Document:

Exhibit

EXHIBIT 10(iii)(ii)

	
		
	 
	

Dear
Gilles Morel

	Hand-delivered
	Pero, 01 April  2019

PERMANENT EMPLOYMENT CONTRACT

With this private agreement to be applied to all effects of law and contract, the parties:

the company Whirlpool EMEA S.p.A., with registered office in Pero (MI), via Carlo Pisacane, 1 in the person of

Marc Bitzer
- employer -

Mr. Gilles Morel
- employee -

stipulate and agree as follows:

1) Establishment of an employment relationship
Object of the employment contract is the hiring of Mr. Gilles Morel by company Whirlpool EMEA SpA

2) Effective date and duration of the employment contract
The contract is for a permanent contract with the start date April 1st 2019.

3) Subject of the contract and professional classification
The employee will be classified as a “Dirigente”, with the position of President EMEA S.p.a.

4) Place of recruitment, place of work and time
The workplace is: Pero (MI) - Via Carlo Pisacane, 1.
The company reserves from now and in accordance with the provisions of art. 2103 of the Civil Code, as well as according to the provisions of the “Contratto Collettivo Nazionale di Lavoro per i dirigenti di aziende produttrici di beni e servizi”, the right to transfer to other offices, factories or production units of the Company in Italy or abroad.

5) Base salary
The monthly gross base salary is Euro 48.076,93 =, for 13 monthly installments.
This remuneration is to be considered inclusive of any other increase that may be established by the National Collective Labor Agreement (Contratto Collettivo Nazionale di Lavoro per i dirigenti di aziende produttrici di beni e servizi). In the event that, in the years to come, a change in the individual economic treatment occurs by the collective agreements, this change will be absorbed.

6) Obligations of the worker
The employee is obliged to perform his work regularly, diligently and professionally, respecting the directives given by the employer, always referring to the general provisions contained in the company regulations and in the policies and service provisions.
He may not deal in business, on his own behalf or with third parties, in competition with the company Whirlpool EMEA Spa and its subsidiaries or affiliates.
He is also obliged not to disclose, directly or indirectly during the employment relationship and after its conclusion, information concerning the activity of this Company or its subsidiaries or affiliates. In particular, he is required not to disclose to anyone information pertaining to: organization, production methods, control techniques, processes, products, patents, know-how, lists of customers, suppliers, employees, price lists of which it became aware, aware of confidential nature of the same and owned by you due to your working activity.
Furthermore, he is obliged to take care of and use, with particular diligence and care, the corporate assets that will be given to him as equipment or in use.
In case of violation of what has been agreed, the Company reserves the right to adopt all the provisions provided for by the law and by the C.C.N.L. for Dirigenti.

7) Referral provisions
With regards to the duration of paid holidays, the terms of notice in the event of withdrawal from the employment relationship and for all that is relevant to the employment relationship just regulated, and is not explained in this agreement, both during the probationary period (for the institutions compatible with it) and subsequently, please refer to the law and the CCNL for Dirigenti.
For anything not expressly indicated in this contract, reference should be made to the contents of the offer letter signed on 18 December 2018, which must be considered an integral part of this agreement.

8) Provisions on Privacy
Attached to this contract is the privacy policy for which we are requesting to sign for acceptance.

9) Final provision
This contract is composed of three typewritten pages that cannot be separated.

/s/ Ryme Dembri

	
		
	 
	Whirlpool EMEA S.p.A.
Human Resources

                

Signature for receipt and full acceptance

/s/ Gilles Morel
_______________________________________

    

A copy of the offer letter signed on December 18, 2018 is attached.

PERSONAL & CONFIDENTIAL                                        
Pero, December 18, 2018

GILLES MOREL

Dear Gilles,
I am very pleased to offer you the position of President, EMEA, reporting to the President and CEO of Whirlpool Corporation.

The position is based in Pero, Italy. 

Upon acceptance of this offer, your employment in Italy, will be ruled by the “Contratto Nazionale di Lavoro Dirigenti di aziende produttrici di beni e servizi” and by the internal policies applicable to the category. 
The following terms and conditions are applicable starting from the effective date.

		
	1.
	EFFECTIVE DATE

The effective date of the commencement of your employment will be mutually agreed by the parties. It is assumed that the start date will be no later than 1st of April 2019.

		
	2.
	BASE SALARY

Your gross base salary will be € 625.000- per annum, payable in 13 installments.
This remuneration is to be considered as awarded also as an advance payment for any other financial recognition, which may be established by collective agreements. Therefore, in the event that a variation of the remuneration should occur by the collective agreements, the individual benefit that this variation will produce, will be deemed to have already occurred.

		
	3.
	EXECUTIVE PERFORMANCE EXCELLENCE PLAN (EPEP)

You are immediately eligible to participate in Whirlpool's annual incentive plan, called Executive Performance Excellence Plan (EPEP). Your annual target incentive award is 85% of your base pay, or €531,250. EPEP includes a Business Multiplier based upon global financial measures and goals (payout ranging from 0% - 200% of target). An individual modifier (+/- 25%) will be determined by your individual performance relative to personal objectives and leadership. Depending on business and individual performance, your actual EPEP bonus payout could range from 0% to 250% of your target. Your EPEP bonus will be prorated for your first year, based on your start date. 

