Document:

Exhibit 10.8

  

   

    

  EMPLOYMENT AGREEMENT

   

    

  This Agreement is made and entered into in Westchester, Illinois on the 31st day of July, 2015 by and between Timothy O’Day (“Employee”) and Insurance Auto Auctions, Inc. (“Employer”), together with its subsidiaries, (collectively, “the Company”). The Company is an intended third-party beneficiary of this
      Agreement between Employer and Employee and shall be entitled to enforce its provisions to the same extent as Employer.

   

    

  RECITALS

   

    

  Importance of Employee’s Position to Company: Employee
      acknowledges and agrees that he holds a position of trust and confidence to aid Employer in the development and retention of Company Business and Customers. Critical duties held by Employee include, overseeing the financial and business development
      aspects of the Company. As a result, Employee has and will develop many valuable relationships on behalf of Employer and have access to Company’s Confidential Information.

   

    

  Purpose: This Agreement is intended to set forth certain, but
      not all, terms and conditions of employment between Employee and Employer, including a provision that Employee agrees to abide by the provisions of, and sign, this Agreement. This Agreement provides for certain restrictions on disclosure and for the
      protection of the Company’s Business, Customers, and Confidential Information. This Agreement provides for a reasonable and necessary period of non-competition and non-solicitation by Employee effective when the employment relationship is terminated
      by either party, regardless of cause, in order to protect the Company’s Business, goodwill, Customers and Confidential Information, all of which belong to the Company.

   

    

  Consideration: In consideration for Employee’s signing of
      this Agreement including signing Exhibit A to Employment Agreement (Non-Compete, Non-Disclosure and Non-Solicitation Agreement), and fulfilling the promises herein, Employer will (a) employ Employee and (b) provide a Severance Package (as defined
      herein) under certain conditions.

   

    

  Relationship of the Parties: Employee is an at-will employee
      of Employer. Nothing in this Agreement changes the existing at-will employment relationship or creates any new or different rights to continued employment or benefits, except to the new Severance Package described later.

   

    

  ARTICLE 1

  DEFINITIONS

   

        

  As used in this Agreement, the terms in bold shall have the following meanings:

   

    

  
    	

          	
            Business: The Company is engaged in the
                business of offering salvage auto auction services, focusing on the automotive total-loss industry, providing both sellers and buyers with solutions to process and acquire total-loss, recovered-theft, fleet lease, donation, dealer trade-in,
                and collision damaged rental vehicles at physical auction locations as well as proprietary Internet venues. The Company’s salvage vehicle auction network includes proprietary Internet venues and numerous physical auction locations across
                the United States. The Company plans to open additional locations throughout the United States in the future.

             

              

          

  

  
    
      
        

    

    
    	

          	
            Person means any individual,
                partnership, corporation, association, limited liability company, joint stock company, trust, joint venture, unincorporated organization, governmental entity, or any department, agency or political subdivision thereof, or an accrediting
                body.

             

              

          

  

  
    	

          	
            Customer(s) means the vendor(s),
                supplier(s) or other Person who creates or provides to Company the products and services sold at auctions as well as the purchasers of such products and/or services at the Company’s auctions. Customer(s) include, but are not limited to, a
                variety of motor vehicle sellers, including, but not limited to, insurance companies, dealerships, rental car companies, fleet lease companies, as well as purchasers of the products and services at Company auctions, without limitation.

             

              

          

  

  
    	

          	
            Resignation means the Employee
                terminates the current employment relationship or withholds his services on behalf of the Company for any reason.

             

              

          

  

  
    	

          	
            Termination for Cause means Company
                termination of the Employee’s employment for:

             

              

          

  

  
    	
            (a)

          	
            conviction of a felony or a crime involving moral turpitude;

                

              

          

  

  
    	
            (b)

          	
            misappropriation of anything of value including but not limited to monies, assets or property; or

             

              

          

  

  
    	
            (c)

          	
            any willful action or inaction of the Employee which, in the reasonable opinion of the Company, constitutes dereliction (willful neglect or willful
                abandonment of assigned duties).

             

              

          

  

  
    	

          	
            Termination Without Cause means a
                termination of the Employee’s employment by the Company without Cause as defined herein.

             

              

          

  

  
    	

          	
            Total Disability means the Employee’s
                inability, because of illness, injury or other physical or mental incapacity, to perform his duties hereunder (as determined by the Employer in good faith) for a continuous period of one hundred eighty (180) consecutive days, or for a total
                of one hundred eighty (180) days within any three hundred sixty (360) consecutive day period, in which case such Total Disability shall be deemed to have occurred on the last day of such one hundred eighty (180) day or three hundred sixty
                (360) day period, as applicable.

