Document:

Exhibit

EXECUTION COPY
EMPLOYMENT AGREEMENT
THIS EMPLOYMENT AGREEMENT (the “Agreement”), dated June 1, 2017 is made between:
		
	(1)
	Greenlight Capital Re, Ltd. (the “Company”) and Greenlight Reinsurance, Ltd. (the “Subsidiary”), (together with the Company, the “Employer”); and

		
	(2)
	Simon Burton (the “Executive”). 

(Each a “Party” and together the “Parties”).
WHEREAS, 
		
	(a)
	the Employer desires to employ Executive as the Chief Executive Officer (“CEO”) of the Employer (the “Employment”); and 

		
	(b)
	The Parties have agreed to enter into the Employment on the terms set out herein.

IT IS HEREBY AGREED AS FOLLOWS:
		
	1.
	Employment.

		
	1.1
	The Employer hereby agrees to employ the Executive as the CEO, and the Executive hereby accepts such employment, on the terms and conditions hereinafter set forth. 

		
	2.
	Employment Period. 

		
	2.1
	The Employment shall commence on July 1, 2017 (“Effective Date”) and shall be for a fixed term of three (3) years (the “Initial Term”);

		
	2.2
	Upon the expiry of the Initial Term, the term will automatically renew for a further fixed term of three years unless the Employer or the Executive gives written notice of non-renewal at least 180 days in advance of the expiry of the then current term. 

		
	2.3
	This Employment is conditional upon:

		
	i
	the Employer obtaining a work permit in respect of the Executive in the Cayman Islands;

		
	ii
	the Executive maintaining the right to live and work in the Cayman Islands.

		
	3.
	Position and Duties.

		
	3.1
	The Executive shall serve as CEO and shall report directly to the Board of Directors of the Company (the “Board”).

		
	3.2
	The Executive shall have those powers and duties ordinarily associated with the position of CEO and such other powers and duties as may reasonably be prescribed by the Board; provided that, such other powers and duties are consistent with Executive’s position as CEO and do not violate any applicable laws or regulations.

		
	3.3
	The Executive shall perform his duties to the best of his abilities and shall devote all of his working time, attention and energies to the performance of his duties for the Employer. The 

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Executive shall not accept any other post, role or employment during the period of the Employment without having first obtained the written consent of the Employer.
		
	3.4
	During the Employment Period, it is anticipated that Executive shall also serve as a member of the Board for no additional compensation, subject to his continued election to serve on the Board by the Company’s shareholders. If requested by the Board, Executive shall also serve as an officer and/or director of other subsidiaries or affiliates of the Employer for no additional compensation.

		
	3.5
	The Executive’s normal hours of work shall be 8:30 am - 6:00 pm Monday-Friday, with a one hour lunch break to be taken at a time consistent with the business needs of the Employer.

		
	3.6
	The Executive’s standard work week is 42.5 hours. As an employee of professional and managerial level, the Executive will work such additional hours in excess of his standard work week as are necessary to properly discharge his duties and hereby waives any entitlement to overtime pay in respect of such additional hours or for any hours worked on a public holiday.

		
	4.
	Place of Performance.

		
	4.1
	The Executive’s principal place of work shall be the Employer’s premises in the Cayman Islands.

		
	4.2
	The Executive may be required to travel and work overseas insofar as is necessary to discharge his duties and meet the business needs of the Employer. At all times the Executive shall conduct the business needs of the Employer in such a manner as to ensure that neither Executive nor Employer is deemed to be engaged in a trade or business within the United States of America.

		
	5.
	Compensation and Related Matters.

		
	5.1
	The Subsidiary shall pay the Executive a base salary of US $650,000 per annum (the “Base Salary”), such salary to be paid monthly in arrears by direct deposit to a bank account nominated by the Executive.

		
	5.2
	The Executive shall be paid the Base Salary gross and the Executive shall be solely responsible for the payment of any national, state or federal taxes or similar obligations to which he may be liable from time to time and the filing of any documents or returns that may be required in connection therewith.

		
	5.3
	The Board shall periodically review Executive’s Base Salary consistent with the compensation practices and guidelines of the Subsidiary. If Executive’s Base Salary is increased by the Board, such increased Base Salary shall then constitute the Base Salary for all purposes of this Agreement. 

		
	5.4
	The Executive hereby consents to all deductions as may be permitted by law being made by the Employer from the Base Salary.

		
	5.5
	During the Employment Period, the Subsidiary shall promptly reimburse Executive for all reasonable out-of-pocket expenses properly incurred by Executive in the ordinary course of the Employer’s business that are reported and evidenced to the Subsidiary in accordance with its published expense reimbursement policies and procedures. 

		
	5.6
	In addition to Base Salary during the Employment, the Executive shall be eligible to be considered for a discretionary annual bonus based on pre-established individual and Company performance metrics established by the Board (the “Bonus”). For the avoidance of doubt the payment of any bonus is entirely within the discretion of the Board and the Executive shall not have any entitlement to be paid any particular amount or anything at all in this regard. 

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	5.7
	The Executive shall be eligible to be considered for a discretionary Bonus with a target of 120% of Base Salary (or, in respect of the period 1 July 2017-31 December 2017 only, $390,000) (the “Target Bonus”), 20% of such Target Bonus will be evaluated based on qualitative factors such as personal goals and objectives and 80% will be based on quantitative factors such as underwriting results. The quantitative bonus may vary on the Company’s underwriting performance. Any Bonus earned during a calendar year shall be paid in accordance with the bonus payment provisions of the Company’s applicable compensation plan (the “Compensation Plan”), as amended from time to time, and shall be subject to such other terms and conditions as are set forth therein. 

		
	5.8
	In order to be eligible to receive a bonus, the Executive must be employed by the Company and not serving out any period of notice (such as the notice period given prior to termination) on the date that Bonus is to be awarded.

		
	6.
	Leave.

		
	6.1
	The Executive shall be entitled to 25 days paid vacation per calendar year, in addition to Cayman Islands public holidays, which shall accrue pro rata during the course of the year in accordance with the Employer’s published policies as amended from time to time and shall be taken at a time mutually agreed with the Employer. For the avoidance of doubt, unused leave may not be carried into subsequent years without the express written consent in advance of the Employer.

		
	6.2
	The Executive shall be entitled to a maximum of ten days paid sick leave per year, such leave to be taken only when sick or otherwise incapacitated from work. The Employer shall in its discretion be entitled to request the production of a doctor’s note in support of any such absence.

		
	6.3
	The Executive shall also be entitled to compassionate, adoption and such other leave as may be prescribed by law.

		
	7.
	Benefits.

		
	7.1
	In accordance with the National Pensions Law, the Executive will be required to participate in the pension plan nominated by the Employer. The Executive’s participation will be in accordance with applicable law and Company policy as in effect from time to time, including with respect to Employer contributions and salary deductions.  

		
	7.2
	The Employer shall enroll the Executive and his dependents in an approved medical insurance plan in accordance with the Health Insurance Law (as amended) and shall pay any premiums as mandated by law in respect thereof. 

		
	7.3
	The Executive shall also be eligible to participate in any other employee benefit plan as may be provided from time to time by the Employer.

		
	8.
	Stock Options.

		
	8.1
	As soon as practicable following the Effective Date, the Company will grant Executive a stock option (the “Option”) to acquire 480,000 shares of the Company’s Class A Ordinary Shares (“Shares”). 

		
	8.2
	The Options are granted subject to the following terms and conditions:

		
	8.2.1
	the Options shall be granted under and subject to the Long-Term Incentive Plan (the “LTIP”).

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	8.2.2
	the exercise price per Share subject to the Options is the fair market value per Share as of the date of grant;

		
	8.2.3
	the Options shall be vested as to 80,000 Shares on 30 June of each of the first six (6) anniversaries of  30 June 2017 (each, a “Vesting Date”), contingent on the Executive’s continued employment with the Employer on the applicable Vesting Date;

		
	8.2.4
	the Options shall be exercisable for the ten (10) year period following the date of grant; provided, that, except as otherwise provided herein, upon Executive’s termination of employment with the Employer for any reason, any unvested portion of the Options shall automatically terminate and the vested portion of the Options shall remain exercisable for 90 days after Executive’s termination of employment with the Employer;

		
	8.2.5
	the Options are evidenced by, and subject to, a stock option agreement whose terms and conditions are consistent with the terms hereof;

		
	8.2.6
	The Options are agreed and understood by the Parties to be a one-time grant upon the Executive joining the Company and shall not be re-offered in the event that the Employment is renewed or extended upon the expiry of its term.

		
	8.3
	Upon a termination of employment by the Employer for Cause (as defined below), the Options (whether or not vested) shall terminate. Upon a termination of employment due to Executive’s death or Disability (as defined below), any unvested portion of the Options shall terminate and any vested portion shall remain exercisable for the remainder of its term. 

		
	8.4
	Upon a termination of employment by the Employer without Cause or by Executive for Good Reason (as defined below), any vested portion of the Options shall remain exercisable for the remainder of their term.

		
	8.5
	Upon a Change of Control, any unvested portion of the Options shall vest immediately. For purpose of this Section, the term “Change of Control” shall mean the occurrence of any of the following events during the period in which this Agreement remains in effect: (i) the acquisition by any person, entity or group, other than the Company, any of its subsidiaries or other entities controlled by the Company, or any employee benefit plan maintained by the Company or by any of its subsidiaries or other entities controlled by the Company, of beneficial ownership of 55% or more of the total voting power of the Company; or (ii) the Company is merged, combined, consolidated or reorganized with or into another corporation or other legal person (“Acquiring Person”), or the Company sells or otherwise transfers all or substantially all of its assets to an Acquiring Person. 

