订单金额20%以TT方式支付预付金,80%余款按下列方式付清。(1)起始实际销量在1000台以内给予30天的账期;后续的大于1000台给予90天的账期。计算日期以提单日期为起算日期。付款应当付至在适用发票上指定的供货方地址。

 

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5. 
Receipt and Inspection. 收货与检验。

 

5.1. Inspection. All
Goods shall be received subject to Buyer’s inspection at Supplier’s facility or at a seaport in China, in accordance with
an acceptance testing procedure to be agreed, in good faith, by the Parties, at Supplier’s facility or at a seaport in China within
7 business days after each delivery (the “Inspection Period”), and may be rejected by Buyer at any time prior to the
expiration of the Inspection Period if any Goods are defective, damaged or otherwise non-conforming to the Specification, other terms
of the Individual Contract, or the terms of Supplier’s warranties. Buyer’s inspection of, or failure to inspect, Goods pursuant
to this Section shall not affect Supplier’s warranties hereunder or limit the availability of Buyer’s remedies or Supplier’s
indemnities hereunder.

 

检验。所有商品应当以采购方在供货方场所或中国港口检验为收货条件,依据双方在诚信的基础上同意的接收检测程序,检验须在每次交付7个工作日内(以下简称“检验期”)在供货方场所或中国港口进行,且如果任何商品有缺陷,损坏或存在其他与规格、独立合同其他条款或供货商保障条款不符的问题,采购方可以在检验期期限内任何时间拒绝收货。采购方是否依照本节所述检验或不检验商品不应影响供货方对本合同的产品保障或限制采购方据此获得赔偿的能力,也不应限制供货方据此进行赔偿的责任。

 

5.2. Rejection. If Goods
are rejected due to defect or damage, Supplier shall replace each unit of rejected Goods with a new unit of Goods, and ship such new units
of Goods to Buyer by such method as is necessary to assure delivery by the time reasonably specified by Buyer, all at Supplier’s
cost and expense.

 

拒绝。如果商品因为缺陷或损坏供货方应当用新商品替换每件被拒绝的商品,并将新商品以采购方指定的合理必要且能保证按时交付的运输方式寄送给采购方,所有成本和费用均由供货方承担。

 

6. 
Specifications and Documentation. 规格和文档

 

6.1. Compliance with Specifications.
The Goods shall be designed, manufactured and supplied in accordance with the Specifications, standards procedures and other terms and
conditions as set forth in an Individual Contract and this Agreement. Supplier shall make no change in the Specifications unless such
proposed changes are communicated to Buyer and Buyer agrees to such changes in writing.

 

遵照规格。商品应当遵照规格、标准程序和其他在独立合同和本合同中列明的条款条件设计、制造和供货。供货方除非与采购方沟通并得到采购方对变更的书面同意,否则不得对规格作出任何变更。

 

6.2. Approval and Provision
of Drawings. At Buyer’s request, Supplier shall, for Goods defined in this Agreement, prepare and use mutually agreed reasonable
drawings, bills of material, specifications and/or any other similar documents prepared in accordance with the Specifications, and shall
furnish them to Buyer for approval by Buyer. At Buyer’s request, Supplier shall supply to Buyer manufacturing drawings and/or specifications
of such drawings, specifications and/or other similar documents. See Section 9 of this Agreement regarding terms of Intellectual Property
rights.

 

批准和提供图纸。在采购方的要求下,供货方应当以合同定义的商品,准备和使用双方认为合理的图纸、材料清单,规格和/或任何其他类似文件,且应当将这些文件交给采购方批准。其知识产权的规定见本协议第9条的规定。

 

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6.3. General Manufacturing
Obligations. Supplier shall manufacture and supply the Goods in accordance with this Agreement and individual Purchase Orders, test
and evaluate Goods in accordance with procedures mutually agreed between Buyer and Supplier, and deliver the Goods to Buyer, together
with information and data regarding the results of such testing and evaluation by Supplier for Buyer’s evaluation and confirmation
in accordance with the Specifications.

