Document:

Exhibit

Exhibit 10.49

October 1, 2015

Mr. James E. Dwyer, Jr.
xxxxxxxxxxxxxxxxxx
xxxxxxxxxxx, xx xxxxx

Dear Jim:

The purpose of this letter (“Agreement”) is to set forth the mutual agreement of Post Holdings, Inc. (together with its affiliated companies, the “Company”) and you regarding your annual salary, annual bonus, vacation benefits, benefits on death and disability and the Company’s Executive Severance Plan (“Plan”). This Agreement shall be effective upon the date of your signature, subject to Section B8 of this Agreement (“Effective Date”).
		
	A.
	COMPENSATION and BENEFITS

		
	1.
	Annual Base Salary

For as long as you are employed as President and CEO of the Michael Foods business (“Current Position”), you will be entitled to receive an annual base salary (“Annual Base Salary”) of at least $600,000, the competitiveness of which may be periodically reviewed and adjusted by the Company. 
		
	2.
	Annual Bonus

For each Company fiscal year, or portion thereof, as long as you are employed in your Current Position, you will participate in such annual bonus arrangements (“Annual Bonus”) as may be approved by the Corporate Governance and Compensation Committee (“Committee”) of the Board of Directors of the Company. Your Annual Bonus opportunity will be no less than 100% of your Annual Base Salary and your target Annual Bonus will be no less than 100% of your Annual Base Salary (“Target Bonus”). Except for the Annual Bonus opportunity and Target Bonus amount provisions as set forth above, all terms and conditions of your Annual Bonus will be governed by the applicable bonus program document applicable to similarly situated employees and any specific Annual Bonus award agreement you receive.
		
	3.
	Vacation

You shall be entitled to 25 days of paid time off per year or such greater amount according to your length of service as memorialized in the paid time off and/or vacation policy of Michael Foods (“Policy”). The terms and conditions of this benefit are as memorialized in the Policy.
		
	4.
	Disability

		
	(a)
	Payments While Employed and Disabled

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	i.
	For as long as you are employed with the Company, you are eligible for the Company’s short-term disability program (“STD Program”) according to the terms of such Program. The STD Program provides short-term continuation of some percentage of an eligible employee’s salary in the event of the employee’s disability. To the extent that you become disabled under the terms of the STD Program while in your Current Position, you will be deemed to have worked for the Company for 13 years for purposes of the STD Program, which will entitle you to be paid at 100% of your Current Weekly Earnings, as such term is defined by the STD Program.

		
	ii.
	Long-term disability benefits are provided to eligible employees through the Company’s group long-term disability plan (“LTD Plan”). To the extent that you are receiving benefits under the LTD Plan for a period during which you are still employed in your Current Position, and such benefits are less than the payment of the portion of your Annual Base Salary that you would otherwise receive for the same period if you had continued as an active employee, the Company shall pay you the difference in accordance with its normal payroll schedule (“Company-paid LTD Supplement”). For the avoidance of doubt, the Company-paid LTD Supplement shall be paid only for so long as you remain employed in your Current Position and are receiving benefits under the LTD Plan.

		
	(b)
	Payments Upon Termination of Employment due to Disability

For purposes of this Section A4(b), you are “Disabled” or have a “Disability” if by a good faith determination by the Company it is sole discretion, you are unable to perform the job responsibilities of your Current Position as a result of a chronic illness or any other physical or mental disability for a period of six (6) consecutive months or more.
While you are in your Current Position, in the event of a Company-initiated termination of your employment from the Company due to your Disability, the Company shall pay you:
		
	i.
	any portions of your Annual Base Salary earned through the date of such termination that have not yet been paid, in accordance with the Company’s usual payroll schedule;

		
	ii.
	a pro-rated portion of your Target Bonus for the fiscal year in which your termination occurs, to the extent not paid. The pro-rated portion of your Target Bonus shall be determined by multiplying your Target Bonus by a fraction, the numerator of which is the number of months, including partial months, in the fiscal year in which your termination occurs through the date of termination and the denominator of which is twelve (12). All obligations under this paragraph shall be paid in lump sum form by March 15 following the calendar year in which your termination due to Disability occurs; and

		
	iii.
	an amount equal to two times the sum of your current Annual Base Salary and Target Bonus for the year in which your termination occurs, payable in lump sum form by March 15 following the calendar year in which your termination due to Disability occurs. In the event you become reemployed by the Company during the two-year period that follows your date of termination, you will be required to repay a prorated portion of the payment described in this paragraph to the Company in a time and manner designated by the Company.