		
	8.6
	If the Executive permanently retires from the reinsurance industry, is willing to continue to serve as a member of the Board and does not resign from the Board as a result of a conflict of interest (the “Retirement Conditions”), any vested portion of the Options shall remain exercisable for the remainder of their term. If after retirement, Executive subsequently fails to satisfy the Retirement Conditions, such Options shall revert to remain exercisable for 90 days after such failure. 

		
	9.
	Long Term Incentive Plan.

		
	9.1
	The Executive shall be eligible to receive equity awards in accordance with the LTIP as set out in the Compensation Plan. 

		
	9.2
	Following the end of each calendar year of the Employment, the Executive will be granted an LTIP award with a target of US$975,000 of restricted Class A Ordinary Shares (“Class A 

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Shares”) (or, in respect of the period 1 July 2017 - 31 December 2017 (“Initial Stub Period”) only, $487,500 of Class A Shares) based upon the fair market value of Class A Shares on the date of grant.  For the avoidance of doubt the grant of any LTIP award is entirely within the discretion of the Board.  Shares will vest subject to the following performance vesting conditions six (6) years after the date of grant.
		
	9.3
	For each full calendar year of employment, vesting shall be based on the cumulative all-in Combined Ratio measured for the six (6) year period beginning with the year immediately preceding the grant date (“Vesting Period”). The “Combined Ratio” will be calculated as follows, as modified by the Adjusted Measurement (see below):

		
	(a)
	Combined Ratio Numerator = the cumulative sum, over the Vesting Period, of losses incurred plus acquisition costs plus all general and administrative expenses plus any reinsurance income/expense reported as Other Income/Expense in the Company’s financial statements. 

		
	(b)
	Combined Ratio Denominator = the cumulative sum of earned premiums over the Vesting Period

		
	9.4
	For the Initial Stub Period, vesting shall be based on the cumulative all in Combined Ratio measured over the five and one-half year period from the Effective Date (“Initial Vesting Period”).

		
	9.5
	To the extent such published calculations change in the future, the Company will equitably adjust the definition of Combined Ratio to ensure a fully-loaded calculation used for vesting purposes. 

		
	9.6
	At the end of the Initial Vesting Period and each subsequent Vesting Period the LTIP award for such Vesting Period will vest as follows: (i) if the Combined Ratio is 97% or less, 100% of the award shares will vest, (ii) if the Combined Ratio is 102% or higher, 0% will vest, and (iii) for Combined Ratio results between 97% and 102%, the vesting will be determined by linear interpolation.

		
	9.7
	If the Employment is terminated by the Company Without Cause or by the Executive For Good Reason, or upon death or Disability, LTIP awards are not cancelled and shall remain subject to the performance vesting conditions, provided that such calculation will only use the Combined Ratios for the full years of employment, adjusted for any loss development related to business written during or prior to the Employment Period, until the 6-year period of the Vesting Period concludes (the “Adjusted Measurement”).

		
	9.8
	On termination by the Company For Cause or by the Executive Without Good Reason, the unvested LTIP awards shall be cancelled and all restricted Class A Shares shall be immediately forfeited. 

		
	9.9
	If the Employer elects not to renew the Employment upon the expiry of its then current term on equivalent terms (other than with respect to the Initial Options grant, which as provided above is understood to be a one-time grant upon joining the Company), LTIP awards are not cancelled and shall remain subject to the Adjusted Measurement. 

		
	9.10
	If the Executive satisfies the Retirement Conditions throughout each Vesting Period, LTIP awards are not cancelled and shall remain subject to the Adjusted Measurement. 

		
	10.
	Termination. 

		
	10.1
	The Employment may be terminated under the following circumstances:

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	10.1.1
	Death.  The Employment hereunder shall terminate automatically upon the Executive’s death;

		
	10.1.2
	Disability.  If, as a result of Executive’s incapacity due to physical or mental illness, the Executive shall have been substantially unable to perform his duties hereunder for an entire period of at least 90 consecutive days or 180 non-consecutive days within any 365-day period (“Disability”), the Employer shall have the right to terminate the Employment without further notice and such termination in and of itself shall not be, nor shall it be deemed to be, a breach of this Agreement.

		
	10.1.3
	Cause.  The Employer shall have the right to terminate the Employment for Cause, and such termination in and of itself shall not be, nor shall it be deemed to be, a breach of this Agreement. For purposes of this Agreement, “Cause” shall mean:  

		
	(a)
	Misconduct on the part of the Executive so serious that the Employer cannot reasonably be expected to take any action other than termination;

		
	(b)
	Further misconduct on the part of the Executive within 12 months of the issue of a formal written warning in respect of misconduct so serious that the Employer cannot reasonably be expected to tolerate any repetition thereof;

		
	(c)
	A failure by the Executive to commence performance of his duties in a satisfactory manner within one (1) month of the issue of a formal a written warning in respect thereof.

		
	10.1.4
	Misconduct includes (but is not limited to):

		
	(a)
	Habitual drug or alcohol use which impairs the ability of Executive to perform his duties hereunder (other than where such drug is prescribed be and administered in accordance with the instructions of a qualified physician);

		
	(b)
	Commission of a criminal offence in the course of the Employment (other than a minor traffic offence);

		
	(c)
	Wilful violation of the Restrictive Covenants set forth in Section 12 of this Agreement; 

		
	(d)
	Wilful failure or refusal to perform duties hereunder after a written demand for performance is delivered to Executive by the Board that specifically identifies the manner in which the Board believes that Executive has failed or refused to perform his duties;

		
	(e)
	Breach of any material provision of this Agreement or any policies of the Employer entities or any of their affiliates (collectively, the “Group”) related to conduct which is not cured, if curable, within ten (10) days after written notice thereof.  

		
	10.1.5
	Other Substantial Reasons.  The Employer may terminate the Employment where there is any other substantial reason in light of which it is reasonable to do so.

		
	10.2
	The Employer shall have the right to suspend the Executive with pay in order to investigate any event which it reasonably believes may provide a basis to terminate Executive’s employment for Cause during which period the Executive may be excluded from the Employer’s offices and/or business and such action shall not give Executive Good Reason to terminate his employment. 

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	10.3
	Good Reason.  The Executive may terminate his employment with the Employer for “Good Reason” within thirty (30) days after Executive has knowledge of the occurrence, without Executive’s written consent, of any one of the events defined below that has not been cured, if curable, within thirty (30) days after written notice thereof has been given by the Executive to the Employer and such termination in and of itself shall not be, nor shall it be deemed to be, a breach of this Agreement. “Good Reason” shall be limited to the following: (i) any material and adverse change to Executive’s title or duties which is inconsistent with his duties set forth herein, (ii) a reduction of Executive’s Base Salary, or (iii) a failure by the Employer to comply with any other material provisions of this Agreement.

		
	10.4
	Without Good Reason. The Executive shall have the right to terminate his employment hereunder without Good Reason by providing the Employer with a Notice of Termination at least one hundred and eighty (180) days prior to such termination, and such termination shall not in and of itself be, nor shall it be deemed to be, a breach of this Agreement.

		
	10.5 
	Without Cause. The Employer shall have the right to terminate the Employment without Cause at any time by providing Executive with a Notice of Termination at least 180 days prior to such termination and such termination shall not in and of itself be, nor shall it be deemed to be, a breach of this Agreement.

		
	10.6
	Having provided Notice of Termination in accordance with clause 10.5 above the Employer may in its absolute discretion:

		
	10.6.1
	terminate the employment immediately upon payment to the Executive of all sums that he would have received had he worked throughout the period of notice; or 

		
	10.6.2
	place the Executive on ‘garden leave’ for some or all of the period of notice whereby he will not be required to attend at the Employer’s premises or render any services unless expressly required to do so.

		
	11.
	Compensation Upon Termination. 

		
	11.1
	In the event the Executive’s employment is terminated other than due to the Executive’s death, the Subsidiary shall provide the Executive with the payments set forth below and shall not be required to provide any other payments or benefits to Executive upon such termination.

		
	11.2
	The Executive acknowledges and agrees that the payments set forth in this Section 11 constitute liquidated damages for termination of his employment and that prior to receiving any such payments under this Section 11, other than the Accrued Obligations (as defined below), and as a material condition thereof, Executive shall, if requested by the Employer, sign and agree to be bound by a general release of claims (a “Release”) against the Employer and its affiliates related to the Employment and its termination with the Employer in such form as the Board reasonably determines.

		
	11.3
	If the Executive should fail to execute such Release within 45 days following the later of (i) Executive’s Date of Termination or (ii) the date Executive actually receives an execution copy of such Release (which shall be delivered to Executive within ten (10) business days following his Date of Termination and if not timely delivered, this release condition will be deemed waived by the Company with respect to payments under this Section 11), the Company and Subsidiary shall not have any obligation to make the payments contemplated under this Section 11; 

		
	11.4
	Any release provided pursuant to this Section 11 shall not limit, release or waive Executive’s right to indemnification as provided for by this Agreement or otherwise by law or contract and shall not impose additional restrictive covenants of the type provided for in this Agreement. 

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Upon the Executive’s termination of employment for any reason, upon the request of the Board, he shall immediately resign any membership or positions that he then holds with the Employer or any of its affiliates.
		