             

              

          

  

  
    	

          	
            Triggering Event.  Employee’s
                employment with Employer shall terminate upon the occurrence of any of the following triggering events:

             

              

          

  

  
    	
            (a)

          	
            Employee’s death;

             

              

          

  

  
    	
            (b)

          	
            Employee’s Total Disability;

             

              

          

  

  
    
      2

      
        

    

    	
            (c)

          	
            Employee’s Resignation;

             

              

          

  

  
    	
            (d)

          	
            Termination for Cause; or

             

              

          

  

  
    	
            (e)

          	
            Termination without Cause.

                

              

          

  

  A transfer of Employee to a subsidiary, affiliate or entity within the IAA family of companies shall not constitute: (i) a termination of
      employment, (ii) a Triggering Event, or (iii) an entitlement of severance, unless the transfer of Employee is to a physical location more than 150 miles from the current location of IAAI Headquarters, located at Two Westbrook Corporate Center, Suite
      500. Westchester, IL 60154, and Employee chooses not to relocate.

   

    

  ARTICLE 2

  SEVERANCE

   

        

  Right to Severance: The rights, of Employee to the new
      Severance Package shall be as follows:

   

    

  (a)          Resignation

          and Termination for Cause. In the event of Employee’s Resignation or a Termination for Cause, the Company will have no obligation to pay severance.

   

    

  (b)          Death.
      In the event of Employee’s death, the Company will have no obligation to pay severance.

   

    

  (c)          Total
          Disability. In the event of Employee’s Total Disability, the Company will have no obligation to pay severance.

   

    

  (d)          Termination

          Without Cause or Employee Declines to Relocate more than 150 Miles from Current IAA’ Headquarters.

   

    

  
    	
            (i)

          	
            Severance Package: Release: Certain Benefits. If
                the Triggering Event was:

             

              

          

  

  
    	
            •

          	
            a Termination Without Cause (as defined above) or

             

              

          

  

  
    	
            •

          	
            if, within fifteen (15) days of being informed that
                  his job was to be transferred more than 150 miles away from the current address of IAAI Headquarters, Employee provides Company’s CEO written notice of his desire to exercise his right to severance; then

             

             

              

            

              

          

  

  
    3

    
      

  

  in exchange for the Employee’s execution of a full and complete waiver and release of any and all claims against the Company, its parent and affiliated entities, its successors and assigns,
    and each of their officers, directors, agents, and employees, the Company shall provide to the Employee a “Severance Package” that includes as severance, an amount equal to twelve (12) months of Employee’s annual base salary in effect as of the
    Termination Without Cause or offer of written notice. All such severance payments shall be paid to the Employee in accordance with the Company’s normal payroll practices, but in no event, less frequently than twelve (12) equal monthly installments. The
    Company may accelerate the payments in its sole discretion. In addition, the Severance Package shall also provide, as allowed by law and at the Company’s expense, continued coverage for the Employee and the Employee’s beneficiaries as then in effect
    for a period extending through the earlier of (i) the date Employee begins any subsequent full-time employment for pay or (ii) the date that is one twelve (12) months after the date of the Termination Without Cause, under the Company’s group health
    plan covering the Employee and the Employee’s beneficiaries, provided that Employee properly elects coverage pursuant to Title 1, Part 6 of the Employee’s Retirement Income Security Act of 1974, as amended (“COBRA”). The Employee acknowledges and
    agrees that the Severance Package provided in this section is in lieu of and exclusive of any other severance and benefits to which Employee may be entitled.
   

    

  ARTICLE 3

      GENERAL PROVISIONS

   

        

  Termination Certificate. Regardless

          of the basis for termination, upon departure of Employee for any reason other than death. Employee or his personal representative agrees to sign and comply with a Termination Certificate in the form of Exhibit B attached to this Agreement.

  

   

        

  Assignment. This Agreement shall be assignable and
      transferrable by the Company to any successor in interest (including by way of merger or sale of the Company). Employee provides express consent to such assignment and agrees to execute a separate acknowledgment of consent to such assignment to the
      benefit of any successor in interest. This Agreement is not assignable by Employee.

   

    

  Notices. All notices, demands or other communications to be
      given or delivered under or by reason of the provisions of this Agreement shall be in writing and shall be delivered personally or delivered by overnight courier service, to the following addresses, or such other addresses as shall be given by notice
      delivered hereunder, and shall be deemed to have been given upon delivery, if delivered personally, or one business day after timely delivery to the overnight courier service, if delivered by overnight courier service:

   

    

  	 	
          If to the Company:

        	
          Insurance Auto Auctions, Inc.