		
	4.
	STRATEGIC EXCELLENCE PLAN (SEP)

You are also eligible to participate in our long-term incentive, called Strategic Excellence Program (SEP). Your annualized target incentive award is ​100% of your base salary, resulting in an annual target of €625,000. SEP awards are granted in February each year and consist of 

a mix of 30% stock options and 70% performance-based RSUs (PSUs). Stock Options vest 1⁄3 each year over a three year period. PSUs vest and are paid out when performance results are determined after a three year performance period (at 0% - 200% of target, depending on performance). For 2019, your SEP grant will be prorated based on your start date.

		
	5.
	SPECIAL EQUITY AWARD

We are pleased to offer you a grant of 6,000 Restricted Stock Units (RSUs). At our current stock price of $125, these RSUs have a value of $750,000, or approximately €660,000. The RSUs will be granted on the first regularly scheduled quarterly grant date after your Employment Start Date (May 1, based on your anticipated April 1 start date). Except as otherwise provided in the Terms and Conditions, 50% of these RSUs will vest on the second anniversary of the grant date and the remaining 50% will vest on the third anniversary of the grant date, contingent upon your continued employment with the Company. The RSUs will be subject to the terms and conditions of the Whirlpool Corporation 2018 Omnibus Stock and Incentive Plan and the applicable RSU award agreement.

		
	6.
	SIGN ON BONUS

We are delighted to offer you a sign-on bonus of gross €100,000, which will be payable within the first 45 days of your employment at Whirlpool Corporation, to offset any expenses associated with your transition. If your employment with Whirlpool Corporation is terminated for any reason (except death, long-term disability or reduction in force) within twelve months of your effective hire date you will be responsible for repaying the sign-on bonus back to the Company

		
	7.
	STOCK OWNERSHIP GUIDELINE

As a senior leader, ownership of Whirlpool stock is essential to establishing a strong linkage to our shareholders. Therefore, Whirlpool requires that you attain a stock ownership level equal to 5x of your base salary within five years of your hire date. Shares owned outright in any private brokerage accounts, along with vested restricted stock units count toward the guideline.

		
	8.
	BENEFITS

You will be covered under the benefit plans which are currently in place for the employees of Whirlpool EMEA S.p.A. A summary of the benefit plans is shown below. The Human Resources department will provide full details of the plans. The contributions to the cost of these plans are shared between you and the company.
Inps- State Pension  

The National Social Security Agency (I.N.P.S) provides retirement benefits defined based on contributions made to the fund, in accordance with prevailing Italian Law.

S.S.N.- National Health Service

All Italian residents are covered by the National Health Service (S.S.N.)

TFR - Deferred Compensation

An amount equal to approximately one month of your total compensation (base salary plus variable) is deferred every year.  The Human Resources department will be able to provide additional information regarding how to manage it following your hiring.

Annual Leave

You are entitled to 30 working days annual leave, pro-rated if less than one calendar year is worked.

Previndai - Dirigenti Industrial Pension Fund (Optional)

You can contribute to the Previndai Dirigenti Industria supplementary pension fund. The Human Resources department will be able to provide additional information regarding the plan following your hiring.

Permanent Disability for Illness

The Company provides an additional coverage in case of permanent disability due to illness. The entire cost is covered by the Company. Details will be provided at the hiring date.

Group Accident Insurance

The Company provides coverage for work-related illness or accident which are above the National Labour Contract. No contribution is required by the employee. You will receive details at the hiring date.

Medical Insurance (Optional)

Private medical insurance is available to supplement worldwide the services provided by the Italian National Health system to Italian residents.
The Human Resources department  will provide details on the medical coverage. The employee will be required to make a contribution, via the payroll. Contributions might be revised at the complete discretion of the company. 

Appliance Policy

You will have the opportunity to obtain 2 products per year in life test, in accordance with the Dirigenti appliance policy, details of which will be communicated to you upon hiring.

Company Car

The Company provides a company car following the operational internal guidelines as applicable from time to time.  Any costs resulting from the use of the company car are borne by the Company. Arising tax related to the benefit of using a Company car shall be paid by you.

       9. RELOCATION

Temporary Accommodation

The Company will pay initial reasonable temporary housing expenses, if necessary, at a Company preferred local facility in the new area, up to 60 days. Reasonable expenses include:
- Lodging: company property facility or residence as first option, if not available, hotel (only B&B treatment)
- Ground transportation, including car rental if appropriate
The Company will not reimburse meals expenses and laundry.

Housing in kind

For the first 24 months, you will be paid an housing in kind up to an amount of 6700 Euro net per month as soon as you move into the permanent accommodation. 

Agency fees

The company will reimburse agency fees incurred in renting accommodation in the new area according to company guidelines.