	11.5
	If the Executive’s employment is terminated by the Employer without Cause (including the Employer’s election to not renew the then current term) or by Executive for Good Reason:

		
	11.5.1
	the Subsidiary shall pay to Executive as soon as practicable following such termination, but in no event later than two and one half months following the Date of Termination:

		
	(a)
	his accrued, but unpaid Base Salary earned through the Date of Termination and any accrued, but unused vacation pay through the Date of Termination payable;

		
	(b)
	any earned, but unpaid Bonus earned under the terms of the Compensation Plan for years prior to the year in which the Date of Termination occurs payable in accordance with the terms of such plan (together with Section 11.5.1(a), the “Accrued Obligations”);

		
	(c)
	the target Bonus Executive would have earned for the year of termination assuming targets have been achieved, pro-rated based on the number of days Executive was employed by the Employer during the year over the number of days in such year (the “Pro-Rated Bonus”);

		
	11.5.2
	commencing on the 60th day following the Date of Termination (and provided the Executive does not breach this Agreement following his termination in which case all payments under this clause shall cease) the Subsidiary shall pay to the Executive an amount equal to the sum of his annual rate of Base Salary and target Bonus (assuming targets have been achieved) payable over twelve (12) months in substantially equal monthly installments (the “Severance Payment”). 

		
	11.5.3
	the Subsidiary shall promptly reimburse the Executive pursuant to Section 5 for reasonable expenses incurred, but not paid prior to such termination of employment; and

		
	11.5.4
	the Executive shall be entitled to any other rights, compensation and/or benefits as may be due to the Executive in accordance with the terms and provisions of any agreements, plans or programs of the Employer.

		
	11.6
	If the Executive’s employment is terminated by the Employer for Cause or by the Executive Without Good Reason:  

		
	11.6.1
	the Subsidiary shall pay the Executive, in accordance with the relevant payment provisions set forth in Section 11.5.1, the Accrued Obligations; 

		
	11.6.2
	the Subsidiary shall promptly reimburse the Executive pursuant for all reasonable expenses incurred, but not paid prior to such termination of employment (contingent upon the availability of appropriate evidence); and

		
	11.6.3
	the Executive shall be entitled to any other rights, compensation and/or benefits as may be due to Executive in accordance with the terms and provisions of any agreements, plans or programs of the Employer.

		
	11.7
	During any period that Executive fails to perform his duties hereunder as a result of incapacity due to physical or mental illness (the “Disability Period”), Executive shall continue to receive 

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his full compensation and benefits under this Agreement until his employment is terminated pursuant to Section 10.1.2 hereof. 
		
	11.8
	In the event Executive’s employment is terminated for Disability pursuant to Section 10.1.2 hereof:

		
	11.8.1
	the Subsidiary shall pay to the Executive as soon as reasonably practicable following such termination the Accrued Obligations and the Pro-Rated Bonus; 

		
	11.8.2
	the Subsidiary shall promptly reimburse the Executive pursuant for all reasonable expenses incurred, but not paid prior to such termination of employment (contingent upon the availability of appropriate evidence); and

		
	11.8.3
	the Executive shall be entitled to any other rights, compensation and/or benefits as may be due to Executive in accordance with the terms and provisions of any agreements, plans or programs of the Employer.

		
	11.9
	If Executive’s employment is terminated by his death:

		
	11.9.1
	the Subsidiary shall pay to Executive’s beneficiary, legal representatives or estate, as the case may be, the Accrued Obligations and Pro-Rated Bonus; and

		
	11.9.2
	the Subsidiary shall promptly reimburse Executive’s beneficiary, legal representatives, or estate, as the case may be for all reasonable expenses incurred by the Executive, but not paid prior to such termination of employment (contingent upon the availability of appropriate evidence); and

		
	11.9.3
	The Executive’s beneficiary, legal representatives or estate, as the case may be, shall be entitled to any other rights, compensation and benefits as may be due to any such persons or estate in accordance with the terms and provisions of any agreements, plans or programs of the Employer.

		
	12.
	Restrictive Covenants.

		
	12.1
	The Executive acknowledges that: (i) as a result of Executive’s employment by the Employer, Executive has obtained and will obtain Confidential Information (as defined below); (ii) the Confidential Information has been developed and created by the Group at substantial expense and the Confidential Information constitutes valuable proprietary assets; (iii) the Group will suffer substantial damage and irreparable harm which will be difficult to compute if, during the Employment Period and thereafter, Executive should enter a Competitive Business (as defined herein) in violation of the provisions of this Agreement; (iv) the nature of the Group’s business is such that it could be conducted anywhere in the world and that it is not limited to a geographic scope or region; (v) the Group will suffer substantial damage which will be difficult to compute if, during the Employment Period or thereafter, the Executive should solicit or interfere with the Group’s employees, clients or customers or should divulge Confidential Information relating to the business of the Group; (vi) the provisions of this Agreement are reasonable and necessary for the protection of the business of the Group; (vii) the Employer would not have hired or continued to employ the Executive and the Company would not have granted the Options unless he agreed to be bound by the terms hereof; and (viii) the provisions of this Agreement will not preclude Executive from other gainful employment. 

		
	12.2
	“Competitive Business” as used in this Agreement shall mean any business which competes, directly or indirectly, with any aspect of the Group’s business. 

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	12.3
	“Confidential Information” as used in this Agreement shall mean any and all confidential and/or proprietary knowledge, data, or information of the Group including, without limitation, any

		
	12.3.1
	trade secrets, drawings, inventions, methodologies, mask works, ideas, processes, formulas, source and object codes, data, programs, software source documents, works of authorship, know-how, improvements, discoveries, developments, designs and techniques, and all other work product of the Group, whether or not patentable or registrable under trademark, copyright, patent or similar laws in any jurisdiction;

		
	12.3.2
	information regarding plans for research, development, new service offerings and/or products, marketing, advertising and selling, distribution, business plans, business forecasts, budgets and unpublished financial statements, licenses, prices and costs, suppliers, customers or distribution arrangements;

		
	12.3.3
	any information regarding the skills and compensation of employees, suppliers, agents, and/or independent contractors of the Group;

		
	12.3.4
	concepts and ideas relating to the development and distribution of content in any medium or to the current, future and proposed products or services of the Group;

		
	12.3.5
	information about the Group’s investment program, trading methodology, or portfolio holdings; or

		
	12.3.6
	any other information, data or the like that is labeled confidential or orally disclosed to Executive on terms of confidentiality. 

		
	12.4
	The Executive agrees not to, at any time, either during the Employment Period or thereafter, divulge, use, publish or in any other manner reveal, directly or indirectly, to any person, firm, corporation or any other form of business organization or arrangement and keep in the strictest confidence any Confidential Information, except:

		
	12.4.1
	as may have been necessarily disclosed by the Executive in the good faith performance of his duties hereunder;

		
	12.4.2
	with the Employer’s express written consent;

		
	12.4.3
	to the extent that any such information is in or becomes in the public domain other than as a result of Executive’s breach of any of his obligations hereunder, or 

		
	12.4.4
	where required to be disclosed by law and in such event, Executive shall cooperate with the Employer in attempting to keep such information confidential.

		
	12.5
	Upon the request of the Employer, Executive agrees to promptly deliver to the Employer the originals and all copies, in whatever medium, of all such Confidential Information.

		
	12.6
	In consideration of the benefits provided for in this Agreement, the Executive hereby agrees and covenants that during the Employment and for a period of six (6) months following the termination of his employment for whatever reason, or following the date of cessation of the last violation of this Agreement, or from the date of entry by a court of competent jurisdiction of a final, unappealable judgment enforcing this covenant, whichever of the foregoing is last to occur, he will not, for himself, or in conjunction with any other person, firm, partnership, corporation or other form of business organization or arrangement (whether as a shareholder, partner, member, principal, agent, lender, director, officer, manager, trustee, representative, employee or consultant), directly or indirectly, be employed by, provide services to, in any 

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way be connected, associated or have any interest in, or give advice or consultation to any Competitive Business.
		
	12.7
	In consideration of the benefits provided for in this Agreement, the Executive further covenants and agrees that during the Employment and for a period of one (1) year thereafter, Executive shall not, without the prior written permission of the Employer, (i) directly or indirectly solicit, employ or retain, or have or cause any other person or entity to solicit, employ or retain, any person who is employed or is providing services to the Group at the time of his termination of employment or was or is providing such services within the twelve (12) month period before or after his termination of employment or (ii) request or cause any employee of the Group to breach or threaten to breach any terms of said employee’s agreements with the Group or to terminate his employment with the Group.

		
	12.8
	In consideration of the benefits provided for in this Agreement, the Executive further covenants and agrees that during the Employment Period and for a period of one (1) year thereafter, he will not, for himself, or in conjunction with any other person, firm, partnership, corporation or other form of business organization or arrangement (whether as a shareholder, partner, member, lender, principal, agent, director, officer, manager, trustee, representative, employee or consultant), directly or indirectly: (i) solicit or accept any business that is directly related to the business of the Group from any person or entity who, at the time of, or at the time during the twenty-four (24) month period preceding, termination was an existing or prospective customer or client of the Group; (ii) request or cause any of the Group’s clients or customers to cancel, terminate or change the terms of any business relationship with the Group involving services or activities which were directly or indirectly the responsibility of Executive during his employment or (iii) pursue any Group project known to Executive upon termination of his employment that the Group is actively pursuing (or was actively pursuing within six months of termination) while the Group is (or is contemplating) actively pursuing such project. 

