Document:

exv10w21

	 	 	 	 	 

EXHIBIT 10.21

BREEZE-EASTERN CORPORATION

INCENTIVE STOCK OPTION AGREEMENT

     Agreement dated as of January 6, 2010 between Breeze-Eastern Corporation, a Delaware
corporation (the “Company”), and Mark D. Mishler (“Optionee”), residing at 16 Corn Hill
Drive, Morristown, NJ 07960.

     Whereas, pursuant to the 2006 Long Term Incentive Plan of the Company (the “Plan”), the
Incentive & Compensation Committee of the Board of Directors has authorized the granting to
Optionee of a stock option to purchase shares of common stock of the Company upon the terms and
conditions hereinafter stated.

     NOW THEREFORE, in consideration of the covenants herein set forth, the parties agree as
follows:

	 	1.	 	Shares & Price. The Company grants to Optionee the right to purchase,
upon and subject to the terms and conditions herein stated and the terms and conditions
of the Plan, all or any part of 14,000 shares of common stock ($.01 par value)
of the Company (the “Shares”), for cash at the price of $6.20 per share.
	 
	 	2.	 	Term of Option. This option shall expire on January 6, 2020.
	 
	 	3.	 	Installments. Subject to the provisions hereof, this option shall
become exercisable in one or more installments set forth below. Each installment shall
be for the numbers of Shares and exercisable (in whole or in part) upon and after the
dates set forth.

	 	 	 
	DATE	 	NUMBER OF SHARES
	January 6, 2011

	 	4,666 Shares
	January 6, 2012

	 	4,667 Shares
	January 6, 2013

	 	4,667 Shares

	 	 	 	The installments shall be cumulative; i.e., this option may be exercised, as to any
or all shares covered by an installment, at any time after an installment becomes
exercisable and until expiration or termination of this option.
	 
	 	4.	 	Exercise. This option may only be exercised by delivery to the Company
of (i) a written notice of exercise, in form acceptable to the Company, stating the
number of Shares then being purchased hereunder, and (ii) a check or cash, in the
amount of the purchase price of such shares (or, at the discretion of the Board of
Directors, with Shares of Company with a market value equal to the purchase price at
date of exercise).
	 
	 	5.	 	Termination of Employment. If Optionee ceases to be employed by the
Company or a subsidiary thereof for any reason other than his death, disability or
Retirement (as defined in Paragraph 7(a) below), either Optionee or the person entitled
to succeed to his rights hereunder shall have the right, at any time within three (3)
months after such termination of employment and prior to the expiration of this option
pursuant to Paragraph 2 hereof, to exercise this option to the extent, but only to the
extent, that this option was exercisable and had not previously been exercised at the
date of such termination of employment; provided, however, that all rights under this
option shall expire in any event on the day specified in Paragraph 2 hereof or three
(3) months after Optionee

 

 

	 	 	 	terminates employment, whichever first occurs.
	 
	 	6.	 	Death of Optionee & No Assignment. The option shall not be assignable
or transferable except by will or by the laws of descent and distribution and shall be
exercisable during his lifetime only by the Optionee. If Optionee shall become
disabled or die while in the employ of the Company, the Optionee or the person entitled
to succeed to his rights hereunder may exercise this option until the first to occur of
(i) the date one year from the date of the Optionee’s disability or death, or (ii) the
date such option expires pursuant to Paragraph 2 hereof to the extent that Optionee was
entitled to exercise this Option at the date of his disability or death.
	 
	 	7.	 	Retirement.

          (a) “Retirement” and “Retire(s)” are defined to mean that the Optionee ceases
to be employed by the Company for other than cause after reaching sixty (60) years
of age and having not less than ten (10) years of service with the Company.

          (b) Notwithstanding any other provision of this agreement, if Optionee Retires,
then if this option was granted to Optionee more than six (6) months prior to
Optionee’s Retirement, this option shall be deemed to be fully vested and
immediately exercisable at the date of Retirement.

          (c) Optionee, or any person entitled to succeed to his rights hereunder, shall
have the right, at any time within three (3) years after Retirement and prior to the
expiration of this option, to exercise this option to the extent, but only to the
extent, that this option was exercisable and had not previously been exercised at
the date of Retirement (after giving effect to the provisions of Paragraph 7(b)
above).