Removal costs

Whirlpool will arrange to transport your household goods between your home country and the new location, through its approved freight provider. The Company will assist in making arrangements and will assume all reasonable expenses only for one shipment of household goods, i.e. packing, shipping, unpacking, transit insurance and storage (reimbursed up to 90 days), and import duties. You are authorized for a 20 foot (6.1 m) container.
Eligible items include household furnishings and personal items. The Company will not bear any packing, shipping, customs duties or transit insurance costs relating to the transportation of exceptional items including, but not limited to, the following:
- Frozen or perishable foods 
- Liquids in unsafe containers
- Flammable liquids
- Items that may contaminate or damage other goods
- Items of exceptional value such as jewelry, furs, antiques, art, coin or stamp collections and other items of unusual value
- Currency, plants, weapons and ammunition
- Any materials prohibited by law
- Items unreasonable to ship due to destination import restrictions
- Automobiles, boats, motorcycles, camping equipment, trailers or other recreational vehicles 
- Pianos, other large musical instruments 
- Pool tables, swing sets
- Wine collections
It is expected that you will use good judgment in the shipment of needed household goods. The Company will not reimburse costs for boarding and shipping of pets.

Appliance Support

You will be reimbursed for the cost of Whirlpool Major Domestic appliances up to a maximum value of Euro 1.300 - V.A.T. included - you should buy for your unfurnished new accommodation. 

You are required to produce supporting documentation of the payment. This payment will then be reimbursed through a lump sum payment via the payroll subject to normal statutory deductions (the payment to you will be increased to take account of these deductions). The appliances must be purchased at Whirlpool's outlet store or on-line, within 6 months from the hiring date and delivered to your apartment in the new area.

Documents

You should secure all the required documents (passport, visas, work permits, driving license, etc.) you may require prior to your transfer to Italy. The Company will reimburse/pay the cost to obtain mandatory documents to relocate to the new area.

Clawback agreement

Should you decide to resign within 12 months from the effective date of hiring, you have to pay back 100% of relocation costs (moving and agency fees).

      10. ITALIAN TAX FILING

For the current fiscal year only you will be supported by the Company’s designed tax accounting firm for your tax declaration. With the signing of this employment offer, you expressly declare that 

you have already examined the local law and regulation, including tax aspects, that shall apply to your employment offer. Therefore the Company shall not in any way be considered responsible for any losses that you may suffer from the applicability to this employment offer of local law and regulation, including tax related provisions and in this respect you unilaterally and irrevocably waive to all of the claims.

		
	11.
	LANGUAGE TUITION

The Company will pay for Italian language tuition for you and your partner up to 50 hours for each person.

		
	12.
	HOME LEAVE

You will be entitled to two home leaves during the first twelve months after the hiring date, in order for you to return to your home country. Air transport expenses (full fare economy class, for a 14 day advanced booking, via the most direct route, round trip) will be reimbursed. If home leaves are not used, the value is not transferred to following year neither can be compensated with other lump sums.

		
	13.
	EMERGENCY LEAVE

In the event of serious illness or death of an immediate family member (parents, children, brothers or sisters) in the home country the company will reimburse the cost for you and your family to return to your home country during the first twelve months after the hiring date

		
	14.
	EDUCATION 

The Company will reimburse education (tuition only) for your children up to the completion of the primary school cycle.

		
	15.
	TERMINATION PAYMENT

The company agrees to pay 12 months gross base salary as an indemnity if the contract is terminated by the company for any reason other than gross misconduct before the completion of 24 months. 

		
	16.
	CONFIDENTIALITY

During the period of your employment and thereafter, you shall not disclose, either directly or indirectly, information concerning the activities of Whirlpool or its parent, subsidiary or associated companies, including but not limited to the organization, production methods, monitoring system procedures, products, intellectual property rights, know how, customer/supplier/employees list, price lists which the Company considers confidential and are known by you due to your work activity. In case of breach of the above-mentioned duty the Company reserves the right to take appropriate actions.
		
	17.
	DATA PRIVACY

To manage your employment effectively the Company will need to process your personal data for the purpose of personnel, employment and benefit plan administration. This may include the electronic or manual transfer of data to, and processing by, other Whirlpool offices or third party suppliers (regional offices and the United States). The Company will take all necessary steps, in accordance with applicable data privacy laws, to ensure that such data are adequately protected.  Upon signature of the hiring contract you consent to the use and processing of the personal data 

collected in connection with your employment, for purpose of administering the Company’s compensation, benefit, management programs and for the purpose of complying with applicable laws, regulations and procedures.
		
	18.
	TERMINATION OF EMPLOYMENT

The notice period specified in your Employment Contract will apply, should you wish to terminate your employment with the company or if the company should wish to terminate your employment for any reason other than gross misconduct.
In case of termination for Company decision during the first two years of your employment in Whirlpool (excluding dismissal with cause "licenziamento per giusta causa") the Company will pay you an exit indemnity (notice + indemnity) of at least 12 months base salary.

		
	19.
	VALIDITY TERM OF THE OFFER

This offer of employment will remain available for acceptance for a period of two weeks from the date at the top of this letter. At the end of that period the offer set out in this letter will automatically lapse.
We look forward to receiving your prompt acceptance of the terms and conditions of this letter, which should be conveyed by you signing the enclosed copy of the letter and returning it to us as soon as possible.

