Document:

NALCO HOLDING COMPANY

2004 STOCK INCENTIVE PLAN

RESTRICTED SHARES GRANT AGREEMENT

John P. Yimoyines

THIS AGREEMENT, is made effective as of  June 12, 2006  (the “Grant Date”), between Nalco Holding Company (the “Company”) and John P. Yimoyines (the “Participant”).

RECITALS:

WHEREAS, the Company has adopted the Plan (as defined below), the terms of which are hereby incorporated by reference and made a part of this Agreement; and

WHEREAS, the Compensation Committee of the Board of Directors of the Company (the “Committee”) has determined that the Participant be granted the Restricted Shares provided for herein pursuant to the Plan and the terms set forth herein.

NOW, THEREFORE, in consideration of the mutual covenants hereinafter set forth, the parties agree as follows:

1. Definitions. Whenever the following terms are used in this Agreement, they shall have the meanings set forth below. Capitalized terms not otherwise defined herein shall have the same meanings as in the Plan.

(a)  “Plan” means the Nalco Holding Company 2004 Stock Incentive Plan, as the same may be amended, supplemented or modified from time to time.

(b) “Restricted Shares” means the shares of the Company’s common stock, par value $0.01 per share subject to the Time Restrictions.

(c) “Time Restrictions” means those restrictions described in Exhibit A to this Agreement.

(d) “Vested Shares” means those Restricted Shares that are no longer subject to Time Restrictions.

2. Grant of Restricted Shares. The Company hereby grants to the Participant, subject to the terms and conditions of this Agreement and the Plan, 18,018 Restricted Shares.

 

 

3. Delivery of Restricted Shares.

(a) In General. The Company shall issue a note in its electronic stock registry (without the issuance of certificates) the Restricted Shares in the name of the Participant which shall bear a legend which shall provide that:

The shares of Nalco Holding Company are subject to the terms and restrictions of the Nalco Holding Company 2004 Stock Incentive Plan and the Restricted Shares Agreement between the Participant and the Company (the “Grant Agreement”), such shares are subject to forfeiture or cancellation under the terms of such Plan and the terms of the Grant Agreement under which the shares were issued, and such shares shall not be sold, transferred, assigned, pledged, encumbered or otherwise alienated or hypothecated except pursuant to the provision of such Plan and the Grant Agreement, copies of which are available from the Secretary of Nalco Holding Company. 

(b) Change of Control. Notwithstanding the foregoing, upon a Change of Control, the Time Restrictions upon the Restricted Shares shall be lifted by the Company. 

(c) Termination of Service. If the Participant ceases to be an employee of the Company or its affiliates for reasons other than death or disability or retirement in accordance with the normal retirement programs at the Company, the Restricted Shares, other than Vested Shares, shall be immediately forfeited and canceled by the Company without any payment or other consideration. 

(d) Satisfaction of Time Restrictions. If the Time Restrictions are satisfied for the Restricted Shares, prior to their forfeiture and subject to the other terms and conditions stated herein, the Company shall release the legend on such Restricted Shares as related to the Time Restrictions.

(d) Registration or Qualification. Notwithstanding any other provision of the Plan or this Agreement to the contrary, absent an available exemption to registration or qualification, the Restricted Shares may not be delivered prior to the completion of any registration or qualification of the Restricted Stock Units or the Shares to which they relate under applicable state and federal securities or other laws, or under any ruling or regulation of any governmental body or national securities exchange that the Board or the Company’s Compensation Committee (“Committee”) shall in its sole reasonable discretion determine to be necessary or advisable.

4. Legend on Vested Shares. The Vested Shares issued to the Participant upon the vesting of the Restricted Shares shall be subject to such stop transfer orders and other restrictions as the Committee may deem reasonably advisable under the Plan or the rules, regulations, and other requirements of the Securities and Exchange Commission, any stock 

 

 

exchange upon which such Shares are listed, any applicable federal or state laws or the Company’s Certificate of Incorporation and Bylaws, and the Committee may cause a legend or legends to be put on any such certificates to make appropriate reference to such restrictions.

5. Transferability. Unless otherwise determined by the Committee, Restricted Shares may not be assigned, alienated, pledged, attached, sold or otherwise transferred or encumbered by the Participant otherwise than by will or by the laws of descent and distribution, and any such purported assignment, alienation, pledge, attachment, sale, transfer or encumbrance shall be void and unenforceable against the Company or any Affiliate; provided that the designation of a beneficiary shall not constitute an assignment, alienation, pledge, attachment, sale, transfer or encumbrance.  

