Document:

Exhibit 10.22 SubLicense Agreement

Exhibit 10.22

			
	 

	 
	 

	 
	INTELLECTUAL PROPERTY SUBLICENSE AND TRANSFER AGREEMENT

	 

	 
	 
	 

	 
	Parties:

	 

	 
	 
	 

	 
	SYMBID HOLDING B.V. 

and

	 

	 
	 
	 

	 

	SYMBID B.V.

	 

	 
	 
	 

	 

	 
	 

	 
	 
	 

	 

	 

	 

	 
	 
	 

	 

	 
	 

	 
	 
	 

	 

	 
	 

	 
	 
	 

	 
	 
	 

	 
	 
	 

	 
	 
	 

	 
	 
	 

	 
	 
	 

	
	 

	5 December 2013

Executed version

CONTENTS

			
	1.

	Definitions and interpretation

	2

	2.

	Grant of License

	3

	3.

	Content

	4

	4.

	Royalties

	4

	5.

	Business Operations By Symbid Opco

	4

	6.

	Performance Requirements

	5

	7.

	Regulatory Compliance

	5

	8.

	Ownership of intellectual property rights

	5

	9.

	Term and termination

	6

	10.

	Limitation of Liability

	7

	11.

	No warranties

	7

	12.

	Intellectual property infringement

	7

	13.

	Force Majeure

	7

	14.

	Confidentiality

	8

	15.

	Change of Agreement Terms

	8

	16.

	Miscellaneous

	9

	17.

	Governing law and jurisdiction

	9

ANNEXES

THE UNDERSIGNED:

I.

SYMBID HOLDING B.V., a private company with limited liability (besloten vennootschap met beperkte aansprakelijkheid), incor­po­rated under the laws of the Netherlands with its registered seat in Rotterdam, the Netherlands, having its business address at Van Vollenhovenstraat 56 A 03, 3016BK Rotterdam, the Netherlands, registered in the Trade Register of the Chamber of Commerce under number 58921575 ("Symbid Holding"); 

and

II.

SYMBID HOLDING B.V., a private company with limited liability (besloten vennootschap met beperkte aansprakelijkheid), incor­po­rated under the laws of the Netherlands with its registered seat in Rotterdam, the Netherlands, having its business address at Van Vollenhovenstraat 56 A 03, 3016BK Rotterdam, the Netherlands, registered in the Trade Register of the Chamber of Commerce under number 52212343 ("Symbid OpCo");

RECITALS:

A.

Pursuant to an intellectual property license and transfer agreement with Symbid Foundation (as defined below) dated 16 October 2013 ("License Agreement"), Symbid Holding has been granted an exclusive license to use certain intellectual property rights to the Symbid Platform (as defined below), which can be used to conduct a business relating to the supply of services consisting of bringing together investors and entrepreneurs and the provision of information related to such services, investors and entrepreneurs ("Business");

B.

Pursuant to the License Agreement, Symbid Holding is entitled to grant sublicenses to its Affiliates (as defined below);

C.

Symbid Holding and Symbid OpCo conduct its respective businesses using the Symbid Platform;

D.

Symbid OpCo wishes to obtain a sublicense from Symbid Holding to use the intellectual property rights referred to in paragraph A above on a non-exclusive basis;

E.

Symbid OpCo has granted various licenses to use certain intellectual property rights and know-how to parties other than Affiliates, as specified in Annex D ("Third Party Sublicenses");

F.

As all intellectual property rights to the Symbid platform are owned by Symbid Foundation for continuity purposes, any related intellectual property rights created by Symbid Holding and, pursuant to any sublicenses granted by Symbid Holding to its Affiliates, by such Affiliates, will be transferred to Symbid Foundation;

G.

Symbid Holding wishes to grant the license described above to Symbid OpCo, and Symbid Holding and Symbid OpCo wish to agree on the transfer of newly created intellectual property rights to Symbid Holding (which will transfer such rights to Symbid Foundation), subject to the terms of this intellectual property sublicense and transfer agreement ("Agreement").

1

IT IS HEREBY AGREED AS FOLLOWS: 

1.

DEFINITIONS AND INTERPRETATION

1.1.

In this Agreement the following words shall, unless the context requires otherwise or unless specified otherwise in this Agreement, have the following meanings: 

		
	Affiliate

	any entity at any time controlling, controlled by or under common control with, a Party. The term control as used in this Agreement shall mean the legal, beneficial or equitable ownership, directly or indirectly, of more than 50% of the aggregate of all voting equity interests in such entity;

	Agreement

	This intellectual property sublicense and transfer agreement;

	Business

	as defined in Recital A;

	Effective Date

	16 October 2013;

	Force Majeure Event

	an event as specified in article 13.1;

	Future Symbid IP

	Any Intellectual Property Rights relating to or associated with the Symbid Platform, including any Improvements, created, acquired or otherwise owned by Symbid OpCo at or after the Effective Date; 

	Future Symbid Know-How

	Any Symbid Know-How relating to or associated with the Symbid Platform, including any Improvements, created, acquired or otherwise owned by Symbid OpCo at or after the Effective Date; 

	Improvements

	any improvements, modifications, adaptations to or new uses or applications of the Symbid IP and/or the Symbid Know-How; 

	Intellectual Property Rights

	all intellectual property rights, including copyrights, database rights, patents, designs, semiconductor rights, trademarks, trade names, and all other similar proprietary rights which exist in any part of the world together with (a) all applications and rights to apply therefore and (b) all renewals, extensions and revivals thereof;

	License Agreement

	as defined in Recital A;

	Parties

	Symbid Holding and Symbid OpCo, and Party means any one of them;

	Performance Requirements

	the performance requirements specified in Annex B;

	Royalty Schedule

	the royalty schedule specified in Annex C;

	Symbid Affiliates Content

	as defined in article 3.2;

	Symbid Content

	the Symbid Affiliates Content, the Symbid Holding Content and the Symbid OpCo Content;

	Symbid Foundation

	Stichting Symbid IP Foundation, a foundation (stichting), incorporated under the laws of the Netherlands with its registered seat in Rotterdam, the Netherlands, having its business address at Van Vollenhovenstraat 56 A 03, 3016BK Rotterdam, the Netherlands, registered in the Trade Register of the Chamber of Commerce under number 58919902;

	Symbid Holding Content

	as defined in article 3.2;

	Symbid IP

	any Intellectual Property Rights licensed by Symbid Foundation to Symbid Holding, including but not limited to the Intellectual Property Rights listed in Annex A;

2

3

		
	Symbid Know-How

	all information and techniques of any kind whatsoever that are associated with the Symbid IP in any way whatsoever, including any such information and techniques already in the public domain and including (i) the operation of any process, (ii) the manufacture, design or development of any product, (iii) any production technique or the provision of any service (iv) quality control, testing and certification and (v) research and development, licensed by Symbid Foundation to Symbid Holding,  including but not limited to any information and techniques listed in Annex A;

	Symbid OpCo Content

	as defined in article 3.1;

	Symbid Platform

	Online crowdfunding platform;

	Territory

	Worldwide;

	Third Party Sublicenses

	As defined in Recital E.