Yours sincerely,

/s/ Marc Bitzer
    
Marc Bitzer
President and Chief Executive Officer
Whirlpool Corporation

/s/ Gilles Morel
______________________
Gilles Morel
I acknowledge that I have read, understood and accepted the
terms and conditions of the offerExhibit

Exhibit 10.1

INDEMNIFICATION AGREEMENT

This INDEMNIFICATION AGREEMENT (this “Agreement”) is made and effective as of [DATE], by and between Kemper Corporation, a Delaware corporation (the “Company”), and [NAME OF INDEMNITEE] (“Indemnitee”).

WHEREAS, it is essential to the Company to retain and attract as directors and officers the most capable persons available;

WHEREAS, Indemnitee is a [director or officer] of the Company;

WHEREAS, both the Company and Indemnitee recognize the increased risk of litigation and other claims being asserted against directors and officers of public companies;

WHEREAS, the Company’s Restated Certificate of Incorporation (“Certificate of Incorporation”) and Amended and Restated Bylaws (“Bylaws”) require the Company to indemnify and advance expenses to its directors and officers to the extent provided therein, and Indemnitee serves as a [director or officer] of the Company, in part, in reliance on such provisions in the Company’s Certificate of Incorporation and Bylaws;

WHEREAS, the Company has determined that its inability to retain and attract as directors and officers the most capable persons would be detrimental to the interests of the Company and that the Company therefore should seek to assure such persons that indemnification and insurance coverage will be available in the future; and

WHEREAS, in recognition of Indemnitee’s need for substantial protection against personal liability in order to enhance Indemnitee’s continued service to the Company in an effective manner and Indemnitee’s reliance on the Certificate of Incorporation and Bylaws, and in part to provide Indemnitee with specific contractual assurance that the protection promised by the Company’s Certificate of Incorporation and Bylaws will be available to Indemnitee (regardless of, among other things, any amendment to or revocation of the applicable provisions of the Certificate of Incorporation or Bylaws, any change in the composition of the Board of Directors of the Company, or any acquisition transaction relating to the Company), the Company wishes to provide in this Agreement for the indemnification of and the advancing of expenses to Indemnitee to the fullest extent (whether partial or complete) permitted by law and as set forth in this Agreement, and, to the extent insurance is maintained, for the continued coverage of Indemnitee under the directors’ and officers’ liability insurance policy of the Company.

NOW, THEREFORE, in consideration of the premises and of Indemnitee’s continuing to serve the Company directly or on its behalf or at its request as an officer, director, employee, manager, agent, fiduciary, or trustee of, or in any other capacity with, another Person 

                                     As of 2-5-2020    

(as defined below) or any employee benefit plan, and intending to be legally bound hereby, the parties hereto agree as follows:

1.    Certain Definitions:

(a)    Change in Control:  shall be deemed to have occurred if (i) any “person” (as such term is used in Sections 13(d) and 14(d) of the Exchange Act), other than a trustee or other fiduciary holding securities under an employee benefit plan of the Company or a corporation owned directly or indirectly by the stockholders of the Company in substantially the same proportions as their ownership of stock of the Company, is or becomes the “beneficial owner” (as defined in Rule 13d-3 under the Exchange Act), directly or indirectly, of securities of the Company representing twenty-five percent (25%) or more of the total voting power represented by the Company’s then outstanding Voting Securities, or (ii) individuals who, on the date hereof, constitute the Board of Directors of the Company and any new director whose election by the Board of Directors or nomination for election by the Company’s stockholders was approved by a vote of at least two-thirds (2/3) of the directors then still in office who either were directors on the date hereof or whose election or nomination for election was previously so approved, cease for any reason to constitute a majority thereof, (iii) there is consummated a merger or consolidation of the Company with any other entity, other than a merger or consolidation that would result in the Voting Securities of the Company outstanding immediately prior thereto continuing to represent (either by remaining outstanding or by being converted into Voting Securities of the surviving entity) at least seventy-five percent (75%) of the total voting power represented by the Voting Securities of the Company or such surviving entity outstanding immediately after such merger or consolidation, or (iv) the stockholders of the Company approve a plan of complete liquidation of the Company or an agreement for the sale or disposition by the Company of (in one transaction or a series of transactions) all or substantially all of the Company’s assets.

(b)    Board of Directors: means the Board of Directors of the Company.

(c)    Claim:  means any threatened, asserted, pending, or completed civil, criminal, administrative, investigative, or other action, suit, or proceeding of any kind whatsoever, including any arbitration or other alternative dispute resolution mechanism, or any appeal of any kind thereof, or any inquiry or investigation, whether instituted by the Company, any governmental agency, or any other party, that Indemnitee in good faith believes might lead to the institution of any such action, suit, or proceeding, whether civil, criminal, administrative, investigative, or other, including any arbitration or other alternative dispute resolution mechanism.

(d)    DGCL: means the General Corporation Law of the State of Delaware.

(e)    Exchange Act:  means the Securities Exchange Act of 1934, as amended.

(f)    ERISA: means the Employee Retirement Income Security Act of 1974, as amended.

