Document:

ex_117410.htm

Exhibit 10.2

 

SEPARATION AGREEMENT AND GENERAL RELEASE of claims

 

FactSet Research Systems Inc. (“the Company”) and I, Edward Baker-Greene (“Employee”), have entered into this Separation Agreement and General Release of Claims (“Agreement”) to settle all known and unknown claims I might have against Company and all related parties. Except to the extent governed by federal law, this Agreement shall be governed by the statutes and common law of Connecticut, excluding any that mandate the use of another jurisdiction’s laws.

 

The Company and I agree as follows:

 

Section 1 -- Benefits

 

(a)     In General: The Company promises that I will receive the benefits set forth in this section that are conditioned on my execution of this Agreement. I understand and agree that I am not otherwise entitled to receive the benefits provided to me under this Agreement. I understand that I may revoke this Agreement within 7 days after I sign it, in which case I will not receive the amounts or benefits that are being paid to me under it, and this Agreement will never go into effect.

 

(b)     Salary Continuation: Whether I sign this Agreement or not, I will continue to receive my regular pay, less all applicable federal, state and local taxes and withholdings, for the period from now through the effective date of my termination on November 30, 2018 (“Termination Date”). During this period, I will remain on active payroll and retain all salary, compensation and employment benefits that I previously enjoyed, including Company medical benefits. Prior to my Termination Date, I may be required to relinquish my title of Chief Human Resources Officer. Until such time, I will be required to report to work at the Company as usual, and will be required to perform regular work assignments. Following the relinquishment of such title but prior to my Termination Date, I may be requested by the Company to assist in reasonable transition efforts.

 

(c)     Bonus Payment: Whether I sign this Agreement or not, I will be eligible to participate in the Company’s annual bonus program. My annual target bonus amount is $350,000 for fiscal year 2018, though the actual amount may differ. My bonus will be paid when all other corporate bonuses are paid in October 2018, less all applicable federal, state and local taxes and withholdings. Any bonus I may earn during fiscal year 2019 has been included in my separation payment under Section 1(d).

 

(d)     Separation Payment: In exchange for signing this Agreement, I will receive a lump sum separation payment of $387,500.00 (Three Hundred Eighty-Seven Thousand Five Hundred Dollars and Zero Cents), less all applicable federal, state and local taxes and withholdings. Payment will be made on the date of the first scheduled payroll after December 1, 2018, but not later than December 31, 2018.

 

 

 

 

(e)     Equity Awards: The Company will accelerate the vesting of the following outstanding equity awards such that the shares subject to such awards as specified here shall be deemed vested and exercisable as of the Termination Date, subject to the standard terms of the Company’s option agreement:

 

	 	
			i.

				
			the accelerated vesting of 970 options granted on June 1, 2015;

			

 

	 	
			ii.

				
			the accelerated vesting of 2,125 options granted on November 2, 2015;

			

 

	 	
			iii.

				
			the accelerated vesting of 1,275 options granted on November 2, 2015;

			

 

	 	
			iv.

				
			the accelerated vesting of 1,648 options granted on November 1, 2016; and

			

 

	 	
			v.

				
			the accelerated vesting of 1,243 options granted on November 2, 2017.

			

 

(f)     Compensation and Benefit Programs: I waive coverage and benefits under all Company disability programs, but this Agreement does not affect my eligibility for other Company stock option, bonus, incentive compensation, commission, medical, dental, life insurance, retirement and other compensation or benefit plans of the Company or any affiliate. Whether I sign this Agreement or not, I understand that my rights and continued participation in those plans will be governed by their existing terms. After my Termination Date, the Company shall make monthly premium payments of $2,541.51 to be made on my behalf for continuation of health coverage under the Consolidated Omnibus Budget Reconciliation Act of 1986, as amended (COBRA) through November 30, 2019, totaling $30,498.12. Thereafter, I may be able to purchase continued health plan coverage under the normal COBRA health care continuation rules. I understand and acknowledge that it is my responsibility to enroll in COBRA coverage if I elect to do so, and I shall be responsible for all premium payments.

 

Payments made under this Agreement will not be included in my compensation for purposes of calculating the benefits to which I am entitled under any employee benefit program, notwithstanding anything in it to the contrary.

 

(g)     Outplacement Assistance: I will receive outplacement assistance services provided by a vendor selected by the Company to the extent I utilize such services within one year following the Termination Date and to the extent the cost does not exceed $25,000.

 

Section 2 -- Complete General Release of Claims

 

The following releases are made as of the date of this Agreement, and as of my Termination Date:

 

 

 

 

(a)     Claims Released: Except for the claims identified in Section 2(b), I irrevocably and unconditionally release (i.e., give up) all known and unknown claims, promises, causes of action, or similar rights of any type that I currently may have (“Claims”) with respect to any Released Party listed in Section 2(c). I understand that I am not releasing future rights or claims, meaning rights or claims that arise after my Termination Date. I understand that the Claims I am releasing might arise under many different foreign, domestic, national, state, or local laws (including statutes, regulations, other administrative guidance, and common law doctrines), such as the following:

 

Anti-discrimination statutes, such as Title VII of the Civil Rights Act of 1964, Sections 1981 and 1983 of the Civil Rights Act of 1866, and Executive Order 11,246, which prohibit discrimination based on race, color, national origin, religion, or sex; the Age Discrimination in Employment Act (“ADEA”) and Executive Order 11,141, which prohibit age discrimination in employment; the Equal Pay Act, which prohibits paying men and women unequal pay for equal work; the Americans With Disabilities Act (“ADA”) and Sections 503 and 504 of the Rehabilitation Act of 1973, which prohibit discrimination based on disability; the Genetic Information Nondiscrimination Act of 2008 (“GINA”), which prohibits discrimination based on genetic information; and any other federal, state, or local laws prohibiting discrimination in employment based on a protected category, such as actual or perceived race, religion, color, national origin, ancestry, physical or mental disability, medical condition, genetic information, marital status, sex, sexual orientation, or association with a person who has, or is perceived to have, any of those characteristics.

