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pgravesformofexecutivese

            FORM OF EXECUTIVE SEVERANCE AGREEMENT         This EXECUTIVE SEVERANCE AGREEMENT is made and entered into as of  October 10, 2018 (the "Effective Date"), by and between Livent Corporation, a  Delaware corporation (hereinafter referred to as the "Company") and Paul Graves  (hereinafter referred to as the "Executive") (this "Agreement").         WHEREAS, the Executive presently serves the Company in a position of  authority and responsibility; and         WHEREAS, the Executive and the Company desire to enter into this Agreement  on the terms and conditions set forth herein.         NOW THEREFORE, to assure the Company that it will have the continued  dedication of the Executive and the availability of the Executive's service  notwithstanding the possibility, threat, or occurrence of a Change in Control, and to  induce the Executive to remain in the employ of the Company, and for other good and  valuable consideration, the Company and the Executive agree as follows:                                  ARTICLE 1                      ESTABLISHMENT, TERM, AND PURPOSE         This Agreement is effective from the Effective Date and will continue in effect  until October 11, 2019. On that date, and on each subsequent anniversary thereof, the  term of this Agreement will be extended automatically for one (1) additional year, unless  the Committee delivers written notice six (6) months prior to such date to the Executive  that this Agreement will not be extended. If timely notice not to extend is given, this  Agreement will teuninate at the end of the term, or extended term, then in progress.         However, in the event a Change in Control occurs during the original or any  extended term, this Agreement will remain in effect for the longer of: (i) twenty-four (24)  months beyond the end of the month in which such Change in Control occurred; and (ii)  until all obligations of the Company hereunder have been fulfilled, and until all benefits  required hereunder have been paid to the Executive.                                  ARTICLE 2                                 DEFINITIONS         Whenever used in this Agreement, the following terms will have the meanings set  forth below and, when the meaning is intended, the initial letter of the word is capitalized.         Section 2.01. "Affiliate" means a corporation or other entity controlled by,  controlling or under common control with the Company, including, without limitation,  any corporation partnership, joint venture or other entity during any period in which at  least a fifty percent (50%) voting or profits interest is owned, directly or indirectly, by the  Company or any successor to the Company. 

 

      Section 2.02. "Base Salary" means the salary of record paid to the Executive as  annual salary, excluding amounts received under incentive or other bonus plans, whether  or not deferred.         Section 2.03. "Beneficiary" means the persons or entities designated or deemed  designated by the Executive pursuant to Section 10.02 herein.         Section 2.04. "Board" means the Board of Directors of the Company.         Section 2.05. "Cause" means:        (a)  the Executive's Willful and continued failure to substantially perfoliu the  Executive's employment duties in any material respect (other than any such failure  resulting from physical or mental incapacity or occurring after issuance by the Executive  of a Notice of Termination for Good Reason), after a written demand for substantial  performance is delivered to the Executive that specifically identifies the manner in which  the Company believes the Executive has failed to perform the Executive's duties, and  after the Executive has failed to resume substantial performance of the Executive's duties  on a continuous basis within thirty (30) calendar days of receiving such demand;        (b)  the Executive's Willful and deliberate conduct (other than conduct covered  under (a) above) which is materially injurious to the Company or an Affiliate; or        (c)  the Executive's having been convicted of, or pleading guilty or nobo  contendere to, a felony under federal or state law on or prior to a Change in Control.         Section 2.06. "Change in Control" means the happening of any of the following  events:        (a)  An acquisition by any Person of beneficial ownership (within the meaning  of Rule 13d-3 promulgated under the Exchange Act) of twenty percent (20%) or more of  either (i) the then outstanding shares of common stock of the Company (the  "Outstanding Company Common Stock") or (ii) the combined voting power of the  then outstanding voting securities of the Company entitled to vote generally in the  election of directors (the "Outstanding Company Voting Securities"); excluding,  however, the following: (A) any acquisition directly from the Company, other than an  acquisition by virtue of the exercise of a conversion privilege unless the security being so  converted was itself acquired directly from the Company, (B) any acquisition by the  Company, (C) any acquisition by any employee benefit plan (or related trust) sponsored  or maintained by the Company or any entity controlled by the Company, or (D) any  acquisition pursuant to a transaction which complies with Subsections (i), (ii) and (iii) of  Subsection (c) of this Section 2.06;        (b)  A change in the composition of the Board such that the individuals who, as  of the Effective Date, constitute the Board (such Board will be hereinafter referred to as  the "Incumbent Board") cease for any reason to constitute at least a majority of the  Board; provided, however, for purposes of this Section 2.06, that any individual who  becomes a member of the Board subsequent to the Effective Date, whose election, or                                      2  #91130319v6 

 

nomination for election by the Company's stockholders, was approved by a vote of at  least a majority of those individuals who are members of the Board and who were also  members of the Incumbent Board (or deemed to be such pursuant to this proviso) will be  considered as though such individual were a member of the Incumbent Board; but,  provided further, that any such individual whose initial assumption of office occurs as a  result of either an actual or threatened election contest (as such terms are used in Rule  14a-11 of Regulation 14A promulgated under the Exchange Act) or other actual or  threatened solicitation of proxies or consents by or on behalf of a Person other than the  Board will not be so considered as a member of the Incumbent Board;        (c)   Consummation of a reorganization, merger or consolidation, sale or other  disposition of all or substantially all of the assets of the Company, or acquisition by the  Company of the assets or stock of another entity ("Corporate Transaction"); excluding,  however, such a Corporate Transaction pursuant to which (i) all or substantially all of the  individuals and entities who are the beneficial owners, respectively, of the Outstanding  Company Common Stock and Outstanding Company Voting Securities immediately  prior to such Corporate Transaction will beneficially own, directly or indirectly, more  than sixty percent (60%) of, respectively, the outstanding shares of common stock, and  the combined voting power of the then outstanding voting securities entitled to vote  generally in the election of directors, as the case may be, of the corporation resulting  from such Corporate Transaction (including, without limitation, a corporation which as a  result of such transaction owns the Company or all or substantially all of the Company's  assets either directly or through one or more subsidiaries) in substantially the same  proportions as their ownership, immediately prior to such Corporate Transaction, of the  Outstanding Company Common Stock and Outstanding Company Voting Securities, as  the case may be, (ii) no Person (other than the Company, any employee benefit plan (or  related trust) of the Company or such corporation resulting from such Corporate  Transaction) will beneficially own, directly or indirectly, twenty percent (20%) or more  of, respectively, the outstanding shares of common stock of the corporation resulting  from such Corporate Transaction or the combined voting power of the outstanding voting  securities of such corporation entitled to vote generally in the election of directors except  to the extent that such ownership existed prior to the Corporate Transaction, and (iii)  individuals who were members of the Incumbent Board will constitute at least a majority  of the members of the board of directors of the corporation resulting from such Corporate  Transaction; or        (d)   The approval by the stockholders of the Company of a complete liquidation  or dissolution of the Company.         For the avoidance of doubt, the Distribution (as defined in the Employee Matters  Agreement) shall not constitute a Change in Control.         Section 2.07. "Code" means the Internal Revenue Code of 1986, as amended  from time to time, and any successor thereto.                                       3  #91130319v6 