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(g)    Expenses:  means all direct or indirect costs, expenses, and obligations, including attorneys’ fees and disbursements (including, without limitation, experts’ fees, court costs, retainers, appeal bond premiums, transcript fees, duplicating, printing, and binding costs, as well as telecommunications, postage, and courier charges), paid or incurred in connection with investigating, prosecuting, defending, being a witness in, or participating in (including on appeal), or preparing to investigate, prosecute, defend, be a witness in, or participate in, any Claim relating to any Indemnifiable Event, and shall include (without limitation) all attorneys’ fees and all other expenses incurred by or on behalf of Indemnitee in connection with preparing and submitting any requests or statements for indemnification, advancement, or any other right provided by this Agreement (including, without limitation, such fees or expenses incurred in connection with legal proceedings contemplated by Section 2(d) hereof).

(h)    Indemnifiable Amounts: means (i) any and all liabilities, Expenses, damages (including punitive damages), judgments, fines, penalties, ERISA excise taxes, and amounts paid in settlement (including all interest, assessments, and other charges paid or payable in connection with or in respect of such liabilities, Expenses, damages, judgments, fines, penalties, ERISA excise taxes, or amounts paid in settlement) arising out of or resulting from any Claim relating to an Indemnifiable Event, and (ii) any liability that an Indemnitee incurs as a result of acting on behalf of the Company (whether as a fiduciary or otherwise) in connection with the operation, administration, or maintenance of an employee benefit plan or any related trust or funding mechanism (whether such liability is in the form of an excise tax assessed by the United States Internal Revenue Service, a penalty assessed by the Department of Labor, restitution to such a plan or trust or other funding mechanism or to a participant or beneficiary of such plan, trust, or other funding mechanism, or otherwise).

(i)    Indemnifiable Event:  means any event or occurrence, whether occurring before, on, or after the date of this Agreement, related to the fact that Indemnitee is or was a director or officer, employee, agent or fiduciary of the Company, or is or was serving on behalf of the Company or at the request of the Company as a director, officer, employee, manager, trustee, agent, fiduciary, or similar capacity, of another corporation, limited liability company, partnership, joint venture, employee benefit plan, trust, or other entity or enterprise, or by reason of any act or omission by Indemnitee in any such capacity (in all cases whether or not Indemnitee is acting or serving in any such capacity or has such status at the time any Indemnifiable Amount is incurred for which indemnification, advancement or any other right can be provided by this Agreement).  The term “Company,” where the context requires when used in this Agreement, shall be construed to include such other corporation, limited liability company, partnership, joint venture, employee benefit plan, trust, or other entity or enterprise.

(j)    Independent Legal Counsel:  means an attorney or firm of attorneys, selected pursuant to and in accordance with the provisions of Section 3, who is experienced in matters of corporate law and who shall not have otherwise performed services for the Company or Indemnitee within the last three (3) years (other than with respect to matters concerning the rights of Indemnitee under this Agreement, or of other indemnitees under similar indemnity agreements).

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(k)    Person:  means any individual, corporation, firm, partnership, joint venture, limited liability company, estate, trust, business association, organization, governmental entity, or other entity.

(l)    Reviewing Party:  means any appropriate person or body consisting of a member or members of the Company’s Board of Directors or any other person or body appointed by the Board of Directors who is not a party to the particular Claim for which Indemnitee is seeking indemnification, or Independent Legal Counsel.

(m)    Voting Securities:  means any securities of the Company that vote generally in the election of directors.

2.    Basic Indemnification Arrangement; Advancement of Expenses.  
    
(a)    In the event that Indemnitee was, is or becomes subject to, a party to or witness or other participant in, or is threatened to be made subject to, a party to or witness or other participant in, a Claim by reason of (or arising in part out of) an Indemnifiable Event, the Company shall indemnify Indemnitee, or cause Indemnitee to be indemnified, to the fullest extent permitted by Delaware law in effect on the date hereof and as amended from time to time; provided, however, that no change in Delaware law shall have the effect of reducing the benefits available to Indemnitee hereunder based on Delaware law as in effect on the date hereof or as such benefits may improve as a result of amendments to Delaware law that became effective after the date hereof.  The rights of Indemnitee provided in this Section 2 shall include, without limitation, the rights set forth in the other sections of this Agreement.  Payments of Indemnifiable Amounts shall be made as soon as practicable but in any event no later than thirty (30) days after written demand is presented to the Company.

(b)    If so requested by Indemnitee, the Company shall advance, or cause to be advanced (within five (5) business days of such request), any and all Expenses incurred by Indemnitee (an “Expense Advance”).  The Company shall, in accordance with such request (but without duplication), pay, or cause to be paid, such Expenses on behalf of Indemnitee, unless Indemnitee shall have elected to pay such Expenses and have such Expenses reimbursed, in which case the Company shall reimburse, or cause to be reimbursed, Indemnitee for such Expenses.  To the fullest extent permitted by Delaware law, Indemnitee’s right to an Expense Advance is absolute and shall not be subject to any prior determination by the Reviewing Party that Indemnitee has satisfied any applicable standard of conduct for indemnification.  Indemnitee hereby undertakes to repay any amounts advanced (without interest) to the extent it is ultimately determined in accordance with Section 2(d) that Indemnitee is not entitled under this Agreement to be indemnified by the Company in respect thereof.  No other form of undertaking shall be required of Indemnitee other than execution of this Agreement. 

