Document:

Exhibit 10.1

 

Avalon GloboCare Corp.

 

4400 Route 9 South, Suite 3100

 

Freehold, New Jersey 07728

 

July 5, 2018

 

William Stilley

 

Letter of Appointment – Board of Directors

 

Dear Mr. Stilley:

 

We are pleased to offer you the role as
a director of the Board of Directors (the “Board”) of Avalon GloboCare Corp. (the “Company”). In addition,
we expect to appoint you as Chairman of the Audit Committee (the “Committee”) upon formation. This letter contains
the terms of your appointment as a director of the Board of Directors of the Company and as Chairman of the Committee upon formation.
This letter will be effective from the date of the signing of this letter.

 

		1.	Your
Duties: 

 

		a)	You will be expected to attend all meetings (either in person or by teleconference) of the Board
of the Company and the Committee, of which we expect to hold approximately four per annum for the Board and Committee as well as
sign all written consents if you deem appropriate. In addition, you will be expected to perform such other duties as are reasonably
contemplated by your holding office as a director of the Company, member of the Committee or which may reasonably be assigned to
you by the Board from time to time.

 

		b)	As a director and member of the Committee you will:

 

		i)	Perform to the best of your abilities and knowledge the duties reasonably assigned to you by the
Board and the Committee from time to time, whether during or outside business hours and at such places as the Board reasonably
requires;

 

		ii)	Use all reasonable efforts to promote the interests of the Company;

 

		iii)	Attend directors’ meetings and committee meetings;

 

		iv)	Act in the best interests of the Company; and

 

		v)	Work closely with the Board of Directors and the Chief Executive Officer.

 

		c)	As you will appreciate, however, your time commitment will ultimately be a product of the matters
confronting the Company from time to time and matters properly requiring your attention as a director of the Company.

 

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		2.	Remuneration:

 

On January 1 of each year, the Company
shall grant you options to purchase 40,000 shares of the Company’s common stock on an annual basis at exercise price equal
to the closing price on December 31st. The options will vest 25% at the beginning of each quarter and have a term of five years.
As your service as a director will commence on the date set forth above, the option for this year shall be pro-rated. As a result,
for 2018, you shall receive a stock option to acquire 20,000 shares of common stock at an exercise price of $2.30 per share for
a term of five years vesting immediately with respect to 10,000 shares of common stock and 10,000 shares of common stock vesting
October 1, 2018.

 

In addition, you will receive $7,500 per
quarter for serving as Chairman of the Committee commencing upon formation.

 

		3.	Expenses: Subject to you providing the
Company with receipts or other evidence of payment, the Company will pay for or reimburse you for all travelling, hotel and other
expenses reasonably incurred by you in connection with attending and returning from Board, Committee, Company, meetings or otherwise
in connection with the Company’s business. Reasonable travel and out of pocket expenses used in connection with the business of
the Group shall include: 

 

		a)	Cell phone bills;

 

		b)	Domestic and international travel (economy class under 4 hours and business class over 4 hours);
and

 

		c)	Hotel accommodation.

 

		4.	Termination of Appointment: 

 

		a)	Your appointment as the Director may be terminated at any time by the vote of the stockholders
of the Company in accordance with the certificate of incorporation and bylaws of the Company.

 

		b)	You acknowledge and agree that if the shareholders of the Company terminate your appointment, you
will have no claim of any kind against the Company by reason of the termination.

 

		c)	You are at liberty to terminate the appointment at any time by notice in writing to the Company.

 

		5.	What happens after termination of appointment? 

 

 

If
your appointment is terminated for any reason or you resign for any reason:

 

		a)	You will retain you vested options until the earlier of when you exercise them or the expiration
of their five year term;

 

		b)	You must return all the Company’s property (including property leased by the Company) to the Company
on termination including all written or machine readable material, software, computers, credit cards, keys and vehicles; and

 

		c)	You must not record any confidential information in any form after termination.

 

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		6.	Prohibited Activities: 

 

		a)	You undertake to the Company that you will not during the term of your appointment engage in a
business or an activity that would place you in a position of conflict in respect of the performance of your duties.

