Document:

Exhibit 4.5

    

    

    CERTIFICATE OF DESIGNATION

    OF

    5.625% NON-CUMULATIVE

    PERPETUAL PREFERRED STOCK, SERIES C

    OF

    FIRST CITIZENS BANCSHARES, INC.

    

    

    First Citizens
      BancShares, Inc., a corporation organized and existing under the laws of the State of Delaware (the “Corporation”), in accordance with Section 151 of the General Corporation Law of the State of Delaware, does hereby certify:

    

    

    The Board of Directors of the Corporation (the “Board”), in accordance with the Corporation’s Restated Certificate of
      Incorporation, as amended, the Corporation’s Amended and Restated Bylaws, as amended, and applicable law, has adopted the following resolution on October 15, 2020, creating a series of Preferred Stock of 8,000,000 shares from the Corporation’s
      authorized Preferred Stock, which series of Preferred Stock is to be designated as “5.625% Non-Cumulative Perpetual Preferred Stock, Series C” (the “Series C Preferred Stock”):

    

    

    RESOLVED, that
      pursuant to the provisions of the Restated Certificate of Incorporation of the Corporation, as amended, the Corporation’s Amended and Restated Bylaws, as amended, and applicable law, a series of Preferred Stock, par value $0.01 per share, of the
      Corporation be and hereby is created, and that the number of shares of such series, and the terms, preferences, privileges, designations, rights, qualifications, limitations and restrictions thereof are hereby established as set forth below:

    

    

    1. Definitions.
      The following terms used herein shall be defined as set forth below:

    

    

    “Appropriate Federal
      Banking Agency” means the “appropriate Federal banking agency” with respect to the Corporation as defined in Section 3(q) of the Federal Deposit Insurance Act (12 U.S.C. Section 1813(q)), or any successor provision.

    

    

    “Business Day” means any day, other than a Saturday or Sunday, that is neither a legal holiday nor a day on which
      banking institutions are authorized or required by law or regulation to close in The City of New York.

    

    

    “Bylaws” means the Amended and Restated Bylaws of the Corporation, as they may be amended or restated from time to
      time.

    

    

    “Certificate of Incorporation” means the Restated Certificate of Incorporation of the Corporation, as it may be
      amended or restated from time to time.

    

    

    “Common Stock” means any and all classes of common stock of the Corporation, including the Class A Common Stock,
      $1.00 par value per share, of the Corporation and the Class B Common Stock, $1.00 par value per share of the Corporation.

    

    

    “Preferred Stock” means any and all series of preferred stock of the Corporation, including the Series A Preferred
      Stock, the Series B Preferred Stock and the Series C Preferred Stock.

    

    

    2. Designation and Number of Shares. There is hereby created out of the authorized and unissued shares of preferred stock of the Corporation a series of Preferred Stock designated as the “5.625% Non-Cumulative
      Perpetual Preferred Stock, Series C” (hereinafter called “Series C Preferred Stock”); the authorized number of shares that shall constitute such series shall be 8,000,000 shares, $0.01 par value per share; and such shares shall have a liquidation
      preference of $25 per share. The number of shares constituting the Series C Preferred Stock may be increased from time to time by resolution of the Board or a duly authorized committee of the Board in accordance with the Certificate of Incorporation
      (as then in effect), the Bylaws (as then in effect) and applicable law up to the maximum number of shares of Preferred Stock authorized to be issued under the Corporation’s Certificate of Incorporation (as then in effect) less all shares at the time
      authorized of any other series of Preferred Stock or decreased from time to time by a resolution of the Board or a duly authorized committee of the Board in accordance with the Certificate of Incorporation (as then in effect), the Bylaws (as then in
      effect) and applicable law but not below the number of shares of Series C Preferred Stock then outstanding. Shares of Series C Preferred Stock shall be dated the date of issue, which date shall be referred to herein as the “original issue date.”
      Shares of outstanding Series C Preferred Stock that are redeemed, purchased or otherwise acquired by the Corporation shall be cancelled and shall revert to authorized but unissued shares of the Corporation’s Preferred Stock, undesignated as to
      series.

    
      
        

    

    
    3. Ranking. The shares of
      Series C Preferred Stock shall rank:

    

    

    (a) senior, as
      to dividends and upon liquidation, dissolution and winding-up of the Corporation, to the Common Stock and to any other class or series of capital stock of the Corporation now or hereafter authorized, issued or outstanding that, by its terms, does not
      expressly provide that such class or series ranks pari passu with the Series C Preferred Stock or senior to the Series C Preferred Stock as to
      dividends and upon liquidation, dissolution and winding-up of the Corporation, as the case may be (collectively, “Series C Junior Securities”);

    

    

    (b) on a parity, as to dividends and upon liquidation, dissolution and winding-up of the Corporation, with any class
      or series of capital stock of the Corporation now or hereafter authorized, issued or outstanding that, by its terms, expressly provides that such class or series ranks pari passu with the Series C Preferred Stock as to dividends and upon liquidation, dissolution and winding-up of the Corporation, as the case may be, including the Corporation’s currently outstanding 5.375%
      Non-Cumulative Perpetual Preferred Stock, Series A, par value $0.01 per share, liquidation preference $1,000 (the “Series A Preferred Stock”) and the Fixed-to-Floating Rate Non-Cumulative Perpetual Preferred Stock, Series B, par value $0.01 per
      share, liquidation preference of $1,000 per share (collectively, the “Series C Parity Securities”); and

    

    

    (c) junior, as to dividends and upon liquidation, dissolution and winding-up of the Corporation, to any other class
      or series of capital stock of the Corporation now or hereafter authorized, issued or outstanding that, by its terms, expressly provides that such class or series ranks senior to the Series C Preferred Stock as to dividends and upon liquidation,
      dissolution and winding-up of the Corporation, as the case may be.

    

    

    The Corporation may authorize and issue additional shares of Series C Junior Securities and Series C Parity Securities
      from time to time without the consent of the holders of the Series C Preferred Stock.

    

    

    4. Dividends.

    

    

    (a) Holders of Series
      C Preferred Stock will be entitled to receive, only when, as and if declared by the Board or a duly authorized committee of the Board, on each Series C Dividend Payment Date (as defined below), out of assets legally available for the payment of
      dividends thereof, non-cumulative cash dividends based on the liquidation preference of the Series C Preferred Stock of $25 per share at a rate equal to 5.625% per annum for each Series C Dividend Period (as defined below) from the original issue
      date of the Series C Preferred Stock to, but excluding, the date of redemption (if any) of the Series C Preferred Stock. If the Corporation issues additional shares of the Series C Preferred Stock after the original issue date, dividends on such
      shares may accrue from the original issue or any other date specified by the Board or a duly authorized committee of the Board at the time such additional shares are issued.