1.2.

In this Agreement, unless specified otherwise:

a.

the singular includes the plural and vice versa, and each gender includes the other gender; 

b.

a heading to an article or annex is for convenience only and does not affect in any way the interpretation thereof; 

c.

the annexes and any other attachments to this Agreement form an integral part of this Agreement and have the same force and effect as if expressly set out in the body of this Agreement and any reference to this Agreement includes the annexes and any other attachments to this Agreement; and

d.

the word “including” means “including, without limitation”.

2.

GRANT OF LICENSE

2.1.

Subject to the terms of this Agreement, Symbid Holding hereby grants to Symbid OpCo a non-exclusive, royalty-bearing license to use the Symbid IP and the Symbid Know-How to use the Symbid Platform to conduct the Business in the Territory. 

2.2.

Other than as specified in article 2.5, Symbid OpCo shall not be entitled to grant sublicenses to Affiliates or third parties to use the Symbid IP and the Symbid Know-How without Symbid Holding's prior written approval.

2.3.

The use of the Symbid IP and Symbid Know-How under the license granted to Symbid OpCo in article 2.1 to develop, operate and offer exchanges and funds shall be subject to additional consent from  Symbid Holding and compliance of Symbid OpCo with additional conditions and requirements, which may be agreed upon by the Parties in an addendum to this Agreement.

2.4.

For the avoidance of doubt, the Parties agree that upon the transfer to Symbid Holding (and by Symbid Holding to Symbid Foundation) of the Future Symbid IP and any Future Symbid Know-How pursuant to article 8.2, such Future Symbid IP and any Future Symbid Know-How shall be deemed included in the Symbid IP and Symbid Know-How licensed to Symbid OpCo pursuant to the license specified in article 2.1.

2.5.

Symbid Holding hereby provides its consent and agreement to Symbid OpCo for the granting of the Third Party Sublicenses specified in Annex D.

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3.

CONTENT

3.1.

Any content, documents and other information uploaded in the Symbid Platform by Symbid OpCo ("Symbid OpCo Content") shall be owned by Symbid Holding. The ownership rights to any such Symbid OpCo Content shall be deemed assigned and transferred by Symbid OpCo to Symbid Holding in accordance with the transfer mechanism set out in article 8. Upon such transfer Symbid OpCo shall be granted a non-exclusive license to use the Symbid OpCo Content to conduct its Business.

3.2.

Symbid Holding may make available to Symbid Opco any content, documents and other information uploaded in the Symbid Platform by Symbid Holding ("Symbid Holding Content") and/or any content, documents and other information uploaded in the Symbid Platform uploaded by other Affiliates of Symbid Holding ("Symbid Affiliates Content"). Symbid OpCo shall only be entitled to use the Symbid Holding Content and the Symbid Affiliates Content in accordance with the scope of the license granted to it pursuant to article 2.1. 

3.3.

Symbid Holding shall be entitled to limit access of Symbid OpCo to specific parts of the Symbid Holding Content and/or the Symbid Affiliates Content due to privacy requirements, regulatory requirements, confidentiality requirements or for other reasons.

4.

ROYALTIES

4.1.

Symbid OpCo shall pay to Symbid Holding the royalties specified in the Royalty Schedule, which shall be agreed upon in writing between Symbid Holding and Symbid OpCo and shall be attached to this Agreement as Annex C.

4.2.

Symbid Holding shall invoice Symbid OpCo for royalties due in accordance with the Royalty Schedule, and in the frequency specified in the Royalty Schedule.

4.3.

Symbid OpCo shall pay any royalties due to Symbid Holding within thirty (30) after receipt of the invoice relating to such royalties.

4.4.

Symbid Holding is entitled to revise the Royalty Schedule and the royalty rates and royalty mechanism specified therein once every calendar year, and shall inform Symbid OpCo of such revision in writing. 

a.

In the event Symbid OpCo does not object to such revised Royalty Schedule within thirty (30) days of receipt, it shall be deemed accepted by Symbid OpCo and shall replace the previous Royalty Schedule as an Annex to this Agreement. 

b.

In the event Symbid OpCo objects to such revised Royalty Schedule,  Symbid OpCo shall inform Symbid Holding in writing of such objections within thirty (30) days of receipt of the Royalty Schedule. Symbid Holding and Symbid OpCo shall then enter into good faith discussions regarding the revisions of the Royalty Schedule. In the event the Parties cannot reach an agreement on the revised Royalty Schedule within sixty (60) days after Symbid Holding has informed Symbid OpCo in writing of the revision of the Royalty Schedule, Symbid Holding may at its discretion (i) determine that the then current Royalty Schedule will remain in effect or (ii) terminate the Agreement by written notice with immediate effect.

5.

BUSINESS OPERATIONS BY SYMBID OPCO

5.1.

Symbid OpCo shall conduct the Business using the Symbid Platform. 

5.2.

Symbid OpCo shall only offer access to the Symbid Platform to parties having its statutory seat in the Territory.

5.3.

Symbid OpCo shall ensure that its business activities, including the Business, shall at all times comply with applicable laws and regulations. Symbid OpCo shall ensure that it shall have and maintain all licenses, permits and other governmental approvals required to operate the Business in the Territory.

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6.

PERFORMANCE REQUIREMENTS

6.1.

In operating the Business, Symbid OpCo shall meet the Performance Requirements at any time during the term of this Agreement. The Performance Requirements shall be agreed upon in writing between Symbid Holding and Symbid OpCo and shall be attached to this Agreement as Annex B.

6.2.

In the event Symbid OpCo does not meet the Performance Requirements during a calendar year, Symbid Holding and Symbid OpCo shall discuss and agree on an improvement plan, which shall contain practical measures required for Symbid OpCo to meet the Performance Requirements in the calendar year following the calendar year the Performance Requirements were not met. Symbid OpCo shall use its best efforts to execute such improvement plan. In the event Symbid OpCo does not meet the Performance Requirements during this calendar year, Symbid Holding shall be entitled to terminate this Agreement after expiration of such calendar year, giving one (1) months written notice. 

6.3.

Symbid Holding is entitled to revise the Performance Requirements once every calendar year, and shall inform Symbid OpCo of such revision in writing. 

a.