          (d) Provided, however, that all rights under this option shall expire in any
event on the day specified herein as the date of option expiration or three (3)
years after the date of Optionee’s Retirement, whichever first occurs.

	 	8.	 	Employment of Optionee. In consideration of the granting of this
option by the Company, the Optionee agrees to render faithful and efficient services to
the Company or a subsidiary thereof, with such duties and responsibilities as the
Company or such subsidiary shall from time to time prescribe, for a period of at least
one year from the date this option is granted or until Optionee Retires as defined in
Paragraph 7(a) above, whichever first occurs. Nothing in this Agreement or in the Plan
shall confer upon the Optionee any right to continue in the employ of the Company or
any subsidiary thereof or shall interfere with or restrict in any way the rights of the
Company, and its subsidiaries, which are hereby expressly reserved, to discharge the
Optionee at any time for any reason whatsoever, with or without good cause.
	 
	 	9.	 	No Rights as Stockholder. Optionee shall have no rights as a
stockholder with respect to the Shares covered by the option until the date of the
issuance of stock certificates to him. No adjustment will be made for dividends or
other rights for which the record date is prior to the date such stock certificates are
issued pursuant to the exercise of options granted hereunder.
	 
	 	10.	 	Modification and Termination. The rights of Optionee are subject to
modification and termination in certain events as provided in the Plan.
	 
	 	11.	 	Shares Purchased for Investment. Optionee represents and agrees that
if he exercises this option in whole or in part, he shall acquire the shares upon such
exercise for the purpose of investment and not with a view to their resale or
distribution. The Company reserves the right to include a legend on each certificate
representing shares subject to this option, stating in effect that such shares have not
been registered under the Securities Act of 1933, as amended.
	 
	 	12.	 	This Agreement Subject to Plan. This agreement is made pursuant to all
of the provisions of the Plan, and is intended, and shall be interpreted in a manner,
to comply therewith. Any provision

 

 

	 	 	 	hereof inconsistent with the Plan shall be superseded and governed by the Plan.
	 
	 	13.	 	Gender. Unless the context otherwise requires, the masculine gender
includes the feminine.
	 
	 	14.	 	Notices. Any notices or other communication required or permitted
hereunder shall be sufficiently given if delivered personally or sent by registered or
certified mail, postage prepaid, to the Company at its corporate headquarters, and to
the Optionee at the address above, or to such other address as shall be furnished in
writing by either party to the other party, and shall be deemed to have been given as
of the date so delivered or deposited in the United States mail, as the case may be.

     IN WITNESS WHEREOF, the parties hereto have executed this agreement.

	 	 	 	 	 
	 	BREEZE-EASTERN CORPORATION

 	 
	 	            
(“COMPANY”)

 	 
	 	/s/  Michael Harlan, Jr.
 	 
	 	Name:  	D. Michael Harlan 	 
	 	Title:  	President and
Chief Executive Officer 	 
	 
	 	                                    /s/ Mark D. Mishler
 	 
	 	Optionee 	 

Grant Number: 002279exv10w1

Exhibit 10.1

Ferro Corporation

Executive Separation Policy

Adopted June 23, 2010

     1. Purpose

     Ferro Corporation (the “Company”) seeks to attract and retain the most qualified and capable
professionals to serve in key executive positions to maximize the value of the Company for the
benefit of the Company’s stockholders. To achieve this goal, the Company has established this
Executive Separation Policy (this “Policy”) effective June 23, 2010 (the “Effective Date”) to
provide such employees with financial security and sufficient incentive to accept and continue
employment. This Policy describes the separation pay and benefits that the Company will provide to
Covered Executives (as defined below) if their employment with the Company terminates under certain
circumstances. The Company also seeks to ensure that the separation process is handled
professionally and efficiently.

     2. Application to Covered Employees

	 	A.	 	This Policy applies to the Chief Executive Officer and other members of the Company’s
Senior Management Committee, which as of the Effective Date, consists of: (i) the Chief
Financial Officer, (ii) the Operating Group Vice President(s), (iii) the General Counsel
and (iv) the Vice President, Human Resources (collectively, the “Covered Executives”).
	 