 

一般生产责任。供货方应当生产和供应与本合同及独立订单相符的商品,遵照采购方和供货方双方同意的程序测试和评估商品,并依照测试和评估的结果由供货方将商品连同信息和数据交付给采购方供其依据规格评估和确认。

 

6.4. Required Documentation.
Supplier shall provide Buyer with all necessary documentation requested by Buyer, including, but not limited to specs, certifications,
and shipping documents.

 

所需文件。供货方应当向采购方提供所有采购方要求的必要的文件,包括但不限于产品参数,认证文件及运输文件。

 

6.5. Program Management Teams.
Supplier shall appoint and maintain, on Supplier’s expense, at least personnel of: a) Business personnel (marketing, legal, financial,
etc.), b) Manufacturing engineering personnel, c) Product engineering personnel, d) Supply chain personnel, and e) After service personnel
(collectively “Program Management Teams”). Such Program Management Teams shall be responsible for all communications between
the parties and any approvals required hereunder. The Program Management Teams shall undertake work orders from the Parties, including
all engineering releases and engineering change requests.

 

项目管理团队。
供货方应出资组建以下一个项目管理团队至少包括:
a)商务(营销,法务,财务等),b)
制造工艺工程,c)产品工程,d)供应链,
和e) 售后等人员( 统称为“项目管理团队”)。
项目管理团队应负责双方之间的所有沟通以及获取本协议要求的任何批准。
项目管理团队应承担来自双方的工作指令,包括所有工程信息和工程变更请求。

 

7. 
Delay. 延误

 

7.1. Force Majeure. Neither
Party to this Agreement shall be liable to the other Party for any loss, injury, delay, damages or other casualty suffered or incurred
by such other Party due to strikes, lockouts, riots, storms, fires, earthquakes, floods, epidemics, explosions, acts of God, government
action, war, hostilities, blockade, embargo, riot, insurrection, or any other similar cause or circumstance which is beyond the reasonable
control of such Party. Any such failure or delay by either Party in the performance of any obligations under this Agreement due to one
or more of the foregoing causes shall not be considered to be a breach of this Agreement. Any such failure or delay under this Section
which lasts longer than 60 days shall be grounds for either Party to terminate this Agreement. No Party shall be liable for any breach
of the terms and conditions of the Agreement, caused by wars, public hostilities, public disorders, acts of public enemies, fires, floods,
acts of God, and prohibitions or restrictions by law and government regulations, except to the extent the Party fails to mitigate the
effects of such causes. The existence of such excusable delay shall be determined by both
parties. The limitation of liability shall not affect both parties’ right to terminate.

 

不可抗力。本协议的任何一方不应因为罢工、工厂封锁停工、暴乱、风暴、火灾、地震、水灾、传染病、爆炸、天灾、政府行为、战争、敌对行动、封锁、禁运、骚乱、暴动或其他类似超出该方合理控制范围之外的原因或情况而遭受的损失、伤害、延误、损毁或其他事故而对另一方承担任何责任。任何一方因一项或多项以上原因出现任何此类不履行或延误履行本合同项下的任何义务均不被视为违反本合同的约定。本节所述任何该等不履行或延迟履行如持续超过60日,则任何一方都可以依此终止本合同。任何一方均不对因战争、公共敌对行为、公共骚乱、公共地对事件、火灾、水灾、天灾、法律和政府法规禁止过限制的事项承担对本合同条款条件违约的责任,除非该方本能减小该等原因所造成的影响而未采取有效措施。须由双方决定该等可谅解的延迟原因是否存在。对责任的限制减轻不得影响双方的终止权。

 

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7.2. Notice of Force Majeure.
If Supplier discovers any fact which leads it to believe that there may be a delay for any reason whatsoever (including an excusable delay),
Supplier shall immediately advise Buyer of such fact and use its best efforts in taking all measures and precautions to reduce the effect
of such delay upon Buyer and Customer.