    

    

    (b) If declared by the Board or a duly authorized committee of the Board, dividends will be payable on the Series C
      Preferred Stock quarterly in arrears on March 15, June 15, September 15 and December 15 of each year, beginning on [●]1, each such day a “Series C Dividend Payment Date”; provided, however, that if any such Series C Dividend Payment Date is not a Business Day, then such
      date shall nevertheless be a Series C Dividend Payment Date but dividends on the Series C Preferred Stock shall be paid on the next succeeding Business Day (without any adjustment to the amount of the dividend per share of Series C Preferred Stock).

    

    

    (c) Dividends will
      be payable to holders of record of Series C Preferred Stock as they appear on the Corporation’s stock register on the applicable record date, which shall be the 15th calendar day before the applicable Series C Dividend Payment Date, or such other
      record date, not less than 15 calendar days nor more than 30 calendar days before the applicable Series C Dividend Payment Date, as such record date shall be fixed by the Board or a duly authorized committee of the Board.

    

    

    (d) A “Series C Dividend Period” is the period from and including a Series C Dividend Payment Date to, but
      excluding, the next succeeding Series C Dividend Payment Date, except that the initial Series C Dividend Period will commence on and include the original issue date of Series C Preferred Stock and continue to, but exclude, [●]. Dividends payable on
      Series C Preferred Stock will be computed on the basis of a 360-day year consisting of twelve 30-day months. Dollar amounts resulting from the calculation will be rounded to the nearest cent, with one-half cent being rounded upward. Dividends on the
      Series C Preferred Stock will cease to accrue on the redemption date, if any, with respect to the Series C Preferred Stock redeemed, unless the Corporation defaults in the payment of the redemption price of the Series C Preferred Stock called for
      redemption.

    

    

    

    1 To reflect the first of March 15, June 15, September 15 or December 15, as applicable, following the last dividend payment date in respect of the
      CIT Series B Preferred Stock.

    
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    (e) Dividends
      on the Series C Preferred Stock will not be cumulative. If the Board or a duly authorized committee of the Board does not declare a dividend, in full or otherwise, on the Series C Preferred Stock in respect of a Series C Dividend Period, then such
      unpaid dividends shall cease to accrue and shall not be payable on the applicable Series C Dividend Payment Date or be cumulative, and the Corporation will have no obligation to pay (and the holders of the Series C Preferred Stock shall have no right
      to receive) dividends accrued for such Series C Dividend Period after the Series C Dividend Payment Date for such Series C Dividend Period, whether or not the Board or a duly authorized committee of the Board declares a dividend for any future Series
      C Dividend Period with respect to the Series C Preferred Stock, the Common Stock, or any other class or series of the Corporation’s Preferred Stock. No interest, or sum of money in lieu of interest shall be payable in respect of any dividend not
      declared.

    

    

    (f) Notwithstanding
      any other provision hereof, dividends on the Series C Preferred Stock shall not be declared, paid or set aside for payment to the extent such act would cause the Corporation to fail to comply with the laws and regulations applicable to it, including
      applicable capital adequacy rules of the Board of Governors of the Federal Reserve System (the “Federal Reserve”) or, as and if applicable, the capital adequacy rules or regulations of any Appropriate Federal Banking Agency.

    

    

    (g) So long as
      any share of Series C Preferred Stock remains outstanding:

    

    

    (1) no dividend shall be declared or paid or set aside for payment, and no distribution shall be declared or made or set aside for payment, on any Series C Junior Securities, other than (i) a dividend payable solely in Series C Junior Securities or (ii)
      any dividend in connection with the implementation of a stockholders’ rights plan, or the issuance of rights, stock or other property under any such plan, or the redemption or repurchase of any rights under any such plan;

    

    

    (2) no shares of
      Series C Junior Securities shall be repurchased, redeemed or otherwise acquired for consideration by the Corporation, directly or indirectly, other than (i) as a result of a reclassification of Series C Junior Securities for or into other Series C
      Junior Securities, (ii) the exchange or conversion of one share of Series C Junior Securities for or into another share of Series C Junior Securities, (iii) through the use of the proceeds of a substantially contemporaneous sale of other shares of
      Series C Junior Securities, (iv) purchases, redemptions or other acquisitions of shares of Series C Junior Securities in connection with any employment contract, benefit plan or other similar arrangement with or for the benefit of employees,
      officers, directors or consultants, (v) purchases of shares of Series C Junior Securities pursuant to a contractually binding requirement to buy Series C Junior Securities existing prior to the preceding Series C Dividend Period, including under a
      contractually binding stock repurchase plan, or (vi) the purchase of fractional interests in shares of Series C Junior Securities pursuant to the conversion or exchange provisions of such stock or the security being converted or exchanged; nor shall
      any monies be paid to or made available for a sinking fund for the redemption of any such securities by the Corporation; and

    

    

    (3) no shares of Series C Parity Securities shall be repurchased, redeemed or otherwise acquired for consideration
      by the Corporation, directly or indirectly, other than (i) pursuant to pro rata offers to purchase all, or a pro rata portion, of Series C Preferred
      Stock and such Series C Parity Securities, (ii) as a result of a reclassification of Series C Parity Securities for or into other Series C Parity Securities, (iii) the exchange or conversion of one share of Series C Parity Securities for or into
      another share of Series C Parity Securities, (iv) through the use of the proceeds of a substantially contemporaneous sale of other shares of Series C Parity Securities, (v) purchases of shares of Series C Parity Securities pursuant to a contractually
      binding requirement to buy Series C Parity Securities existing prior to the preceding Series C Dividend Period, including under a contractually binding stock repurchase plan, or (vi) the purchase of fractional interests in shares of Series C Parity
      Securities pursuant to the conversion or exchange provisions of such stock or the security being converted or exchanged; nor shall any monies be paid to or made available for a sinking fund for the redemption of any such securities by the
      Corporation;

    

    

    unless, in each case, the full dividends for the most recently completed Series C Dividend Period on all outstanding
      shares of Series C Preferred Stock have been declared and paid or declared and a sum sufficient for the payment thereof has been set aside.