 

		b)	The terms of your appointment do not restrict you from accepting appointment as a director
of any other company subject to the limitation below, providing consulting services or any other business or other activity whatsoever.
However, prior to accepting a Board position with a company in the cell based therapeutic or diagnostic industries, you will need
to obtain written approval from the Chairman of the Board of Directors, such approval not to be unreasonably withheld. The Company
acknowledges and accepts your current roles as a director. You recognize that the services to be performed by you under the Agreement
are special, unique and extraordinary. The parties confirm that it is reasonably necessary for the protection of the Company’s
goodwill that you agree, and accordingly, you do hereby agree and covenant, that during your term as director, you will not, directly
or indirectly, except for the benefit of the Company:

 

		i.	become an officer, director, more than 2% stockholder, partner, associate, employee, owner, proprietor,
agent, creditor, independent contractor, co-venturer or otherwise, or be interested in or associated with any other corporation,
firm or business engaged in the same or any similar business competitive with that of the Company (including the Company’s present
and future subsidiaries and affiliates) (the “Business”); or

 

		ii.	solicit, cause or authorize, directly or indirectly, to be solicited for or on behalf of himself
or third parties from parties who were customers of the Company (including its present and future subsidiaries and affiliates)
at any time during your term, any business similar to the business transacted by the Company with such customer; or

 

		iii.	accept or cause or authorize, directly or indirectly, to be accepted for or on behalf of your or
third parties, business from any such customers of the Company (including its present and future subsidiaries and affiliates);
or

 

		iv.	solicit, or cause or authorize, directly or indirectly, to be solicited for employment for or on
behalf of you or third parties, any persons who were at any time during your term hereunder, employees of the Company (including
its present and future subsidiaries and affiliates); or

 

		v.	employ or cause or authorize, directly or indirectly, to be employed for or on behalf of yourself
or third parties, any such employees of the Company (including its present and future subsidiaries and affiliates); or

 

		vi.	use the tradenames, trademarks, or trade dress of any of the products of the Company (including
its present and future subsidiaries and affiliates); or any substantially similar tradename, trademark or trade dress likely to
cause, or having the effect of causing, confusion in the minds of manufacturers, customers, suppliers and retail outlets and the
public generally.

 

You acknowledge the intention that
the Company shall have the broadest possible protection of the value of its business consistent with public policy, and it will
not violate the intent of the parties if any court should determine that, consistent with established precedent of the forum state,
the public policy of such state requires a more limited restriction in geographical area or duration of the aforesaid covenant
not to compete, contained in an appropriate decree.

 

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		c)	Except as permitted in this Agreement or as approved by the Company,
you will not (i) use any Confidential Information (as defined below) or (ii) disseminate or in any way disclose the Confidential
Information to any person, firm, business or governmental agency or department. You may use the Confidential Information to perform
your Duties for the benefit of Company. You shall treat all Confidential Information with the same degree of care as you accord
to your own confidential information, but in no case shall you use less than reasonable care. You shall immediately give notice
to Company of any unauthorized use or disclosure of the Confidential Information. You shall assist Company in remedying any the
unauthorized use or disclosure of the Confidential Information. You agree not to communicate any information to Company in violation
of the proprietary rights of any third party.

 

“Confidential
Information” means (a) any technical and non-technical information related to the Company’s business and current, future
and proposed products and services of Company, including for example and without limitation, Company innovations, intellectual
property, and information concerning research, development, design details and specifications, financial information, procurement
requirements, engineering and manufacturing information, customer lists, business forecasts, sales information, marketing plans
and business plans, and provided, in each case, that each is marked as “confidential” or “proprietary”
and (b) any information that Company has received from others that may be made known to you and that Company is obligated to treat
as confidential or proprietary, and provided, in each case, that each is marked as “confidential” or “proprietary”.

 

		7.	Notices and Other Communications: 

 

		a)	Service of Notices 

 

A notice, demand, consent, approval or communication under this letter (collectively a “Notice”) must be:

 

		i)	In writing and in English directed to the address advised by the recipient for notices, as varied
by any notice; and

 

		ii)	Hand delivered or sent by prepaid post or facsimile to that address.

 

		b)	Effective on Receipt: A Notice given in accordance with section 7a takes effect when received (or
at a later time specified in the Notice), and is taken to be received:

 

		i)	If hand delivered, on delivery;

 

		ii)	If sent by prepaid post, two Business Days after the date of posting (or seven Business Days after
the date of posting if posted to or from outside The United States of America);

 

		iii)	If sent by facsimile, when the sender’s facsimile system generates a message confirming successful
transmission of the entire Notice unless, within eight Business Hours after the transmission, the recipient informs the sender
that it has not received the entire Notice;

 

but if the delivery, receipt or transmission is not on a Business Day or is after 5.00pm on a Business Day, the Notice is taken
to be received at 9.00am on the Business Day after that delivery, receipt or transmission.