 

不可抗力的通知。如果供货方发现任何事实导致其相信有可能会出现任何延迟原因(包括可谅解的延迟),供货方应当立即告知采购方该事实,并尽其最大努力采取一切措施和预防手段以减少该等延迟可能对采购方和客户造成的影响。

 

8. 
Notification of Significant Events. Supplier shall notify Buyer of the occurrence of, or Supplier’s reasonable
anticipation of the occurrence of, any of the following events: (a) transfer of business, merger, change of control, or other significant
alterations in the operation of Supplier’s business; (b) changes to Supplier’s form of entity, jurisdiction under which it
has been formed, name, chief executive or chief operating officers, manufacturing location, or other significant organizational changes;
or (c) any event resulting in termination or giving a right to terminate this Agreement or Individual Contracts.

 

重大事件的通知。供货方应当通知采购方以下任何事件的发生或供货方合理预见以下任何时间将会发生:(a)
业务转让、合并、公司控制权变更,或供货方业务运营的其他重大改变;(b)
供货商的组织形式变更,其成立所在的司法管辖区、名称、首席执行官或首席运营官变更,制造地点或其他重要的机构变更;或(c)导致终止或有权终止本合同或独立合同的任何事件。

 

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9. 
Intellectual Property Rights. 知识产权。

 

9.1. Ownership of Intellectual
Property. The intellectual property rights (including but not limited to invention patents, utility models, and appearance designs,
which relate to the completed vehicle unit) before the kick-off of this project still belong to the Supplier. During the development of
this project, for the parts jointly developed by both Parties, the corresponding intellectual property rights shall be shared by both
Parties; for parts independently developed by the Supplier, the relevant intellectual property rights shall be owned by the Supplier;
for parts independently developed by the Purchaser, the relevant intellectual property rights shall be owned by the Purchaser; however,
if the development is carried out on the basis of the data, models and other information provided by the Supplier, the intellectual property
rights shall be jointly owned by the Parties; the two Parties shall subsequently signed a corresponding intellectual property agreement
of joint ownership.

 

知识产权所有权。本项目执行前属于供货方所有的知识产权(包括但不限于与整车相关的发明专利、实用新型、外观设计等)仍归属于供货方。本项目执行过程中,针对双方共同开发的部件,相应知识产权由双方共有;由供货方单独开发的部件,相关知识产权由供货方所有;由采购方单独开发的部件,相关知识产权归采购方所有,但在供货方提供的数据、模型等信息的基础上进行开发的,知识产权归双方共有,双方后续签订对应知识产权共有协议。

 

9.2. License.  Regarding
the intellectual property rights solely owned by one Party, if the other Party (or a third party) request to be licensed, a separate written
agreement shall be executed by the Parties; for the intellectual property rights jointly owned by both Parties, neither Party may transfer
or license to a third party without written consent from the other Party.

 

授权。
针对一方单独享有的知识产权,如需授权许可对方(或第三方)使用的,另行签署书面协议进行确认;针对双方共有的知识产权,未经另一方书面同意,任一方不得擅自向第三方转让或许可第三方使用。

 

10. 
Warranties. 保证。

 

10.1. Product Warranties.
Supplier warrants that all Goods delivered hereunder: (a) shall be without defect; (b) shall comply with Specifications; (c) shall comply,
and shall, with respect to such Goods, enable Buyer’s Products to comply, with related laws, orders, regulations or standards, which
the Buyer requested to comply, applicable to the Goods delivered hereunder; (d) shall be manufactured with reference to the quality assurance
standards set forth in this Agreement; (e) shall be merchantable and fit for particular purpose(s) required by Buyer and/or Customer;
and (f) shall be free of claims or liens..