        	 
	 	

        	Attention: General Counsel	 
	 	

        	Two Westbrook Corporate Center,	 
	 	

        	Suite 500 Westchester, IL 60154	 
	 	 	 	 
	 	
          If to Employee:

        	
          Timothy O’Day

        	 
	 	

        	[                                        ]

          	 

   

        

  Entire Agreement. With the exception of any project-specific
      confidentiality agreement entered into between the parties hereafter in the course and scope of employment, this Agreement sets forth the entire agreement and understanding between the Company and the Employee relating to the subject matter hereof
      and supersedes and merges all prior discussions between them. The parties have not relied on any representations, oral or written, which are not set out in this Agreement: and no previous agreement, either oral or written, will have any effect on the
      terms or provisions of this Agreement.

   

    

  
    4

    
      

  

  Amendments and Waivers. No modification, amendment or waiver
      of any provisions of this Agreement shall be effective unless approved in writing by each of the parties. The Company’s failure at any time to enforce any of the provisions of this Agreement against Employee or other employees of the Company shall in
      no way be construed as a waiver of such provisions and will not affect the right of the Company to enforce each and every provision in accordance with its terms.

   

        

  Successors and Assigns. All covenants and agreements
      contained in this Agreement by or on behalf of either party shall bind such party and its heirs, legal representatives, successors and assigns and inure to the benefit of the other party hereto and their heirs, legal representatives, successors and
      assigns to the extent any such assignment was in compliance with this Agreement: provided that, it is expressly understood that all covenants and agreements contained in this Agreement by or on behalf of the Employee shall inure to the benefit of the
      Company’s legal representatives, successors and assigns in the event of the transfer, merger or sale of the Company, its assets or stock.

   

        

  Governing Law. This Agreement and any claims relating to or
      arising out of Employee’s employment or relationship with the Company shall be construed and enforced in accordance with, and all questions concerning the construction, validity, interpretation and performance of this Agreement shall be governed by
      the laws of the State of Illinois without giving effect to the provisions thereof regarding conflict of laws.

   

        

  Venue and Jurisdiction. The Employee agrees that any suit,
      action or proceeding relating in any way to this Agreement or Employee’s employment or relationship with the Company, shall be brought and enforced in the Superior Court of Cook County of the State of Illinois or in the District Court of the United
      States of America for the Northern District of Illinois. Due to Employee’s extensive contacts with the State of Illinois, he submits to the jurisdiction of each such court and waives and agrees not to assert, in connection therewith, any claim that
      the Employee is not personally subject to the jurisdiction of such courts, that the suit, action or proceeding is brought in an inconvenient forum or that the venue of the suit, action or proceeding is improper.

   

        

  Waiver of Jury Trial. In any suit, action or proceeding
      relating in any way to this Agreement or Employee’s employment relationship with the Company, Employee and Company expressly agrees to waive his right to a trial by jury and expressly agrees to a trial only to the presiding judge and not a jury.

   

        

  Attorneys’ Fees. Employee expressly agrees to pay the Company
      for all attorneys’ fees and costs it incurs in responding to any breach or threatened breach of this Agreement.

   

        

  Severability. If any portion of this Agreement shalt be for
      any reason, invalid or unenforceable, the remaining portion or portions shall nevertheless be valid, enforceable and carried into effect to the fullest extent permitted by the law.

   

        

  
    5

    
      

  

  Headings. The descriptive headings of this Agreement are
      inserted for convenience only and do not constitute a part of this Agreement.

   

        

  Counterparts. This Agreement may be executed in two or more
      counterparts, any one of which need not contain the signatures of more than one party, but all of which, taken together, shall constitute one and the same Agreement.

   

        

  Employee Acknowledgement. Employee acknowledges receipt of a
      copy of this Agreement. Employee has read and understands the obligations under this Agreement and agrees to abide by the promises to the Employer and the Company described in this Agreement. Employee acknowledges that Employee was given an
      opportunity to ask questions about this Agreement and consult counsel regarding this Agreement before signing this Agreement. Employee specifically understands and acknowledges that Employee’s obligations under this Agreement continue after
      employment with the Employer ends.

   

    

  IN WITNESS WHEREOF, the parties hereto have executed this Agreement on this date.

   

    

  	 	
          INSURANCE AUTO AUCTIONS, INC.