 

      Section 2.08. "Committee" means the Compensation and Organization  Committee of the Board or any other committee of the Board appointed to perform the  functions of the Compensation and Organization Committee.         Section 2.09. "Company" means Livent Corporation, a Delaware corporation,  or any successor thereto as provided in Article 9 herein.         Section 2.10. "Date of Separation from Service" means the date on which a  Qualifying Termination occurs.         Section 2.11. "Disability" means complete and permanent inability by reason of  illness or accident to perform the duties of the occupation at which the Executive was  employed when such disability commenced.         Section 2.12. "Employee Matters Agreement" means the Employee Matters  Agreement, by and between FMC Corporation, a Delaware corporation, and the  Company, dated as of October 15, 2018, as such agreement may be amended from time  to time.         Section 2.13. "Exchange Act" means the Securities Exchange Act of 1934, as  amended from time to time, and any successor thereto.         Section 2.14. "Good Reason" means, without the Executive's express written  consent, the occurrence of any one or more of the following:        (a)   The assignment of the Executive to duties materially inconsistent with the  Executive's authorities, duties, responsibilities and status (including, without limitation,  offices, titles and reporting requirements) as an employee of the Company (including,  without limitation, any material change in duties or status as a result of the stock of the  Company ceasing to be publicly traded or of the Company becoming a subsidiary of  another entity), or a reduction or alteration in the nature or status of the Executive's  authorities, duties, or responsibilities from the greatest of those in effect (i) immediately  preceding the Company's entry into any definitive agreement to conduct the Change in  Control, or (ii) immediately preceding the Change in Control;        (b)   The Company's requiring the Executive to be based at a location which is at  least fifty (50) miles further from the Executive's then current primary residence than  such residence is from the office where the Executive is located at the time of the Change  in Control, except for required travel on the Company's business to an extent  substantially consistent with the Executive's business obligations;        (c)   A reduction by the Company in the Executive's Base Salary;        (d)   A material reduction in the Executive's level of participation in any of the  Company's short- and/or long-term incentive compensation plans, or employee benefit or  retirement plans, policies, practices, or arrangements in which the Executive participates  from the greatest of the levels in place: (i) immediately preceding the Company's entry                                      4  #91130319v6 

 

into any definitive agreement to conduct the Change in Control, or (ii) immediately  preceding the Change in Control;        (e)   The failure of the Company to obtain a satisfactory agreement from any  successor to the Company to assume and agree to perfoini this Agreement, as  contemplated in Article 9 herein.   provided that any such event shall constitute Good Reason only if Executive notifies the  Company in writing of such event within 90 days following the initial occurrence thereof,  the Company fails to cure such event within 30 days after receipt from Executive of  written notice thereof, and the Executive resigns from the Executive's employment  within two years following the initial occurrence of such event.         The existence of Good Reason will not be affected by the Executive's temporary  incapacity due to physical or mental illness not constituting a Disability.         Section 2.15. "Notice of Termination" means a written notice which indicates  the specific termination provision in this Agreement relied upon, and sets forth in  reasonable detail the facts and circumstances claimed to provide a basis for termination  of the Executive's employment under the provision so indicated.         Section 2.16. "Person" has the meaning ascribed to such term in Section 3(a)(9)  of the Exchange Act and used in Sections 13(d) and 14(d) thereof, including a "group" as  provided in Section 13(d).         Section 2.17. "Qualifying Termination" means any of the events described in  Section 3.02 herein, the occurrence of which triggers the payment of Severance Benefits  hereunder.         Section 2.18. "Separation from Service" means the Executive's termination of  employment with the Company, its Affiliates and with each member of the controlled  group (within the meaning of Sections 414(b) or (c) of the Code) of which the Company  is a member. The Executive will not be treated as having a Separation from Service  during any period the Executive's employment relationship continues, such as a result of  a leave of absence, and whether a Separation from Service has occurred shall be  determined by the Committee (on a basis consistent with rules under Section 409A) after  consideration of all the facts and circumstances, including whether either no further  services are to be performed or there is a reasonably anticipated permanent and  substantial decrease (e.g., 80% or more) in the level of services to be performed (and the  related amount of compensation to be received for such services) below the level of  services previously performed (and compensation previously received).         Section 2.19. "Severance Benefits" means the payment of severance  compensation as provided in Section 3.03 herein.         Section 2.20. "Willful" means any act or omission by the Executive that was in  good faith and with a reasonable belief that the action or omission was in the best  interests of the Company or its Affiliates. Any act or omission based upon authority                                      5  #91130319v6 

 

given pursuant to a duly adopted Board resolution, or, upon the instructions of any senior  officer of the Company, or based upon the advice of counsel for the Company will be  conclusively presumed to be taken or omitted by the Executive in good faith and in the  best interests of the Company and/or its Affiliates.                                 ARTICLE 3                             SEVERANCE BENEFITS         Section 3.01. Right to Severance Benefits. The Executive will be entitled to  receive the Severance Benefits from the Company if a Qualifying Termination occurs on  or after a Change in Control and before the end of the twenty-fourth (24th) calendar  month following the end of the month in which the Change in Control occurs.         The Executive will not be entitled to receive Severance Benefits if the Executive's  employment is terminated (i) for Cause, (ii) due to a voluntary termination without Good  Reason, or (iii) due to death or Disability.         Section 3.02. Qualifting Termination. A Qualifying Termination shall occur if:        (a)   The Executive incurs a Separation from Service because of an involuntary  termination of the Executive's employment by the Company for reasons other than  Cause, Disability or death; or        (b)   The Executive incurs a Separation from Service because of a voluntary  termination by the Executive for Good Reason pursuant to a Notice of Termination  delivered to the Company by the Executive.         Section 3.03. Description of Severance Benefits. In the event the Executive  becomes entitled to receive Severance Benefits, as provided in Sections 3.01 and 3.02  herein, the Company will pay to the Executive (or in the event of the Executive's death,  the Executive's Beneficiary) and provide the Executive with the following at the time or  times provided in Section 4.01 herein:        (a)   An amount equal to three times the highest rate of the Executive's  annualized Base Salary in effect at any time up to and including the Date of Separation  from Service.        (b)   An amount equal to three times the Executive's highest annualized target  Management Incentive Award granted under the Livent Corporation Incentive  Compensation and Stock Plan for any plan year up to and including the plan year in  which the Executive's Date of Separation from Service occurs.        (c)   An amount equal to the Executive's unpaid Base Salary, and unused and  accrued vacation pay, earned or accrued through the Date of Separation from Service.        (d)   Any Management Incentive Award otherwise payable (but for Executive's  separation) for the plan year in which the Executive's Date of Separation from Service  occurred, prorated through the Date of Separation from Service.                                      6  #91130319v6 

 