 

产品保证。供货方保证本合同项下的全部商品交付:(a)
应当无缺陷;(b) 应符合规格;(c)
应符合、也应使采购方能符合适用于商品交付的采购方要求的相关法律、命令、规章或标准;(d)
应参照本合同规定的质量保证标准制造;(e)
应适销且适合采购方和/或顾客要求的特定用途;且(f)
应当无索赔、留置权负担于商品之上。

 

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10.2. Remedies for Breach
of Warranty. If Supplier breaches the warranty of the delivered Products, Buyer shall notify Supplier immediately for mitigation,
and to take various reasonable technical and commercial measures within its capabilities to minimize the direct or indirect losses
of the Buyer and its related parties. When a litigation occurs in the U.S. market, the Buyer will represent and cut the litigation risk
off at the Buyer. The supplier does not directly participate in litigation but shall to assist the Buyer in resolving litigation disputes
and provide corresponding evidence. Remedial measures include return, processing, repair, sorting, inspection, replacement of defective
goods or monetary compensation.

 

违反保证条款的补救措施。供货方交付的商品若违反产品保证条款,采购方应尽快通知供货方协商补救措施,并在其能力范围内采取各种合理的技术和商业措施将采购方及其关联方的直接或间接损失降至最低。当美国市场发生法律诉讼争议时,由采购方出面解决,把诉讼风险截止于采购方。供货方不直接参与法律诉讼争议,但需协助采购方解决诉讼争议问题并提供相应的证据支持。补救措施包括退货、处理、维修、整理、检查,换缺陷商品或赔偿。

 

11. 
Indemnification. Supplier will indemnify, defend, and hold Buyer harmless from direct losses caused by Supplier’s
breach of warranties, and such losses shall be confirm by the Supplier of reasonableness.
Including reimbursement of direct costs (including labor costs) incurred by the Buyer and/or Customer due to the Supplier’s breach
of the warranties, and such costs shall be confirmed by the Supplier of reasonableness, but not limited to: (a) costs and expenses incurred
due to return, processing, repair, finishing, inspection or replacement of any Goods that are subsequently defective or that failed to
meet the Supplier’s warranties (Such as labor, materials, management fees, freight, tally fees, storage fees, etc. ); (b) costs and expenses
incurred by the customer’s warranty claim; (c) the Buyer’s cost caused by the defect or non-conformity of the product; (d)
damage or costs for personal injury or property damage caused by the product; (e) infringements on intellectual property rights, trade
secrets and other third-party property rights of the Goods provided by Supplier; (f) casualties and direct property damage caused by Supplier’s
failure to comply with the warranties, (g) any Product design defects; or (h) Supplier breaches warranties under this contract, or fails
to comply with the standards or specifications stipulated in this agreement or related independent contracts. Provided that if a qualified
inspection agency determines that such damage was caused by Buyer’s negligence or intentional mismanagement during the process of
handling, warehousing, and distribution preparation, Supplier shall not be liable to Buyer. Provided that if the Buyer’s damage, which
is determined by a qualified review agency, was caused by the Buyer’s negligence or deliberate mismanagement in the process of tallying,
warehousing, distribution preparation, etc., the Supplier shall not be liable for the Buyer; The maximum damage claim shall be no more
than the total amount of sales between the two parties between execution of this Agreement and the date damage occurred.

 

赔偿。供货方应当补偿因为供货方违反产品保证条款造成采购方直接损失,该损失需经供货方确认合理性的。包括偿还因为供货方违反保证并经供货方确认合理性后的造成采购方和/或客户损失或由采购方和/或顾客发生的直接成本(包括人工费用),但不限于:(a)
因退货、处理、维修、整理、检查或替换任何后来产生缺陷的或不能达到供货商保证条款的商品而发生的成本(如劳动力、材料、管理费用、运费、理货费、仓储费等);(b)
客户保修索赔所发生的成本;(c)
因商品缺陷或不符而造成的采购方的成本;
(d) 因商品直接或造成的人身伤害或财产损失的索赔所产生的损害或成本;(e)
供货方提供的商品侵犯了知识产权、商业秘密和其他第三方财产权;(f)
供货方因未能遵守产品保证而导致的人员伤亡及直接财产损害,(g)
任何产品设计的缺陷;或(h)
供货方违反本合同项下的保证或未能遵守本协议或相关的独立合同所规定标准或规格。但前提是,采购方的损害由合格的审理机构认定是因采购方在理货、仓储、分销准备等过程中的过失或故意管理不善造成,则该供货方不应为采购方承担责任;补偿的上限为双方从合同签订之日起到赔偿发生之日所发生的销售总额。

