Document:

EX-10.2

 Exhibit 10.2 

EMPLOYMENT AGREEMENT 

This EMPLOYMENT AGREEMENT (“Agreement”), dated as of February 25, 2020 (the “Effective Date”), is
between Vistra Energy Corp., TXU Retail Services Company (together, the “Company”), and Scott Hudson (“Executive”). This Agreement amends and restates Executive’s prior Agreement with the Company dated
March 1, 2018. 
 Recitals: 

WHEREAS, the Company and Executive desire to enter into a written employment agreement to reflect the terms upon which Executive shall provide
services to the Company. 
 NOW, THEREFORE, in consideration of the premises and covenants contained herein, and intending to be legally
bound hereby, the parties to this Agreement hereby agree as follows: 
 1.     Term. 

(a)    The term of Executive’s employment under this Agreement shall be effective as of the Effective Date, and shall
continue until the three (3) year anniversary of the Effective Date (the “Initial Expiration Date”); provided that on the Initial Expiration Date and each subsequent anniversary of the Initial Expiration Date, the term
of Executive’s employment under this Agreement shall be extended for one (1) additional year unless either party provides written notice to the other party at least sixty (60) days prior to the Initial Expiration Date (or any such
anniversary, as applicable) that Executive’s employment shall not be so extended (in which case, Executive’s employment shall terminate on the Initial Expiration Date or any such anniversary, as applicable); provided,
however, that Executive’s employment under this Agreement may be terminated at any earlier time pursuant to the provisions of Section 5. The period of time from the Effective Date through the termination of this
Agreement and Executive’s employment hereunder pursuant to its terms is herein referred to as the “Term”; and the date on which the Term is scheduled to expire (i.e., the Initial Expiration Date or the scheduled
expiration of the extended term, if applicable) is herein referred to as the “Expiration Date.” 

(b)    Executive agrees and acknowledges that the Company has no obligation to extend the Term or to continue
Executive’s employment following the Expiration Date, and Executive expressly acknowledges that no promises or understandings to the contrary have been made or reached. 

2.     Definitions. For purposes of this Agreement, the following terms, as used herein, shall have the
definitions set forth below. 
 (a)    “Affiliate” means, with respect to any specified Person, any
other Person that directly or indirectly, through one or more intermediaries, Controls, is Controlled by, or is under common Control with, such specified Person. 

  
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 (b)    “Change in Control” shall, be deemed to occur
upon any of the following events: 
 (i)    the acquisition by any Person or related “group”
(as such term is used in Sections 13(d) and 14(d) of the U.S. Securities Exchange Act of 1934, as amended, and any successor thereto (the “Exchange Act”)) of Beneficial Ownership (as defined in Rule
13d-3 promulgated under Section 13 of the Exchange Act) of 30% or more (on a fully diluted basis) of either (A) the then-outstanding shares of the common stock of the Company (the “Common
Stock”), including Common Stock issuable upon the exercise of options or warrants, the conversion of convertible stock or debt, and the exercise of any similar right to acquire such Common Stock (the “Outstanding Company Common
Stock”); or (B) the combined voting power of the then-outstanding voting securities of the Company entitled to vote in the election of directors (the “Outstanding Company Voting Securities”); but excluding any
acquisition by the Company or any of its Affiliates or by any employee benefit plan sponsored or maintained by the Company or any of its Affiliates; 

(ii)    a change in the composition of the Board such that members of the Board during any consecutive 12-month period (the “Incumbent Directors”) cease to constitute a majority of the Board. Any person becoming a director through election or nomination for election approved by a valid vote of at
least two thirds of the Incumbent Directors shall be deemed an Incumbent Director; provided, however, that no individual becoming a director as a result of an actual or threatened election contest, as such terms are used in Rule 14a-12 of Regulation 14A promulgated under the Exchange Act, or as a result of any other actual or threatened solicitation of proxies or consents by or on behalf of any person other than the Board shall be deemed an
Incumbent Director; 
 (iii)    the approval by the shareholders of the Company of a plan of complete
dissolution or liquidation of the Company; or 
 (iv)    the consummation of a reorganization,
recapitalization, merger, consolidation, statutory share exchange or similar form of corporate transaction involving the Company (a “Business Combination”), or sale, transfer or other disposition of all or substantially all of the
business or assets of the Company to an entity that is not an Affiliate of the Company (a “Sale”), unless immediately following such Business Combination or Sale: (A) more than 50% of the total voting power of the entity
resulting from such Business Combination or the entity that acquired all or substantially all of the business or assets of the Company in such Sale (in either case, the “Surviving Company”), or the ultimate parent entity that has
Beneficial Ownership of sufficient voting power to elect a majority of the board of directors (or analogous governing body) of the Surviving Company (the “Parent Company”), is represented by the Outstanding Company Voting Securities
that were outstanding immediately prior to such Business Combination or Sale (or, if applicable, is represented by shares into which the Outstanding Company Voting Securities were converted pursuant to such Business Combination or Sale), and such
voting power among the holders thereof is in substantially the same proportion as the voting power of the Outstanding Company Voting Securities among the holders thereof immediately prior to the Business

  
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Combination or Sale, (B) no Person or related group of Persons (other than any employee benefit plan sponsored or maintained by the Surviving Company or the Parent Company), is or becomes
the beneficial owner, directly or indirectly, of 50% or more of the total voting power of the outstanding voting securities eligible to elect members of the board of directors (or the analogous governing body) of the Parent Company (or, if there is
no Parent Company, the Surviving Company) and (C) at least a majority of the members of the board of directors (or the analogous governing body) of the Parent Company (or, if there is no Parent Company, the Surviving Company) following the
consummation of the Business Combination or Sale were Board members at the time of the Board’s approval of the execution of the initial agreement providing for such Business Combination or Sale. 

(c)    “Cause” means (i) Executive’s willful and continued failure to perform Executive’s
duties with the Company; (ii) Executive’s willful and continued failure to follow and comply with the written policies of the Company as in effect from time to time; (iii) Executive’s willful commission of an act of fraud or
dishonesty resulting in economic or financial injury to the Company; (iv) Executive’s willful engagement in illegal conduct or gross misconduct; (v) Executive’s willful breach of this Agreement; or (vi) Executive’s
indictment for, conviction of, or a plea of guilty or nolo contendere to any felony or other crime involving moral turpitude. No act or failure to act will be treated as willful if it is done, or omitted to be done, by Executive in good faith and
with a good faith belief that such act or omission was in the best interests of the Company. 

(d)    “Control” (including, with correlative meanings, the terms “Controlled by” and
“under common Control with”), as used with respect to any Person, means the direct or indirect possession of the power to direct or cause the direction of the management or policies of such Person, whether through the ownership of
voting securities or by contract. 
 (e)    “Disability” means Executive would be entitled to
long-term disability benefits under the Company’s long-term disability plan as in effect from time to time, without regard to any waiting or elimination period under such plan and assuming for the purpose of such determination that Executive is
actually participating in such plan at such time. If the Company does not maintain a long-term disability plan, “Disability” means Executive’s inability to perform Executive’s duties and responsibilities hereunder on a
full-time basis for a consecutive period of one hundred eighty (180) days due to physical or mental illness or incapacity that is determined to be total and permanent by a physician selected by the Company or its insurers and reasonably
acceptable to Executive or Executive’s legal representative. 
 (f)    “Good Reason” means the
occurrence, without the consent of Executive, of either of the following events: (i) any material diminution of, or modification to, Executive’s title, duties, responsibilities, authorities, or terms of employment set forth in
Section 3 or (ii) any breach by the Company of any of its material obligations to Executive. Prior to resigning for Good Reason, Executive shall give written notice to the Company of the facts and circumstances claimed
to provide a basis for such resignation not more than sixty (60) days following Executive’s knowledge of such facts and circumstances, and the Company shall have ten (10) business days after receipt of such notice to cure (and if so
cured, Executive shall not be permitted to resign for Good Reason in respect thereof) and Executive shall resign within ten (10) business days following the Company’s failure to cure. 

  
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 (g)    “Person” means any individual, firm,
corporation, partnership, limited liability company, trust, joint venture, association, unincorporated entity, or other entity. 

3.    Duties and Responsibilities. The Company hereby employs Executive, and Executive hereby accepts
employment, subject to the terms and conditions contained herein, during the Term, as the President Vistra Retail. During the Term, Executive agrees to be employed by and devote all of Executive’s business time and attention to the Company and
the promotion of its interests and to use Executive’s best efforts to faithfully and diligently serve the Company; provided, however, that, to the extent that such activities do not significantly interfere with the performance of
Executive’s duties, services, and responsibilities under this Agreement, Executive shall be permitted to (a) manage Executive’s personal, financial, and legal affairs, (b) serve on civic or charitable boards and committees of
such boards and (c) to the extent approved by the Board of Directors of the Company (the “Board”) pursuant to a duly authorized resolution of the Board, serve on corporate boards and committees of such boards. Executive will
report to the Chief Operating Officer or an equivalent or higher position. Executive will perform such lawful duties and responsibilities as are commensurate with Executive’s title and position, and such other duties and responsibilities
commensurate with Executive’s title and position as may be reasonably requested by the Chief Executive Officer, Chief Operating Officer, and the Board from time to time. Executive will have the authority customarily exercised by an individual
serving as a President of a business unit of a corporation of the size and nature of the Company’s retail operations. Executive’s place of employment will be in Irving, Texas. 