In the event Symbid OpCo does not object to such revised Performance Requirements within thirty (30) days of receipt, it shall be deemed accepted by Symbid OpCo and shall replace the previous Performance Requirements as an Annex to this Agreement. 

b.

In the event Symbid OpCo objects to such revised Performance Requirements,  Symbid OpCo shall inform Symbid Holding in writing of such objections within thirty (30) days of receipt of the Performance Requirements. Symbid Holding and Symbid OpCo shall then enter into good faith discussions regarding the revisions of the Performance Requirements. In the event the Parties cannot reach an agreement on the revised Performance Requirements within sixty (60) days after Symbid Holding has informed Symbid OpCo in writing of the revision of the Performance Requirements, Symbid Holding may at its discretion (i) determine that the then current Performance Requirements will remain in effect or (ii) terminate the Agreement by written notice with immediate effect.

7.

REGULATORY COMPLIANCE

7.1.

Symbid OpCo shall ensure that its use of the Symbid IP and the Symbid Know-How in the Territory, and the Business conducted by Symbid OpCo in the  Territory shall at all times comply with any applicable laws, including but not limited to any financial regulatory laws.

7.2.

At Symbid OpCo's request, Symbid Holding shall provide Symbid OpCo with all assistance reasonably necessary for Symbid OpCo to comply with article 7.1. Any costs and expenses incurred by Symbid Holding in such respect shall be paid by Symbid OpCo, unless Symbid Holding and Symbid OpCo agree to an alternative arrangement.

8.

OWNERSHIP OF INTELLECTUAL PROPERTY RIGHTS

8.1.

Symbid OpCo acknowledges that all Intellectual Property Rights and other rights in the Symbid IP and the Symbid Know-How shall remain with Symbid Foundation. Nothing in this Agreement can be construed as a direct or indirect transfer of Intellectual Property Rights or other rights to Symbid OpCo.

8.2.

Symbid OpCo hereby sells, transfers, assigns and delivers in advance (bij voorbaat) to Symbid Holding, and Symbid Holding hereby purchases, accepts transfer, assignment and delivery in advance (bij voorbaat) of, all rights, title and interest in the Future Symbid IP and the Future Symbid Know-How. 

8.3.

Symbid Holding and Symbid OpCo agree and confirm that as consideration for the sale and assignment of the Future Symbid IP and Future Symbid Know-How to Symbid Holding, the such Future Symbid IP and Future Symbid Know-How shall be deemed included in the Symbid IP and Symbid Know-How licensed to Symbid OpCo pursuant to article 2.1. 

8.4.

Symbid OpCo shall within one (1) month after the end of each calendar year provide a detailed written overview of all Future Symbid IP and the Future Symbid Know-How transferred to Symbid Holding in such calendar year. The absence of such overview shall not affect any transfer of Future Symbid IP and the Future Symbid Know-How pursuant to article 8.2.

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8.5.

Insofar as necessary, Symbid Holding and Symbid OpCo shall provide all assistance necessary and shall commit all acts and sign and execute all documents necessary to complete or perfect the sale, transfer, assignment and delivery of the Future Symbid IP and the Future Symbid Know-How, upon first written request of the other Party. Each Party hereby grants a power-of-attorney to the other Party to commit such acts and sign and execute such documents on its behalf in the event a Party refuses or is unable to do so.

8.6.

Symbid OpCo hereby grants Symbid Holding power-of-attorney to have the sale, transfer, assignment and delivery of the Future Symbid IP recorded in the appropriate intellectual property registers.

8.7.

Symbid Holding shall pay any costs relating to the maintenance or renewal of the Symbid IP and the Future Symbid IP, and shall at the request of Symbid OpCo reimburse Symbid OpCo for any such costs paid by Symbid OpCo.

8.8.

Symbid Holding shall pay any costs relating to the recordal of the assignment and transfer of the Future Symbid IP in the appropriate intellectual property registers, and shall at the request of Symbid OpCo reimburse Symbid OpCo for any such costs paid by Symbid OpCo.

8.9.

In addition to the transfer, assignment and delivery or all rights, title and interest in the Future Symbid Know-How by Symbid OpCo to Symbid Holding pursuant to article 8.2, Symbid OpCo shall within two (2) weeks after providing the overview specified in article 8.4 provide to Symbid Holding one or more appropriate physical or digital carriers containing the Future Symbid Know-How, the ownership rights to which carriers shall transfer to Symbid Holding in accordance with article 8.2 

9.

TERM AND TERMINATION

9.1.

This Agreement shall be effective as of the Effective Date, and shall be in effect for a period of three (3) years. 

9.2.

Upon expiration of the period specified in article 9.1, this Agreement will be automatically renewed for consecutive additional periods of three (3) years each, unless this Agreement is terminated by either Party taking into account a notice period of six (6) months prior to the end of the initial period or the then current three year renewal period.

9.3.

Symbid Holding is entitled to terminate this Agreement forthwith in writing in any of the following events:

a.

a request is made or a petition is filed for Symbid OpCo's bankruptcy, Symbid OpCo is declared bankrupt, Symbid OpCo is granted a suspension of payments or becomes subject or other insolvency proceedings;

b.

Symbid OpCo is dissolved, liquidates its business or otherwise terminates or suspends its business activities; 

c.

Symbid OpCo acts in breach of this Agreement and such breach has not been cured within sixty (60) days after a written notice of default;

d.

Symbid OpCo is in breach its compliance obligations pursuant to article 7.1, and such breach has not been cured within fifteen (15) days after a written notice of default; 

e.

The interests of Symbid Holding and/or Symbid Foundation are materially harmed by an act or omission of Symbid OpCo; or

f.

In the event the license to use the Symbid IP and Symbid Know-How granted by Symbid Foundation to Symbid Holding is terminated or otherwise ceases to exist, for whatever reason.

9.4.

Neither Party shall be liable to the other Party for any damages resulting from lawful termination of this Agreement.

9.5.

The termination or rescission of this Agreement for any reason shall not in any way affect the validity of the transfers of any Intellectual Property Rights or other rights by Symbid OpCo to Symbid Holding pursuant to this Agreement. 

7

10.

LIMITATION OF LIABILITY

10.1.

Each Party’s liability under this Agreement will be limited to compensation for direct damages caused by such Party, to a maximum of the total amount of one hundred thousand Euro (EUR 100.000,=) per event. In no event will the total compensation for direct damages amount to more than one hundred thousand Euro (EUR 100.000,=). 

10.2.

A Party’s total liability for damage as a result of death or injury will in any event not amount to more than the amount per event covered under its liability insurance policy, whereby a series of related events will be regarded as one event.

10.3.

Neither Party shall be liable for indirect damages, including consequential damages, such as loss of income, savings not realized, loss due to interruption of operations and loss and costs incurred due to the loss of data.