    
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    (h) Notwithstanding the foregoing, when dividends are not paid in full, or set aside for payment in full, on any
      dividend payment date, upon the shares of Series C Preferred Stock and any Series C Parity Securities, all dividends declared upon shares of Series C
      Preferred Stock and any Series C Parity Securities for such dividend payment date shall be declared on a pro rata basis in proportion to the respective amounts of undeclared and unpaid dividends for the Series C Preferred Stock and all Series C
      Parity Securities on such dividend payment date. To the extent a dividend period with respect to any Series C Parity Securities coincides with more than one Series C Dividend Period, for purposes of the immediately preceding sentence the Board shall
      treat such dividend period as two or more consecutive dividend periods, none of which coincides with more than one Series C Dividend Period, or shall treat such dividend period(s) with respect to any Series C Parity Securities and Series C Dividend
      Period(s) for purposes of the immediately preceding sentence in any other manner that it deems to be fair and equitable in order to achieve ratable payments of dividends on such Series C Parity Securities and the Series C Preferred Stock. To the
      extent a Series C Dividend Period coincides with more than one dividend period with respect to any Series C Parity Securities, for purposes of the first sentence of this paragraph the Board shall treat such Series C Dividend Period as two or more
      consecutive Series C Dividend Periods, none of which coincides with more than one dividend period with respect to such Series C Parity Securities, or shall treat such Series C Dividend Period(s) and dividend period(s) with respect to any Series C
      Parity Securities for purposes of the first sentence of this paragraph in any other manner that it deems to be fair and equitable in order to achieve ratable payments of dividends on the Series C Preferred Stock and such Series C Parity Securities.
      For the purposes of this paragraph, the term “dividend period” as used with respect to any Series C Parity Securities means such dividend periods as are provided for in the terms of such Series C Parity Securities.

    

    

    (i) Subject to
      the foregoing, dividends (payable in cash, stock or otherwise), as may be determined by the Board or a duly authorized committee of the Board, may be
      declared and paid on the Common Stock and any other class or series of capital stock ranking equally with or junior to Series C Preferred Stock from time to time out of any assets legally available for such payment, and the holders of Series C
      Preferred Stock shall not be entitled to participate in any such dividend.

    

    

    5. Liquidation.

    

    

    (a) Upon any voluntary or involuntary liquidation, dissolution or winding-up of the Corporation, holders of Series C Preferred Stock are entitled to receive out of the assets of the Corporation available for distribution to stockholders, after satisfaction
      of liabilities and obligations to creditors, if any, and subject to the rights of holders of any securities then outstanding ranking senior to or on parity with Series C Preferred Stock with respect to distributions of assets, before any distribution
      or payment out of the assets of the Corporation is made to holders of Common Stock or any Series C Junior Securities, a liquidating distribution in the amount of the liquidation preference of $25 per share plus any declared and unpaid dividends prior
      to the payment of the liquidating distribution, without accumulation of any dividends that have not been declared prior to the payment of the liquidating distribution. After payment of the full amount of such liquidating distribution, the holders of
      Series C Preferred Stock shall not be entitled to any further participation in any distribution of assets of the Corporation.

    

    

    (b) In any such liquidating distribution, if the assets of the Corporation are not sufficient to pay the liquidation
      preferences (as defined below) in full to all holders of Series C Preferred Stock and all holders of any Series C Parity Securities, the amounts paid to the holders of Series C Preferred Stock and to the holders of all Series C Parity Securities will
      be paid pro rata in accordance with the respective aggregate liquidation preferences owed to those holders. In any such distribution, the “liquidation preference” of any holder of Series C Preferred Stock or any Series C Parity Securities means the
      amount otherwise payable to such holder in such distribution (assuming no limitation the Corporation’s assets available for such distribution), including any declared but unpaid dividends (and, in the case of any holder of stock other than the Series
      C Preferred Stock on which dividends accrue on a cumulative basis, an amount equal to any unpaid, accrued, cumulative dividends, whether or not declared, as applicable). If the liquidation preference has been paid in full to all holders of Series C
      Preferred Stock and any Series C Parity Securities, the holders of the Corporation’s Series C Junior Securities shall be entitled to receive all remaining assets of the Corporation according to their respective rights and preferences.

    

    

    (c) For purposes of this Section 5, neither the sale, conveyance, exchange or transfer of all or substantially all of
      the assets or business of the Corporation for cash, securities or other property, nor the merger or consolidation of the Corporation with any other
      entity, including a merger or consolidation in which the holders of Series C Preferred Stock receive cash, securities or property for their shares, shall constitute a liquidation, dissolution or winding-up of the Corporation.

    
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    6. Redemption.

    

    

    (a) Series C Preferred Stock is not subject to any mandatory redemption, sinking fund or other similar provisions.
      Series C Preferred Stock is not redeemable prior to [●]2. On and after that date, shares of Series C Preferred Stock then outstanding will
      be redeemable at the option of the Corporation, subject to the approval of the Federal Reserve or any Appropriate Federal Banking Agency, in whole or in part, from time to time, on any Series C Dividend Payment Date, at a redemption price equal to
      $25 per share, plus any declared and unpaid dividends, without accumulation of any undeclared dividends, to, but excluding, the date of redemption. Holders of Series C Preferred Stock will have no right to require the redemption or repurchase of
      Series C Preferred Stock. Notwithstanding the foregoing, within 90 days following the occurrence of a Regulatory Capital Treatment Event (as defined below), the Corporation, at its option, may redeem, at any time, all (but not less than all) of the
      shares of the Series C Preferred Stock at the time outstanding, at a redemption price equal to $25 per share, plus any declared and unpaid dividends, without accumulation of any undeclared dividends, upon notice given as provided in sub-section (b)
      below. Any declared but unpaid dividends payable on a redemption date that occurs subsequent to the record date for a Series C Dividend Period shall not be paid to the holder entitled to receive the redemption price on the redemption date, but rather
      shall be paid to the holder of record of the redeemed shares on such record date relating to the Series C Dividend Payment Date as provided in Section 4(c) above. In all cases, the Corporation may not redeem shares of the Series C Preferred Stock
      without having received the prior approval of the Federal Reserve or any successor Appropriate Federal Banking Agency if then required under capital rules applicable to the Corporation.

    

    

    A “Regulatory Capital Treatment Event” means the good faith determination by the Board or a duly authorized committee
      of the Board that, as a result of (i) any amendment to, or change in, the laws, rules or regulations of the United States (including, for the avoidance of doubt, any agency or instrumentality of the United States, including the Federal Reserve and
      other appropriate federal bank regulatory agencies) or any political subdivision of or in the United States (including, for the avoidance of doubt, any agency or instrumentality of the United States, including the Federal Reserve and other federal
      banking agencies) that is enacted or becomes effective after the initial issuance of any share of the Series C Preferred Stock; (ii) any proposed change in those laws, rules or regulations that is announced after the initial issuance of any share of
      the Series C Preferred Stock; or (iii) any official administrative decision or judicial decision or administrative action or other official pronouncement interpreting or applying those laws, rules or regulations or policies with respect thereto that
      is announced after the initial issuance of any share of the Series C Preferred Stock, there is more than an insubstantial risk that the Corporation will not be entitled to treat the full liquidation value of the shares of the Series C Preferred Stock
      then outstanding as “Tier 1 Capital” (or its equivalent) for purposes of the capital adequacy rules of the Federal Reserve (or, as and if applicable, the capital adequacy rules or regulations of any successor Appropriate Federal Banking Agency), as
      then in effect and applicable, for as long as any share of the Series C Preferred Stock is outstanding.