		
	13.
	Intellectual Property.

		
	13.1
	The Parties agree that any work of authorship, invention, design, discovery, development, technique, improvement, source code, hardware, device, data, apparatus, practice, process, method or other work product whatever (whether patentable or subject to copyright, or not, and hereinafter collectively called “discovery”) related to the business of the Group that the Executive, either solely or in collaboration with others, has made or may make, discover, invent, develop, perfect, or reduce to practice during the course of the Employment, whether or not during regular business hours and created, conceived or prepared on the Group’s premises or otherwise shall be the sole and complete property of the Group. 

		
	13.2
	More particularly, and without limiting the foregoing, the Executive agrees that all of the foregoing and any (i) inventions (whether patentable or not, and without regard to whether any patent therefor is ever sought), (ii) marks, names, or logos (whether or not registrable as trade or service marks, and without regard to whether registration therefor is ever sought), (iii) works of authorship (without regard to whether any claim of copyright therein is ever registered), and (iv) trade secrets, ideas, and concepts ((i) - (iv) collectively, “Intellectual Property Products”) created, conceived, or prepared on the Group’s premises or otherwise, whether or not during normal business hours, shall perpetually and throughout the world be the exclusive property of the Group, as shall all tangible media (including, but not limited to, papers, computer media of all types, and models) in which such Intellectual Property Products shall be recorded or otherwise fixed. 

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	13.3
	The Executive further agrees promptly to disclose in writing and deliver to the Employer all Intellectual Property Products created during his engagement by the Employer, whether or not during normal business hours. The Executive agrees that all works of authorship created by the Executive during his engagement by the Employer shall be works made for hire of which the Group is the author and owner of copyright. 

		
	13.4
	To the extent that any competent decision-making authority should ever determine that any work of authorship created by the Executive during his engagement by the Employer is not a work made for hire, the Executive hereby assigns all right, title and interest in the copyright therein, in perpetuity and throughout the world, to the applicable Group entity. To the extent that this Agreement does not otherwise serve to grant or otherwise vest in the Group all rights in any Intellectual Property Product created by Executive during his engagement by the Employer, the Executive hereby assigns all right, title and interest therein, in perpetuity and throughout the world, to the Employer. The Executive agrees to execute, immediately upon the Employer’s reasonable request and without charge, any further assignments, applications, conveyances or other instruments, at any time after execution of this Agreement, whether or not Executive is engaged by the Employer at the time such request is made, in order to permit the Group and/or its respective assigns to protect, perfect, register, record, maintain, or enhance their rights in any Intellectual Property Product; provided, that, the Employer shall bear the cost of any such assignments, applications or consequences. 

		
	13.5
	Upon termination of the Executive’s employment with the Employer for any reason whatsoever, and at any earlier time the Employer so requests, the Executive will immediately deliver to the custody of the person designated by the Employer all originals and copies of any documents and other property of the Employer in the Executive’s possession, under the Executive’s control or to which he may have access.

		
	14.
	Non-Disparagement.

		
	14.1
	The Executive acknowledges and agrees that he will not defame or publicly criticize the services, business, integrity, veracity or personal or professional reputation of the Group and its respective officers, directors, partners, executives or agents thereof in either a professional or personal manner at any time during or following the Employment Period. The Employer acknowledges and agrees that it will not defame, publicly criticize, or cause any of its officers, directors, partners, executives or agents to defame or publicly criticize the services, integrity, veracity or personal or professional reputation of the Executive in either a professional or personal manner at any time during or following the Employment Period.

		
	15.
	Enforcement.

		
	15.1
	If Executive commits a breach, or threatens to commit a breach, of any of the provisions of sections 12 to 14 hereof, the Employer shall have the right and remedy to have the provisions specifically enforced by any court having jurisdiction by way of injunction or otherwise, it being acknowledged and agreed by the Executive that any such breach or threatened breach will cause irreparable injury to the Group and that money damages will not provide an adequate remedy to the Group. Such right and remedy shall be in addition to, and not in place of, any other rights and remedies available to the Employer at law or in equity. Accordingly, the Executive consents to the issuance of an injunction, whether preliminary or permanent, consistent with the terms of this Agreement. In addition, the Employer shall have the right to cease making any payments or provide any benefits to the Executive under this Agreement in the event he wilfully breaches any of the provisions hereof (and such action shall not be considered a breach under the Agreement).

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	15.2
	The Executive acknowledges that the restrictions contained in sections 12 to 14 of this Agreement are reasonable and intended to apply after the termination of his employment whether such termination is lawful or otherwise and that the restrictions will apply even where the termination results from a breach of this Agreement.

		
	15.3
	If, at any time, the provisions of Sections 12 to 14 hereof shall be determined to be invalid or unenforceable under any applicable law, by reason of being vague or unreasonable as to area, duration or scope of activity, this Agreement shall be considered divisible and shall become and be immediately amended to only such area, duration and scope of activity as shall be determined to be reasonable and enforceable by the court or other body having jurisdiction over the matter and the Executive and the Employer agree that this Agreement as so amended shall be valid and binding as though any invalid or unenforceable provision had not been included herein.

		
	16.
	Dispute Resolution.

		
	16.1
	The Parties shall use good faith efforts to resolve any controversy or claim arising out of, or relating to this Agreement or the breach thereof, first in accordance with the Employer’s internal review procedures, except that this requirement shall not apply to any claim or dispute under or relating to Sections 12 to 14 of this Agreement. 

		
	16.2
	If despite their good faith efforts, the Parties are unable to resolve such controversy or claim through the Employer’s internal review procedures, then such controversy or claim shall be resolved by binding arbitration seated in New York, New York in accordance with the rules and procedures of the Employment Dispute Resolution Rules of the American Arbitration Association then in effect. The decision of the arbitrator shall be final and binding on both Parties, and any court of competent jurisdiction may enter judgment upon the award. Each party shall pay its own expenses, including legal fees, in such dispute and shall split the cost of the arbitrator and the arbitration proceedings.  

		
	17.
	Indemnification.

		
	17.1
	The Employer agrees that if the Executive is made a party or threatened to be made a party to any action, suit or proceeding, whether civil, criminal, administrative or investigative, by reason of the fact that the Executive is or was a director or officer of the Employer or any other entity within the Group or is or was serving at the request of the Employer or any other member of the Group as a director, officer, member, employee or agent of another corporation or a partnership, joint venture, trust or other enterprise (each such event, an “Action”), the Executive shall be indemnified and held harmless by the Employer to the fullest extent permitted by applicable law and authorized by the Company’s or the Subsidiary’s by-laws and/or charter, as the same exists or may hereafter be amended, against all expenses incurred or suffered by Executive in connection therewith, save in respect of any actual fraud, willful misconduct or any acts (or omissions) of gross negligence by the Executive.

		
	18.
	Policies and Procedures.

		
	18.1
	The Executive hereby acknowledges that the Employer maintains written policies and procedures which may be amended from time to time, and hereby agrees to familiarize himself with and at all times abide by such policies and/or procedures.

		
	19.
	Miscellaneous.

		
	19.1
	Successors:  The rights and benefits of Executive hereunder shall not be assignable, whether by voluntary or involuntary assignment or transfer by Executive. This Agreement shall be binding upon, and inure to the benefit of, the successors and assigns of the Employer, and the 

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heirs, executors and administrators of Executive, and shall be assignable by the Employer to any entity acquiring substantially all of the assets of the Company and/or the Subsidiary, whether by merger, consolidation, sale of assets or similar transactions.
		
	19.2
	Notice.  For the purposes of this Agreement, notices, demands and all other communications provided for in this Agreement shall be in writing and shall be deemed to have been duly given when delivered either personally or by overnight, certified or registered mail, return receipt requested, postage prepaid, addressed, in the case of Executive, to the last address on file with the Employer and if to the Employer, to its executive offices or to such other address as any party may have furnished to the other in writing in accordance herewith, except that notices of change of address shall be effective only upon receipt.

		
	19.3
	Governing Law.  This Agreement shall be governed by and construed in accordance with the laws of the Cayman Islands.

		
	19.4
	Amendment.  No provisions of this Agreement may be amended, modified, or waived unless such amendment or modification is executed in writing by all Parties. No waiver by either party hereto at any time of any breach by the other party hereto of any condition or provision of this Agreement to be performed by such other party shall be deemed a waiver of similar or dissimilar provisions or conditions at the same or at any prior or subsequent time.

		
	19.5
	Survival.  The respective obligations of, and benefits afforded to, Executive and the Employer as provided in Section 12 to 14 of this Agreement shall survive the termination of this Agreement.

		
	19.6
	Counterparts.  This Agreement may be executed in two or more counterparts, each of which shall be deemed to be an original but all of which together will constitute one and the same instrument.

		
	19.7
	Entire Agreement.  This Agreement sets forth the entire agreement of the Parties hereto in respect of the subject matter contained herein and supersedes all prior agreements, promises, covenants, arrangements, communications, representations or warranties, whether oral or written, by any officer, employee or representative of any party hereto in respect of such subject matter. 

		
	19.8
	Section Headings.  The section headings in this Agreement are for convenience of reference only and shall not affect its interpretation. 

		
	19.9
	Representation.  The Executive represents and warrants to the Employer, and acknowledges that the Employer has relied on such representations and warranties in employing Executive, that neither the Executive’s duties as an employee of the Employer nor his performance of this Agreement will breach any other agreement to which Executive is a party, including without limitation, any agreement limiting the use or disclosure of any information acquired by Executive prior to his employment by the Employer. The Executive further represents and warrants and acknowledges that the Employer has relied on such representations and warranties in employing the Executive, that he has not entered into, and will not enter into, any agreement, either oral or written, in conflict herewith. If it is determined that the Executive is in breach or has breached any of the representations set forth herein, the Employer shall have the right to terminate Executive’s employment for Cause. 