 

Federal employment statutes, such as the Worker Adjustment and Retraining Notification Act (“WARN Act”), which requires that advance notice be given of certain work force reductions; the Employee Retirement Income Security Act of 1974 (“ERISA”), which, among other things, protects employee benefits; and any other federal laws relating to employment, such as veterans’ reemployment rights laws.

 

Other laws, such as any federal, state, or local laws mandating leaves of absence, restricting an employer’s right to terminate employees, or otherwise regulating employment; any federal, state, or local law enforcing express or implied employment contracts or requiring an employer to deal with employees fairly or in good faith; any other federal, state, or local laws providing recourse for alleged wrongful discharge, tort, physical or personal injury, emotional distress, fraud, negligent misrepresentation, defamation, and similar or related claims; any other law relating to salary, commission, compensation, benefits, and other matters; and family and medical leave laws.

 

Examples of released Claims include, but are not limited to the following (except to the extent explicitly preserved by Section 1 or 2(b) of this Agreement): (i) Claims that in any way relate to or arose during my employment with the Company, or the termination of that employment, such as Claims for compensation, bonuses, commissions, lost wages, or unused accrued vacation or sick pay; (ii) Claims that in any way relate to the design or administration of any employee benefit program; (iii) Claims that I have irrevocable or vested rights to severance or similar benefits or to post-employment health or group insurance benefits; (iv) any Claims to attorneys’ fees or other indemnities (such as under the Civil Rights Attorneys’ Fees Act), with respect to Claims I am releasing; or (v) claims under the Connecticut Human Rights and Opportunities Law, the Connecticut Family and Medical Leave Law, the Connecticut Age Discrimination and Employee Insurance Benefits Law, and the Connecticut Smokers’ Rights Law.

 

 

 

 

If, despite this Agreement, I sue or bring an arbitration action asserting any Claim that I have released, I will be liable to the Released Party (as defined below) for its attorneys’ fees, other defense costs, and any other damages that my suit or arbitration causes, except those attributable to ADEA claims. I promise not to accept any relief or remedies not set forth in this Agreement as to any Claim I have released by signing it.

 

(b)     Claims Not Released: This Agreement does not release any claims that the law does not permit me to release. Nothing herein affects my rights to indemnification, reimbursement for business expenses incurred through the Termination Date in accordance with Company policy, payment for accrued but unused vacation in accordance with Company policy, and vested benefits under the Company’s 401(k) plan, subject to the terms of such plan.

 

(c)     Released Parties: The Released Parties are the Company, all current and former parents, subsidiaries, related companies, partnerships, or joint ventures, and, with respect to each of them, their predecessors and successors; and, with respect to each such entity, all of its past, present, and future employees, officers, directors, stockholders, owners, representatives, assigns, attorneys, agents, insurers, employee benefit programs (and the trustees, administrators, fiduciaries, and insurers of such programs), and any other persons acting by, through, under or in concert with any of the persons or entities listed in this subsection, and their successors.

 

Section 3 -- Promises

 

(a)     Employment Termination: I agree that my employment with the Company and its affiliates has ended or is ending as of my Termination Date, and that I am accepting payments and benefits under this Agreement in lieu of any such other rights or benefits to which I possibly could be or become entitled. I have not been told that the Company or any Released Party will rehire me.

 

(b)     Resignation of All Other Positions: Upon relinquishment of my role as Chief Human Resources Officer, I agree to resign from all positions that I hold as an officer or member of the Board (or a committee thereof) of the Company or any of its affiliates.

 

(c)     Company Property and Debts: On or before my Termination Date, I will return to the Company all files, memoranda, documents, records, copies of the foregoing, Company-provided credit cards, keys, building passes, security passes, access or identification cards, devices and equipment belonging to the Company (including computers, laptops, tablets, smart phones, handheld electronic devices, telephone equipment, and other electronic devices, including PDAs), and any other property of the Company or any Released Party in my possession or control, other than my car and specific mutually approved devices, all with the Company’s consent. The Company will promptly transfer the title of the car to me on or promptly after my Termination Date. I have cooperated with the Company and will cooperate with the Company regarding the proper handling of any digital property of the Company that may be retained in mobile phone or related digital storage devices, media or accounts. As of my Termination Date, I will have cleared all expense accounts, repaid everything I owe to the Company or any Released Party, paid all amounts I owe on Company-provided credit cards or accounts (such as mobile or smart phone accounts), and canceled or personally assumed any such credit cards or accounts.

 

 

 

 

(d)     Taxes: I am responsible for paying any taxes on amounts I receive because I signed this Agreement. I agree that the Company is to withhold all taxes it determines it is legally required to withhold. I agree not to make any claim against the Company or any other person based on how the Company reports amounts paid under this Agreement to tax authorities.

 

(e)     Ownership of Claims: I have not assigned or transferred any Claim I am purporting to release, nor have I attempted to do so.

 

(f)     Communication with Government Agency; Immunity: This Agreement does not preclude me from filing an administrative charge or otherwise communicating with any federal, state or local government office, official or agency. I promise never to seek or accept any damages, remedies or other relief for myself personally with respect to any Claim released by Paragraph 2(a) of this Agreement. Nothing in this Agreement is designed to interfere with, restrain, restrict, or prevent communications protected by state or federal law, including as protected by (a) Section 7 of the National Labor Relations Act of 1935 (“NLRA”) (or court order), regarding wages, hours, or other terms and conditions of employment or (b) Exchange Act Rule 21F-17, addressing communications (including by my attorney) with, or testimony before, the SEC, FINRA, or other regulatory authority regarding possible securities law violations. Furthermore, nothing in this Agreement prohibits me from communicating with or reporting possible violations of law or regulation to any federal, state, or local governmental office, official, agency, or entity.  Notwithstanding my confidentiality obligations set forth in this Agreement, I understand that, pursuant to the Defend Trade Secrets Act of 2016, I will not be held criminally or civilly liable under any U.S. Federal or State trade secret law for the disclosure of a trade secret that: (A) is made (i) in confidence to a Federal, State, or local government official, either directly or indirectly, or to an attorney; and (ii) solely for the purpose of reporting or investigating a suspected violation of law; or (B) is made in a complaint or other document filed in a lawsuit or other proceeding, if such filing is made under seal. I also understand that if I file a lawsuit for retaliation by the Company for reporting a suspected violation of law, I may disclose the trade secret to my attorney and use the trade secret information in the court proceeding, if I (A) file any document containing the trade secret under seal; and (B) do not disclose the trade secret, except pursuant to court order.  I understand that if a disclosure of trade secrets was not done in good faith pursuant to the above, then I may be subject to liability, including, without limitation, punitive damages and attorneys’ fees.