Whether a termination of your employment is due to your Disability shall be determined in the sole discretion of the Company. Receipt of any benefits described in this Section A4(b) and the Benefits Subsidy provisions applicable to termination due to Disability as described in Section A6 is conditioned on your timely execution and non-revocation of a release agreement (“Release Agreement”)  in such form and manner as prescribed by the Company, which shall include, among other things, a waiver of all claims you may have against the Company and a waiver of the portion of any severance benefits that may become payable to you under the terms of a Management Continuity Agreement with such portion to be waived being equal to the amount of any such severance benefits due or payable under this Agreement. The terms of any Release Agreement will be determined by the Company in its sole discretion. The Release Agreement must be executed by you, returned to the Company and become effective and non-revocable within sixty (60) days after your termination of employment in order for any payment described in this Section and the Benefits Subsidy provisions applicable to termination due to Disability otherwise payable to become due and payable to you.

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	5.
	Death

		
	(a)
	Accrued Salary and Target Bonus

In the event of your death while employed by the Company in your Current Position, the Company shall pay your beneficiary or estate:
		
	i.
	any portions of your Annual Base Salary earned through the date of death that have not yet been paid, in accordance with the Company’s usual payroll schedule; and

		
	ii.
	a pro-rated portion of your Target Bonus for the fiscal year in which death occurs, to the extent not paid. The pro-rated portion of your Target Bonus shall be determined by multiplying your Target Bonus by a fraction, the numerator of which is the number of months, including partial months, in the fiscal year in which death occurs through the date of death and the denominator of which is twelve (12). All obligations under this paragraph shall be paid in lump sum form by March 15 following the calendar year in which the death occurs.

		
	(b)
	Enhanced Death Benefit

For as long you are employed with the Company, you are eligible for life insurance benefits under the Post Holdings, Inc. Life Insurance Plan (“Life Insurance Plan”) according to the terms of such Life Insurance Plan. As of the Effective Date, the Company-paid portion of the Life Insurance Plan generally provides for a death benefit of two times an employee’s annual salary and bonus received in the calendar year prior to the employee’s death (“Basic Death Benefit”). In addition to the Basic Death Benefit, to the extent that your beneficiaries would be entitled to a greater death benefit under the following formula (“Enhanced Death Benefit”) than under the Basic Death Benefit, the excess of the Enhanced Death Benefit over the Basic Death Benefit will be paid to your beneficiary or your estate in a lump sum by March 15 following the calendar year in which the death occurs. The Enhanced Death Benefit formula is two (2) times the sum of your Annual Basic Salary and Target Bonus for the fiscal year in which the death occurs. The Enhanced Death Benefit shall be available to you only if you die while in your Current Position.
		
	6.
	Benefit Subsidy upon Death or Termination Due to Disability

If you, your spouse and/or eligible dependents (your spouse and eligible dependents being your “Family Members”) are covered under the Company medical and dental benefit plans on the date of your death or Company-initiated termination of employment due to your Disability, you and/or your Family Members shall, upon proper application, be eligible for COBRA healthcare continuation coverage under such plans. You/your Family Members shall be responsible for a portion of the cost of COBRA continuation coverage based on the current cost sharing percentage for active employees under the plans and the Company shall pay the remaining portion for a period of eighteen (18) months (“Benefit Subsidy Period”) or until such time that you and/or your Family Members retain group health coverage under a subsequent group health plan, whichever is earlier, subject to certain other limits required by law. The Company will increase or decrease your portion of the plans’ cost during the Benefit Subsidy Period at the same time and on the same terms that such changes apply to then-current employees, and the Company need not continue to provide a benefit to you and/or your Family Members if it has terminated that benefit with respect to active employees and/or their family members. Following the end of the Benefit Subsidy Period, you and/or your Family Members shall be responsible for all costs associated with COBRA continuation coverage as provided for by the Company’s benefit plans and procedures. If you and/or your Family Members are not covered by medical or dental benefits at the time of your death or termination, the benefits subsidy describe in this paragraph does not apply. To the extent necessary to avoid negative tax consequences to you, your Family Members, or its employees, the Company reserves the right to impute the value of the Benefit Subsidy as income for Federal income tax purposes.