 

		8.	Miscellaneous

 

		a)	Alterations: This letter may be altered only in writing signed by each party.

 

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		b)	Approvals and consents: Except where this letter expressly states otherwise, a party may, in its
discretion, give conditionally or unconditionally or withhold any approval or consent under this letter.

 

		c)	Assignment: This letter may NOT be assigned by either party.

 

		d)	Costs: Each party must pay its own costs of negotiating, preparing and executing this letter.

 

		e)	Survival: Any indemnity in this letter is independent and survives termination of this letter.
Any other provision by its nature intended to survive termination of this letter survives termination of this letter.

 

		f)	Counterparts: This letter may be executed in counterparts. All executed counterparts constitute
one document.

 

		g)	No Merger: The rights and obligations of the parties under this letter do not merge on completion
of any transaction contemplated by this letter.

 

		h)	Entire Agreement: This letter constitutes the entire agreement between the parties in connection
with its subject matter and supersedes all previous agreements or understandings between the parties in connection with its subject
matter.

 

		i)	Further Action: Each party must do, at its own expense, everything reasonably necessary (including
executing documents) to give full effect to this letter and the transactions contemplated by it.

 

		j)	Waiver: A party does not waive a right, power or remedy if it fails to exercise or delays in exercising
the right, power or remedy. A single or partial exercise of a right, power or remedy does not prevent another or further exercise
of that or another right, power or remedy. A waiver of a right, power or remedy must be in writing and signed by the party giving
the waiver.

 

		k)	Relationship: Except where this letter expressly states otherwise, it does not create a relationship
of employment, agency or partnership between the parties.

 

		l)	Confidentiality: A party may only use the confidential information of another party for the purposes
of this letter, and must keep the existence of this letter and the terms of it and the confidential information of another party
confidential information except where:

 

		i)	The information is public knowledge (but not because of a breach of this letter) or the party has
independently created the information; or

 

		ii)	Disclosure is required by law or a regulatory body (including a relevant stock exchange).

 

		m)	Announcements: A public announcement in connection with this letter or a transaction contemplated
by it must be agreed by the parties before it is made, except if required by law or a regulatory body (including a relevant stock
exchange).

 

		9.	Insurance: The Company has directors’
and officers’ liability insurance under which you are covered in the US and elsewhere for all usual risks during the term of your
appointment as the Director. The Company will maintain that cover for the full term of your appointment and for a period of one
year following termination of your employment. 

 

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		10.	Contract for Services: This is a contract
for services and is not a contract of employment. 

 

		11.	Governing Law: This Agreement shall be
governed by the laws of the State of Delaware (without giving effect to choice of law principles or rules thereof that would cause
the application of the laws of any jurisdiction other than the State of Delaware) and the invalidity or unenforceability of any
provision hereof shall in no way affect the validity or enforceability of any other provision. Any provision of this Agreement
which is prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective only to the extent of such
prohibition or unenforceability without invalidating or affecting the remaining provisions hereof, and any such prohibition or
unenforceability in any jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction. 

 

Please sign the attached copy of this letter
to indicate that you have read, understood and accept the terms of your appointment.

 

Yours Sincerely,

 

Avalon GloboCare Corp.

 

By:/s/ David Jin

 

Name: David Jin

 

Title: CEO

 

Agreed to and accepted by: 

/s/ William Stilley

William Stilley

 

    6ex_117409.htm

Exhibit 10.1

 

SEPARATION AGREEMENT AND GENERAL RELEASE of claims

 

FactSet Research Systems Inc. (“the Company”) and I, Maurizio Nicolelli (“Employee”), have entered into this Separation Agreement and General Release of Claims (“Agreement”) to settle all known and unknown claims I might have against Company and all related parties. Except to the extent governed by federal law, this Agreement shall be governed by the statutes and common law of Connecticut, excluding any that mandate the use of another jurisdiction’s laws.

 

The Company and I agree as follows:

 

Section 1 -- Benefits

 

(a)     In General: The Company promises that I will receive the benefits set forth in this section that are conditioned on my execution of this Agreement. I understand and agree that I am not otherwise entitled to receive the benefits provided to me under this Agreement. I understand that I may revoke this Agreement within 7 days after I sign it, in which case I will not receive the amounts or benefits that are being paid to me under it, and this Agreement will never go into effect.

