Document:

Form of Restricted Stock Unit Award Agreement

 Exhibit 10.16 
 [Name] 
 FORM 
 RESTRICTED STOCK UNIT AGREEMENT 
 This Restricted Stock Unit Agreement (this “Restricted
Stock Unit Agreement”) is made and entered into as of [DATE OF GRANT] (the “Date of Grant”), by and between Health Net, Inc., a Delaware corporation (the “Company”), and [NAME] (the
“Recipient”). 
 WHEREAS, the Compensation Committee (the
“Committee”) of the Board of Directors (the “Board”) of the Company has approved the grant of Restricted Stock Units, as hereinafter defined, to the Recipient as set forth below under the Company’s [NAME OF
PLAN] (the “Plan”).1 Capitalized terms used but not defined herein shall have the meanings set forth in the Plan. 

NOW, THEREFORE, in consideration of the covenants and agreements herein contained and intending to be legally bound hereby, the parties agree as
follows: 
 1. Grant of Restricted Stock Units. The Company hereby grants to the Recipient [NUMBER OF UNITS] restricted stock
units (the “Restricted Stock Units”), each of which represent to rights to receive, upon vesting, a share of the Common Stock, par value $.001 per share (the “Common Stock”) of the Company, subject to all of the
terms and conditions of this Restricted Stock Unit Agreement. 
 2. Lapse of Restrictions. Except as otherwise provided in
Section 3 hereof, the Restricted Stock Units shall vest with respect to all of the Restricted Stock Units on the [NUMBER] anniversary of the Grant Date (the “Vesting Date”). Upon the Vesting Date, the Recipient shall pay
to the Company the par value in cash for each share of Common Stock delivered pursuant to this grant. Shares that have become vested may be evidenced by stock certificates, at the request of the Recipient, which certificates shall be registered in
the name of the Recipient and delivered to Recipient within ten (10) days of such request. 
 3. Termination of Employment.

 (a) Except as otherwise set forth in Section 10, if prior to the Vesting Date, the Recipient’s employment with the Company is
terminated by either the Recipient or the Company for any reason (a “Termination Event”) other than Retirement (as defined below), then all of the Restricted Stock Units shall be immediately forfeited at such time. If the
Recipient’s employment with the Company is terminated prior to the Vesting Date due to Retirement, then a portion of the Restricted Stock Units not yet vested shall vest immediately, which portion shall equal the total number of Restricted
Stock Units multiplied by a fraction, the numerator of which is the number of full years which have elapsed from the Date of Grant to the date of Retirement 
  

	1	Note to Draft- this form will work with either plan. 

  

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and the denominator of which is the number of full years in the vesting period. For purposes hereof (but subject to Section 18 hereof)
“Retirement” shall mean the Recipient’s voluntary termination of employment at or after the date upon which the Recipient has attained both age 55 and 10 years of continuous service with the Company. 
 (b) If the Recipient violates the terms of Section 4 of this Agreement (a “Breach Event”), in addition to being subject to all
remedies in law or equity that the Company may assert, then at any time thereafter the Company, in its sole and absolute discretion, may, with respect to any Common Stock attributable to a Restricted Stock Unit that has vested within six
(6) months of the Recipient’s termination of employment: (i) to the extent that the Common Stock is beneficially owned by the Recipient, reacquire from the Recipient, in return for an amount equal to the par value of the Common Stock
which was paid by the Recipient to the Company as described in Section 2 above, any or all of the shares of such Common Stock; and (ii) to the extent that the Common Stock has been sold, assigned or otherwise transferred by the Recipient,
recover from the Recipient an amount equal to the Gain Realized (as defined in Section 4 below) from such sale, assignment or transfer. 
 (c) Upon the occurrence of a Breach Event, the Company may elect to purchase all or any portion of the Common Stock pursuant to this Section 3 by delivery of written notice (the “Repurchase Notice”) to the Recipient
within ninety (90) days after the occurrence of such Breach Event. 
 4. Employment/Association with Company Competitor. The
Recipient hereby agrees that, during (i) the six-month period following a termination of the Recipient’s employment with an Employer that entitles the Recipient to receive severance benefits under an agreement with or the policy of the
Company or (ii) the twelve-month period following a termination of the Recipient’s employment with an Employer that does not entitle the Recipient to receive such severance benefits (the period referred to in either clause (i) or
(ii), the “Noncompetition Period”), the Recipient shall not undertake any employment or activity (including, but not limited to, consulting services) with a Competitor (as defined below), where the loyal and complete fulfillment of
the duties of the competitive employment or activity would call upon the Recipient to reveal, to make judgments on or otherwise use any confidential business information or trade secrets of the business of the Company or any Subsidiary to which the
Recipient had access during the Recipient’s employment with the Employer. In addition, the Recipient agrees that, during the Noncompetition Period applicable to the Recipient following termination of employment with the Employer, the Recipient
shall not, directly or indirectly, solicit, interfere with, hire, offer to hire or induce any person, who is or was an employee of the Company or any of its Subsidiaries during the 12 month period prior to the date of such termination of employment,
to discontinue his or her relationship with the Company or any of its Subsidiaries or to accept employment by, or enter into a business relationship with, the Recipient or any other entity or person. In the event that the Recipient breaches the
covenants set forth in this first paragraph of Section 4, it shall be considered a Breach Event under Section 3 above. 
 For
purposes of this Section 4: “Gain Realized” shall equal the difference between 