    

    

    (b) If shares of Series C Preferred Stock are to be redeemed, the notice of redemption shall be given to the holders
      of record of Series C Preferred Stock to be redeemed by first class mail, postage prepaid, addressed to the holders of record of such shares to be redeemed at their respective last addresses appearing on the Corporation’s stock register not less than
      30 days nor more than 60 days prior to the date fixed for redemption thereof (provided that, if the shares of Series C Preferred Stock are held in book-entry form through The Depository Trust Company (“DTC”), the Corporation may give such notice in
      any manner permitted by DTC). Each notice of redemption will include a statement setting forth: (i) the redemption date; (ii) the number of shares of Series C Preferred Stock to be redeemed and, if less than all the shares held by such holder are to be redeemed, the number of such shares to be redeemed from such holder; (iii) the redemption price; and (iv) that dividends on the shares to
      be redeemed will cease to accrue on the redemption date. If notice of redemption of any shares of Series C Preferred Stock has been duly given and if the funds necessary for such redemption have been set aside by the Corporation for the benefit of
      the holders of any shares of Series C Preferred Stock so called for redemption, then, on and after the redemption date, dividends will cease to accrue on such shares of Series C Preferred Stock, such shares of Series C Preferred Stock shall no longer
      be deemed outstanding and all rights of the holders of such shares will terminate, except the right to receive the redemption price described in sub-section (a) above, without interest.

    

    

    (c) In case of any redemption of only part of the shares of Series C Preferred Stock at the time outstanding, the
      shares to be redeemed shall be selected (1) pro rata, (2) by lot or (3) in such other manner as the Corporation may determine to be equitable and permitted by DTC and the rules of any national securities exchange on which the Series C Preferred Stock
      is listed.

    

    

    

    2 Optional redemption date to be the fifth anniversary after completion of the mergers.

    
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    7. Voting Rights.

    

    

    (a) Except as provided below or as expressly required by law, the holders of shares of Series C Preferred Stock shall
      have no voting power, and no right to vote on any matter at any time, either as a separate series or class or together with any other series or class of shares of capital stock, and shall not be entitled to call a meeting of such holders for any
      purpose, nor shall they be entitled to participate in any meeting of the holders of the Common Stock.

    

    

    (b) So long as any shares of Series C Preferred Stock remain outstanding, the affirmative vote or consent of the
      holders of at least two-thirds of all of the shares of Series C Preferred Stock at the time outstanding, voting separately as a class, shall be
      required to:

    

    

    (1) authorize, create or issue, or increase the authorized amount of, shares of any class or series of capital stock
      ranking senior to the Series C Preferred Stock with respect to payment of dividends or the distribution of assets upon liquidation, dissolution or winding up of the Corporation, or issue any obligation or security convertible into or exchangeable for
      or evidencing the right to purchase, any such class or series of the Corporation’s capital stock;

    

    

    (2) amend, alter or repeal the provisions of the Corporation’s Certificate of Incorporation (including this
      Certificate of Designation), whether by merger, consolidation or otherwise, so as to materially and adversely affect the powers, preferences, privileges or rights of Series C Preferred Stock, taken as a whole; provided, however, that any amendment to
      authorize, create or issue, or increase the authorized amount of, any Series C Junior Securities or any Series C Parity Securities, or any securities convertible into or exchangeable for Series C Junior Securities or Series C Parity Securities, will
      not be deemed to materially and adversely affect the powers, preferences, privileges or rights of Series C Preferred Stock; or

    

    

    (3) consolidate with or merge into any other corporation, complete a binding share exchange or reclassification
      involving the Series C Preferred Stock or complete the sale, conveyance, exchange or transfer of all or substantially all of the assets or business of the Corporation unless, in any case, the shares of Series C Preferred Stock outstanding at the time
      of such consolidation or merger or sale either (i) remain outstanding or (ii) are converted into or exchanged for preference securities of the surviving entity or any entity controlling the surviving entity having such rights, preferences, privileges
      and powers (including voting powers), taken as a whole, as are not materially less favorable to the holders thereof than the rights, preferences, privileges and powers (including voting powers) of the Series C Preferred Stock, taken as a whole.

    

    

    The foregoing voting provisions will not apply if, at or prior to the time when the act with respect to which such
      vote would otherwise be required shall be effected, all outstanding shares of Series C Preferred Stock shall have been redeemed or called for
      redemption upon proper notice and sufficient funds shall have been set aside by the Corporation for the benefit of the holders of Series C Preferred Stock to effect such redemption.

    

    

    (c) If the
      Corporation fails to pay, or declare and set aside for payment, dividends on outstanding shares of the Series C Preferred Stock or any Series C Parity Securities having voting rights on parity with the voting rights provided to the Series C Preferred
      Stock (“Special Voting Preferred Stock”) for any Series C Dividend Periods that, in the aggregate, equal 18 months, whether or not consecutive (a “Nonpayment Event”), the authorized number of directors of the Corporation shall be increased by two and
      the holders of the Series C Preferred Stock (along with holders of any Special Voting Preferred Stock then outstanding, voting together as a class based on respective liquidation preferences), shall have the right to elect two directors (hereinafter
      the “Preferred Directors” and each a “Preferred Director”) to fill such newly-created directorships; provided, however, that at no time shall the Board include more than two Preferred Directors; provided further that the election of any such Preferred Directors shall not cause the
      Corporation to violate any corporate governance requirement of The Nasdaq Stock Market LLC (or any other exchange on which the Corporation’s securities may be listed). At the request of any holder of Series C Preferred Stock, a special meeting of the
      holders of Series C Preferred Stock and any such Special Voting Preferred Stock shall be called by the Corporation for the election of the Preferred Directors; provided, however, that if such request for special meeting is received less than 90 days
      before the date fixed for the next annual or special meeting of the Corporation’s stockholders, such election of Preferred Directors shall be held at such next annual or special meeting of stockholders), followed by such election of such Preferred
      Directors at each subsequent annual meeting of stockholders until full dividends have been declared and paid on the Series C Preferred Stock for Series C Dividend Periods after the Nonpayment Event that, in the aggregate, equal at least 12
      consecutive months, except as provided by law, subject to re-vesting in the event of each and every subsequent Nonpayment Event.