     (e)  A continuation of the Company's welfare benefits of life and accidental  death and dismemberment, and disability insurance coverage for three full years after the  Date of Separation from Service. These benefits will be provided to the Executive (and to  the Executive's covered spouse and dependents) at the same premium cost, and at the  same coverage level, as in effect as of the date of the Change in Control. The  continuation of these welfare benefits will be discontinued prior to the end of the three  year period if the Executive has available substantially similar benefits at a comparable  cost from a subsequent employer, as determined by the Committee.         (f)  For a period of three full years following the Date of Separation from  Service, the Company shall provide medical insurance for the Executive (and the  Executive's covered spouse and dependents) at the same premium cost, and at the same  coverage level, as in effect as of the date of the Change in Control. The continuation of  this medical insurance will be discontinued prior to the end of the three year period if the  Executive has available substantially similar medical insurance at a comparable cost from  a subsequent employer, as determined by the Committee. The date that medical benefits  provided in this paragraph cease to be provided under this paragraph will be the date of  the Executive's qualifying event for continuation coverage purposes under Code Section  4980B(f)(3)(B).         Awards granted under the Livent Corporation Incentive Compensation and Stock  Plan, and other incentive arrangements adopted by the Company will be treated pursuant  to the terms of the applicable plan.         The aggregate benefits accrued by the Executive as of the Date of Separation  from Service under any savings or retirement plans sponsored by the Company from time  to time will be distributed pursuant to the terms of the applicable plan.         Section 3.04. Termination for Disability. If the Executive's employment is  terminated due to Disability, the Executive will receive the Executive's Base Salary  through the Date of Separation from Service, and the Executive's benefits will be  determined in accordance with the Company's disability, retirement, survivor's benefits,  insurance and other applicable plans and programs then in effect. If the Executive's  employment is terminated due to Disability, the Executive will not be entitled to the  Severance Benefits described in Section 3.03.         Section 3.05. Termination upon Death. If the Executive's employment is  terminated due to death, the Executive's benefits will be determined in accordance with  the Company's retirement, survivor's benefits, insurance and other applicable programs  of the Company then in effect. If the Executive's employment is terminated due to death,  neither the Executive's estate nor the Executive's Beneficiary will be entitled to the  Severance Benefits described in Section 3.03.         Section 3.06. Termination for Cause, or Other Than for Good Reason.  Following a Change in Control of the Company, if the Executive's employment is  terminated either: (a) by the Company for Cause; or (b) by the Executive (other than for  Good Reason), the Company will pay the Executive an amount equal to the Executive's                                      7  #91130319v6 

 

Base Salary and accrued vacation through the Date of Separation from Service, at the rate  then in effect, plus all other amounts to which the Executive is entitled under any plans of  the Company, at the time such payments are due and the Company will have no further  obligations to the Executive under this Agreement.         Section 3.07. Notice of Termination. Any termination of employment by the  Company or by the Executive for Good Reason will be communicated by a Notice of  Termination.                                 ARTICLE 4                    FORM AND TIMING OF SEVERANCE BENEFITS         Section 4.01. Form and Timing. Subject to Section 4.02:        (a)   the amounts payable under Sections 3.03(a), (b) and (c) will be paid in a  lump sum on the 61st day following the Termination Date (or, if such 61' day is not a  business day, the next business day immediately following such 61' day);        (b)   the amount payable under Section 3.03(d) will be paid in a lump sum at the  same time that Management Incentive Awards are paid to employees generally for the  year in which the Executive's Separation from Service occurs, but in no event later than  21/2 months following the end of the year in which the Executive's Separation from  Service occurs; and        (c)   the benefits due under Sections 3.03(e) and 3.03(f) will continue  uninterrupted following the Executive's Separation from Service (but will be  discontinued if the requirements of Section 4.02 are not timely satisfied).         Section 4.02. Release. All rights, payments and benefits due to the Executive  under Section 3.03 (other than Section 3.03(c)) shall be conditioned on the Executive's  execution of a general release of claims against the Company and its affiliates in a form  reasonably prescribed by the Company and on that release becoming irrevocable within  60 days following the Teimination Date.                                 ARTICLE 5                          TAXES AND TAX COMPLIANCE         Section 5.01. Withholding of Taxes. The Company will be entitled to withhold  from any amounts payable under this Agreement all taxes as it may believe are  reasonably required to be withheld (including, without limitation, any United States  federal taxes and any other state, city, or local taxes).         Section 5.02. Section 409A Compliance. This Agreement shall be interpreted to  avoid any penalty sanctions under Section 409A of the Code. If any payment or benefit  cannot be provided or made at the time specified herein without incurring sanctions under  Section 409A of the Code, then such benefit or payment shall be provided in full at the  earliest time thereafter when such sanctions will not be imposed. All payments to be                                      8  #91130319v6 

 

made upon a termination of employment under this Agreement will be made upon a  "separation from service" under Section 409A of the Code. For purposes of Section  409A of the Code, each payment made under this Agreement shall be treated as a  separate payment. In no event may the Executive, directly or indirectly, designate the  calendar year of payment. Notwithstanding any other provision of this Agreement to the  contrary, any payment that constitutes the deferral of compensation (within the meaning  of Treas. Reg. § 1.409A-1(b)) that is otherwise required to be made to the Executive prior  to the day after the date that is six months from the Date of Separation from Service shall  be accumulated, deferred and paid in a lump sum to the Executive (with interest on the  amount deferred from the Date of Separation from Service until the day prior to the  actual payment at the federal short-term rate on the Date of Separation from Service) on  the day after the date that is six months from the Date of Separation from Service;  provided, however, if Executive dies prior to the expiration of such six month period,  payment to the Executive's Beneficiary shall be made as soon as practicable following  the Executive's death. Any reimbursements or in-kind benefits that constitute a deferral  of compensation (within the meaning of Treas. Reg. § 1.409A-1(b)) will be provided  subject to the requirements of Treas. Reg. §§ 1.409A-3(i)(1)(iv)(A)(3), (4) and (5).         Section 5.03. Parachute Payments.        (a)   Notwithstanding anything to the contrary in this Agreement or otherwise, in  the event that any payment or benefit received or to be received by the Executive in  connection with a Change in Control or the Executive's Separation from Service  (whether pursuant to the terms of this Agreement or any other plan, policy, arrangement  or agreement maintained or entered into by the Company (or any of its Affiliates or  successors) or any Person whose actions result in a Change in Control (or any Person  affiliated with such Person)) (all such payments and benefits, the "Parachute  Payments") would be subject (in whole or in part) to an excise tax under Section 4999 of  the Code (the "Excise Tax"), then the Parachute Payments shall either be (i) reduced (but  not below zero) so that the present value of the Parachute Payments is one dollar less than  three times the Executive's "base amount" (as defined in Section 280G(b)(3) of the  Code) so that no portion of the Parachute Payments shall be subject to the Excise Tax or  (ii) paid in full, whichever produces the better net after-tax position to the Executive  (taking into account the Excise Tax and any other applicable taxes).        (b)   The reduction of the Parachute Payments contemplated in Section 5.03(a)  above shall be implemented by detennining the Parachute Payment Ratio (as defined  below), as determined in good faith by the Company (or its successor), for each  Parachute Payment and then reducing the Parachute Payments in order beginning with  the Parachute Payment with the highest Parachute Payment Ratio. For Parachute  Payments with the same Parachute Payment Ratio, such Parachute Payments shall be  reduced based on the time of payment of such Parachute Payments, with amounts having  later payment dates being reduced first. For Parachute Payments with the same Parachute  Payment Ratio and the same time of payment, such Parachute Payments shall be reduced  on a pro rata basis (but not below zero) prior to reducing Parachute Payments with a  lower Parachute Payment Ratio. For purposes hereof, the term "Parachute Payment  Ratio" shall mean a fraction, (i) the numerator of which is the value of the applicable                                      9  #91130319v6 

