Document:

Employment Agreement - John Walker

 Exhibit 10.2 
 EXECUTION VERSION 
 EMPLOYMENT AGREEMENT 

THIS EMPLOYMENT AGREEMENT dated as of the 31st day of October 2008 (this “Agreement”), by and between Global
Brass and Copper, Inc., (the “Company”), a Delaware corporation, and John Walker (the “Executive”), an individual. 
 WHEREAS, on November 19, 2007, Olin Corporation, a corporation organized under the laws of the Commonwealth of Virginia, (“Olin”) sold the assets relating to Olin’s metal
business to the Company or one or more of its subsidiaries, pursuant to a purchase agreement dated as of October 15, 2007 (the “Purchase Agreement”); and 
 WHEREAS, in connection with the consummation of the transaction contemplated by the Purchase Agreement, the Company desires to enter into an employment agreement with the Executive; and 

WHEREAS, subject to the terms and conditions hereinafter set forth, the Company desires to employ the Executive to serve in the
capacity of Chief Executive Officer of the Company and the Executive desires to accept such employment with the Company on the basis set forth in this Agreement; 
 NOW, THEREFORE, in consideration of the foregoing premises and the mutual promises, terms, provisions and conditions set forth in this Agreement, the parties hereby agree as follows: 

1. Employment. Subject to the terms and conditions set forth in this Agreement, the Company hereby offers and the Executive hereby
accepts employment. 
 2. Term. Subject to earlier termination or extension as hereinafter provided, the Executive’s
employment hereunder shall be for a term of three (3) years, commencing on October 15, 2007 (the “Effective Date”), and shall be automatically extended for one additional year commencing on the first anniversary of the
Effective Date and, if initially extended, on each successive anniversary of the Effective Date, unless either party provides notice to the other at least sixty (60) days prior to the first anniversary and if initially extended, the next
succeeding anniversary that the Agreement is not to be extended. The term of this Agreement, as from time to time extended or renewed, is hereafter referred to as the “Employment Term”. 

3. Capacity and Performance. 
 (a) During the Employment Term, the Executive shall serve the Company as its Chief Executive Officer. The Executive will report directly to the Company’s Board of Directors (the
“Board”). 
 (b) During the Employment Term, the Executive shall be employed by the Company on a full-time
basis and shall perform such duties and responsibilities on behalf of the Company and its Affiliates (as defined in Section 12 below) as may be designated from time to time by the Board. 

 (c) During the Employment Term, the Executive shall devote his full business time and his
best efforts, business judgment, skill and knowledge exclusively to the advancement of the business and interests of the Company and its Affiliates and to the discharge of his duties and responsibilities hereunder. The Executive shall not engage in
any other business activity or serve in any industry, trade, professional, governmental or academic position during the term of this Agreement, except as may be expressly approved in advance by the Board in writing or as otherwise provided in
Section 8(b) below. 
 4. Compensation and Benefits. As compensation for all services performed by the Executive
under and during the Employment Term and subject to performance of the Executive’s duties and of the obligations of the Executive to the Company and its Affiliates, pursuant to this Agreement or otherwise, the Executive will be entitled to the
following: 
 (a) Base Salary. During the Employment Term, the Company shall pay the Executive a base salary at the rate
of $770,000 per annum, payable in accordance with the payroll practices of the Company for its executives. Such base salary, as the same may from time to time be increased at the discretion of the Company, is hereafter referred to as the “Base
Salary”. 
 (b) Incentive Bonus Compensation. During the Employment Term, the Executive shall be eligible to
participate in the Company’s annual incentive bonus plan which shall include a target bonus for Executive set at 100% of Base Salary (the “Target Bonus”), such percentage being applied on a pro rata basis if the
Executive’s Base Salary changes during a particular compensation period. The amount of such bonus, if any, shall be based on achievement of criteria established by the Board and consistent with the business plan of the Company for that year as
such business plan is adopted by the Board after consultation with the Executive and such criteria shall be communicated to the Executive in writing within ninety (90) days of the beginning of the fiscal year for which the bonus is measured
(each year’s award pursuant to this Section 4(b) shall hereinafter be referred to as the “Bonus”). For the avoidance of doubt, the Executive shall be eligible to receive a full bonus for calendar year 2008 upon achievement
of the applicable criteria and the criteria upon which such bonus shall be based have already been communicated to the Executive as of the date hereof. The Executive shall also be eligible to receive a pro rata bonus for the portion of calendar year
2009 prior to commencement of the Company’s next fiscal year, to the extent that the Company is not a calendar year taxpayer during 2009, except to the extent that any such pro rata bonus would result in a duplication of the bonus amount which
the Executive is eligible to receive, and the criteria upon which such bonus shall be based shall be communicated to the Executive in writing within thirty (30) days of the date hereof. 

(c) Equity Awards. The Executive shall receive a profits interests award with respect to up to 7% of the equity value of the
Company pursuant to and in accordance with the Halkos Holdings, LLC Executive Equity Incentive Plan (the “Plan”), adopted by the Management Committee of Halkos Holdings, LLC (“Parent”), the ultimate parent of the
Company, within thirty (30) days of the date first set forth above, which award shall be evidenced by a profits interest award agreement (the “Award Agreement”) with the terms and conditions and in the form attached
hereto as Exhibit A. 

  
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 (d) Vacations. During the Employment Term, the Executive shall be entitled to four
(4) weeks of vacation per year, subject to the terms and conditions set forth in the Company’s vacation policy applicable to exempt employees, as amended from time to time. 

(e) Other Benefits. During the Employment Term and subject to any contribution therefor generally required from executives of the
Company, the Executive shall be entitled to participate in any and all Board approved employee benefit plans from time to time in effect, including if applicable any (i) health, disability and welfare plans (excluding the Company’s medical
plan), (ii) life insurance plans, (iii) retirement plans and (iv) paid-time-off policies, in each case on the same basis as made available to the Company’s senior executives, except to the extent such plans are in a category of
benefits otherwise provided to the Executive (e.g., severance pay). Such participation shall be subject to the terms of the applicable plan documents and generally applicable Company policies. The Company may alter, modify, terminate, add to or
delete any of its employee benefit plans at any time as the Company, in its sole judgment, determines to be appropriate, without recourse by the Executive. 
 (f) Business Expenses. The Company shall pay or reimburse the Executive for all reasonable, customary and necessary business expenses incurred or paid by the Executive in the performance of his
duties and responsibilities hereunder, subject to any maximum annual limit and other restrictions on such expenses set by the Company and to such reasonable substantiation and documentation requirements as may be specified by the Company from time
to time. 
 5. Termination of Employment and Severance Benefits. Notwithstanding the provisions of Section 2 hereof,
the Executive’s employment hereunder shall terminate prior to the expiration of the Employment Term under the following circumstances: 
 (a) Death. In the event of the Executive’s death during the Employment Term, the Executive’s employment hereunder shall immediately and automatically terminate. In such event, the Company
shall pay to the Executive’s designated beneficiary or, if no beneficiary has been designated by the Executive, to his estate, (i) the Base Salary earned but not paid through the date of termination, (ii) pay for any vacation time
earned but not used through the date of termination, (iii) any earned but unpaid Bonus for any calendar or fiscal year preceding the year of termination and (iv) any business expenses incurred by the Executive but un-reimbursed on the date
of termination, provided that such expenses and required substantiation and documentation thereof are submitted within thirty (30) days of termination and that such expenses are reimbursable under Company policy (all of the foregoing,
“Final Compensation”). Except as provided in this Section 5(a), the Company shall have no further obligation to the Executive or Executive’s heirs hereunder in the event of the Executive’s death. 