    
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    When dividends
      have been paid in full (or declared and a sum sufficient for the payment of such dividends have been set aside for payment) on the Series C Preferred Stock for Series C Dividend Periods after a Nonpayment Event that, in the aggregate, equal at least
      12 consecutive months, then the right of the holders of Series C Preferred Stock to elect the Preferred Stock Directors shall cease (but subject in any case to re-vesting of such voting rights in the case of each and every subsequent Nonpayment
      Event), and the Preferred Directors shall cease to be qualified as directors, the term of office of all Preferred Directors then in office shall terminate immediately and the Corporation’s authorized number of directors shall be automatically reduced
      by the number of Preferred Directors elected pursuant hereto. Any Preferred Director may be removed at any time, with or without cause by a majority of the outstanding shares of Series C Preferred Stock (along with holders of any Special Voting
      Preferred Stock then outstanding, voting together as a class based on respective liquidation preferences). If the office of any Preferred Director becomes vacant for any reason other than removal from office as aforesaid, the remaining Preferred
      Director may choose, by means of written consent, a successor who shall hold office for the unexpired term in respect of which such vacancy occurred, or if none remains in office, by a vote of the holders of a majority of the outstanding shares of
      Series C Preferred Stock (along with holders of any Special Voting Preferred Stock then outstanding, voting together as a class based on respective liquidation preferences); provided that the filling of any such vacancy shall not cause the
      Corporation to violate the corporate governance requirement of The Nasdaq Stock Market LLC (or any other exchange on which the Corporation’s securities may be listed). The Preferred Directors shall each be entitled to one vote per director on any
      matter on which directors of the Corporation are entitled to vote.

    

    

    (d) The rules and procedures for calling and conducting any meeting of the holders of Series C Preferred Stock
      (including, without limitation, the fixing of a record date in connection therewith), the solicitation and use of proxies at such a meeting, the obtaining of written consents and any other aspect or matter with regard to such meeting or such consents
      shall be governed by any rules that the Board or any duly authorized committee of the Board, in its discretion, may adopt from time to time, which rules and procedures shall conform to the requirements of the Certificate of Incorporation (as then in
      effect), the Bylaws (as then in effect), and applicable law and the rules of any national securities exchange on which the Series C Preferred Stock is listed or traded at the time.

    

    

    8. Conversion Rights. The holders of shares of Series C Preferred Stock shall not have any rights to convert such shares into shares of any other class or series of securities
      of the Corporation.

    

    

    9. Preemptive Rights. The holders of shares of Series C Preferred Stock will have no preemptive rights with respect to any shares of the Corporation’s capital stock or any of
      its other securities convertible into or carrying rights or options to purchase or otherwise acquire any such capital stock or any interest therein, regardless of how any such securities may be designated, issued or granted.

    

    

    10. Certificates.
      The Corporation may at its option issue shares of Series C Preferred Stock without certificates. If certificated, the Corporation shall replace any mutilated certificate at the holder’s expense upon surrender of that certificate to the Corporation.
      The Corporation shall replace certificates that become destroyed, stolen or lost at the holder’s expense upon delivery to the Corporation of reasonably satisfactory evidence that the certificate has been destroyed, stolen or lost, together with any
      indemnity that may be reasonably required by the Corporation.

    

    

    11. Transfer Agent. The Corporation shall appoint a transfer agent for the Series C Preferred Stock. The Corporation may, in its sole discretion, remove the transfer agent in
      accordance with the agreement between the Corporation and the transfer agent; provided that the Corporation shall appoint a successor transfer agent who shall accept such appointment prior to the effectiveness of such removal.

    

    

    12. Registrar.
      The Corporation shall appoint a registrar for the Series C Preferred Stock. The Corporation may, in its sole discretion, remove the registrar in accordance with the agreement between the Corporation and the registrar; provided that the Corporation
      shall appoint a successor registrar who shall accept such appointment prior to the effectiveness of such removal.

    

    

    13. No Other Rights. The shares of Series C Preferred Stock
      shall not have any rights, preferences, privileges or voting powers or relative, participating, optional or other special rights, or qualifications, limitations or restrictions thereof, other than as set forth herein or in the Certificate of
      Incorporation, or as provided by applicable law.

    
      7

      
        

    

    IN WITNESS
      WHEREOF, the Corporation has caused this Certificate of Designation to be duly executed as of [●].

    

    

    

    

    	 	
            First Citizens BancShares, Inc.

          
	 	 	

          
	 	
            By:

          	

          
	 	
            Name:

          	

          
	 	
            Title:

          	

          

    

    

    

    

  

  8ex_218509.htm

Exhibit 10.1

 

 

Retirement Agreement

 

This Retirement Agreement (the "Agreement") is entered into as of the 16 day of December, 2020 by and between Ormat Systems Ltd., a company incorporated in the State of Israel, having its offices at Yavne, Israel, and Zvi Krieger, I.D. number 53336376, residing at Kfar Vradim, Israel (the “Employee”).

 

	
			Whereas 

				
			the Employee has been employed at Ormat Systems Ltd. and/or at any parent company of Ormat Systems Ltd., direct or indirect subsidiary or affiliate company of Ormat Systems Ltd. or of its parent company or any other entity held, directly or indirectly, by Ormat Systems Ltd. or by its parent company the (all together the “Company”), commencing on April 1996; and

			

 

	
			Whereas

				
			the Parties mutually wish to terminate the working relations between the Employee and the Company and to enter into a final settlement of all matters relating to all rights, payments and matters relating to the Employee's employment with the Company and to the termination of the Employee's employment with the Company, under the terms and conditions determined under this Agreement;

			

 

NOW THEREFORE IT HAS BEEN AGREED AND STIPULATED BETWEEN THE PARTIES AS FOLLOWS:

 

	
			1.

				
			The preamble to this Agreement constitutes an integral part hereof.

			

 

	
			2.

				
			Prolonged Notice Period-

			

 

	 	
			2.1.

				
			Subject to the fulfillment of this Agreement by the Employee and subject to the Employee’s decelerations and obligations under this Agreement, the Company Ex Gratia will grant the Employee a prolonged notice period, commencing on the date of execution of this Agreement (the “Commencement Date”) and ending on June 30, 2022 (the: “Prolonged Notice Period”).

			

 

	 	
			2.2.