 

Parachute Payment (as calculated for purposes of Section 280G of the Code), and (ii) the  denominator of which is the intrinsic (i.e., economic) value of such Parachute Payment.                                 ARTICLE 6                      THE COMPANY'S PAYMENT OBLIGATION         The Company's obligation to make the payments and the arrangements provided  for herein will be absolute and unconditional, and will not be affected by any  circumstances, including, without limitation, any offset, counterclaim, recoupment,  defense, or other right which the Company may have against the Executive or anyone  else. All amounts payable by the Company hereunder will be paid without notice or  demand. Each and every payment made hereunder by the Company will be final, and the  Company will not seek to recover all or any part of such payment from the Executive or  from whomsoever may be entitled thereto, for any reasons whatsoever.         The Executive will not be obligated to seek other employment in mitigation of the  amounts payable or arrangements made under any provision of this Agreement, and the  obtaining of any such other employment will in no event effect any reduction of the  Company's obligations to make the payments and arrangements required to be made  under this Agreement, except to the extent provided in Sections 3.03(e) and (f) herein.  Notwithstanding anything in this Agreement to the contrary, if Severance Benefits are  paid under this Agreement, no severance benefits under any program of the Company,  other than benefits described in this Agreement, will be paid to the Executive.                                 ARTICLE 7                             FEES AND EXPENSES         To the extent permitted by law, the Company will pay as incurred (within ten (10)  days following receipt of an invoice from the Executive) all legal fees, costs of litigation,  prejudgment interest, and other expenses incurred in good faith by the Executive as a  result of the Company's refusal to provide the Severance Benefits to which the Executive  becomes entitled under this Agreement, or as a result of the Company's contesting the  validity, enforceability, or interpretation of this Agreement, or as a result of any conflict  between the parties pertaining to this Agreement; provided, however, that the Company  will reimburse the Executive only for such expenses arising out of litigation commenced  within three (3) years following the Executive's Separation from Service.  Notwithstanding any other provision in this Article 7, the Company will reimburse the  Executive only for expenses incurred prior to the end of the fifth (5th) year following the  Executive's Separation from Service.                                 ARTICLE 8                          OUTPLACEMENT ASSISTANCE         Following a Qualifying Termination (as described in Section 3.02 herein), the  Executive will be reimbursed by the Company for the costs of all reasonable  outplacement services obtained by the Executive within the two (2) year period after the                                     10  #91130319v6 

 

Date of Separation from Service; provided, however, that reimbursements must be made  by the end of the third year following the Date of Separation from Service and the total  reimbursement for such outplacement services will be limited to an amount equal to  fifteen percent (15%) of the Executive's Base Salary as of the Date of Separation from  Service.                                 ARTICLE 9                         SUCCESSORS AND ASSIGNMENT         Section 9.01. Successors to the Company. The Company will require any  successor (whether direct or indirect, by purchase, merger, consolidation, or otherwise) of  all or substantially all of the business and/or assets of the Company or of any division or  subsidiary thereof to expressly assume and agree to perform the Company's obligations  under this Agreement in the same manner and to the same extent that the Company  would be required to perfonn them if no such succession had taken place.         Section 9.02. Assignment by the Executive. This Agreement will inure to the  benefit of and be enforceable by the Executive's personal or legal representatives,  executors, administrators, successors, heirs, distributees, devisees, and legatees. If the  Executive dies while any amount would still be payable to the Executive hereunder had  the Executive continued to live, all such amounts, unless otherwise provided herein, will  be paid in accordance with the terms of this Agreement to the Executive's Beneficiary. If  the Executive has not named a Beneficiary, then such amounts will be paid to the  Executive's devisee, legatee, or other designee, or if there is no such designee, to the  Executive's estate, and such designee, or the Executive's estate will be treated as the  Beneficiary hereunder.                                 ARTICLE 10                               MISCELLANEOUS         Section 10.01. Employment Status. Except as may be provided under any other  agreement between the Executive and the Company, the employment of the Executive by  the Company is "at will," and may be terminated by either the Executive or the Company  at any time, subject to applicable law.         Section 10.02. Beneficiaries. The Executive may designate one or more persons  or entities as the primary and/or contingent Beneficiaries of any Severance Benefits  owing to the Executive under this Agreement. Such designation must be in the form of a  signed writing acceptable to the Committee. The Executive may make or change such  designations at any time.         Section 10.03. Severability. In the event any provision of this Agreement will be  held illegal or invalid for any reason, the illegality or invalidity will not affect the  remaining parts of the Agreement, and the Agreement will be construed and enforced as  if the illegal or invalid provision had not been included. Further, the captions of this  Agreement are not part of the provisions hereof and will have no force and effect.                                      11  #91130319v6 

 

      Section 10.04. Modification. No provision of this Agreement may be modified,  waived, or discharged unless such modification, waiver, or discharge is agreed to in  writing and signed by the Executive and by an authorized member of the Committee, or  by the respective parties' legal representatives and successors.         Section 10.05. Applicable Law. To the extent not preempted by the laws of the  United States, the laws of the state of Delaware will be the controlling law in all matters  relating to this Agreement.         Section 10.06. Indemnification. To the full extent permitted by law, the Company  will, both during and after the period of the Executive's employment, indemnify the  Executive (including by advancing the Executive expenses) for any judgments, fines,  amounts paid in settlement and reasonable expenses, including any attorneys' fees,  incurred by the Executive in connection with the defense of any lawsuit or other claim to  which the Executive is made a party by reason of being (or having been) an officer,  director or employee of the Company or any of its subsidiaries. The Executive will be  covered by director and officer liability insurance to the maximum extent that that  insurance covers any officer or director (or former officer or director) of the Company.                             [Signature Page Follows]                                      12  #91130319v6 

 

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   IN WITNESS WHEREOF, the parties have executed this Agreement on this 10  day of October 2018.    LIVENT CORPORATION                     EXECUTIVE   By:   Name: Kathleen Weslock                 Date:    Title: Chief Human R6 ources  Officer                     ., Date:          \ k                   [Signature Page to Executive Severance Agreement]  #91130319v6sponessaformofexecsevagr