4.    Compensation and Related Matters. (a) Base Salary. During the Term, Executive shall
receive an aggregate annual base salary (“Base Salary”) at an initial rate of $550,000, payable in accordance with the Company’s applicable payroll practices. Base Salary shall be reviewed annually by the Board and increased
(but not decreased) in the Board’s sole discretion. References in this Agreement to Base Salary shall be deemed to refer to the most recently effective annual base salary rate. 

(b)    Annual Bonus. During the Term, Executive shall be eligible to receive a cash bonus (the “Annual
Bonus”) for each year (or portion thereof), provided that, except as otherwise provided herein, Executive has remained employed by the Company as of the applicable payment date. Executive’s target bonus opportunity for any particular
year (the “Target Bonus”) shall be 90% of Base Salary, and Executive’s maximum bonus opportunity shall be 200% of the Target Bonus. The Annual Bonus shall be subject to performance metrics approved by the Board based on key
short-term objectives and shall be at the full discretion of the Board. Any Annual Bonus shall be paid in the fiscal year following the fiscal year to which such Annual Bonus relates, at the same as annual bonuses are paid to all other senior
executives. 
 (c)    Equity Compensation. Executive shall be entitled to receive equity compensation awards as
described in Exhibit A. 

  
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 (d)    Benefits and Perquisites. During the Term, Executive
shall be entitled to participate in the benefit plans and programs and receive perquisites that are provided by the Company from time to time for its senior executives generally, subject to the terms and conditions of such plans and programs, as
they may be amended from time to time, and commensurate with Executive’s position. During the Term, Executive shall be entitled to up to $15,000 per year for tax and financial planning. 

(e)    Business Expense Reimbursements. During the Term, the Company shall promptly reimburse Executive for
Executive’s reasonable and necessary business expenses in accordance with the Company’s then-prevailing policies and procedures for expense reimbursement (which shall include appropriate itemization and substantiation of expenses
incurred). 
 (f)    Indemnification. The Company shall indemnify and hold harmless Executive, to the fullest
extent permitted by law and the Company’s governing documents, against all claims, expenses, damages, liabilities, and losses incurred by Executive (whether before or after the Original Effective Date) by reason of the fact that Executive is or
was, or had agreed to become, a consultant, director, officer, employee, agent, or fiduciary of the Company or any of its subsidiaries or Affiliates or predecessors of any of the foregoing, or any benefit plan of any of the foregoing, or is or was
serving at the request of the Company as a consultant, director, officer, partner, venturer, proprietor, trustee, employee, agent, fiduciary, or similar functionary of another corporation, partnership, joint venture, business, person, trust,
employee benefit plan, or other entity. The Company shall provide Executive with customary directors’ and officers’ liability insurance coverage both during and after the Term with regard to matters occurring during employment or while
otherwise providing services to, or serving at the request of, the Company or any of its subsidiaries or Affiliates, or any benefit plan of any of the foregoing, which coverage shall be at a level at least equal to the greatest level being
maintained at such time for any current officer or director and shall continue until such time as suits can no longer be brought against Executive as a matter of law. Executive will be entitled to advancement of expenses in connection with any claim
in the same manner and to the same extent to which any other officer or director of the Company is entitled. Notwithstanding the foregoing, the Company shall not be required to indemnify or advance expenses to Executive in connection with
(i) any dispute in connection with this Agreement or Executive’s employment hereunder; (ii) any action, claim, or proceeding initiated by Executive against the Company unless such action, claim, or proceeding is approved in advance by
the Board in writing or (iii) any liabilities, damages, claims or expenses incurred that are attributable to Executive’s fraud, bad faith, willful misconduct, or gross negligence. 

5.    Termination of Employment. (a) Executive’s employment under this Agreement may be terminated
by either party at any time and for any reason; provided, however, that Executive shall be required to give the Company at least sixty (60) days’ advance written notice of any voluntary resignation of Executive’s
employment hereunder (other than resignation for Good Reason) (and in such event the Company in its sole discretion may elect to accelerate Executive’s date of termination of employment, it being understood that such termination shall still be
treated as a voluntary resignation without Good Reason for purposes of this Agreement). Notwithstanding the foregoing, Executive’s employment shall terminate automatically upon Executive’s death. 

  
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 (b)    Following any termination of Executive’s employment under
this Agreement, except as provided under Sections 5(c), 5(d), and 5(e), the obligations of the Company to pay or provide Executive with compensation and benefits under Section 4 shall cease, and the Company
shall have no further obligations to provide compensation or benefits to Executive hereunder, except (i) for payment of any accrued but unpaid Base Salary and any accrued but unused vacation and for payment of any unreimbursed business expenses
under Section 4(e), in each case accrued or incurred through the date of termination of employment, payable as soon as practicable and in all events within thirty (30) days following the date of termination of
employment, (ii) as explicitly set forth in any other benefit plans, programs, or arrangements applicable to terminated employees in which Executive participates (including, without limitation, equity award agreements), other than severance
plans or policies (including severance benefits following a Change in Control), and (iii) as otherwise expressly required by applicable law. For the avoidance of doubt, except as otherwise provided below, any Unpaid Annual Bonus (as defined
below) is forfeited if Executive’s employment is terminated for any reason. 
 (c)    If Executive’s
employment under this Agreement is terminated (i) by the Company without Cause (other than due to death or Disability), (ii) by Executive for Good Reason, or (iii) due to expiration of the Term on the Expiration Date as a result of the
Company delivering a notice of non-renewal as contemplated by Section 1, in addition to the payments and benefits specified in Section 5(b), Executive shall
be entitled to receive: (i) severance pay in an aggregate amount (the “Severance Pay”) equal to, two times (2x) the sum of (A) Base Salary plus (B) (x) Target Bonus , if such termination of employment occurs prior to
the second (2nd) anniversary of the Effective Date, or (y) the prior year’s Annual Bonus, if such termination of employment occurs on or after the second (2nd) anniversary of the Effective Date; (ii) a prorated Annual Bonus in respect of the fiscal year of termination equal to the product of (x) the amount of Annual Bonus that would have been
payable to Executive had Executive’s employment not so terminated based on actual performance measured through the fiscal year of termination, and (y) a fraction, the numerator of which is the number of days elapsed in the Company’s
fiscal year in which the termination occurs through such termination and the denominator of which is the number of days in such fiscal year (the “Prorated Bonus”); (iii) any accrued but unpaid Annual Bonus in respect of the fiscal
year prior to the fiscal year of termination (the “Unpaid Annual Bonus”); and (iv) continued health insurance benefits under the terms of the applicable Company benefit plans for twenty-four (24) months, subject to
Executive’s payment of the cost of such benefits to the same extent that active employees of the Company are required to pay for such benefits from time to time; provided, however, that such continuation coverage shall end earlier
upon Executive’s becoming eligible for comparable coverage under another employer’s benefit plans; and provided, further, that to the extent that the provision of such continuation coverage is not permitted under the terms of
the Company benefit plans or would result in an adverse tax consequence to the Company, the Company may alternatively provide Executive with a monthly cash payment in an amount equal to the applicable COBRA premium that Executive would otherwise be
required to pay to obtain COBRA continuation coverage for such benefits for twenty-four (24) months (assuming that COBRA continuation coverage were available for such period) (minus the cost of such benefits to the same extent that active
employees of the Company are required to pay for such benefits from time to time) (the “Severance Benefits”), commencing as provided in Section 23(c). The Severance Pay shall be paid in equal installments
during the 

  
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twenty-four (24) month period following Executive’s termination in accordance with the Company’s regular payroll practices, but no less frequently than monthly, and commencing as
provided in Section 23(c) below. The Unpaid Annual Bonus shall be paid on the date bonuses are paid to other executives during the fiscal year of Executive’s termination and the Prorated Bonus shall be paid on the date
bonuses are paid to other executives of the Company in the year following the fiscal year of Executive’s termination. 

(d)    Notwithstanding anything herein to the contrary, if at any time within eighteen (18) months following a
Change in Control, Executive’s employment under this Agreement is terminated (i) by the Company without Cause (other than due to death or Disability), (ii) by Executive for Good Reason, or (iii) due to expiration of the Term on
the Expiration Date as a result of the Company delivering a notice of non-renewal as contemplated by Section 1, then Executive, in lieu of any of the amounts and benefits described in
Section 5(c) and in addition to the payments and benefits specified in Section 5(b), shall be entitled to receive (i) the Unpaid Annual Bonus, (ii) 2.99 times the sum of (A) Base
Salary plus (B) Target Bonus (the “CIC Severance Pay”), (iii) the product of (x) the Target Bonus, and (y) a fraction, the numerator of which is the number of days elapsed in the Company’s fiscal year in
which the termination occurs through such termination and the denominator of which is the number of days in such fiscal year (the “Prorated CIC Bonus”), and (iv) the Severance Benefits for twenty-four (24) months (as
described above and commencing as provided in Section 23(c)). The CIC Severance Pay and the Prorated CIC Bonus shall be paid in cash in a lump sum on the first payroll following the satisfaction of the Release Condition,
subject to Section 23(c); provided, however, if the Change in Control does not constitute a “change in the ownership or effective control of the corporation, or in the ownership of a substantial portion of the assets
of the corporation” within the meaning of Section 409A(a)(2)(A)(v) of the Internal Revenue Code of 1986, as amended (the “Code”), the portion of the CIC Severance Pay that is not in excess of the Severance Pay that would
have been payable upon such termination if Section 5(c) applied shall be paid to Executive in equal monthly installments during the twenty-four (24) month period following Executive’s termination in accordance
with the Company’s regular payroll practices, but no less frequently than monthly, and commencing as provided in Section 23(c) below, and the portion of the CIC Severance Pay in excess of such amount shall be paid to
Executive in a lump sum 60 days after the consummation of the Change in Control. The Unpaid Annual Bonus shall be paid on the date bonuses are paid to other executives during the fiscal year of Executive’s termination. 