 

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12. 
Confidentiality. 保密。

 

Supplier and Buyer promise
to each other that all documents and materials (including trade secrets, company plans, operational activities, financial information,
technical information, etc.) that belong to the other party and learned during the process of discussing, signing, and implementing this
contract and cannot be obtained from public sources, shall be kept confidential. Without consent of the original provider of the materials
and documents, the other party shall not disclose all or part of the trade secret to any third party. Exceptions apply only by laws and
regulations or agreed by both parties. None of the information provided by Customers shall be used to engage in any activities related
to guarantee or harmful to the interests of Customers.

 

The confidentiality obligation
between the Parties shall be active from the effective date of this Agreement and shall be surviving five years from the date of the expiration
of this Agreement. This confidentiality obligation will not be released due to the suspension, termination, or cancellation of this Agreement.

 

If either Party fails to comply
and breaches with the confidentiality clause and causes a leak of confidential information, the other Party is entitled to damages and
relief in accordance with the relevant laws; the breaching Party shall be liable for breach of this Agreement.

 

保密信息。供货方和采购方保证对在讨论、签订、执行本合同过程中所获悉的属于对方的且无法自公开渠道获得的文件及资料(包括商业秘密、公司计划、运营活动、财务信息、技术信息、经营信息及其它商业或企业秘密)予以保密。未经该资料和文件的原提供方同意,另一方不得向任何第三方泄露该商业秘密的全部或部分内容。但法律、法规另有规定或双方另有约定的除外。不得利用客户提供的信息从事任何与担保业务或有损于客户利益的活动。

 

供货方和采购方之间的保密义务自本合同生效之日起形成,直至本协议履行完毕之日起五年内有效。不因本合同的中止、终止、解除而解除。

 

供货方和采购方任何一方如未能遵守该保密条款,有违反保密规定行为而造成泄密的,双方均可依据有关规定追究对方的责任;违反本合同的约定,由违约方承担责任。

 

    10

     

    

 

13. 
Term. This Agreement shall be effective commencing on the Effective Date and shall continue in effect for five (5) Years;
provided, however, that this Agreement shall be automatically extended for additional one-year terms unless a Party gives written
notice to the other Party of intention not to extend, not later than 180
days prior to the expiration of the initial term or any extended term of this Agreement.

 

有效期。本合同应当自生效日起生效且持续有效5
年;前提是除非一方最迟在本合同初次到期日前第180日以书面告知另一方不再续约的愿望,本合同将自动延期一年。

 

14. 
Termination.终止。

 

14.1. Convenience. Either
Party may terminate upon 180 days prior written notice of
termination to Supplier, subject to any remaining obligations under any Individual Contract or invoice.

 

任意终止条款。双方可以选择在在终止前180天向供货方发出书面终止通知,列明任何独立合同或发票的任何剩余的义务。

 

14.2. Breach. Buyer or
Supplier, as applicable, may terminate this Agreement and/or any Individual Contract immediately upon written notice of termination to
the other upon the occurrence of any of the following events:

 

违约责任。发生以下任何事件时,如适用,采购方或供货方,可立即书面通知对方终止本合同和/或任何独立合同:

 

(a)      
Breach of any term of this Agreement or an Individual Contract; provided that if the breach is for nonpayment, non-delivery, the
terminating Party shall give the defaulting Party 30 days’ prior written notice of such breach and termination shall occur only
if the defaulting Party has not cured such breach within such 30 day period. Breach of an Individual Contract is not grounds for terminating
a different Individual Contract or this Agreement.