				
			The Employee’s Position during the Prolonged Notice Period- 

			

 

	
			 

				
			(a)

				
			During the period starting on the Commencement Date and until March 31, 2021 the Employee will continue to perform his duties and regular tasks under his position;

			

 

	
			 

				
			(b)

				
			During the period starting on April 1, 2021 and ending on June 30, 2021 the Employee will continue to perform his duties and tasks in connection with the Puna facility, the Boulliante power plant and the resource and drilling operations;

			

 

	
			 

				
			(c)

				
			During the period starting on July 1, 2021 and ending on the end of the Prolonged Notice Period the Employee will serve as a senior advisor to the Company’s CEO or in any other position as agreed between the Employee and the Company’s CEO.

			

 

	
			 

				
			(d)

				
			The Employee shall cooperate diligently and efficiently in the handover of his duties and responsibilities, as assigned by the Company, according to the Company's needs.

			

 

	 	
			2.3.

				
			Employment Capacity during the Prolonged Notice Period

			

 

	
			 

				
			(a)

				
			The Employee will continue to serve in a full-time capacity until the end of the Prolong Notice Period, and will be entitled to his regular salary and all social benefits which he is entitled as of the date of this Agreement including without limitation participation in the annual bonus plan for the year 2020. To avoid any doubt the Employee shall not be entitlement to participate in the annual bonuses plan for the year 2021 and on. To avoid any doubt the Employee’s entitlement to the above annual bonus for the year 2020 is subject to the Compensation Committee of the Company approval and the Company’s discretion based on the Company’s relevant plans.

			

 

 

 

 

	
			 

				
			(b)

				
			During the Prolonged Notice Period the Employee will be entitled to exercise its Stock Appreciation Rights and Restricted Stock Units which were already awarded to him under the Company’s relevant Incentive Compensation Plans, and which will become vested on or before the end of the Prolonged Notice Period.

			

 

	
			 

				
			(c)

				
			Starting on July 1, 2021 and until the end of the Prolonged Notice Period, unless otherwise required by the Company, the Employee shall not be required to work in full-time capacity. The employee shall exercise all of his accrued vacation during this period of time.

			

 

	 	
			2.4.

				
			During the Prolonged Notice Period the Employee will utilize all of his accrued vacation days.

			

 

 

	
			3.

				
			Termination 

			

 

Subject to the fulfillment of this Agreement by the Employee and subject to the Employee’s decelerations under this Agreement, and as an absolute and final settlement between the Company and the Employee, the Company will grant the Employee the following upon the end of the Prolonged Notice Period:

 

	 	
			3.1.

				
			Upon the end of the Prolonged Notice Period, the Company shall pay the Employee severance payments which will include the amount accumulated in the Manager Insurance/Pension Fund in Employee’s name, plus the Company’s completion of the severance payments according to the requirements of the Severance Pay Law, subject to the receipt of 161A (161א) form signed by the Employee and tax authorities. The total amount for severance payments under this section shall be consistent with the Severance Pay Law.

			

 

	 	
			3.2.

				
			The Company shall furnish the Employee with an order to the study fund to release to him all the funds accumulated in his Study Fund until the Termination Date (“Keren Hishtalmut”).

			

 

 

	
			 

				
			4.

				
			Return of Property, Proprietary Information, Confidentiality 

			

 

	 	
			4.1.

				
			The Employee will deliver to the Company (and will not keep in his possession, recreate or deliver to anyone else) any and all devices, records, data, notes, reports, proposals, lists, correspondence, specifications, drawings blueprints, sketches, materials, equipment, documents relating to the Company’s business and operation, any other documents or property, or reproductions of any aforementioned items developed or received by the Employee pursuant to the Employee employment with the Company or otherwise belonging to the Company.

			

 

	 	
			4.2.

				
			The Employee hereby undertakes to permanently and irrevocably delete and not to make any use of any material related to the Company or any correspondence with the Company or officers or advisors, including without limitation, any emails, written instruments, recorded conversations or other form of correspondence.

			

 

	 	
			4.3.

				
			The Employee agrees and declares that notwithstanding the termination of his employment with the Company, the Employee will continue to comply with all his obligations concerning proprietary information, non-disclosure, and assignment of inventions, non-solicitation and non-competition, and any other undertaking of the Employee that survives termination of the Employment Agreement, as further detailed in the Employment Agreement.

			

 

	 	
			4.4.

				
			Without derogating of the above, as a pre-condition to the entering into force of this Agreement, the Employee shall execute the Statement of Undertaking –Confidentiality, Non -Compete and Intellectual Property attached hereto as Appendix A and constituting an integral part of this Agreement. Such will not derogate of any other similar obligation the employee has.

			

 

- 2 -

 

 

	 	
			4.5.

				
			The Employee agrees that the terms and conditions of this Agreement shall remain confidential at all times, and shall not be disclosed to any other person, including employees of the Company. Notwithstanding anything to the contrary, the Employee may present this Agreement to his legal/ tax advisors and tax authorities if needed and to his immediate family.

			

 

 

	
			5.

				
			Waiver and Release

			

 

	 	
			5.1.

				
			The Employee acknowledges that in this Agreement he has been compensated by the Company for all rights in conjunction with his employment with the Company and/or termination of his employment and that no other compensations are owed to him. The Employee further acknowledges that he is not entitled to receive any additional consideration, benefits, payments, leave period or any other right beyond the consideration provided under this Agreement. The Employee further acknowledges that he is not entitled to receive any additional consideration, benefits, payments, leave period or any other right beyond the consideration provided under this Agreement in connection with his past employment (prior to his current employment) by the Company, including by any affiliates thereof.

			

 

	 	
			5.2.

				
			Subject to and condition upon the fulfillment of this Agreement, by the Company, the Employee and/or his heirs, successors and assignees, hereby by signing this Agreement fully, forever, irrevocably and unconditionally releases, remises and discharges the Company, including related and affiliated companies (including Ormat Technologies Inc and any direct or indirect subsidiary and entities held by it, thereof) and all of their respective officers, directors, agents and employees, from any and all claims, demands, actions, causes of action, suits, debts, reckonings, agreements, promises, obligations, liabilities, of every kind and nature relating to any matter of any kind, known as of the date of this agreement including without limitation: (i) any and all claims relating to or arising out of his employment relations with the Company and/or the termination of this relationship, and any and all claims relating to or arising out of the Employment Agreement and its termination including without limitation, salary payments, vacation days and their redemption, recreation payment, notice period or payment in lieu of notice period, sickness payment, travel expenses, salary differences, overtime payment, social allocations, payments to pensions funds and/or insurance and/or study fund, bonuses, awards, equity, any payment or compensation under Section 134 of the Israeli Patents Law, 1967, options, shares, bonuses, commissions, severance payment and/or completion of severance payment and/or other rights or payments to which the Employee is entitled due to or in a result of his employment with the Company and/or to the termination of his employment and/or any other legal contractual rights under the Employment Agreement and/or under any law and/or jurisdiction and/or collective bargaining agreement or extension thereof.