6. Withholding. The Company or its Affiliate shall have the right to withhold from any payment due or transfer made with respect to the Restricted Shares or the Participant’s employment, any applicable withholding taxes in respect of the Restricted Shares or any payment or transfer with respect to the Restricted Shares or under the Plan and to take such action as may be necessary in the option of the Company to satisfy all obligations for the payment of such taxes.

7. Securities Laws. Upon the acquisition of any Vested Shares pursuant to the vesting of the Restricted Shares, the Participant will make or enter into such written representations, warranties and agreements as the Committee may reasonably request in order to comply with applicable securities laws or with this Agreement.

8. Notices. Any notice under this Agreement shall be addressed to the Company in care of its General Counsel at the principal executive office of the Company and to the Participant at the address appearing in the personnel records of the Company for the Participant or to either party at such other address as either party hereto may hereafter designate in writing to the other. Any such notice shall be deemed effective upon receipt thereof by the addressee.

9. Governing Law. This Agreement shall be governed by and construed in accordance with the laws of the State of New York, without regard to conflicts of laws.

10. Restricted Shares Subject to the Plan. By entering into this Agreement the Participant agrees and acknowledges that the Participant has received and read a copy of the Plan. The Restricted Shares the Vested Shares received upon vesting are subject to the Plan. The terms and provisions of the Plan as it may be amended from time to time are hereby incorporated by reference. In the event of a conflict between any term or provision contained herein and a term or provision of the Plan, the applicable terms and provisions of the Plan  will govern and prevail.

11. Counterparts. This Agreement may be executed in any number of counterparts, each of which when so executed shall be deemed to be an original and all of which taken together shall constitute one and the same agreement. Any counterpart or other signature hereupon delivered by facsimile shall be deemed for all purposes as constituting good and valid execution and delivery of this Agreement by such party.

 

 

IN WITNESS WHEREOF, this Agreement has been executed and delivered by the parties hereto.

  

	
                         
 	
                         
 	
                        NALCO HOLDING COMPANY
 
	
                         
 	
                         
 	
                         
 
	
                         
 	
                         
 	
                        By 
 	
                        /S/ Mary Manupella
 
	
                         
 	
                         
 	
                        Its: Vice President – Human Resources
 

 

 

	
                         
 	
                         
 	
                         
 	
                        /S/ John P. Yimoyines
 
	
                         
 	
                         
 	
                         
 	
                        Participant
 

 

 

Exhibit A

Time Restrictions

The Participant’s 18,018 Restricted Shares under this grant shall vest in the following three equal installments:

On June 22, 2007, subject to all other terms and conditions in this Agreement and the Plan, the time restriction on 6,006 of the Restricted Shares shall be lifted and they shall become Vested Shares.

On June 22, 2008, subject to all other terms and conditions in this Agreement and the Plan, the time restriction on 6,006 of the Restricted Shares shall be lifted and they shall become Vested Shares.

On June 22, 2009, subject to all other terms and conditions in this Agreement and the Plan, the time restriction on 6,006 of the Restricted Shares shall be lifted and they shall become Vested Shares.SEPARATION AGREEMENT

This Separation Agreement is made this 30th day of June, 2007 between Nalco Company, for itself and on behalf of its direct or indirect affiliates, parents, subsidiaries  and predecessors (collectively the “Company” or “Nalco”) and William J. Roe (“Mr. Roe”).

Recitals

Mr. Roe’s current position with the Company will end on June 30, 2007.

Mr. Roe entered into a Severance Agreement with the Company with effective date of January 1, 2004 (the “Severance Agreement”).

Mr. Roe entered into a Death Benefit Agreement with the Company  (then Nalco Chemical Company) (the “Death Benefit Agreement”).

Mr. Roe entered into a Management Members Agreement with Nalco LLC, an indirect parent of Nalco, on or about June 30, 2004, pursuant to which Mr. Roe was given the opportunity to invest in certain equity ownership units in Nalco LLC (the “Management Members Agreement”).

Mr. Roe signed a consent permitting certain acceleration rights for the C and D Units on December 13, 2006 (the “Consent Memorandum”).