	 	B.	 	The Compensation Committee of the Company’s Board of Directors (the “Compensation
Committee”) may, from time to time, designate other persons holding other executive
positions who are not members of the Company’s Senior Management Committee as Covered
Executives under this Policy and the level of severance pay and benefits that such persons
shall receive under this Policy.

     3. Termination of Employment

     The Company may terminate a Covered Executive’s employment with the Company, with or without
Cause and a Covered Executive may terminate his or her employment with the Company for or without
Good Reason, subject, however, in each case, to the terms and conditions of any written employment
agreement between the Covered Executive and the Company.

     A. Termination by Company for Cause or by Covered Executive Without Good Reason

     If the Company terminates a Covered Executive’s employment with the Company for Cause, or a
Covered Executive terminates his or her employment with the Company without Good Reason, the
Covered Executive will be entitled to: (1) all earned but unpaid compensation for time worked
through the Termination Date, to be paid on the Payment Date; and (2) any rights and benefits (if
any) provided under plans and programs of the Company, determined in accordance with the applicable
terms and provisions of such plans and programs, including, without limitation, earned but unused
vacation (the payments described in this Section 3.A are collectively referred to as the “Accrued
Obligations”). Other than payment of the Accrued Obligations, a Covered Executive whose employment
with the Company terminates as described in this Section 3.A shall not be entitled to receive any
other severance pay or benefits. Nothing in the foregoing is intended to limit a Covered
Executive’s ability to continue participating in the Company’s group health, dental and vision
plans for the applicable COBRA continuation period, provided that the Covered Executive properly
elects COBRA continuation coverage and pays the applicable COBRA premiums.

     B. Termination by Company Without Cause or by Covered Executive for Good Reason

     If the Company terminates a Covered Executive’s employment with the Company without Cause, or
a Covered Executive terminates his or her employment with the Company for Good Reason, the Company
will, subject to the terms and conditions of this Policy, provide the severance pay and benefits
set forth below to the Covered Executive
based on the Covered Executive’s position on the date of termination.

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	 	(1)	 	If the Covered Executive is the Chief Executive Officer, the Covered Executive
will receive the following severance pay and benefits:

	 	(a)	 	the Accrued Obligations;
	 
	 	(b)	 	a lump sum amount equal to twenty-four (24) months of the Chief
Executive Officer’s then-current base salary (or, if greater, the base salary
immediately prior to any reduction constituting Good Reason), to be paid on the
Payment Date;
	 
	 	(c)	 	a lump sum amount equal to two (2) times the annual incentive that the
Chief Executive Officer would have earned under the Company’s annual incentive plan
for the year in which the termination occurred, assuming that performance had been
attained at the “target” level as based on a percentage of the Chief Executive
Officer’s then-current base salary (or, if greater, the base salary immediately
prior to any reduction constituting Good Reason), to be paid on the Payment Date;
	 
	 	(d)	 	an amount equal to the annual incentive (if any) the Chief Executive
Officer would have earned under the Company’s annual incentive plan for the year in
which termination occurred if he or she was employed by the Company on the last day
of that year, based on the actual level of performance attained for that year and
prorated by multiplying this amount by a fraction, the numerator of which is equal
to the number of days which have elapsed in such year through the Termination Date
and the denominator of which is 365, to be paid at the same time as annual
incentive payments are made to current similarly situated executives of the
Company;
	 
	 	(e)	 	if the Chief Executive Officer is enrolled in the Company’s medical,
dental and/or vision plan as of the Termination Date, the Chief Executive Officer
and his or her spouse and dependents (if likewise so-enrolled as of the Termination
Date) will continue to participate in those plans (whichever applicable) in
accordance with the terms of such plans as they may be amended from time to time,
at the same cost to the Chief Executive Officer as would be incurred by similarly
situated active employees (which may change from time-to-time) until (i) the date
the Covered Executive becomes eligible for any medical, dental, or vision coverage
provided by another employer or, if earlier, (ii) twenty-four (24) months following
the Termination Date (the parties agree that the COBRA continuation period shall
not begin until after the expiration of the periods set forth herein) ; and
	 
	 	(f)	 	reasonable outplacement services by a firm selected by the Company, at
the expense of the Company, in an amount not to exceed $25,000, for a period
lasting not longer than two (2) years after the Termination Date.