 

(b)     Salary Continuation: Whether I sign this Agreement or not, I will continue to receive my regular pay, less all applicable federal, state and local taxes and withholdings, for the period from now through the effective date of my termination on December 31, 2018 (“Termination Date”). During this period, I will remain on active payroll and retain all salary, compensation and employment benefits that I previously enjoyed, including Company medical benefits. Prior to my Termination Date, I may be required to relinquish my title of Chief Financial Officer. Until such time, I will be required to report to work at the Company as usual, and will be required to perform regular work assignments. Following the relinquishment of such title but prior to my Termination Date, I may be requested by the Company to assist in reasonable transition efforts.

 

(c)     Bonus Payment: Whether I sign this Agreement or not, I will be eligible to participate in the Company’s annual bonus program. My annual target bonus amount is $550,000 for fiscal year 2018, though the actual amount may differ. My bonus will be paid when all other corporate bonuses are paid in October 2018, less all applicable federal, state and local taxes and withholdings.     

 

(d)     Separation Payment: In exchange for signing this Agreement, I will receive a lump sum separation payment of $483,333.00 (Four Hundred Eighty-Three Thousand Three Hundred Thirty-Three Dollars and Zero Cents), less all applicable federal, state and local taxes and withholdings. Payment will be made on the date of the first scheduled payroll after January 1, 2019, but not later than January 31, 2019.

 

 

 

 

(e)     Equity Awards: The Company will accelerate the vesting of the following outstanding equity awards such that the shares subject to such awards as specified here shall be deemed vested and exercisable as of the Termination Date, subject to the standard terms of the Company’s option agreement:

 

	 	
			i.

				
			the accelerated vesting of 2,655 options granted on November 3, 2014;

			

 

	 	
			ii.

				
			the accelerated vesting of 1,275 options granted on November 2, 2015;

			

 

	 	
			iii.

				
			the accelerated vesting of 1,775 options granted on November 1, 2016;

			

 

	 	
			iv.

				
			the accelerated vesting of 5,324 options granted on November 1, 2016; and

			

 

	 	
			v.

				
			the accelerated vesting of 1,553 options granted on November 2, 2017.

			

 

(f)    Compensation and Benefit Programs: I waive coverage and benefits under all Company disability programs, but this Agreement does not affect my eligibility for other Company stock option, bonus, incentive compensation, commission, medical, dental, life insurance, retirement and other compensation or benefit plans of the Company or any affiliate. Whether I sign this Agreement or not, I understand that my rights and continued participation in those plans will be governed by their existing terms. After my Termination Date, the Company shall make monthly premium payments of $2,541.51 to be made on my behalf for continuation of health coverage under the Consolidated Omnibus Budget Reconciliation Act of 1986, as amended (COBRA) through December 31, 2019, totaling $30,498.12. Thereafter, I may be able to purchase continued health plan coverage under the normal COBRA health care continuation rules. I understand and acknowledge that it is my responsibility to enroll in COBRA coverage if I elect to do so, and I shall be responsible for all premium payments.

 

Payments made under this Agreement will not be included in my compensation for purposes of calculating the benefits to which I am entitled under any employee benefit program, notwithstanding anything in it to the contrary.

 

(g)     Outplacement Assistance: I will receive outplacement assistance services provided by a vendor selected by the Company to the extent I utilize such services within one year following the Termination Date and to the extent the cost does not exceed $25,000.

 

Section 2 -- Complete General Release of Claims

 

The following releases are made as of the date of this Agreement, and as of my Termination Date:

 

 

 

 

(a)     Claims Released: Except for the claims identified in Section 2(b), I irrevocably and unconditionally release (i.e., give up) all known and unknown claims, promises, causes of action, or similar rights of any type that I currently may have (“Claims”) with respect to any Released Party listed in Section 2(c). I understand that I am not releasing future rights or claims, meaning rights or claims that arise after my Termination Date. I understand that the Claims I am releasing might arise under many different foreign, domestic, national, state, or local laws (including statutes, regulations, other administrative guidance, and common law doctrines), such as the following:

 

Anti-discrimination statutes, such as Title VII of the Civil Rights Act of 1964, Sections 1981 and 1983 of the Civil Rights Act of 1866, and Executive Order 11,246, which prohibit discrimination based on race, color, national origin, religion, or sex; the Age Discrimination in Employment Act (“ADEA”) and Executive Order 11,141, which prohibit age discrimination in employment; the Equal Pay Act, which prohibits paying men and women unequal pay for equal work; the Americans With Disabilities Act (“ADA”) and Sections 503 and 504 of the Rehabilitation Act of 1973, which prohibit discrimination based on disability; the Genetic Information Nondiscrimination Act of 2008 (“GINA”), which prohibits discrimination based on genetic information; and any other federal, state, or local laws prohibiting discrimination in employment based on a protected category, such as actual or perceived race, religion, color, national origin, ancestry, physical or mental disability, medical condition, genetic information, marital status, sex, sexual orientation, or association with a person who has, or is perceived to have, any of those characteristics.