			

 

	
			6.

				
			Miscellaneous 

			

 

	 	
			6.1.

				
			The Employee shall bear all tax payments deriving from the rights and benefits granted under this Agreement. It is hereby expressed that all the payments specified in this Agreement are gross, and statutory tax and all the other compulsory payments, including health insurance contributions and national insurance contributions, shall be deducted from them and from all the rights and benefits received by the Employee pursuant hereto.

			

 

	 	
			6.2.

				
			To avoid any doubt, this Agreement also constitutes a compromise agreement and notice of final clearance in according with Article 29 of 1963 Severance Pay Law.

			

 

	 	
			6.3.

				
			In signing this Agreement, the Employee represents that he reviewed and examined his rights and had a sufficient opportunity to receive a counsel advice regarding the same, and will be entering this Agreement voluntarily, without reservation and that it will be binding on him as a settlement agreement.

			

 

- 3 -

 

 

	 	
			6.4.

				
			This Agreement constitutes the entire agreement and understanding between the parties concerning the Employee's employment with the Company and its termination and supersedes and replaces any and all prior agreements. This Agreement may only be amended in writing.

			

 

 

IN WITNESS WHEREOF, the parties have executed this Agreement as of the date first above written.

 

 

	
			Ormat Systems Ltd.

				
			 

			
	 	 
	
			Doron Blachar

			CEO

				
			Zvi Krieger

			
	
			________________________

			Signature

				
			________________________

			Signature

			
	 	 
	 	 
	
			________________________

			Date

				
			________________________

			Date

			

 

- 4 -

 

 

 

Appendix A

 

Statement of Undertaking-Confidentiality, Non-Compete and Intellectual Property

 

Zvi Krieger (the “Employee”) hereby warrants and undertakes that for as long as he is employed by Ormat Systems Ltd. (the: "Company"), and upon termination of employment thereafter, for any reason, he shall maintain in complete confidence any matters that relate to the Company and its present and future parent companies, subsidiaries and affiliates and successors, (all of the aforementioned entities shall be referred to collectively as the “Company Group”), their affairs and/or business, pursuant to this Agreement, and since the Employee has and will have access to the Company Group’s intellectual property he hereby declares and undertakes as follows:

 

	
			1.

				
			Confidentiality

			

 

	 	
			1.1.

				
			The Employee undertakes to maintain the confidentiality of the Confidential Information (as defined below), during the term of his employment with the Company and after the termination of such employment, for any reason.

			
	 	 	 
	 	 	
			Without derogating from the generality of the foregoing, the Employee hereby agrees that he shall not, directly or indirectly, disclose or transfer to any person or entity, at any time, either during or subsequent to the employment period, any trade secrets or other confidential information, whether patentable or not, of the Company Group, including but not limited to, all the Company Group’s trade secrets, property, business, any information directly or indirectly related to research and development connected with present or future products, inventions, hardware, software, production processes, discoveries, improvements, developments, innovations, designs, drawings, sketches, design, calculations, diagrams, algorithms, formulas, computer files, computer programs, data, planning processes, list of clients, list of suppliers, costing, prices, terms of payment, plans, business secrets, business plans, plans for research, development, new products, marketing and selling, business plans, budgets and unpublished financial statements, licenses, prices and costs, suppliers and customers, information regarding the skills and compensation of other employees of the Company Group, names of clients, sales, and any other information related to the business of the Company Group and/or their clients, including clients with whom the Company Group is negotiating and including affiliates and/or subsidiaries, present and future, all the foregoing whether or not such information is protectable as a patent or any other proprietary right and any other information purchased or received directly or indirectly in connection with Company Group, their affairs and/or business (collectively, “Confidential Information”), of which the Employee is or becomes informed or aware during the employment period, whether or not developed by the Employee. Confidential Information may be in any form including oral, writing, stored in a computer file and/or in any other digital or other existing and/or future media.

			 

			Notwithstanding the above, Confidential Information shall not include any information which: (i) was publicly known and made generally available in the public domain prior to the time of disclosure to the Employee; (ii) becomes publicly known and made generally available after disclosure by the Company through no action or inaction of the Employee; (iii) is required by law to be disclosed by the Employee, provided that the Employee gives the Company a prompt written notice of such requirement prior to such disclosure and assistance in obtaining an order protecting the information from public disclosure.

			

 

	 	
			1.2.

				
			The Employee undertakes not to use the Confidential Information for any purpose whatsoever other than the performance of his services on behalf of the Company. Without limiting the scope of this duty, he shall only use the Confidential Information for the benefit of the Company Group, and only to the extent required for the performance of the services and may not disclose the Confidential Information to any other third party who is not performing the service.

			

 

- 5 -

 

 

	 	
			1.3.

				
			The Employee undertakes not to directly or indirectly give and/or transfer, sale, publish, distribution, for any purposes, to any third party, any information in any media, and not to photocopy and/or print and/or duplicate object containing any or all of the Confidential Information without the Company’s Group expressed prior written authorization.

			

 

	 	
			1.4.

				
			In the event the Employee is in breach of any of his above obligations, he shall be liable to compensate the Company in respect of all damages and/or expenses incurred by the Company as a result of such a breach, including trial costs and legal fees and statutory VAT, and such being without derogating from any other relief and/or remedy available to the Company by virtue of any law.

			

 

	 	
			1.5.

				
			Third Party Information. The Employee understands that the Company Group has received and in the future will receive from third parties confidential or proprietary information ("Third Party Information") subject to a duty on the Company Group's part to maintain the confidentiality of such information and to use it only for certain limited purposes. During the term of the Employee's employment and thereafter, the Employee will hold Third Party Information in the strictest confidence and will not disclose Third Party Information to anyone (other than Company personnel who need to have such information in connection with their work for the Company) and will not use Third Party Information, except in connection with the Employee's work for the Company, unless expressly authorized by an officer of the Company in writing,

			

 

	 	
			1.6.

				
			No Improper Use of information of Prior employers and Others- the Employee undertakes that during his employment with the Company he will not improperly use or disclose any confidential information or trade secrets of any former employer or any other person to whom the Employee has an obligation of confidentiality, and he will not bring onto the premises of the Company any unpublished documents or any property belonging to any former employer or any other person to whom the Employee has an obligation of confidentiality unless consented to in writing by that former employer or person.

			

 

	
			2.

				
			Non-Competition/ Non-Solicitation

			

 

	 	
			2.1.