[SIGNATURE PAGE FOLLOWS]

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IN WITNESS WHEREOF, the Parties hereto have executed this Agreement on the date first above written.
GREENLIGHT CAPITAL RE, LTD.

By: /s/ Tim Courtis                                             
Name: Tim Courtis
Title: Chief Financial Officer

By: /s/ Leonard Goldberg                                       
Name: Leonard Goldberg
Title: Interim Chief Executive Officer/Director

GREENLIGHT REINSURANCE, LTD.

By: /s/ Tim Courtis                                             
Name: Tim Courtis
Title: Chief Financial Officer

By: /s/ Leonard Goldberg                                       
Name: Leonard Goldberg
Title: Interim Chief Executive Officer/Director

/s/ Simon Burton                                         
SIMON BURTON

                        

15tti-ex101_21.htm

Execution Version

Exhibit 10.1

SEPARATION AND RELEASE AGREEMENT

This Separation and Release Agreement (the “Agreement”) is entered into effective as of the 1st day of June, 2017 (the “Effective Date”) by and between Joseph Elkhoury (“Employee”) and TETRA Technologies, Inc., a Delaware corporation (the “Company”).  Capitalized terms not otherwise defined in this Agreement shall have the meaning set forth in Section 6.

WHEREAS, Employee is currently employed by the Company as Senior Vice President and Chief Operating Officer and also serves as a director of CSI Compressco GP Inc. (“CPGP”);

WHEREAS, Employee has as of the Effective Date resigned from the position of Senior Vice President and Chief Operating Officer of the Company and as a director of CPGP and the parties have mutually agreed to continue Employee’s employment with the Company to assist in the transition of duties and such other matters as the Company may reasonably request; and 

WHEREAS, Employee and the Company desire to enter into this Agreement to set forth the terms and conditions of Employee’s continued employment by the Company. 

NOW, THEREFORE, in consideration of the mutual covenants and agreements contained herein, and intending to be legally bound hereby, the Company and Employee hereby agree as follows:

1.Employment.  The Company hereby agrees to continue to employ Employee, and Employee hereby agrees to continue employment with the Company, upon the terms set forth herein.  The Company and Employee agree that Employee’s employment with the Company following the Effective Date shall terminate on the soonest to occur of (i) November 30, 2017, (ii) termination by either Employee or the Company upon ten (10) days’ prior written notice, and (iii) Employee’s commencement of full- or part-time employment with any third party or Employee’s provision of a material amount of consulting services to a third party (such period of continued employment being referred to as the “Transition Period”).  Employee shall provide not less than three (3) days’ prior written notice to the Company of Employee’s commencement of employment with any third party or Employee’s provision of such consulting services.  Employee shall have such duties as may be assigned to him by TETRA’s Chief Executive Officer.  During the Transition Period, Employee agrees to devote such time as reasonably required to carry out and perform the responsibilities assigned to Employee.  

2.Compensation and Related Matters.  

(a)During the Transition Period, Employee shall continue to receive the monthly base salary as in effect on the Effective Date, less applicable withholdings, which shall be paid in accordance with the Company’s standard payroll practice.  Employee shall be entitled to participate in all employee benefit plans during the Transition Period provided that Employee shall not be eligible for any new award under the Company’s equity incentive compensation plans after the Effective Date.

 

(b)Conditioned upon Employee’s execution of this Agreement, the Company will pay to Employee, as severance, the sum of $400,000, less applicable withholdings, no later than June 6, 2017.  

(c)Upon termination of Employee’s employment with the Company for any reason, (i) Employee shall be entitled to receive (A) all amounts of earned but unpaid base salary accrued through the effective date of termination, less applicable withholdings, (B) such employee benefits, if any, as to which Employee may be entitled under ERISA (as herein defined) governed benefit plans, arrangements or policies of the Company to the effective date of termination or as otherwise expressly required by applicable law (including pursuant to the Consolidated Omnibus Budget Reconciliation Act of 1985, as amended (“COBRA”)); provided, that the Company shall not be required to waive, pay or reimburse any premium or contribution required of Employee to continue any COBRA coverage or other benefits except as provided in the following sentence, (C) reimbursement of all unpaid expenses incurred prior to the effective date of termination in accordance with the Company’s policies and (D) an amount equal to accrued and unused vacation time in accordance with the Company’s policies, and (ii) all shares of restricted stock awarded by the Company to Employee pursuant to that certain Employee Restricted Stock Award Agreement dated effective June 16, 2014 shall become fully vested and no longer subject to forfeiture (collectively, the “Accrued Amounts”).  In the event of a Qualifying Termination by the Company as provided in clause (i) of the definition of a Qualifying Termination or in the event the Employee continues his employment with the Company through November 30, 2017, if Employee elects continuation coverage pursuant to COBRA within the time period prescribed pursuant to COBRA for Employee and Employee’s eligible dependents, then the Company will, subject to the conditions set forth in Section 2(d) below, waive, pay or reimburse Employee for any premium or contribution required of Employee to continue COBRA coverage (at coverage levels in effect immediately prior to Employee’s termination of employment) until the earlier of (y) a period of six (6) months following the Qualifying Termination or November 30, 2017, as applicable, and (z) the date upon which Employee and Employee’s eligible dependents become eligible for coverage under another employer’s plan(s).  

(d)In addition to the Accrued Amounts, for which no release is required, and subject to the conditions set forth below, (i) upon a Qualifying Termination by the Company as provided in clause (i) of the definition of a Qualifying Termination, the Company shall pay to Employee, as severance, in accordance with the Company’s normal payroll practices his current base salary as in effect on the Effective Date, less applicable withholdings through November 30, 2017 (the “Severance Payments”), and (ii) upon either a Qualifying Termination or Employee having continued his employment with the Company through November 30, 2017, (A) 12,124 shares of the unvested restricted stock awarded by the Company to Employee pursuant to that certain Employee Restricted Stock Award Agreement dated effective as of February 22, 2017 shall become fully vested and no longer subject to forfeiture (the “Accelerated Shares”), and (B) the Company shall pay to Employee an amount in cash equal to $180,000 (the “2018 Cash Payment”).  Such 2018 Cash Payment will be made on the sooner of March 15, 2018 or the date the 2017 fiscal year bonuses under the cash incentive compensation plan are paid to the Company’s executive officers.  The Severance Payments, the accelerated vesting the Accelerated Shares and the 2018 Cash Payment provided in clauses (i) and (ii) of the initial sentence of this paragraph are collectively referred to as the “Severance Benefits.”

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Employee’s receipt of the Severance Payments is conditioned upon the termination of employment being the result of a Qualifying Termination by the Company as provided in clause (i) of the definition of a Qualifying Termination.  The acceleration of the vesting of the Accelerated Shares and the payment of the 2018 Cash Payment are conditioned upon the termination of employment being the result of either a Qualifying Termination or the termination of the Transition Period as a result of Employee having been continuously employed by the Company through November 30, 2017.  In addition, Employee’s receipt of the Severance Benefits and the Company’s waiver, payment or reimbursement of any premium or contribution required for the continuation of COBRA coverage as set forth in Section 2(c) above are conditioned upon (i) Employee’s execution and delivery of the Release Agreement attached hereto as Exhibit A (the “Release Agreement”) within twenty-one (21) days following the effective date of the Qualifying Termination or November 30, 2017, as applicable, and Employee’s non-revocation of the ADEA Release (as defined and contained in the Release Agreement), and (ii) Employee’s compliance with the provisions of Section 5 below.  Employee’s receipt of the Severance Payments is further conditioned upon Employee not accepting full- or part-time employment with, or otherwise providing a material amount of consulting services to, any Competitor at any time prior to November 30, 2017.  Employee’s receipt of the 2018 Cash Payment is further conditioned upon Employee not accepting full- or part-time employment with, or otherwise providing a material amount of consulting services to, any Competitor at any time prior to November 30, 2017.

If Employee becomes entitled to receive the Severance Payments upon satisfaction of the foregoing conditions, the Severance Payments shall begin on the first regularly scheduled payroll date determined by the Company occurring more than thirty (30) days from Employee’s date of Qualifying Termination (with any such base salary that otherwise would have been paid prior to such date to be payable in a lump sum on such payroll date).  If Employee becomes entitled to receive an acceleration of vesting of the Accelerated Shares, any acceleration of vesting of the Accelerated Shares will be effective on the first business day following the expiration of the revocation period for the ADEA Release.

(e)Employee hereby agrees that the Change of Control Agreement dated June 16, 2014 (the “COC Agreement”) by and between Employee and the Company is hereby terminated and neither Employee nor the Company shall have any further rights, liabilities or obligations under the COC Agreement or with respect to the termination thereof. 