  

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 (x) the par value paid by the Recipient for the Common Stock issued in respect of the Restricted Stock Units and
(y) the greater of the Fair Market Value (as defined in the Plan) of the Common Stock issued in respect of the Restricted Stock Units (I) on the date of transfer of such Common Stock or (II) on the date such competitive activity with a
Competitor was commenced by the Recipient; and “Competitor” shall refer to any health maintenance organization or insurance company that provides managed health care or related services similar to those provided by the Company or
any Subsidiary. 
 It is hereby further agreed that if any court of competent jurisdiction shall determine that the restrictions imposed in
this Section 4 are unreasonable (including, but not limited to, the definition of Competitor or the time period during which this provision is applicable), the parties hereto hereby agree to any restrictions that such court would find to be
reasonable under the circumstances. 
 The Recipient acknowledges that the services to be rendered by the Recipient to the Company are of a
special and unique character, which gives this Agreement a peculiar value to the Company, the loss of which may not be reasonably or adequately compensated for by damages in an action at law, and that a material breach or threatened breach by the
Recipient of any of the provisions contained in this Section 4 will cause the Company irreparable injury. Recipient therefore agrees that the Company may be entitled, in addition to the remedies set forth above in this Section 4 and any
other right or remedy, to a temporary, preliminary and permanent injunction, without the necessity of proving the inadequacy of monetary damages or the posting of any bond or security, enjoining or restraining Recipient from any such violations or
threatened violations. 
 5. No Rights as a Stockholder. The Recipient shall not be entitled to dividends, if any, that are paid with
respect to the shares of Common Stock unless and until the Restricted Stock Units have vested. Recipient shall also not have the right to vote any shares subject to the Restricted Stock Units unless and until the Restricted Stock Units shall have
vested. 
 6. Notices. Any notice or communication given hereunder shall be in writing and shall be given by fax or first class mail,
certified or registered with return receipt requested, and shall be deemed to have been duly given three (3) days after mailing or twenty-four (24) hours after transmission of a fax to the following addresses: 
  

			
	 To the Recipient at:
	  	[NAME]
		  	[ADDRESS]
		
	 To the Company at:
	  	Health Net, Inc.
		  	21650 Oxnard Street
		  	Woodland Hills, California 91367
		  	Attention: General Counsel

 or to such other address as any party may have furnished to the other in writing in accordance herewith, except
that notices of change of address shall be effective only upon receipt. 
  