(e)    If Executive’s employment under this Agreement is terminated due to death or Disability, in addition to the
payments and benefits specified in Section 5(b), Executive shall be entitled to receive (i) the Prorated Bonus, paid on the date bonuses are paid to other executives of the Company in the year following the fiscal year
of Executive’s termination and (ii) the Unpaid Annual Bonus, paid on the date bonuses are paid to other executives of the Company in the fiscal year of Executive’s termination. 

(f)    Executive’s entitlement to the payments and benefits set forth in Sections 5(c) and 5(d) shall
be conditioned upon Executive’s having provided an irrevocable waiver and release of claims in favor of the Company, its Affiliates, their respective predecessors and successors, and all of the respective current or former directors, officers,
employees, shareholders, partners, members, agents, or representatives of any of the foregoing (collectively, 

  
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the “Released Parties”), substantially in the form attached hereto as Exhibit B (the “Release”), that has become effective in accordance with its terms
within sixty (60) days following Executive’s termination of employment (the “Release Condition”), and Executive’s continued compliance with Sections 6 and 7 hereof. 

(g)    Upon termination of Executive’s employment for any reason, and regardless of whether Executive continues as a
consultant to the Company, upon the Company’s request Executive agrees to resign, as of the date of such termination of employment or such other date requested, from the Board and any committees thereof, and, if applicable, from the board of
directors (and any committees thereof) of any Affiliate of the Company to the extent Executive is then serving thereon. The Company’s obligations to make the payments provided for in this Agreement are subject to
set-off for any undisputed amounts owed by Executive, to the extent permitted by Section 409A (as defined below) and any Company clawback policy. 

(h)    The payment of any amounts accrued under any benefit plan, program, or arrangement in which Executive participates
shall be subject to the terms of the applicable plan, program, or arrangement, and any elections Executive has made thereunder. 

(i)    Following any termination of Executive’s employment, Executive shall have no obligation to seek other
employment or take any other action by way of mitigation of the amounts payable to Executive under any of the provisions of this Agreement. There shall be no offset against amounts due Executive under this Agreement on account of any remuneration
attributable to later employment, consultancy, or other remunerative activity of Executive. 
 6.    Confidential
Information. 
 (a)    Executive acknowledges that the Company and its Affiliates continually develop Confidential
Information (as defined below), that Executive may develop Confidential Information for the Company or its Affiliates and that Executive may learn of Confidential Information during the course of Executive’s employment. 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 or use, other than as required by applicable law or for the proper performance of Executive’s duties
and responsibilities to the Company and its Affiliates, any Confidential Information obtained by Executive incident to Executive’s employment or other association with the Company or any of its Affiliates. Executive understands that this
restriction shall continue to apply after Executive’s 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 Executive, shall be the sole and exclusive property of the Company and its Affiliates. Executive
shall safeguard all Documents and shall surrender to the Company at the time Executive’s employment terminates, or at such earlier time or times as the Company may specify, all Documents then in Executive’s possession or control. Executive
shall immediately return such Documents and other property to the Company upon the termination of Executive’s employment 

  
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and, in any event, at the Company’s request. Executive further agrees that any property situated on the premises of, and owned by, the Company or its Affiliates, including disks and other
storage media, filing cabinets, or other work areas, is subject to inspection by the Company’s personnel at any time with or without notice. 

(c)    Executive understands that nothing contained in this Agreement limits Executive’s ability to file a charge or
complaint with the Securities and Exchange Commission (“SEC”). Executive further understands that this Agreement does not limit Executive’s ability to communicate with the SEC or otherwise participate in any investigation or
proceeding that may be conducted by the SEC, including providing documents or other information, without notice to the Company. This Agreement does not limit Executive’s right to receive an award for information provided to the SEC. This
Section 6(c) applies only for the period of time that the Company is subject to the Dodd-Frank Act. 

(d)    “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) all products planned, researched, developed, tested, manufactured, sold, licensed, leased or otherwise distributed or put into use by the Company and its Affiliates, together with all services provided or planned by the
Company or any of its Affiliates, during Executive’s employment, (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. 

7.    Restricted Activities. Executive agrees that some restrictions on Executive’s activities during
and after Executive’s employment are necessary to protect the goodwill, Confidential Information, and other legitimate interests of the Company and its Affiliates. Following the Effective Date, the Company will provide Executive with access to
and knowledge of Confidential Information and trade secrets and will place Executive in a position of trust and confidence with the Company, and Executive will benefit from the Company’s goodwill. The restrictive covenants below are necessary
to protect the Company’s legitimate business interests in its Confidential Information, trade secrets and goodwill. Executive further understands and acknowledges that the Company’s ability to reserve these for the exclusive knowledge and
use of the Company is of great competitive importance and commercial value to the Company and that the Company would be irreparably harmed if Executive violates the restrictive covenants below. In recognition of the consideration provided to
Executive as well as the imparting to Executive of Confidential Information, including trade secrets, and for other good and valuable consideration, Executive hereby agrees as follows: 

(a)    While Executive is employed by the Company and for twenty-four (24) months after Executive’s employment
terminates for any reason, whether before or after the Expiration Date (in the aggregate, the “Non-Competition Period”), Executive shall not, directly or indirectly, whether as owner, partner,
investor (other than a passive investor of less than 5% in a publicly traded company), consultant, agent, employee, co-venturer, or otherwise, (i) compete with the business of the Company or any of its
subsidiaries in any location where the Company or its subsidiaries conducts business (a “Competitive Business”) or (ii) undertake any planning for any Competitive Business. With respect to the portion of the Non-Competition Period that follows Executive’s termination of employment, the determination of whether a business is a Competitive Business shall be made based on the scope and location of the businesses
conducted or planned to be conducted by the Company and its subsidiaries as of the date of such termination. 

  
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 (b)    Executive agrees that, during Executive’s employment with
the Company, Executive will not undertake any outside activity, whether or not competitive with the business of the Company or its Affiliates, that would reasonably give rise to a conflict of interest or otherwise interfere with Executive’s
duties and obligations to the Company or any of its Affiliates. 
 (c)    Executive further agrees that, during the Non-Competition Period, Executive will not solicit, hire, or attempt to solicit or hire any employee of the Company or any of its Affiliates (or any individual who was employed by the Company or any of its
Affiliates during the one (1) year period prior to Executive’s termination), assist in such hiring by any Person, encourage any such employee to terminate his or her relationship with the Company or any of its Affiliates, or solicit or
encourage any customer, client, 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
with the Company or any of its Affiliates. 
 (d)    Executive shall not, whether in writing or orally, malign,
denigrate, or disparage the Company or its Affiliates, or their respective predecessors and 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. The Company shall direct
its directors and officers not to, whether in writing or orally, malign, denigrate, or disparage Executive with respect to any of Executive’s past or present activities, or otherwise publish (whether in writing or orally) statements that are
intended to portray Executive in an unfavorable light. 
 (e)    Executive’s and the Company’s obligations
under this Section 7, as applicable, shall continue beyond the termination of Executive’s employment with the Company. 

8.    Notification Requirement. Through and up to the conclusion of the
Non-Competition Period, 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 Executive’s business relationship(s) and position(s) with such Person. 

  
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 9.    Intellectual Property Rights. (a) Executive
agrees that the results and proceeds of Executive’s services for the Company (including, but not limited to, any trade secrets, products, services, processes, know-how, designs, developments, innovations,
analyses, drawings, reports, techniques, formulas, methods, developmental or experimental work, improvements, discoveries, inventions, ideas, source and object codes, programs, writing and other works of authorship) resulting from services performed
while an employee of the Company and any works in progress, whether or not patentable or registrable under copyright or similar statutes, that were made, developed, conceived, or reduced to practice or learned by Executive, either alone or jointly
with others (collectively, “Inventions”), shall be works-made-for-hire and the Company shall be deemed the sole owner throughout the universe of any and
all trade secret, patent, copyright, and other intellectual property rights (collectively, “Proprietary Rights”) of whatsoever nature therein, whether or not now or hereafter known, existing, contemplated, recognized, or developed,
with the right to use the same in perpetuity in any manner the Company determines in its sole discretion, without any further payment to Executive whatsoever. If, for any reason, any of such results and proceeds shall not legally be a work-made-for-hire and/or there are any Proprietary Rights which do not accrue to the Company under the immediately preceding sentence, then Executive hereby irrevocably
assigns and agrees to assign any and all of Executive’s right, title, and interest thereto, including any and all Proprietary Rights of whatsoever nature therein, whether or not now or hereafter known, existing, contemplated, recognized, or
developed, to the Company, and the Company shall have the right to use the same in perpetuity throughout the universe in any manner determined by the Company without any further payment to Executive whatsoever. As to any Invention that Executive is
required to assign, Executive shall promptly and fully disclose to the Company all information known to Executive concerning such Invention. 