	 	(2)	 	If the Covered Executive is not the Chief Executive Officer, the Covered
Executive will receive the following severance pay and benefits:

	 	(a)	 	the Accrued Obligations;
	 
	 	(b)	 	a lump sum amount equal to eighteen (18) months of the Covered
Executive’s then-current base salary (or, if greater, the base salary immediately
prior to any reduction constituting Good Reason), to be paid on the Payment Date;
	 
	 	(c)	 	a lump sum amount equal to one and one-half (1.5) times the annual
incentive that the Covered Executive would have earned under the Company’s annual
incentive plan for the year in which the termination occurred, assuming that
performance had been attained at the “target” level as based on a percentage of the
Covered Executive’s then-current base salary (or, if greater, the base salary
immediately prior to any reduction constituting Good Reason), to be paid on the
Payment Date;

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	 	(d)	 	an amount equal to the annual incentive (if any) the Covered Executive
would have earned under the Company’s annual incentive plan for the year in which
termination occurred if he or she was employed by the Company on the last day of
that year, based on the actual level of performance attained for that year and
prorated by multiplying this amount by a fraction, the numerator of which is equal
to the number of days which have elapsed in such year through the Termination Date
and the denominator of which is 365, to be paid at the same time as annual
incentive payments are made to current similarly situated executives of the
Company;
	 
	 	(e)	 	if the Covered Executive is enrolled in the Company’s medical, dental
and/or vision plan as of the Termination Date, the Covered Executive and his or her
spouse and dependents (if likewise so-enrolled as of the Termination Date) will
continue to participate in those plans (whichever applicable) in accordance with
the terms of such plans as they may be amended from time to time, at the same cost
to the Covered Executive as would be incurred by similarly situated active
employees (which may change from time-to-time) until (i) the date the Covered
Executive becomes eligible for any medical, dental, or vision coverage provided by
another employer or, if earlier, (ii) eighteen (18) months following the
Termination Date (the parties agree that the COBRA continuation period shall not
begin until after the expiration of the periods set forth herein); and
	 
	 	(f)	 	reasonable outplacement services by a firm selected by the Company, at
the expense of the Company, in an amount not to exceed $10,000, for a period
lasting not longer than one (1) year after the Covered Executive’s Termination
Date.

     4. Eligibility For Separation Pay and Benefits

     Except with respect to the Accrued Obligations, the Company’s obligations to provide any
severance pay and benefits under this Policy are contingent upon the following:

	 	A.	 	The Covered Executive’s execution of the following documents in such form as provided
by the Company and prior to the first date that any payment (other than the Accrued
Obligations) is to begin:

	 	(1)	 	a valid, enforceable, full and unconditional release of all claims whether
known or unknown that the Covered Executive may have against the Company, its officers,
fiduciaries, directors, agents, and employees as of the Termination Date; and
	 
	 	(2)	 	a Noncompetition, Non-Solicitation, Confidentiality, Non-Disparagement (and, if
specified by the Company, Arbitration) Agreement.

	 	B.	 	After the Termination Date, the Covered Executive agrees to provide reasonable
assistance and cooperation with the Company concerning business or legal related matters
about which the Covered Executive possesses relevant knowledge or information. Such
cooperation will be provided only at the Company’s specific request and will include, but
not be limited to, assisting or advising the Company with respect to any business-related
matters or any actual or threatened legal action (including testifying in depositions,
hearings, and/or trials). The Covered Executive will be reimbursed for the reasonable
costs of providing assistance and cooperation, including, without limitation, reasonable
travel and lodging expenses.

     The Company’s obligation to provide separation pay and benefits under this Policy will cease
immediately if the Company determines that Covered Executive failed to comply with any of the
foregoing conditions, and the Covered Executive will be required to return to the Company (with ten
(10) days after request by the Company) any amounts the Company has paid to the Covered Executive
under this Policy other than the Accrued Obligations.