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	B.
	ADDITIONAL TERMS

		
	1.
	Internal Revenue Code Section 409A

The payments and benefits under this Agreement are intended to comply with or be exempt from Section 409A of the Code and the regulations and other guidance thereunder. Notwithstanding anything to the contrary herein, if you are a specified employee as defined in Code Section 409A, any payment hereunder on account of a separation from service may not be made until at least six months after such separation from service, to the extent required to avoid the adverse tax consequences under Code Section 409A. Any such payment otherwise due in such six-month period shall be suspended and become payable at the end of such six-month period. Any installment payment hereunder shall be treated as a separate payment for purposes of Code Section 409A. Notwithstanding anything hereunder to the contrary, in the event that the period during which you may consider, execute and have a Release Agreement become non-revocable spans two tax years, any payment that could be made or commence during such period shall be made in the later of the two tax years.   
		
	2.
	No Contract of Employment; MCA 

Nothing in this Agreement creates a vested right to be retained in the employment of the Company.  Notwithstanding any provision to the contrary, no payments or benefits shall be paid to you under this Agreement to the extent that payments or other benefits would be paid to you pursuant to the terms of a Management Continuity Agreement. To the extent that payments or benefits are paid to you or received by you under this Agreement and you later become eligible for severance benefits under a Management Continuity Agreement, the amount of your severance benefits under the MCA shall be reduced by the payments and benefits paid or received under this Agreement.
		
	3.
	Plan

Notwithstanding any provision to the contrary herein or in the Plan or any amendments thereto:
		
	(a)
	 You will be eligible to receive Severance Benefits (as such term and all other capitalized terms used in this Section B3 without definition are defined in the Plan) at a level and subject to terms and conditions no less favorable to you than as set forth in the Plan (as modified by this Agreement) as of the date of this Agreement, notwithstanding any subsequent modifications or amendments to the Plan. 

		
	(b)
	For purposes of determining your eligibility to receive Severance Benefits under the Plan, Article II, Section A1(c) of the Plan shall be deemed to read in its entirety as follows:  “ Your employment must not be terminated for Cause.”

		
	4.
	No Benefit Earnings

No payment under this Agreement will be considered “benefit earnings” for purposes of any Company benefit plan, except to the extent required under the terms of any such plan or applicable law.

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	5.
	No Obligation to Continue Plans

Nothing in this Agreement shall be construed to limit the ability of the Company to amend or terminate any employee benefit plan, program or policy. However, for the sake of clarity, any amendment or termination of an employee benefit plan, program or policy shall not relieve the Company of its obligations to provide Severance Benefits under Section B3 of this Agreement and benefits equivalent to those available under the STD Program and LTD Plan under Section A4(a) of this Agreement. The Company reserves the right to satisfy any obligation under this Agreement through its purchase of insurance policies or by any other means it determines in its sole discretion.
		
	6.
	Withholding

All payments made under this Agreement will be subject to deductions for Federal, state and local taxes and all other legally required or otherwise authorized deductions. The Company makes no guarantees or warranties regarding the tax consequences of any payment.
		
	7.
	State of Jurisdiction

This Agreement shall be construed, administered and enforced according to the laws of the State of Missouri without regard to its conflict of law rules except to the extent preempted or superseded by applicable Federal laws.
		
	8.
	Effectiveness of Agreement; Reliance

Notwithstanding anything to the contrary in this Agreement, the effectiveness of this Agreement is expressly conditioned upon your signed agreement to terminate the Amended and Restated Employment Agreement dated June 29, 2010 between you and Michael Foods, Inc. The Company acknowledges that you have agreed to such termination in reliance on the agreements of the Company set forth herein.

If you agree with the terms of this Agreement, please sign and date the letter and return a copy to me at nicole.bolton@postholdings.com.

Yours truly,

/s/ Nicole Bolton
Nicole Bolton
Senior Vice President, Human Resources

	
		
	/s/ James E. Dwyer, Jr.
	 

	James E. Dwyer, Jr.
	 