11.

NO WARRANTIES

11.1.

Any Intellectual Property Rights, the Symbid Content or other rights licensed pursuant to this Agreement shall be licensed on an "as is" basis, without any warranties granted by the licensing Party. 

11.2.

Any Intellectual Property Rights, the Symbid Content or other rights transferred pursuant to this Agreement shall be transferred on an "as is" basis, without any warranties being granted by the transferring Party. 

12.

INTELLECTUAL PROPERTY INFRINGEMENT

12.1.

Each Party will notify the other Party of any:

a.

actual, threatened or suspected infringement of any of the Symbid IP and/or the Symbid Know-How;

b.

proceedings commenced against Symbid Foundation or Symbid Holding or any of its Affiliates in which the validity or ownership of any of the Symbid IP and/or the Symbid Know-How is disputed; and

c.

actual, threatened or suspected breach of confidentiality relating to the Symbid IP and/or the Symbid Know-How,

as soon as reasonably practicable after it becomes aware of such matters.  The parties will meet reasonably promptly following notification of any matter under this article 12 to decide (i) what action, if any, should be taken by Symbid OpCo and Symbid Holding in respect of the relevant infringement or breach, and (ii) the division of the costs relating to such action between Symbid Holding and Symbid OpCo. 

12.2.

Symbid OpCo shall assist Symbid Holding at its request in taking all steps necessary to defend Symbid Holding’s rights in the Symbid IP and/or the Symbid Know-How in the Territory. 

12.3.

Symbid OpCo shall not settle any such action, suit or proceeding without Symbid Holding’s written consent. 

12.4.

Symbid Holding shall at all times be entitled to take such action, legal or otherwise, as it may deem necessary or expedient to protect its ownership interests in the Symbid IP and/or the Symbid Know-How in the Territory. Symbid Holding shall inform and consult with Symbid OpCo when taking such action.

13.

FORCE MAJEURE

13.1.

Neither Party shall be liable for any delay in, or failure of, performance hereunder due to any contingency reasonably beyond its control, rendering performance commercially unreasonable including, but not limited to, an act of God, war (declared or undeclared), terrorist acts, mobilization, riot, fire, flood, unavailability of transportation, goods or services, transportation embargoes or delays, or breakdowns in machinery or equipment, governmental restrictions or actions (“‘Force Majeure Event”); provided, however, that (i) strikes, labour disputes, shortages, or failure or delays of energy, materials, supplies or equipment, shall not constitute a Force Majeure event and (ii) the Party affected shall exert its reasonable best efforts to eliminate or cure or overcome any of such causes and to resume performance of its covenants.

8

13.2.

During the occurrence of a Force Majeure Event, the non-performing Party will be excused from any further performance or observance of the obligation(s) so affected for as long as such circumstances prevail and such Party continues to use commercially reasonable efforts to recommence performance or observance whenever and to whatever extent possible without delay. Any Party so delayed in its performance will immediately notify the other by telephone (to be confirmed in writing within five days of the inception of such delay) and describe at a reasonable level of detail the circumstances causing such delay. If, as a result of a Force Majeure Event, the performance of the affected Party’s obligations under this Agreement is only partially affected, such Party shall nevertheless remain liable for the performance of its obligations not affected by the Force Majeure Event. 

13.3.

If any Force Majeure Event substantially prevents, hinders, or delays the performance of a material obligation of a Party under this Agreement for more than ninety (90) consecutive days, the other Party may terminate this Agreement without incurring any liability.

14.

CONFIDENTIALITY

14.1.

Each Party agrees not to disclose any confidential or proprietary information of the other Party made available under this Agreement or in connection with this Agreement except as authorized in writing by the other Party, and shall require its directors and employees to keep such information confidential. Information shall in any event be considered confidential if so designated in writing by either of the Parties.

14.2.

Each Party shall immediately, upon termination of this Agreement, surrender to the other Party, or certify that it has destroyed, all of the other Party's confidential or proprietary material.

14.3.

The obligation to keep information confidential shall survive the termination of this Agreement for a period of five (5) years.

14.4.

A Party shall be entitled to disclose confidential information to a third party if and to the extent:

a.

required by the law of any relevant jurisdiction; 

b.

required by any securities exchange or by any regulatory or governmental body with jurisdiction over the Party; 

c.

the information was independently developed by a Party without making use of the confidential information of the other Party;

d.

the information has become generally available to the public through no act or omission of the receiving Party; 

e.

prior written consent to the disclosure has been given by the other Party; or

f.

required to enable a Party to enforce its rights or remedies under this Agreement, but any such information shall only be disclosed, where practicable and  legally permitted, after consultation with the other Party.

15.

CHANGE OF AGREEMENT TERMS

15.1.

Symbid Holding shall be entitled to propose an amendment to the terms of this Agreement and similar sublicense agreements entered into by Symbid Holding with other Affiliates, and shall inform Symbid OpCo of such proposed amendment in writing. 

a.

In the event Symbid OpCo does not object to such amendment within thirty (30) days of receipt, it shall be deemed accepted by Symbid OpCo, and the Agreement shall be amended accordingly. 

b.

In the event Symbid OpCo objects to such amendment,  Symbid OpCo shall inform Symbid Holding in writing of such objections within thirty (30) days of receipt of the proposed amendment. Symbid Holding and Symbid OpCo shall then enter into good faith discussions regarding the proposed amendment. In the event the Parties cannot reach an agreement on the proposed amendment within sixty (60) days after Symbid Holding has informed Symbid OpCo in writing of proposed amendment, Symbid Holding may at its discretion (i) determine that the then current Agreement will remain in effect unchanged or (ii) terminate the Agreement by written notice with immediate effect.

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16.

MISCELLANEOUS

16.1.

All communications, notices and disclosures required or permitted by this Agreement shall be in writing and shall be sent by registered mail, by courier, by facsimile transmission or by e-mail to the following addresses unless and until a Party notifies the other Party in accordance with this Clause 16.1 of another address in the Netherlands. 

		
	If to Symbid Holding:

	If to Symbid OpCo:

	Symbid Holding B.V.

	Symbid B.V.

	Van Vollenhovenstraat 56 A 03

	Van Vollenhovenstraat 56 A 03

	3016BK Rotterdam

	3016BK Rotterdam

	The Netherlands

	The Netherlands

	Attn: Board of Directors

	Attn: Board of Directors

16.2.

The rights and obligations of a Party under this Agreement cannot be assigned or transferred except with the prior written approval of the other Party.

16.3.

Unless provided otherwise in this Agreement, the Parties shall each pay their own costs, charges and expenses in relation to this Agreement. 

16.4.

