Document:

Exhibit 10.1

 

 

April 24, 2017

 

 

Viraj Patel

Princeton, NJ

 

 

Dear Viraj:

 

This letter will
confirm our agreement (the “Agreement”) with respect to your employment as Chief Financial Officer (“CFO”)
of the AMERI AND PARTNERS INC (the “Company”), a subsidiary of AMERI HOLDINGS, INC. (“Ameri”), having
its principal place of business at 100 Canal Pointe Boulevard, Suite 108, Princeton, New Jersey 08540. This letter will become
effective when fully executed as of the date above (the “Effective Date”).

1.       Title
and Job Duties.

 (a)       Subject to the terms and conditions set forth in this Agreement, the
Company agrees to employ Viraj Patel (“Employee”) as CFO reporting to CEO. In this capacity, Employee shall have
the duties, authorities and responsibilities as CFO shall designate from time to time that are not inconsistent with the
Employee’s position.

 (b)       Employee
accepts such employment and agrees, during the term of his or her employment, to devote his or her full business and professional
time and energy to the Company. Employee agrees to carry out and abide by all lawful directions of CEO.

 (c)       Without
limiting the generality of the foregoing, the Employee shall not, without the written approval of CEO render services of a business
or commercial nature on Employee’s own behalf or on behalf of any other person, firm, or corporation, whether for compensation
or otherwise, during his or her employment hereunder; provided that the foregoing shall not prevent the Employee from (i) serving
on the boards of directors of non-profit organizations and, with the prior written approval of the Board, other for profit companies,
(ii) participating in charitable, civic, educational, professional, community or industry affairs, and (iii) managing the Employee’s
passive personal investments, so long as such activities in the aggregate do not materially interfere or conflict with the Employee’s
duties hereunder or create a potential business or fiduciary conflict.

2.       Salary
and Additional Compensation.

 (a)       Base
Salary. The Company shall pay to the Employee an annual base salary of $200,000 (the “Base Salary”), less applicable
withholdings and deductions, in accordance with the Company’s normal payroll procedures.

 (b)       Discretionary
Bonus. Employee shall be eligible to earn a discretionary bonus of up to $25,000 based upon the achievement of pre-established
performance targets. For the calendar year 2017, the bonus amount will be prorated from the date of hire to the end of the fiscal
year. Such bonus shall be paid, less applicable withholdings and deductions, within seventy-five (75) day of the end of the fiscal
year in which such bonus was earned.

 

Ameri
and Partners Inc

100
Canal Pointe Boulevard, Suite 108, Princeton, New Jersey - 08540

     

     

    

 

 (c)       Stock
Options. Employee shall be eligible to participate in any stock plan established by the Company, subject to approval of the
Company’s Compensation Committee, and the terms and conditions of the Company’s 2015 Equity Incentive Award Plan.

3.       Expenses.
In accordance with Company policy, the Company shall reimburse the Employee for all reasonable business expenses properly and reasonably
incurred and paid by the Employee in the performance of his duties under this Agreement upon Employee’s presentment of detailed
receipts in the form required by the Company’s policy.

4.       Benefits.

 (a)       Vacation.
The Employee shall be entitled to accrue 15 days of vacation per year, in accordance with the Company’s standard vacation
policy extended to employees of the Company.

 (b)       Health
Insurance and Other Plans. The Employee shall be eligible to participate in the Company’s medical and other employee
benefit programs, if any, that are provided by the Company for its employees generally, at levels commensurate with the Employee’s
position, in accordance with the provisions of any such plans, as the same may be in effect from time to time.

5.       Term
and Termination. The terms set forth in this Agreement will commence on the Effective Date and shall remain in effect until
termination by either party. Either party may terminate the Employee’s employment on an at-will basis at any time and for
any reason or no reason, upon written notice to the other party.

6.       Confidentiality
Agreement.

 (a)       Employee
understands that during the Employment Period, he may have access to unpublished and otherwise confidential information both of
a technical and non-technical nature, relating to the business of the Company, its affiliates, or its customers, vendors or other
third parties, including, without limitation, any of their actual or anticipated business, research or development, any of their
technology or the implementation or exploitation thereof, including, without limitation, information Employee and others have
collected, obtained or created, information pertaining to customers, accounts, vendors, prices, costs, materials, processes, codes,
material results, technology, system designs, system specifications, materials of construction, trade secrets and equipment designs,
including information disclosed to the Company by others under agreements to hold such information confidential (collectively,
the “Confidential Information”). Employee agrees to observe all Company policies and procedures concerning such Confidential
Information. Employee further agrees not to disclose or use, either during his employment or at any time thereafter, any Confidential
Information for any purpose, including, without limitation, any competitive purpose, unless authorized to do so by the Company
in writing, except that he may disclose and use such information in the good faith performance of his duties for the Company.
Employee’s obligations under this Agreement will continue with respect to Confidential Information, whether or not his employment
is terminated, until such information becomes generally available from public sources through no fault of Employee or any representative
of Employee. Notwithstanding the foregoing, however, Employee shall be permitted to disclose Confidential Information as may be
required by a subpoena or other governmental order, provided that he first notifies the Company of such subpoena, order or other
requirement and such that the Company has the opportunity to obtain a protective order or other appropriate remedy.

 

Ameri
and Partners Inc

100
Canal Pointe Boulevard, Suite 108, Princeton, New Jersey - 08540

     

     

    

 

 (b)       During
the Employment Period, upon the Company’s request, or upon the termination of his employment for any reason, Employee will
promptly deliver to the Company all documents, records, files, notebooks, manuals, letters, notes, reports, customer and supplier
lists, cost and profit data, e-mail, apparatus, computers, blackberries or other PDAs, hardware, software, drawings, blueprints,
and any other material belonging to the Company or any of its customers, including all materials pertaining to Confidential Information
developed by Employee or others, and all copies of such materials, whether of a technical, business or fiscal nature, whether on
the hard drive of a laptop or desktop computer, in hard copy, disk or any other format, which are in his possession, custody or
control. Notwithstanding anything in this Section to the contrary, Employee shall not be required to return to the Company apparatuses,
computers, blackberries or other PDAs, or other devices that are owned by Employee and not by the Company, but Employee may be
required to deliver such devices to the Company or its designee for a period during which the Company shall delete from such devices
Confidential Information of the Company, if any.