3.General Release.  In consideration of the benefits set forth herein, Employee hereby fully, finally, and completely releases the Company, its predecessors, successors, subsidiaries, stockholders and Affiliates and the respective officers, directors, managers, control persons, employees, agents, attorneys, representatives and assigns of any of them (collectively, the “Released Parties”) from any and all liabilities, claims, actions, losses, expenses, demands, costs, fees, damages and/or causes of action, of whatever kind or character, fixed or contingent, liquidated or unliquidated, asserted or unasserted, whether now known or unknown (collectively, “Claims”), arising from, relating to, or in any way connected with any facts or events occurring on or before the execution of this Agreement that he may have against the Company or any other Released Party, including, but not limited to any such Claims arising out of or in any way related to Employee’s employment with the Company, or any Affiliate thereof, or the termination of such employment, including but not limited to, any violation of any federal, state or local statute or regulation, 

3

 

any breach of contract, any wrongful termination, or other tort or cause of action.  Employee’s release of claims shall apply specifically, but not be limited to, claims under the Civil Rights Act of 1964, as amended, the Civil Rights Act of 1866, the Americans With Disabilities Act, the Fair Labor Standards Act, the Family and Medical Leave Act, Title VII, the Employee Retirement Income Security Act of 1974, as amended (“ERISA”), and any other federal, state, or local statute(s) or other law(s) prohibiting discrimination or harassment in employment or granting rights to an employee arising out of an employment relationship, as well as any claims for wages, employee benefits, vacation pay, severance pay, health or welfare benefits, bonus compensation, or other remuneration, damages, fees, costs or other relief for any obligations, contracts, claims for defamation, invasion of privacy, intentional or negligent infliction of emotional distress, negligence, gross negligence, estoppel, misrepresentation, express or implied duties of good faith and fair dealing, refusal to perform an illegal act, wrongful discharge, and/or torts for any and all alleged acts, omissions, or events through the date this Agreement is executed by Employee.  Employee confirms that this Agreement was neither procured by fraud nor signed under duress or coercion.  Further, Employee waives and releases the Company and each other Released Party from any Claims that this Agreement was procured by fraud or signed under duress or coercion so as to make this Agreement not binding.  Employee understands and agrees that by signing this Agreement, he is giving up the right to pursue any legal Claims released herein that he may currently have against the Company or any other Released Party, whether or not he is aware of such Claims, and specifically agrees and covenants not to bring any legal action for any Claims released herein.  The only Claims that are excluded from this Agreement are (i) Claims arising after the date of this Agreement, if any, including any future Claims relating to the Company’s performance of its obligations hereunder, (ii) any claim for unemployment compensation, (iii) any claim for workers’ compensation benefits, (iv) any vested, future benefits which Employee is entitled to receive under any Company “employee benefit plan,” within the meaning of Section 3(3) of ERISA, and the regulations promulgated thereunder; (v) indemnification or payment under any applicable directors and officers liability insurance policy, applicable state and federal law, and the Company’s by-laws, certificate of formation, or other agreement, (vi) any vested interest he may have in any 401(k) plan by virtue of his employment with the Company; (vii) any rights Employee may have under any equity award agreement with respect to any vested equity awards thereunder.  This General Release of Claims does not include a release of claims under the Age Discrimination in Employment Act or the Older Workers’ Benefit Protection Act.

4.Rights Not Waived.  Employee represents that he has not filed any charges, complaints, or other proceedings against the Company or any of the other Released Parties that are presently pending with any federal, state, or local court or administrative or governmental agency.  Notwithstanding this release of liability, nothing in this Agreement prevents Employee from filing any non-legally waivable claim (including a challenge to the validity of this Agreement) with the Equal Employment Opportunity Commission (“EEOC”), National Labor Relations Board (“NLRB”), or comparable state or local agency or participating in any investigation or proceeding conducted by the EEOC, NLRB, or comparable state or local agency; however, Employee understands and agrees that Employee is waiving any and all rights to recover any monetary or personal relief or recovery as a result of such EEOC, NLRB, or comparable state or local agency proceeding or subsequent legal actions. In addition, nothing in this Agreement prohibits Employee from reporting possible violations of federal law or regulation to any government agency or entity, 

4

 

making other disclosures that are protected under whistleblower provisions of law, or receiving an award or monetary recovery pursuant to the Securities and Exchange Commission’s whistleblower program.  Employee does not need prior authorization to make such reports or disclosures and is not required to notify the Company that he has made any such report or disclosure.

5.Restrictions and Obligations of Employee.

(a)Confidentiality.  Employee acknowledges that the Company and its Affiliates have previously provided Employee with Confidential Information and will continue to provide Employee with Confidential Information during the Transition Period.  Employee further acknowledges and agrees that the Company and its Affiliates have put in place certain policies and practices to safeguard such Confidential Information, and that as a condition of his employment with the Company, Employee executed an Employment Agreement dated June 16, 2014 (the “Employment Agreement”) with the Company pursuant to which Employee agreed, both during and after his employment, not to disclose or use for his benefit or the benefit of others any Confidential Information and to comply with the Company’s and its Affiliates’ policies regarding Confidential Information. Employee agrees that he is and will remain to be subject to the obligations contained in the Employment Agreement to the extent such obligations continue after his termination of employment, including the confidentiality provisions therein, as well as the Company’s and its Affiliates’ policies and limitations on disclosure of Confidential Information.  Employee further agrees that Employee will not, while employed by the Company or any Affiliate and at any time thereafter, disclose or make available to any other person or entity, or use for Employee’s own personal gain, any Confidential Information, except for such disclosures as required in the performance of Employee’s duties with the Company or any Affiliate or as may otherwise be required by law or legal process (in which case Employee shall notify the Company of such legal or judicial proceeding as soon as practicable following his receipt of notice of such a proceeding, and permit the Company to seek to protect its interests and information).  Employee acknowledges and agrees that such Confidential Information is the exclusive property of the Company and its Affiliates and will only be used for the benefit of the Company and its Affiliates.  

(b)Notice of Immunity Under the Economic Espionage Act of 1996, as amended by the Defend Trade Secrets Act of 2016 (“DTSA”).  Employee will not be held criminally or civilly liable under any federal or state law for any disclosure of a trade secret that:  (i) is made in confidence to a federal, state, or local government official, either directly or indirectly, or to an attorney and solely for the purpose of reporting or investigating a suspected violation of law; or (ii) is made in a complaint or other document that is filed under seal in a lawsuit or other proceeding.  If Employee files a lawsuit for retaliation by the Company for reporting a suspected violation of law, Employee may disclose the Company’s trade secrets to his attorney and use the trade secret information in the court proceeding if Employee files any document containing the trade secret under seal and does not disclose the trade secret, except pursuant to court order.

(c)Non-Solicitation or Hire.  For a two-year period following the termination of Employee’s employment with the Company or any Affiliate, Employee shall not, directly or indirectly (i) employ or seek to employ any person who is on the effective date of termination, or was at any time within the six-month period preceding the effective date of termination, an employee of the Company or any of its Affiliates or otherwise solicit, encourage, cause or induce any such employee of the Company or any of its Affiliates to terminate such employee’s 

5

 

employment with the Company or such Affiliate or to enter into employment with another company (including for this purpose the contracting with any person who was an independent contractor (excluding consultant) of the Company or any Affiliate during such period) or (ii) take any action that would interfere with the relationship of the Company or its Affiliates with  their suppliers or customers without, in either case, the prior written consent of the Company.

(d)Nondisparagement.  Employee agrees not to make any statements (oral or written) or otherwise do anything that will disparage or damage the corporate, personal or professional reputation of the Company, its Affiliates and their respective officers, employees, managers or directors, as applicable, or that disrupts or impairs the normal ongoing business operations of the Company and/or its Affiliates.  The Company shall use its commercially reasonable efforts to cause its executive officers and directors not to make any statements (oral or written) or otherwise do anything that will disparage or damage the personal or professional reputation of Employee.  Notwithstanding the foregoing, nothing in this Agreement shall be construed as prohibiting Employee from engaging in concerted activity protected by the National Labor Relations Act.

(e)Injunctive Relief. Employee acknowledges that monetary damages for any breach of Section 5(a), (c) and (d) above will not be an adequate remedy and that irreparable injury will result to the Company, its Affiliates and their respective businesses in the event of such a breach. For that reason, Employee agrees that in the event of a breach, in addition to recovering legal damages, the Company is entitled to proceed in equity for specific performance or to enjoin Employee from violating such provisions.

(f)Continuing Obligations.  Nothing contained in this Agreement shall be deemed to affect or relieve Employee from any continuing obligations contained in the Employment Agreement or other policies of the Company or its Affiliates to which Employee is subject during and, as applicable, following his employment with the Company, and Employee agrees to comply with such ongoing obligations in accordance with their terms.  To the extent that any provision of this Agreement conflicts with the Employment Agreement or other policies of the Company, this Agreement controls.

(g)Termination of Severance Benefits.  The provision of the Severance Benefits pursuant to Section 2(d) above and the waiver, payment or reimbursement of any premium or contribution required for the continuation of COBRA coverage is expressly conditioned upon Employee’s compliance with the foregoing provisions of this Section 5, including the continuing obligations under Employee’s Employment Agreement and the policies of the Company.  Employee’s receipt of the Severance Payments is further conditioned upon Employee not accepting full- or part-time employment with, or otherwise providing a material amount of consulting services to, any Competitor at any time prior to November 30, 2017.  Employee’s receipt of the 2018 Cash Payment is further conditioned upon Employee not accepting full- or part-time employment with, or otherwise providing a material amount of consulting services to, any Competitor at any time prior to November 30, 2017.  If at any time Employee shall (i) breach any of the provisions of this Section 5, including the continuing obligations under Employee’s Employment Agreement and the policies of the Company or its Affiliates, or (ii) become employed by, or otherwise provide a material amount of consulting services to, any Competitor at any time prior to November 30, 2017, then the Severance Payments shall immediately terminate and the 

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Company shall have no further obligation to pay any further Severance Payments pursuant to Section 2(d).  If before the payment of the 2018 Cash Payment the Employee shall (x) breach any of the provisions of this Section 5, including the continuing obligations under Employee’s Employment Agreement and the policies of the Company or its Affiliates, or (y) become employed by, or otherwise provide a material amount of consulting services to, any Competitor before November 30, 2017, then there shall be no payment of the 2018 Cash Payment, as applicable.