Under the Severance Agreement, any severance payments would be paid to Mr. Roe over the period from the date his employment ends to the date Mr. Roe becomes age 55, permitting Mr. Roe to elect retirement on the first day of the month following becoming age 55 (in December 2008).

As there are no severance payment obligations, the Company agrees that Mr. Roe will continue to vest in the B Units under the 2004 Nalco LLC Plan for the years 2007 and 2008 and he shall otherwise continue receiving medical and dental benefits as an active employee until he reaches age 55 in December 2008, permitting Mr. Roe to elect retirement on January 1, 2009.

Agreement

Accordingly, Mr. Roe and Nalco agree as follows:

	
                        1.
 	
                        Termination of Employment and Consulting Services
 

Effective June 30, 2007, Mr. Roe will be terminated from all positions previously held by him as an officer, employee or director of Nalco, and all of its direct or indirect subsidiaries, parents and affiliates. Mr. Roe shall execute any requested 

 

 

forms to resign from such positions, including the resignation from the Nalco Foundation attached hereto. 

	
                        2.
 	
                        Separation Benefits
 

	
                         
 	
                        a.
 	
                        Mr. Roe and Nalco LLC will separately enter into an amendment of the Management Members Agreement. This Agreement is conditioned upon the parties executing the described amendment to the Management Members Agreement. 
 

	
                         
 	
                        b.
 	
                        The Company will maintain Mr. Roe as an active employee until he is 55 years of age at which point he will be permitted to retire with the full retirement benefits of a 55 year old employee. As an active employee, Mr. Roe will be available for consultation, special projects, or assistance with any company-related litigation, but will have no salary for his services.
 

	
                         
 	
                        c.
 	
                        The Company will continue Mr. Roe’s current medical and dental coverage as an active employee for the period through December 31, 2008 at current cost.
 

	
                         
 	
                        d.
 	
                        The Company will reimburse tax assistance for Mr. Roe up to a cap of $2500 and for financial planning up to a cap of $8500, for related services rendered in 2007 and 2008.
 

	
                         
 	
                        e.
 	
                        The Company will provide outplacement services through an agreed vendor.
 

	
                        3.
 	
                        Waiver of Benefits
 

In addition to the offset right under paragraph (g) of the Consent Memorandum, Mr. Roe fully waives and releases any and all claim he has or might have had under the Severance Agreement and further waives and releases any and all other claims he has to any payments or benefits, or any severance payments or severance benefits from Nalco or any of its direct or indirect affiliates, subsidiaries, parents or predecessors under any other agreements or commitments.  Mr. Roe does not waive and release any claims under the Death Benefit Agreement.

	
                        4.
 	
                        Reconciliation of Expense Reports, Travel Advances, Credit Card Charges, and Other Obligations
 

If he has not already done so, by July 15, 2007, Mr. Roe will deliver to Nalco a final written report and reconciliation of all outstanding travel advances and charges made against credit cards issued to Mr. Roe by or on behalf of Nalco. Mr. Roe shall identify those portions of advances and charges which were devoted to personal use and those portions that were devoted to the business purposes of Nalco. For the portions devoted to Nalco’s business purposes, Mr. Roe will 

 

 

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provide all of the information normally provided under Nalco’s practices and procedures, with appropriate receipts.

Mr. Roe will also provide a detailed statement of all business expenses that Mr. Roe claims he incurred for Nalco’s business purposes that have not been reimbursed.

If the final report of business expenses, use of travel advances, and credit card charges reveals Mr. Roe owes Nalco money, the sum owing shall be promptly paid by him by check. If the report reveals Nalco owes Mr. Roe money, the sum owing shall be promptly paid by check. 

Mr. Roe agrees to return all Nalco property to Nalco promptly upon request.

	
                        5.
 	