7.       Assignment
of Intellectual Property.

 (a)       Employee
will promptly disclose to the Company any idea, invention, discovery or improvement, whether patentable or not (“Creations”),
conceived or made by him alone or with others at any time during his employment with the Company or its affiliates. Employee agrees
that the Company owns any such Creations, conceived or made by Employee alone or with others at any time during his employment,
and Employee hereby assigns and agrees to assign to the Company all moral or other rights he has or may acquire therein and agrees
to execute any and all applications, assignments and other instruments relating thereto which the Company deems necessary or desirable.
Employee hereby waives and relinquishes all moral rights he has or may acquire in the Creations and agrees to execute any and all
other waivers and instruments relating thereto which the Company deems necessary or desirable. These obligations shall continue
beyond the termination of his employment with respect to Creations and derivatives of such Creations conceived or made during his
employment with the Company. The Company and Employee understand that the obligation to assign Creations to the Company shall not
apply to any Creation which is developed entirely on his own time without using any of the Company’s equipment, supplies,
facilities, and/or Confidential Information unless such Creation (i) relates in any way to the business or to the current
or anticipated research or development of the Company, or (ii) results in any way from his work at the Company.

 (b)       In
any jurisdiction in which moral rights cannot be assigned, Employee hereby waives any such moral rights and any similar or analogous
rights under the applicable laws of any country of the world that Employee may have in connection with the Creations, and to the
extent such waiver is unenforceable, hereby covenants and agrees not to bring any claim, suit or other legal proceeding against
the Company or any of its affiliates claiming that Employee’s moral rights have been violated.

 (c)       Employee
agrees to cooperate fully with the Company both during and after his employment with the Company, with respect to the procurement,
maintenance and enforcement of copyrights, patents, trademarks and other intellectual property rights (both in the United States
and foreign countries) relating to such Creations. Employee shall sign all papers, including, without limitation, copyright applications,
patent applications, declarations, oaths, formal assignments, assignments of priority rights and powers of attorney, which the
Company may deem necessary or desirable in order to protect its rights and interests in any Creations. Employee further agrees
that if the Company is unable, after reasonable effort, to secure Employee’s signature on any such papers, any officer of
the Company shall be entitled to execute such papers as his agent and attorney-in-fact and Employee hereby irrevocably designates
and appoints each officer of the Company as his agent and attorney-in-fact to execute any such papers on his behalf and to take
any and all actions as the Company may deem necessary or desirable in order to protect its rights and interests in any Creations,
under the conditions described in this paragraph.

 

Ameri
and Partners Inc

100
Canal Pointe Boulevard, Suite 108, Princeton, New Jersey - 08540

     

     

    

 

8.       Non-Competition
Agreement.

 (a)       The
Employee will not, for a period of two (2) years following the termination of his employment for any reason (the “Restricted
Period”), directly or indirectly, for himself or on behalf of or in conjunction with any other person or entity, engage
in, invest in or otherwise participate in (whether as an owner, employee, officer, director, manager, consultant, independent contractor,
agent, partner, advisor, or in any other capacity) any business of management consulting in the SAP software market (such business,
the “Restricted Business”) in any Restricted Area. Notwithstanding the above, the foregoing covenant shall not
be deemed to prohibit the acquisition as a passive investment of not more than five percent (5%) of the capital stock of a competing
business whose stock is traded on a national securities exchange or over-the-counter and shall not be deemed to prohibit the acquisition
of any shares of capital stock of Company.

 (b)       During
the Restricted Period, the Employee will not directly or indirectly, for himself or on behalf of or in conjunction with any other
person or entity, (i) solicit or hire (or assist or encourage any other person or entity to solicit or hire), or otherwise interfere
in any manner with any employee, advertiser or strategic partner of the Company (each, a “Restricted Entity”),
other than by general public advertisement or other such general solicitation not specifically targeted at any such Person, (ii)
induce or request any customer of any Restricted Entity to reduce, cancel or terminate its business with such Restricted Entity
or otherwise interfere in any manner in any Restricted Entity’s business relationship with any of its customers, or (iii)
solicit or accept business from any customer of any Restricted Entity in connection with a Restricted Business.

 (c)       The
Employee agrees that the foregoing covenants are reasonable with respect to their duration, geographic area and scope. If a judicial
determination is made that any provision of this Section 8 constitutes an unreasonable or otherwise unenforceable restriction
against the Employee, then the provisions of this Section 8 shall be rendered void with respect to the Employee only to the extent
such judicial determination finds such provisions to be unenforceable. In that regard, any judicial authority construing this
Section 8 shall be empowered to sever any prohibited business activity, time period or geographical area from the coverage of
any such agreements and to apply the remaining provisions of this Section 8 to the remaining business activities, time periods
and/or geographical areas not so severed. Moreover, in the event that any provision, or the application thereof, of this Section
8 is determined not to be specifically enforceable, the Company may be entitled to recover monetary damages as a result of the
breach of such agreement.

 

Ameri
and Partners Inc

100
Canal Pointe Boulevard, Suite 108, Princeton, New Jersey - 08540

     

     

    

 

 (d)       For
purposes of this Agreement, the term “Restricted Area” means any geographical area in which a material amount
of the business of the Company is conducted or pursued at any time during the Restricted Period.

9.       Representation
and Warranty. The Employee represents and warrants to the Company that Employee is not subject to any agreement restricting
his ability to enter into this Agreement and fully carry out his duties and responsibilities hereunder. The Employee hereby indemnifies
and holds the Company harmless against any losses, claims, expenses (including reasonable attorneys’ fees), damages or liabilities
incurred by the Company as a result of a breach of the foregoing representation and warranty.

10.     Notice.
Any notice or other communication required or permitted to be given to any of the parties hereto shall be deemed to have been
given if personally delivered, or if sent by nationally recognized overnight courier, and addressed as follows:

If to the Employee,
to:

the address shown
on the records of the Company.

If to the Company,
to:

c/o Ameri Holdings,
Inc.

100 Canal Pointe
Boulevard, Ste. 108

Princeton, New Jersey 08540

 

11.     Severability.
If any provision of this Agreement is declared void or unenforceable by a court of competent jurisdiction, all other provisions
shall nonetheless remain in full force and effect.

12.     Governing
Law and Consent to Jurisdiction. This Agreement shall be governed by, and construed and enforced in accordance with, the laws
of the State of New York without regard to the conflict of laws provisions thereof. Each of the parties hereto hereby irrevocably
submits to the exclusive jurisdiction of any state or federal court in New York over any action or proceeding arising out of or
relating to this Agreement and each of the parties hereto hereby irrevocably agrees that all claims in respect of such action
or proceeding shall be heard and determined in such New York state or Federal court. Each of the parties hereto hereby irrevocably
waives, to the fullest extent legally possible, the defense of an inconvenient forum to the maintenance of such action or proceeding.

13.     Waiver.
The waiver by any of the parties hereto of a breach of any provision of this Agreement shall not be construed as a waiver of any
subsequent breach. The failure of a party to insist upon strict adherence to any provision of this Agreement on one or more occasions
shall not be considered a waiver or deprive that party of the right thereafter to insist upon strict adherence to that provision
or any other provision of this Agreement. Any waiver must be in writing.