(b) Disability. 
 (i) The Company may terminate the Executive’s employment hereunder, upon notice to the Executive, in the event that the Executive becomes incapacitated during the Employment Term through any illness,
injury, accident or condition of either a physical or psychological nature and, as a result, is unable to perform the essential functions of his position, for ninety (90) consecutive calendar days or an aggregate of one hundred twenty
(120) calendar days during any period of three hundred and sixty-five (365) consecutive calendar days (such 

  
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incapacity is hereinafter referred to as “Disability”). In the event of termination of the Executive by the Company for Disability, the Company shall have no further obligation
to the Executive, other than for payment of Final Compensation. 
 (ii) The Company may designate another employee to act in the
Executive’s place during any period of the Executive’s Disability. Notwithstanding any such designation, the Executive shall continue to receive the Base Salary in accordance with Section 4(a) and benefits in accordance with
Section 4(e) until the termination of his employment. For the avoidance of doubt, such payment of Base Salary shall be offset by payments for disability benefits pursuant to any Company paid short or long term disability benefit plan, if
applicable. 
 (iii) If any question shall arise as to whether Disability exists during the Employment Term, the Executive may,
and at the request of the Company shall, submit to a medical examination by a physician selected by the Company to determine whether the Executive is so Disabled and such determination shall for the purposes of this Agreement be conclusive of the
issue. If such question shall arise and the Executive shall fail to submit to such medical examination, the Company’s determination of the issue shall be binding on the Executive. 

(c) By the Company for Cause. The Company may terminate the Executive’s employment hereunder for Cause (as defined in this
Section 5(c) below) at any time upon notice to the Executive setting forth in reasonable detail the nature of such Cause. In the event of such termination, the Company shall have no further obligation to the Executive, other than for payment of
Base Salary earned but not paid through the date of termination. The following shall constitute “Cause” for termination: 
 (i) committing fraud or gross negligence that, in the case of gross negligence, has a material adverse effect on the business or financial condition of the Company; 

(ii) making a willful material misrepresentation to the Board; 
 (iii) refusing to comply with any material obligations under the Agreement or to comply with a reasonable and lawful instruction of the Board; 

(iv) engaging in any conduct or committing any act that is, in the reasonable opinion of the Board, materially injurious or detrimental
to the substantial interest of the Company; 
 (v) being convicted of, or entry of a pleading of guilty or no contest to any
(i) felony, (ii) lesser crime of which fraud or dishonesty is a material element or (iii) crime of moral turpitude; and 
 (vi) failing to comply with any material obligations under the Agreement or with any written rules, regulations, policies or procedures of the Company furnished to the Executive that, if not complied
with, could reasonably be expected to have a material adverse effect on the business of the Company; 

  
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 provided, however, that with respect to clauses (iv) and (vi) a termination by the Company for
Cause shall be effective only if, within thirty (30) days following the delivery of a notice of termination for Cause by the Company to the Executive, the Executive has failed to cure (if reasonably capable of cure within such thirty
(30) day period) any unintentional occurrence which gave rise to Cause. 
 (d) By the Company Without Cause. The
Company may terminate the Executive’s employment hereunder without Cause at any time upon notice to the Executive. In the event of such termination, in addition to Final Compensation and provided that no benefits are payable to the Executive
under a separate severance agreement or an executive severance plan as a result of such termination, then until the conclusion of a period equal to twenty four (24) months following the date of termination (the “Salary Continuation
Period”), the Company shall continue to pay the Executive the Base Salary at the rate in effect on the date of termination. Any Base Salary to which the Executive is entitled pursuant to this Section 5(d) shall be payable in accordance
with the normal payroll practices of the Company and will begin at the Company’s next regular payroll period, but shall be retroactive to next business day following the date of termination. 

(e) By the Executive For Good Reason. Except under the circumstances specified in Sections 2, 5(a), 5(b), 5(c) and 5(d)
above, the Executive may terminate his employment for “Good Reason”. For purposes of this Agreement, “Good Reason” means without the Executive’s consent: (i) the Company’s failure to continue Executive in
the position of CEO, (ii) the requirement that Executive report to an individual or body other than the Board, (iii) a material diminution in the Executive’s position with the Company or the duties and responsibilities associated with
such position (iv) reduction of Executive’s Base Salary or annual Target Bonus opportunity, (v) the Company’s requiring the Executive to relocate to an office more than fifty (50) miles from both the city of Chicago,
Illinois and the Executive’s primary place of residence on the date of termination, or (vi) delivery by the Company of a notice not to renew the Employment Term of this Agreement under Section 2. Notwithstanding the above, the events
described in clauses (i) through (vi) above shall not constitute Good Reason unless the Executive notifies the Company in writing within 30 days of the initial event giving rise to Good Reason and the Company has failed to cure the
circumstances giving rise to Good Reason within 30 days following such notice by the Executive (the “Cure Period”). If the Company fails to so cure prior to the expiration of the Cure Period, then the Executive may terminate his
employment for Good Reason. For the avoidance of doubt, if the Executive is offered the same position with a successor corporation the Executive shall not be entitled to terminate his employment for Good Reason and shall not be entitled to any pay
or benefits pursuant to this Section 5(e). For the further avoidance of doubt, the Executive hereby acknowledges that as of the date hereof no circumstances exist which entitle the Executive to terminate his employment for Good Reason. In the
event of termination in accordance with this Section 5(e), and provided that no benefits are payable to the Executive under a separate severance agreement or an executive severance plan as a result of such termination, then the Executive will
be entitled to the same pay and benefits he would have been entitled to receive had the Executive been terminated by the Company without Cause in accordance with Section 5(d) above; provided that the Executive satisfies all conditions to such
entitlement. The parties agree that payment of the amounts specified in Section 5(e) above shall constitute liquidated damages for any default or breach by the Company pursuant to 