                        General Release and Covenant Not to Sue
 

In consideration of Nalco’s promises under this Separation Agreement and the Amendment to the Management Members Agreement, Mr. Roe individually, and Mr. Roe’s successors, assigns, heirs, and agents, and each and all of them, hereby unconditionally and forever release, acquit, and discharge Nalco, its direct or indirect parents, subsidiaries and affiliates, and each of their respective officers, directors, stockholders, employees, agents, and attorneys from any and all claims, demands, liabilities, and causes of action of every kind, nature and description whatsoever whether known or unknown, or suspected to exist, which Mr. Roe ever had or may now have up to the date of signing this Agreement, against Nalco, or any of them, including, without limitation, any claim arising out of or relating to (i) any aspect of Mr. Roe’s employment with Nalco,
including the termination of such employment; (ii) any federal, state, local or other government statute, regulation or ordinance of any country, including but not limited to the following US laws, Title VII of the Civil Rights Act of 1964, as amended, the Civil Rights Act of 1991, the Age Discrimination in Employment Act, 29 U.S.C. sec. 621 et. seq. as amended by the Older Workers’ Benefit Protection Act of 1990, the Americans with Disabilities Act, the Family and Medical Leave Act, the Employee Retirement Income Security Act, and the Rehabilitation Act of 1973, The Worker Adjustment and Retraining Notification Act and (iii) the common law of the jurisdiction wherein Mr. Roe resides or any other jurisdiction, including without limitation, intentional infliction of emotional distress, breach of contract and any claims for consequential and/or punitive damages for any reason. It is the intention of Mr. Roe that in executing this Agreement Mr. Roe is providing a
General Release and that it shall be an effective bar to each and every claim, demand and cause of action, either known or unknown, for all acts, or omissions of Nalco, its direct or indirect parents, subsidiaries and affiliates, and each of their respective officers, directors, stockholders, employees, agents, and attorneys, occurring prior to and up to the date this Agreement is executed. This release includes but is not limited to:

 

 

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                        -
 	
                        any claims for assault, battery, wrongful termination, defamation, invasion of privacy, intentional infliction of emotional distress, or any other tort or common law claims;
 

	
                         
 	
                        -
 	
                        any claim to challenge the enforceability of any provision of the Severance Agreement, including but not limited to the noncompetition, nondisclosure, and nonsolicitation provisions in the Severance Agreement;
 

	
                         
 	
                        -
 	
                        any claims for the breach of any written, implied or oral contract;
 

	
                         
 	
                        -
 	
                        any claims of discrimination, harassment or retaliation based on such things as age, national origin, ancestry, race, religion, sex (including sexual harassment), sexual orientation, or physical or mental disability or medical condition or any other protected status;
 

	
                         
 	
                        -
 	
                        any claims for benefits or monetary equivalent of benefits except as provided in this Agreement; and
 

	
                         
 	
                        -
 	
                        any entitlement to reinstatement with or rehire or reemployment by Nalco.
 

Also waived are any rights to attorneys’ fees, compensation or other recovery as the result of any legal action brought by Mr. Roe or on Mr. Roe’s behalf by any other party, based on any right Mr. Roe has released and waived under this Separation Agreement. 

Excepted from this release are claims challenging the validity of this Separation Agreement under the Age Discrimination in Employment Act. Mr. Roe’s release under the Age Discrimination in Employment Act does not apply to any claims that arise or may arise based on events that take place after the date Mr. Roe signs this Agreement. Also not released are any claims Mr. Roe may have for a) Worker’s Compensation benefits, b) accrued wages, accrued but unused vacation pay, and accrued commissions, if any, up to the date of termination, c) any vested pension benefits, or d) any right to unemployment benefits.

Mr. Roe warrants that he: (a) has read this Agreement and understands its provisions including the waivers and releases, (b) understands that this Agreement includes a release of any rights or claims under the Age Discrimination in Employment Act, (c) is waiving rights under this release on a voluntary basis, without coercion or duress, in compliance with the Older Workers Benefit Protection Act, and  (d) has been advised to consult an attorney before signing this Agreement.

Mr. Roe agrees never to institute any charge, lawsuit, complaint, proceeding, grievance or action of any kind (at law, in equity or otherwise) in any state or federal court, or in any other public or private tribunal, against Nalco on any grounds, for any occurrence from the beginning of time to the effective date of 

 

 

4

 

this Agreement. The only exception to this covenant not to sue is a claim that challenges the validity of this Separation Agreement and alleges age discrimination. If Mr. Roe sues Nalco in violation of this Separation Agreement, then Mr. Roe shall be liable for Nalco’s actual attorneys’ fess and other litigation costs incurred in defending such matter

	
                        6.
 	
                        Confidentiality and Covenants
 

Mr. Roe agrees not to disclose any of the terms of this Separation Agreement to anyone, other than Mr. Roe’s spouse, attorney, and accountant or as required by law. Mr. Roe may disclose the terms of this Separation Agreement to these individuals only upon the understanding they shall be bound not to disclose the terms to anyone else. Before disclosing these terms to them, Mr. Roe shall inform them of their confidentiality obligations. 