     5. Section 409A

     This Policy is intended to comply with the requirements of Section 409A of the U.S. Internal
Revenue Code of 1986, as amended (the “Code”), or an exemption or exclusion therefrom, and, with
respect to amounts that are

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subject to Section 409A of the Code, shall in all respects be administered in accordance with
Section 409A of the Code.

     Each payment under this Policy shall be treated as a separate payment for purposes of Section
409A of the Code. In no event may the Covered Executive, directly or indirectly, designate the
calendar year of any payment to be made under this Policy. If the Covered Executive dies following
the Termination Date and prior to the payment of the any amounts delayed on account of Section 409A
of the Code, such amounts shall be paid to the personal representative of the Covered Executive’s
estate within 30 days after the date of the Covered Executive’s death.

     All reimbursements and in-kind benefits provided under this Policy that constitute deferred
compensation within the meaning of Section 409A of the Code shall be made or provided in accordance
with the requirements of Section 409A of the Code, including, without limitation, that (i) in no
event shall reimbursements by the Company under this Policy be made later than the end of the
calendar year next following the calendar year in which the applicable fees and expenses were
incurred, provided, that the Covered Executive shall have submitted an invoice for such fees and
expenses at least ten (10) days before the end of the calendar year next following the calendar
year in which such fees and expenses were incurred; (ii) the amount of in-kind benefits that the
Company is obligated to pay or provide in any given calendar year shall not affect the in-kind
benefits that the Company is obligated to pay or provide in any other calendar year; (iii) the
Covered Executive’s right to have the Company pay or provide such reimbursements and in-kind
benefits may not be liquidated or exchanged for any other benefit; and (iv) in no event shall the
Company’s obligations to make such reimbursements or to provide such in-kind benefits apply later
than the periods described in this Policy. Within the time period permitted by the applicable
Treasury Regulations, the Company may modify this Policy, in the least restrictive manner necessary
and without any diminution in the value of the payments to the Covered Executive, in order to cause
the provisions of this Policy to comply with the requirements of Section 409A of the Code, so as to
avoid the imposition of taxes and penalties on the Covered Executive pursuant to Section 409A of
the Code.

     Notwithstanding anything in this Policy to the contrary, in the event that a Covered Executive
is a “specified employee” (as defined in Section 409A of the Code) of the Company, as determined
pursuant to the Company’s policy for identifying specified employees, on the date of the Covered
Executive’s termination of employment and the Covered Executive is entitled to a payment and/or a
benefit under this Policy that is required to be delayed pursuant to Section 409A(a)(2)(B)(i) of
the Code, then such payment or benefit, as applicable, shall not be paid or provided (or begin to
be paid or provided) until the first day of the seventh month following the date of the Covered
Executive’s termination of employment (or, if earlier, the date of the Covered Executive’s death).
The first payment that can be made to the Covered Executive following such period shall include the
cumulative amount of any payments or benefits that could not be paid or provided during such period
due to the application of Section 409A(a)(2)(B)(i) of the Code.

     6. Employment at Will

     Nothing in this Policy is to be construed such that a Covered Executive’s employment with the
Company is anything other than employment “at will”.

     7. ERISA Provisions

     This Policy is intended to be a plan whose participation is limited to a “select group of
management or highly compensated employees” within the meaning of Sections 4(b)(5), 201(2),
301(a)(3) and 401(a) of the Employee Retirement Income Security Act of 1974, as amended (“ERISA”).
The claims procedure set forth in U.S. Department of Labor Regulation Section 2560.503-1 are
incorporated by reference into this Policy.

     8. Governing Law

     The rights and obligations of the Covered Executives and the Company under this Policy will be
governed and interpreted in accordance with the internal laws of the State of Ohio without regard
to choice of law principles and to the extent not preempted by ERISA.

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     9. Integration

     This Policy supersedes and replaces the terms of any employment agreement, offer letter, or
other agreement with the Company, including any agreement in respect of confidentiality, that
governs the terms and conditions applicable to the Covered Executive’s separation from the Company
and is in effect immediately prior to the Covered Executive’s termination of employment
(“Alternative Agreement”) with respect to the payment of severance or benefits, to the extent that
the Alternative Agreement provides for the payment of severance or benefits in an amount less than
are payable under this Policy. To the extent that a Covered Executive is entitled to payment of
severance or benefits under an Alternative Agreement in an amount greater than are payable under
this Policy, the amount of severance or benefits shall be determined under the Alternative
Agreement and the Covered Executive shall not be entitled to any payments of severance or benefits
under this Policy. Notwithstanding the foregoing, any rights to severance of the person serving as
the Chief Executive Officer on the Effective Date shall be determined exclusively under this
Policy, except as provided below.