	 
	 

	10/2/15
	 

	Date
	 

5EX-10.1

 Exhibit 10.1 

SEPARATION AGREEMENT 

This Separation Agreement (this “Agreement”), dated as of November 25, 2015, is between Imation Corp., a Delaware corporation
(the “Company”) and Scott J. Robinson, an individual (“Mr. Robinson”). 
 WHEREAS, the parties desire to formalize
their mutual understanding regarding the terms of Mr. Robinson’s termination of employment with the Company. 
 The parties to
this Agreement agree as follows: 
 1. Mr. Robinson hereby resigns all employment with the Company, including his position as the Vice
President and Chief Financial Officer of the Company, and all of his positions as an officer or director of the Company’s subsidiaries, effective November 25, 2015 (the “Date of Termination”). 

2. Mr. Robinson agrees to make himself reasonably available to work as a consultant to the Company, working for Mr. Danny Zheng,
between the period November 30, 2015 to December 31, 2015, at the rate of $162.50 per hour, plus reasonable expenses. 
 3.
Mr. Robinson shall be paid severance in the sum of $300,548.20. That amount shall be placed in escrow on the Date of Termination and shall be paid, subject to any required withholding, on the date the signed general release described in
Section 4 becomes irrevocable and effective; provided, that Mr. Robinson forfeits all rights to severance amount if he revokes (or rescinds) the release. Mr. Robinson shall not be entitled to any other rights or benefits under
any Company benefit plan or agreement beyond the amounts expressly stated in this Agreement, including, without limitation, under the Amended and Restated Severance and Change of Control Agreement, dated November 24, 2014, between
Mr. Robinson and the Company. 

 4. In consideration of the above and to receive the benefits described in this Agreement,
Mr. Robinson agrees to execute a general release of all claims, in the form set forth as Schedule A to this Agreement, effective as of the Date of Termination.  

5. In further consideration of the amount to be paid to him pursuant to Section 3 above, Mr. Robinson hereby waives any and
all rights he may have under the Worker Adjustment and Retraining Notification Act (WARN Act), and Minn. Stat. § 116L.976, to the extent such Act or Statute may be applicable. 

6. All additions or modifications to this Agreement must be made in writing and executed by both parties. 

7. This Agreement is made under and will be construed according to the laws of the State of Minnesota. 

AGREED, as of the date first written above: 
  

							
	IMATION CORP.	 		 	MR. ROBINSON
				
	By:	 	 /s/ Joseph A. De Perio
	 		 	 /s/ Scott J. Robinson

		 	Joseph A. De Perio	 		 	Scott J. Robinson
		 	Chairman of the Board	 		 	

 Schedule A to Separation Agreement 

GENERAL RELEASE AGREEMENT 

This General Release Agreement (“Agreement”) is entered into by and between Imation Corp. (“Imation”) and Scott J.
Robinson (“you” or “your”). In consideration of the mutual promises, warranties, covenants, agreements and promises contained in this Agreement, and for other good and valuable consideration, the receipt and sufficiency of which
is hereby acknowledged, you and Imation agree as follows: 
 1. Separation Agreement. This General Release Agreement is made
by you in consideration of and as a term of the Separation Agreement dated November 25, 2015 (the “Separation Agreement”). 