            FORM OF EXECUTIVE SEVERANCE AGREEMENT          This EXECUTIVE SEVERANCE AGREEMENT is made and entered into as of   October 10, 2018 (the "Effective Date"), by and between Livent Corporation, a   Delaware corporation (hereinafter referred to as the "Company") and Sara Ponessa  (hereinafter referred to as the "Executive") (this "Agreement").          WHEREAS, the Executive presently serves the Company in a position of   authority and responsibility; and          WHEREAS, the Executive and the Company desire to enter into this Agreement  on the terms and conditions set forth herein.         NOW THEREFORE, to assure the Company that it will have the continued  dedication of the Executive and the availability of the Executive's service  notwithstanding the possibility, threat, or occurrence of a Change in Control, and to  induce the Executive to remain in the employ of the Company, and for other good and  valuable consideration, the Company and the Executive agree as follows:                                  ARTICLE 1                       ESTABLISHMENT, TERM, AND PURPOSE          This Agreement is effective from the Effective Date and will continue in effect  until October 11, 2019. On that date, and on each subsequent anniversary thereof, the  term of this Agreement will be extended automatically for one (1) additional year, unless  the Committee delivers written notice six (6) months prior to such date to the Executive  that this Agreement will not be extended. If timely notice not to extend is given, this   Agreement will terminate at the end of the term, or extended term, then in progress.          However, in the event a Change in Control occurs during the original or any   extended temi, this Agreement will remain in effect for the longer of: (i) twenty-four (24)   months beyond the end of the month in which such Change in Control occurred; and (ii)   until all obligations of the Company hereunder have been fulfilled, and until all benefits   required hereunder have been paid to the Executive.                                  ARTICLE 2                                 DEFINITIONS          Whenever used in this Agreement, the following terms will have the meanings set   forth below and, when the meaning is intended, the initial letter of the word is capitalized.          Section 2.01. "Affiliate" means a corporation or other entity controlled by,   controlling or under common control with the Company, including, without limitation,   any corporation partnership, joint venture or other entity during any period in which at   least a fifty percent (50%) voting or profits interest is owned, directly or indirectly, by the   Company or any successor to the Company.     #91130319v6 

 

      Section 2.02. "Base Salary" means the salary of record paid to the Executive as  annual salary, excluding amounts received under incentive or other bonus plans, whether  or not deferred.         Section 2.03. "Beneficiary" means the persons or entities designated or deemed  designated by the Executive pursuant to Section 10.02 herein.         Section 2.04. "Board" means the Board of Directors of the Company.         Section 2.05. "Cause" means:        (a)   the Executive's Willful and continued failure to substantially perfoim the  Executive's employment duties in any material respect (other than any such failure  resulting from physical or mental incapacity or occurring after issuance by the Executive  of a Notice of Termination for Good Reason), after a written demand for substantial  performance is delivered to the Executive that specifically identifies the manner in which  the Company believes the Executive has failed to perfatill the Executive's duties, and  after the Executive has failed to resume substantial performance of the Executive's duties  on a continuous basis within thirty (30) calendar days of receiving such demand;        (b)   the Executive's Willful and deliberate conduct (other than conduct covered  under (a) above) which is materially injurious to the Company or an Affiliate; or        (c)   the Executive's having been convicted of, or pleading guilty or nobo  contendere to, a felony under federal or state law on or prior to a Change in Control.         Section 2.06. "Change in Control" means the happening of any of the following  events:        (a)   An acquisition by any Person of beneficial ownership (within the meaning  of Rule 13d-3 promulgated under the Exchange Act) of twenty percent (20%) or more of  either (i) the then outstanding shares of common stock of the Company (the  "Outstanding Company Common Stock") or (ii) the combined voting power of the  then outstanding voting securities of the Company entitled to vote generally in the  election of directors (the "Outstanding Company Voting Securities"); excluding,  however, the following: (A) any acquisition directly from the Company, other than an  acquisition by virtue of the exercise of a conversion privilege unless the security being so  converted was itself acquired directly from the Company, (B) any acquisition by the  Company, (C) any acquisition by any employee benefit plan (or related trust) sponsored  or maintained by the Company or any entity controlled by the Company, or (D) any  acquisition pursuant to a transaction which complies with Subsections (i), (ii) and (iii) of  Subsection (c) of this Section 2.06;        (b)   A change in the composition of the Board such that the individuals who, as  of the Effective Date, constitute the Board (such Board will be hereinafter referred to as  the "Incumbent Board") cease for any reason to constitute at least a majority of the  Board; provided, however, for purposes of this Section 2.06, that any individual who  becomes a member of the Board subsequent to the Effective Date, whose election, or                                      2  #91130319v6 

 

nomination for election by the Company's stockholders, was approved by a vote of at  least a majority of those individuals who are members of the Board and who were also  members of the Incumbent Board (or deemed to be such pursuant to this proviso) will be  considered as though such individual were a member of the Incumbent Board; but,  provided further, that any such individual whose initial assumption of office occurs as a  result of either an actual or threatened election contest (as such terms are used in Rule  14a-11 of Regulation 14A promulgated under the Exchange Act) or other actual or  threatened solicitation of proxies or consents by or on behalf of a Person other than the  Board will not be so considered as a member of the Incumbent Board;        (c)   Consummation of a reorganization, merger or consolidation, sale or other  disposition of all or substantially all of the assets of the Company, or acquisition by the  Company of the assets or stock of another entity ("Corporate Transaction"); excluding,  however, such a Corporate Transaction pursuant to which (i) all or substantially all of the  individuals and entities who are the beneficial owners, respectively, of the Outstanding  Company Common Stock and Outstanding Company Voting Securities immediately  prior to such Corporate Transaction will beneficially own, directly or indirectly, more  than sixty percent (60%) of, respectively, the outstanding shares of common stock, and  the combined voting power of the then outstanding voting securities entitled to vote  generally in the election of directors, as the case may be, of the corporation resulting  from such Corporate Transaction (including, without limitation, a corporation which as a  result of such transaction owns the Company or all or substantially all of the Company's  assets either directly or through one or more subsidiaries) in substantially the same  proportions as their ownership, immediately prior to such Corporate Transaction, of the  Outstanding Company Common Stock and Outstanding Company Voting Securities, as  the case may be, (ii) no Person (other than the Company, any employee benefit plan (or  related trust) of the Company or such corporation resulting from such Corporate  Transaction) will beneficially own, directly or indirectly, twenty percent (20%) or more  of, respectively, the outstanding shares of common stock of the corporation resulting  from such Corporate Transaction or the combined voting power of the outstanding voting  securities of such corporation entitled to vote generally in the election of directors except  to the extent that such ownership existed prior to the Corporate Transaction, and (iii)  individuals who were members of the Incumbent Board will constitute at least a majority  of the members of the board of directors of the corporation resulting from such Corporate  Transaction; or        (d)   The approval by the stockholders of the Company of a complete liquidation  or dissolution of the Company.         For the avoidance of doubt, the Distribution (as defined in the Employee Matters  Agreement) shall not constitute a Change in Control.         Section 2.07. "Code" means the Internal Revenue Code of 1986, as amended  from time to time, and any successor thereto.                                       3  #91130319v6 