        
	 	
          By:

        	/s/ John Kett

        
	 	
          Printed:

        	John Kett

        
	 	
          Title:

        	CEO

        
	 	 	 
	 	
          EMPLOYEE

        	 
	 	/s/ Timothy O’Day 

        
	 	
          Printed: Timothy O’Day

            

        

  

  

  6Exhibit 10.9

    

    

    AMENDMENT TO

    EMPLOYMENT AGREEMENT

    

    

    This Amendment (this “Amendment”)
        to the Employment Agreement (as defined below), dated as of June 6, 2019, is entered into by and between Timothy O’Day (“Employee”) and Insurance Auto
        Auctions, Inc., together with its subsidiaries (collectively, the “Company”).  All capitalized terms not otherwise defined herein shall have the meanings
        ascribed to them in the Employment Agreement  (as defined below).

    

    

    WHEREAS, Employee and the Company are party to an employment agreement dated as of July 31, 2015 (the “Employment Agreement”); and

    

    

    WHEREAS, the parties to the Employment Agreement wish to amend the Employment Agreement to make certain administrative and
        regulatory changes.

    

    

    NOW, THEREFORE, in consideration for the mutual covenants and promises hereinafter set forth and for other good and valuable
        consideration, and expressly intending to be legally bound, thereby and hereby, the parties agree as follows:

    

    

    1.          A new paragraph shall be
        added to the end of Article 3 (General Provisions), which shall read in its entirety as follows:

    

    

    Section 409A.
        The intent of the parties is that payments and benefits under this Agreement comply with Section 409A of the Internal Revenue Code of 1986, as amended, and the regulations and guidance promulgated thereunder (“Section 409A”), to the extent subject
        thereto, and accordingly, to the maximum extent permitted, this Agreement shall be interpreted and administered to be in compliance therewith.  Notwithstanding anything contained in this Agreement to the contrary, Employee shall not be considered
        to have terminated employment with the Company for purposes of any payments under this Agreement which are subject to Section 409A until Employee would be considered to have incurred a “separation from service” from the Company within the meaning
        of Section 409A.  Each amount to be paid or benefit to be provided under this Agreement shall be construed as a separate and distinct payment for purposes of Section 409A.  Without limiting the foregoing and notwithstanding anything contained in
        this Agreement to the contrary, to the extent required to avoid accelerated taxation and/or tax penalties under Section 409A, amounts that would otherwise be payable and benefits that would otherwise be provided pursuant to this Agreement or any
        other arrangement between Employee and the Company during the six (6) month period immediately following Employee separation from service shall instead be paid on the first business day after the date that is six (6) months following Employee’s
        separation from service (or, if earlier, Employee’s date of death). The Company shall not accelerate any payments hereunder (including under the third sentence of Section 3(d)(i) hereof) to the extent such acceleration would result in accelerated
        taxation and/or tax penalties under Section 409A. To the extent required to avoid accelerated taxation and/or tax penalties under Section 409A, amounts reimbursable to Employee under this Agreement shall be paid to Employee on or before the last
        day of the year following the year in which the expense was incurred and the amount of expenses eligible for reimbursement (and in kind benefits provided to Employee) during one year may not affect amounts reimbursable or provided in any subsequent
        year.  The Company makes no representation that any or all of the payments described in this Agreement will be exempt from or comply with Section 409A and makes no undertaking to preclude Section 409A from applying to any such payment.  Employee
        understands and agrees that Employee shall be solely responsible for the payment of any taxes, penalties, interest or other expenses incurred by Executive on account of non-compliance with Section 409A.

    
      
        

    

    
    2.          The second bullet of Section
        3(d)(i) is hereby revised to read in its entirety as follows:

    

    

    “if, within fifteen (15) days of being informed that his job was to be transferred more than 150 miles
        away from the current address of IAAI Headquarters, Employee provides Company’s CEO written notice of his desire to exercise his right to severance and the Company does not revoke such relocation request within thirty (30) days following receipt of
        such notice; then”

    

    

    3.          Except as otherwise expressly
        provide herein, all of the terms and provisions of the Employment Agreement shall remain in full force and effect and this Amendment shall not amend or modify any other rights, powers, duties or obligations of any party to the Agreement.

    

    

    4.          This Amendment may be
        executed in counterparts, which together shall constitute one and the same original.

    

    

    IN WITNESS WHEREOF, the parties hereto have duly executed this Amendment, or caused this Amendment to be duly executed on
        their behalf, as of the day and year first above written.

    

    

    

    

    
      	 	
              INSURANCE AUTO AUCTIONS, INC.

            
	 	 	 
	 	
              By:

            	 /s/ John Kett

            
	 	Printed: 

            	
               John Kett

            
	 	Title:	
               CEO

                

            
	 	 	 

    

    

    

    	 	
            EMPLOYEE

          
	 	 	 
	 	 	 /s/ Timothy O'Day

          
	 	 	
             Timothy O’Day

          

     

      

    2

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00297-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00297-of-00352.parquet"}]]