Document:

Exhibit

Exhibit 10.6

MacDermid, Incorporated

Scot Benson
[Address]
[Address]

June 6, 2013

Re: Severance Agreement

Dear Scot: 
I write to confirm our agreement regarding severance in the case where your employment with MacDermid is involuntarily terminated without Cause (as defined herein) or within two (2) years after a Change of Control (as defined herein). If your employment with MacDermid is involuntarily terminated without Cause then MacDermid will pay you a severance equal to one (1) year’s base salary, based upon the then most recent year period. In the alternative, if your employment is involuntarily terminated within two (2) years after a Change of Control then you will be paid a severance equal to two (2) year’s base salary and cash bonus, based upon the then most recent two year period. In order to receive either foregoing severance payment, you will be required to execute MacDermid’s standard termination agreement (form attached) containing a full, final general release in favor of MacDermid. 
As used in this agreement, Cause and Change of Control shall mean: 
	
			
	 
	1.
	Cause – 

	
			
	 
	(i)
	you are convicted of, or plead guilty or nolo contendere to, any crime constituting a felony or involving dishonesty or moral turpitude; 

	
			
	 
	(ii)
	you engage in any activity that amounts to negligence and that significantly affects the business affairs or reputation of the company; 

	
			
	 
	(iii)
	you willfully fail to perform your duties, or perform your duties in a grossly negligent manner, which failure or performance continues for twenty (20) days after written notice from the company; or 

	
			
	 
	(iv)
	you violate the Company’s standard policies, or the law, and such violation creates a substantial liability (actual or potential) for the company. 

	
			
	 
	2.
	Change of Control – 

	
			
	 
	(i)
	acquisition by any person or group, except for an employee benefit plan sponsored by the company, of beneficial ownership of 50% or more of the company’s voting securities in any combination; 

	
			
	 
	(ii)
	the sale of all or substantially all of the assets of MacDermid; or 

	
			
	 
	(iii)
	individuals, who as of January 1, 2002 are members of MacDermid’s Board of Directors (the “Incumbents”), and any additional individuals (“Additional Directors”) who are recommended to become Directors by a majority of the Incumbents and/or any then previously so recommended and elected Additional Directors, cease for any reason to constitute a majority of the Board of Directors of MacDermid. 

Please indicate your acceptance and agreement by countersigning and returning this letter to my attention. 

	
	
	 

	Sincerely,

	 

	/s/ John L. Cordani

	John L. Cordani

ACCEPTED AND AGREED:

/s/ Scot Benson
Scot BensonExhibit

              Exhibit 10.1

    
AMENDMENT NUMBER ONE TO THE
EMPLOYMENT AGREEMENT

This AMENDMENT NO. 1 TO THE EMPLOYMENT AGREEMENT (this “Amendment”) is made and entered into as of April 1, 2016 by and among Investors Bancorp, Inc., a Delaware corporation (the “Company”) and Richard S. Spengler (“Executive”).  

WHEREAS, the Company and Executive entered into an employment agreement dated March 29, 2010 (the “Agreement”); and

WHEREAS, the Company and Executive desire to amend the Agreement to replace the “280G cutback” provision with a “best net-benefit” provision, meaning that in the event that an excise tax under Sections 280G and 4999 of the Internal Revenue Code of 1986, as amended, would be assessed on the payments and/or benefits received by Executive under the Agreement in connection with a change in control of the Company, Executive would receive either (1) all the payments and benefits to which he is entitled under the Agreement, subject to the excise tax; or (2) have such payments and benefits reduced by the minimum amount necessary so that the excise tax would not apply, if such reduction would result in a greater net after-tax benefit to Executive; and

WHEREAS, Section 16 of the Agreement provides that the Agreement may be amended in writing by the parties thereto.  

NOW, THEREFORE, in consideration of the premises, the mutual agreements herein set forth and such other consideration the sufficiency of which is hereby acknowledged, the Agreement is hereby amended as follows:
1.Amendment to Section 6(f) of the Agreement.  Section 6(f) of the Agreement is hereby deleted in its entirety and replaced with the following:
“(f)    Notwithstanding the preceding paragraphs of this Section, if the payments and benefits to be afforded to Executive under Section 6 hereof (the “Severance Benefits”) either alone or together with other payments and benefits which Executive has the right receive from the Company (or any affiliate) would constitute a “parachute payment” under Section 280G of the Code, and but for this Section 6(f), would be subject to the excise tax imposed by Section 4999 of the Code (the “Excise Tax”), then the Severance Benefits shall be reduced (the “Benefit Reduction”) by the minimum amount necessary to result in no portion of the Severance Benefits being subject to the Excise Tax, provided, however, that the Benefit Reduction shall only occur if such reduction would result in Executive’s “Net After-Tax Amount” attributable to the Severance Benefits being greater than it would be if no Benefit Reduction was effected.  For this purpose, “Net After-Tax Amount” shall mean the net amount of Severance Benefits the Executive is entitled under this Agreement after giving effect to all federal, state and local taxes which would be applicable to such payments and benefits, including but not limited to, the Excise Tax.  Nothing contained herein shall result in the reduction of any payments or benefits to which the Executive may be entitled upon termination of employment and/or a change in control other than as specified in this Section 6(f), or a reduction in the Severance Benefits below zero.”
2.    Capitalized Terms.  Capitalized terms herein shall have the meanings ascribed to them in the Agreement, except as otherwise expressly provided in this Amendment.  
3.    Effect of Amendment. Except and to the extent modified by this Amendment, the provisions of the Agreement shall remain in full force and effect and are hereby incorporated into and made a part of this Amendment.
[Signature Page to Follow]