14.     Injunctive
Relief. Without limiting the remedies available to the Company, Employee acknowledges that a breach of any of the covenants
contained in Sections 6, 7 or 8 would result in material irreparable injury to the goodwill of the Company for which there is
no adequate remedy at law, that it will not be possible to measure damages for such injuries precisely and that, in the event
of such a breach or threat thereof, the Company shall be entitled, without the requirement to post bond or other security, to
obtain a temporary restraining order or preliminary or permanent injunction restraining Employee from engaging in activities prohibited
by this Agreement or such other relief as may be required to specifically enforce any of the covenants in Section 6, 7 or 8 of
this Agreement, in addition to all other remedies available at law or in equity.

 

Ameri
and Partners Inc

100
Canal Pointe Boulevard, Suite 108, Princeton, New Jersey - 08540

     

     

    

 

15.     Assignment.
This Agreement is a personal contract and the Employee may not sell, transfer, assign, pledge or hypothecate his rights, interests
and obligations hereunder. Except as otherwise herein expressly provided, this Agreement shall be binding upon and shall inure
to the benefit of the Employee and his personal representatives and shall inure to the benefit of and be binding upon the Company
and its successors and assigns.

16.     Entire
Agreement. This Agreement (together with the Exhibits attached hereto) embodies all of the representations, warranties, and
agreements between the parties hereto relating to the Employee’s employment with the Company. No other representations, warranties,
covenants, understandings, or agreements exist between the parties hereto relating to the Employee’s employment. This Agreement
shall supersede all prior agreements, written or oral, relating to the Employee’s employment. This Agreement may not be amended
or modified except by a writing signed by each of the parties hereto.

[Signature page
follows.]

 

Ameri
and Partners Inc

100
Canal Pointe Boulevard, Suite 108, Princeton, New Jersey - 08540

     

     

    

 

IN WITNESS WHEREOF,
the parties hereto have caused this Agreement to be duly executed and delivered on the date above.

	 	
         

         

	 	
        By: /s/ Giri Devanur

	 	       Giri Devanur
	 	       President & Chief Executive Officer
	 	 
	 	 
	 	 
	Agreed to and Accepted:	 
	 	 
	 	 
	
        /s/ Viraj Patel
	 
	VIRAJ PATEL	 

 

 

Ameri
and Partners Inc

100
Canal Pointe Boulevard, Suite 108, Princeton, New Jersey - 08540Exhibit

Exhibit 10.16

AWARD TERMS OF 
OPTIONS GRANTED UNDER THE
DUPONT EQUITY AND INCENTIVE PLAN 
FOR GRANTEES LOCATED IN THE U.S.

		
	Introduction
	You have been granted stock options under the E. I. du Pont de Nemours and Company Equity and Incentive Plan (“Plan”), subject to the following Award Terms. This grant is also subject to the terms of the Plan, which is hereby incorporated by reference. However, to the extent that an Award Term conflicts with the Plan, the Plan shall govern.

Unless otherwise defined herein, the terms defined in the Plan shall have the same defined meanings in these Award Terms, including any appendices to these Award Terms (hereinafter, collectively referred to as the “Agreement”).    A copy of the Plan, and other Plan-related materials, such as the Plan prospectus, are available at:

www1.lvs.dupont.com/employeebenefits/sharesandstockoption.html. 

Grant Award 
		
	Acceptance
	You must expressly accept the terms and conditions of your Award as set forth in this Agreement. To accept, log on to Merrill Lynch Benefits OnLine at www.benefits.ml.com, select Equity Plan > Grant Information > Pending Acceptance.

IF YOU DO NOT ACCEPT YOUR AWARD IN THE MANNER INSTRUCTED BY THE COMPANY, YOUR AWARD WILL BE SUBJECT TO CANCELLATION.

Date of Grant    February 3, 2016 (“Date of Grant”) Type of Options    Non-qualified stock options (“Options”) Exercise Price    $58.76

		
	Expiration Date
	The Options will expire no later than February 2, 2026, or two years after the date of your death if earlier.  However, the Options may expire sooner.  Please refer to “Termination of Employment” below.

		
	Vesting Schedule
	One-third (1/3) of the Options (rounded to a whole number of shares) will become exercisable on February 3, 2017.

One-third (1/3) of the Options (rounded to a whole number of shares) will become exercisable on February 3, 2018.

The remaining Options will become exercisable on February 3, 2019.

Termination
of Employment

	
		
	Under 55/10 Rule
	If you terminate employment after attainment of age 55 with at least 10 years of service and either (i) you are an active employee for six months following the Date of Grant or (ii) you have been notified by the Company or, if different, your employer (the “Employer”), that your employment with the Company or Employer will terminate because of either lack of work or divestiture to an entity less than 50% owned by DuPont, the Options will be exercisable through the Expiration Date set forth above. After that date, any unexercised Options will expire. Any unvested Options as of the date of termination will continue to vest in accordance with the Vesting Schedule set forth above.

	Due to Lack of Work, Divestiture to Entity Less Than 50% Owned by DuPont, or Disability
	The Options will be exercisable through the date that is one year after the date of your termination of employment, or, if earlier, the Expiration Date set forth above. After that date, any unexercised Options will expire.  Any unvested Options as of the date of termination will continue to vest in accordance with the Vesting Schedule set forth above.

	Due to Death
	The Options will be exercisable through the date that is two years after the date of your termination of employment or, if earlier, the Expiration Date set forth above.  After that date, any unexercised Options will expire.  Any unvested Options as of the date of termination will be automatically vested.

	Due to Any Other Reason (such as voluntary termination)
	Options must be exercised by the date on which you terminate employment.

Restricted Conduct    If you engage in any of the restricted conduct described in subparagraphs
(i) through (iv) below for any reason, in addition to all remedies in law and/or equity available to the Company, you shall forfeit all Options (whether or not vested) and shall immediately pay to the Company, with respect to previously exercised Options, an amount equal to (x) the per share Fair Market Value of the Stock on the date on which the Stock was issued with respect to the applicable previously exercised Options times
(y) the number of shares of Stock underlying such previously exercised Options, without regard to any Tax-Related Items (as defined below) that may have been deducted from such amount.  For purposes of subparagraphs (i) through (v) below, “Company” shall mean E. I. du

Pont de Nemours and Company and/or any of its Subsidiaries or Affiliates that have employed you or retained your services.