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(c)    Notwithstanding anything in this Agreement to the contrary, Indemnitee shall not be entitled to indemnification or advancement of Expenses pursuant to this Agreement in connection with any Claim initiated by Indemnitee unless (i) the Company has joined in, or the Board of Directors has authorized or consented to, the initiation of such Claim or (ii) the Claim is one to enforce Indemnitee’s rights under this Agreement (including an action pursued by Indemnitee to secure a determination that Indemnitee should be indemnified under applicable law).

(d)    Notwithstanding the foregoing, (i) the obligations of the Company under Section 2(a) shall be subject to the condition that the Reviewing Party shall not have determined (in a written opinion, in any case in which the Independent Legal Counsel referred to in Section 3 is involved) that Indemnitee would not be permitted to be indemnified under applicable law, and (ii) the obligation of the Company to make an Expense Advance pursuant to Section 2(b) shall be subject to the condition that, if, when, and to the extent that the Reviewing Party determines that Indemnitee would not be permitted to be so indemnified under applicable law, the Company shall be entitled to be reimbursed by Indemnitee (who, by execution of this Agreement, hereby agrees to reimburse the Company) for all such amounts theretofore paid; provided, however, that, if Indemnitee has commenced or thereafter commences legal proceedings in a court of competent jurisdiction to secure a determination that Indemnitee should be indemnified under applicable law, any determination made by the Reviewing Party that Indemnitee would not be permitted to be indemnified under applicable law shall not be binding and Indemnitee shall not be required to reimburse the Company for any Expense Advance until a final judicial determination is made with respect thereto (as to which all rights of appeal therefrom have been exhausted or lapsed).  If there has not been a Change in Control, the Reviewing Party shall be selected by the Board of Directors, and if there has been a Change in Control (other than a Change in Control that has been approved by a majority of the members of the Board of Directors who were directors immediately prior to such Change in Control), the Reviewing Party shall be the Independent Legal Counsel referred to in Section 3.  If there has been no determination by the Reviewing Party, or if the Reviewing Party determines that Indemnitee would not be permitted to be indemnified in whole or in part under applicable law, Indemnitee shall have the right to commence litigation in any court in the States of Illinois or Delaware having subject matter jurisdiction thereof and in which venue is proper seeking an initial determination by the court or challenging any such determination by the Reviewing Party or any aspect thereof, including the legal or factual bases therefor, and the Company hereby consents to service of process and to appear in any such proceeding.  Any determination by the Reviewing Party otherwise shall be conclusive and binding on the Company and Indemnitee.

3.    Change in Control.  The Company agrees that, if there is a Change in Control of the Company, then with respect to all matters thereafter arising concerning the rights of Indemnitee to indemnity payments and Expense Advances under this Agreement or under any provision of the Certificate of Incorporation or Bylaws now or hereafter in effect relating to Claims for Indemnifiable Events, the Company shall seek legal advice only from Independent Legal Counsel selected by the Indemnitee and approved by the Company (which approval shall not be unreasonably withheld).  Such counsel, among other things, shall render its written 

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opinion to the Company and Indemnitee as to whether and to what extent the Indemnitee would be permitted to be indemnified under applicable law.  The Company agrees to pay the reasonable fees of the Independent Legal Counsel referred to above and to indemnify fully such counsel against any and all expenses (including attorneys’ fees), claims, liabilities, and damages arising out of or relating to this Agreement or its engagement pursuant hereto.

4.    Indemnification for Additional Expenses.  The Company shall indemnify, or cause the indemnification of, Indemnitee against any and all Expenses and, if requested by Indemnitee, shall advance such Expenses to Indemnitee, subject to and in accordance with Section 2, which are incurred by Indemnitee in connection with any action brought by Indemnitee for (a) indemnification or an Expense Advance by the Company under this Agreement or any other agreement or provision of the Certificate of Incorporation or Bylaws now or hereafter in effect relating to Claims for Indemnifiable Events and (b) recovery under any directors’ and officers’ liability insurance policies maintained by the Company, regardless of whether Indemnitee ultimately is determined to be entitled to such indemnification, Expense Advance, or insurance recovery, as the case may be.

5.    Partial Indemnity, Etc.  If Indemnitee is entitled under any provision of this Agreement to indemnification by the Company for some or a portion of the Expenses or other Indemnifiable Amounts in respect of a Claim but not, however, for the entire amount thereof, the Company shall nevertheless indemnify Indemnitee for the portion thereof to which Indemnitee is entitled.  Moreover, notwithstanding any other provision of this Agreement, to the extent that Indemnitee has been successful on the merits or otherwise in defense of any or all Claims relating in whole or in part to an Indemnifiable Event or in defense of any issue or matter therein, including dismissal without prejudice, Indemnitee shall be indemnified against all Expenses incurred in connection therewith.

6.    Burden of Proof.  In connection with any determination by the Reviewing Party or otherwise as to whether Indemnitee is entitled to be indemnified hereunder, the Reviewing Party, court, or other finder of fact or appropriate Person shall presume that Indemnitee has satisfied the applicable standard of conduct and is entitled to indemnification, the burden of proof shall be on the Company (or its representative) to establish by clear and convincing evidence that Indemnitee is not so entitled.