 

Federal employment statutes, such as the Worker Adjustment and Retraining Notification Act (“WARN Act”), which requires that advance notice be given of certain work force reductions; the Employee Retirement Income Security Act of 1974 (“ERISA”), which, among other things, protects employee benefits; and any other federal laws relating to employment, such as veterans’ reemployment rights laws.

 

Other laws, such as any federal, state, or local laws mandating leaves of absence, restricting an employer’s right to terminate employees, or otherwise regulating employment; any federal, state, or local law enforcing express or implied employment contracts or requiring an employer to deal with employees fairly or in good faith; any other federal, state, or local laws providing recourse for alleged wrongful discharge, tort, physical or personal injury, emotional distress, fraud, negligent misrepresentation, defamation, and similar or related claims; any other law relating to salary, commission, compensation, benefits, and other matters; and family and medical leave laws.

 

Examples of released Claims include, but are not limited to the following (except to the extent explicitly preserved by Section 1 or 2(b) of this Agreement): (i) Claims that in any way relate to or arose during my employment with the Company, or the termination of that employment, such as Claims for compensation, bonuses, commissions, lost wages, or unused accrued vacation or sick pay; (ii) Claims that in any way relate to the design or administration of any employee benefit program; (iii) Claims that I have irrevocable or vested rights to severance or similar benefits or to post-employment health or group insurance benefits; (iv) any Claims to attorneys’ fees or other indemnities (such as under the Civil Rights Attorneys’ Fees Act), with respect to Claims I am releasing; or (v) claims under the Connecticut Human Rights and Opportunities Law, the Connecticut Family and Medical Leave Law, the Connecticut Age Discrimination and Employee Insurance Benefits Law, and the Connecticut Smokers’ Rights Law.

 

 

 

 

If, despite this Agreement, I sue or bring an arbitration action asserting any Claim that I have released, I will be liable to the Released Party (as defined below) for its attorneys’ fees, other defense costs, and any other damages that my suit or arbitration causes, except those attributable to ADEA claims. I promise not to accept any relief or remedies not set forth in this Agreement as to any Claim I have released by signing it.

 

(b)     Claims Not Released: This Agreement does not release any claims that the law does not permit me to release. Nothing herein affects my rights to indemnification, reimbursement for business expenses incurred through the Termination Date in accordance with Company policy, payment for accrued but unused vacation in accordance with Company policy, and vested benefits under the Company’s 401(k) plan, subject to the terms of such plan.

 

(c)     Released Parties: The Released Parties are the Company, all current and former parents, subsidiaries, related companies, partnerships, or joint ventures, and, with respect to each of them, their predecessors and successors; and, with respect to each such entity, all of its past, present, and future employees, officers, directors, stockholders, owners, representatives, assigns, attorneys, agents, insurers, employee benefit programs (and the trustees, administrators, fiduciaries, and insurers of such programs), and any other persons acting by, through, under or in concert with any of the persons or entities listed in this subsection, and their successors.

 

Section 3 -- Promises

 

(a)     Employment Termination: I agree that my employment with the Company and its affiliates has ended or is ending as of my Termination Date, and that I am accepting payments and benefits under this Agreement in lieu of any such other rights or benefits to which I possibly could be or become entitled. I have not been told that the Company or any Released Party will rehire me.

 

(b)     Resignation of All Other Positions: Upon relinquishment of my role as Chief Financial Officer, I agree to resign from all positions that I hold as an officer or member of the Board (or a committee thereof) of the Company or any of its affiliates.