 

(g)     Mutual Agreement Not to Disparage or Harm: Subject to Section 3(f), I agree not to criticize, denigrate, or disparage any Released Party and, in particular, not to criticize, denigrate, or disparage any current or former employee of the Company. I understand and agree that breach of this provision will result in damages that are difficult to quantify. The Company likewise agrees not to criticize, denigrate, or disparage me or my work in any communication to a third party. I agree not to incur any expenses, obligations, or liabilities on behalf of the Company.

 

 

 

 

(h)     Confidential and Proprietary Information and Existing Obligations: Subject to Section 3(f), I understand that, at all times in the future, I will remain bound by any Company or Company affiliate agreement or policy relating to confidential information, proprietary information, invention, or similar matters to which I am now subject, including but not limited to any FactSet Research Systems Inc. Intellectual Property Agreement which I previously signed, and which is expressly incorporated by reference herein, and I agree that to the extent any provision in such agreement or policy conflicts with any provision in this Agreement, the provision or interpretation affording the greater protection to the Company shall govern. In particular, I acknowledge that my employment by the Company created a relationship of confidence and trust with respect to any information of a confidential or secret nature disclosed to me by the Company or a third party that (i) related to the business of the Company or to the business of any parent, subsidiary, affiliate, customer or supplier of the Company or any other party with whom the Company agreed to hold information of such party in confidence, (ii) was not generally known to the public or to other persons in the industry, or if generally known, was used, selected or arranged by the Company in a manner not generally known and was made the property of the Company by mutual agreement of the parties, including by the Invention Assignment and Proprietary Information Agreement, and/or similar agreement, and (iii) that the Company has taken reasonable measures under the circumstances to protect from unauthorized use or disclosure (the “Confidential Information”). I agree and represent that I have not disclosed, copied, disseminated, shared or transmitted any Confidential Information to any person, firm, corporation or entity for any reason or purpose whatsoever, except in the course of carrying out my duties and responsibilities of employment with the Company. I also agree, at all times in the future, not to make use of any Confidential Information for my own purposes or for the benefit of any person, firm, corporation or other entity. I further warrant and represent that all Confidential Information in my possession, custody or control that is or was a property of the Company has been or shall be returned to the Company by the date I sign this Agreement.

 

(i)     Implementation: I agree to sign any documents and do anything else that in the future is needed to implement this Agreement.

 

(j)     Other Representations: In addition to my other representations in this Agreement, I have made the following representations to the Company, on which I acknowledge it also has relied in entering into this Agreement with me:

 

	 	
			i.

				
			I have not suffered any job-related wrongs or injuries, such as any type of discrimination, for which I might still be entitled to compensation or relief in the future. I have properly reported any and all job-related wrongs or injuries for which I might still be entitled to compensation or relief, such as an injury for which I might receive a workers’ compensation award in the future. I have properly reported all hours that I have worked and I have been paid all wages, overtime, commissions, compensation, benefits, and other amounts that the Company or any Released Party should have paid me in the past.

			

 

 

 

 

	 	
			ii.

				
			This Agreement is not an admission of wrongdoing by the Company or any other Released Party.

			

 

	 	
			iii.

				
			I am intentionally releasing claims that I do not know I might have and that, with hindsight, I might regret having released.

			

 

	 	
			iv.

				
			If the Company or I successfully assert that any provision in this Release is void, the rest of the Agreement shall remain valid and enforceable.

			

 

(k)     False Claims Representations and Promises: I have disclosed to the Company any information I have concerning any conduct involving the Company or any affiliate that I have any reason to believe may be unlawful or that involves any false claims to the United States. I promise to cooperate fully in any investigation the Company or any affiliate undertakes into matters occurring during my employment with the Company or any affiliate. I understand that nothing in this Agreement prevents me from cooperating with any U.S. government investigation. In addition, to the fullest extent permitted by law, I hereby irrevocably assign to the U.S. government any right I might have to any proceeds or awards in connection with any false claims proceedings against the Company or any affiliate.

 

(l)         Cooperation Required: I agree that when requested by the Company, I will promptly and fully respond to all inquiries from the Company or any affiliate and its representatives relating to any lawsuit in which I am identified as having factual information needed by the Company. To the extent I incur reasonable out-of-pocket expenses (such as postage costs or telephone charges) in assisting the Company or any affiliate at its request, the Company will mail me a reimbursement check for those expenses within 15 days after it receives my request for payment, along with satisfactory written substantiation of the claimed expenses.

 

(m)       Disclosure: Nothing herein shall prevent the Company or the Executive from disclosing the terms of this Agreement if required to do so under applicable law or by a court of competent jurisdiction.

 

Section 4 -- Consequences of Violating Promises

 

I agree that the Company would be irreparably harmed by any actual or threatened violation of Section 3 that involves disclosure or use of confidential information, proprietary information, or trade secrets, and that the Company will be entitled to an injunction prohibiting me from committing any such violation. 