  
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this section and shall satisfy any liability of the Company to Executive in respect of such default or breach. 
 (f) By the Executive without Good Reason. The Executive may terminate his employment hereunder at any time upon sixty (60) days’ notice to the Company, unless such termination would
violate any obligation of the Executive to the Company under a separate severance agreement. In the event of termination of the Executive pursuant to this Section 5(f), the Company may elect to waive the period of notice, or any portion
thereof, and, if the Company so elects, the Company will pay the Executive his Base Salary for the notice period (or for any remaining portion of the period). In such event, the Company shall have no further obligation to the Executive, other than
for any Final Compensation due to him. 
 (g) Post-Agreement Employment; Non-Renewal of Employment. For the avoidance of
doubt, if the Company timely delivers a notice of non-renewal to the Executive, then the termination of the Executive’s employment at the end of the term of this Agreement shall be treated the same as a termination by the Executive with Good
Reason under Section 5(e). If the Executive delivers a notice of non-renewal to the Company, then the termination of the Executive’s employment at the end of the term of this Agreement shall be treated the same as a termination by the
Executive without Good Reason under Section 5(e). In the event the Executive remains in the employ of the Company or any of its Affiliates following termination of this Agreement, by the expiration of the Employment Term or otherwise, then such
employment shall be at will. 
 6. Effect of Termination. Except as expressly stated to the contrary, the provisions of
this Section 6 shall apply to termination either due to the expiration of the Employment Term, pursuant to Section 5 or otherwise. 
 (a) Payment by the Company of any Base Salary that may be due to the Executive under the applicable termination provision of Section 5 shall constitute the entire obligation of the Company to the
Executive. The Executive shall promptly give the Company notice of all facts necessary for the Company to determine the amount and duration of its obligations in connection with any termination pursuant to Section 5(e) hereof. 

(b) Benefits shall terminate pursuant to the terms of the applicable benefit plans based on the date of termination of the
Executive’s employment without regard to any continuation of Base Salary or other payment to the Executive following such date of termination. 
 (c) Provisions of this Agreement shall survive any termination if so provided herein or if necessary or desirable to accomplish the purposes of other surviving provisions, including without limitation the
obligations of the Executive under Sections 7 and 8 hereof. The obligation of the Company to make payments to or on behalf of the Executive under Section 5(d) or 5(e) hereof is expressly conditioned upon the Executive’s continued full
performance of obligations under Sections 7 and 8 hereof. The Executive recognizes that, except as expressly provided in Section 5(d) and 5(e), no compensation is earned after termination of Executive’s employment. 

(d) Notwithstanding any other provision of this Agreement to the contrary, the Executive acknowledges and agrees that any and all
payments, other than payment of any Final 

  
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Compensation to which the Executive is entitled under this Agreement are conditioned upon and subject to the Executive’s execution of a general waiver and release of claims in such form as
prepared by the Company. 
 7. Confidential Information. 

(a) The Executive acknowledges that the Company and its Affiliates continually develop Confidential Information (as defined in
Section 12 below), that the Executive may develop Confidential Information for the Company or its Affiliates and that the Executive may learn of Confidential Information during the course of his employment. The Executive will comply with the
policies and procedures of the Company and its Affiliates for protecting Confidential Information and shall not disclose to any Person (as defined in Section 12 below) or use, other than as required by applicable law or for the proper
performance of his duties and responsibilities to the Company and its Affiliates, any Confidential Information obtained by the Executive incident to his employment or other association with the Company or any of its Affiliates. The Executive
understands that this restriction shall continue to apply after his employment terminates, regardless of the reason for such termination. 
 (b) All documents, records, tapes and other media of every kind and description relating to the business, present or otherwise, of the Company or its Affiliates and any copies, in whole or in part,
thereof (the “Documents”), whether or not prepared by the Executive, shall be the sole and exclusive property of the Company and its Affiliates. The Executive shall safeguard all Documents and shall surrender to the Company at the
time his employment terminates, or at such earlier time or times as the Company may specify, all Documents then in the Executive’s possession or control. 
 8. Restricted Activities. The Executive agrees that some restrictions on his activities during and after his employment are necessary to protect the goodwill, Confidential Information and other
legitimate interests of the Company and its Affiliates: 
 (a) While the Executive is employed by the Company and for twenty
four (24) months after his employment terminates (in the aggregate, the “Non-Competition Period”), the Executive shall not, directly or indirectly, whether as owner, partner, investor, consultant, agent, employee, co-venturer
or otherwise, compete with the Company or any of its Affiliates in any location where the Company or its Affiliates conducts business or undertake any planning for any business competitive with the Company or any of its Affiliates. Specifically, but
without limiting the foregoing, the Executive agrees not to engage in any manner in any activity that is directly or indirectly competitive or potentially competitive with the business of the Company or any of its Affiliates as conducted or under
consideration at any time during the Executive’s employment. Restricted activity includes without limitation, accepting employment or a consulting position with any direct competitor of the business of the Company or any of its Affiliates. For
the purposes of this Section 8, the business of the Company and its Affiliates shall include all Products (as defined in Section 12 below) and the Executive’s undertaking shall encompass all items, products and services that may be
used in substitution for Products. 
 (b) The Executive agrees that, during his employment with the Company, he will not
undertake any outside activity, whether or not competitive with the business of the Company or 

  
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its Affiliates, that could reasonably give rise to a conflict of interest or otherwise interfere with his duties and obligations to the Company or any of its Affiliates, except as may be approved
from time to time by the Board. The parties agree that the Executive may continue to engage in the board memberships and consulting activities which are set forth on Exhibit B attached hereto, so long as such engagements do not, and could not
reasonably, give rise to a conflict of interests or otherwise interfere with the Executive’s duties and obligations to the Company or any affiliates. 
 (c) The Executive further agrees that while he is employed by the Company and during the Non-Competition Period, the Executive will not, directly or indirectly, (i) hire or attempt to hire any
employee or consultant of the Company or any of its Affiliates or any Person who was an employee or consultant of the Company or any of its Affiliates at any time during the six (6) months preceding the date of such activity, (ii) assist
in such hiring by any Person, (iii) encourage any such employee or consultant to terminate his relationship with the Company or any of its Affiliates, or (iv) solicit or encourage any customer or vendor of the Company or any of its
Affiliates to terminate or diminish its relationship with them or, in the case of a customer, to conduct with any Person any business or activity which such customer conducts or could conduct with the Company or any of its Affiliates. 