 

(c)     Company Property and Debts: On or before my Termination Date, I will return to the Company all files, memoranda, documents, records, copies of the foregoing, Company-provided credit cards, keys, building passes, security passes, access or identification cards, devices and equipment belonging to the Company (including computers, laptops, tablets, smart phones, handheld electronic devices, telephone equipment, and other electronic devices, including PDAs), and any other property of the Company or any Released Party in my possession or control, other than my car and specific mutually approved devices, all with the Company’s consent. The Company will promptly transfer the title of the car to me. I have cooperated with the Company and will cooperate with the Company regarding the proper handling of any digital property of the Company that may be retained in mobile phone or related digital storage devices, media or accounts. As of my Termination Date, I will have cleared all expense accounts, repaid everything I owe to the Company or any Released Party, paid all amounts I owe on Company-provided credit cards or accounts (such as mobile or smart phone accounts), and canceled or personally assumed any such credit cards or accounts.

 

 

 

 

(d)     Taxes: I am responsible for paying any taxes on amounts I receive because I signed this Agreement. I agree that the Company is to withhold all taxes it determines it is legally required to withhold. I agree not to make any claim against the Company or any other person based on how the Company reports amounts paid under this Agreement to tax authorities.

 

(e)     Ownership of Claims: I have not assigned or transferred any Claim I am purporting to release, nor have I attempted to do so.

 

(f)     Communication with Government Agency; Immunity: This Agreement does not preclude me from filing an administrative charge or otherwise communicating with any federal, state or local government office, official or agency. I promise never to seek or accept any damages, remedies or other relief for myself personally with respect to any Claim released by Paragraph 2(a) of this Agreement. Nothing in this Agreement is designed to interfere with, restrain, restrict, or prevent communications protected by state or federal law, including as protected by (a) Section 7 of the National Labor Relations Act of 1935 (“NLRA”) (or court order), regarding wages, hours, or other terms and conditions of employment or (b) Exchange Act Rule 21F-17, addressing communications (including by my attorney) with, or testimony before, the SEC, FINRA, or other regulatory authority regarding possible securities law violations. Furthermore, nothing in this Agreement prohibits me from communicating with or reporting possible violations of law or regulation to any federal, state, or local governmental office, official, agency, or entity.  Notwithstanding my confidentiality obligations set forth in this Agreement, I understand that, pursuant to the Defend Trade Secrets Act of 2016, I will not be held criminally or civilly liable under any U.S. Federal or State trade secret law for the disclosure of a trade secret that: (A) is made (i) in confidence to a Federal, State, or local government official, either directly or indirectly, or to an attorney; and (ii) solely for the purpose of reporting or investigating a suspected violation of law; or (B) is made in a complaint or other document filed in a lawsuit or other proceeding, if such filing is made under seal. I also understand that if I file a lawsuit for retaliation by the Company for reporting a suspected violation of law, I may disclose the trade secret to my attorney and use the trade secret information in the court proceeding, if I (A) file any document containing the trade secret under seal; and (B) do not disclose the trade secret, except pursuant to court order.  I understand that if a disclosure of trade secrets was not done in good faith pursuant to the above, then I may be subject to liability, including, without limitation, punitive damages and attorneys’ fees.

 

(g)     Mutual Agreement Not to Disparage or Harm: Subject to Section 3(f), I agree not to criticize, denigrate, or disparage any Released Party and, in particular, not to criticize, denigrate, or disparage any current or former employee of the Company. I understand and agree that breach of this provision will result in damages that are difficult to quantify. The Company likewise agrees not to criticize, denigrate, or disparage me or my work in any communication to a third party. I agree not to incur any expenses, obligations, or liabilities on behalf of the Company.

 

 

 

 

(h)     Confidential and Proprietary Information and Existing Obligations: Subject to Section 3(f), I understand that, at all times in the future, I will remain bound by any Company or Company affiliate agreement or policy relating to confidential information, proprietary information, invention, or similar matters to which I am now subject, including but not limited to any FactSet Research Systems Inc. Intellectual Property Agreement which I previously signed, and which is expressly incorporated by reference herein, and I agree that to the extent any provision in such agreement or policy conflicts with any provision in this Agreement, the provision or interpretation affording the greater protection to the Company shall govern. In particular, I acknowledge that my employment by the Company created a relationship of confidence and trust with respect to any information of a confidential or secret nature disclosed to me by the Company or a third party that (i) related to the business of the Company or to the business of any parent, subsidiary, affiliate, customer or supplier of the Company or any other party with whom the Company agreed to hold information of such party in confidence, (ii) was not generally known to the public or to other persons in the industry, or if generally known, was used, selected or arranged by the Company in a manner not generally known and was made the property of the Company by mutual agreement of the parties, including by the Invention Assignment and Proprietary Information Agreement, and/or similar agreement, and (iii) that the Company has taken reasonable measures under the circumstances to protect from unauthorized use or disclosure (the “Confidential Information”). I agree and represent that I have not disclosed, copied, disseminated, shared or transmitted any Confidential Information to any person, firm, corporation or entity for any reason or purpose whatsoever, except in the course of carrying out my duties and responsibilities of employment with the Company. I also agree, at all times in the future, not to make use of any Confidential Information for my own purposes or for the benefit of any person, firm, corporation or other entity. I further warrant and represent that all Confidential Information in my possession, custody or control that is or was a property of the Company has been or shall be returned to the Company by the date I sign this Agreement.