 

Section 5 -- Consideration of Agreement

 

I acknowledge that, before signing this Agreement, I was given at least 21 days in which to consider this Agreement. I waive any right I might have to additional time within which to consider this Agreement. I further acknowledge that: (1) I took advantage of the time I was given to consider this Agreement before signing it; (2) I carefully read this Agreement; (3) I fully understand it; (4) I am entering into it voluntarily; (5) I am receiving valuable consideration in exchange for my execution of this Agreement that I would not otherwise be entitled to receive; (6) the Company, by this writing, encouraged me to discuss this Agreement with my attorney (at my own expense) before signing it, and that I did so to the extent I deemed appropriate; and (7) any changes made to this Agreement, whether material or immaterial, will not restart the 21 day consideration period. I understand that I am entitled to revoke this Agreement, in writing, within 7 days once I sign it. Such revocation must be delivered to the Company as provided herein within the 7 day period, in which case I will receive no benefits and this Agreement will not go into effect. If I do not revoke this Agreement, it will become enforceable on the eighth day after I sign it. The Company need not sign this Agreement for it to become effective.

 

 

 

 

Section 6 -- Miscellaneous

 

(a)     Entire Agreement: In addition to any Company or Company affiliate agreement or policy relating to the confidentiality of Proprietary Information, inventions, or similar matters referenced in Section 3 above, this Agreement is the entire agreement between me and the Company relating to my termination of employment or the subject matter of this Agreement. This Agreement may not be modified or canceled in any manner, nor may any provision of it or any legal remedy with respect to it be waived, except by a writing signed by both me and an authorized Company official. I acknowledge that the Company has made no representations or promises to me (such as that my former position will remain vacant), other than those in or referred to by this Agreement. If any provision in this Agreement is found to be unenforceable, all other provisions will remain fully enforceable.

 

(b)     Successors: This Agreement binds my heirs, administrators, representatives, executors, successors, and assigns, and will inure to the benefit of all Released Parties and their respective heirs, administrators, representatives, executors, successors, and assigns.

 

(c)     Interpretation: This Agreement shall be construed as a whole according to its fair meaning. It shall not be construed strictly for or against me or any Released Party. Unless the context indicates otherwise, the term “or” shall be deemed to include the term “and” and the singular or plural number shall be deemed to include the other. Captions are intended solely for convenience of reference and shall not be used in the interpretation of this Agreement.

 

Section 7 -- Arbitration of Disputes

 

The Company and I agree to resolve any disputes we may have with each other through final, binding and confidential arbitration consistent with applicable law. For example, I am agreeing to arbitrate any dispute about the validity of this Agreement or any discrimination claim. I also agree to resolve through final, binding and confidential arbitration any disputes I have with any other Released Party who elects to arbitrate those disputes under this subsection. Arbitration shall be conducted by the American Arbitration Association in accordance with its employment dispute resolution rules which can be found at www.adr.org/employment, and consistent with state law. A neutral arbitrator will preside over the arbitration and issue a written decision subject to limited judicial review. The decision shall remain confidential between the parties and shall not be published by the arbitrator or the AAA. All remedies available under law will be available in the Arbitration. The Arbitration proceedings will allow for adequate discovery. Commencement of the Arbitration will be at a minimal cost to me. This agreement to arbitrate does not apply to government agency proceedings. By agreeing to this Agreement, I understand that I am waiving my right to a jury trial.

 

(remainder of page left intentionally blank)

 

 

 

 

	
			YOU MAY NOT MAKE ANY CHANGES TO THE TERMS OF THIS AGREEMENT. 

			 

			BEFORE SIGNING THIS AGREEMENT, TAKE IT HOME, READ IT, AND CAREFULLY CONSIDER IT. IF YOU CHOOSE, DISCUSS IT WITH YOUR ATTORNEY (AT YOUR OWN EXPENSE). YOU HAVE 21 DAYS TO CONSIDER THIS AGREEMENT. IF YOU DO NOT SIGN AND RETURN THIS AGREEMENT WITHIN THIS 21-DAY PERIOD, IT AUTOMATICALLY EXPIRES. 

			 

			ONCE YOU SIGN THIS AGREEMENT, YOU WILL HAVE AN ADDITIONAL 7 DAYS TO REVOKE IT. IF YOU CHOOSE TO REVOKE THIS AGREEMENT, YOU MUST DELIVER A WRITTEN NOTICE OF REVOCATION TO:

			 

			RACHEL STERN, GENERAL COUNSEL

			FACTSET RESEARCH SYSTEMS INC.

			601 MERRITT 7, NORWALK, CT 06851

			 

			BY SIGNING THIS AGREEMENT, YOU WILL BE WAIVING YOUR KNOWN AND UNKNOWN CLAIMS.

			 

			

 

 

Executed at Norwalk, Connecticut, this 5th day of July, 2018, and signed under penalty of perjury under the laws of the state of Connecticut.

 

 

   /s/ Edward Baker-Greene                                

Signature

 

   Edward Baker-Greene                                     

Print Name

 

 

Executed at Norwalk, Connecticut, this 5th day of July, 2018.

 

   For FactSet Research Systems Inc.

 

   /s/ F. Philip Snow                                              

   F. Philip Snow, Chief Executive Officerrrc-ex101_6.htm

EXHIBIT 10.1

Voting Support and Nomination Agreement

This Voting Support and Nomination Agreement (this “Agreement”), dated as of July 9, 2018, is entered into by and among SailingStone Capital Partners LLC, a Delaware limited liability company (“SailingStone Capital”) and SailingStone Holdings LLC, a Delaware limited liability company (collectively, the “SailingStone Parties”, and each individually, a “SailingStone Party”) and Range Resources Corporation, a Delaware corporation (the “Company”).

WHEREAS, as of the date hereof to its knowledge, SailingStone Capital currently has discretionary investment authority and discretionary voting authority over approximately 41,621,584 shares of the Company’s common stock (“Common Stock”);

WHEREAS, subject to the terms and conditions set forth in this Agreement, the board of directors of the Company (the “Board”) will: (i) identify one (1) incumbent director who will not be included in the Board’s slate for election at the 2019 Meeting (as defined below) and one (1) incumbent director who will not be included in the Board’s slate for election as a director at the 2020 Meeting (as defined below) and (ii) cooperate in good faith with the SailingStone Parties to identify two (2) new independent directors to be appointed to the Board, who, in each case, are mutually agreeable to the Board and the SailingStone Parties; and

WHEREAS, subject to the terms and conditions set forth in this Agreement, the SailingStone Parties agree to vote all shares of Common Stock with respect to which SailingStone Capital has discretionary investment authority and discretionary voting authority in accordance with the recommendations of the Board at the 2019 Meeting and the 2020 Meeting with respect to the election of directors. 