IN WITNESS WHEREOF, the Company and Executive have executed this Amendment as of the day and year first written above.
INVESTORS BANCORP, INC.
By:    /s/ Elaine C. Rizzo
Name:    Elaine C. Rizzo
Title:    Senior Vice President, Human Resources
            

EXECUTIVE
                            
               /s/ Richard S. Spengler                
Richard S. Spengler
Executive Vice President and Chief Lending OfficerExhibit

           Exhibit 10.2

AMENDMENT NUMBER ONE TO THE
EMPLOYMENT AGREEMENT

This AMENDMENT NO. 1 TO THE EMPLOYMENT AGREEMENT (this “Amendment”) is made and entered into as of April 1, 2016 by and among Investors Bancorp, Inc., a Delaware corporation (the “Company”) and Paul Kalamaras (“Executive”).  

WHEREAS, the Company and Executive entered into an employment agreement dated March 29, 2010 (the “Agreement”); and

WHEREAS, the Company and Executive desire to amend the Agreement to replace the “280G cutback” provision with a “best net-benefit” provision, meaning that in the event that an excise tax under Sections 280G and 4999 of the Internal Revenue Code of 1986, as amended, would be assessed on the payments and/or benefits received by Executive under the Agreement in connection with a change in control of the Company, Executive would receive either (1) all the payments and benefits to which he is entitled under the Agreement, subject to the excise tax; or (2) have such payments and benefits reduced by the minimum amount necessary so that the excise tax would not apply, if such reduction would result in a greater net after-tax benefit to Executive; and

WHEREAS, Section 16 of the Agreement provides that the Agreement may be amended in writing by the parties thereto.  

NOW, THEREFORE, in consideration of the premises, the mutual agreements herein set forth and such other consideration the sufficiency of which is hereby acknowledged, the Agreement is hereby amended as follows:
1.Amendment to Section 6(f) of the Agreement.  Section 6(f) of the Agreement is hereby deleted in its entirety and replaced with the following:
“(f)    Notwithstanding the preceding paragraphs of this Section, if the payments and benefits to be afforded to Executive under Section 6 hereof (the “Severance Benefits”) either alone or together with other payments and benefits which Executive has the right receive from the Company (or any affiliate) would constitute a “parachute payment” under Section 280G of the Code, and but for this Section 6(f), would be subject to the excise tax imposed by Section 4999 of the Code (the “Excise Tax”), then the Severance Benefits shall be reduced (the “Benefit Reduction”) by the minimum amount necessary to result in no portion of the Severance Benefits being subject to the Excise Tax, provided, however, that the Benefit Reduction shall only occur if such reduction would result in Executive’s “Net After-Tax Amount” attributable to the Severance Benefits being greater than it would be if no Benefit Reduction was effected.  For this purpose, “Net After-Tax Amount” shall mean the net amount of Severance Benefits the Executive is entitled under this Agreement after giving effect to all federal, state and local taxes which would be applicable to such payments and benefits, including but not limited to, the Excise Tax.  Nothing contained herein shall result in the reduction of any payments or benefits to which the Executive may be entitled upon termination of employment and/or a change in control other than as specified in this Section 6(f), or a reduction in the Severance Benefits below zero.”
2.    Capitalized Terms.  Capitalized terms herein shall have the meanings ascribed to them in the Agreement, except as otherwise expressly provided in this Amendment.  
3.    Effect of Amendment. Except and to the extent modified by this Amendment, the provisions of the Agreement shall remain in full force and effect and are hereby incorporated into and made a part of this Amendment.  
[Signature Page to Follow]

IN WITNESS WHEREOF, the Company and Executive have executed this Amendment as of the day and year first written above.
INVESTORS BANCORP, INC.
                            
By:    /s/ Elaine C. Rizzo
Name:    Elaine C. Rizzo
Title:    Senior Vice President, Human Resources

            

EXECUTIVE
/s/ Paul Kalamaras                            Paul Kalamaras
Executive Vice President and Chief Retail Officer

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