 

违反本合同的任何条款或独立合同;但前提是,如果违约是因为未付款、未供货,终止方应给予违约方30天的事先书面通知,而终止仅在违约方未在30天期间内修正该违约行为。违反的独立合同不是终止另外一个独立合同或本合同的理由。

 

(b)      
Cancellation or suspension of business of the other Party by competent authorities legally.

 

合法的取消或暂时吊销另一方的经营资格。

 

    11

     

    

 

(c)      
The other Party becomes insolvent or makes a general assignment for the benefit of creditors, or a petition in bankruptcy shall
be filed by or against the other Party, or any proceeding shall be instituted by or against the other Party for any relief under any bankruptcy
or insolvency laws or any laws relating to the relief of debtors, readjustment of indebtedness, reorganization, compositions or extensions
or a receiver shall be appointed of the other Party’s property or assets, which shall remain undischarged or uncured for 30 days.

 

另一方无力偿债或向债权人全面转让利益,或一方自己提出破产或对另一方的破产提出呈请,或应由另一方或针对另一方提起关于破产的任何救济的诉讼或无力偿债法律或应收账款,调整债务,重组,组成或扩展或接收的救灾有关的任何法律,应委任另一方的财产或资产,在此情形下应为30天仍未能清偿或未能纠正。

 

(d)      
Action taken by the other Party to dissolve and/or liquidate, to merge or consolidate with another corporation resulting in a change
of control of such other Party, or to sell or lease a substantial part of its assets to a third Party.

 

另一方采取的行动解散和/或清算,与另一公司兼并或合并导致该另一方的控制权改变,或者向第三方出售或出租其资产的相当一部分。

 

15. 
Governing Law. This Agreement shall be governed by and construed under the laws of CHINA without regard to its conflicts
of laws principles that would require the application of the laws of any other jurisdiction. “The Convention on the International
Sale of Goods ”shall not apply. Except as otherwise provided in this Agreement, any claims and disputes arising under or relating
to this Agreement are to be settled by binding arbitration at Hong Kong International Arbitration Center (HKIAC). The arbitration shall
be conducted on a confidential basis pursuant to the HKIAC Rules. Any decision or award as a result of any such arbitration proceeding
shall be in writing and shall provide an explanation for all conclusions of law and fact and shall include the assessment of costs, expenses,
and reasonable attorneys’ fees. Any such arbitration shall be conducted by an arbitrator experienced in international supply chain dispute
and shall include a written record of the arbitration hearing. An award of such arbitration is final, non-appealable, and may be confirmed
in a court of competent jurisdiction.

 

参照法律。本协议应受中国法律法规的约束,并应根据中国法律进行解释,不考虑法律冲突原则要求的其他司法管辖区的法律。《国际货物销售公约》不适用。除非本协议另有规定,否则任何与本协议相关或与之相关的纠纷均应在香港国际仲裁中心进行具有约束力的仲裁。仲裁将根据HKIAC规则在保密的基础上进行。做出的任何决定或裁定均应采用书面形式,应为所有法律和事实提供解释,并应包括对成本、费用和合理的律师费的评估。任何此类仲裁均应由具有国际供应链争议经验的仲裁员进行,并应包括仲裁听证的书面记录。该仲裁的裁决是终局裁决,不能上诉,并可以取得辖区法院的确认。(

 

    12

     

    

 

16. 
Notices. All notices and other communications required or permitted by this Agreement shall be in writing and will be
effective, and any applicable time period shall commence, when (a) delivered to the following address by hand or by a nationally recognized
overnight courier service (costs prepaid) addressed to the following address or (b) transmitted electronically to the following facsimile
numbers or e-mail addresses, in each case marked to the attention of the Person (by name or title) designated below (or to such other
address, facsimile number, e-mail address, or Person as a Party may designate by notice to the other Parties):

 

