Document:

Exhibit 10.1

February 10, 2011

Andrew N Peterson

39 West 723 Deer Run Drive

St. Charles, Illinois  60175

 

Dear Andy;

The following is an agreement (“Agreement”) between Andrew N. Peterson (hereinafter referred to as “You”) and Oil-Dri Corporation of America (hereinafter referred to as “Oil-Dri” or “the Company”) regarding your separation of employment from Oil-Dri.  The purpose of this Agreement is to provide for an orderly departure under terms which are mutually acceptable to both parties and protection for the Company from any and all claims by You against the Company other than those based on this Agreement.  Therefore, in consideration of the mutual promises set forth in this Agreement, You and Oil-Dri agree to the following terms and conditions:

	
  

	
1.

	
Your employment with Oil-Dri will terminate on February 10, 2011.

	
  

	
2.

	
Although You are not otherwise entitled to receive any severance pay from Oil-Dri, in exchange for your promises contained in this Agreement, Oil-Dri agrees to give You severance compensation as stated below.

 

Oil-Dri will pay You severance equal to three (3) months of your current base salary for a total gross payment of $60,000.00, less required withholding.  One-fourth of this severance payment is in consideration for the release of any claims under the Age Discrimination in Employment Act.

 

These payments will be made semi-monthly on the Company’s normal payroll dates.  Such payments will not commence until the eighth day after You sign this Agreement.  The last paydate of severance compensation will be on or before May 31, 2011, (relative to the timing or your response), unless payments end earlier as provided in paragraph number sixteen (16) of this Agreement.

 

All wages, vacation pay and other benefits due to You as of your separation date according to the established policies, plans, and procedures of the Company will be paid to You in accordance with the terms of those established policies, plans, and procedures.  In addition, any benefit continuation rights or benefit conversion rights existing under the established plans of the Company will be made available to You in accordance with the terms of such established plans.  You will receive a separate letter with details concerning your benefits upon separation.

 

  

  

  

 

	
  

	
3.

	
You may continue medical and dental insurance coverage for You and your spouse through COBRA.  The Company will pay the COBRA premiums for that coverage less active employee contributions until severance compensation is completed.

 

	
  

	
4.

	
You understand and agree that severance compensation under paragraph number two (2) above will end upon your application for unemployment compensation benefits.  If Oil-Dri stops paying severance compensation because of your application for unemployment compensation benefits, that will have no effect upon the release provided in paragraph number six (6) below and the release shall remain in full force and effect.

	
  

	
5.

	
In consideration for receiving the severance compensation described in paragraph number two (2) above, You waive and release and promise never to assert any claims or causes of action, whether or not now known, against the Company or its acquisitions, predecessors, successors, or past or present subsidiaries, officers, directors, agents, employees, assigns and employee benefit plans, with respect to any matter, including but not limited to, any matter related to your employment with the Company or the termination of that employment. This means, among other things, that You waive any right to assert any claim or complaint against the Company, including, but not limited to, tort claims; claims of wrongful discharge, emotional distress, defamation, fraud, or breach of contract; claims for attorneys fees; any claims of discrimination or harassment based on sex, age, race, color, national origin, ancestry, religious creed, disability, sexual orientation, marital status, present or past history of physical or mental disability or handicap, veteran status or on any other basis, under Title VII of the Civil Rights Act of 1964, the Age Discrimination in Employment Act of 1967, the Older Workers Benefit Protection Act, the Family and Medical Leave Act, the Employee Retirement Income Security Act, the Illinois Human Rights Act, and/or all other local state or federal laws, ordinances and regulations relating to employment.  This is a general release.  You understand and agree that this general release includes, but is not limited to, any claims arising out of or related to your employment with Oil-Dri and your separation from that employment.  However, nothing in this Agreement shall constitute a release by You of any claims that cannot by law be waived. This Agreement does not waive rights or claims that may arise after You sign this Agreement, nor does it prohibit You or the Company from seeking enforcement of the terms contained in this Agreement.

 

	
  

	
6.

	
You understand and agree that, while this Agreement does not affect your rights to file a charge with or to participate as a witness in an investigation or proceeding conducted by the Equal Employment Opportunity Commission (the “EEOC”) or any similar state agency, by accepting the terms of this Agreement and the compensation provided as a result, You give up your right to receive any relief whatsoever, including but not limited to financial benefit or monetary recovery, from any lawsuit or settlement related to such rights and claims as You waived in paragraph number four (4) above, whether the lawsuit is filed or the settlement reached by the EEOC or anyone else.