6.Definitions.  For purposes of this Agreement, the following terms have the following meanings:

(a)“Affiliate” means (i) any entity in which the Company, directly or indirectly, owns 10% or more of the combined voting power, (ii) any “parent corporation” of the Company (as defined in Section 424(e) of the Code), (iii) any “subsidiary corporation” of any such parent corporation (as defined in Section 424(f) of the Code) of the Company and (iv) any trades or businesses, whether or not incorporated which are members of a controlled group or are under common control (as defined in Sections 414(b) or (c) of the Code) with the Company.  For purposes of this Agreement, CSI Compressco LP (“CCLP”) and its subsidiaries shall be considered an Affiliate of the Company.

(b)“Code” means the Internal Revenue Code of 1986, as amended, and the Treasury regulations and administrative guidance promulgated thereunder.  

(c)“Competitor” means any entity that is competitive with a business in which the Company or any of its subsidiaries, including CCLP, engaged during the twelve-month period immediately preceding the effective date of Employee’s termination of employment.

(d)“Confidential Information” means and includes all confidential and/or proprietary information, trade secrets and “know-how” and compilations of information of any kind, type or nature (tangible and intangible, written or oral, and including information contained, stored or transmitted through any electronic medium), whether owned by the Company or its Affiliates, disclosed to the Company or its Affiliates in confidence by third parties or licensed from any third parties, which, at any time during Employee’s employment by the Company or any Affiliate, is developed, designed or discovered or otherwise acquired or learned by Employee and which relates to the Company or its Affiliates, partners, business, services, products, processes, properties or assets, customers, clients, suppliers, vendors or markets or such third parties.  Notwithstanding the foregoing, Confidential Information shall not include any information that becomes generally available to the public other than as a result of any disclosure or act of Employee in violation of the terms of this Agreement. 

(e)“Qualifying Termination” means the termination of Employee’s employment with the Company before November 30, 2017 (i) by the Company for any reason other than a breach by Employee of any provisions of Section 5, or (ii) by Employee for any reason.

7.No Other Entitlement.  Employee acknowledges that, except as expressly provided in this Agreement, Employee is not entitled to, and will not receive, any additional compensation, benefits, or separation pay or other payment of any kind.  Employee acknowledges that, subject to the continued payment of his salary and the other benefits to which he is entitled 

7

 

during his continued employment by the Company and the acceleration of vesting of the shares of restricted stock as provided in Section 2(c) above, he has been fully paid or provided all wages, compensation, bonuses or other benefits from the Company or the Released Parties which are or could be due to Employee under the terms of his employment or otherwise.  Thus, for any employee benefits sponsored by the Company not specifically referenced in this Agreement, Employee will be treated as a terminated employee on the effective date of termination.  This includes, but is not limited to, any 401(k) plan, life insurance, accidental death and dismemberment insurance and short and long-term disability insurance.  Without limiting the foregoing and except as otherwise described this Agreement, Employee expressly acknowledges and agrees that he is not entitled to receive (i) any further bonus payments under the Company’s cash incentive compensation plan, or otherwise; (ii) equity incentive grants or awards under any of the incentive plans or programs of the Company or its Affiliates; or (iii) any additional severance or other compensation.

8.No Oral Modification.  This Agreement cannot be modified orally and can only be modified through a written document signed by all parties.

9.Severability.  If any provision contained in this Agreement is determined to be void, illegal or unenforceable, in whole or in part, then the other provisions contained herein shall remain in full force and effect as if the provision which was determined to be void, illegal or unenforceable had not been contained herein.

10.Return of Property.  Employee acknowledges that all property of the Company and its Affiliates in Employee’s possession or control including, without limitation, documents, agreements, proposals, files, records, manuals, handbooks, client and customer lists and information, manuals, maintenance manuals, computer-recorded information (including email) and other documentation and information (whether in paper or electronic form) relating to the business of the Company or any Affiliate, and any and all equipment, computers, digital data storage devices and the like obtained by Employee in connection with his employment with the Company (collectively, “Recipient Materials”) shall at all times be the property of the Company or any applicable Affiliate except as provided below.  Employee shall return to the Company all Recipient Materials and any copies thereof in his possession, custody or control, including Recipient Materials retained by Employee in his office or at his home, within ten (10) days of the effective date of termination or upon request by the Company.  In the event that Employee has electronic version(s) of Recipient Materials in his possession, Employee will deliver a copy of the electronic version of Recipient Materials and delete all copies of the electronic version(s) of Recipient Materials in his possession.  Further, if Employee discovers Recipient Materials after any requirement to return same has passed, he will immediately return all copies to the Company and delete any electronic version(s) of such Recipient Materials.  Following the effective date of termination, Employee may retain the Company provided laptop computer and cell phone after the Company has received such equipment and deleted from such equipment any Recipient Materials.

11.Attorneys’ Fees.  The parties hereto agree that each party shall pay its respective costs, including attorney's fees, if any, associated with this Agreement.

12.Taxes.  The Company may withhold from any amounts payable under this Agreement such Federal, state, local or foreign taxes as shall be required to be withheld pursuant 

8

 

to any applicable law or regulation.  Notwithstanding any other provision of this Agreement, each party hereto agrees to be responsible for and to pay the taxes imposed on it by applicable law without any contribution from the other.

13.Section 409A.  The parties acknowledge that the form and timing of the payments and benefits to be provided pursuant to this Agreement are intended to be exempt from or to comply with one or more exceptions to the requirements of Section 409A of the Internal Revenue Code of 1986, as amended, and applicable Treasury Regulations thereunder (“Section 409A”).  The parties further acknowledge that for purposes of Section 409A Employee does not have discretion with respect to the timing of the payment of any amounts provided under this Agreement.  Employee's right to receive any payment, benefit or amounts that might otherwise constitute installment payments shall be treated for purposes of Section 409A as a right to receive a series of separate and distinct payments.  Notwithstanding the foregoing, the Company does not make any representation that the payments or benefits provided under this Agreement are exempt from, or satisfy, the requirements of Section 409A, and the Company shall have no liability to Employee for any tax, interest or penalties that Employee may incur in the event that any provision of this Agreement does not comply with Section 409A.

14.Choice of Law/Venue. THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF TEXAS, WITHOUT REFERENCE TO PRINCIPLES OF CONFLICT OF LAWS.  WITH RESPECT TO ANY SUIT, ACTION, OR OTHER PROCEEDING ARISING FROM OR RELATING TO THIS AGREEMENT, THE COMPANY AND EMPLOYEE HEREBY IRREVOCABLY AGREE TO THE EXCLUSIVE PERSONAL JURISDICTION AND VENUE OF THE UNITED STATES DISTRICT COURT FOR THE SOUTHERN DISTRICT OF TEXAS AND ANY TEXAS STATE COURT WITHIN MONTGOMERY COUNTY, TEXAS.

15.No Admission of Liability.  Employee acknowledges and agrees that nothing in this Agreement shall be construed as an admission of any liability for any claim in connection with Employee’s employment with the Company.

16.Fully Understood.  By signing this Agreement, Employee acknowledges and affirms that he has (i) read and understands this Agreement, (ii) consulted with legal counsel of his choosing, (iii) agreed to the terms of this Agreement, and (iv) received a copy of this Agreement.  

17.Successors.

(a)This Agreement is personal to Employee and shall not be assignable by Employee. This Agreement shall inure to the benefit of and be enforceable by Employee’s legal representatives.

(b)This Agreement shall inure to the benefit of and be binding upon the Company, its Affiliates and their respective successors and assigns.

18.Notices.  All notices required hereunder shall be in writing and shall be given by hand delivery to the other party or by registered or certified mail, return receipt requested, postage 

9

 

prepaid, addressed to the Employee, at the address maintained in the Company’s records, and to the Company as follows:

	
 
	
If to the Company:
	
TETRA Technologies, Inc.
24955 Interstate 45 North
The Woodlands, TX  77380
Attention:  Chief Executive Officer

	
 
	
With a copy to:
	
TETRA Technologies, Inc.
24955 Interstate 45 North
The Woodlands, TX  77380
Attention:  General Counsel

or to such other address as either party shall have furnished to the other in writing in accordance herewith. Notices and communications shall be effective when actually received by the addressee.

19.Multiple Counterparts.  This Agreement may be executed in one or more counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same instrument.  Facsimile or e-mail transmission of any signed original of this Agreement will be deemed the same as delivery of an original.

20.Entire Agreement.  This Agreement supersedes any and all prior agreements between the parties, oral or written, except with respect to any of Employee’s continuing obligations as set forth above, which shall continue and remain in full force and effect per the terms of those covenants.

21.Voluntary Agreement.  Employee hereby represents and warrants that, prior to signing below, he has had the opportunity to consult with independent legal counsel of his choice, has read this document in its entirety and fully or satisfactorily understands its content and effect, is completely satisfied with the terms reflected in this Agreement, and, accordingly, knowingly makes this Agreement and agrees to be bound as described in this Agreement.

TETRA TECHNOLOGIES, INC.JOSEPH ELKHOURY

By:  /s/Bass C. Wallace, Jr./s/Joseph Elkhoury___________

Name: Bass C. Wallace, Jr.