2. Non-Admission. This Agreement does not, and is not intended to, constitute, nor shall
it be deemed to constitute, an admission by Imation of any liability to, or wrongdoing of any kind against, you, and you agree that you will never contend that it does constitute such an admission. Imation specifically disclaims any liability to, or
wrongful acts against, you or any other person. 
 3. Release of Claims. You agree that in exchange for the compensation paid
to you under the terms of the Separation Agreement referenced in Section 1 of this Agreement, you release and discharge Imation and its subsidiaries, parents, affiliated companies, and their respective officers, employees, agents, fiduciaries,
insurers, representatives, shareholders, directors, successors, and/or assigns, in any and all capacities, (collectively, the “Released Parties”) from all liability, to the fullest extent permitted by law, for any and all claims, actions,
causes of action, promises, agreements, damages, or costs or expenses of any kind, whether known or unknown, under any theory of pleading or proof, arising from or relating to your employment with Imation, the termination of your employment with
Imation, and any other actions, decisions, alleged omissions, or events occurring through the date of your signing of this Agreement. You understand and agree that your release of claims in this Agreement includes, but is not limited to, any claims
arising under or based upon the Age Discrimination in Employment Act; Older Worker Benefits Protection Act, Americans With Disabilities Act; Title VII of the Civil Rights Act of 1964; the Equal Pay Act; the Civil Rights Act of 1991; Sections 1981
through 1988 of Title 42 of the United States Code, as amended; the Occupational Safety and Health Act, as amended; the Employment Retirement Income Security Act; the Family and Medical Leave Act; the Minnesota Human Rights Act; Minn.
§ 181.81; Minn. Stat. § 176.82; Minn. Stat. §§ 181.931, 181.932, 181.935; and/or Minn. Stat. §§ 181.940–181.944; any provision of the Minnesota or federal Constitutions; or any other federal,
state, or local, statute, regulation, rule, ordinance, or law. 
 You also agree and understand that except as expressly reserved in this
Agreement, you are giving up all other claims against the Released Parties, whether grounded in contract, tort or equitable theories (including but not limited to negligence), to the fullest extent permitted by law, including but not limited to:
wrongful discharge; breach of express or implied contract; tortious interference with contractual relations or economic advantage; promissory estoppel; detrimental reliance; breach of the implied covenant of good faith and fair dealing; breach of
express or implied promise; breach of manuals or other policies; breach of fiduciary duty; assault; battery; fraud; false imprisonment; invasion of privacy; conspiracy; intentional or negligent misrepresentation; defamation, including libel,
slander, discharge defamation and self-publication defamation; harassment; claims for unpaid compensation (including, but not limited to any claim for severance, commissions, bonus, accumulated leave, or
benefits); discharge in violation of public policy; whistleblower retaliation; intentional or negligent infliction of emotional distress; or any other theory, whether legal or equitable, including, but not limited to, any claims for damages,
declaratory or injunctive relief of any kind, or attorneys’ fees. 
 PROVIDED, that nothing in this Agreement shall be deemed to
terminate or reduce in any way any right you might have to indemnification from Imation under the provisions of the Delaware General Corporation Law and Imation’s Restated Certificate of Incorporation and Bylaws, each as in effect on the 

  

 
date of employment termination, for acts, omissions or events that occurred or are alleged to have occurred prior to the date of termination of employment. Nothing in this Release or in this
Agreement shall be deemed to terminate or reduce your right to a defense, provided by Imation, to any currently pending legal or administrative action. 

Nothing in this Agreement is intended to: (1) constitute an unlawful waiver of any of your rights under any laws; (2) waive your
right to challenge the enforceability of this Agreement; (3) waive or release your right to enforce the Separation Agreement, (4) waive your right to file an administrative charge with the EEOC or any other administrative agency under
applicable law, or participate in any agency investigation, although you do waive and release your right to recover any monetary or other damages, including but not limited to compensatory damages, punitive damages, and liquidated damages; or
(5) prevent or interfere with your right to provide truthful testimony, if under subpoena or court order to do so, or respond as otherwise provided by law. 

You understand and agree that, except as expressly stated in this Agreement, any and all claims which you have, had, or might have had against
any of the Released Parties occurring up through the date you sign this Agreement are fully released and discharged by this Agreement. 
 4.
ADEA Compliance. You have been informed of your right to review and consider this Agreement for 21 calendar days, if you so choose. You further agree and acknowledge that (a) your waiver of rights under this Agreement is knowing
and voluntary as required under the Age Discrimination in Employment Act (“ADEA”) and Older Worker Benefits Protection Act; (b) you understand the terms of this Agreement; (c) Imation advises you to consult with an attorney prior
to executing this Agreement; (d) you may rescind this Agreement insofar as it extends to potential claims under the ADEA by providing written notice to Imation within seven (7) calendar days after the date of your signature below. To be
effective, the rescission must be in writing and delivered to Imation either by hand or by mail within the seven (7)-day period. If delivered by mail, the rescission must be: (i) postmarked within the
seven (7)-day period; (ii) properly addressed to John Breedlove, Vice President, General Counsel and Corporate Secretary, Imation Corporation, 1 Imation Way, Oakdale, MN 55128; and (iii) sent by
certified mail, return receipt requested. If you timely exercise your right to rescind your release of claims under the ADEA, Imation may, at its option, either nullify this Agreement in its entirety, or keep it in effect in all respects other than
as to that portion of the Agreement you have rescinded. If Imation chooses to nullify the Agreement in its entirety, Imation will have no obligations under this Agreement to you or to any others whose rights derive from you, but the cessation of
your employment will be unaffected. 
 5. MHRA Compliance. You have been informed of your right to rescind this Agreement
insofar as it extends to potential claims under the Minnesota Human Rights Act (“MHRA”), Minn. Stat. § 363A, et seq., by providing written notice to Imation within fifteen (15) calendar days after the date of your
signature below. To be effective, the rescission must be in writing and delivered to Imation either by hand or by mail within the fifteen (15)-day period. If delivered by mail, the rescission must be:
(i) postmarked within the fifteen (15)-day period; (ii) properly addressed to Legal Department, Imation Corporation, 1 Imation Way, Oakdale, MN 55128; and (iii) sent by certified mail,
return receipt requested. If you timely exercise your right to rescind his release of claims under the MHRA, Imation may, at its option, either nullify this Agreement in its entirety, or keep it in effect in all respects other than as to that
portion of the Agreement you have rescinded. If Imation chooses to nullify the Agreement in its entirety, Imation will have no obligations under this Agreement to you or to any others whose rights derive from you, but the cessation of your
employment will be unaffected. 
 6. Prior Obligations. You agree that notwithstanding any other term of this Agreement or the
Separation Agreement between the parties, the provisions of the Employee Agreement, dated March 29, 2004, shall continue in effect and survive the termination of his employment with Imation, for any reason. To the extent that any of the terms
or conditions of this Agreement conflict with the terms or conditions of that Employee Agreement, then the terms and conditions of this Agreement shall control. 