NOW, THEREFORE, in consideration of the foregoing and the mutual promises, representations, warranties, covenants and agreements of the parties and for other good and valuable consideration, the receipt and sufficiency of which are acknowledged by each of the parties, the parties, intending to be legally bound, agree as follows:

Article 1

BOARD OF DIRECTORS

1.1Joint Appointees.

(a)The Company (acting through the Board and the Governance and Nominating Committee of the Board) shall identify one (1) incumbent director who shall not be included in the Board’s slate for election as a director at the next annual meeting of stockholders of the Company (the “2019 Meeting”) and one (1) incumbent director (each such incumbent director, a “Non-Returning Director”) who shall not be included in the Board’s slate for election as a director at the first annual meeting of stockholders of the Company following the 2019 Meeting (the “2020 Meeting”); provided, however, that in no event shall any of the Jointly Selected Directors (as defined below) be selected as a “Non-Returning Director”. 

	
DOC ID - 28586680.7
	
 
	
 

 

 

 

(b)Both the Company (acting through the Board and the Governance and Nominating Committee of the Board) and the SailingStone Parties shall have the ability to recommend to the other party director candidates for appointment to the Board and shall consider in good faith any director candidates proposed by the other party for such directorships. Upon the recommendation of a director candidate by the Company or the SailingStone Parties, as applicable (a “Submitting Party”) to the other Party (the “Receiving Party”), the Receiving Party shall notify the Submitting Party as promptly as reasonably practicable whether or not such Receiving Party agrees to the recommendation of such Submitting Party. If such Receiving Party does not agree to the recommendation of such Submitting Party (it being understood that a Receiving Party may withhold its agreement in its sole discretion), each of the Company and the SailingStone Parties shall have the right to continue to recommend to the other Party additional director candidates, which the other Party shall consider in good faith and on an as promptly as reasonably practicable basis, and the Parties shall continue to follow the procedures of this Section 1.1(b) until the Company and the SailingStone Parties mutually agree on two (2) candidates to be appointed to the Board as independent directors (such candidates, collectively, the “Joint Appointees”, and each individually, a “Joint Appointee”, and together with any director appointed to the Board pursuant to that certain Voting Support and Nomination Agreement, dated as of August 7, 2016, by and among the SailingStone Parties and the Company, the “Jointly Selected Directors”).  The Company shall take all necessary action to appoint each Joint Appointee to the Board as promptly as reasonably practicable after mutual agreement is reached by the Company and the SailingStone Parties with respect to such Joint Appointee and each such Joint Appointee shall be included in the Board’s slate for election as a director at the 2019 Meeting and the 2020 Meeting. 

 

Article 2

COVENANTS

Covenants of the SailingStone Parties

.

(a)During the period commencing on the date hereof and ending on the date this Agreement terminates in accordance with Section 4.1, the SailingStone Parties agree that at any meeting of the Company stockholders, however called, including the 2019 Meeting and the 2020 Meeting (or any adjournment or postponement thereof), and in connection with any written consent solicitation, SailingStone Capital shall vote, or cause to be voted, all of the Common Stock for which SailingStone Capital has discretionary investment authority and discretionary voting authority as of the record date of such applicable meeting, vote or consent in accordance with the recommendations of the Board with respect to: (i) the election of Company directors, including the election of the Company’s nominees to the Board, including the Joint Appointees and (ii) any other proposals or nominations proposed or supported by any other stockholder of the Company that relate specifically to the matters in clause (i) above or otherwise relate to Board makeup or structure (it being understood that the SailingStone Parties and their affiliates (as such term is defined under the U.S. Securities Exchange Act of 1934 (the “Exchange Act”)) shall be free to vote their shares of Common Stock in their sole discretion with respect to any proposals made by the Company other than those of the type referred to in clause (i) above and any stockholder proposals not specifically related to the matters in clauses (i) and 

	
DOC ID - 28586680.7
	
 
	
 

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(ii) above; it also being understood that, in the case of clause (ii) above, the SailingStone Parties and their affiliates shall be permitted to vote in their sole discretion with respect to any proposals that relate to the implementation of takeover defenses or that adversely affect the rights of stockholders in a material respect). Notwithstanding the foregoing, consistent with Section 2.1(b)(i) below, in no event shall any SailingStone Party disclose publicly or to any other stockholder of the Company its intention to vote against the Company’s non-binding proposal to approve its executive compensation philosophy; provided, for avoidance of doubt, the SailingStone Parties shall be free to discuss their intentions to vote on all matters with their respective clients in the ordinary course of business in a manner that would not reasonably be expected to lead to general public disclosure regarding any SailingStone Party’s intention to vote against the Company’s non-binding proposal to approve its executive compensation philosophy.

(b)Except as expressly set forth in this Agreement, the SailingStone Parties agree that, during the period commencing on the date hereof and ending on the date this Agreement terminates in accordance with Section 4.1, unless specifically invited in writing by the Board, none of the SailingStone Parties or any of their affiliates (as such term is defined in the Exchange Act) will in any manner, directly or indirectly (including, without limitation, by directing or requesting that any other person take such action):

(i)effect or seek, offer or propose (whether publicly or otherwise and whether or not subject to conditions) to effect, or announce any intention to effect or cause or participate in or in any way knowingly assist, facilitate or encourage any other person to effect or seek, offer or propose (whether publicly or otherwise and whether or not subject to conditions) to effect, or announce any intention to effect or cause or participate in: (A) any “solicitation” of “proxies” to vote (as such terms are used in applicable corporate and securities laws, but including actions that would be a solicitation but for an exemption under such laws) or consents to vote (whether or not related to the election or removal of directors) (including, without limitation, any solicitations of consents with respect to the calling of a special meeting of stockholders) with respect to the Common Stock; (B) the initiation, proposal, encouragement or solicitation of stockholders of the Company for the approval of any stockholder proposals with respect to the Company (including pursuant to Rule 14a-8 under the Exchange Act); or (C) the solicitation, advisement or knowing influence of any person with respect to the voting of any Common Stock; 