				
			The Employee undertakes that during the period of his employment with the Company and for a period of twelve (12) months following the termination of his employment therewith, for any reason, he shall not, anywhere in the world,

			

 

	
			 

				
			(a)

				
			Directly or indirectly carry on or hold an interest in any company, venture, entity or other business (other than a minority interest in a publicly traded company) which directly harms or competes with the products or services of the Company Group ("Competing Business"), including, without limitation, as a shareholder.

			

 

	
			 

				
			(b)

				
			Act as a consultant or employee or officer or in any managerial capacity in a Competing Business or supply in direct competition with the Company restricted services to any person who was provided with services by the Company Group during the period of twelve (12) months immediately prior to the termination date of the Employee's employment with the Company;

			

 

	
			 

				
			(c)

				
			Solicit, canvass or approach or endeavor to solicit, canvass or approach any person who was provided with services by the Company at any time during the period of twelve (12) months immediately prior to the termination date of the Employee's employment with the Company, for the purpose of offering services or products which directly compete with the services or products supplied by the Company Group.

			

 

- 6 -

 

 

	
			 

				
			(d)

				
			Employ, solicit or entice away or endeavor to solicit or entice away from the Company Group any person employed by the Company Group at any time during the period of twelve (12) months immediately prior to the termination date of the Employee's employment with the Company.

			

 

	
			3.

				
			Intellectuel Property, Copyright and Patents

			

 

	
			 

				
			3.1.

				
			The Employee hereby assigns to the Company, all of the Employee’s rights, title and interest in and to all inventions, trade secrets, professional secrets, innovations, copyrightable works, Confidential Information, discoveries, processes, designs, works of authorship, and other intellectual property and all improvements on existing inventions, discoveries, processes, designs, works and other intellectual property made or discovered by the Employee or any person subordinate to him during the term of employment or as a result of such employment with the Company, for no additional consideration provided that he shall not be required to bear any expenses as a result of such assignment. The Company and its successors shall be entitled to protect any invention and/or patent and/or trade secret and/or professional secret and/or innovation as aforesaid by way of registration and/or in any other manner, in Israel or anywhere else in the world.

			

 

	
			 

				
			3.2.

				
			The Employee declares that his salary shall constitute full consideration for the above assignment in accordance with Section 134 of the Patents Law – 1967 (hereinafter: the “Patents Law”) and he shall not be entitled to royalties and/or to any other payments or considerations beside his salary for or in respect with the service invention and/or in respect to the above assignment and/or to any intellectual property outcome of his employment and/or in respect to the commercial use of the service invention and/or the products of his services to the Company.

			

 

	
			 

				
			3.3.

				
			The Employee undertakes that upon the demand of the Company, including after the termination of his employment for any reason, he shall sign, execute and deliver to the Company such documents as the Company may request to confirm the assignment of the Employee’s rights herein, and if requested by the Company, shall assist the Company, and shall execute any necessary documents, at the Company’s expense, in applying for and prosecuting any patents, trademarks, trade secrets or copyright registration which may be available in respect thereof in accordance with the laws of the State of Israel or any other foreign country.

			

 

	
			 

				
			3.4.

				
			In the event the Company is unable for any reason, after reasonable effort, to secure the Employee's signature on any document needed in connection with the actions specified in the preceding paragraph, the Employee hereby irrevocably designates and appoints the Company and its duly authorized officers and agents as his agent and attorney in fact, which appointment is coupled with an interest, to act for and in the Employee's behalf to execute, verify and file any such documents and to do all other lawfully permitted acts to further the purposes of the preceding paragraph with the same legal force and effect as if executed by the Employee.

			

 

	
			 

				
			3.5.

				
			The Employee undertakes to deliver to the Company, written notice of any invention and/or patent and/or commercial secret and/or innovation invented by him and/or Employees of the Company and/or its successors who are subordinate to him, immediately upon the discovery thereof.

			

 

	
			 

				
			3.6.

				
			The Employee's obligations pursuant to this Section 3 shall survive the termination of his employment with the Company and/or its successors and assigns with respect to inventions conceived by him during the term of his employment or as a result of his employment with the Company.

			

 

- 7 -

 

 

	
			 

				
			3.7.

				
			The Employee acknowledges that the restricted period of time and geographical area specified hereunder are reasonable, in view of the nature of the business in which the Company is engaged, the Employee’s knowledge of the Company’s business and the compensation he receives. Notwithstanding anything contained herein to the contrary, if the period of time or the geographical area specified herein should be determined to be unreasonable in any judicial proceeding, then the period of time and area of the restriction shall be reduced so that this Agreement may be enforced in such area and during such period of time as shall be determined to be reasonable by such judicial proceeding. The Employee acknowledges that the compensation and benefits granted to him by the Company under this Agreement were determined, inter alia, in consideration for his obligations under this Appendix.

			

 

	
			4.

				
			General 

			

 

	
			 

				
			4.1.

				
			Successors and Assigns. This Agreement will be binding upon the Employee's heirs, executors, administrators and other legal representatives and will be for the benefit of the Company Group, its successors, and its assigns.

			

 

	
			 

				
			4.2.

				
			Waiver. No waiver by the Company of any breach of this Agreement shall be a waiver of any preceding or succeeding breach. No waiver by the Company of any right under this Agreement shall be construed as a waiver of any other right. The Company shall not be required to give notice to enforce strict adherence to all terms of this Agreement.

			

 

	
			 

				
			4.3.

				
			Assignment. This Agreement may be assigned by the Company. The Employee may not assign or delegate his duties under this Agreement without the Company's prior written approval.

			

 

	
			 

				
			4.4.

				
			Injunction. The Employee agrees that it would be difficult to measure damage to the Company Group from any breach of his undertakings set forth in Sections 4.1-4.3 above, and that injury to the Company from any such breach would be impossible to calculate, and that money damages would therefore be an inadequate remedy for any such breach. Accordingly, the Employee agrees that if he breaches any provision of Sections 4.1-4.3 hereof, the Company Group will be entitled, in addition to all other remedies it may have, to an injunction or other appropriate orders to restrain any such breach by the Employee without showing or proving any actual damage sustained by the Company Group.

			

 

	
			 

				
			4.5.

				
			This Agreement also constitutes an "Announcement" of employment terms according to the Employee and Candidates Notification Law (Terms of Employment and Application Process) – 2002.

			

 

	
			 

				
			4.6.

				
			Governing Law. This Agreement shall be governed by, and construed in accordance with the laws of the State of Israel, without giving effect to the rules respecting conflict-of-law.

			

 

 

_______________                                             

Name

 

_______________

Signature

 

______________

Date

 

- 8 -

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