  
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 7. Employee Covenants. 

a. Non-Disclosure and Non-Use of Confidential
Information. You agree that in addition to any other obligations you have pursuant to contract or statute to preserve the confidentiality of Imation’s confidential and proprietary information and/or trade secrets, you will not disclose,
divulge, furnish, or make accessible to anyone, or use in any way at any time, including, without limitation, in connection with any future employment, any Confidential Information (as defined below) which you acquired during your employment with
Imation or any of its predecessors, parents, or affiliated companies, whether or not such Confidential Information was created or developed by you. “Confidential Information” means information that is not generally known to the public that
is or has been used, developed, or obtained by Imation or any of its predecessors or affiliated companies, in connection with their business, including but not limited to, information, documents, observations, and/or data obtained by you during your
employment with Imation or any of its predecessors, parents, or affiliated companies concerning the business or affairs of Imation or any of its affiliated companies; Imation’s or any affiliate’s products, services, fees, costs, pricing
structures, or any other financial information; Imation’s or any affiliate’s business, marketing, sales or financial strategies or plans; marketing- or
sales-related information; business-related analyses, photographs and reports; computer software (including operating systems, applications and program listings);
databases; account and business methods; inventions, devices, new developments, methods and processes (whether patentable or unpatentable and whether or not reduced to practice); customers and clients and customer and client lists; all technology
and trade secrets; and all similar and related information in whatever form. The foregoing obligations of confidentiality shall not apply to any knowledge or information that (i) is now or subsequently becomes generally publicly known for
reasons other than your violation of this Agreement; (ii) is independently made available to you in good faith by a third party who has not violated a confidential relationship with Imation or any of its predecessors or affiliated companies; or
(iii) is required to be disclosed by legal process, other than as a direct or indirect result of the breach of this Agreement by you. If you are asked to disclose Confidential Information by legal process, you agree to promptly notify Imation
of such request and cooperate with Imation, at its expense, to assert any legal challenges or appeals to such legal process. If you are required to comply with any legal process, you agree to promptly inform Imation of such legal process and limit
your disclose only to the Confidential Information expressly required to be disclosed by such legal process. 
 b. Non-Competition. You agree that for a period of twenty-four (24) months following the Termination Date (the
“Non-Competition Period”), you will not be an owner, investor, shareholder, principal, joint venturer, partner, employee, contractor or consultant in or for, or otherwise perform services for, any
enterprise, association, company, joint venture, partnership or individual that is engaged in or about to become engaged in research on or development, manufacture, marketing, sale, merchandising, leasing, servicing or promotion of a Conflicting
Product (each, a “Conflicting Organization”) in the United States or in any country in which Imation conducts business, except that (i) you may accept employment with a Conflicting Organization whose business is diversified and which
has separate and distinct divisions, provided that prior to accepting such employment, Imation shall receive separate written assurances satisfactory to Imation from such Conflicting Organization and you that you will not render services, directly
or indirectly, to any division or department that engages in, or otherwise in connection with, the development, manufacture, marketing, sale, merchandising, leasing, servicing or promotion of any Conflicting Product. “Conflicting Product”
means any product, process, system or service of any person or organization other than Imation, in existence or under development, which is the same as or similar to, or competes with, or has a usage allied to, a product, process, system or service
that Imation researched, developed, manufactured, marketed, sold, merchandised, leased, serviced or promoted during the last three years of your employment with Imation. 