(i)  Non-Disclosure of Confidential Information. During the course of your employment with the Company and thereafter, you shall not use or disclose, except on behalf of the Company and pursuant to the Company’s directions, any Company “Confidential Information” (i.e., information concerning the Company and / or its business that is not generally known outside the Company, which includes, but is not limited to, (a) trade secrets; (b) intellectual property, including but not limited to inventions, invention disclosures and patent applications; (c) information regarding the Company’s present and/or future products, developments, processes and systems, budgets, proposals, marketing plans, financial data and projections, suppliers, vendors, inventions, formulas, data bases, know how, ideas, developments, experiments, improvements, computer programs, software, technology, blue prints, specifications and compilations of information; (d) information about employees and employee relations, including but not limited to training manuals and procedures, recruitment method and procedures, recruitment and distribution techniques, business plans and projections, employment contracts and employee handbooks; (e) information on customers or potential customers, including but not limited to customers’ names, sales records, prices, particularities, preferences and manner of doing business, and other terms of sales and Company cost information; and (f) information received in confidence by the Company from third parties. Information regarding products, services or technological innovations in development, in test marketing or being marketed or promoted in a discrete geographic region, which information the Company is considering for broader use, shall be deemed not generally known until such broader use is actually commercially implemented.); and/or

(ii)    Solicitation of Employees.  During your employment and for a period of one year following the termination of your employment for any reason, you shall not recruit, solicit or induce, or cause, allow, permit or aid others to recruit, solicit or induce, any employee, agent or consultant of the Company to terminate his/her employment or association with the Company; and/or

(iii)    Solicitation of Customers.  During your employment and for a period of one year following the termination of your employment for any reason,  you shall not directly or indirectly, on behalf of yourself or any other person, company or entity, call on, contact, service or solicit competing business from customers or prospective customers of Company if, within the two years prior to the termination of your employment, you had or made contact with the customer, or received or had access to Confidential Information about the customer; and/or

(iv)    Non-Competition. During your employment and for a period of one year following the termination of your employment for any reason, you shall not, directly or indirectly, in any capacity, (a) compete or engage in a business similar to that of Company, (b) compete or engage

in a business similar to that which the Company has plans to engage, or has engaged in during the two years prior to your termination, if, within this two-year period, you received or had access to Confidential Information regarding the proposed plans or the business in which Company engaged; or (c) take any action to invest in (other than a non- controlling ownership of securities issued by publicly held corporations), own, manage, operate, control, participate in, be employed or engaged by or be connected in any manner with any partnership, corporation or other business or entity engaging in a business similar to Company.

(v)    Geographic Scope. You acknowledge that due to the broad scope of Company’s customer base, the following geographic scope for subsections (iii) - (iv) of this Restricted Conduct section is necessary. Your non-competition and non-solicitation obligations under this Agreement shall include: (a) any territory in which you performed your duties for the Company; (b) any territory in which Company has customers about which you received or had access to Confidential Information during your employment; (c) any territory in which you solicited customers; or (d) any territory in which Company plans to expand its market share about which you received or had access to Confidential Information during your employment with Company.

		
	Recoupment Policy
	This Award shall be subject to the Company’s Incentive Compensation Clawback Policy (as it may be amended from time to time), the terms of which are incorporated herein by reference.

Repayment/
		
	Forfeiture
	Any benefits you may receive hereunder shall be subject to repayment or forfeiture as may be required to comply with the requirements of the U.S. Securities and Exchange Commission or any applicable law, including the requirements of the Dodd-Frank Wall Street Reform and Consumer Protection Act, or any securities exchange on which the Stock is traded, as may be in effect from time to time.

		
	Exercise Methods
	There are four exercise methods from which to choose. Due to local legal requirements, not all methods are available in all countries.

		
	Withholding
	You acknowledge that the Company and/or the Employer (1) make no representations or undertakings regarding the treatment of any income tax, social insurance, payroll tax, fringe benefits tax, payment on account or other tax-related items related to the Plan and legally applicable to you (“Tax-Related Items”) in connection with any aspect of the Options, including, but not limited to, the grant, vesting or exercise of the Options, the subsequent sale of shares of Stock acquired pursuant to such exercise and the receipt of any dividends; and (2) do not commit to and are under no obligation to structure the terms of the grant or any aspect of the Options to reduce or eliminate your liability for Tax-Related Items or achieve any particular tax result. Further, if you are subject to Tax- Related Items in more than one jurisdiction, the Company and/or the 

Employer (or former employer, as applicable) may be required to withhold or account for Tax-Related Items in more than one jurisdiction.

Prior to any relevant taxable or tax withholding event, as applicable, you agree to make adequate arrangements satisfactory to the Company and/or the Employer to satisfy all Tax-Related Items.  In this regard, you authorize the Company and/or the Employer, or their respective agents, at their discretion, to satisfy the obligations with regard to all Tax- Related Items by one or a combination of the following:  (i) withholding from your wages or other cash compensation paid to you by the Company and/or the Employer; or (ii) withholding from proceeds of the sale of shares of Stock acquired upon exercise of the Options either through a voluntary sale or through a mandatory sale arranged by the Company (on your behalf pursuant to this authorization without further consent).

Finally, you agree to pay to the Company or the Employer, any amount of Tax-Related Items that the Company or the Employer may be required to withhold or account for as a result of your participation in the Plan that cannot be satisfied by the means previously described.  The Company may refuse to issue or deliver the shares or the proceeds of the sale of shares of Stock, if you fail to comply with your obligations in connection with the Tax-Related Items

		
	Non-transferability
	You may not transfer these Options, except by will or laws of descent and distribution. The Options are exercisable during your lifetime only by you or your guardian or legal representative.

		
	Severability
	The provisions of this Agreement are severable and if any one or more provisions are determined to be illegal or otherwise unenforceable, in whole or in part, the remaining provisions shall nevertheless be binding and enforceable.

		
	Waiver
	You acknowledge that a waiver by the Company of breach of any provision of this Agreement shall not operate or be construed as a waiver of any other provision of this Agreement, or of any subsequent breach by you or any other participant.

Imposition of Other
		
	Requirements
	The Company reserves the right to impose other requirements on your participation in this Agreement, on the Options and on any shares of Stock acquired under the Plan, to the extent the Company determines it is necessary or advisable for legal or administrative reasons, and to require you to sign any additional agreements or undertakings that may be necessary to accomplish the foregoing.

AWARD TERMS OF
TIME-VESTED RESTRICTED STOCK UNITS GRANTED UNDER THE 
DUPONT EQUITY AND INCENTIVE PLAN
FOR GRANTEES LOCATED IN THE U.S.

		
	Introduction
	You have been granted time-vested Restricted Stock Units under the E. I. du Pont de Nemours and Company Equity and Incentive Plan (“Plan”), subject to the following Award Terms. This grant is also subject to the terms of the Plan,  which is hereby incorporated by reference.  However, to the extent that an Award Term conflicts with the Plan, the Plan shall govern. Unless otherwise defined herein, the terms defined in the Plan shall have the same defined meanings in these Award Terms, including any appendices to these Award Terms  (hereinafter, collectively referred to as the “Agreement”).  A copy of the Plan, and other Plan-related materials, such as the Plan prospectus, are available at:

www1.lvs.dupont.com/employeebenefits/sharesandstockoption.html.