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 7. Securities Laws Requirements. The Company shall not be obligated to transfer any shares of
Common Stock from the Recipient to another party, if such transfer, in the opinion of counsel for the Company, would violate the Securities Act of 1933, as amended from time to time (the “Securities Act”) (or any other federal or
state statutes having similar requirements as may be in effect at that time). Further, the Company may require as a condition of transfer of any shares to the Recipient that the Recipient furnish a written representation that he or she is holding
the shares for investment and not with a view to resale or distribution to the public. The Company either has or will file an appropriate Registration Statement on Form S-8 (or other applicable form), and has taken or will take such actions as
necessary to keep the information therein current from time to time, in order to register the Common Stock under the Securities Act and shall use its commercially reasonable efforts to cause such Registration Statement to become effective and to
maintain the effectiveness of such registration. 
 8. Protections Against Violations of Restricted Stock Unit Agreement. This
Restricted Stock Unit Agreement is not transferable, other than by will or pursuant to the laws of descent and distribution. 
 9.
Taxes. The Recipient understands that he or she (and not the Company) shall be responsible for any tax obligation that may arise as a result of the transactions contemplated by this Restricted Stock Unit Agreement and shall pay to the Company
the amount determined by the Company to be such tax obligation at the time such tax obligation arises. If the Recipient fails to make such payment, the number of shares necessary to satisfy the tax obligations shall be forfeited. 
 10. Change of Control. Notwithstanding the provisions of Section 3 hereof, in the event that (i) there shall occur a Change in Control
(as defined in the Plan) and (ii) the employment of the Recipient shall be terminated within the two year period following the Change in Control but prior to the Vesting Date either (A) by the Company without Cause or (B) under
circumstances which entitle the Recipient to Change in Control severance benefits under an effective employment agreement between the Recipient and the Company or under the Company’s Safety Net Security Program, each Restricted Stock Unit shall
become fully vested upon such termination and the date of such vesting shall be deemed to be the Vesting Date hereunder. For purposes of this Section 10, “Cause” shall have the meaning set forth in the Plan. 
 11. Failure to Enforce Not a Waiver. The failure of the Company to enforce at any time any provision of this Restricted Stock Unit Agreement shall
in no way be construed to be a waiver of such provision or of any other provision hereof. 
 12. Governing Law. This Restricted Stock
Unit Agreement shall be governed by and construed according to the laws of the State of Delaware without regard to its principles of conflict of laws. 
  

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 13. Amendments. This Restricted Stock Unit Agreement may be amended or modified at any time only
by an instrument in writing signed by each of the parties hereto, and approved by the Committee. The Board may terminate or amend the Plan at any time; provided, however, that the termination or any modification or amendment of the Plan shall not,
without the consent of the Recipient, affect the rights of the Recipient under this Restricted Stock Unit Agreement. 
 14. Survival of
Terms. This Restricted Stock Unit Agreement shall apply to and bind the Recipient and the Company and their respective permitted assignees and transferees, heirs, legatees, executors, administrators and legal successors. 
 15. Agreement Not a Contract for Services; Rights to Terminate Employment. Neither the grant of the Restricted Stock Units, this Restricted Stock
Unit Agreement nor any other action taken pursuant to this Restricted Stock Unit Agreement shall constitute or be evidence of any agreement or understanding, express or implied, that the Recipient has a right to continue to provide services as an
officer, director, employee or consultant of the Company and/or the Employer for any period of time or at any specific rate of compensation. Nothing in the Plan or in this Restricted Stock Unit Agreement shall confer upon the Recipient the right to
continue in the employment of an Employer or affect any right which an Employer may have to terminate the employment of the Recipient. The Recipient specifically acknowledges that the Employer intends to review the Recipient’s performance from
time to time, and that the Company and/or the Employer has the right to terminate the Recipient’s employment at any time, including a time in close proximity to the Vesting Date, for any reason, with or without cause. The Recipient acknowledges
that upon his or her termination of employment with an Employer for any reason (other than as set forth above with respect to Retirement), then all Restricted Stock Units not yet vested shall be immediately forfeited at such time. 
 16. Decisions of Board or Committee. The Board or the Committee shall have the right to resolve all questions which may arise in connection with
the Restricted Stock Units. Any interpretation, determination or other action made or taken by the Board or the Committee regarding the Restricted Stock Units, the Plan or this Restricted Stock Unit Agreement shall be final, binding and conclusive.