9. Notification Requirement. Through and up to the conclusion of the Non-Competition Period, the Executive shall give notice to
the Company of each new business activity he plans to undertake, at least seven (7) days prior to beginning any such activity. Such notice shall state the name and address of the Person for whom such activity is undertaken and the nature of the
Executive’s business relationship(s) and position(s) with such Person. The Executive shall provide the Company with such other pertinent information concerning such business activity as the Company may reasonably request in order to determine
the Executive’s continued compliance with his obligations under Sections 7 and 8 hereof. 
 10. Enforcement of
Covenants. The Executive acknowledges that he has carefully read and considered all the terms and conditions of this Agreement, including the restraints imposed upon him pursuant to Sections 7 and 8 hereof. The Executive agrees that said
restraints are necessary for the reasonable and proper protection of the Company and its Affiliates and that each and every one of the restraints is reasonable in respect of subject matter, length of time and geographic area. The Executive further
acknowledges that, were he to breach any of the covenants contained in Sections 7 or 8 hereof, the damage to the Company would be irreparable. The Executive therefore agrees that the Company, in addition to any other remedies available to it, shall
be entitled to preliminary and permanent injunctive relief against any breach or threatened breach by the Executive of any of said covenants, without having to post bond. The parties further agree that, in the event that any provision of
Section 7 or 8 hereof shall be determined by any court of competent jurisdiction to be unenforceable by reason of its being extended over too great a time, too large a geographic area or too great a range of activities, such provision shall be
deemed to be modified to permit its enforcement to the maximum extent permitted by law. 
 11. Conflicting Agreements.
The Executive hereby represents and warrants that the execution of this Agreement and the performance of his obligations hereunder will not breach or be in conflict with any other agreement to which the Executive is a party or is bound and that the

  
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Executive is not now subject to any covenants against competition or similar covenants or any court order or other legal obligation that would affect the performance of his obligations hereunder.
The Executive will not disclose or use on behalf of the Company any proprietary information of a third party without such party’s consent. 
 12. Definitions. Words or phrases which are initially capitalized or are within quotation marks shall have the meanings provided in this Section and as provided elsewhere herein. For purposes of
this Agreement, the following definitions apply: 
 (a) “Affiliate” shall mean, with respect to any Person, any
other Person that, at the time of reference, directly or indirectly through one or more intermediaries, controls, or is controlled by, or is under common control with, such Person. For the purposes of this definition, the term “controls,”
“is controlled by” or “under common control with” means possession, directly or indirectly, of the power to direct or cause the direction of the management or policies of a Person whether through the ownership of voting
securities, by contract or otherwise. 
 (b) “Confidential Information” means any and all information of the
Company and its Affiliates that is not generally known by others with whom they compete or do business, or with whom any of them plans to compete or do business and any and all information, publicly known in whole or in part or not, which, if
disclosed by the Company or its Affiliates would assist in competition against them. Confidential Information includes without limitation such information relating to (i) the development, research, testing, manufacturing, marketing and
financial activities of the Company and its Affiliates, (ii) the Products, (iii) the costs, sources of supply, financial performance and strategic plans of the Company and its Affiliates, (iv) the identity and special needs of the
customers of the Company and its Affiliates and (v) the people and organizations with whom the Company and its Affiliates have business relationships and those relationships. Confidential Information also includes any information that the
Company or any of its Affiliates have received, or may receive hereafter, belonging to customers or others with any understanding, express or implied, that the information would not be disclosed. 

(c) “Person” means an individual, a corporation, a limited liability company, an association, a partnership, a joint
venture, an unincorporated organization, a governmental authority, an estate, a trust and any other entity or organization, other than the Company or any of its Affiliates. 
 (d) “Products” mean all products planned, researched, developed, tested, manufactured, sold, licensed, leased or otherwise distributed or put into use by the Company or any of its
Affiliates, together with all services provided or planned by the Company or any of its Affiliates, during the Executive’s employment. 
 13. Withholding. All payments made by the Company under this Agreement shall be reduced by any tax or other amounts required to be withheld by the Company under applicable law. 

14. Assignment. Neither the Company nor the Executive may make any assignment of this Agreement or any interest herein, by
operation of law or otherwise, without the prior written consent of the other; provided, however, that the Company may assign its rights and 

  
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obligations under this Agreement without the consent of the Executive in the event that the Company shall hereafter affect a reorganization, consolidate with, or merge into, any Person or
transfer all or substantially all of its properties or assets to any Person. This Agreement shall inure to the benefit of and be binding upon the Company and the Executive, their respective successors, executors, administrators, heirs and permitted
assigns. 
 15. Severability. If any portion or provision of this Agreement shall to any extent be declared illegal or
unenforceable by a court of competent jurisdiction, then the remainder of this Agreement, or the application of such portion or provision in circumstances other than those as to which it is so declared illegal or unenforceable, shall not be affected
thereby, and each portion and provision of this Agreement shall be valid and enforceable to the fullest extent permitted by law. 
 16. Waiver. No waiver of any provision hereof shall be effective unless made in writing and signed by the waiving party. The failure of either party to require the performance of any term or
obligation of this Agreement, or the waiver by either party of any breach of this Agreement, shall not prevent any subsequent enforcement of such term or obligation or be deemed a waiver of any subsequent breach. 

17. Notices. Any and all notices, requests, demands and other communications provided for by this Agreement shall be in writing
and shall be effective when delivered in person or deposited in the United States mail, postage prepaid, registered or certified, and addressed to the Executive at his last known address on the books of the Company or, in the case of the Company, at
its principal place of business, or to such other address as either party may specify by notice to the other actually received. 

18. Entire Agreement. This Agreement and the Award Agreement constitutes the entire agreement between the parties and supersedes
all prior communications, agreements and understandings, written or oral, with respect to the terms and conditions of the Executive’s employment. 
 19. Amendment. This Agreement may be amended or modified only by a written instrument signed by the Executive and by an expressly authorized representative of the Company. 

20. Headings. The headings and captions in this Agreement are for convenience only and in no way define or describe the scope or
content of any provision of this Agreement. 
 21. Counterparts. This Agreement may be executed in two or more
counterparts, each of which shall be an original and all of which together shall constitute one and the same instrument. 
 22.
Governing Law. This contract shall be construed and enforced under and be governed in all respects by the laws of the State of Delaware, without regard to the conflict of laws principles thereof. 

23. Section 409A. 

  
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 (a) The parties intend that any amounts payable hereunder that could constitute
“deferred compensation” within the meaning of Section 409A of the Internal Revenue Code of 1986, as amended (“Section 409A”) will be compliant with Section 409A. However, in light of the uncertainty as of the
date hereof with respect to the proper application of Section 409A, the Company and Executive agree to negotiate in good faith to make amendments to this Agreement as the parties mutually agree, reasonably and in good faith, are necessary or
desirable to avoid the possible imposition of taxes or penalties under Section 409A, while preserving any affected benefit or payment to the extent reasonably practicable without materially increasing the cost to the Company. Notwithstanding
the foregoing, neither the Company nor any Affiliate shall have any obligation to indemnify or otherwise hold Executive (or any beneficiary) harmless from any or all of such taxes or penalties. 