 

  

- 2 -

  

 

	
  

	
7.

	
By signing this Agreement You are verifying to the Company that You:

	
  

	
a.

	
have not suffered a work-related injury that you have not properly disclosed to Oil-Dri; and

	
  

	
b.

	
have been paid in full all wages due and owing to You for any and all work which You performed for Oil-Dri through the pay period of the paydate immediately preceding the date of your signature.  Oil-Dri agrees that if you performed work for Oil-Dri after that pay period, payment will be made to you according to the Company’s established payroll practices.

	
  

	
8.

	
You will return to Dan Jaffee all door and file keys, radio, beeper, equipment, tools, computer access codes, disks and instructional manuals, reports, files, memoranda, records, software, credit cards, and other physical or personal property which You received, prepared or helped prepare in connection with your employment with the Company.  You agree that You will not keep any copies or excerpts of any of the above items.

 

	
  

	
9.

	
You will promptly respond to any questions from Dan Jaffee, or any person designated by him, related to your work at Oil-Dri until April 30, 2011.  For this purpose, You will provide him with your current phone numbers and e-mail address, if any.

 

	
  

	
10.

	
You waive and surrender any right you may have, now or hereafter, to employment with Oil-Dri.  In reliance on this waiver, the Company may disregard any employment application submitted by You.

 

	
  

	
11.

	
You agree to refrain from using in any manner and to keep confidential any and all information and data concerning the business and affairs of Oil-Dri or its affiliates which You have received as a result of the employment relationship of the parties, except to the extent that You can demonstrate that the information or data (i) is generally available to the public through no act or failure to act of You, (ii) was already known to You on a non-confidential basis on the date of receipt, (iii) was disclosed to You on a non-confidential basis by a third party not having a confidential relationship with the Company with respect to such information, or (iv) has been independently acquired or developed without violating any of your obligations under this provision.  Required Non-Disclosure and Non-Compete Agreements are hereby attached for your review and signature.

 

	
  

	
12.

	
You agree that you will not disclose to others the terms of this Agreement, except that You may disclose such information to your attorney, tax preparer and immediate family.  If you properly disclose the terms of the Agreement to anyone, you agree that you shall inform them that the Agreement is strictly confidential, and instruct them not to disclose it to anyone else.

 

	
  

	
13.

	
You will direct all reference inquiries to Janelle Wood, Payroll Manager, who will respond only with the following information:  dates of employment, position(s) held, and confirmation of last salary.  To the extent that You direct references to other persons, the Company is not liable for any statements made by such non-designated individuals.  You agree that the Company has no liability for any statements made regarding You by persons not employed by the Company at the time such statements are made.

 

  

- 3 -

  

 

	
  

	
14.

	
You will not do or say anything which criticizes or disparages the Company, its management or practices, which disrupts or impairs the Company's normal, ongoing business operations, or which harms the Company's reputation with its employees, customers, suppliers or the public.

 

	
  

	
15.

	
You understand and agree that if you breach any part of this Agreement, Oil-Dri’s obligation for severance compensation as stated in paragraph number two (2) above ceases and Oil-Dri may recoup all such payments already made.

 

	
  

	
16.

	
You and Oil-Dri agree that this Agreement constitutes the entire understanding of the parties concerning the cessation of the employment relationship and sets forth all compensation to be paid by the Company to You subsequent to cessation of the employment relationship.  This Agreement cancels and supersedes all previous agreements and understandings, oral or written, between the parties with respect to the subject matter hereof and may be modified only in a written document signed by You and a duly authorized officer of the Company.

 

	
  

	
17.

	
Nothing in this Agreement shall be treated as an admission by You or the Company of any liability, wrongdoing or violation of any law.

 

	
  

	
18.

	
This Agreement shall be governed by and construed in all respects under the laws of the State of Illinois without reference to its conflicts of laws, rules or principles.  If a court finds any part of this Agreement to be invalid or unenforceable, then that provision or part shall be modified so as to render it valid and enforceable, or, if necessary, shall be deemed removed from this Agreement.  In any event, the rest of the Agreement shall remain in full force and effect and shall be enforced to the maximum extent permitted by law

 

	
  

	
19.