(ii)deposit any Common Stock in a voting trust or subject Common Stock to a voting agreement or other agreement or arrangement with respect to the voting of Common Stock, including, without limitation, by lending any securities of the Company to any person or entity for the purpose of allowing such person or entity to vote such securities in connection with any stockholder vote of the Company;

(iii)publicly make or be the proponent of any recommendation, suggestion or other statement, offer or proposal of: (A) any take-over bid or tender offer for Common Stock; (B) any acquisition of a material portion of the assets or property of the Company; (C) any stock repurchase, dividend, self-tender or other change in capitalization, or any merger, amalgamation, acquisition, disposition, consolidation, recapitalization, restructuring, liquidation, dissolution, or other business combination or extraordinary transaction involving the Company or any of its subsidiaries, businesses or divisions (each, an 

	
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“Extraordinary Transaction”), provided that nothing in this paragraph (iii) shall be deemed to preclude or prohibit the SailingStone Parties or their affiliates from communicating their views with respect to such matters privately to the Board or from tendering into a tender or exchange offer or receiving any consideration on the same basis as any other stockholders of the Company in connection with an Extraordinary Transaction; or from voting for or against any such Extraordinary Transaction;

(iv)(A) requisition, call or seek to requisition or call any meeting of the Company’s stockholders; (B) except as provided herein, seek representation on the Board; (C) seek, or vote for or support another party seeking, the removal of, or vote for the removal of, any member of the Board; (D) except as provided herein, seek, or vote for or support another party seeking to elect or appoint one or more members of the Board; or (E) conduct a referendum of the Company’s stockholders; 

(v)make any request under Section 220 of the Delaware General Corporation Law or other applicable legal provisions regarding inspection of books and records or other materials (including stockholder list materials);

(vi)form, join or in any way participate in a “group” (as defined in Section 13(d)(3) of the Exchange Act) in connection with any action contemplated in this Section 2.1; 

(vii)acquire beneficial ownership of any shares of Common Stock if, after giving effect to such acquisition, the SailingStone Parties, together with their respective affiliates, would beneficially own more than 19.99% of the issued and outstanding shares of Common Stock (for purposes of this Agreement, “beneficial ownership” and derivative terms shall have the meaning given in Rule 13d-3 under the Exchange Act);

(viii)(1) take any action which could cause or require the Company or any affiliate (as defined in the Exchange Act) of the Company to make a public announcement regarding any of the circumstances described in paragraphs (i) through (vii) above, (2) seek or request permission to take any action described in paragraphs (i) through (vii) above (provided that, for the avoidance of doubt, the SailingStone Parties shall not be prohibited from requesting permission to take an action described in paragraph (vii) solely due to the fact that the action itself, if approved by the Company, may require the filing of an amendment to a Schedule 13D), (3) make any request to amend, waive or terminate any provision of this Section 2.1(b) (including, without limitation, this Section 2.1(b)(viii)), or, subject to paragraph (ix) below, seek permission to make any public announcement with respect to any of the circumstances described in paragraphs (i) through (vii) above, in each case, which would reasonably be expected to require (x) public disclosure thereof by the Company or (y) the filing of an amendment to any Schedule 13D or any other filing under the Exchange Act filed by the SailingStone Parties (provided that, for the avoidance of doubt, the SailingStone Parties may make such filings as are required by Sections 13 and 16 of the Exchange Act to the extent such filings are required solely in respect of the acquisition or disposition of Common Stock in compliance with this Agreement); 

	
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(ix)knowingly enter into any discussions, negotiations, arrangements or understandings with any third party with respect to the foregoing, or knowingly take any action or propose to take any action with respect to any of the foregoing, including through the provision of advice, assistance, influence, support, public statements or encouragement.

2.2Covenants of the Company.

(a)During the term of this Agreement, the size of the Board shall not be greater than ten before the 2019 Meeting and shall not be greater than nine after the 2019 Meeting. 

(b)The Company shall take all necessary steps to ensure that, at all times during the term of this Agreement, the Chairman of the Board will not be the same person as the chief executive officer of the Company. 

Article 3

REPRESENTATIONS AND WARRANTIES

Representations of the SailingStone Parties

.  The SailingStone Parties represent and warrant as follows:

(a)The SailingStone Parties have the power and authority to execute, deliver and carry out the terms and provisions of this Agreement and to consummate the transactions contemplated hereby.

(b)This Agreement has been duly and validly authorized, executed and delivered by the SailingStone Parties, constitutes a valid and binding obligation and agreement of the SailingStone Parties and is enforceable against the SailingStone Parties in accordance with its terms, subject to the qualification that enforceability may be limited by bankruptcy, insolvency, reorganization or other applicable laws relating to or affecting rights of creditors generally and subject to the qualification that equitable remedies, including specific performance, are discretionary.

(c)As of the date hereof to their knowledge, the SailingStone Parties and their affiliates have discretionary investment authority and discretionary voting authority over an aggregate of approximately 41,621,584 shares of Common Stock and such shares constitute all of the Common Stock over which the SailingStone Parties and their affiliates have discretionary investment authority and discretionary voting authority.  The Company acknowledges and agrees that, pursuant to applicable law and the terms of any investment advisory or similar agreements with SailingStone Capital, investment advisory clients of SailingStone Capital may have the authority to revoke SailingStone Capital’s authority to exercise voting discretion over the Common Stock, and that such investment advisory clients of SailingStone Capital are not (and shall not be) bound by the terms and conditions of this Agreement with respect to the voting of such Common Stock.  The Company further acknowledges and agrees that while SailingStone Capital will use commercially reasonable 

	
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efforts to obtain proxy voting materials from all investment advisory client custodians, SailingStone Capital will not be responsible for voting shares of Common Stock for which an investment advisory client’s custodian fails to forward proxy materials to SailingStone Capital.