7.    Reliance as Safe Harbor.  For purposes of this Agreement, and without creating any presumption as to a lack of good faith if the following circumstances do not exist, Indemnitee shall be deemed to have acted in good faith and in a manner Indemnitee reasonably believed to be in or not opposed to the best interests of the Company if Indemnitee’s actions or omissions to act are taken in good faith reliance upon the records of the Company, including its financial statements, or upon information, opinions, reports, or statements furnished to Indemnitee by the officers or employees of the Company or any of its subsidiaries in the course of their duties, or by committees of the Board of Directors, or by any other Person (including legal counsel, accountants, and financial advisors) as to matters Indemnitee reasonably believes are within such other Person’s professional or expert competence and who has been selected with reasonable care by or on behalf of the Company.  

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In addition, the knowledge and actions, or failures to act, of any other director, officer, agent, or employee of the Company shall not be imputed to Indemnitee for purposes of determining the right to indemnity hereunder.

8.    No Other Presumptions.  For purposes of this Agreement, the termination of any Claim by judgment, order, settlement (whether with or without court approval), or conviction, or upon a plea of nolo contendere or its equivalent, shall not create a presumption that Indemnitee did not meet any particular standard of conduct or have any particular belief or that a court has determined that indemnification is not permitted by applicable law.  In addition, neither the failure of the Reviewing Party to have made a determination as to whether Indemnitee has met any particular standard of conduct or had any particular belief, nor an actual determination by the Reviewing Party that Indemnitee has not met such standard of conduct or did not have such belief, prior to the commencement of legal proceedings by Indemnitee to secure a judicial determination that Indemnitee should be indemnified under applicable law shall be a defense to Indemnitee’s claim or create a presumption that Indemnitee has not met any particular standard of conduct or did not have any particular belief.

9.    Nonexclusivity, etc.  The rights of the Indemnitee hereunder shall be in addition to any other rights Indemnitee may have under the Certificate of Incorporation, the Bylaws, the DGCL, or otherwise.  To the extent that a change in the DGCL (whether by statute or judicial decision) permits greater indemnification by agreement than would be afforded currently under the Certificate of Incorporation, the Bylaws or this Agreement, it is the intent of the parties hereto that Indemnitee shall enjoy by this Agreement the greater benefits so afforded by such change.  To the extent that there is a conflict or inconsistency between the terms of this Agreement and the Certificate of Incorporation or Bylaws, it is the intent of the parties hereto that Indemnitee shall enjoy the greater benefits regardless of whether contained herein or in the Certificate of Incorporation or Bylaws.  No amendment or alteration of the Certificate of Incorporation or Bylaws or any other agreement shall adversely affect the rights provided to Indemnitee under this Agreement.

10.    Liability Insurance.  To the extent the Company maintains an insurance policy or policies providing directors’ and officers’ liability insurance, Indemnitee shall be covered by such policy or policies, in accordance with its or their terms, to the maximum extent of the coverage available for any Company director or officer.  If the Company has such insurance in effect at the time the Company receives from Indemnitee any notice of the commencement of an action, suit, or proceeding, the Company shall give prompt notice of the commencement of such action, suit, or proceeding to the insurers in accordance with the procedures set forth in the applicable policy.  The Company shall thereafter take all necessary or desirable action to cause such insurers to pay, on behalf of Indemnitee, all amounts payable as a result of such proceeding in accordance with the terms of such policy.

11.    Amendments, etc.  No supplement, modification, or amendment of this Agreement shall be binding unless executed in writing by both of the parties hereto.  No waiver of any of the provisions of this Agreement shall be deemed or shall constitute a waiver of any 

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other provisions hereof (whether or not similar), nor shall such waiver constitute a continuing waiver.

12.    Subrogation.  In the event of payment under this Agreement, the Company shall be subrogated to the extent of such payment to all of the rights of recovery of Indemnitee, who shall execute all papers required and shall do everything that may be necessary to secure such rights, including the execution of such documents necessary to enable the Company effectively to bring suit to enforce such rights.  The Company shall pay or reimburse all Expenses actually and reasonably incurred by Indemnitee in connection with such subrogation.

13.    No Duplication of Payments.  The Company shall not be liable under this Agreement to make any payment in connection with any Claim made against Indemnitee to the extent Indemnitee has otherwise actually received payment (under any insurance policy or any provision of the Certificate of Incorporation or Bylaws or otherwise) of the amounts otherwise indemnifiable hereunder.

14.    Notification and Defense of Claims.  

(a)    Indemnitee shall notify the Company in writing as soon as practicable of any Claim that could relate to an Indemnifiable Event or for which Indemnitee could seek Expense Advances, including a brief description (based upon information then available to Indemnitee) of the nature of, and the facts underlying, such Claim.  The failure by Indemnitee to timely notify the Company hereunder shall not relieve the Company from any liability hereunder except and only to the extent that the Company is actually and materially prejudiced by such failure.