	
You have the right to consult with an attorney of your choice before signing this Agreement and Oil-Dri encourages You to do so.  You understand that you have up to  twenty-one (21) days after receiving this Agreement to review it and to discuss it with an attorney, and that You have seven (7) days after you have signed this Agreement during which you may revoke it.  You understand that if You do not return to the Company a signed and dated copy of this Agreement by the close of business on the 21st calendar day after your termination of employment, the provisions of this Agreement, including the severance compensation provisions, will be void and the Company will have no further obligations thereunder.  This Agreement must be signed and returned to Kevin Breese, Vice President of Human Resources, at the address shown below without any alteration. Any modification or alteration of any terms of this Agreement voids the Agreement in its entirety.

 

If you wish to revoke this Agreement within the seven-day period, You may do so by delivering a letter of revocation to Kevin Breese, Vice President of Human Resources, at the address shown below.  Because of this revocation period, You understand that this Agreement shall not become effective or enforceable until the eighth day after the date you sign this Agreement.  After that, it becomes binding and irrevocable.

 

  

- 4 -

  

 

Please indicate your agreement with the terms stated above by signing below.

 

	 	 
OIL-DRI CORPORATION OF AMERICA

	 
	 	 	 	 
	
 

	
By: 

	/s/ Daniel S. Jaffee	 
	 	 	 
Daniel Jaffee, CEO / President

	 
	 	 	 	 
	 	 	 
Oil-Dri Corporation of America

	 
	 	 	 
410 N. Michigan Ave. – Suite 400

	 
	 	 	 
Chicago, IL  60611-4213

	 

 

I agree with the terms of this Agreement and deem it to be fair and equitable, as signified by my signature below.  Furthermore, I acknowledge that I have read and understand this Agreement and that I sign this release of all claims, known or unknown, voluntarily, with full appreciation that at no time in the future may I pursue any of the rights I have waived in this Agreement.

 

	
/s/ Andrew N. Peterson

	  	
Date:

	
2/15/11

	 
	
Andrew N. Peterson

	  	  	  	 

 

 

 

  

- 5 -Exhibit 4.1

  

FIRST ROBINSON FINANCIAL CORPORATION

 

Incorporated under the laws of the State of Delaware

	
NUMBER 1

	
4,900 SHARES

   

THIS CERTIFIES THAT The Secretary of the Treasury is the owner of 4,900 shares of fully paid and non-assessable Senior Non-Cumulative Perpetual Preferred Stock, Series A, par value $0.01 per share, transferable only on the books of First Robinson Financial Corporation (the “Corporation”) by the holder hereof in person or by duly authorized Attorney upon the surrender of this Certificate properly endorsed.

 

A statement in full, of all the designations, preferences, qualifications, limitations, restrictions and special or relative rights of the shares of each class authorized to be issued, will be furnished by the Corporation to any stockholder upon written request and without charge.

 

IN WITNESS WHEREOF, the said Corporation has caused this Certificate to be signed by its duly authorized officers and to be sealed with the Seal of the Corporation, this 23rd day of August A.D. 2011.

	
/s/ Jamie E. McReynolds

	  	
/s/ Rick L. Catt

	
Jamie E. McReynolds, Secretary

	  	
Rick L. Catt, President and Chief Executive Officer

  

  

  

  

   

For Value Received, [                      ] hereby sell, assign and transfer unto [                                  ] Shares represented by the within Certificate, and do hereby irrevocably constitute and appoint [                                  ], Attorney to transfer the said Shares on the books of the within named Corporation with full power of substitution in the premises.

 

Dated [                      ]

 

In presence of

 

[                                           ]                                         [                                          ]

 

NOTICE: THE SIGNATURE TO THIS ASSIGNMENT MUST CORRESPOND WITH THE NAME AS WRITTEN UPON THE FACE OF THE CERTIFICATE IN EVERY PARTICULAR, WITHOUT ALTERATION OR ENLARGEMENT, OR ANY CHANGE WHATEVER.

 

This Corporation will upon request furnish any stockholder, without charge, information as to the number of each class of shares authorized and outstanding and a copy of the portions of the Certificate of Incorporation, as amended, and resolutions of the Board of Directors of the Corporation containing the designations, preferences, limitations and relative rights of all shares and any series thereof.

 

THE SECURITIES REPRESENTED BY THIS INSTRUMENT ARE NOT SAVINGS ACCOUNTS, DEPOSITS OR OTHER OBLIGATIONS OF A BANK AND ARE NOT INSURED BY THE FEDERAL DEPOSIT INSURANCE CORPORATION OR ANY OTHER GOVERNMENTAL AGENCY.