This Agreement constitutes the entire agreement and understanding of the Parties with respect to its subject matter and replaces and supersedes all prior agreements, arrangements, undertakings or statements regarding such subject matter. 

16.5.

Any variation of this Agreement is not valid unless and until it is in writing and has been signed by or on behalf of the Parties.

16.6.

If a provision of this Agreement is or becomes invalid or non-binding, the Parties shall remain bound to the remaining provisions. In that event, the Parties shall replace the invalid or non-binding provision by provisions that are valid and binding and that have, to the greatest extent possible, a similar effect as the invalid or non-binding provision, given the contents and purpose of this Agreement.

16.7.

A single or partial exercise of any right or remedy under this Agreement by Symbid shall not preclude any other or further exercise of that right or remedy or the exercise of any other right or remedy. A waiver of any breach of this Agreement by Symbid shall not be deemed to be a waiver of any subsequent breach. 

17.

GOVERNING LAW AND JURISDICTION

17.1.

This Agreement is governed by and shall be construed in accordance with the laws of the Netherlands.

17.2.

Any dispute arising out of or in connection with this Agreement shall be submitted exclusively to the competent courts in Rotterdam, the Netherlands, notwithstanding the right of appeal.

- signature page to follow -

10

In witness whereof, agreed upon and signed in two (2) counterparts by:

			
	Symbid Holding B.V.

/s/ Maarten van der Sanden

	 
	Symbid B.V.

/s/ Korstiaan Zandvliet

	By: Sanden Beheer B.V.

By: Maarten van der Sanden

	 
	By: Arena Amnis B.V.

By: Korstiaan Zandvliet

	Position: Managing Director

	 
	Position: Managing Director

11Exhibit 10.1

 

AXIALL CORPORATION

EXECUTIVE OFFICER AND KEY EMPLOYEE SEVERANCE PLAN

 

Axiall Corporation, a Delaware corporation (the “Company”), has adopted this Axiall Corporation Executive Severance Plan (the “Plan”), dated as of December 9, 2013, for the benefit of its executives, on the terms and conditions hereinafter stated.

 

1. Defined Terms. For purposes of the Plan, the following terms shall have the meanings indicated below:

 

1.1 “Annual Base Salary” means a Participant’s annual base salary at the rate in effect immediately prior to a Qualifying Termination.

 

1.2 “Board” means the Board of Directors of the Company.

 

1.3 “Cause” means any of the following: (i) any activity as an employee, principal, agent, or consultant for another entity that competes, directly or indirectly, with the Company in any actual, researched, or prospective product, service, system, or business activity for which the Participant has had any direct or indirect responsibility during the last five years of his or her employment with the Company or any Subsidiary in any territory in which the Company or any Subsidiary manufactures, sells, markets, services, or installs such product, service, system, or business activity; (ii) the solicitation of any employee of the Company or any Subsidiary to terminate his or her employment with the Company or such Subsidiary; (iii) the disclosure to any person not employed by or serving as a director of the Company or a Subsidiary, or the use in other than the Company’s or a Subsidiary’s business, in each case without prior written authorization from the Company, of any confidential, proprietary or trade secret information or material relating to the business of the Company and/or its Subsidiaries, acquired by the Participant either during employment with the Company or any Subsidiary or while acting as a consultant for the Company or any Subsidiary; (iv) the failure or refusal to disclose promptly and to assign to the Company upon request all right, title and interest in any invention or idea, patentable or not, made or conceived by the Participant during employment by the Company or any Subsidiary, relating in any manner to the actual or anticipated business, research or development work of the Company or any Subsidiary or the failure or refusal to do anything reasonably necessary to enable the Company or any Subsidiary to secure a patent where appropriate, whether in the United States or in other countries; or (v) any other conduct or act determined to be injurious, detrimental or prejudicial to any significant interest of the Company or any Subsidiary unless the Participant acted in good faith and in a manner he or she reasonably believed to be in or not opposed to the best interests of the Company.

 

1.4 “Code” means the Internal Revenue Code of 1986, as amended from time to time.

 

1.5 “Committee” means the Leadership Development & Compensation Committee of the Board.

 

1.6 “Company” means Axiall Corporation, a Delaware corporation.

 

1.7 “Date of Termination” shall have the meaning provided in Section 7 hereof.

 

1.8 “Disability” means disability, as determined under the Company’s long-term disability plan.

 

1.9 “Executive Officer” means an active, full-time executive officer of the Company, as designated from time to time by the Board.

 

1.10 “Good Reason” means any of the following, without the Participant’s written consent: (i) a material diminution in the Participant’s Annual Base Salary; (ii) a material diminution in the Participant’s authority, duties, or responsibilities, or (iii) a relocation of the Participant’s place of employment to a location more than 150 miles from the location of such employment on the date of such attempted relocation; provided, however, that a termination by the Participant shall not constitute termination for

 

 

Good Reason unless the Participant shall first have delivered to the Company written notice setting forth with specificity the occurrence deemed to give rise to a right to terminate for Good Reason (which notice must be given no later than sixty (60) days after the initial occurrence of such event).  Good Reason shall not include the Participant’s death or Disability. The Participant’s employment must be terminated by the Participant for Good Reason within ninety (90) days after the occurrence of an event of Good Reason.  A resignation by the Participant for Good Reason effectively constitutes an involuntary separation from service within the meaning of Section 409A of the Code and Treas. Reg. Section 1.409A-1(n)(2).

 

1.11 “Key Employee” shall mean any employee of the Company who is not an Executive Officer and who is designated from time to time by either the Committee or the Company’s Chief Executive Officer as a Participant in the Plan.

 

1.12 “Participant” shall mean any Executive Officer designated from time to time by the Committee as a Participant in the Plan and any Key Employee designated from time to time by either the Committee or the Company’s chief executive officer as a Participant in the Plan.

 

1.13 “Plan” means this Axiall Corporation Executive Officer and Key Employee Severance Plan, as such plan may be amended from time to time.

 

1.14 “Qualifying Termination” means the Participant’s termination of employment with the Company either by the Company without Cause or by the Participant for Good Reason.  For the avoidance of doubt, in no event shall a Participant be deemed to have experienced a Qualifying Termination under this Plan as a result of:   (i) the Participant’s death or Disability; (ii) any termination of employment with the Company that results in the Participant being eligible to receive severance benefits under the Company’s Executive and Key Employee Change of Control Severance Plan; or (iii) any termination of employment with the Company that results in the Participant being eligible to receive severance benefits under any severance arrangement provided for in any separate agreement between the Participant and the Company, where the severance benefits provided for under such agreement are more favorable to the Participant than the Severance Benefits provided to the Participant under this Plan.

 

1.15 “Severance Benefits” shall have the meaning provided in Section 4 hereof.