(b) Notwithstanding anything in this Agreement to the contrary, in the event that the Executive is deemed to be a “specified
employee” within the meaning of Section 409A(a)(2)(B)(i) and the Executive is not “disabled” within the meaning of Section 409A(a)(2)(C), no payments hereunder that are “deferred compensation” subject to
Section 409A shall be made to the Executive prior to the date that is six (6) months after the date of the Executive’s “separation from service” (as defined in Section 409A and any Treasury Regulations promulgated
thereunder) or, if earlier, the Executive’s date of death. Following any applicable six (6) month delay, all such delayed payments will be paid in a single lump sum on the earliest permissible payment date. 

(c) If and to the extent that more than one payment hereunder shall constitute “deferred compensation” subject to
Section 409A, each such payment shall be designated as a separate payment within the meaning of Section 409A. 

[Remainder of page intentionally left blank] 

  
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 IN WITNESS WHEREOF, this Agreement has been executed by the Company’s duly
authorized representative and by the Executive as of the date first above written. 
  

							
	John Walker	 		 	Global Brass and Copper, Inc.
				
	 /s/ John Walker
	 		 	By	 	 /s/ Michael Psaros

		 		 	Name:	 	 Michael Psaros

		 		 	Title:	 	  

 Signature Page to Employment Agreement—Walker 

  
 -12-Severance Agreement - John J. Wasz

 Exhibit 10.3 
 SEVERANCE AGREEMENT 
 This SEVERANCE AGREEMENT (the “Agreement”) is made
this 31st day of August, 2011 by and between Global Brass & Copper, Inc. (the “Company”) and and John J. Wasz (“Executive”). 
 RECITALS: 
 WHEREAS, Executive accepted employment to serve as President of GBC
Metals, LLC, a Delaware corporation doing business as Olin Brass (“Olin Brass”) reporting to the Chief Executive Officer of the Company (the “CEO”); 
 WHEREAS, the Company desires to assure the Executive that he will be paid a severance benefit in the event his employment with the Company terminates under certain circumstances and the parties intend
this Severance Agreement to evidence the severance arrangement between the Company and Executive which shall supersede in its entirety any oral or written promise of severance made to the Executive. 

NOW, THEREFORE, in consideration of the mutual covenants set forth herein and intending to be legally bound, the parties hereby agree as
follows. 
 ARTICLE I 
 Employment and Termination 
  

	1.01	At Will Employment. Executive shall be and continue as an at will employee of the Company. The Executive shall be entitled to receive such compensation and
benefits as the Board and management of the Company shall determine appropriate from time to time, subject to the rights that may be created in the Executive under the definition of Good Reason below. This Agreement is not a contract of employment
and shall not be interpreted to change the Executive’s status as an employee at will of the Company. The purpose of this Agreement is to provide for payment of severance amounts in the event the Executive’s employment with the Company
terminates under the specific terms and conditions set forth herein. 

  

	1.02	 Severance. In the event of the occurrence of any Triggering Event (as hereinafter defined), and subject to Executive’s execution, delivery
and nonrevocation of the general waiver and release of claims substantially in the form attached as Exhibit A hereto within fifty-five (55) days following a Triggering Event (the “Release Condition”), (A) the Company shall
provide to Executive a lump sum severance payment (the “Severance Payment”) in immediately available funds in an amount equal to the sum of (i) one year of base pay at the highest rate of base salary payable to the Executive during
the one year period immediately prior to the Triggering Event and (ii) the higher of (x) the Target Amount for the Executive 

	 	
for the Performance Period (as such terms are defined under the Global Brass & Copper, Inc. Incentive Compensation Plan (the “Bonus Plan”) in which the last day of employment
occurs, (y) the annual bonus of the Executive averaged for the three years immediately prior to the year in which the last day of employment occurs and (z) the amount set forth on Exhibit B and (B) the Company will cause to be
provided to the Executive coverage under or equal in value to the Company’ health plan, dental plan and life insurance plan and coverage to each dependent of the Executive covered under the health plan and dental plan immediately prior to the
Triggering Event on the same terms and conditions as the Company provides such coverages to active employees and dependants and at a cost to the Executive per period of coverage equal to the periodic contribution amount charged to active employees
for a period of one year or, if earlier, until the Executive secures comparable coverages under comparable terms and conditions under a successor employer’s health, dental and life plans. If the Executive has not secured comparable coverage
under a successor employer’s health plan at the end of one year, the Executive’s rights under COBRA shall begin upon the loss of coverage after the one year continuation described in the preceding sentence. Payments and benefits of amounts
which do not constitute nonqualified deferred compensation and are not subject to Section 409A (as defined below) shall commence five (5) days after the Release Condition is satisfied and payments and benefits which are subject to
Section 409A shall commence on the 60th day after termination of employment (subject to further delay, if required pursuant to Section 3.11(b) below) provided that the Release Condition is satisfied. This severance payment and benefits
shall be in lieu of any other severance payments or benefits available under the previously executed letter agreement or any severance policy or procedure of the Company. The severance amount shall be in lieu of and satisfaction of any amount
otherwise payable under the Bonus Plan. 

  

	1.03	Accrued Payments. In addition to the Severance Payment, Executive shall be entitled to receive as soon as practicable, and in all events within 30 days following
the date of the Triggering Event, (i) payment of any accrued but unpaid base salary and any accrued and unreimbursed business expenses in accordance with Company policy in each case accrued or incurred through the date of the Triggering Event,
(ii) any payments, benefits or entitlements that are vested, fully and unconditionally earned pursuant to any Company plan, policy, program or arrangement or other agreement, other than those providing for severance, separation pay or salary
continuation payments or benefits (collectively, the “Accrued Payments”). 

  

	1.04	Triggering Event. A Triggering Event shall be deemed to occur if the Company terminates the Executive’s employment with the Company without Cause or the
Executive resigns for Good Reason. 