 

      Section 2.08. "Committee" means the Compensation and Organization  Committee of the Board or any other committee of the Board appointed to perform the  functions of the Compensation and Organization Committee.         Section 2.09. "Company" means Livent Corporation, a Delaware corporation,  or any successor thereto as provided in Article 9 herein.         Section 2.10. "Date of Separation from Service" means the date on which a  Qualifying Termination occurs.         Section 2.11. "Disability" means complete and permanent inability by reason of  illness or accident to perfonn the duties of the occupation at which the Executive was  employed when such disability commenced.         Section 2.12. "Employee Matters Agreement" means the Employee Matters  Agreement, by and between FMC Corporation, a Delaware corporation, and the  Company, dated as of October 15, 2018, as such agreement may be amended from time  to time.         Section 2.13. "Exchange Act" means the Securities Exchange Act of 1934, as  amended from time to time, and any successor thereto.         Section 2.14. "Good Reason" means, without the Executive's express written  consent, the occurrence of any one or more of the following:        (a)   The assignment of the Executive to duties materially inconsistent with the  Executive's authorities, duties, responsibilities and status (including, without limitation,  offices, titles and reporting requirements) as an employee of the Company (including,  without limitation, any material change in duties or status as a result of the stock of the  Company ceasing to be publicly traded or of the Company becoming a subsidiary of  another entity), or a reduction or alteration in the nature or status of the Executive's  authorities, duties, or responsibilities from the greatest of those in effect (i) immediately  preceding the Company's entry into any definitive agreement to conduct the Change in  Control, or (ii) immediately preceding the Change in Control;        (b)   The Company's requiring the Executive to be based at a location which is at  least fifty (50) miles further from the Executive's then current primary residence than  such residence is from the office where the Executive is located at the time of the Change  in Control, except for required travel on the Company's business to an extent  substantially consistent with the Executive's business obligations;        (c)   A reduction by the Company in the Executive's Base Salary;        (d)   A material reduction in the Executive's level of participation in any of the  Company's short- and/or long-term incentive compensation plans, or employee benefit or  retirement plans, policies, practices, or arrangements in which the Executive participates  from the greatest of the levels in place: (i) immediately preceding the Company's entry                                      4  #91130319v6 

 

into any definitive agreement to conduct the Change in Control, or (ii) immediately  preceding the Change in Control;        (e)   The failure of the Company to obtain a satisfactory agreement from any  successor to the Company to assume and agree to perform this Agreement, as  contemplated in Article 9 herein.   provided that any such event shall constitute Good Reason only if Executive notifies the  Company in writing of such event within 90 days following the initial occurrence thereof,  the Company fails to cure such event within 30 days after receipt from Executive of  written notice thereof, and the Executive resigns from the Executive's employment  within two years following the initial occurrence of such event.         The existence of Good Reason will not be affected by the Executive's temporary  incapacity due to physical or mental illness not constituting a Disability.         Section 2.15. "Notice of Termination" means a written notice which indicates  the specific termination provision in this Agreement relied upon, and sets forth in  reasonable detail the facts and circumstances claimed to provide a basis for tettnination  of the Executive's employment under the provision so indicated.         Section 2.16. "Person" has the meaning ascribed to such term in Section 3(a)(9)  of the Exchange Act and used in Sections 13(d) and 14(d) thereof, including a "group" as  provided in Section 13(d).         Section 2.17. "Qualifying Termination" means any of the events described in  Section 3.02 herein, the occurrence of which triggers the payment of Severance Benefits  hereunder.         Section 2.18. "Separation from Service" means the Executive's termination of  employment with the Company, its Affiliates and with each member of the controlled  group (within the meaning of Sections 414(b) or (c) of the Code) of which the Company  is a member. The Executive will not be treated as having a Separation from Service  during any period the Executive's employment relationship continues, such as a result of  a leave of absence, and whether a Separation from Service has occurred shall be  determined by the Committee (on a basis consistent with rules under Section 409A) after  consideration of all the facts and circumstances, including whether either no further  services are to be performed or there is a reasonably anticipated permanent and  substantial decrease (e.g., 80% or more) in the level of services to be performed (and the  related amount of compensation to be received for such services) below the level of  services previously performed (and compensation previously received).         Section 2.19. "Severance Benefits" means the payment of severance  compensation as provided in Section 3.03 herein.         Section 2.20. "Willful" means any act or omission by the Executive that was in  good faith and with a reasonable belief that the action or omission was in the best  interests of the Company or its Affiliates. Any act or omission based upon authority                                      5  #91130319v6 

 

given pursuant to a duly adopted Board resolution, or, upon the instructions of any senior  officer of the Company, or based upon the advice of counsel for the Company will be  conclusively presumed to be taken or omitted by the Executive in good faith and in the  best interests of the Company and/or its Affiliates.                                 ARTICLE 3                             SEVERANCE BENEFITS         Section 3.01. Right to Severance Benefits. The Executive will be entitled to  receive the Severance Benefits from the Company if a Qualifying Termination occurs on  or after a Change in Control and before the end of the twenty-fourth (24th) calendar  month following the end of the month in which the Change in Control occurs.         The Executive will not be entitled to receive Severance Benefits if the Executive's  employment is terminated (i) for Cause, (ii) due to a voluntary termination without Good  Reason, or (iii) due to death or Disability.         Section 3.02. Qualib)ing Termination. A Qualifying Termination shall occur if:        (a)   The Executive incurs a Separation from Service because of an involuntary  termination of the Executive's employment by the Company for reasons other than  Cause, Disability or death; or        (b)   The Executive incurs a Separation from Service because of a voluntary  termination by the Executive for Good Reason pursuant to a Notice of Termination  delivered to the Company by the Executive.         Section 3.03. Description of Severance Benefits. In the event the Executive  becomes entitled to receive Severance Benefits, as provided in Sections 3.01 and 3.02  herein, the Company will pay to the Executive (or in the event of the Executive's death,  the Executive's Beneficiary) and provide the Executive with the following at the time or  times provided in Section 4.01 herein:        (a)  An amount equal to two times the highest rate of the Executive's annualized  Base Salary in effect at any time up to and including the Date of Separation from Service.        (b)  An amount equal to two times the Executive's highest annualized target  Management Incentive Award granted under the Livent Corporation Incentive  Compensation and Stock Plan for any plan year up to and including the plan year in  which the Executive's Date of Separation from Service occurs.        (c)  An amount equal to the Executive's unpaid Base Salary, and unused and  accrued vacation pay, earned or accrued through the Date of Separation from Service.        (d)  Any Management Incentive Award otherwise payable (but for Executive's  separation) for the plan year in which the Executive's Date of Separation from Service  occurred, prorated through the Date of Separation from Service.                                      6  #91130319v6 

 