通知。所有通知和其他本合同要求或允许的沟通应当以书面方式进行且应为有效的,且任何使用的时间段应当起始于(a)人工或以国家认可的隔夜快递服务(预付费)送达至以下地址或(b)电子传送至以下传真号码或电子邮件地址,在这几种情况下按照以下指定(或一方可以通知另一方发送到指定的地址、传真、电子邮件或个人)注明收件人(姓名和头衔)。

 

If to Buyer, to:

如发送给采购方,发至:

 

[ELM]

Attention: General Counsel’s Office

1055 West Square Lake, Troy, MI 48098, U. S.A

 

with a copy (which shall not constitute notice) to:

发送副本(并不构成通知)至:

 

Butzel Long

Attention: Quan Yang, Esq.

150 West Jefferson, Suite 100

Detroit, MI 48226

E-mail address: yang@butzel.com

If to Supplier, to:

如发送给供货方,发至:

 

[柳州五菱汽车工业有限公司
Liuzhou Wuling Automobile Industry Co., Ltd]

Attention: Mr. Anson Ma 马安森
先生

[Address]:广西柳州市河西路18号五菱大厦

Wuling Building, No. 18 Hexi Road,
Liuzhou City, Guangxi, China

E-mail address: maansen@wuling.com.cn

 

with a copy (which shall not constitute notice) to:

发送副本(并不构成通知)至:

Attention: Blues Pi 皮志坚

[Address]:Room 2#-203, Lane 199, Mincheng Road,
Shanghai, 201199

E-mail address: blues_pi@163.com

 

17. 
Entire Agreement. This Agreement with exhibits hereto (if any) and other documents specifically adopted herein
by reference (which hereby form a part of this Agreement), and any Individual Contracts entered into, constitute the entire agreement
among the Parties and supersede all other prior oral or written agreements, understandings, representations and warranties and courses
of conduct and dealing between the Parties on the subject matter hereof.

 

完整合同。本合同、后附附件(如果有附加)和其他文件特别于此采用供参考(构成此合同的一部分),且任何已达成的独立合同构成各方之间的完整合同并取代各方之间之前就此问题达成的所有口头或书面合同、谅解、表述和保证以及一系列的行为和处理。

 

    13

     

    

 

18. 
Amendment. This Agreement may be amended or modified only by a writing executed by all of the Parties.

 

修订。本合同仅可以通过所有各方书面签署后作出变更或修订。

 

19. 
Counterparts. This Agreement may be executed in one or more counterparts, each of which will be deemed to be an original
of this Agreement and all of which, when taken together, will be deemed to constitute one and the same agreement.

 

副本。本合同应当签署一个或多个副本,每一份都被视为本合同的原件,且所有副本共同被视为相同的同一合同。

 

20. 
Languages. This Agreement is written in both English and Simplified Chinese, and both language shall be interpreted
consistently. In the event there is any conflict or inconsistency between the two languages, English shall have higher priority, with
due respect to the interpretation of Chinese language.

 

语言。本合同以英文和简体中文书写。两种语言具同等效力,如两种文字存在冲突或不一致时英语在尊重中文含义的前提下将具有优先解释。

 

[Remainder of Page Intentionally Left Blank]

 

    14

     

    

 

IN WITNESS WHEREOF, the Parties
have caused this Agreement to be executed by their duly authorized representatives as of the date first above written.

 

兹鉴证,各方已经由其授权代表于开头所示日期签署此合同。

 

	BUYER 采购方:	 	SUPPLIER 供货方:
	 	 	 
	[Electric Last Mile, Inc.]	 	[Liuzhou Wuling Automobile Industry Co., Ltd]
	 	 	柳州五菱汽车工业有限公司
	 	 	 
	By:	/s/ James Taylor	 	By:	/s/ Yong Rong Liu
	Name:	 	 	Name:	 
	Title:	CEO	 	Title:	 

 

[SIGNATURE PAGE TO MASTER SUPPLY AGREEMENT]

 