Title: Senior Vice President & General Counsel

 

 

10

 

Exhibit A
TO 
SEPARATION AND RELEASE AGREEMENT

RELEASE AGREEMENT

 

This Release Agreement (“Release Agreement”) is entered into as of ______, 2017 by and between Joseph Elkhoury (“Employee”) and Tetra Technologies, Inc. (the “Company”), as follows:

WHEREAS, Employee and the Company have entered into that certain Separation and Release Agreement (the “Separation Agreement”) dated June 1, 2017 which sets forth certain covenants and agreements between the parties relating to Employee’s resignation and resulting termination of employment including, without limitation, certain payments and benefits to be provided by the Company to Employee; and 

WHEREAS, the Separation Agreement contemplates that Employee will execute and deliver to the Company this Release Agreement upon the termination of Employee’s employment with the Company and the Employee and the Company desire to execute this Release Agreement to resolve all issues relating to the employment of Employee by the Company.

NOW THEREFORE, in consideration of the mutual promises and covenants set forth herein and in the Separation Agreement, the parties agree as follows:

1.Definitions.  All capitalized terms not otherwise defined in this Release Agreement shall have the meaning ascribed thereto in the Separation Agreement.

2.Separation Benefits and Conditions.

(a)Employee and the Company acknowledge and agree that the effective date of the termination of Employee’s employment with the Company is ________________, 2017.

(b)Subject to the terms and conditions of the Separation Agreement, including the Employee’s execution and delivery of this Release Agreement and non-revocation of the ADEA Release contained herein, Employee shall receive the Severance Benefits specified in Section 2(d) of the Separation Agreement, subject to the provisions of Section 5(g) of the Separation Agreement.

3.General Release.  In consideration of the benefits set forth herein and in the Separation Agreement, Employee hereby fully, finally, and completely releases the Company, its predecessors, successors, subsidiaries, stockholders and Affiliates and the respective officers, directors, managers, control persons, employees, agents, attorneys, representatives and assigns of any of them (collectively, the “Released Parties”) from any and all liabilities, claims, actions, losses, expenses, demands, costs, fees, damages and/or causes of action, of whatever kind or character, fixed or contingent, liquidated or unliquidated, 

 

 

asserted or unasserted, whether now known or unknown (collectively, “Claims”), arising from, relating to, or in any way connected with any facts or events occurring on or before the execution of this Release Agreement that he may have against the Company or any other Released Party, including, but not limited to any such Claims arising out of or in any way related to Employee’s employment with the Company, or any Affiliate thereof, or the termination of such employment, including but not limited to, any violation of any federal, state or local statute or regulation, any breach of contract, any wrongful termination, or other tort or cause of action.  Employee’s release of claims shall apply specifically, but not be limited to, claims under the Civil Rights Act of 1964, as amended, the Civil Rights Act of 1866, the Americans With Disabilities Act, the Fair Labor Standards Act, the Family and Medical Leave Act, Title VII, the Employee Retirement Income Security Act of 1974, as amended (“ERISA”), and any other federal, state, or local statute(s) or other law(s) prohibiting discrimination or harassment in employment or granting rights to an employee arising out of an employment relationship, as well as any claims for wages, employee benefits, vacation pay, severance pay, health or welfare benefits, bonus compensation, or other remuneration, damages, fees, costs or other relief for any obligations, contracts, claims for defamation, invasion of privacy, intentional or negligent infliction of emotional distress, negligence, gross negligence, estoppel, misrepresentation, express or implied duties of good faith and fair dealing, refusal to perform an illegal act, wrongful discharge, and/or torts for any and all alleged acts, omissions, or events through the date this Release Agreement is executed by Employee.  Employee confirms that this Release Agreement was neither procured by fraud nor signed under duress or coercion.  Further, Employee waives and releases the Company and each other Released Party from any Claims that this Release Agreement was procured by fraud or signed under duress or coercion so as to make this Release Agreement not binding.  Employee understands and agrees that by signing this Agreement, he is giving up the right to pursue any legal Claims released herein that he may currently have against the Company or any other Released Party, whether or not he is aware of such Claims, and specifically agrees and covenants not to bring any legal action for any Claims released herein.  The only Claims that are excluded from this Release Agreement are (i) Claims arising after the date of this Release Agreement, if any, including any future Claims relating to the Company’s performance of its obligations under the Separation Agreement, (ii) any claim for unemployment compensation, (iii) any claim for workers’ compensation benefits, (iv) any vested, future benefits which Employee is entitled to receive under any Company “employee benefit plan,” within the meaning of Section 3(3) of ERISA, and the regulations promulgated thereunder, (v) indemnification or payment under any applicable directors and officers liability insurance policy, applicable state and federal law, and the Company’s by-laws, certificate of formation, or other agreement, (vi) any vested interest he may have in any 401(k) plan by virtue of his employment with the Company; (vii) any rights Employee may have under any equity award agreement with respect to any vested equity awards thereunder.

 

 

4.ADEA Release.  Employee hereby fully, finally, and completely releases the Company and the other Released Parties from any and all claims, charges, or causes of action arising on or before the date of this Release Agreement under the Age Discrimination and Employment Act and the Older Workers’ Benefit Protective Act, 42 U.S.C. §§ 1981, 1983, 1985 (collectively the “ADEA”) which prohibits age discrimination in employment (the “ADEA Release”), and hereby acknowledges and agrees that: 

	
 
	
(i)
	
this Release Agreement, which includes the ADEA Release, was negotiated at arm’s length;

	
 
	
(ii)
	
this Release Agreement, which includes the ADEA Release, is worded in a manner that Employee fully understands; 

	
 
	
(iii)
	
Employee specifically waives any rights or claims under the ADEA; 

	
 
	
(iv)
	
Employee knowingly and voluntarily agrees to all of the terms set forth in this Release Agreement, which includes the ADEA Release; 

	
 
	
(v)
	
Employee acknowledges and understands that any Claims under the ADEA that may arise after the date of this Release Agreement are not waived; 

	
 
	
(vi)
	
the rights and claims waived in this Agreement, which include the ADEA Release, are in exchange for consideration over and above anything to which Employee was already entitled; 

	
 
	
(vii)
	
Employee has been and hereby is advised in writing to consult with an attorney prior to executing this Release Agreement, including the ADEA Release;

	
 
	
(viii)
	
Employee understands that he has been given a period of up to twenty-one (21) days to consider the ADEA Release prior to executing it; 

	
 
	
(ix)
	
Employee understands that he has been given a period of seven (7) days from the date of the execution of the ADEA Release to revoke the ADEA Release, and understands and acknowledges that the ADEA Release will not become effective or enforceable until the revocation period has expired; and

If Employee elects to revoke this release of age discrimination claims, revocation must be in writing and presented to Elisabeth K. Evans, Vice President-Human Resources, TETRA Technologies, Inc., 24955 Interstate 45 North, The Woodlands, Texas 77380, within seven (7) days from the date of the execution of this Agreement, including the ADEA Release.  Employee further agrees that only material changes in the terms of this Release Agreement shall affect or restart the above-referenced 21-day consideration period.

 

 

Employee understands that nothing in this Release Agreement is intended to interfere with or deter Employee’s right to challenge the waiver of a claim under the ADEA or state law age discrimination claim or the filing of an ADEA charge or ADEA complaint or state law age discrimination complaint or charge with the EEOC or any state discrimination agency or commission or to participate in any investigation or proceeding conducted by those agencies.  Further, Employee understands that nothing in this Release Agreement would require Employee to tender back the money received under this Release Agreement if Employee seeks to challenge the validity of the ADEA or state law age discrimination waiver, nor does the Employee agree to ratify any ADEA or state law age discrimination waiver that fails to comply with the Older Workers’ Benefit Protection Act by retaining the money received under the Agreement.  Further, nothing in this Release Agreement is intended to require the payment of damages, attorneys’ fees, or costs to the Company should Employee challenge the waiver of an ADEA or state law age discrimination claim or file an ADEA or state law age discrimination suit except as authorized by federal or state law.

5.Rights Not Waived.  Employee represents that he has not filed any charges, complaints, or other proceedings against the Company or any of the other Released Parties that are presently pending with any federal, state, or local court or administrative or governmental agency.  Notwithstanding this release of liability, nothing in this Release Agreement prevents Employee from filing any non-legally waivable claim (including a challenge to the validity of this Agreement) with the Equal Employment Opportunity Commission (“EEOC”), National Labor Relations Board (“NLRB”), or comparable state or local agency or participating in any investigation or proceeding conducted by the EEOC, NLRB, or comparable state or local agency; however, Employee understands and agrees that Employee is waiving any and all rights to recover any monetary or personal relief or recovery as a result of such EEOC, NLRB, or comparable state or local agency proceeding or subsequent legal actions. In addition, nothing in this Release Agreement prohibits Employee from reporting possible violations of federal law or regulation to any government agency or entity, making other disclosures that are protected under whistleblower provisions of law, or receiving an award or monetary recovery pursuant to the Securities and Exchange Commission’s whistleblower program.  Employee does not need prior authorization to make such reports or disclosures and is not required to notify the Company that he has made any such report or disclosure.

6.Miscellaneous.  This Release Agreement is being executed and delivered pursuant to the terms and provisions of the Separation Agreement and shall not affect or diminish any of the rights and obligations of the parties thereunder which shall continue to be effective and survive the execution of this Release Agreement.  This Release Agreement shall be subject to the terms and provisions of Sections 8, 9, 11, 14, 15, 16  and 17 of the Separation Agreement which are incorporated herein, mutatis mutandis.

 

 

		
		
	
TETRA TECHNOLOGIES, INC.

 

 

By: 

Name: 

Title: 
	
JOSEPH ELKHOURY

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