(b)    The Company shall be entitled to participate in the defense of any Claim relating to an Indemnifiable Event or to assume the defense thereof, with counsel reasonably satisfactory to Indemnitee; provided that, if Indemnitee believes, after consultation with counsel selected by Indemnitee, that (a) the use of counsel chosen by the Company to represent Indemnitee would present such counsel with an actual or potential conflict of interest, (b) the named parties in any such Claim (including any impleaded parties) include the Company or any subsidiary of the Company, on the one hand, and Indemnitee, on the other hand, and Indemnitee concludes, after consultation with counsel selected by Indemnitee, that there may be one or more legal defenses available to him that are different from or in addition to those available to the Company or any subsidiary of the Company, or (c) any such representation by such counsel would be precluded under the applicable standards of professional conduct then prevailing, then Indemnitee shall be entitled to retain separate counsel (but not more than one law firm, plus, if applicable, local counsel in respect of any particular Claim) at the Company’s expense.  The Company shall not be liable to Indemnitee under this Agreement for any amounts paid in settlement of any Claim relating to an Indemnifiable Event effected without the Company’s prior written consent.  The Company shall not, without the prior written consent of Indemnitee, effect any settlement of any Claim relating to an Indemnifiable Event to which Indemnitee is or could have been a party unless such settlement involves solely the payment of money and includes a complete and 

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unconditional release of Indemnitee from all liability on all claims that are the subject matter of such Claim.  Neither the Company nor Indemnitee shall unreasonably withhold, condition, or delay its, his or her consent to any proposed settlement; provided that Indemnitee may withhold consent to any settlement that does not provide a complete and unconditional release of Indemnitee.

15.    Binding Effect, etc.  This Agreement shall be binding upon and inure to the benefit of and be enforceable by the parties hereto and their respective successors, assigns (including any direct or indirect successor by purchase, merger, consolidation or otherwise to all or substantially all of the business or assets of the Company), spouses, heirs, executors, and personal and legal representatives.  This Agreement shall continue in effect regardless of whether Indemnitee continues to serve as an officer or director of the Company or of any other enterprise at the Company’s request.  The Company shall require and cause any successor (whether direct or indirect by purchase, merger, consolidation, or otherwise) to all or substantially all of the business or assets of the Company and its subsidiaries (on a consolidated basis), by written agreement in form and substance satisfactory to Indemnitee and Indemnitee’s counsel, expressly to assume and agree to perform this Agreement in the same manner and to the same extent that the Company would be required to perform if no such succession had taken place.

16.    Severability.  The provisions of this Agreement shall be severable in the event that any of the provisions hereof (including any provision within a single section, paragraph or sentence) are held by a court of competent jurisdiction to be invalid, illegal, void, or otherwise unenforceable in any respect, and the validity and enforceability of any such provision in every other respect and of the remaining provisions hereof shall not be in any way impaired and shall remain enforceable to the fullest extent permitted by law.

17.    Notices.  All notices, requests, consents, and other communications hereunder to any party shall be deemed to be sufficient if contained in a written document delivered in person or sent by facsimile, e-mail or other electronic transmission, nationally recognized overnight courier, or personal delivery, addressed to such party at the address set forth below or such other address as may hereafter be designated on the signature pages of this Agreement or in writing by such party to the other party:

(a)    If to the Company, to:

KEMPER CORPORATION
200 E. Randolph Street
Suite 3300
Chicago, IL  60601
Facsimile:  312.645.8727 
Attn:  General Counsel

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

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Skadden, Arps, Slate, Meagher & Flom LLP
155 N. Wacker Drive
Chicago, IL  60606
Facsimile:  312.407.8505 
E-mail: brian.duwe@skadden.com
Attn:  Brian W. Duwe

(b)    If to Indemnitee, to the address set forth on the signature page hereof.  

All such notices, requests, consents, and other communications shall be deemed to have been given or made if and when received (including by overnight courier) by the parties at the above addresses, sent by electronic transmission (including e-mail) to the e-mail addresses specified above, or sent by facsimile transmission to the facsimile numbers specified above (or at such other address, e-mail address, or facsimile number for a party as shall be specified by like notice). 

18.    Headings. The headings of the sections and paragraphs of this Agreement are inserted for convenience only and shall not be deemed to constitute part of this Agreement or to affect the construction or interpretation thereof.

19.    Counterparts.  This Agreement may be executed in counterparts, each of which shall for all purposes be deemed to be an original but all of which together shall constitute one and the same agreement.  

20.    Specific Performance.  The parties recognize that if any provision of this Agreement is violated by the parties hereto, Indemnitee may be without an adequate remedy at law.  Accordingly, in the event of any such violation, Indemnitee shall be entitled, if Indemnitee so elects, to institute proceedings, either at law or in equity, to obtain damages, to enforce specific performance, to enjoin such violation, or to obtain any relief or any combination of the foregoing as Indemnitee may elect to pursue.

21.    Governing Law.  This Agreement shall be governed by and construed and enforced in accordance with the laws of the State of Delaware applicable to contracts made and to be performed in such state without giving effect to the principles of conflicts of laws.

22.    Termination of Prior Agreement.  Upon execution of this Agreement, the Indemnification and Expense Advancement Agreement previously executed between the parties hereto is hereby terminated.

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

KEMPER CORPORATION
    
By    _____________________________
Name:
Title:

_____________________________
[Indemnitee]
[ADDRESS]

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