  
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 c. Non-Solicitation. You agree that during
the Non-Competition Period, you will not, either individually or in partnership or jointly or in conjunction with any other person, entity or organization, as principal, agent, investor, consultant,
independent contractor, advisor, shareholder, owner, partner, employer or employee or in any other manner, directly or indirectly: (i) induce or attempt to induce any employee of Imation or its affiliated companies to leave the employ of
Imation or its affiliated companies or otherwise interfere with the relationship between Imation and/or its affiliated companies and any employee of Imation and/or its affiliated companies; (ii) induce or attempt to induce any customer,
supplier or other business partner of Imation and/or its affiliated companies to cease doing business with Imation and/or its affiliated companies, or otherwise interfere with the relationship between Imation and/or its affiliated companies and
their respective customers, suppliers, or other business partners; or (iii) solicit or attempt to solicit, for your own benefit or on behalf of anyone other than Imation, the business of any person or business entity known to you to be a
customer or potential customer of the Imation and/or its affiliated companies, with respect to any Conflicting Product. 
 d. Third
Party Information. You acknowledge that Imation has received from third parties confidential or proprietary information (“Third Party Information”) subject to a duty on Imation’s part to maintain the confidentiality of such
information and to use it only for certain limited purposes. You will not disclose or use in any manner or at any time any Third Party Information except for the exclusive benefit of Imation. 

e. Non-Disparagement. You shall not make, cause to be made, issue, release, authorize or
confirm, directly or indirectly, any comments or statements, written, oral or electronic, in any format or medium, which are defamatory or disparaging of Imation, its affiliated companies, or their respective operations, products, policies or
practices, directors, officers, employees, agents, or representatives, or otherwise, by action or omission, do anything to damage Imation’s business reputation or goodwill. 

f. Cooperation. Upon request at any time, you agree to give reasonable assistance and cooperation willingly in any matter
relating to your experience as an executive, officer or employee of, or a member of the Board of, Imation, as Imation may request, including (1) providing information concerning, or assistance with, investigations, claims, litigations, or other
matters in which you were involved or as to which you potentially have knowledge by virtue of your employment with Imation, and/or (2) your attendance and truthful testimony where deemed appropriate by Imation, with respect to any investigation
or Imation’s defense or prosecution of any existing or future claims or litigations relating to matters in which you were involved or as to which you potentially have knowledge by virtue of your employment with Imation. To the extent permitted
by law, Imation will reimburse your reasonable, pre-approved expenses incurred in connection with any travel that may be required to fulfill your obligations under this Section and compensate you for your time
at the rate set forth in paragraph 5 of the Separation Agreement. 
 8. Consulting. Following the Termination, you agree
to provide consulting services to Imation pursuant to the terms outlined in the Separation Agreement. 
 9. Return of Company
Property. You agree and represent that you have returned or will, following the execution of this agreement, promptly return all Imation equipment and property, including, without limitation, all notes, memoranda, correspondence, files,
records, reports, notebooks, technical charts or diagrams, customer lists or information, sales and marketing information, software, equipment, materials, keys and credit cards, and other data, and all copies thereof, and all other tangible Imation
property, which was in your possession or under your control at the time of your termination. In addition, you agree that you have provided to Imation all password and similar information which will be necessary or useful for Imation to access
materials on which you worked or to otherwise continue in its business. 
 10. Entire Agreement. Except as specifically set
forth herein, this Agreement (together with the Separation Agreement) sets forth the entire agreement between the parties, and it fully supersedes and 

  
 4 

 
replaces any and all prior agreements or understandings between the parties pertaining to the subject matter of this Agreement including, but not limited to, the Amended and Restated Severance
and Change of Control Agreement. You represent and acknowledge that, in executing this Agreement, you did not rely and have not relied upon any representation or statement made by Imation, or by any of its agents, representatives or attorneys, with
regard to the subject matter, basis, or effect of this Agreement or otherwise. 
 11. Waiver of Breach. The waiver by either
party of a breach of any provision of this Agreement shall not operate or be construed as a waiver of any subsequent breach. 
 12.
Modification. This Agreement may not be modified, altered, or amended except by an instrument in writing, signed by you and a duly authorized representative of the Board of Directors of Imation. 