 

1.16 “Subsidiary” means a corporation, company or other entity (i) more than 50% of whose outstanding shares or securities (representing the right to vote for the election of directors or other managing authority) are, or (ii) which does not have outstanding shares or securities (as may be the case in a partnership, joint venture, limited liability company, or unincorporated association), but more than 50% of whose ownership interest representing the right generally to make decisions for such other entity is, now or hereafter, owned or controlled, directly or indirectly, by the Company.

 

1.17 “Target Bonus” means a Participant’s target payment under the Company’s short term cash incentive plan for the year in which the Qualifying Termination occurs.

 

2. Effectiveness of the Plan. This Plan became effective on January 1, 2014.

 

3. Administration. Subject to Section 13.2 hereof, the Plan shall be interpreted, administered and operated by the Committee, which shall have complete authority, subject to the express provisions of the Plan, to interpret the Plan, to prescribe, amend and rescind rules and regulations relating to the Plan, and to make all other determinations necessary or advisable for the administration of the Plan. The Committee may delegate any of its duties hereunder to a subcommittee, or to such person or persons from time to time as it may designate. All decisions, interpretations and other actions of the Committee shall be final, conclusive and binding on all parties who have an interest in the Plan.

 

4. Qualifying Termination Severance Benefits. Subject to the terms and conditions hereof, upon a Participant’s Qualifying Termination, the Participant shall receive the following benefits (collectively, the “Severance Benefits”):

 

 

(i)                                     a cash payment equal to the sum of  the Participant’s Annual Base Salary and  the Participant’s Target Bonus, multiplied by the factor set forth in the table in Exhibit A, payable in a single lump sum within sixty (60) days following the Date of Termination;

 

(ii)                                  for eighteen (18) months following the Date of Termination (the “COBRA Reimbursement Period”), monthly payments of an amount equal to the excess of (i) the COBRA cost of such coverage over (ii) the amount that Participant would have had to pay for such coverage if he had remained employed during the COBRA Reimbursement Period and paid the active employee rate for such coverage, less withholding for taxes and other similar items; provided, however, that (A) if the Participant becomes eligible to receive group health benefits under a program of a subsequent employer or otherwise (including coverage available to the Participant’s spouse), the Company’s obligation to pay any portion of the cost of health coverage as described herein shall cease, except as otherwise provided by law; (B) the COBRA Reimbursement Period shall only run for the period during which the Participant is eligible to elect health coverage under COBRA and timely elects such coverage; (C) nothing herein shall prevent the Company from amending, changing, or canceling any group medical, dental, vision and/or prescription drug plans during the COBRA Reimbursement Period; (D) during the COBRA Reimbursement Period, the benefits provided in any one calendar year shall not affect the amount of benefits provided in any other calendar year (other than the effect of any overall coverage benefits under the applicable plans); (E) the reimbursement of an eligible taxable expense shall be made as soon as practicable but not later than December 31 of the year following the year in which the expense was incurred; (F) the Participant’s rights pursuant to this Section 4(ii) shall not be subject to liquidation or exchange for another benefit; and (G) the monthly payments described in this subparagraph (ii) shall be taxable to the Participant and any applicable withholdings shall apply or such amounts shall be treated as imputed income to the Participant; and

 

(iii)                               payment for outplacement benefits provided by a service to be determined by the Company in its sole discretion up to a maximum of $25,000 during the 12 consecutive months following  the Date of Termination.  The amount of such expenses that are reimbursable in any one calendar year shall not affect the amount reimbursable in any other calendar year, and the reimbursement of an eligible expense must be made no later than December 31 of the year after the year in which the expense was incurred.  The Participant’s right to reimbursement of expenses under this subsection (iii) shall not be subject to liquidation or exchange for another benefit.

 

Notwithstanding the foregoing, the Company shall be obligated to provide the Severance Benefits only if (A) within forty-five (45) days after the Date of Termination the Participant shall have executed a separation and release of claims/covenant not to sue agreement in a form acceptable to the Company (the “Release Agreement”) and such Release Agreement shall not have been revoked within the revocation period specified in the Release Agreement. For the avoidance of doubt, inclusion of the Participant’s Target Bonus in the calculation of Severance Benefits does not affect and is not in lieu of a Participant’s annual bonus opportunity for the year in which the Date of Termination occurs, which shall be determined in accordance with the Company’s annual short-term cash incentive plan as then in effect.

 

5. Non-Qualifying Termination. If a Participant’s status as an employee is terminated for any reason other than due to a Qualifying Termination, the Participant shall not be entitled to receive the Severance Benefits, and the Company shall not have any obligation to such Participant under this Plan.

 

6. Section 409A.

 

6.1 General. It is intended that the payments and benefits provided under the Plan shall either be exempt from the application of, or comply with, the requirements of Section 409A of the Code.  The Plan shall be construed in a manner that effects such intent.  Nevertheless, the tax treatment of the benefits provided under the Plan is not warranted or guaranteed.  Neither the Company nor its respective directors, officers, employees or advisers (other than in his or her capacity as a Participant) shall be held liable for any taxes, interest, penalties or other monetary amounts owed by any Participant or other taxpayer as a result of the Plan.

 

 

6.2 Definitional Restrictions. Notwithstanding anything in the Plan to the contrary, to the extent that any amount or benefit that would constitute non-exempt “deferred compensation” for purposes of Section 409A of the Code (“Non-Exempt Deferred Compensation”) would otherwise be payable or distributable under the Plan by reason of the occurrence of the Participant’s separation from service, such Non-Exempt Deferred Compensation will not be payable or distributable to the Participant by reason of such circumstance unless the circumstances giving rise to such separation from service meet any description or definition of “separation from service” in Section 409A of the Code and applicable regulations (without giving effect to any elective provisions that may be available under such definition).  This provision does not prohibit the vesting of any amount upon a separation from service, however defined. If this provision prevents the payment or distribution of any Non-Exempt Deferred Compensation, such payment or distribution shall be made on the date, if any, on which an event occurs that constitutes a Section 409A-compliant “separation from service,” or such later date as may be required by subsection 6.3 below.

 

6.3 Six-Month Delay in Certain Circumstances. Notwithstanding anything in the Plan to the contrary, if any amount or benefit that would constitute Non-Exempt Deferred Compensation would otherwise be payable or distributable under this Plan by reason of a Participant’s separation from service during a period in which the Participant is a Specified Employee (as defined below), then, subject to any permissible acceleration of payment by the Committee under Treas. Reg. Section 1.409A-3(j)(4)(ii) (domestic relations order), (j)(4)(iii) (conflicts of interest), or (j)(4)(vi) (payment of employment taxes):

 

(i) the amount of such Non-Exempt Deferred Compensation that would otherwise be payable during the six-month period immediately following the Participant’s separation from service will be accumulated through and paid or provided on the first day of the seventh month following the Participant’s separation from service (or, if the Participant dies during such period, within thirty (30) days after the Participant’s death) (in either case, the “Required Delay Period”); and (ii) the normal payment or distribution schedule for any remaining payments or distributions will resume at the end of the Required Delay Period.  For purposes of this Plan, the term “Specified Employee” has the meaning given such term in Code Section 409A and the final regulations thereunder.