(b)    Executive agrees that, from time to time, as may be requested by the Company and at the Company’s sole cost
and expense, Executive shall do any and all things that the Company may reasonably deem useful or desirable to establish or document the Company’s exclusive ownership throughout the United States of America or any other country of any and all
Proprietary Rights in any such Inventions, including the execution of appropriate copyright and patent applications or assignments. To the extent that Executive has any Proprietary Rights in the Inventions that cannot be assigned in the manner
described above, Executive unconditionally and irrevocably waives the enforcement of such Proprietary Rights. This Section 9(b) is subject to and shall not be deemed to limit, restrict, or constitute any waiver by the
Company of any Proprietary Rights of ownership to which the Company may be entitled by operation of law by virtue of the Company’s being Executive’s employer. Executive shall execute, verify, and deliver such documents and perform such
other acts (including appearances as a witness) as the Company may reasonably request for use in applying for, obtaining, perfecting, evidencing, sustaining, and enforcing such Proprietary Rights and the assignment thereof. In addition, Executive
shall execute, verify, and deliver assignments of such Proprietary Rights to the Company or its designees. Executive’s obligations under this Section 9 shall continue beyond the termination of Executive’s
employment with the Company. 

  
 11 

 (c)    Executive hereby waives and quitclaims to the Company any and
all claims, of any nature whatsoever, that Executive now or may hereafter have for infringement of any Proprietary Rights assigned hereunder to the Company. 

10.    Remedies and Injunctive Relief. Executive acknowledges that a violation by Executive of any of the
covenants contained in Sections 6, 7, 8, or 9 would cause irreparable damage to the Company in an amount that would be material but not readily ascertainable, and that any remedy at law (including the payment of damages)
would be inadequate. Accordingly, Executive agrees that, notwithstanding any provision of this Agreement to the contrary, the Company shall be entitled (without the necessity of showing economic loss or other actual damage) to injunctive relief
(including temporary restraining orders, preliminary injunctions, and permanent injunctions) in any court of competent jurisdiction for any actual or threatened breach of any of the covenants set forth in Sections 6, 7, 8, or
9 in addition to any other legal or equitable remedies it may have. The preceding sentence shall not be construed as a waiver of the rights that the Company may have for damages under this Agreement or otherwise, and all of the Company’s
rights shall be unrestricted. 
 11.    Representations; Advice of Counsel. (a) Executive represents,
warrants, and covenants that as of the date hereof: (i) Executive has the full right, authority, and capacity to enter into this Agreement and perform Executive’s obligations hereunder, (ii) Executive is not bound by any agreement
that conflicts with or prevents or restricts the full performance of Executive’s duties and obligations to the Company hereunder during or after the Term, and (iii) the execution and delivery of this Agreement shall not result in any
breach or violation of, or a default under, any existing obligation, commitment, or agreement to which Executive is subject. 

(b)    Prior to execution of this Agreement, Executive was advised by the Company of Executive’s right to seek
independent advice from an attorney of Executive’s own selection regarding this Agreement. Executive acknowledges that Executive has entered into this Agreement knowingly and voluntarily and with full knowledge and understanding of the
provisions of this Agreement after being given the opportunity to consult with counsel. Executive further represents that in entering into this Agreement, Executive is not relying on any statements or representations made by any of the
Company’s directors, officers, employees, or agents that are not expressly set forth herein, and that Executive is relying only upon Executive’s own judgment and any advice provided by Executive’s attorney. 

(c)    The Company represents, warrants, and covenants that as of the date hereof: (i) the Company has the full
right, authority, and capacity to enter into this Agreement and perform the Company’s obligations hereunder, (ii) the Company is not bound by any agreement that conflicts with or prevents or restricts the full performance of the
Company’s obligations to Executive hereunder during or after the Term, and (iii) the execution and delivery of this Agreement shall not result in any breach or violation of, or a default under, any existing obligation, commitment, or
agreement to which the Company is subject. 
 12.    Cooperation. Executive agrees that, upon reasonable
notice and without the necessity of the Company’s obtaining a subpoena or court order, Executive shall provide reasonable cooperation in connection with any suit, action, or proceeding (or any appeal from any

  
 12 

 
suit, action, or proceeding), and any investigation or defense of any claims asserted against the Company or its Affiliates, that relates to events occurring during Executive’s employment
with the Company and its Affiliates as to which Executive may have relevant information (including but not limited to furnishing relevant information and materials to the Company or its designee and providing testimony at depositions and at trial);
provided, that with respect to such cooperation occurring following termination of employment, the Company shall reimburse Executive for expenses reasonably incurred in connection therewith. 

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

14.    Assignment. Neither the Company nor 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 party; provided, that the Company may assign its rights under this Agreement without the consent of Executive to a successor to substantially
all of the business of the Company in the event that the Company shall effect a reorganization, consolidate with or merge into any other corporation, partnership, organization, or other entity, or transfer all or substantially all of its properties
or assets to any other corporation, partnership, organization, or other entity. This Agreement shall inure to the benefit of and be binding upon the Company and Executive, and their respective successors, executors, administrators, heirs, and
permitted assigns. 
 15.    Governing Law; No Construction Against Drafter. This Agreement shall be
deemed made in the State of Delaware, and the validity, interpretation, construction, and performance of this Agreement in all respects shall be governed by the laws of the State of Delaware without regard to its principles of conflicts of law. No
provision of this Agreement or any related document will be construed against or interpreted to the disadvantage of any party hereto by any court or other governmental or judicial authority by reason of such party’s having or being deemed to
have structured or drafted such provision. 
 16.    Consent to Jurisdiction; Waiver of Jury Trial.
(a) Except as otherwise specifically provided herein, Executive and the Company each hereby irrevocably submit to the exclusive jurisdiction of the federal courts located within the State of Delaware (or, if subject matter jurisdiction in such
courts are not available, in any state court located within the State of Delaware) over any dispute arising out of or relating to this Agreement. Except as otherwise specifically provided in this Agreement, the parties undertake not to commence any
suit, action or proceeding arising out of or relating to this Agreement in a forum other than a forum described in this Section 16(a); provided, however, that nothing herein shall preclude either party from
bringing any suit, action, or proceeding in any other court for the purpose of enforcing the provisions of this Section 16 or enforcing any judgment obtained by either party. 

(b)    The agreement of the parties to the forum described in Section 16(a) is independent of
the law that may be applied in any suit, action, or proceeding, and the parties agree to such forum even if such forum may under applicable law choose to apply non-forum law. The parties hereby waive, to the
fullest extent permitted by applicable law, any objection which they now or hereafter have to personal jurisdiction or to the laying of venue of 

  
 13 

 
any such suit, action, or proceeding brought in an applicable court described in Section 16(a), and the parties agree that they shall not attempt to deny or defeat such
personal jurisdiction by motion or other request for leave from any such court. The parties agree that, to the fullest extent permitted by applicable law, a final and non-appealable judgment in any suit,
action, or proceeding brought in any applicable court described in Section 16(a) shall be conclusive and binding upon the parties and may be enforced in any other jurisdiction. 

(c)    The parties hereto irrevocably consent to the service of any and all process in any suit, action, or proceeding
arising out of or relating to this Agreement by the mailing of copies of such process to such party at such party’s address specified in Section 20. 

(d)    Each party hereto hereby waives, to the fullest extent permitted by applicable law, any right it may have to a
trial by jury in respect of any suit, action, or proceeding arising out of or relating to this Agreement. Each party hereto (i) certifies that no representative, agent, or attorney of any other party has represented, expressly or otherwise,
that such party would not, in the event of any action, suit, or proceeding, seek to enforce the foregoing waiver, and (ii) acknowledges that it and the other party hereto has been induced to enter into this Agreement by, among other things, the
mutual waiver and certifications in this Section 16(d). 
 (e)    Each party shall bear his
or her or its own costs and expenses (including reasonable attorneys’ fees and expenses) incurred in connection with any dispute arising out of or relating to this Agreement. 

17.    Amendment; No Waiver; Severability. (a) No provisions of this Agreement may be amended,
modified, waived, or discharged except by a written document signed by Executive and a duly authorized officer of the Company (other than Executive). The failure of a party to insist upon strict adherence to any term of this Agreement on any
occasion shall not be considered a waiver of such party’s rights or deprive such party of the right thereafter to insist upon strict adherence to that term or any other term of this Agreement. No failure or delay by either party in exercising
any right or power hereunder will operate as a waiver thereof, nor will any single or partial exercise of any such right or power, or any abandonment of any steps to enforce such a right or power, preclude any other or further exercise thereof or
the exercise of any other right or power. 
 (b)    If any term or provision of this Agreement is invalid, illegal, or
incapable of being enforced by any applicable law or public policy, all other conditions and provisions of this Agreement shall nonetheless remain in full force and effect so long as the economic and legal substance of the transactions contemplated
by this Agreement is not affected in any manner materially adverse to any party; provided, that in the event that any court of competent jurisdiction shall finally hold in a non-appealable judicial
determination that any provision of Sections 6 through 10 (whether in whole or in part) is void or constitutes an unreasonable restriction against Executive, such provision shall not be rendered void but shall be deemed modified to the
minimum extent necessary to make such provision enforceable for the longest duration and the greatest scope as such court may determine constitutes a reasonable restriction under the circumstances. Subject to the foregoing, upon such determination
that any term or other provision is invalid, illegal, or incapable of being enforced, the parties hereto shall negotiate in good faith to modify this Agreement so as to effect the original intent of the parties as closely as possible in a mutually
acceptable manner in order that the transactions contemplated hereby be consummated as originally contemplated to the fullest extent possible. 