13. Binding Effect. This Agreement shall be binding upon you and upon your heirs, administrators, representatives, executors,
successors and assigns, and shall inure to the benefit of Imation and its representatives, transferees, successors and assigns. You represent and warrant that no right, claim, or cause of action covered by this Agreement has been assigned or given
to any other person or entity. 
 14. Severability. You agree that, whenever possible, each provision of this Agreement shall
be interpreted in such a manner as to be effective and valid under applicable law and to carry out each provision herein to the greatest extent possible, but if any provision of this Agreement is held to be void, voidable, invalid, illegal or for
any other reason unenforceable, the validity, legality and enforceability of the remaining provisions of this Agreement will not be affected or impaired thereby, and will be interpreted so as to effect, as closely as possible, the intent of the
parties hereto. Furthermore, in lieu of such illegal, invalid, or unenforceable provision, there shall be added automatically as part of this Agreement a provision as similar in terms to such illegal, invalid or unenforceable provision as may be
possible and be legal, valid and enforceable. However, if this Agreement is held invalid, illegal or unenforceable, and if the law permits voiding this Agreement, Imation may void this Agreement. 

15. Remedies. You agree that in addition to any other remedies available at law or in equity, if you violate any of your
obligations under Section 7 of this Agreement, then (1) you will forfeit the Severance Payment if then unpaid, or shall be required to repay the Severance Payment, or any part thereof, if already made to you, and (2) Imation shall be
entitled to obtain equitable relief in a court of competent jurisdiction in the form of specific performance, temporary restraining order, temporary or permanent injunction or any other equitable remedy which may then be available, without the
necessity of posting bond or of proving actual damages. If either party is required to bring an action to enforce its rights under this Agreement, the prevailing party shall be entitled to recover its attorneys’ fees and costs associated with
such an action. 
 16. Arbitration. Except for actions for equitable or injunctive relief pursuant to Section 15, any
controversy, dispute or claim arising out of or in connection with or relating to this Agreement, or the breach, termination or validity hereof, or any other claim by you arising from your employment or the termination thereof shall be resolved by
arbitration before a single arbitrator conducted in accordance with the Employment Arbitration Rules then in force (the “AAA Rules”) of the American Arbitration Association (the “AAA”), unless the parties shall mutually agree to
use an entity or group other than the AAA for arbitration of a Dispute. The arbitration site shall be Minneapolis, Minnesota and the costs thereof shall be shared equally by the parties. The arbitration decision shall be binding. Judgment on the
decision or award rendered by the arbitrator may be entered and specifically enforced in any court having jurisdiction thereof. 
 17.
Governing Law, Jurisdiction, and Forum. This Agreement shall be governed by the law of the State of Minnesota (insofar as federal law does not control) without regard to the choice of law rules of that State. The parties agree that any
and all legal actions or proceedings brought by Imation for equitable or injunctive relief under Section 15 of this Agreement shall be brought exclusively in the state or federal courts of Hennepin County, Minnesota. The parties irrevocably
submit to the exclusive jurisdiction and venue of said courts in any such action or proceeding. 

  
 5 

 18. Signatures. This Agreement may be signed in counterparts, which together shall
constitute the original. Faxed or electronic signatures will be acceptable as originals. Imation represents that the signatory of this Agreement has the authority to sign on behalf of Imation. 

19. Representation. You agree and acknowledge that you have received and read this Agreement, that the
provisions of this Agreement are understandable to you, and that you fully appreciate and understand the meaning of the terms of this Agreement and their effect. You agree and acknowledge that you have been provided with a reasonable and sufficient
period of at least twenty-one (21) days within which to consider whether or not to accept this Agreement, and you are hereby advised to consult with an attorney for advice in connection with this
Agreement prior to signing it. You acknowledge and agree that you have entered into this Agreement freely and voluntarily. 
 IN
WITNESS WHEREOF, the parties have executed this Agreement by their signatures below. 
  

									
	Dated:	 	  
	 		 	  

		 		 		 	Scott J. Robinson
				
	Dated:	 	  
	 		 	Imation Corp.
					
		 		 		 	By	 	  

  
 6

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