In exchange for the consideration hereunder, during the term of this Agreement and for a period of two (2) years beginning on the effective date of termination, (i) Mr. Roe shall not, within any jurisdiction or marketing area in which the Company (or its subsidiaries and its affiliates) is doing business, directly or indirectly, own, manage, operate, control, consult with, be employed by, or participate in the ownership, management, operation or control of any business of the type and character engaged in or competitive with that conducted by the Company (or its subsidiaries and its affiliates).

Mr. Roe will not divulge, transmit or otherwise disclose (except as legally compelled by court order, and then only to the extent required, after prompt notice to the Company of any such order), directly or indirectly, any confidential knowledge or information with respect to the business, operations, finances, organization or employees of the Company (or its subsidiaries and affiliates) or with respect to trade secrets, confidential or secret processes, services, techniques, product formulations, customer information, marketing or business plans with respect to the Company (or its subsidiaries and affiliates); and (ii) Mr. Roe will not use, directly or indirectly, any confidential information for the benefit of anyone other than the Company (or its subsidiaries and affiliates); provided, however, that Mr. Roe has no obligation, express or implied, to refrain from using or disclosing to others any such knowledge or information which is or hereafter shall become available to the public other than through disclosure by Mr. Roe. All new processes, techniques, know-how, inventions, plans, products, patents and devices developed, made or invented by Mr. Roe, alone or with others, while an employee of the Company which are related to the business of the Company (or its subsidiaries and affiliates) shall be and become the sole property of the Company, unless released in writing by the Company, and Mr. Roe hereby assigns any and all rights therein or thereto to the Company. All files, records, correspondence, memoranda, notes or other documents (including, without limitation, those in computer-readable form) or property relating or belonging to the Company, whether prepared by Mr. Roe or otherwise coming into his 

 

 

5

 

possession in the course of the performance of his services under this Agreement, shall be the exclusive property of Company and shall be delivered to Company and not retained by Mr. Roe (including, without limitations, any copies thereof) upon termination of this Agreement for any reason whatsoever.

Mr. Roe will communicate and disclose in writing to the Company all inventions, discoveries, improvements, machines, devices, designs, processes, products, software, treatments, formulae, mixtures and/or compounds whether patentable or not as well as patents and patent applications made, conceived, developed or acquired by Mr. Roe or under which Mr. Roe acquired the right to grant licenses or become licensed, whether alone or jointly with others, during his employment with the Company (all collectively referred to as “Inventions”). All of Mr. Roe’s right, title and interest in, to and under such Inventions, including licenses and right to grant licenses are the sole property of the Company and the same are hereby assigned to the Company. Any Invention disclosed by Mr. Roe to anyone within one (1) year after June 30, 2007, which relates to
any matters pertaining to, applicable to, or useful in connection with, the business of the Company shall be deemed to have been made or conceived or developed by Mr. Roe during his employment with the Company.

For all of Mr. Roe’s Inventions, Mr. Roe will execute and deliver all documents which the Company shall deem necessary or appropriate to assign, transfer and convey to the Company, all of Mr. Roe’s right, title, interest in and to such Inventions, and enable the Company to file and prosecute applications for Letters Patent of the United States and any foreign countries on Inventions as to which the Company wishes to file patent applications; and do all other things (including the giving of evidence in suits and other proceedings) which the Company shall deem necessary or appropriate to obtain, maintain, and assert patents for any and all such Inventions and to assert its rights in any Inventions not patented.

Mr. Roe hereby assigns to the Company the copyright in all works prepared by Mr. Roe which are or were either within the scope of Mr. Roe’s employment with the Company; or, based upon information acquired from the Company not normally made available to the public; or, commissioned by the Company but not within Mr. Roe’s scope of employment.

Mr. Roe also agrees to do all things (including the giving of evidence in suits and other proceedings) which the Company shall deem necessary or appropriate to obtain, maintain, and enable the Company to protect its rights in and to such works.

Mr. Roe hereby releases and allows the Company to use, for any lawful purpose, any voice reproduction, photograph, or other video likeness of Mr. Roe made in the scope of Mr. Roe’s employment.