     (e)   A continuation of the Company's welfare benefits of life and accidental  death and dismemberment, and disability insurance coverage for two full years after the  Date of Separation from Service. These benefits will be provided to the Executive (and to  the Executive's covered spouse and dependents) at the same premium cost, and at the  same coverage level, as in effect as of the date of the Change in Control. The  continuation of these welfare benefits will be discontinued prior to the end of the two  year period if the Executive has available substantially similar benefits at a comparable  cost from a subsequent employer, as determined by the Committee.        (f)   For a period of two full years following the Date of Separation from  Service, the Company shall provide medical insurance for the Executive (and the  Executive's covered spouse and dependents) at the same premium cost, and at the same  coverage level, as in effect as of the date of the Change in Control. The continuation of  this medical insurance will be discontinued prior to the end of the two year period if the  Executive has available substantially similar medical insurance at a comparable cost from  a subsequent employer, as determined by the Committee. The date that medical benefits  provided in this paragraph cease to be provided under this paragraph will be the date of  the Executive's qualifying event for continuation coverage purposes under Code Section  4980B(f)(3)(B).         Awards granted under the Livent Corporation Incentive Compensation and Stock  Plan, and other incentive arrangements adopted by the Company will be treated pursuant  to the temis of the applicable plan.         The aggregate benefits accrued by the Executive as of the Date of Separation  from Service under any savings or retirement plans sponsored by the Company from time  to time will be distributed pursuant to the terms of the applicable plan.         Section 3.04. Termination for Disability. If the Executive's employment is  terminated due to Disability, the Executive will receive the Executive's Base Salary  through the Date of Separation from Service, and the Executive's benefits will be  determined in accordance with the Company's disability, retirement, survivor's benefits,  insurance and other applicable plans and programs then in effect. If the Executive's  employment is terminated due to Disability, the Executive will not be entitled to the  Severance Benefits described in Section 3.03.         Section 3.05. Termination upon Death. If the Executive's employment is  teiminated due to death, the Executive's benefits will be determined in accordance with  the Company's retirement, survivor's benefits, insurance and other applicable programs  of the Company then in effect. If the Executive's employment is terminated due to death,  neither the Executive's estate nor the Executive's Beneficiary will be entitled to the  Severance Benefits described in Section 3.03.         Section 3.06. Termination for Cause, or Other Than for Good Reason.  Following a Change in Control of the Company, if the Executive's employment is  terminated either: (a) by the Company for Cause; or (b) by the Executive (other than for  Good Reason), the Company will pay the Executive an amount equal to the Executive's                                      7  #91130319v6 

 

Base Salary and accrued vacation through the Date of Separation from Service, at the rate  then in effect, plus all other amounts to which the Executive is entitled under any plans of  the Company, at the time such payments are due and the Company will have no further  obligations to the Executive under this Agreement.         Section 3.07. Notice of Termination. Any tei nination of employment by the  Company or by the Executive for Good Reason will be communicated by a Notice of  Termination.                                 ARTICLE 4                    FORM AND TIMING OF SEVERANCE BENEFITS         Section 4.01. Form and Timing. Subject to Section 4.02:        (a)  the amounts payable under Sections 3.03(a), (b) and (c) will be paid in a  lump sum on the 61' day following the Termination Date (or, if such 61' day is not a  business day, the next business day immediately following such 61' day);        (b)  the amount payable under Section 3.03(d) will be paid in a lump sum at the  same time that Management Incentive Awards are paid to employees generally for the  year in which the Executive's Separation from Service occurs, but in no event later than  21/2 months following the end of the year in which the Executive's Separation from  Service occurs; and        (c)  the benefits due under Sections 3.03(e) and 3.03(f) will continue  uninterrupted following the Executive's Separation from Service (but will be  discontinued if the requirements of Section 4.02 are not timely satisfied).         Section 4.02. Release. All rights, payments and benefits due to the Executive  under Section 3.03 (other than Section 3.03(c)) shall be conditioned on the Executive's  execution of a general release of claims against the Company and its affiliates in a form  reasonably prescribed by the Company and on that release becoming irrevocable within  60 days following the Termination Date.                                 ARTICLE 5                         TAXES AND TAX COMPLIANCE         Section 5.01. Withholding of Taxes. The Company will be entitled to withhold  from any amounts payable under this Agreement all taxes as it may believe are  reasonably required to be withheld (including, without limitation, any United States  federal taxes and any other state, city, or local taxes).         Section 5.02. Section 409A Compliance. This Agreement shall be interpreted to  avoid any penalty sanctions under Section 409A of the Code. If any payment or benefit  cannot be provided or made at the time specified herein without incurring sanctions under  Section 409A of the Code, then such benefit or payment shall be provided in full at the  earliest time thereafter when such sanctions will not be imposed. All payments to be                                      8  #91130319v6 

 

made upon a termination of employment under this Agreement will be made upon a  "separation from service" under Section 409A of the Code. For purposes of Section  409A of the Code, each payment made under this Agreement shall be treated as a  separate payment. In no event may the Executive, directly or indirectly, designate the  calendar year of payment. Notwithstanding any other provision of this Agreement to the  contrary, any payment that constitutes the deferral of compensation (within the meaning  of Treas. Reg. § 1.409A-1(b)) that is otherwise required to be made to the Executive prior  to the day after the date that is six months from the Date of Separation from Service shall  be accumulated, deferred and paid in a lump sum to the Executive (with interest on the  amount deferred from the Date of Separation from Service until the day prior to the  actual payment at the federal short-term rate on the Date of Separation from Service) on  the day after the date that is six months from the Date of Separation from Service;  provided, however, if Executive dies prior to the expiration of such six month period,  payment to the Executive's Beneficiary shall be made as soon as practicable following  the Executive's death. Any reimbursements or in-kind benefits that constitute a deferral  of compensation (within the meaning of Treas. Reg. § 1.409A-1(b)) will be provided  subject to the requirements of Treas. Reg. §§ 1.409A-3(i)(1)(iv)(A)(3), (4) and (5).         Section 5.03. Parachute Payments.        (a)  Notwithstanding anything to the contrary in this Agreement or otherwise, in  the event that any payment or benefit received or to be received by the Executive in  connection with a Change in Control or the Executive's Separation from Service  (whether pursuant to the terms of this Agreement or any other plan, policy, arrangement  or agreement maintained or entered into by the Company (or any of its Affiliates or  successors) or any Person whose actions result in a Change in Control (or any Person  affiliated with such Person)) (all such payments and benefits, the "Parachute  Payments") would be subject (in whole or in part) to an excise tax under Section 4999 of  the Code (the "Excise Tax"), then the Parachute Payments shall either be (i) reduced (but  not below zero) so that the present value of the Parachute Payments is one dollar less than  three times the Executive's "base amount" (as defined in Section 280G(b)(3) of the  Code) so that no portion of the Parachute Payments shall be subject to the Excise Tax or  (ii) paid in full, whichever produces the better net after-tax position to the Executive  (taking into account the Excise Tax and any other applicable taxes).        (b)   The reduction of the Parachute Payments contemplated in Section 5.03(a)  above shall be implemented by determining the Parachute Payment Ratio (as defined  below), as determined in good faith by the Company (or its successor), for each  Parachute Payment and then reducing the Parachute Payments in order beginning with  the Parachute Payment with the highest Parachute Payment Ratio. For Parachute  Payments with the same Parachute Payment Ratio, such Parachute Payments shall be  reduced based on the time of payment of such Parachute Payments, with amounts having  later payment dates being reduced first. For Parachute Payments with the same Parachute  Payment Ratio and the same time of payment, such Parachute Payments shall be reduced  on a pro rata basis (but not below zero) prior to reducing Parachute Payments with a  lower Parachute Payment Ratio. For purposes hereof, the teini "Parachute Payment  Ratio" shall mean a fraction, (i) the numerator of which is the value of the applicable                                      9  #91130319v6 