Grant Award 
		
	Acceptance
	You must expressly accept the terms and conditions of your Award as set forth in this Agreement. To accept, log on to Merrill Lynch Benefits OnLine at www.benefits.ml.com, select Equity Plan > Grant Information > Pending Acceptance.

IF YOU DO NOT ACCEPT YOUR RESTRICTED STOCK UNITS IN THE MANNER INSTRUCTED BY THE COMPANY, YOUR RESTRICTED STOCK UNITS WILL BE SUBJECT TO CANCELLATION.

Date of Grant    February 3, 2016 (“Date of Grant”)

Type of Awards    Time-vested Restricted Stock Units

Dividend Equivalents  Dividends payable on the shares represented by your Restricted Stock Units (including whole and fractional Restricted Stock Units) will be allocated to your account in the form of additional Restricted Stock Units (whole and fractional) based upon the closing Stock price on the date of the dividend payment.

		
	Restricted Period  
	You may not sell, gift, or otherwise transfer or dispose of any of the Restricted Stock Units during the “Restricted Period.” The Restricted Period commences on the Date of Grant and lapses as set forth herein.

On February 3, 2017, the Restricted Period will lapse with respect to one-third (1/3) of the Restricted Stock Units, including dividend equivalents (rounded to a whole number of units).

On February 3, 2018, the Restricted Period will lapse with respect to one-third (1/3) of the Restricted Stock Units, including dividend equivalents (rounded to a whole number of units).

On February 3, 2019, the Restricted Period will lapse with respect to the remaining Restricted Stock Units, including dividend equivalents.

Termination
of Employment

	
		
	Under 55/10 Rule
	If you terminate employment after attainment of age 55 with at least 10 years of service and either (i) you are an active employee for six months following the Date of Grant or (ii) you have been notified by the Company or, if different, your employer (the “Employer”), that your employment with the Company or Employer will terminate because of either lack of work or divestiture to an entity less than 50% owned by DuPont, the Restricted Stock Units will remain subject to the Restricted Period set forth above.

	Due to Lack of Work, Divestiture to Entity Less Than 50% Owned by DuPont, Disability, or Death
	The Restricted Period on all units will lapse.

	Due to Any Other Reason (such as voluntary termination)
	Restricted Stock Units that are subject to a Restricted Period will be forfeited.

		
	Payment
	Except in the case of termination due to lack of work, divestiture to an entity less than 50% owned by DuPont, disability or death, Restricted Stock Units shall be paid to you when the Restricted Period lapses in accordance with the schedule set forth under “Restricted Period.”  In the case of termination due to lack of work, divestiture to an entity less than 50% owned by DuPont, disability or death, Restricted Stock Units shall be paid to you or your beneficiary (or estate if there is no beneficiary), as applicable, within sixty days of the date on which the Restricted Period lapses as a result of the termination. Restricted Stock Units are payable in one share of Stock for each whole unit and a cash payment for any fraction of a unit. The value of each fractional unit will be based on the average high and low prices of Stock as reported on the Composite Tape of the New York Stock Exchange as of the effective date of payment.

		
	Code Section 409A
	To the extent that an amount that is considered “nonqualified deferred compensation” subject to Code Section 409A (“deferred compensation”) is payable on account of your termination of employment, no amounts shall be paid hereunder on account thereof unless such termination of employment constitutes a “separation from service,” within the meaning of Code Section 409A.  If you are a “specified employee,” within the meaning of Code Section 409A, no amount that is deferred compensation shall be paid or delivered, on account of your separation from service, earlier than the date that is six months after such separation from service.  Amounts otherwise payable during that six month period shall be paid on the date that is six months and one day after your separation from service.

The Restricted Stock Units are intended to be exempt from or compliant with Code Section 409A and the U.S. Treasury Regulations relating thereto so as not to subject you to the payment of additional taxes and interest under Code Section 409A or other adverse tax consequences. In furtherance of this intent, the

provisions of this Agreement will be interpreted, operated, and administered in a manner consistent with these intentions. The Committee may modify the terms of this Agreement, the Plan or both, without your consent, in the manner that the Committee may determine to be necessary or advisable in order to comply with Code Section 409A or to mitigate any additional tax, interest and/or penalties or other adverse tax consequences that may apply under Code Section 409A if compliance is not practical. This section does not create an obligation on the part of the Company to modify the terms of this Agreement or the Plan and does not guarantee that the Restricted Stock Units or the delivery of shares of Stock upon vesting/settlement of the Restricted Stock Units will not be subject to taxes, interest and penalties or any other adverse tax consequences under Code Section 409A.  In no event whatsoever shall the Company be liable to any party for any additional tax, interest or penalties that may be imposed on you by Code Section 409A or any damages for failing to comply with Code Section 409A.

		
	Restricted Conduct
	If you engage in any of the restricted conduct described in subparagraphs (i) through (iv) below for any reason, in addition to all remedies in law and/or equity available to the Company, you shall forfeit all Restricted Stock Units (whether or not vested) and shall immediately pay to the Company, with respect to previously vested Restricted Stock Units, a cash amount equal to the Fair Market Value of the Stock plus the cash payment for any fraction of a unit received, without regard to any Tax-Related Items (as defined below) that may have been deducted from such amount.  For purposes of subparagraphs (i) through (v) below, “Company” shall mean E. I. du Pont de Nemours and Company and/or any of its Subsidiaries or Affiliates that have employed you or retained your services.

(i)    Non-Disclosure of Confidential Information. During the course of your employment with the Company and thereafter, you shall not use or disclose, except on behalf of the Company and pursuant to the Company’s directions, any Company “Confidential Information” (i.e., information concerning the Company and / or its business that is not generally known outside the Company, which includes, but is not limited to, (a) trade secrets; (b) intellectual property, including but not limited to inventions, invention disclosures and patent applications; (c) information regarding the Company’s present and/or future products, developments, processes and systems, budgets, proposals, marketing plans, financial data and projections, suppliers, vendors, inventions, formulas, data bases, know how, ideas, developments, experiments, improvements, computer programs, software, technology, blue prints, specifications and compilations of information; (d) information about employees and employee relations, including but not limited to training manuals and procedures, recruitment method and procedures, recruitment and distribution techniques, business plans and projections, employment contracts and employee handbooks;
(e)    information on customers or potential customers, including but not limited to customers’ names, sales records, prices, particularities, preferences and manner of doing business, and other terms of sales and Company cost information; and (f) information received in confidence by the Company from third parties. Information regarding products, services or technological innovations in development, in test marketing or being marketed or promoted in a discrete geographic region, which information the Company is considering for broader use, shall be deemed not generally known until such broader use is actually commercially implemented.); and/or