 

(i)     Implementation: I agree to sign any documents and do anything else that in the future is needed to implement this Agreement.

 

(j)     Other Representations: In addition to my other representations in this Agreement, I have made the following representations to the Company, on which I acknowledge it also has relied in entering into this Agreement with me:

 

	 	
			i.

				
			I have not suffered any job-related wrongs or injuries, such as any type of discrimination, for which I might still be entitled to compensation or relief in the future. I have properly reported any and all job-related wrongs or injuries for which I might still be entitled to compensation or relief, such as an injury for which I might receive a workers’ compensation award in the future. I have properly reported all hours that I have worked and I have been paid all wages, overtime, commissions, compensation, benefits, and other amounts that the Company or any Released Party should have paid me in the past.

			

 

 

 

 

	 	
			ii.

				
			This Agreement is not an admission of wrongdoing by the Company or any other Released Party.

			

 

	 	
			iii.

				
			I am intentionally releasing claims that I do not know I might have and that, with hindsight, I might regret having released.

			

 

	 	
			iv.

				
			If the Company or I successfully assert that any provision in this Release is void, the rest of the Agreement shall remain valid and enforceable.

			

 

(k)     False Claims Representations and Promises: I have disclosed to the Company any information I have concerning any conduct involving the Company or any affiliate that I have any reason to believe may be unlawful or that involves any false claims to the United States. I promise to cooperate fully in any investigation the Company or any affiliate undertakes into matters occurring during my employment with the Company or any affiliate. I understand that nothing in this Agreement prevents me from cooperating with any U.S. government investigation. In addition, to the fullest extent permitted by law, I hereby irrevocably assign to the U.S. government any right I might have to any proceeds or awards in connection with any false claims proceedings against the Company or any affiliate.

 

(l)     Cooperation Required: I agree that when requested by the Company, I will promptly and fully respond to all inquiries from the Company or any affiliate and its representatives relating to any lawsuit in which I am identified as having factual information needed by the Company. To the extent I incur reasonable out-of-pocket expenses (such as postage costs or telephone charges) in assisting the Company or any affiliate at its request, the Company will mail me a reimbursement check for those expenses within 15 days after it receives my request for payment, along with satisfactory written substantiation of the claimed expenses.

 

(m)    Disclosure: Nothing herein shall prevent the Company or the Executive from disclosing the terms of this Agreement if required to do so under applicable law or by a court of competent jurisdiction.

 

Section 4 -- Consequences of Violating Promises

 

I agree that the Company would be irreparably harmed by any actual or threatened violation of Section 3 that involves disclosure or use of confidential information, proprietary information, or trade secrets, and that the Company will be entitled to an injunction prohibiting me from committing any such violation. 

 

Section 5 -- Consideration of Agreement

 

I acknowledge that, before signing this Agreement, I was given at least 21 days in which to consider this Agreement. I waive any right I might have to additional time within which to consider this Agreement. I further acknowledge that: (1) I took advantage of the time I was given to consider this Agreement before signing it; (2) I carefully read this Agreement; (3) I fully understand it; (4) I am entering into it voluntarily; (5) I am receiving valuable consideration in exchange for my execution of this Agreement that I would not otherwise be entitled to receive; (6) the Company, by this writing, encouraged me to discuss this Agreement with my attorney (at my own expense) before signing it, and that I did so to the extent I deemed appropriate; and (7) any changes made to this Agreement, whether material or immaterial, will not restart the 21 day consideration period. I understand that I am entitled to revoke this Agreement, in writing, within 7 days once I sign it. Such revocation must be delivered to the Company as provided herein within the 7 day period, in which case I will receive no benefits and this Agreement will not go into effect. If I do not revoke this Agreement, it will become enforceable on the eighth day after I sign it. The Company need not sign this Agreement for it to become effective.