  

	1.05	 Termination by the Company for Cause. For purposes of this Agreement, “Cause” shall mean (i) failure or refusal to perform the
Executive’s duties as President of Olin Brass after written notice from the CEO; (ii) willful misconduct 

	 	
or gross negligence in the performance of Executive’s duties to Company that has an adverse effect on the Company after receipt of at least one warning from the Company;
(iii) intentional breach of a written covenant with or written policy of the Company or Olin Brass relating to the use and preservation of intellectual property and/or confidentiality; (iv) being impaired by or under the influence of
alcohol, illegal drugs or controlled substances while working or while on the property of the Company or Olin Brass or any of their affiliated entities; (v) conviction of or plea of nolo contendre to a felony; or (vi) dishonest, disloyal
or illegal conduct or gross misconduct which materially and adversely affects Executive’s performance or the reputation or business of the Company or Olin Brass (it being agreed that a petty offense or a violation of the motor vehicle code
shall not constitute Cause) provided, however, that prior to the determination that “Cause” under clause (i), (ii), (iii), (iv) or (vi) of this Section 1.05 has occurred, the Board shall (x) provide to the
Executive in writing, in reasonable detail, the reasons for the determination that such “Cause” exists, (y) afford the Executive a thirty (30) day opportunity to remedy any such breach, if such breach is capable of being remedied
during such 30 day period, and (z) provide Executive an opportunity to be heard prior to the final decision to terminate the Executive’s employment hereunder for such “Cause”. Notwithstanding the preceding sentence, the Board may
terminate Executive without any advance notification if the “Cause” event is incapable of reasonably prompt cure or if the Board determines that its fiduciary duty requires such termination. The Board shall make any decision that
“Cause” exists in good faith. For purposes of this Agreement, no act or failure to act on the Executive’s part shall be considered “willful” unless it is done, or omitted to be done, by the Executive in bad faith or without
reasonable belief that her/his action or omission was in the best interests of the Company or any successor or affiliate. Any act, or failure to act, based upon authority given pursuant to a resolution duly adopted by the Board or based upon the
advice of counsel for the Company, or any successor or affiliate, shall be conclusively presumed to be done, or omitted to be done, in good faith and in the best interests of the Company, or any successor or affiliate thereof.

  

	1.06	 Resignation by the Executive for Good Reason. For purposes of this Agreement, “Good Reason” shall mean any of the following without
the Executive’s prior written consent: (i) assignment of duties materially and adversely inconsistent with the Executive’s position as President of Olin Brass and which results in a material diminution in such position, authority,
duties or responsibilities as herein contemplated; (ii) requirement that Executive relocate which increases his one way commute by more than 50 miles from his current location in Louisville, Kentucky or (iii) any material diminution in
base salary, bonus opportunity or benefits; provided, however, that in each case the Company or Olin Brass, as applicable, has failed to cure the applicable circumstance within 30 days following written notice from Executive; and provided, further,
that Executive must provide written notice of events claimed to constitute Good Reason within 60 days of the initial occurrence of such events. Executive shall not be entitled to terminate his employment for Good Reason with respect to specified
events 

	 	
unless Executive tenders resignation for Good Reason within 30 days of the Company’s failure to cure. 

 

	1.07	Resignation from Other Positions on Termination. Executive acknowledges and agrees that effective as of the date of the Triggering Event, Executive shall be
deemed to have resigned from any and all titles, positions and appointments Executive holds in the Company, Olin Brass or any of their subsidiaries or affiliates, whether as an officer, director, or employee, consultant, independent contract or
otherwise. Executive agrees to execute such documents as the Company or Olin Brass, in its sole discretion, shall reasonably deem necessary to effect such resignations. 

ARTICLE II 

Executive’s Covenants and Agreements 
 In addition to any obligations the Executive may have with respect to the following subject matter under and covenant to or policy of the Company in effect on the date of the Employee’s termination
of employment, the Executive agrees to the promises set forth in Sections 2.01, 2.02 and 2.03 as follows. 
  

	2.01	Confidentiality. During the term of this Agreement and during the five year period subsequent to the expiration or termination of this Agreement, Executive shall
maintain in the strictest confidence any and all information regarding the Company, and its affiliated organizations, regarding their methods of operations; contracts and agreements; financial information and financial statements; vendor, customer
and marketing information and lists; policies and procedures; personnel, employment practices and conditions; marketing and strategic plans and initiatives; customer and supplier relationships; prices and contracts; price structure; cost structure;
and any and all other information obtained directly or indirectly by Executive deemed by the Company or its affiliated organizations to be confidential (all of the foregoing shall be identified hereinafter as “Confidential Information”).
Executive shall not disclose any portion of Confidential Information without the prior written consent of the Company. Executive shall limit his use of Confidential Information to the performance of his duties, responsibilities, and obligations
pursuant to this Agreement and for no other purpose. Upon the termination of Executive’s employment with the Company, Executive shall promptly deliver to the Company all Confidential Information and correspondence, drawings, blueprints,
manuals, letters, notes, notebooks, reports, flow-charts, programs, proposals and any other written documents obtaining Confidential Information. 

  

	2.02	 Loyalty. Executive shall act with diligence and fidelity to the best of Executive’s ability in furtherance of the best interests of the
Company, including Olin Brass and its affiliated organizations. During the term of Executive’s employment with the Company, or its affiliated organizations, including all extensions and renewals, and for a period of twelve (12) months
thereafter, Executive shall not 

	 	
directly or indirectly recruit, persuade, or encourage employees, vendors, customers, or any other parties maintaining relationships with the Company or its affiliated organizations to terminate
or modify their relationship in any way that would be detrimental to the Company or its affiliated organizations. 

  

	2.03	Noncompetition. During the term of Executive’s employment with the Company, or its affiliated organizations, including all extensions and renewals, and for
a period of twelve (12) months thereafter, Executive shall not provide services, directly or indirectly, as an Executive, principal, partner, contractor, consultant, director, officer, shareholder, or otherwise to any business entity that
competes with the Company or Olin Brass in any of the principal markets in which the Company or Olin Brass markets its or their products. 

  

	2.04	Consideration and Acknowledgements. Executive agrees that this Article II has been negotiated on an arms-length basis between the parties and represents material
consideration relative to this Agreement. Executive acknowledges that Executive has entered into this Agreement knowingly and voluntarily after being given the opportunity to consult with independent counsel and has given careful consideration to
the restraints imposed upon Executive by this Agreement, and is necessary for the protection of the Confidential Information, business strategies, employee and customer relationships and goodwill of the Company, Olin Brass and their respective
subsidiaries and affiliates now existing or to be developed in the future. Executive expressly acknowledges and agrees that each restraint imposed by this Agreement is reasonable with respect to subject matter, time period and geographical area and
Executive’s experience and capabilities are such that Executive has other opportunities to earn a livelihood and adequate means of support for Executive and Executive’s dependents while complying with the restrictive covenants contained in
Sections 2.01, 2.02 and 2.03. 

  

	2.05	Nondisparagement. Executive shall not, whether in writing or orally, malign, denigrate or disparage the Company, Olin Brass or their respective subsidiaries,
affiliates, predecessors or successors, or any of the current or former directors, officers, employees, shareholders, partners, members, agents or representatives of any of the foregoing, with respect to any of their respective past or present
activities, or otherwise publish (whether in writing or orally) statements that tend to portray any of the aforementioned parties in an unfavorable light. Nothing in this Section 2.05 shall or shall be deemed to prevent or impair Executive from
pleading or testifying, to the extent that he reasonably believes his pleadings or testimony to be true, in any legal or administrative proceeding if such testimony is compelled or requested, or from otherwise complying with legal requirements.