(d)The SailingStone Parties and their affiliates have not, and, to their knowledge, none of their investment advisory clients have formed, joined or in any way participated in a “group” (as defined in Section 13(d)(3) of the Exchange Act) in connection with any action contemplated in Section 2.1(b). 

Representations of the Company

.  The Company represents and warrants as follows:

(a)The Company has the power and authority to execute, deliver and carry out the terms and provisions of this Agreement and to consummate the transactions contemplated hereby.

(b)This Agreement has been duly and validly authorized, executed and delivered by the Company, constitutes a valid and binding obligation and agreement of the Company and is enforceable against the Company in accordance with its terms, subject to the qualification that such enforceability may be limited by bankruptcy, insolvency, reorganization or other applicable laws relating to or affecting rights of creditors generally and subject to the qualification that equitable remedies, including specific performance, are discretionary.

(c)Kevin S. McCarthy has irrevocably resigned from the Board effective as of June 13, 2018 and Robert A. Innamorati has irrevocably resigned from the Board, effective as of September 30, 2018, the Company has accepted such resignation and Mr. Innamorati will cease to be a director as of such date.

Article 4

TERMINATION

Termination

.  This Agreement shall remain in full force and effect until the earliest of:

(a)thirty (30) calendar days prior to the last date on which individuals may be nominated for election as directors at the first annual meeting of the Company after the 2020 Meeting; provided that the SailingStone Parties may terminate this Agreement on the date that is thirty (30) calendar days prior to the last date on which individuals may be nominated for election as directors of the Board at the 2020 Meeting by notifying the Company in writing at least ten (10) calendar days in advance of such termination; and

(b)such other date established by mutual written agreement of each of the parties.

 

	
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Effect of Termination

.  Article 5 shall survive the termination of this Agreement.  No termination pursuant to Section 4.1 shall relieve any party hereto from liability for any breach of this Agreement prior to such termination.

Article 5

GENERAL

Notices

.  All notices, requests, claims, demands and other communications hereunder shall be in writing and shall be deemed to have been duly given to a party if delivered in person or sent by overnight delivery (providing proof of delivery) to the party at the following addresses (or at such other address for a party as shall be specified by like notice) on the date of delivery, or if by facsimile or email, upon confirmation of receipt:

If to the Company:

Range Resources Corporation
100 Throckmorton Street, Suite 1200
Fort Worth, Texas 76102

Attention:David Poole 
Fax No.:(817) 869-9154
Email:dpoole@rangeresources.com

with copies (which shall not constitute notice) to:

Paul, Weiss, Rifkind, Wharton & Garrison LLP 
1285 Avenue of the Americas
New York, New York 10019-6064 

Attention:Scott A. Barshay | David Klein 
Fax No.:(212) 492-0040 | (212) 492-0659
Email:sbarshay@paulweiss.com  |  dklein@paulweiss.com 

If to the SailingStone Parties:

SailingStone Capital Partners 
1 California Street, 30th Floor 
San Francisco, CA 94111 
Attention:Kathlyne Kiaie  
Fax No.:(415) 358-4118  
Email:kkiaie@sailingstonecapital.com 

	
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with a copy (which shall not constitute notice) to:

Schulte Roth & Zabel LLP
919 Third Avenue
New York, NY 10022

Attention:Marc Weingarten
Fax No.:(212) 593-5955
Email:marc.weingarten@srz.com

 

No Third-Party Beneficiaries

.  Nothing in this Agreement, whether express or implied, is intended to or shall confer any rights, benefits or remedies under or by reason of this Agreement on any persons other than the parties hereto, nor is anything in this Agreement intended to relieve or discharge the obligation or liability of any third persons to any party.

Communications

.

(a)On the date of this Agreement, the Company and the SailingStone Parties shall jointly issue a mutually agreeable press release (the “Press Release”) announcing this Agreement, substantially in the form attached hereto as Exhibit A.  Prior to the issuance of the Press Release, neither the Company nor the SailingStone Parties shall issue any press release or public announcement regarding this Agreement or take any action that would require public disclosure thereof without the prior written consent of the other party.  No party or any of its affiliates (as defined in the Exchange Act) shall make any public statement (including, without limitation, in any filing required under the Exchange Act) concerning the subject matter of this Agreement inconsistent with the Press Release.  During the period commencing on the date hereof and ending on the date this Agreement terminates in accordance with Section 4.1, no party shall make any public announcement or statement with respect to the subject of this Agreement that is inconsistent with or contrary to the statements made in the Press Release, except as required by law or the rules and regulations under any stock exchange or governmental entity or except as with the prior written consent of the SailingStone Parties and the Company, as applicable.  The Company, with respect to its Current Report on Form 8-K, and the SailingStone Parties, with respect to the amendment of SailingStone Capital’s Schedule 13D, and each in connection with the entrance by the parties to this Agreement, will provide the other party, prior to each such filing, a reasonable opportunity to review and comment on such documents, and each such party will consider any comments from the other party in good faith.  The Company acknowledges that SailingStone Capital may file this Agreement as an exhibit to its Schedule 13D.

(b)During the period commencing on the date hereof and ending on the date this Agreement terminates in accordance with Section 4.1:

(i)the SailingStone Parties, their respective officers and directors and the SailingStone Parties’ controlled affiliates shall refrain from making or causing to be made, by press release or similar public statement to the press or media, or in an SEC filing, any statement or announcement that constitutes an ad hominem attack on the officers or 

	
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directors of the Company or any person who has served as an officer or director of the Company in the past; and

(ii)the Company, its affiliates and their respective officers and directors shall refrain from making or causing to be made, by press release or similar public statement to the press or media, or in an SEC filing, any statement or announcement that constitutes an ad hominem attack on the officers, directors, partners or investment professionals of the SailingStone Parties or any person who has served as an officer, director or investment professional of the SailingStone Parties in the past.