 

6.4 Timing of Release.  Whenever in this Agreement a payment or benefit is conditioned on the Participant’s execution of a release of claims and covenant not to sue, the Company shall provide such release to the Participant promptly following the Date of Termination, and such release and covenant not to sue must be executed and all revocation periods shall have expired in accordance with terms set forth in the release, but in no case later than sixty (60) days after the Date of Termination; failing which such payment or benefit shall be forfeited.  If such payment or benefit constitutes Non-Exempt Deferred Compensation, then, subject to subsection 6.3 above, such payment or benefit (including any installment payments) that would have otherwise been payable during such 60-day period shall be accumulated and paid on the 60th day after the Date of Termination provided such release shall have been executed and such revocation periods shall have expired.  If such payment or benefit is exempt from Section 409A of the Code, the Company may elect to make or commence payment at any time during such 60-day period.

 

7. Termination Procedures. Any purported termination of a Participant’s employment shall be communicated by written Notice of Termination from the terminating party to the other party in accordance with Section 11 hereof. For purposes of this Section 8, a “Notice of Termination” shall mean (a) in the case of termination by the Company with Cause or by the Participant with Good Reason, a notice indicating (i) in reasonable detail the facts and circumstances giving rise to the determination that Cause or Good Reason exists, as applicable, and (ii) the effective date of the termination of employment (absent cure, as provided below and, in the case of termination by the Participant with Good Reason, in compliance with the time period set forth in Section 1.10 herein), and (b) in the case of all other terminations of employment, a notice indicating the effective date of the termination of employment, in each case, subject to any other contractual obligations that may exist between the Company and the Participant (the date specified in any such Notice of Termination, the “Date of Termination”). Notwithstanding the foregoing, in the case of a termination by the Participant with Good Reason, the Company shall have an opportunity to cure the circumstances giving rise to Good Reason within thirty (30) days after receipt of such Notice of Termination. If the Company fails to cure such circumstances, the Date of Termination shall be as specified in the Notice of Termination, notwithstanding such thirty (30) day cure period.

 

8. No Mitigation. No Participant shall be required to seek other employment or to attempt in any way to reduce or mitigate any benefits payable under this Plan and the amount of any such benefits shall not be reduced by

 

 

any other compensation paid or provided to any Participant following such Participant’s termination of service.

 

9. Successors.

 

9.1 Company Successors. This Plan shall inure to the benefit of and shall be binding upon the Company and its successors and assigns. Any successor (whether direct or indirect and whether by purchase, lease, merger, consolidation, liquidation or otherwise) to all or substantially all of the Company’s business and/or assets shall assume and agree to perform the obligations of the Company under this Plan.

 

9.2 Participant Successors. This Plan shall inure to the benefit of and be enforceable by each Participant’s personal or legal representatives, executors, administrators, successors, heirs, distributees, devisees, legatees or other beneficiaries. If a Participant shall die while any amount remains payable to such Participant hereunder, all such amounts shall be paid in accordance with the terms of this Plan to the executors, personal representatives or administrators of such Participant’s estate.

 

10. Notices. All communications relating to matters arising under this Plan shall be in writing and shall be deemed to have been duly given when hand delivered, faxed, emailed or mailed by reputable overnight carrier or United States certified mail, return receipt requested, addressed, if to a Participant, to the address on file with the Company and, if to the Company, to the address set forth below, or to such other address as either party may have furnished to the other in writing in accordance herewith, except that notice of change of address shall be effective only upon actual receipt:

 

Axiall Corporation

1000 Abernathy Rd. N.E. Ste#1200

Atlanta, GA  30328

Attention: Vice President, Human Resources

 

11. Claims Procedure.

 

11.1 A Participant may file with the Committee, in accordance with Section 10 above, a written claim for benefits under the Plan. The Committee shall, within a reasonable time not to exceed forty-five (45) days, unless special circumstances require an extension of time of not more than an additional forty-five (45) days (in which event a Participant will be notified of the delay during the first forty-five (45) day period), provide notice in writing to any Participant whose claim for benefits shall have been denied, delivered in accordance with Section 11 above, setting forth the following in a manner calculated to be understood by the Participant: (a) the specific reason or reasons for the denial; (b) specific reference to the provision or provisions of the Plan on which the denial is based; (c) a description of any additional material or information required to perfect the claim and, an explanation of why such material or information is necessary; and (d) information as to the steps to be taken in order that the denial of the claim may be reviewed.

 

11.2 If written notice of the denial of a claim has not been provided to a Participant, and such claim has not been granted within the time prescribed in Section 11.1 above (including any applicable extension), the claim for benefits shall be deemed denied.

 

11.3 A Participant whose claim for benefits shall have been denied in whole or in part pursuant to Section 11.2 above may, within sixty (60) days after either the receipt of the denial of the claim or from the time the claim is deemed denied (unless the notice of denial grants a longer period within which to respond), appeal such denial to the Company.  The Company shall provide a full and fair review of the appeal, and the Participant shall be afforded the opportunity to submit written comments, documents, records, and other information related to the claim.  The Participant may also, upon request, at this time review documents pertinent to his claim and may submit written issues and comments.

 

11.4 The Company shall notify a Participant of its decision within forty-five (45) days after an appeal is received, unless special circumstances require an extension of time of not more than an additional forty-five

 

 

(45) days (in which event a Participant will be notified of the delay during the first forty-five (45) day period). Such decision shall be given in writing in accordance with Section 11 above in a manner calculated to be understood by the Participant and shall include the following: (a) specific reasons for the decision; and (b) specific reference to the provision or provisions of the Plan on which the decision is based.