 17. Failure to Execute Agreement. This Restricted Stock Unit Agreement and the Restricted Stock Units granted hereunder is subject
to the Recipient returning a counter-signed copy of this Restricted Stock Unit Agreement to the designated representative of the Company on or before 60 days after the date of its distribution to the Recipient. In the event that the Recipient fails
to so return a counter-signed copy of this Agreement within such 60-day period, then this Restricted Stock Unit Agreement and the Restricted Stock Units granted hereunder shall automatically become null and void and shall have no further force or
effect. Electronic acceptance of this Restricted Stock Unit Agreement shall constitute an execution of the Restricted Stock Unit Agreement by the Recipient and a return of the counter-signed copy to the Company. 
  

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 18. Section 409A. For purposes of determining whether the Recipient has experienced a
Retirement for purposes of this Restricted Stock Unit Agreement or whether the Recipient has experienced a termination of employment for purposes of Section 10 hereof, the Recipient will not be treated as having terminated employment unless
such termination constitutes a “Separation from Service” as defined for purposes of Section 409A of the Internal Revenue Code of 1986, as amended (the “Code”). If the Recipient is “specified employee” (within the
meaning of Section 409A) with respect to the Company at the time of a termination of employment and the Recipient becomes vested in Restricted Stock Units as a consequence of a termination of employment, the delivery of Common Stock in respect
of such Restricted Stock Units shall be delayed until the earliest date upon which such Common Stock may be delivered to Recipient without being subject to taxation under Section 409A. 
  

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 IN WITNESS WHEREOF, the parties hereto have executed and delivered this Restricted Stock Unit Agreement
on the day and year first above written. 
  

			
	Health Net, Inc.
	
	  

	 Name:
	 	Jay M. Gellert
	 Title:
	 	President and Chief Executive Officer
	  
 THE UNDERSIGNED RECIPIENT HEREBY EXPRESSLY ACKNOWLEDGES AND
AGREES THAT HE/SHE IS AN EMPLOYEE AT WILL AND MAY BE TERMINATED BY THE EMPLOYER AT ANY TIME, WITH OR WITHOUT CAUSE.

	  
 The undersigned hereby accepts and agrees to all the terms and
provisions of the foregoing Restricted Stock Unit Agreement and to all the terms and provisions of the Health Net, Inc. [PLAN NAME], as amended to date, incorporated by reference herein.

	  
 Recipient:

	  

	[NAME]

  

 7Separation and Release Agreement

 Exhibit 10.1 
 SEPARATION AGREEMENT AND RELEASE 
 This
Separation Agreement and Release (the “Agreement”) is made and entered into as of this 21st day of November, 2007 by and between J. Robert
Vipond (“you”) and Crane Co. (the “Company”). In consideration for the parties’ execution of this Agreement and the promises and covenants contained herein, you and the Company hereby agree as follows: 
 1. Your active employment terminated on November 14, 2007 after which time you were placed on a paid leave of absence. You agree to resign your
position as V.P. Finance and CFO, effective immediately. 
 2. Contingent upon the full execution and delivery of this Agreement without a
revocation having been given, you will receive the following benefits: 
 (a) From November 14, 2007, through January 31, 2008, you
will remain on a paid leave of absence and you will receive your current salary of $12,930.77 per pay period, less all applicable deductions, paid according to the Company’s ordinary payroll practices (the “Salary Continuation
Period”). 
 (b) You will continue to participate in all employee welfare plans maintained by the Company for its employees and their
dependents in accordance with the terms of such plans through January 31, 2008. You will not receive any benefits after January 31, 2008 but you will be eligible for COBRA benefits thereafter. 
 (c) You will be allowed the use of your Company car during the Salary Continuation Period. Normal repairs, maintenance and gasoline will be your
responsibility. Upon termination of the Salary Continuation Period, the Company will transfer title of the car to you at no cost to you. The Company will issue appropriate tax documentation relating to this transaction. 
 (d) You will remain a participant in the EVA bonus pool for Crane Co. Corporate for the year 2007. Your participation percentage will remain the same as
last year (7.5% of the pool) and the payout will be computed per the Crane Co. Corporate EVA Plan payout calculation. The bonus will be paid promptly after the Salary Continuation Period but not later than February 28, 2008. All remaining
amounts in your EVA bank will be forfeited. 
 (e) All outstanding stock options and restricted stock granted to you under the Crane Co.
Stock Incentive Plan will be governed by the terms of that Plan and any stock option or restricted stock agreement between the Company and you. Your options will continue to vest during the Salary Continuation Period and any remaining vested options
at the end of such period shall be exercisable for 90 days thereafter, after which time such options will expire. Your restricted stock will continue to vest through the Salary Continuation Period, and at the end of such period all unvested
restricted stock will be forfeited. 