  
 14 

 18.    Entire Agreement. This Agreement constitutes the
entire agreement and understanding between the Company and Executive with respect to the subject matter hereof and supersedes all prior agreements and understandings (whether written or oral), between Executive and the Company, relating to such
subject matter. None of the parties shall be liable or bound to any other party in any manner by any representations and warranties or covenants relating to such subject matter except as specifically set forth herein. 

19.    Survival. The rights and obligations of the parties under the provisions of this Agreement shall
survive, and remain binding and enforceable, notwithstanding the expiration of the Term, the termination of this Agreement, the termination of Executive’s employment hereunder or any settlement of the financial rights and obligations arising
from Executive’s employment hereunder, to the extent necessary to preserve the intended benefits of such provisions. 

20.    Notices. All notices or other communications required or permitted to be given hereunder shall be in
writing and shall be delivered by hand or sent by facsimile or sent, postage prepaid, by registered, certified, or express mail or overnight courier service and shall be deemed given when so delivered by hand or facsimile, or if mailed, three days
after mailing (one (1) business day in the case of express mail or overnight courier service) to the parties at the following addresses or facsimiles (or at such other address for a party as shall be specified by like notice): 

 

					
		 	If to the Company:	  	Vistra Energy Corp.
		 		  	Attn: Corporate Secretary
		 		  	6555 Sierra Drive
		 		  	Irving, TX 75039
			
		 	If to Executive:	  	At the most recent address on file in the Company’s records.

 Notices delivered by facsimile shall have the same legal effect as if such notice had been delivered in
person. 
 21.    Headings and References. The headings of this Agreement are inserted for convenience
only, and neither constitute a part of this Agreement nor affect in any way the meaning or interpretation of this Agreement. When a reference in this Agreement is made to a Section, such reference shall be to a Section of this Agreement unless
otherwise indicated. 
 22.    Counterparts. This Agreement may be executed in one or more counterparts
(including via facsimile and electronic image scan (.pdf)), each of which shall be deemed to be an original, but all of which together shall constitute one and the same instrument and shall become effective when one or more counterparts have been
signed by each of the parties and delivered to the other parties. 

  
 15 

 23.    Section 409A. (a) For purposes of this
Agreement, “Section 409A” means Section 409A of the Code, 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 or exempt from Section 409A. 

(b)    Notwithstanding anything in this Agreement to the contrary, the following special rule shall apply, if and to the
extent required by Section 409A, in the event that (i) Executive is deemed to be a “specified employee” within the meaning of Code Section 409A(a)(2)(B)(i) (as determined in accordance with the methodology established by the
Company as in effect on the date of Executive’s “separation from service” (within the meaning of Treasury Regulations § 1.409A-1(h)), (ii) amounts or benefits under this Agreement or any
other program, plan, or arrangement of the Company or a controlled group affiliate thereof are due or payable on account of separation from service, and (iii) Executive is employed by a public company or a controlled group affiliate thereof:
payments hereunder that are “deferred compensation” subject to Section 409A that would be made to Executive prior to the date that is six (6) months after the date of Executive’s separation from service shall be made within
10 business days after such six (6) month date or, if earlier, ten (10) days following the date of Executive’s death; following any applicable delay, all such delayed payments, without interest will be paid in a single lump sum on the
earliest permissible payment date. 
 (c)    Except to the extent required to be delayed pursuant to
Section 23(b), any payment or benefit due or payable on account of Executive’s separation from service to which this Section 23(c) applies shall be paid or commence, as applicable, upon the
first scheduled payroll date immediately after the date the Release Condition is satisfied (the “Release Effective Date”); provided that, to the extent that such payment or benefit represents a “deferral of compensation”
within the meaning of Section 409A and the sixty (60) day period following Executive’s separation from service spans two (2) taxable years, payment shall not be made or commence prior to January 1 of the second taxable year.
The first such cash payment shall include payment of all amounts that otherwise would have been due prior to the Release Effective Date under the terms of this Agreement applied as though such payments commenced immediately upon Executive’s
termination of employment, and any payments made thereafter shall continue as provided herein. The delayed benefits shall in any event expire at the time such benefits would have expired had such benefits commenced immediately following
Executive’s termination of employment. 
 (d)    Each payment made under this Agreement (including each separate
installment payment in the case of a series of installment payments) shall be deemed to be a separate payment for purposes of Section 409A. Amounts payable under this Agreement shall be deemed not to be a “deferral of compensation”
subject to Section 409A to the extent provided in the exceptions in Treasury Regulations §§ 1.409A-1(b)(4) (“short-term deferrals”) and (b)(9) (“separation pay plans,”
including the exception under subparagraph (iii)) and other applicable provisions of Section 409A, and shall be paid under any such exception to the maximum extent permitted. For purposes of this Agreement, with respect to payments of any
amounts that are 

  
 16 

 
considered to be “deferred compensation” subject to Section 409A, references to “termination of employment,” “termination,” or words and phrases of similar
import, shall be deemed to refer to Executive’s “separation from service” as defined in Section 409A, and shall be interpreted and applied in a manner that is consistent with the requirements of Section 409A. In no event may
Executive, directly or indirectly, designate the calendar year of any payment under this Agreement. 

(e)    Notwithstanding anything to the contrary in this Agreement, any payment or benefit under this Agreement or
otherwise that is eligible for exemption from Section 409A pursuant to Treasury Regulation § 1.409A-1(b)(9)(v)(A) or (C) (relating to certain reimbursements and
in-kind benefits) shall be paid or provided to Executive only to the extent that the expenses are not incurred, or the benefits are not provided, beyond the last day of the second calendar year following the
calendar year in which Executive’s “separation from service” occurs; and provided, further, that such expenses are reimbursed no later than the last day of the second calendar year following the calendar year in which
Executive’s “separation from service” occurs. To the extent that any indemnification payment, expense reimbursement, or provision of any in-kind benefit is determined to be subject to
Section 409A (and not exempt pursuant to the prior sentence or otherwise), the amount of any such indemnification payment or expenses eligible for reimbursement, or the provision of any in-kind benefit,
in one (1) calendar year shall not affect the indemnification payment or provision of in-kind benefits or expenses eligible for reimbursement in any other calendar year (except for any lifetime or other
aggregate limitation applicable to medical expenses to the extent permitted by Section 409A), such indemnification, reimbursement, or in-kind benefits shall be provided for the period set forth in this
Agreement, or if no such period is set forth, during Executive’s lifetime, in no event shall any indemnification payment or expenses be reimbursed after the last day of the calendar year following the calendar year in which Executive incurred
such indemnification payment or expenses, and in no event shall any right to indemnification payment or reimbursement or the provision of any in-kind benefit be subject to liquidation or exchange for another
benefit. 

  
 17 

 IN WITNESS WHEREOF, this Agreement has been duly executed by the parties as of the date
first written above. 
  

			
	Vistra Energy Corp. and TXU Retail Services Company
		
	By:	 	     /s/ Curtis A. Morgan

	Name: Curtis A. Morgan
	Title:   President and Chief Executive Officer
	
	SCOTT HUDSON
	
	     /s/ Scott Hudson

  
 18 

 Exhibit A 
  

			
	OIP:	  	Equity awards to be subject to the terms of the Company’s Omnibus Incentive Plan.
		
	Annual Equity Awards:	  	Executive will be granted annual equity awards in an amount determined by the Board. Such awards may be in the form of options, restricted stock units, performance shares, or any other form as approved by the Board.
		
	Involuntary Termination Without Cause / Resignation for Good Reason / Non-Renewal of Term by the Company:	  	Subject to delivery (and non-revocation) of the Release and continued compliance with Sections 6 and 7 of this Agreement, accelerated vesting of the portion of Executive’s outstanding
equity awards that would have vested in the 12 months following termination had Executive remained employed (fully vested options to remain exercisable for 90 days following termination or, if Executive is subject Section 16 of the Exchange Act
as of such Termination, 180 days from the date of such termination (or until the option’s regular expiration date, if shorter)).
		
	Termination with Cause / Resignation Without Good Reason / Non-Renewal of the Term by Executive	  	All options and other outstanding awards (unvested and vested) are forfeited upon a termination for Cause. On any other termination, Executive will retain all vested awards (forfeits unvested), and vested options remain exercisable
for 30 days following termination or, if Executive is subject Section 16 of the Exchange Act as of such Termination, 180 days from the date of such termination (or until the option’s regular expiration date, if shorter).
		
	Death / Disability	  	Accelerated vesting of the portion of Executive’s equity awards that would have vested in the 12 months following termination had he remained employed (fully vested options to remain exercisable for one year following
termination (or until the option’s regular expiration date, if shorter)).
		
	Involuntary Termination Without Cause / Resignation for Good Reason / Non-Renewal of Term by the Company Following a Change in Control:	  	All equity awards that were outstanding at the time of the Change in Control will vest upon such termination.