 

Parachute Payment (as calculated for purposes of Section 280G of the Code), and (ii) the  denominator of which is the intrinsic (i.e., economic) value of such Parachute Payment.                                  ARTICLE 6                      THE COMPANY'S PAYMENT OBLIGATION         The Company's obligation to make the payments and the arrangements provided  for herein will be absolute and unconditional, and will not be affected by any  circumstances, including, without limitation, any offset, counterclaim, recoupment,  defense, or other right which the Company may have against the Executive or anyone  else. All amounts payable by the Company hereunder will be paid without notice or  demand. Each and every payment made hereunder by the Company will be final, and the  Company will not seek to recover all or any part of such payment from the Executive or  from whomsoever may be entitled thereto, for any reasons whatsoever.         The Executive will not be obligated to seek other employment in mitigation of the  amounts payable or arrangements made under any provision of this Agreement, and the  obtaining of any such other employment will in no event effect any reduction of the  Company's obligations to make the payments and arrangements required to be made  under this Agreement, except to the extent provided in Sections 3.03(e) and (f) herein.  Notwithstanding anything in this Agreement to the contrary, if Severance Benefits are  paid under this Agreement, no severance benefits under any program of the Company,  other than benefits described in this Agreement, will be paid to the Executive.                                  ARTICLE 7                             FEES AND EXPENSES         To the extent pettnitted by law, the Company will pay as incurred (within ten (10)  days following receipt of an invoice from the Executive) all legal fees, costs of litigation,  prejudgment interest, and other expenses incurred in good faith by the Executive as a  result of the Company's refusal to provide the Severance Benefits to which the Executive  becomes entitled under this Agreement, or as a result of the Company's contesting the  validity, enforceability, or interpretation of this Agreement, or as a result of any conflict  between the parties pertaining to this Agreement; provided, however, that the Company  will reimburse the Executive only for such expenses arising out of litigation commenced  within three (3) years following the Executive's Separation from Service.  Notwithstanding any other provision in this Article 7, the Company will reimburse the  Executive only for expenses incurred prior to the end of the fifth (5th) year following the  Executive's Separation from Service.                                  ARTICLE 8                          OUTPLACEMENT ASSISTANCE         Following a Qualifying Termination (as described in Section 3.02 herein), the  Executive will be reimbursed by the Company for the costs of all reasonable  outplacement services obtained by the Executive within the two (2) year period after the                                     10  #91130319v6 

 

Date of Separation from Service; provided, however, that reimbursements must be made  by the end of the third year following the Date of Separation from Service and the total  reimbursement for such outplacement services will be limited to an amount equal to  fifteen percent (15%) of the Executive's Base Salary as of the Date of Separation from  Service.                                  ARTICLE 9                         SUCCESSORS AND ASSIGNMENT         Section 9.01. Successors to the Company. The Company will require any  successor (whether direct or indirect, by purchase, merger, consolidation, or otherwise) of  all or substantially all of the business and/or assets of the Company or of any division or  subsidiary thereof to expressly assume and agree to perform the Company's obligations  under this Agreement in the same manner and to the same extent that the Company  would be required to perform them if no such succession had taken place.         Section 9.02. Assignment by the Executive. This Agreement will inure to the  benefit of and be enforceable by the Executive's personal or legal representatives,  executors, administrators, successors, heirs, distributees, devisees, and legatees. If the  Executive dies while any amount would still be payable to the Executive hereunder had  the Executive continued to live, all such amounts, unless otherwise provided herein, will  be paid in accordance with the terms of this Agreement to the Executive's Beneficiary. If  the Executive has not named a Beneficiary, then such amounts will be paid to the  Executive's devisee, legatee, or other designee, or if there is no such designee, to the  Executive's estate, and such designee, or the Executive's estate will be treated as the  Beneficiary hereunder.                                 ARTICLE 10                               MISCELLANEOUS         Section 10.01. Employment Status. Except as may be provided under any other  agreement between the Executive and the Company, the employment of the Executive by  the Company is "at will," and may be terminated by either the Executive or the Company  at any time, subject to applicable law.         Section 10.02. Beneficiaries. The Executive may designate one or more persons  or entities as the primary and/or contingent Beneficiaries of any Severance Benefits  owing to the Executive under this Agreement. Such designation must be in the form of a  signed writing acceptable to the Committee. The Executive may make or change such  designations at any time.         Section 10.03. Severability. In the event any provision of this Agreement will be  held illegal or invalid for any reason, the illegality or invalidity will not affect the  remaining parts of the Agreement, and the Agreement will be construed and enforced as  if the illegal or invalid provision had not been included. Further, the captions of this  Agreement are not part of the provisions hereof and will have no force and effect.                                     11  #91130319v6 

 

      Section 10.04. Modification. No provision of this Agreement may be modified,  waived, or discharged unless such modification, waiver, or discharge is agreed to in  writing and signed by the Executive and by an authorized member of the Committee, or  by the respective parties' legal representatives and successors.         Section 10.05. Applicable Law. To the extent not preempted by the laws of the  United States, the laws of the state of Delaware will be the controlling law in all matters  relating to this Agreement.         Section 10.06. Indemnification. To the full extent permitted by law, the Company  will, both during and after the period of the Executive's employment, indemnify the  Executive (including by advancing the Executive expenses) for any judgments, fines,  amounts paid in settlement and reasonable expenses, including any attorneys' fees,  incurred by the Executive in connection with the defense of any lawsuit or other claim to  which the Executive is made a party by reason of being (or having been) an officer,  director or employee of the Company or any of its subsidiaries. The Executive will be  covered by director and officer liability insurance to the maximum extent that that  insurance covers any officer or director (or former officer or director) of the Company.                             [Signature Page Follows]                                       12  #91130319v6 

 

      IN WITNESS WHEREOF, the parties have executed this Agreement on this 10  day of October 2018.    LIVENT CORPORATION                             IVE    By:         t        Name: Kathleen Weslock                Date: 11/1    I 9.   Title: Chief Human Resources Officer    Date:                  [Signature Page to Executive Severance Agreement]  #91130319v6

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