(c)Nothing in Section 5.3(a) or 5.3(b) shall prevent the making of any factual statement as required by applicable legal process, subpoena, or legal requirement or as part of a response to a request for information from any governmental authority with jurisdiction over the party from whom information is sought.

Fiduciary Duties

.  Notwithstanding anything herein to the contrary, the SailingStone Parties shall not be required to take or omit to take any action hereunder to the extent such action (or omission of action) would reasonably be expected to be inconsistent with the SailingStone Parties’ fiduciary duties or obligations under the U.S. Investment Advisers Act of 1940 or the U.S. Investment Company Act of 1940.

Governing Law

.  This Agreement shall be governed by and construed in accordance with the laws of the State of Delaware.  The parties:  (a) irrevocably and unconditionally consent and submit to the jurisdiction of the Court of Chancery of the State of Delaware (or, if any such court declines to accept jurisdiction over a particular matter, any state or federal court within the State of Delaware) and any appellate court therefrom for purposes of any action, suit or proceeding arising out of or relating to this Agreement; (b) agree that service of any process, summons, notice or document by registered mail to the address set forth in Section 5.1 of this Agreement shall be effective service of process for any action, suit or proceeding brought against them; (c) irrevocably and unconditionally waive any objection to the laying of venue of any action, suit or proceeding arising out of or relating to this Agreement in such courts; and (d) irrevocably and unconditionally waive the right to plead or claim, and irrevocably and unconditionally agree not to plead or claim, that any action, suit or proceeding arising out of or relating to this Agreement that is brought in such courts has been brought in an inconvenient forum.  Notwithstanding the foregoing, a party may seek injunctive or other equitable relief in any jurisdiction to prevent another party’s breach of this Agreement.

Assignment

.  This Agreement shall be binding upon and inure to the benefit of and be enforceable only by the parties hereto.  No party to this Agreement may assign its rights or delegate its obligations under this Agreement, whether by operation of law or otherwise.

Amendments; Waivers

.  This Agreement may only be amended pursuant to a written agreement executed by all the parties, and no waiver of compliance with any provision or condition of this Agreement and no consent provided for in this Agreement shall be effective unless evidenced by a written instrument executed by the party against whom such waiver or consent is to be effective.  No failure or delay by a party in exercising any right, power 

	
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or privilege hereunder shall operate as a waiver thereof, nor shall any single or partial exercise thereof preclude any other or further exercise thereof or the exercise of any right, power or privilege hereunder.

Entire Agreement

.  This Agreement constitutes the entire agreement of all the parties and except as provided herein supersedes any and all prior and contemporaneous agreements, memoranda, arrangements and understandings, both written and oral, between the parties, or any of them, with respect to the subject matter hereof.  No representation, warranty, promise, inducement or statement of intention has been made by any party which is not contained in this Agreement and no party shall be bound by, or be liable for, any alleged representation, promise, inducement or statement of intention not contained herein.  The parties expressly disclaim reliance on any information, statements, representations or warranties regarding the subject matter of this Agreement other than the terms of this Agreement.

Counterparts

.  This Agreement may be executed in any number of counterparts (including by facsimile transmission or email transmission in a “portable document format (“.pdf”) form), each of which shall be deemed to be an original, but all of which together shall constitute one binding agreement on the parties, notwithstanding that not all parties are signatories to the same counterpart.

Expenses

.  The SailingStone Parties may submit reasonably detailed documentation of their actual out-of-pocket expenses incurred in connection with all matters related hereto (including the negotiation of this Agreement) and the Company shall reimburse the SailingStone Parties for such expenses; provided, however, in no event shall the Company be obligated to reimburse such expenses in excess of $150,000 in the aggregate.  Except as otherwise provided in the preceding sentence, all fees, costs and expenses incurred by each party shall be paid by the party incurring such fees, costs or expenses.

Captions

.  The captions contained in this Agreement are for convenience only and shall not affect the construction or interpretation of any provisions of this Agreement.

Construction

.  Unless the express context otherwise requires: (a) wherever the word “include,” “includes,” or “including” is used in this Agreement, it shall be deemed to be followed by the words “without limitation”; (b) references herein to any law, statue, regulation, or code mean such law, statue, regulation, or code as amended, modified, codified, reenacted, supplemented or superseded in whole or in part, and in effect from time to time prior to the execution of this Agreement; and (c) terms defined in the singular shall have a comparable meaning when used in the plural, and vice versa. The parties have participated jointly in the negotiation and drafting of this Agreement.  In the event of an ambiguity or question of intent or interpretation arises, this Agreement shall be construed as if drafted jointly by the parties, and no presumption or burden of proof shall arise favoring or disfavoring any party by virtue of the authorship of any of the provisions of this Agreement.

Specific Performance

.  The parties agree that irreparable damage would occur in the event any of the provisions of this Agreement were not performed in accordance with the terms hereof and that such damage would not be adequately compensable in damages.  It is accordingly agreed that the parties are entitled to seek an injunction or specific performance 

	
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of the terms hereof in addition to any other remedies at law or in equity, and a party will not take any action, directly or indirectly, in opposition to another party seeking relief on the grounds that any other remedy or relief is available at law or in equity, and the parties further agree to waive any requirement for the security or posting of any bond in connection with such remedy or relief.

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

RANGE RESOURCES CORPORATION

	
 
	
By:  /s/ David P. Poole
	

Name:  David P. Poole
Title:    Senior Vice President

	
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[Signature Page to Voting Support and Nomination Agreement]

 

 

SAILINGSTONE CAPITAL PARTNERS LLC

	
 
	
By:  /s/ MacKenzie B. Davis
	

Name:  MacKenzie B. Davis
Title:    Managing Partner

SAILINGSTONE HOLDINGS LLC

	
 
	
By:  /s/ MacKenzie B. Davis
	

Name:  MacKenzie B. Davis
Title:    Managing Partner

 

 

 

	
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[Signature Page to Voting Support and Nomination Agreement]

 

 

Exhibit A

Press Release

 

[See Attachment]

	
DOC ID - 28586680.7

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