  
 19 

 Exhibit B 

Release of Claims 
 As
used in this Release of Claims (this “Release”), the term “claims” will include all claims, covenants, warranties, promises, undertakings, actions, suits, causes of action, proceedings, obligations, debts, accounts,
attorneys’ fees, judgments, losses, and liabilities, of whatsoever kind or nature, in law, in equity, or otherwise. Capitalized terms used but not defined in this Release will have the meanings given to them in the employment agreement dated
[date] between Vistra Energy Corp., TXU Retail Services Company (together, the “Company”) and Scott Hudson (my “Agreement”). 

For and in consideration of the severance payments and benefits, and other good and valuable consideration, I, for and on behalf of myself and
my executors, heirs, administrators, representatives, and assigns, hereby agree to release and forever discharge the Company and each of its direct and indirect parent and subsidiary entities, and all of their respective predecessors, successors,
and past, current, and future parent entities, affiliates, subsidiary entities, investors, directors, shareholders, members, officers, general or limited partners, employees, attorneys, agents, and representatives, and the employee benefit plans in
which I am or have been a participant by virtue of my employment with or service to the Company (collectively, the “Company Releasees”), from any and all claims that I have or may have had against the Company Releasees based on any
events or circumstances arising or occurring on or prior to the date hereof and arising directly or indirectly out of, relating to, or in any other way involving in any manner whatsoever my employment by or service to the Company or the termination
thereof, including without limitation any and all claims arising under federal, state, or local laws relating to employment, including without limitation claims of wrongful discharge, breach of express or implied contract, fraud, misrepresentation,
defamation, intentional infliction of emotional distress, whistleblowing, or liability in tort, and claims of any kind that may be brought in any court or administrative agency, and any related claims for attorneys’ fees and costs, including,
without limitation, claims under Title VII of the Civil Rights Act of 1964, as amended, 42 U.S.C. Section 2000, et seq.; the Americans with Disabilities Act, as amended, 42 U.S.C. § 12101 et seq.; the Rehabilitation Act of 1973, as
amended, 29 U.S.C. § 701 et seq.; the Civil Rights Act of 1866, and the Civil Rights Act of 1991; 42 U.S.C. Section 1981, et seq.; the Age Discrimination in Employment Act, as amended, 29 U.S.C. Section 621, et seq. (the
“ADEA”); the Equal Pay Act, as amended, 29 U.S.C. Section 206(d); regulations of the Office of Federal Contract Compliance, 41 C.F.R. Section 60, et seq.; the Family and Medical Leave Act, as amended, 29 U.S.C. § 2601
et seq.; the Fair Labor Standards Act of 1938, as amended, 29 U.S.C. § 201 et seq.; the Employee Retirement Income Security Act, as amended, 29 U.S.C. § 1001 et seq.; and any similar state or local law. I agree further that this Release
may be pleaded as a full defense to any action, suit, arbitration, or other proceeding covered by the terms hereof that is or may be initiated, prosecuted, or maintained by me or my descendants, dependents, heirs, executors, administrators, or
assigns. By signing this Release, I acknowledge that I intend to waive and release all rights known or unknown that I may have against the Company Releasees under these and any other laws. 

I acknowledge and agree that as of the date I execute this Release, I have no knowledge of any facts or circumstances that give rise or could
give rise to any claims under any of the laws 

  
 20 

 
listed in the preceding paragraph and that I have not filed any claim against any of the Releasees before any local, state, federal, or foreign agency, court, arbitrator, mediator, arbitration or
mediation panel, or other body (each individually a “Proceeding”). I (i) acknowledge that I will not initiate or cause to be initiated on my behalf any Proceeding and will not participate in any Proceeding, in each case,
except as required by law or to the extent such Proceeding relates to a claim not waived hereunder; and (ii) waive any right that I may have to benefit in any manner from any relief (whether monetary or otherwise) arising out of any Proceeding,
including any Proceeding conducted by the Equal Employment Opportunity Commission (“EEOC”), except in each case to the extent such Proceeding relates to a claim not waived hereunder. Further, I understand that, by executing this
Release, I will be limiting the availability of certain remedies that I may have against the Company and limiting also my ability to pursue certain claims against the Company Releasees. 

By executing this Release, I specifically release all claims relating to my employment and its termination under ADEA, a federal statute that,
among other things, prohibits discrimination on the basis of age in employment and employee benefit plans. 
 Notwithstanding the generality
of the foregoing, I do not release (i) claims to receive my severance payments and benefits in accordance with the terms of the Agreement, (ii) claims with respect to benefits to which I am entitled under the employee benefit and
compensation plans of the Company and its affiliates, including any rights to equity, (iii) claims to indemnification, or (iv) claims that cannot be waived by law. Further, nothing in this Release shall prevent me from (i) initiating
or causing to be initiated on my behalf any claim against the Company before any local, state, or federal agency, court, or other body challenging the validity of the waiver of my claims under the ADEA (but no other portion of such waiver); or
(ii) initiating or participating in an investigation or proceeding conducted by the EEOC. 
 I acknowledge that I have been given at
least [21]/[45]1 days in which to consider this Release. I acknowledge further that the Company has advised me to consult with an attorney of my choice before signing this Release, and I have had
sufficient time to consider the terms of this Release. I represent and acknowledge that if I execute this Release before [21]/[45] days have elapsed, I do so knowingly, voluntarily, and upon the advice and with the approval of my legal counsel (if
any), and that I voluntarily waive any remaining consideration period. 
 I understand that after executing this Release, I have the right
to revoke it within seven days after its execution. I understand that this Release will not become effective and enforceable unless the seven-day revocation period passes and I do not revoke the Release in
writing. I understand that this Release may not be revoked after the seven-day revocation period has passed. I understand also that any revocation of this Release must be made in writing and delivered to the
Company at its principal place of business within the seven-day period. 
 This Release will become
effective, irrevocable, and binding on the eighth day after its execution, so long as I have not timely revoked it as set forth above. I understand and acknowledge that I will not be entitled to the severance payments and benefits unless this
Release is effective on or before the date that is sixty (60) days following the date of my termination of employment. 
  

	1 	 NTD: To be selected based on whether applicable termination was “in connection with an exit
incentive or other employment termination program” (as such phrase is defined in the Age Discrimination in Employment Act of 1967). 

  
 21 

 I hereby agree to waive any and all claims to
re-employment with the Company or any of its affiliates and affirmatively agree not to seek further employment with the Company or any of its affiliates. 

The provisions of this Release will be binding upon my heirs, executors, administrators, legal representatives, and assigns. If any provision
of this Release will be held by any court of competent jurisdiction to be illegal, void, or unenforceable, such provision will be of no force or effect. The illegality or unenforceability of such provision, however, will have no effect upon and will
not impair the enforceability of any other provision of this Release. 
 This Release will be governed in accordance with the laws of the
State of Delaware, without reference to the principles of conflicts of law. Any dispute or claim arising out of or relating to this Release or claim of breach hereof will be brought exclusively in the federal and state courts located within
Delaware. By execution of this Release, I am waiving any right to trial by jury in connection with any suit, action, or proceeding under or in connection with this Release. 

 

	
	  
 Scott Hudson

	
	  

	DATE

  
 22Document

                                           Exhibit 10.1
         
        CONFIDENTIAL

November 13, 2019

VIA HAND DELIVERY 

Kevin G. Jackson

RE: Separation from Employment

Dear Kevin:

            As we have discussed, your employment with The J. M. Smucker Company (the “Company”) will end effective December 6, 2019 (“Separation Date”).  However, you will cease being an Elected Officer of the Company on, and your last day in the office will be, November 13, 2019, after which date you should not report to the office unless instructed otherwise in writing by the Company.  While your last day in the office will be today, you are expected to: remain available upon request by the Company to provide transitional support through your Separation Date; ensure that your interactions and engagement with employees and third parties through your Separation Date are not disparaging and contribute to a positive rather than disruptive work environment; and adhere to the Company’s policies, including the Basic Beliefs, through your Separation Date. In addition, should the Company accelerate your Separation Date because of a determination in its discretion that you have not met any of the conditions in this paragraph, you will not be eligible to receive the severance package described below.  

            The severance package outlined below is to assist you with your transition to new employment.  Please carefully review the terms of this letter agreement (the “Separation Agreement” or “Agreement”) and the payments and benefits offered in it, as the severance is being offered to you in exchange for you agreeing to a waiver and release of claims.  The “Waiver and Release Payments and Benefits” offered in Section 2 of this letter will remain open to you until the close of business on December 27, 2019.  

            Any benefits provided to you as an employee of the Company will cease as of your Separation Date, except as may otherwise be provided under a particular plan.  Assuming you are enrolled in the Company’s health and welfare benefits plan as of your Separation Date, your medical benefits will continue through the end of the month during which your employment terminates. You will receive a separate letter from the Company’s health plan administrator explaining your COBRA rights.  

            1.         Pay and Vacation.   The following are not conditioned on you signing off on a waiver and release of claims:

(a)  Pay. Provided that you remain employed and available upon request by the Company through your Separation Date, the Company will continue to pay you your base pay and provide you with your current Company benefits through your Separation Date, subject to normal withholdings and deductions.

(b) Vacation. You will be paid for all vacation earned through your Separation Date, less any vacation days taken.  