 

 

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All expenses incident to any action required by the Company to assign Inventions or copyrights to the Company or so taken in its behalf pursuant to the terms of this Agreement shall be borne by the Company, including a reasonable payment for Mr. Roe’s time and expenses involved if not then in the Company’s employ. 

Mr. Roe acknowledges that a breach of his covenants contained herein may cause irreparable damage to the Company (its subsidiaries and affiliates), the exact amount of which will be difficult to ascertain, that the remedies at law for any such breach will be inadequate and that the payments and other benefits, in this Separation Agreement and the amendment to the Management Members Agreement, are additional consideration for the covenants contained herein. Accordingly, Mr. Roe agrees that if he breaches any of the covenants contained herein, in addition to any other remedy which may be available at law or in equity, the Company shall be entitled to specific performance and injunctive relief. In addition, the breach of any of the covenants contained herein shall entitle the Company to permanently withhold, and, if applicable, to recover from Mr. Roe any payments,
benefits, or other entitlements, of any type owed by the Company to Mr. Roe under the Severance Agreement, the Consent Memorandum, this Separation Agreement, any other agreement or plan irrespective of whether the covenants in this Separation Agreement or the Severance Agreement are deemed enforceable by a court. The Company and Mr. Roe further acknowledge that the time, scope, geographic area and other provisions herein have been specifically negotiated by sophisticated commercial parties and agree that all such provisions are reasonable under the circumstances of the activities contemplated by this Agreement. In the event that the covenants herein shall be determined by any court of competent jurisdiction to be unenforceable by reason of their extending for too great a period of time or over too great a geographical area or by reason of their being too extensive in any other respect, they shall be interpreted to extend only over the maximum period of time for which they
may be enforceable and/or over the maximum geographical area as to which they may be enforceable and/or to the maximum extent in all other respects as to which they may be enforceable, all as determined by such court in such action.

 

 

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Mr. Roe agrees to cooperate with the Company during his employment hereunder and thereafter (including following Mr. Roe’s termination of employment for any reason), by making himself reasonably available to testify on behalf of the Company in any action, suit, or proceeding, whether civil, criminal, administrative, or investigative, and to assist the Company, in any such action, suit, or proceeding, by providing information and meeting and consulting with the Company’s Board of Directors or its representatives or counsel, or representatives or counsel to the Company, as reasonably requested; provided, however that the same does not materially interfere with his then current professional activities or important personal activities and is not contrary to the best interests of
Mr. Roe. The Company agrees to reimburse Mr. Roe, on an after-tax basis, for all expenses including pre-approved legal expenses, actually incurred in connection with his provision of testimony or assistance.

Mr. Roe will not make statements or representations, or otherwise communicate, directly or indirectly, in writing, orally, or otherwise, or take any action which may, directly or indirectly, disparage the Company, its subsidiaries and affiliates or its or their respective officers, directors, employees, advisors, businesses or reputations. The Company agrees that it shall advise the members of the Board of Directors and its senior officers not to disparage Mr. Roe and the Company shall use its reasonable business efforts to prevent them from doing so; provided, however, the Company’s obligations to Mr. Roe in the immediately preceding sentence shall not apply to any oral, written or electronic statements, representations or other communications made internally at the Company by any
member of the Board of Directors or any of the Company’s senior officers if such oral, written or electronic statements, representations or other communications are made by any of the foregoing individuals in the course of such individual’s duties, responsibilities or obligations to the Company. Notwithstanding the foregoing, nothing in this Agreement shall preclude Mr. Roe or a representative of the Company from making truthful statements or disclosures that are required by applicable law, regulation or legal process.

	
                        7.
 	
                        Additional Provisions
 

	
                         
 	
                        A.
 	
                        Mr. Roe acknowledges and agrees that:
 

	
                         
 	
                        -
 	
                        Mr. Roe is entering into this Agreement knowingly and voluntarily and of Mr. Roe’s own free will and not because of any threats or duress;
 

	
                         
 	
                        -
 	
                        Mr. Roe has been advised by this Agreement to consult with an attorney before signing this Agreement;
 

	
                         
 	
                        -
 	
                        Mr. Roe has read this Agreement and understands its provision, including that a portion of the consideration being paid by Nalco is 
 

 

 

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for a release of any rights or claims under the Age Discrimination in Employment Act:

	
                         
 	
                        -
 	
                        Mr. Roe understands that Mr. Roe may take up to 21 days to consider this Agreement before signing it;
 