(ii)    Solicitation of Employees.  During your employment and for a period of one year following the termination of your employment for any reason, you shall not recruit, solicit or induce, or cause, allow, permit or aid others to recruit, solicit or induce, any employee, agent or consultant of the Company to terminate his/her employment or association with the Company; and/or

(iii)    Solicitation of Customers.  During your employment and for a period of one year following the termination of your employment for any reason, you shall not directly or indirectly, on behalf of yourself or any other person, company or entity, call on, contact, service or solicit competing business from customers or prospective customers of Company if, within the two years prior to the termination of your employment, you had or made contact with the customer, or received or had access to Confidential Information about the customer; and/or

(iv)    Non-Competition. During your employment and for a period of one year following the termination of your employment for any reason, you shall not, directly or indirectly, in any capacity, (a) compete or engage in a business similar to that of Company, (b) compete or engage in a business similar to that which the Company has plans to engage, or has engaged in during the two years prior to your termination, if, within this two-year period, you received or had access to Confidential Information regarding the proposed plans or the business in which Company engaged; or (c) take any action to invest in (other than a non- controlling ownership of securities issued by publicly held corporations), own, manage, operate, control, participate in, be employed or engaged by or be connected in any manner with any partnership, corporation or other business or entity engaging in a business similar to Company.

(v)    Geographic Scope. You acknowledge that due to the broad scope of Company's customer base, the following geographic scope for subsections (iii) -
(iv) of this Restricted Conduct section is necessary. Your non-competition and non-solicitation obligations under this Agreement shall include: (a) any territory in which you performed your duties for the Company; (b) any territory in which Company has customers about which you received or had access to Confidential Information during your employment; (c) any territory in which you solicited customers; or (d) any territory in which Company plans to expand its market share about which you received or had access to Confidential Information during your employment with Company.

		
	Recoupment Policy
	This Award shall be subject to the Company’s Incentive Compensation Clawback Policy (as it may be amended from time to time), the terms of which are incorporated herein by reference.

Repayment/
		
	Forfeiture
	Any benefits you may receive hereunder shall be subject to repayment or forfeiture as may be required to comply with the requirements of the U.S. Securities and Exchange Commission or any applicable law, including the requirements of the Dodd-Frank Wall Street Reform and Consumer Protection Act, or any securities exchange on which the Stock is traded, as may be in effect from time to time.

		
	Deferral
	If you are an officer of the Company, you may defer the settlement of this Award in accordance with the procedures established by the Company for that purpose.

		
	Withholding
	You acknowledge that the Company and/or your employer (the “Employer”) (1) make no representations or undertakings regarding the treatment of any income tax, social insurance, payroll tax, fringe benefits tax, payment on account or other tax-related items related to the Plan and legally applicable to you (“Tax-Related Items”) in connection with any aspect of the Restricted Stock Units, including, but not limited to, the grant, vesting or settlement of the Restricted Stock Units, the subsequent sale of shares of Stock acquired pursuant to such settlement and the receipt of any dividends and/or any dividend equivalents; and (2) do not commit to and are under no obligation to structure the terms of the grant or any aspect of the Restricted Stock Units to reduce or eliminate your liability for Tax- Related Items or achieve any particular tax result. Further, if you are subject to Tax-Related Items in more than one jurisdiction, the Company and/or the Employer (or former employer, as applicable) may be required to withhold or account for Tax-Related Items in more than one jurisdiction.

Prior to any relevant taxable or tax withholding event, as applicable, you agree to make adequate arrangements satisfactory to the Company and/or the Employer to satisfy all Tax-Related Items.  In this regard, you authorize the Company and/or the Employer, or their respective agents, at their discretion, to satisfy the obligations with regard to all Tax-Related Items by one or a combination of the following: (i) withholding from your wages or other cash compensation paid to you by the Company and/or the Employer; or (ii) withholding from proceeds of the sale of shares of Stock acquired upon settlement of the Restricted Stock Units either through a voluntary sale or through a mandatory sale arranged by the Company (on your behalf pursuant to this authorization without further consent); or (iii) withholding in shares of Stock to be issued upon settlement of the Restricted Stock Units.

If the obligation for Tax-Related Items is satisfied by withholding in shares of Stock, for tax purposes, you are deemed to have been issued the full number of shares of Stock subject to the vested Restricted Stock Units, notwithstanding that a number of the shares of Stock are held back solely for the purpose of paying the Tax-Related Items.

Finally, you agree to pay to the Company or the Employer, any amount of Tax- Related Items that the Company or the Employer may be required to withhold or account for as a result of your participation in the Plan that cannot be satisfied by the means previously described. The Company may refuse to issue or deliver the shares or the proceeds of the sale of shares of Stock, if you fail to comply with your obligations in connection with the Tax-Related Items.

Notwithstanding anything in this section to the contrary, to avoid a prohibited acceleration under Code Section 409A, if shares of Stock subject to the Restricted Stock Units will be withheld (or sold on your behalf) to satisfy any Tax Related Items arising prior to the date of settlement of the Restricted Stock Units for any portion of the Restricted Stock Units that is considered nonqualified deferred compensation subject to Code Section 409A, then the number of shares withheld (or sold on your behalf) shall not exceed the number of shares that equals the liability for Tax-Related Items.

		
	Severability
	The provisions of this Agreement are severable and if any one or more provisions are determined to be illegal or otherwise unenforceable, in whole or in part, the remaining provisions shall nevertheless be binding and enforceable.

		
	Waiver
	You acknowledge that a waiver by the Company of breach of any provision of this Agreement shall not operate or be construed as a waiver of any other provision of this Agreement, or of any subsequent breach by you or any other participant.

Imposition of Other
		
	Requirements
	The Company reserves the right to impose other requirements on your participation in this Agreement, on the Restricted Stock Units and on any shares of Stock acquired under the Plan, to the extent the Company determines it is necessary or advisable for legal or administrative reasons, and to require you to sign any additional agreements or undertakings that may be necessary to accomplish the foregoing.

AWARD TERMS OF
PERFORMANCE-BASED RESTRICTED STOCK UNITS GRANTED UNDER THE DUPONT EQUITY AND INCENTIVE PLAN
FOR GRANTEES LOCATED IN THE U.S.

		
	Introduction
	You have been granted performance-based Restricted Stock Units (“Units”) under the E. I. du Pont de Nemours and Company Equity and Incentive Plan (“Plan”), subject to the following Award Terms.  This grant is also subject to the terms of the Plan, which is hereby incorporated by reference. However, to the extent that an Award Term conflicts with the Plan, the Plan shall govern.  Unless otherwise defined herein, the terms defined in the Plan shall have the same defined meanings in these Award Terms, including any appendices to these Award Terms (hereinafter, collectively referred to as the “Agreement”). A copy of the Plan, and other Plan-related materials, such as the Plan prospectus, are available at:

www1.lvs.dupont.com/employeebenefits/sharesandstockoption.html.