 (f) The Company agrees to pay you a lump sum payment equal to 9 and one half months pay at your current
base pay (9.5 x $28,016.67 = $266,158.36) minus all required deductions. The Company also agrees to pay you for vacation days accrued but not used up through and including all of 2007 plus the Salary Continuation Period, minus all required
deductions. Such amounts will be paid to you after the last payment made during the Salary Continuation Period but not later than February 15, 2008. 
 (g) The Company will provide you with outplacement counseling services through Lee Hecht Harrison for a period up to six months at no expense to you. The Company will not be obligated to provide you with any
additional outplacement services except as stated in this paragraph. 
 (h) You will submit to the Controller or his designee at Crane Co.,
no later than February 15, 2008, any claims for ordinary and necessary business expenses incurred by you through January 31, 2008 for consideration, review and payment by the Company in accordance with its expense reimbursement policies
and procedures. The Company agrees to pay approved claims in accordance with its policies and procedures. 
 (i) The Company will pay you
$10,000 in respect of your attorneys fees in connection with the review of this Agreement, on or before December 15, 2007. 
 (j) The
Company will not oppose your application for unemployment benefits. 
 (k) If the Company is requested to provide a reference for you, the
response will be made by the Chief Executive Officer. In addition to confirming dates of employment and compensation paid to you, the reference, whether orally or in writing, will be limited to the substance contained in Exhibit A. 
 (1) The Company will issue the press release attached as Exhibit B. 
 3. Other than as set forth in Paragraphs 2(a) through (1), you will not receive — and you acknowledge that you are not entitled to receive — any compensation, payment or benefits of any kind from the
Company, other than your accrued benefits under the Company’s 401k plan and pension plan in accordance with the terms of such plans. You acknowledge that you would not be entitled to receive the payments and benefits specified in Paragraph 2(a)
through (1) absent your execution of this Agreement and the fulfillment of the promises made herein. 
 4. (a) In consideration of
the Company’s execution of this Agreement and of the payments provided for above, which you acknowledge is adequate consideration, you hereby irrevocably and unconditionally waive, release, and forever discharge and covenant not to sue the
Company and its affiliated, related or associated partnerships, limited liability companies and corporations and their respective past and present partners, managing directors, members, stockholders, directors, officers, employees, agents,
attorneys, employee benefit plans, stock plans or plan fiduciaries 