	
                         
 	
                        -
 	
                        After Mr. Roe signs this Agreement, Mr. Roe will have 7 days to revoke it;
 

	
                         
 	
                        -
 	
                        If Mr. Roe wants to revoke it, Mr. Roe must deliver a written notice of revocation to Ms. Mary Manupella at Nalco headquarters in Naperville, IL. If Mr. Roe does not revoke it within 7 days after having signed it, this Agreement will become final between and enforceable by the parties; and
 

	
                         
 	
                        -
 	
                        If Mr. Roe chooses to revoke this Agreement within 7 days after Mr. Roe signs it, Mr. Roe will not receive consideration set forth above and he shall also be revoking the Amendment to the Management Members Agreement and all benefits thereunder (Mr. Roe acknowledges that the Management Members Agreement is conditioned upon his agreeing to this Agreement), or the other benefits described hereunder. 
 

Any violation by Mr. Roe of the covenants, commitments, or obligations, in this Agreement shall release Nalco from its obligation to provide any other benefits promised in this Agreement and shall release any rights in the vesting of any units in Nalco LLC. Nalco’s right to withhold benefits and Nalco LLC’s right to refuse the vesting of any Nalco LLC units shall be without prejudice to any other remedy available to Nalco for breach of this Agreement. 

	
                         
 	
                        B.
 	
                        Mr. Roe shall not directly or indirectly employ, solicit for employment, or otherwise contract for the services of any individual who is an employee of the Company or its affiliates for a period of 5 years from the date of this Agreement.
 

	
                         
 	
                        C.
 	
                        Mr. Roe agrees not to (directly or indirectly, individually or with others) do anything calculated or likely to have the effect of undermining, disparaging or otherwise reflecting negatively upon Nalco, its officers, directors, shareholders, employees, former employees agents, operations, reputation, goodwill, business practices, products, services, suppliers, employees of suppliers, and/or customers. Mr. Roe and Nalco agree that, because the exact amount of potential damages to Nalco resulting from Mr. Roe’s breach of this section is inherently difficult to determine with any precision, if a court finds that Mr. Roe has breached this section in any respect, Mr. Roe will pay all of Nalco’s actual attorneys’ fees and other litigation costs incurred in obtaining an injunction and/or judgment against Mr. Roe.

 

 

 

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                        8.
 	
      Entire Agreement/Changes. This writing contains the entire Agreement between the parties. There is no agreement or understanding between Mr. Roe and Nalco about or pertaining to the termination of Mr. Roe’s employment with Nalco, or about Mr. Roe’s obligations to Nalco regarding Mr. Roe’s termination except those set forth in this Agreement. No changes to this Agreement shall be enforceable against Nalco unless agreed to and acknowledged by Nalco as evidenced by the signature of an authorized agent of Nalco.
 

 

	
                        9.
 	
                        Severability. If any provision of this Agreement, other than the release sections, is held by a court of competent jurisdiction to be unlawful, such provision shall be stricken or modified by the court, and the remaining and/or modified provisions shall remain in full force and effect. If the release sections are held to be unlawful or unenforceable, the Agreement shall be voidable at Nalcos option.
 

 

	
                        10.
 	
                        Choice of Law, Interpretation, Venue. This Agreement shall be governed by Illinois law. This Agreement is a product of mutual authorship and shall be neutrally construed. Any action under this agreement which may be brought before the United States District Court for the Northern District of Illinois shall be brought before the United States District Court for the Northern District of Illinois.
 

 

In Witness Whereof, the parties have executed this Agreement on the date indicated:

 

	
                        NALCO COMPANY
 	
                         
 	
                         
 
	
                        

                        By: 
 	
                          
 	
                         
 	
                         
 	
                          
 
	
                        Title: 
 	
                        Vice President – Human Resources
 	
                         
 	
                         
 	
                        Mr. William J. Roe
 

 

 

10

 

RESIGNATION FROM THE BOARD OF DIRECTORS OF

THE NALCO FOUNDATION

I, William J. Roe, hereby resign from my membership on the Board of Directors of the Nalco Foundation.

 

	
                         
 	
                         
 	
                         
 	
                         
 
	
                          
 	
                         
 	
                         
 	
                          
 
	
                        William J. Roe
 	
                         
 	
                         
 	
                         
 

 

 

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