 

 

 

 

Section 6 -- Miscellaneous

 

(a)     Entire Agreement: In addition to any Company or Company affiliate agreement or policy relating to the confidentiality of Proprietary Information, inventions, or similar matters referenced in Section 3 above, this Agreement is the entire agreement between me and the Company relating to my termination of employment or the subject matter of this Agreement. This Agreement may not be modified or canceled in any manner, nor may any provision of it or any legal remedy with respect to it be waived, except by a writing signed by both me and an authorized Company official. I acknowledge that the Company has made no representations or promises to me (such as that my former position will remain vacant), other than those in or referred to by this Agreement. If any provision in this Agreement is found to be unenforceable, all other provisions will remain fully enforceable.

 

(b)     Successors: This Agreement binds my heirs, administrators, representatives, executors, successors, and assigns, and will inure to the benefit of all Released Parties and their respective heirs, administrators, representatives, executors, successors, and assigns.

 

(c)     Interpretation: This Agreement shall be construed as a whole according to its fair meaning. It shall not be construed strictly for or against me or any Released Party. Unless the context indicates otherwise, the term “or” shall be deemed to include the term “and” and the singular or plural number shall be deemed to include the other. Captions are intended solely for convenience of reference and shall not be used in the interpretation of this Agreement.

 

Section 7 -- Arbitration of Disputes

 

The Company and I agree to resolve any disputes we may have with each other through final, binding and confidential arbitration consistent with applicable law. For example, I am agreeing to arbitrate any dispute about the validity of this Agreement or any discrimination claim. I also agree to resolve through final, binding and confidential arbitration any disputes I have with any other Released Party who elects to arbitrate those disputes under this subsection. Arbitration shall be conducted by the American Arbitration Association in accordance with its employment dispute resolution rules which can be found at www.adr.org/employment, and consistent with state law. A neutral arbitrator will preside over the arbitration and issue a written decision subject to limited judicial review. The decision shall remain confidential between the parties and shall not be published by the arbitrator or the AAA. All remedies available under law will be available in the Arbitration. The Arbitration proceedings will allow for adequate discovery. Commencement of the Arbitration will be at a minimal cost to me. This agreement to arbitrate does not apply to government agency proceedings. By agreeing to this Agreement, I understand that I am waiving my right to a jury trial.

 

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			YOU MAY NOT MAKE ANY CHANGES TO THE TERMS OF THIS AGREEMENT AND YOU MAY NOT SIGN IT UNTIL THE END OF YOUR WORK DAY ON YOUR TERMINATION DATE. 

			 

			BEFORE SIGNING THIS AGREEMENT, TAKE IT HOME, READ IT, AND CAREFULLY CONSIDER IT. IF YOU CHOOSE, DISCUSS IT WITH YOUR ATTORNEY (AT YOUR OWN EXPENSE). YOU HAVE 21 DAYS TO CONSIDER THIS AGREEMENT. IF YOU DO NOT SIGN AND RETURN THIS AGREEMENT WITHIN THIS 21-DAY PERIOD, IT AUTOMATICALLY EXPIRES. 

			 

			ONCE YOU SIGN THIS AGREEMENT, YOU WILL HAVE AN ADDITIONAL 7 DAYS TO REVOKE IT. IF YOU CHOOSE TO REVOKE THIS AGREEMENT, YOU MUST DELIVER A WRITTEN NOTICE OF REVOCATION TO:

			 

			RACHEL STERN, GENERAL COUNSEL

			FACTSET RESEARCH SYSTEMS INC.

			601 MERRITT 7, NORWALK, CT 06851

			 

			BY SIGNING THIS AGREEMENT, YOU WILL BE WAIVING YOUR KNOWN AND UNKNOWN CLAIMS.

			

 

 

Executed at      Norwalk    (print name of city),    Connecticut     (print name of state), this      8th      day of           May         , 2018, and signed under penalty of perjury under the laws of the state of _____Connecticut______.

 

 

   /s/ Maurizio Nicolelli                                   

Signature

 

   Maurizio Nicolelli                                        

Print Name

 

 

 

Executed at    Norwalk           , CT     this _8th day of        May   , 2018.

 

 

   /s/ F. Philip Snow                                         

For FactSet Research Systems Inc.

 

   F. Philip Snow – Chief Executive Officer    

Print Name and Title

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