 

THE SECURITIES REPRESENTED BY THIS INSTRUMENT HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR THE SECURITIES LAWS OF ANY STATE AND MAY NOT BE TRANSFERRED, SOLD OR OTHERWISE DISPOSED OF EXCEPT WHILE A REGISTRATION STATEMENT RELATING THERETO IS IN EFFECT UNDER SUCH ACT AND APPLICABLE STATE SECURITIES LAWS OR PURSUANT TO AN EXEMPTION FROM REGISTRATION UNDER SUCH ACT OR SUCH LAWS. EACH PURCHASER OF THE SECURITIES REPRESENTED BY THIS INSTRUMENT IS NOTIFIED THAT THE SELLER MAY BE RELYING ON THE EXEMPTION FROM SECTION 5 OF THE SECURITIES ACT PROVIDED BY RULE 144A THEREUNDER (THE “144A EXEMPTION”).  IF ANY TRANSFEREE OF THE SECURITIES REPRESENTED BY THIS INSTRUMENT IS ADVISED BY THE TRANSFEROR THAT SUCH TRANSFEROR IS RELYING ON THE 144A EXEMPTION, SUCH TRANSFEREE BY ITS ACCEPTANCE HEREOF (1) REPRESENTS THAT IT IS A “QUALIFIED INSTITUTIONAL BUYER” (AS DEFINED IN RULE 144A UNDER THE SECURITIES ACT), (2) AGREES THAT IT WILL NOT OFFER, SELL OR OTHERWISE TRANSFER THE SECURITIES REPRESENTED BY THIS INSTRUMENT EXCEPT (A) PURSUANT TO A REGISTRATION STATEMENT WHICH IS THEN EFFECTIVE UNDER THE SECURITIES ACT, (B) FOR SO LONG AS THE SECURITIES REPRESENTED BY THIS INSTRUMENT ARE ELIGIBLE FOR RESALE PURSUANT TO RULE 144A, TO A PERSON IT REASONABLY BELIEVES IS A “QUALIFIED INSTITUTIONAL BUYER” AS DEFINED IN RULE 144A UNDER THE SECURITIES ACT THAT PURCHASES FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT OF A QUALIFIED INSTITUTIONAL BUYER TO WHOM NOTICE IS GIVEN THAT THE TRANSFER IS BEING MADE IN RELIANCE ON RULE 144A, (C) TO THE ISSUER OR (D) PURSUANT TO ANY OTHER AVAILABLE EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT AND (3) AGREES THAT IT WILL GIVE TO EACH PERSON TO WHOM THE SECURITIES REPRESENTED BY THIS INSTRUMENT ARE TRANSFERRED A NOTICE SUBSTANTIALLY TO THE EFFECT OF THIS LEGEND.

 

THIS INSTRUMENT IS ISSUED SUBJECT TO THE RESTRICTIONS ON TRANSFER AND OTHER PROVISIONS OF A SECURITIES PURCHASE AGREEMENT BETWEEN THE ISSUER OF THESE SECURITIES AND TREASURY, A COPY OF WHICH IS ON FILE WITH THE ISSUER.  THE SECURITIES REPRESENTED BY THIS INSTRUMENT MAY NOT BE SOLD OR OTHERWISE TRANSFERRED EXCEPT IN COMPLIANCE WITH SAID AGREEMENT.  ANY SALE OR OTHER TRANSFER NOT IN COMPLIANCE WITH SAID AGREEMENT WILL BE VOID.

   

  

  

  

     

Certificate No. [                  ] For [                  ] Shares of Senior Non-Cumulative Perpetual Preferred Stock, Series A, par value $0.01 per share

 

First Robinson Financial Corporation

 

Dated [                      ]

 

Issued to: [                                          ]

 

Received this Certificate [                                  ]

 

[                                                                       ]

 

By: [                                                       ]

 

Surrendered this Certificate [                      , 20      ]

 

[                                                                       ]

 

Transferred from [                                  ]

 

Original Certificate No. [                                  ]

 

Original Certificate Date [                                  ]

 

No. of Origl. Shares [                                  ]

 

No. of Shrs. Transf’d [                                  ]

 

IF THIS CERTIFICATE IS SURRENDERED FOR TRANSFER SHOW DETAILS

 

New Certificate Issued to [                                  ]

 

No. of New Certificate [                                  ]

 

No. of Shares Transferred [                                  ]

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