Grant Award 
		
	Acceptance
	You must expressly accept the terms and conditions of your Award as set forth in this Agreement. To accept, log on to Merrill Lynch Benefits OnLine at www.benefits.ml.com, select Equity Plan > Grant Information > Pending Acceptance.

IF YOU DO NOT ACCEPT YOUR UNITS IN THE MANNER INSTRUCTED BY THE COMPANY, YOUR UNITS WILL BE SUBJECT TO CANCELLATION.

Date of Grant    February 3, 2016 (“Date of Grant”)

Type of Award    Units

Dividend Equivalents  Dividends payable on the total number of shares represented by your Units (including whole and fractional Units) will be allocated to your account in the form of Units (whole and fractional) based upon the closing stock price on the date of the dividend payment.  Dividend equivalent units will be determined after the end of the Performance Period and credited to your account at that time based on the performance-adjusted number of Units in your account.  Dividend equivalent units will be calculated by taking the final performance- adjusted Units and calculating the dividend equivalent units for the first dividend payment date for the Performance Period. The resulting number of dividend equivalent units from the first dividend payment date will be added to the final performance-adjusted number of Units before calculating the dividend equivalent units for the second dividend payment date during the Performance Period. This process will be repeated for each subsequent dividend payment date during the Performance Period.

Performance Period    January 1, 2016 - December 31, 2018

		
	Vesting Terms
	You may not sell, gift, or otherwise transfer or dispose of any of the Units.

If you remain an active employee from the Date of Grant through the last day of the Performance Period, the number of Units that have vested as of the end of the Performance Period, if any, will be based on the achievement of the Performance Metrics set forth below.  Except as set forth below, if you terminate employment after the Date of Grant but prior to the last day of the Performance Period, unvested Units will be forfeited.

Performance Metrics  The final number of Units earned is based upon the Company’s Total Shareholder Return (TSR) relative to the TSR of a group of its peer companies.
The final overall Award is determined by multiplying the TSR Payout % by the Target Award.
Total Shareholder Return (TSR)

TSR represents the total return on a company’s common stock to an investor (stock price appreciation plus dividends).

	
		
	TSR Percentile Ranking Goal
	Percent of Target Award Earned

	< 25th
	0%

	25th*
	25% (threshold)

	50th*
	100% (target)

	75th*
	200% (maximum)

*Interim points are interpolated on a straight-line basis For this purpose, TSR is determined as follows:
TSR =        Change in Stock Price + Dividends Paid     
Beginning Stock Price

		
	•
	Beginning Stock Price: average closing price of the Stock over the 20 trading days immediately prior to the first day of the Performance Period.

		
	•
	Ending Stock Price: average closing price of the Stock over the last 20 trading days of the Performance Period.

		
	•
	Change in Stock Price: difference between the Beginning Stock Price and the Ending Stock Price.

		
	•
	Dividends Paid: total of all dividends paid on one share of Stock during the applicable calendar quarter(s) during the Performance Period, provided that dividends shall be treated as though they are reinvested on day of payment based on closing price of the Stock on that day.

		
	•
	Based on the table above, the Company’s percentile rank in TSR against its peer companies is translated into a percentage (of target) payout for the Award.

		
	Payment
	As soon as practicable during your first taxable year ending after the last day of the Performance Period, vested Units (including dividend equivalent units accruing after the end of the Performance Period and prior to the payment date), if any, will be paid to you or your beneficiary (or estate if there is no beneficiary), as applicable, in one share of Stock for each whole Unit and a cash payment for any fraction of a Unit. The value of each fractional Unit will be based on the average high and low prices of Stock as reported on the Composite Tape of the New York Stock Exchange as of the effective date of payment.

		
	Code Section 409A
	The Units are intended to be exempt from or compliant with Code Section 409A and the U.S. Treasury Regulations relating thereto so as not to subject you to the payment of additional taxes and interest under Code Section 409A or other adverse tax consequences. In furtherance of this intent, the provisions of this Agreement will be interpreted, operated, and administered in a manner consistent with these intentions. The Committee may modify the terms of this Agreement, the Plan or both, without your consent, in the manner that the Committee may determine to be necessary or advisable in order to comply with Code Section 409A or to mitigate any additional tax, interest and/or penalties or other adverse tax consequences that may apply under Code Section 409A if compliance is not practical. This section does not create an obligation on the part of the Company to modify the terms of this Agreement or the Plan and does not guarantee that the Units or the delivery of shares of Stock upon vesting/settlement of the Units will not be subject to taxes, interest and penalties or any other adverse tax consequences under Code Section 409A.  In no event whatsoever shall the Company be liable to any party for any additional tax, interest or penalties that may be im        posed on you by Code Section 409A or any damages for failing to comply with Code Section 409A.

Termination
of Employment

		
	Under 55/10 Rule
	If you terminate employment after attainment of age 55 with at least 10 years of service and either (i) you are an active employee for six months following the Date of Grant or (ii) you have been notified by the Company or, if different, your employer (the “Employer”), that your employment with the Company or Employer will terminate because of either lack of work or divestiture to an entity less than 50% owned by DuPont, the Units will remain subject to the Vesting Terms and will be paid in accordance with the Payment provisions 

above.  However, the number of Units will be prorated based on the number of months you

	
		
	were employed from the Date of Grant through the end of the Performance Period.

	Due to Lack of Work, Divestiture to Entity Less Than 50% Owned by DuPont, Disability, or Death
	If you terminate employment due to (i) disability; (ii) death; (iii) lack of work; or (iv) divestiture to an entity less than 50% owned by the Company, the Units will remain subject to the Vesting Terms and will be paid in accordance with the Payment provisions above. However, the number of Units will be prorated based on the number of months you were employed from the Date of Grant through the end of the Performance Period.

	Due to Any Other Reason (such as voluntary termination)
	Units will be forfeited as of the date on which you terminate employment.

Restricted Conduct    If you engage in any of the restricted conduct described in subparagraphs
(i) through (iv) below for any reason, in addition to all remedies in law and/or equity available to the Company, you shall forfeit all Units (whether or not vested) and shall immediately pay to the Company, with respect to previously vested Units, a cash amount equal to the Fair Market Value of the Stock plus the cash payment for any fraction of a Unit received, without regard to any Tax-Related Items (as defined below) that may have been deducted from such amount.  For purposes of subparagraphs (i) through (v) below, “Company” shall mean E. I. du Pont de Nemours and Company and/or any of its Subsidiaries or Affiliates that have employed you or retained your services.