 

12. Code Section 280G.

 

12.1 Notwithstanding anything in this Agreement to the contrary, in the event it shall be determined that any benefit, payment or distribution by the Company to or for the benefit of the Participant (whether payable or distributable pursuant to the terms of this Plan or otherwise) (such benefits, payments or distributions are hereinafter referred to as “Payments”) would, if paid, be subject to the excise tax (the “Excise Tax”) imposed by Section 4999 of the Code, then the aggregate present value of the Payments shall be reduced (but not below zero) to an amount expressed in present value that maximizes the aggregate present value of the Payments without causing the Payments or any part thereof to be subject to the Excise Tax and therefore nondeductible by the Company because of Section 280G of the Code (the “Reduced Amount”).  The reduction of the Payments due hereunder, if applicable, shall be made by first reducing cash Payments and then, to the extent necessary, reducing those Payments having the next highest ratio of Parachute Value to actual present value of such Payments as of the date of the change of control, as determined by the Determination Firm (as defined in subsection (b) below).  For purposes of this Section 12, present value shall be determined in accordance with Section 280G(d)(4) of the Code.  For purposes of this Section 12, the “Parachute Value” of a Payment means the present value as of the date of the change of control of the portion of such Payment that constitutes a “parachute payment” under Section 280G(b)(2) of the Code, as determined by the Determination Firm for purposes of determining whether and to what extent the Excise Tax will apply to such Payment.

 

12.2  All determinations required to be made under this Section 12, including whether an Excise Tax would otherwise be imposed, whether the Payments shall be reduced, the amount of the Reduced Amount, and the assumptions to be utilized in arriving at such determinations, shall be made by an independent, nationally recognized accounting firm or compensation consulting firm mutually acceptable to the Company and the Participant (the “Determination Firm”) which shall provide detailed supporting calculations both to the Company and the Participant within fifteen (15) business days of the receipt of notice from the Participant that a Payment is due to be made, or such earlier time as is requested by the Company.  All fees and expenses of the Determination Firm shall be borne solely by the Company.  Any determination by the Determination Firm shall be binding upon the Company and the Participant.  As a result of the uncertainty in the application of Section 4999 of the Code at the time of the initial determination by the Determination Firm hereunder, it is possible that Payments hereunder will have been unnecessarily limited by this Section 12 (“Underpayment”), consistent with the calculations required to be made hereunder.  The Determination Firm shall determine the amount of the Underpayment that has occurred and any such Underpayment shall be promptly paid by the Company to or for the benefit of the Participant together with interest at the applicable Federal rate provided for in Section 7872(f)(2) of the Code, but no later than March 15 of the year after the year in which the Underpayment is determined to exist, which is when the legally binding right to such Underpayment arises.

 

12.3  In the event that the provisions of Code Section 280G and 4999 or any successor provisions are repealed without succession, this Section  shall be of no further force or effect.

 

13. Miscellaneous.

 

13.1 No Right to Continued Service. Nothing contained in this Plan shall (i) confer upon any Participant any right to continue as an employee of the Company, (ii) constitute any contract of employment or agreement to continue employment for any particular period, or (iii) interfere in any way with the right of the Company to terminate a service relationship with any Participant, with or without Cause.

 

13.2 Termination and Amendment of Plan. The Committee may, in its sole discretion, terminate or amend this Plan by resolution at any time; provided that, following a Participant’s Qualifying Termination, no Plan termination or amendment shall adversely affect the rights of such Participant under the Plan without such Participant’s written consent.

 

 

13.3 Withholding. The Company shall have the authority and the right to deduct and withhold an amount sufficient to satisfy federal, state, local and foreign taxes required by law to be withheld with respect to any benefits payable under this Plan.

 

13.4 Benefits not Assignable. Except as otherwise provided herein or by law, no right or interest of any Participant under the Plan shall be assignable or transferable, in whole or in part, either directly or by operation of law or otherwise, including without limitation by execution, levy, garnishment, attachment, pledge or in any manner; no attempted assignment or transfer thereof shall be effective; and no right or interest of any Participant under the Plan shall be liable for, or subject to, any obligation or liability of such Participant. When a payment is due under this Plan to a Participant who is unable to care for his or her affairs, payment may be made directly to his or her legal guardian or personal representative.

 

13.5 Applicable Law. This Plan shall be construed and interpreted in accordance with the laws of the State of Georgia without reference to the conflict of laws provisions thereof, to the extent not preempted by federal law, which shall otherwise control.

 

13.6 Validity. The invalidity or unenforceability of any provision of this Plan shall not affect the validity or enforceability of any other provision of this Plan, which shall remain in full force and effect.

 

13.7 Captions. The captions contained in this Plan are for convenience only and shall have no bearing on the meaning, construction or interpretation of the Plan’s provisions.

 

13.8 Expenses. The expenses of administering the Plan shall be borne by the Company.

 

13.9 Unfunded Plan. The Plan is intended to be an “unfunded” plan for severance benefits. Nothing contained in the Plan shall give the Participant any rights that are greater than those of a general unsecured creditor of the Company.

 

13.10 Non-Duplication of Benefits.  Notwithstanding anything to the contrary herein, any Participant that is or may become entitled to cash separation payments or benefits under any employment, consulting or severance agreement or other plan, program or arrangement of the Company, shall not be entitled to benefits under this Plan.

 

*         *         *

 

 

The foregoing is hereby acknowledged as being the Axiall Corporation Executive Officer and Key Employee Severance Plan as adopted by the Committee on December 9, 2013.

 

	
 
    	
AXIALL CORPORATION
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/ Dean Adelman
    
	
 
    	
 
    	
 
    
	
 
    	
Its:
    	
Vice President — Human Resources
    

 

 

Plan Information

 

	
Name of Plan:
    	
 
    	
Axiall Corporation Executive Officer and Key   Employee Severance Plan
    
	
 
    	
 
    	
 
    
	
Type of Plan:
    	
 
    	
The Plan is a benefit plan providing severance   benefits to eligible employees.
    
	
 
    	
 
    	
 
    
	
Agent for Service of Legal Process:
    	
 
    	
General Counsel
    
	
 
    	
 
    	
 
    
	
Plan Year:
    	
 
    	
The Plan Year shall run from January 1 to   December 31. This is also the year for purposes of determining Annual   Base Salary.
    
	
 
    	
 
    	
 
    
	
Amendment and Termination:
    	
 
    	
The Company may amend the Plan at any time. This   means the benefits of the Plan may be reduced, increased or changed, or the   Plan may be terminated by the Company at any time.
    
	
 
    	
 
    	
 
    
	
Funding:
    	
 
    	
The funding method will be from the Company’s   general assets.
    
	
 
    	
 
    	
 
    
	
Contributions:
    	
 
    	
The Company will pay all costs of the Plan.
    
	
 
    	
 
    	
 
    
	
Contract:
    	
 
    	
This Plan shall not be deemed to constitute an   employment contract between you and the Company.
    

 

 

Exhibit A

 

	
Executive or Key Employee
    	
 
    	
Severance Factor
    
	
 
    	
 
    	
 
    
	
Chief Executive Officer
    	
 
    	
1.0
    
	
Executive Officer, other than Chief   Executive Officer
    	
 
    	
1.0
    
	
Key Employee
    	
 
    	
1.0

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