 
(collectively, the “Releasees”), from any and all claims, liabilities and causes of action of any kind which you ever had, now have or hereafter
may have against the Company or any Releasee by reason of any matter, cause or thing whatsoever occurring on or at any time prior to the date hereof, whether known or unknown to you and including, but not limited to, all claims arising out of or
from or regarding or pertaining to any transaction, dealing, conduct, act or omission, or any other matters or things relating to the employment relationship and/or the termination of the employment relationship, based upon any contract, whether
express or implied, oral or written, tort or public policy, claim for costs, fees or expenses, or any allegation of illegal employment practices, defamation or breach of any federal, state or local fair employment practice or equal opportunity law,
or wage and hour law, as amended, including, but not limited to, the National Labor Relations Act, Title VII of the Civil Rights Act of 1964, Sections 1981 through 1988 of Title 42 of the United States Code, the Employee Retirement Income Security
Act of 1974, the Immigration Reform Control Act, the Americans with Disabilities Act of 1990, the Age Discrimination in Employment Act of 1967, the Family and Medical Leave Act of 1993, the Fair Labor Standards Act, the Occupational Safety and
Health Act, the Consolidated Omnibus Budget Reconciliation Act, the Connecticut Human Rights and Opportunities Law, the Connecticut Wage Hour and Wage Payment Law and the Connecticut Family and Medical Leave Act. 
 You covenant and agree that you will not assert any claim or initiate any legal or other action against any Releasee with respect to any matter covered
by the foregoing release. You acknowledge and agree that if you or any of your representatives, heirs, executors or administrators should hereafter make against any Releasee any claim or demand or commence or threaten to commence any action, claim
or proceeding otherwise prohibited by this Agreement, this Paragraph may be raised as a complete bar to any such action, claim or proceeding and the applicable Releasees may recover from you all costs incurred in connection with such action, claim
or proceeding, including reasonable attorneys’ fees if it is determined that any such action, claim or proceedings is prohibited by this Agreement. This Agreement does not impair or release the express obligations of the Company that are set
forth in this Agreement nor does it preclude or prevent you from enforcing your rights as expressed under this Agreement or the Indemnification Agreement dated March 10, 2005 between you and the Company (“Indemnification Agreement”).

 This Agreement does not prevent you from filing a charge with the Equal Employment Opportunity Commission concerning claims of
discrimination, although you specifically waive your right to recover any damages or other relief in any claim or suit brought by or through the Equal Employment Opportunity Commission or any other state or local agency on your behalf under Title
VII of the Civil Rights Act of 1964, as amended, the American with Disabilities Act, or any other federal or state discrimination law, except where prohibited by law. 
 You acknowledge that certain states provide that a general release of claims does not extend to claims which the person executing the release does not know or suspect to exist in his/her favor at the time of executing
the release which, if known, may have materially affected his/her entering into this Agreement. Being aware that such 

 
statutory protection may be available to you, you expressly, voluntarily and knowingly waive any arguable benefit or protection from any such statute in
executing this Agreement, known or unknown. 
 (b) In consideration of your release of the Company as described above, the Company hereby
irrevocably and unconditionally releases you and your successors, heirs and assignees from any and all liabilities or claims it may have against you arising out of your employment or otherwise. The Company hereby agrees that the second paragraph of
Section 4 (a) above shall apply mutatis mutandis in respect of any legal action the Company might bring against you. 
 5. This
Agreement, its terms and the negotiations leading up to the Agreement’s execution are confidential and you agree not to disclose any such information to any third party except your accountant, attorney, spouse, or significant other, or as
required by law. Notwithstanding the terms of this provision, the tax treatment and tax structure of the terms of this Agreement may be reported and disclosed in a matter consistent with all federal, state and local tax laws, and the Company may
file this agreement and describe its material terms to the extent required under the federal securities laws. 
 6. You represent that you
have delivered to the Company any and all property of the Company which is in your possession or under your control, including but not limited to, all computers, handheld electronic devices, cellular telephones, corporate credit cards, corporate
telephone calling cards, security access cards, computer disks, computer software, computer hardware, computer passwords and other computer access information on or before November 17, 2007. If you later discover in your possession, custody or
control any additional property belonging to the Company, you will return such property to the Company within three (3) days of its discovery. 
 7. You will not directly or indirectly publish, disclose, market or use, or authorize, advise, hire, counsel or otherwise procure any other person or entity, directly or indirectly, to publish, disclose, market or use, any confidential or
proprietary information and/or trade secrets of the Company or its affiliates (collectively, “Confidential Information”), of which you became or become aware or informed during your service as an employee of the Company, whether such
Confidential Information is in your memory or embodied in writing or other form. Such Confidential Information is and shall continue to be the exclusive proprietary property of the Company or its affiliated or related entities whether or not it was
disclosed to or developed in whole or in part by you. You agree that you will not make any copies, in any form, of any Confidential Information and will not remove any Confidential Information from the Company. This provision shall not apply to any
information, which is now in, or subsequently comes into, the public domain provided that you have not disclosed or caused to be disclosed such information so as to make it public. 
 8. You acknowledge that you have read and considered all of the terms and conditions of this Agreement, including the restraints imposed upon you
pursuant to Paragraph 7. You agree that such restraints are necessary for the reasonable and proper protection of the Company. 