 ARTICLE III 
 Miscellaneous 
  

	3.01	 Severability. If any term or provision of this Agreement or the application hereof to any person or circumstance shall to any extent be held
invalid or unenforceable, 

	 	
the remainder of this Agreement or the application of such term or provision to persons or circumstances other than those as to which it is held invalid or unenforceable shall not be affected
thereby, and each term and provision of this Agreement shall, notwithstanding said invalidity, remain valid and enforceable to the fullest extent permitted by law. 

 

	3.02	Entire Agreement/Amendment. This Agreement represents the entire agreement of the parties and supersedes all prior agreements and understandings, whether verbal
or written, concerning severance compensation to be paid on or after the Executive’s termination of employment. This Agreement may be amended only by a written agreement signed by both parties. For the avoidance of doubt, this Agreement does
not supersede the Halkos Holdings, LLC, Executive Equity Plan (the “Equity Plan”) or agreements executed in connection with the Equity Plan and the Executive shall have any rights he may have under the Equity Plan and agreements executed
in connection with the Equity Plan. 

  

	3.03	Employer’s Remedies upon Breach. Executive acknowledges that the Company’s remedy at law for a breach by Executive of the provisions of the Agreement,
including, but not limited to Article II hereof, will be inadequate. Accordingly, in the event of the breach or threatened breach by Executive of the provisions of this Agreement, including, but not limited to Article II hereof, the Company shall be
entitled to injunctive relief in addition to any other remedy it may have. 

  

	3.04	Release and Waiver. Notwithstanding any other provision of this Agreement to the contrary, Executive acknowledges and agrees that any and all payments and
benefits, other than the Accrued Payments, are conditioned upon and subject to the Executive’s satisfaction of the Release Condition. 

  

	3.05	Governing Law. This Agreement shall be governed by and construed in accordance with the laws of the State of Illinois. The parties hereto submit to the in
personam jurisdiction of the federal and state courts in the District or county, respectively, in which Schaumburg, Illinois is situate and agree that such courts shall be the sole and exclusive forum for the resolution of any disputes between them.

  

	3.06	Assignability. This Agreement is personal to the parties and may not be assigned by either of the parties without the prior written consent of the other party
hereto. 

  

	3.07	Agreement Binding; Joint and Several Payment Obligations. This Agreement shall be binding upon and inure to the benefit of Executive’s heirs, executors,
legal representatives, and permitted assigns and the successors and assigns of Olin Brass and the Company, respectively. The obligations to make payments under the circumstances described in Article I shall be the joint and several obligations of
the Company and Olin Brass and its and their affiliated organizations. 

	3.08	Headings. The headings of this Agreement are for convenience of reference only and shall not affect the construction or interpretation of any of the provision
hereof. 

  

	3.09	Waiver. No failure by either party to exercise any of such party’s rights or remedies hereunder and no custom or practice at variance with the terms hereof
shall constitute a waiver or right to demand strict compliance with the terms of this Agreement at any time. 

  

	3.10	Notices. Any notice provided for or concerning this Agreement shall be in writing and shall be deemed to have been duly given when delivered in person or by
United States Certified Mail – Return Receipt Requested and postage prepaid, addressed as follows: 

 To the
Company: 
 Global Brass & Copper, Inc. 
 1901 N .Roselle Road 
 Schaumburg, IL 60195 

Attention: Chief Executive Officer 
 Executive: 
 John J. Wasz 

15201 Beckley Crossing 
 Louisville, KY 40245 
 Either party may change its address for receipt of notices
pursuant to this Agreement by providing written notice of such change to the other party pursuant to the provisions hereof. 
  

	3.11	Section 409A. 

  

	 	(a)	 For purposes of this Agreement, “Section 409A” means Section 409A of the Internal Revenue Code of 1986, as amended, and the
Treasury Regulations promulgated thereunder (and such other Treasury or Internal Revenue Service guidance) as in effect from time to time. The parties intend that any amounts payable hereunder that could constitute “deferred compensation”
within the meaning of Section 409A will be compliant with Section 409A. Notwithstanding the foregoing, Executive shall be solely responsible and liable for the satisfaction of all taxes and penalties that may be imposed on or

	 	
for the account of Executive in connection with this Agreement (including any taxes and penalties under Section 409A), and neither the Company nor any of its Subsidiaries or Affiliates shall
have any obligation to indemnify or otherwise hold Executive (or any beneficiary) harmless from any or all of such taxes or penalties. 

  

	 	(b)	Notwithstanding anything in this Agreement to the contrary, in the event that Executive is deemed to be a “specified employee” within the meaning of
Section 409A(a)(2)(B)(i) and Executive is not “disabled” within the meaning of Section 409A(a)(2)(C), no payments hereunder that are “deferred compensation” subject to Section 409A shall be made to Executive prior
to the date that is six (6) months after the date of Executive’s “separation from service” (as defined in Section 409A) or, if earlier, Executive’s date of death. Following any applicable six (6) month delay, all
such delayed payments will be paid in a single lump sum on the earliest date permitted under Section 409A that is also a business day. For purposes of Section 409A, each of the payments that may be made under Section 1.02 are
designated as separate payments for purposes of Section 409A. 

  

	 	(c)	For purposes of this Agreement, with respect to payments of any amounts that are considered to be “deferred compensation” subject to Section 409A,
references to “termination of employment” (and substantially similar phrases) shall be interpreted and applied in a manner that is consistent with the requirements of Section 409A. 

 

	 	(d)	To the extent that any reimbursements pursuant to this Agreement are taxable to Executive, any such reimbursement payment due to Executive shall be paid to Executive as
promptly as practicable consistent with Company practice following Executive’s appropriate itemization and substantiation of expenses incurred, and in all events on or before the last day of Executive’s taxable year following the taxable
year in which the related expense was incurred. The reimbursements pursuant to this Agreement are not subject to liquidation or exchange for another benefit and the amount of such benefits and reimbursements that Executive receives in one taxable
year shall not affect the amount of such benefits or reimbursements that Executive receives in any other taxable year. 

  

	3.12	Withholding; Taxes. The Company may deduct and withhold from any amounts payable under this Agreement such federal, state, local, non-U.S. or other taxes as are
required or permitted to be withheld pursuant to any applicable law or regulation. 

 IN WITNESS WHEREOF, the parties hereto have executed this Agreement or caused this Agreement
to be executed the day and date first above written. 
  

			
	GLOBAL BRASS & COPPER, INC.
	