Page 2
Kevin G. Jackson
November 13, 2019

(c) Expense Reimbursements.  You will be reimbursed for all reasonably incurred business expenses, in accordance with Company policy, and any expenses for financial planning services or tax return preparation, in accordance with the benefit approved by the Executive Compensation Committee (“Financial Planning Benefit”), which Financial Planning Benefit is available for your use through April 15, 2020. As a reminder, all receipts for expense reimbursement, including the Financial Planning Benefit, must be submitted to Marc Serrilli, Vice President, Total Rewards, no later than April 15, 2020, in order to be reimbursed; otherwise, you will forfeit your right to reimbursement.

(d)       Final Paycheck.  You will receive your final paycheck and any applicable vacation payment the next pay date following your Separation Date unless otherwise required by law.  

            2.         Waiver and Release Payments and Benefits.   The following payments and benefits are being offered to you in addition to the pay and vacation in Section 1.  Because you would not otherwise be entitled to them, your receipt of the payments and benefits in this Section 2 will be conditioned upon you: signing this Agreement; adhering, during the remainder of your employment, to all applicable Company policies; meeting, up to and including your Separation Date, the Company’s performance expectations for your position; complying with the other terms of this Agreement; and agreeing to the Waiver and Release described in subparagraph (f).  In the event the Company discovers, at any time, including after your Separation Date, that you did not meet any of these conditions, you will be ineligible to receive the Waiver and Release Payments and Benefits set forth in this Section 2.  In such event, you agree that you will: (a) forfeit any outstanding payment amount(s) due pursuant to this Section 2, and (b) repay to the Company, at your expense, any payment amount(s) already paid to you pursuant to this Section 2 within five (5) business days of notification to you by the Company of your ineligibility to receive the payment amount(s) set forth in this Section.

(a) Lump-Sum Payment.  Provided that the Company receives this executed Agreement back from you and you comply with all requirements and obligations set forth in this Agreement, you will receive a lump-sum severance payment in the gross amount of $420,000.00, which is equivalent to 12 months of your current base salary, and which will be taxed as a supplemental wage and will not be subject to 401(k) contribution elections and deductions.

(b) Restricted Shares.  Provided that the Company receives this executed Agreement back from you and you comply with all requirements and obligations set forth in this Agreement, you will vest in the two oldest unvested restricted stock grants that are at least two years old as of your Separation Date (i.e., the awards granted on June 8, 2016, and June 15, 2017, respectively). All remaining unvested restricted stock grants or option grants are forfeited as of your Separation Date. 

(c) Annual Cash Incentive.  Provided that the Company receives this executed Agreement back from you and you comply with all requirements and obligations set forth in this Agreement, you will be eligible for a pro-rated incentive payment for Fiscal Year 2020 ("FY 20"), which will be taxed as a supplemental wage and will be subject to 401(k) contribution elections and deductions, based on service during FY 20.  Any actual incentive payment for FY 20 will be paid in accordance with normal Company payout practices.

(d) Medical Coverage.  Provided that the Company receives this executed Agreement back from you and you comply with all requirements and obligations set forth in this Agreement, you may also be eligible to receive an additional lump sum payment based on your Company-sponsored medical coverage in effect on your Separation Date: i.e., the Company will provide a one-time lump sum payment equal to approximately 12 months of COBRA premiums for the medical plan option you are enrolled in as of your Separation Date, at the COBRA premium rate effective as of your Separation Date.

(e)      Outplacement Assistance.   Provided that the Company receives this executed Agreement back from you and you comply with all requirements and obligations set forth in this Agreement, RiseSmart will provide you Company-paid outplacement assistance for six months following 

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the Effective Date of this Agreement, as defined in Section 8 below.  A representative from RiseSmart will contact you regarding its services after the Effective Date of this Agreement.

(f) Reduction of Non-Compete Restrictions.  As you know, you entered into an Amended and Restated Change in Control Severance Agreement, dated April 20, 2018 (the “CIC Agreement”), which, pursuant to Section 9 of the CIC Agreement, imposes certain restrictive covenants during your employment with the Company and for a period of 18 months following the date of your termination of employment for any reason.  However, provided that the Company receives this executed Agreement back from you and you comply with all requirements and obligations set forth in this Agreement, the Company agrees to reduce the term of the Non-Competition Period (as such term is defined in Section 9.1(A) of the CIC Agreement) from 18 months to 12 months following your Separation Date.

(g) Waiver and Release.  By accepting the payments and benefits being offered by the Company in Sections 2(a)–(f) above and signing this Agreement, you acknowledge and agree that the commitments of the Company to you in this Section 2 are in addition to anything to which you are otherwise entitled upon your separation and are in exchange for your waiver and release as follows:

You, for yourself, and your heirs, executors, administrators, successors and assigns, hereby release and forever discharge the Company, its subsidiaries, affiliates and their respective officers, directors, agents, representatives, shareholders, employees (current and former), employee benefit plans,  and any and all other persons, firms, corporations and other legal entities associated with the Company (collectively referred to as the “Released Parties”), of and from any and all claims, demands, actions, causes of action, debts, damages, expenses, suits, contracts, agreements, penalties, costs and liabilities of any kind, nature or description, whether direct or indirect, known or unknown, in law or in equity, in contract, tort or otherwise, which you ever had, now have or may have against any of the Released Parties as of the date of execution of this Agreement, whether known or unknown, suspected or unsuspected, or which may be based upon pre-existing acts, claims or events occurring at any time up to the Effective Date of this Agreement, including, but not limited to, claims arising under Title VII of the Civil Rights Act of 1964 or state or local civil rights or equal employment opportunity statutes, claims arising under the Americans with Disabilities Act, claims arising under the Age Discrimination in Employment Act of 1967 (“ADEA”), as amended by the Older Workers Benefit Protection Act (“OWBPA”), claims arising under The Worker Adjustment Retraining and Notification Act of 1988 (“WARN”) and any state law equivalents, claims arising under the Employee Retirement Income Security Act, claims arising under the Fair Credit Reporting Act or any state law equivalent, claims for breach of express or implied contract, breach of promise, promissory estoppel, loss of income, back pay, reinstatement, front pay, impairment of earning capacity, wrongful termination, discrimination, damage to reputation, fraud, violation of public policy, retaliation, negligent or intentional infliction of mental or emotional distress, intentional tort or any other federal, state or local common law or statutory claims, and all other claims and rights, whether in law or equity.  It is the intention of the parties that this paragraph will be construed as broadly as possible; however, this paragraph does not include claims arising under state workers’ compensation laws, state unemployment laws, any claims that arise after the signing of this Agreement, claims for the enforcement of this Agreement, and any claims that cannot be waived as a matter of law.  This paragraph also does not affect your right to file a charge with the Equal Employment Opportunity Commission or a similar state or local agency, or with the National Labor Relations Board, or to provide information to or assist such agency in any proceeding.  In addition, nothing in this Agreement is intended to or will prevent, impede, or interfere with your non-waivable right, without prior notice to the Company, to provide information to the government, participate in investigations, file a complaint, testify in proceedings regarding the Company’s past or future conduct, or engage in any future activities protected under the whistleblower statutes, or to receive and fully retain a monetary award from a government-administered whistleblower award program for providing information directly to a government agency.  

You further waive any right to become, and promise not to voluntarily become, a member of any class in a case in which any claim or claims are asserted against any of the Released Parties involving any act or event occurring through the date of your execution of this Agreement.  You also agree that by signing this Agreement, you are relinquishing any right to receive any personal monetary relief or personal 

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equitable relief with respect to any class filed by you or on your behalf, in which any claim(s) are asserted against any of the Released Parties involving any act or event through the date of your execution of this Agreement, except as otherwise set forth herein.  If any such claim is brought on your behalf, or if you learn that you are named as a member of any class in a case in which any such claims are asserted, then you will, except as otherwise allowed by law, withdraw in writing and with prejudice from said claim or class.

(h) You will receive the payments and benefits noted above in this Section 2 within the time period set forth in Section 9 below only if you sign and return this Agreement to Mandy Johnson, The J. M. Smucker Company, One Strawberry Lane, Orrville, Ohio 44667 by December 27, 2019, and you comply with the requirements and obligations contained in this Agreement.  To be clear, if you do not return this Agreement, signed, by December 27, 2019 or do not comply with the requirements and obligations contained in this Agreement, then the offer of severance will expire by its own terms, and you will not be entitled to receive any of the Waiver and Release Payments and Benefits.  

3.       Representation as to No Additional Monies Owed.  You represent, warrant, and acknowledge that the Company owes you no wages, commissions, bonuses, overtime, sick pay, shift differential, personal leave pay, severance pay, vacation pay, or other compensation or benefits or form of remuneration of any kind or nature, other than that specifically provided for in this Agreement.  You further acknowledge that you were paid for all time worked during your employment with the Company.

4.         Return, Retention & Preservation of Property.  You agree to immediately return all Company property (and any copies of such property) of whatsoever kind and character, including, without limitation, any Company car, badges, keys, credit cards, documents, computers, computer software, discs and media, policy and procedures manuals, and all other tangible or intangible property of the Company. You also acknowledge your obligations under and agree to abide by the Company’s document retention, litigation hold and other policies concerning the preservation, retention, non-destruction and return of Company documents and property.  You acknowledge that the return, retention and preservation of Company property, including documents pursuant to the Company’s retention, litigation hold, and other policies and procedures is required of you, whether or not you sign this Agreement.  You further acknowledge that it is your compliance with this paragraph by December 27, 2019, that is one of the conditions precedent to the Company’s obligation to pay you the Waiver and Release Payments and Benefits, meaning that if you do not return all such Company property by that date, the Company will have no obligation to pay you any of the Waiver and Release Payments and Benefits, even if you have signed or do ultimately sign this Agreement, but you will still be required to return all Company property on a date thereafter.