     

     

    

 

EXHIBIT A

附件
A

 

Goods

商品

 

[List]

 

 

 

G100 (EV50)

 

	Lenth mm	4490
	Width mm	1610
	Height mm	1900
	Wheelbase mm	3050
	Cargo Size mm	2622*1457*1340
	Gross Weight kg	2510
	Curb Weight kg	1430
	Battery Capacity (kWh)	41.86
	Peak Power( kW)	60
	Motor cooling	Water cooling
	Front Suspension	McPherson 
	Rear Suspension	Leaf 
	Steering	power
	ABS	standard
	Parking Sensor	Radar 

 

[EXHIBIT A TO MASTER SUPPLY AGREEMENT]

 

     

     

    

 

EXHIBIT A

附件
A

 

 

 

G100 (EV50
Refrigorateor)

 

	Lenth mm	4490
	Width mm	1610
	Height mm	2050
	Wheelbase mm	3050
	Cargo Size mm	2170*1280*1060
	Gross Weight kg	2900
	Curb Weight kg	1670
	Battery Capacity (kWh)	41.86 CATL
	Peak Power( kW)	60
	Motor cooling	Water cooling
	Front Suspension	McPherson
	Rear Suspension	Leaf
	Steering	Power
	ABS	Standard
	Parking Sensor	radar

 

[EXHIBIT A TO MASTER SUPPLY AGREEMENT]

 

     

     

    

 

EXHIBIT B

附件
B

 

N/A

 

[EXHIBIT B TO MASTER SUPPLY AGREEMENT]

 

     

     

    

 

EXHIBIT C

附件
C

 

Exclusive Product Segments

独家产品部分

 

[See Exhibit A]

 

[EXHIBIT C TO MASTER SUPPLY AGREEMENT]

 

     

     

    

 

EXHIBIT D

附件
D

 

Price List

价格表

 

INITIAL PRICING:参考价格:

 

	Initial Goods	 	Quantity数量	 	Initial Price Per Unit (U.S. $)
	
    EV50 整车
    Vehicle Assembly Unit (“VAU”)

    
	 	10000	 	[***]
	EV50 VAU excluding battery pack 整车除电池包	 	10000	 	[***]
	Rear Axle Assembly including motor and inverter 后桥总成含Motor 电机和inverter(100KW)	 	10000	 	[***]

 

	Initial Goods	 	Quantity数量	 	Initial Price Per Unit (U.S. $)
	
    EV50 VAU 整车
	 	30000	 	[***]
	EV50 VAU excluding battery pack 整车除电池包	 	30000	 	[***]
	Rear Axle Assembly including motor and inverter 后桥总成含Motor 电机和inverter(100KW)	 	30000	 	[***]

 

	Initial Goods	 	Quantity数量	 	Initial Price Per Unit (U.S. $)
	
    EV50 VAU 整车
	 	>60000	 	[***]
	EV50 VAU excluding battery pack 整车除电池包	 	>60000	 	[***]
	Rear Axle Assembly including motor and inverter 后桥总成含Motor 电机和inverter(100KW)	 	>60000	 	[***]

 

Remarks 备注:
1. The above price is calculated according to the 1 USD = 6.5 RMB, The price changes according to the fluctuation of foreign exchange
rate.

以上价格按美元汇率6.5核算,价格根据外汇牌价波动而适当变动。

2. The above prices will be adjusted according to the price fluctuation
in China in the future.

以上价格根据未来中国物价波动情况,双方协商后调整。

 

	Initial Goods	 	Quantity	 	Initial Price Per Unit (U.S. $)
	
    Parts and components for EV50 VAU
整车台套散件
	 	30000	 	[***]
	Parts and components for EV50 VAU 整车台套散件除电池包	 	30000	 	[***]
	Rear Axle Assembly including motor and inverter 后桥总成含Motor 电机和inverter (100KW)	 	30000	 	[***]

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00330-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00330-of-00352.parquet"}]]