	 /s/ John Walker

	By:	 	John Walker
		
	Title:	 	Chief Executive Officer
	
	EXECUTIVE:
	
	 /s/    John Wasz

	JOHN WASZ

 Exhibit A 
 WAIVER AND RELEASE OF CLAIMS 
 In connection with the termination of
employment of John Wasz (the “Executive”) by Global Brass & Copper, Inc. (the “Company”), pursuant to the severance agreement between the Executive and the Company (the “Severance Agreement”), the Executive
agrees as follows: 
 1. Waiver and Release 
  

	 	(a)	As used in this Waiver and Release of Claims (this “Agreement”), the term “claims” shall include all claims, covenants, warranties, promises,
undertakings, actions, suits, causes of action, obligations, debts, accounts, attorneys’ fees, judgments, losses and liabilities, of whatsoever kind or nature, both known and unknown, in law, equity or otherwise. 

 

	 	(b)	 For and in consideration of the payments described in Section 1.02 of the Severance Agreement, the Executive, for and on behalf of the Executive
and the Executive’s heirs, administrators, executors, and assigns, effective the Effective Date (as defined below), does fully and forever waive and release, remise and discharge the Company, GBC Metals, LLC, a Delaware corporation doing
business as Olin Brass (“Olin Brass”) their direct and indirect parents, subsidiaries and affiliates, their predecessors and successors and assigns, together with the respective officers, directors, partners, shareholders, employees,
members, and agents of the foregoing (collectively, the “Group”) from any and all claims which the Executive had, may have had, or now has against the Company, Olin Brass, the Group, collectively or any member of the Group individually,
for or by reason of any matter, cause or thing whatsoever, including but not limited to any claim arising out of or attributable to the Executive’s employment or the termination of the Executive’s employment with the Company, and also
including but not limited to claims of breach of contract, wrongful termination, unjust dismissal, defamation, libel or slander, or under any federal, state or local law dealing with discrimination based on age, race, sex, national origin, handicap,
religion, disability or sexual preference. This release of claims includes, but is not limited to, all claims arising under the Age Discrimination in Employment Act of 1967, Title VII of the Civil Rights Act, the Americans with Disabilities Act, the
Civil Rights Act of 1991, the Family Medical Leave Act, the Equal Pay Act, the New York Human Rights Law, the New York City Administrative Code, the Illinois or Ohio human relations act and all other federal, state and local labor and
anti-discrimination laws, the common law and any other 

	 	
purported restriction on an employer’s right to terminate the employment of employees. 

  

	 	(c)	The Executive specifically releases all claims against the Group and each member thereof under the Age Discrimination in Employment Act of 1967 (the “ADEA”)
relating to the Executive’s employment and its termination. 

  

	 	(d)	The Executive represents that the Executive has not filed or permitted to be filed against the Group, any member of the Group individually or the Group collectively,
any lawsuit, complaint, charge, proceeding or the like, before any local, state or federal agency, court or other body (each, a “Proceeding”), and the Executive covenants and agrees that the Executive will not do so at any time hereafter
with respect to the subject matter of this Agreement and claims released pursuant to this Agreement (including, without limitation, any claims relating to the termination of the Executive’s employment), except (i) as may be necessary to
enforce this Agreement, (ii) to obtain benefits described in or granted under this Agreement, (iii) to seek a determination of the validity of the waiver of the Executive’s rights under the ADEA, or (iv) initiate or participate
in an investigation or proceeding conducted by the Equal Employment Opportunity Commission (“EEOC”). Except as otherwise provided in the preceding sentence, (x) the Executive will not initiate or cause to be initiated on the
Executive’s behalf any Proceeding, and will not participate (except as required by law) in any Proceeding of any nature or description against any member of the Group individually or the Group collectively that in any way involves the
allegations and facts that the Executive could have raised against any member of the Group individually or the Group collectively as of the date hereof and (y) the Executive waives any right the Executive may have to benefit in any manner from
any relief (monetary or otherwise) arising out of any Proceeding. 

 2. Acknowledgment of Consideration. The Executive is
specifically agreeing to the terms of this release because the Company has agreed to pay the Executive money and other benefits to which the Executive was not otherwise entitled under the Company’s policies or under the Severance Agreement (in
the absence of providing this release). The Company has agreed to provide this money and other benefits because of the Executive’s agreement to accept it in full settlement of all possible claims the Executive might have or ever had, and
because of the Executive’s execution of this Agreement. 
 3. Acknowledgments Relating to Waiver and Release; Revocation Period. The
Executive acknowledges that the Executive has read this Agreement in its entirety, fully understands its meaning and is executing this Agreement voluntarily and of the Executive’s own free will with full knowledge of its significance. The
Executive acknowledges and warrants that the Executive has been advised by the Company to 

 
consult with an attorney prior to executing this Agreement. The offer to accept the terms of the Agreement is open for forty five (45) days from the date the Executive receives the
Agreement. The Executive shall have the right to revoke this Agreement for a period of seven days following the Executive’s execution of this Agreement, by giving written notice of such revocation to the Company. This Agreement shall not become
effective until the eighth day following the Executive’s execution of it (the “Effective Date”). 
 4. Remedies. The
Executive understands and agrees that if the Executive breaches any provisions of this Agreement, in addition to any other legal or equitable remedy the Company may have, the Company shall be entitled to cease making any payments or providing any
benefits to the Executive under Section 1.02 of the Severance Agreement, and the Executive shall reimburse the Company for all its reasonable attorneys’ fees and costs incurred by it arising out of any such breach. The remedies set forth
in this paragraph shall not apply to any challenge to the validity of the waiver and release of the Executive’s rights under the ADEA. In the event the Executive challenges the validity of the waiver and release of the Executive’s rights
under the ADEA, then the Company’s right to attorneys’ fees and costs shall be governed by the provisions of the ADEA, so that the Company may recover such fees and costs if the lawsuit is brought by the Executive in bad faith. Any such
action permitted to the Company by this paragraph, however, shall not affect or impair any of the Executive’s obligations under this Agreement, including without limitation, the release of claims in paragraph 1 hereof. The Executive further
agrees that nothing herein shall preclude the Company from recovering attorneys’ fees, costs or any other remedies specifically authorized under applicable law. 
 5. No Admission. Nothing herein shall be deemed to constitute an admission of wrongdoing by the Company or any member of the Group. Neither this Agreement nor any of its terms shall be used as an
admission or introduced as evidence as to any issue of law or fact in any proceeding, suit or action, other than an action to enforce this Agreement. 
 6. Governing Law. The terms of this Agreement and all rights and obligations of the parties hereto, including its enforcement, shall be interpreted and governed by the laws of the State of Illinois
without regard to the principles of conflicts of laws of the State of Illinois or those of any other jurisdiction which could cause the application of the laws of any jurisdiction other than the State of Illinois. 

IN WITNESS WHEREOF, Executive has hereunto set Executive’s hand as of the day and year set forth opposite the Executive’s signature below.

  

					
	  
	 		 	  

	DATE	 		 	John Wasz

 Exhibit B

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