(i)    Non-Disclosure of Confidential Information. During the course of your employment with the Company and thereafter, you shall not use or disclose, except on behalf of the Company and pursuant to the Company’s directions, any Company “Confidential Information” (i.e., information concerning the Company and / or its business that is not generally known outside the Company, which includes, but is not limited to, (a) trade secrets; (b) intellectual property, including but not limited to inventions, invention disclosures and patent applications; (c) information regarding the Company’s present and/or future products, developments, processes and systems, budgets, proposals, marketing plans, financial data and projections, suppliers, vendors, inventions, formulas, data bases, know how, ideas, developments, experiments, improvements, computer programs, software, technology, blue prints, specifications and compilations of information; (d) information about employees and employee relations, including but not limited to training manuals and procedures, recruitment method and procedures, recruitment and distribution techniques, business plans and projections, employment contracts and employee handbooks; (e) information on customers or potential customers, including but not limited to customers’ names, sales records, prices, particularities, preferences and manner of doing business, and other terms of sales and Company cost 

information; and (f) information received in confidence by the Company from third parties. Information regarding products, services or technological innovations in

development, in test marketing or being marketed or promoted in a discrete geographic region, which information the Company is considering for broader use, shall be deemed not generally known until such broader use is actually commercially implemented.); and/or

(ii)    Solicitation of Employees.  During your employment and for a period of one year following the termination of your employment for any reason, you shall not recruit, solicit or induce, or cause, allow, permit or aid others to recruit, solicit or induce, any employee, agent or consultant of the Company to terminate his/her employment or association with the Company; and/or

(iii)    Solicitation of Customers.  During your employment and for a period of one year following the termination of your employment for any reason,  you shall not directly or indirectly, on behalf of yourself or any other person, company or entity, call on, contact, service or solicit competing business from customers or prospective customers of Company if, within the two years prior to the termination of your employment, you had or made contact with the customer, or received or had access to Confidential Information about the customer; and/or

(iv)    Non-Competition. During your employment and for a period of one year following the termination of your employment for any reason, you shall not, directly or indirectly, in any capacity, (a) compete or engage in a business similar to that of Company, (b) compete or engage in a business similar to that which the Company has plans to engage, or has engaged in during the two years prior to your termination, if, within this two-year period, you received or had access to Confidential Information regarding the proposed plans or the business in which Company engaged; or (c) take any action to invest in (other than a non- controlling ownership of securities issued by publicly held corporations), own, manage, operate, control, participate in, be employed or engaged by or be connected in any manner with any partnership, corporation or other business or entity engaging in a business similar to Company.

(v)    Geographic Scope. You acknowledge that due to the broad scope of Company's customer base, the following geographic scope for subsections (iii) - (iv) of this Restricted Conduct section is necessary. Your non-competition and non-solicitation obligations under this Agreement shall include: (a) any territory in which you performed your duties for the Company; (b) any territory in which Company has customers about which you received or had access to Confidential Information during your employment; (c) any territory in which you solicited customers; or (d) any territory in which Company plans to expand its market share about which you received or had access to Confidential Information during your employment with Company.

		
	Recoupment Policy
	This Award shall be subject to the Company’s Incentive Compensation Clawback Policy (as it may be amended from time to time), the terms of which are incorporated herein by reference.

Repayment/

		
	Forfeiture
	Any benefits you may receive hereunder shall be subject to repayment or forfeiture as may be required to comply with the requirements of the U.S. Securities and Exchange Commission or any applicable law, including the requirements of the Dodd-Frank Wall Street Reform and Consumer Protection Act, or any securities exchange on which the Stock is traded, as may be in effect from time to time.

		
	Deferral
	If you are an officer of the Company, you may defer the settlement of this Award in accordance with the procedures established by the Company for that purpose.

		
	Withholding
	You acknowledge that the Company and/or your employer (the “Employer”) (1) make no representations or undertakings regarding the treatment of any income tax, social insurance, payroll tax, fringe benefits tax, payment on account or other tax-related items related to the Plan and legally applicable to you (“Tax-Related Items”) in connection with any aspect of the Units, including, but not limited to, the grant, vesting or settlement of the Units, the subsequent sale of shares of Stock acquired pursuant to such settlement and the receipt of any dividends and/or any dividend equivalent units; and (2) do not commit to and are under no obligation to structure the terms of the grant or any aspect of the Units to reduce or eliminate your liability for Tax-Related Items or achieve any particular tax result. Further, if you are subject to Tax-Related Items in more than one jurisdiction, the Company and/or the Employer (or former employer, as applicable) may be required to withhold or account for Tax- Related Items in more than one jurisdiction.

Prior to any relevant taxable or tax withholding event, as applicable, you agree to make adequate arrangements satisfactory to the Company and/or the Employer to satisfy all Tax-Related Items.  In this regard, you authorize the Company and/or the Employer, or their respective agents, at their discretion, to satisfy the obligations with regard to all Tax- Related Items by one or a combination of the following:  (i) withholding from your wages or other cash compensation paid to you by the Company and/or the Employer; or (ii) withholding from proceeds of the sale of shares of Stock acquired upon settlement of the Units either through a voluntary sale or through a mandatory sale arranged by the Company (on your behalf pursuant to this authorization without further consent); or (iii) withholding in shares of Stock to be issued upon settlement of the Units.

If the obligation for Tax-Related Items is satisfied by withholding in shares of Stock, for tax purposes, you are deemed to have been issued the full number of shares of Stock subject to the vested Units, 

notwithstanding that a number of the shares of Stock are held back solely for the purpose of paying the Tax-Related Items.

Finally, you agree to pay to the Company or the Employer, any amount of Tax-Related Items that the Company or the Employer may be required to withhold or account for as a result of your participation in the Plan that cannot be satisfied by the means previously described.  The Company may refuse to issue or deliver the shares or the proceeds of the sale of

shares of Stock, if you fail to comply with your obligations in connection with the Tax-Related Items.

Notwithstanding anything in this section to the contrary, to avoid a prohibited acceleration under Code Section 409A, if shares of Stock subject to the Units will be withheld (or sold on your behalf) to satisfy any Tax Related Items arising prior to the date of settlement of the Units for any portion of the Units that is considered nonqualified deferred compensation subject to Code Section 409A, then the number of shares withheld (or sold on your behalf) shall not exceed the number of shares that equals the liability for Tax-Related Items.

		
	Severability
	The provisions of this Agreement are severable and if any one or more provisions are determined to be illegal or otherwise unenforceable, in whole or in part, the remaining provisions shall nevertheless be binding and enforceable.

		
	Waiver
	You acknowledge that a waiver by the Company of breach of any provision of this Agreement shall not operate or be construed as a waiver of any other provision of this Agreement, or of any subsequent breach by you or any other participant.

Imposition of Other
		
	Requirements
	The Company reserves the right to impose other requirements on your participation in this Agreement, on the Units and on any shares of Stock acquired under the Plan, to the extent the Company determines it is necessary or advisable for legal or administrative reasons, and to require you to sign any additional agreements or undertakings that may be necessary to accomplish the foregoing.

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