 9. (a) You shall not make or otherwise publish any statements that in any way disparage, or
otherwise reflect adversely on, the Company or any of the Releasees, to any person or entity either orally or in writing. In the event of a material breach of this provision by you, the Company shall be under no obligation to make any further
payments pursuant to this Agreement. 
 (b) No executive officer of the Company shall make or otherwise publish any statements that in any
way disparage, or otherwise reflect adversely on, you to any person or entity either orally or in writing. 
 10. You acknowledge that in the
event you breach any of your obligations under this Agreement, the Company will not have an adequate remedy of law. Therefore, in the event of a breach by you, the Company shall be under no obligation to make any further payments pursuant to this
Agreement and the Company shall be entitled to temporary, preliminary and permanent injunctive relief and a decree for specific performance of the terms and provisions of this Agreement without the necessity of the Company showing any actual damage
or irreparable harm or the posting of any bond or furnishing of any other security. 
 11. If a court finds that any provision of this
Agreement is not valid or enforceable, such a finding will not disturb the validity of the remaining terms. The provision found to be unenforceable shall be deemed modified to eliminate such unenforceable obligation. 
 12. This Agreement fully supersedes any and all prior agreements, representations or understandings, written or oral between the parties, including but
not limited to, the subject matter of this Agreement or any related employment matter, excluding the Indemnification Agreement, which shall remain in full force and effect. This Agreement may only be amended by a writing signed by the parties to
this Agreement. 
 13. This Agreement shall be governed by and construed in accordance with the laws of the State of Connecticut, excluding
any choice of law principles. Any action to enforce this Agreement or which in any way deals with this Agreement must be brought in a state or federal court of competent jurisdiction located in Fairfield County, Connecticut. The parties agree to
submit and do submit to the exclusive jurisdiction of such court. 
 14. You acknowledge that: 
  

	 	(a)	You have twenty-one (21) days to consider this Agreement. If you sign this Agreement prior to the expiration of the 21 days, you agree that you do so voluntarily and
of your own free will; 

	 	(b)	You have read this entire Agreement including the full release of claims and fully understand its terms; 

  

	 	(c)	You were advised to consult with an attorney prior to signing this Agreement and have had an opportunity to review this Agreement with an attorney; 

 

	 	(d)	You are voluntarily entering into this Agreement, knowingly of your own free will and without undue influence or stress; and 

  

	 	(e)	You would not otherwise be entitled to the payments and benefits provided by this Agreement. 

 15. You shall have a period of seven (7) calendar days following the date of your execution of this Agreement in which you may revoke this Agreement
(the “Revocation Period”). Any revocation within this Revocation Period must be submitted, in writing, to the Company and must state “I hereby revoke my acceptance of my Separation Agreement and Release.” The revocation must be
personally delivered or mailed to Augustus I. duPont, Vice President, General Counsel & Secretary, Crane Co., 100 First Stamford Place, Stamford, CT and received by the Company prior to the expiration of the Revocation Period. If the last
day of the Revocation Period is a Saturday, Sunday or legal holiday in Connecticut, then the Revocation Period shall not expire until the next following day which is not a Saturday, Sunday or legal holiday. This Agreement shall not become effective
or enforceable, and the consideration described above shall not be payable, until the Revocation Period has expired without such revocation having been given. 
 16. This agreement may be executed in one or more counterparts, each of which shall be deemed an original, with the same effect as if the signatures were on the same instrument. 

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

  

									
	 /s/ J. Robert Vipond
	 		 	Date:	 	11/21/07
	J. Robert Vipond	 		 		 	
				
	Crane Co.	 		 		 	
					
	By:	 	 /s/ Augustus I. duPont
	 		 	Date:	 	11/21/07
	Name.	 	Augustus I. duPont	 		 		 	
	Title:	 	Vice President, General Counsel & Secretary

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