5.           Cooperation and Notice.     You agree to cooperate with the Company to provide any assistance or continued assistance deemed necessary by the Company and/or its counsel in connection with its defense of any current or future lawsuits.  “Assistance or continued assistance” means providing timely assistance and cooperation as reasonably requested by the Company and/or its outside counsel, taking into account your other business and personal obligations, and actively participate in the defense of the lawsuits, including, but not limited to, providing continued factual background and context, providing truthful testimony by affidavit, declaration, at trial, deposition or otherwise.  This will also include reviewing and signing documents, participating in interviews and witness preparation, as well as traveling to and appearing in any necessary depositions or trials.  

Any changes to your address should be promptly communicated to the Company’s Chief Legal Counsel.  The Company will provide reasonable reimbursement for appropriate expenses associated with this Section, including documented uncompensated lost work time, if any.  Unless otherwise prohibited by law, you agree to timely notify the Company’s Chief Legal Counsel of all subpoenas issued to you or contact made with you by any government official or law enforcement agency relating in any way to the Company or your employment with the Company and provide a copy of any subpoena upon receipt.  Nothing in this Section will prevent you from communicating with government officials or law enforcement or participating in any government or law enforcement investigation.

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6.         No Disparagement, Non-Disclosure and Confidentiality.  You agree not to criticize, disparage, or otherwise demean in any way the Company or its respective affiliates, officers, directors, employees, or the Company’s products.  Unless otherwise permitted by law, you further agree not to engage in conduct that is or could be disruptive to the Company’s work environment or its employees, including, but not limited to, behavior that is or could be perceived as harassing or retaliatory in nature.  You will not disclose the fact of this Agreement or any of its terms to any third parties other than your immediate family members (and only if they agree to be bound by the confidential nature of this Agreement), tax advisors and authorities, accountants, and attorneys or as otherwise required by law.  

            You also acknowledge that you owe a continuing duty to the Company to maintain the confidentiality of the confidential and proprietary information of the Company. You agree that you will not disclose to any third party or use, directly or indirectly, for yourself or for the benefit of any third party any Confidential Information of the Company or any of its affiliates.  For purposes of this Agreement, “Confidential Information” generally includes information which is not publicly available.  Confidential Information includes, but is not limited to pending acquisitions by the Company, recipes, formulas, laboratory notebooks, research and test data, patent activities, business strategies, pending contracts, market surveys, customer lists, customer information, pricing information, margins, product cost information, raw material cost information, financial projections and reports, budgets, personnel files, internal memoranda, policies, data processing programs, and accounting procedures.

            Nothing in this Agreement will prohibit or restrict you from responding to any inquiry, or providing testimony, about this Agreement or its underlying facts and circumstances by or before any federal, state, or local administrative or regulatory agency or authority, or otherwise communicating with any such agency or authority, or from participating or cooperating in any investigation conducted by any governmental agency or authority.  Likewise, nothing in this Agreement is intended to or will prevent you from engaging in protected whistleblowing rights, including reporting a possible violation of federal or other applicable law or regulation to any governmental agency or entity, including, but not limited to, the Department of Justice, the Securities and Exchange Commission (the “SEC”), the U.S. Congress, or any governmental agency Inspector General.  This Agreement does not limit your right to receive an award (including, without limitation, a monetary reward) for information provided to the SEC, and you do not need the prior authorization of anyone at the Company to make any such reports or disclosures, nor are you required to notify the Company that you have made such reports or disclosures.  Further, in accordance with the Defend Trade Secrets Act of 2016, you will not be held criminally or civilly liable under any federal or state trade secret law for the disclosure of a trade secret that: (a) is made (i) in confidence to a federal, state, or local government official, either directly or indirectly, or to an attorney; and (ii) solely for the purpose of reporting or investigating a suspected violation of law; or (b) is made in a complaint or other document that is filed under seal in a lawsuit or other proceeding.  If you file a lawsuit for retaliation for reporting a suspected violation of law, you may disclose certain trade secrets to your attorney and use the trade secret information in the court proceeding if you: (a) file any document containing the trade secret under seal; and (b) do not disclose the trade secret, except pursuant to court order.

            7.         References.  It is the general policy of the Company to provide only neutral references in response to employment inquiries.  Thus, unless otherwise agreed to by the parties, you agree to direct all inquiries concerning your employment with the Company, including inquiries from prospective employers, to the Human Resources Department, which will provide a neutral reference, meaning the dates of your employment and positions held.  

            8.         Consideration Time and Revocation Period.   This Agreement was first given to you on November 13, 2019. You have 21 calendar days during which to review and consider this offer.  If you wish to accept this Agreement, you must sign and return it on or before December 27, 2019 (“Consideration Period”) to: The J. M. Smucker Company, attn: Mandy Johnson, One Strawberry Lane, Orrville, Ohio 44667.  However, you cannot sign and return it before your Separation Date, as defined on page 1 of this Agreement.  In the event you sign and return the Agreement before December 27, 2019, you certify, by such execution, that you knowingly and voluntarily waive the right to the full 21 days, for reasons personal to you, with no pressure by the Company to do so.  

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            Any discussions or negotiations over the terms of this Agreement will not extend or require a new 21-day period for your consideration of this Release Agreement.

            You understand that you may revoke this Agreement for a period of seven calendar days following your execution of the Agreement.  You understand that any revocation, in order to be effective, must be: (1) in writing and postmarked within seven days of your execution of the Agreement and addressed to: The J. M. Smucker Company, attn: Mandy Johnson One Strawberry Lane, Orrville, Ohio 44667; and (2) sent via certified mail, return receipt requested, to show proof of mailing. Unless revoked as provided herein, this Agreement will become fully effective and binding on the eighth day following signing (the “Effective Date”).

            9.         Payments and/or Benefits.  If the Company has received this executed Agreement within the Consideration Period, you comply with all conditions precedent to your receipt of the Waiver and Release Payments and Benefits, as outlined in Section 2 of this Agreement, you comply with all obligations set forth in this Agreement, and you do not revoke this Agreement within the seven-day revocation period, then this Agreement will become fully and finally effective and the Waiver and Release Payments and Benefits provided by the terms of Section 2 will be made/provided to you in January 2020, following the Company’s receipt of this executed Agreement and expiration of the seven-day revocation period.  

            10.       Breach of Agreement.  In the event of a breach by you of any provision of this Agreement or the Company’s determination as to your ineligibility to receive the Waiver and Release Payments and Benefits, as outlined in Section 2, and without limiting in any way remedies for such breach, you will forfeit any outstanding payment due under this Agreement and will repay to the Company any amount(s) already paid or provided to you pursuant to Section 2.  You further agree to indemnify and hold harmless the Company from and against any and all losses, liabilities, damages, and expenses, including reasonable attorneys’ fees, that the Company may incur or suffer arising out of, or in connection with, any breach of a representation or agreement by you, including your obligations under this Agreement, or the Company’s efforts to recoup from you any Waiver and Release Payments and Benefits made to you in the event of your ineligibility to receive said amounts.

11.       Governing Law.  This Agreement is entered into in the State of Ohio, and the laws of the State of Ohio will apply to any dispute concerning it, excluding the conflict-of-law principles thereof.  Furthermore, any action regarding this Agreement or its enforcement will be subject to the exclusive jurisdiction of the courts of the State of Ohio.

12.       Complete Agreement and Modification.  In executing this Agreement, you are doing so knowingly and voluntarily and agree that you have not relied upon any oral statements by the Company or its representatives, and that this Agreement constitutes the entire agreement between the Company and you pertaining to the subject matter hereof. This Agreement may not be changed or altered, except by a writing signed by the Company and you.

13.       Severability.  Should any provision of this Agreement be declared or determined by any court to be illegal or invalid, the remaining parts, terms or provisions will not be affected thereby, and any illegal or invalid part, term or provision will be deemed not to be a part of this Agreement. 

14.       409A.  This Agreement is intended to comply with Section 409A, to the extent applicable, or an exemption thereunder, and will be construed and administered in accordance with Section 409A. Notwithstanding the foregoing, the Company makes no representations that the payments and benefits provided under this Agreement comply with Section 409A, and in no event will the Company be liable for all or any portion of any taxes, penalties, interest, or other expenses that may be incurred by the Executive on account of non-compliance with Section 409A.

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We thank you for your service and wish you much success in the future.

                  
						
		Very Truly Yours,
		
		THE J. M. SMUCKER COMPANY
		
		/s/ Mark T. Smucker
		Mark T. Smucker
		President and Chief Executive Officer

You expressly represent that you have read and fully understand the terms and significance of this Agreement and execute it knowingly and voluntarily and that you understand that this Agreement has binding legal effect.  

																					
							/s/ KGJ
							Employee's Initials
	Accepted and agreed this						
							
	27th	day of	December	, 20	19		
							
	/s/ Kevin G. Jackson						
	Kevin G. Jackson

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