     For purposes of clarity, if a Covered Executive is or becomes a party to the Company’s Change
in Control Agreement dated as of January 1, 2009 (or a successor agreement in respect of a change
in control, collectively, a “Change in Control Agreement”) and is terminated under circumstances
that would entitle the Covered Executive to payments and benefits under the Change in Control
Agreement, the terms of the Change in Control Agreement, and not this Policy, will apply and the
Covered Executive will not be eligible for the payment of service or benefits under this Policy.

     10. Reservation of Rights

     This Policy may be modified from time to time, or terminated in its entirety, in the sole
discretion of the Compensation Committee. Any modifications made by the Compensation Committee for
any Covered Executive will apply to all Covered Executives for purposes of this Policy (except to
the extent expressly stated otherwise). Any modifications to, or the termination of, this Policy
will not affect the rights of Covered Executives whose Termination Date preceded such modification
or termination. The Compensation Committee will have discretion to construe and interpret this
Policy and its decisions will be final and binding on the Company, the Covered Executive and all
other interested persons.

     11. Tax Withholding

     All payments to a Covered Executive under this Policy will be reduced by any required
withholdings of applicable federal, state, local and foreign taxes.

     12. Assignment

     The Covered Executive’s rights and obligations under this Policy may not be assigned or
transferred. The Company may not assign or transfer its obligations under this Agreement except in
the event the Company is merged or consolidated into, or with, any other company, or if
substantially all of the assets of the Company are transferred to another company.

     13. Remedies for Breach

     Each party will bear its own costs to resolve any dispute arising under this Policy; provided,
however, that in the event that a Covered Executive is determined to be the prevailing party in
such dispute pursuant to a final nonappealable order or in a binding arbitration, the Company will
reimburse the Covered Executive for the reasonable costs incurred to enforce this Policy,
including, without limitation, reasonable attorneys’ fees.

     14. Definitions

	 	A.	 	Cause means that, in the reasonable judgment of the Compensation Committee, any of the
following events have occurred: (1) the willful or negligent failure by the Covered
Executive to substantially perform his or her duties with the Company and, after written
notification by the Company to the Covered Executive, the continued failure of the Covered
Executive to substantially perform such duties; (2) the willful or negligent engagement by
the Covered Executive in conduct which is demonstrably and materially injurious to the

5

 

	 	 	 	Company, financially or otherwise; (3) action or inaction by the Covered Executive that
constitutes a breach of fiduciary duty with respect to the Company or any of its
subsidiaries; (4) the engagement by the Covered Executive in egregious misconduct involving
moral turpitude; or (5) the Covered Executive’s material breach of any agreement in respect
of confidentiality with the Company, whether or not entered into after the Effective Date.

	 	B.	 	Disability means a Covered Executive’s having become unable (as determined by the
Compensation Committee in good faith) to perform regularly his or her duties with the
Company by reason of illness or incapacity.
	 
	 	C.	 	Good Reason means the occurrence of any of the following: (1) a reduction in a Covered
Executive’s annual base salary rate, unless such reduction generally applies to other
Covered Executives regardless of the reason(s) therefor; (2) a substantial diminution in a
Covered Executive’s duties, authorities or responsibilities; or (3) the relocation of a
Covered Executive’s principal place of employment with the Company such that (a) the
distance from the former principal place of employment to the relocated principal place of
employment is over 50 miles and (b) the distance from his or her primary residence to the
relocated principal place of employment is over 50 miles; provided, however, that Good
Reason shall exist only to the extent that a Covered Executive provides the Company, in
care of the Legal Department at the Company’s then-current corporate headquarters, with
written notice of his or her intention to terminate employment with the Company for Good
Reason that specifies the condition(s) constituting Good Reason and the Company fails to
correct such condition(s) within ten (10) business days from receipt of such written
notice. Notwithstanding the foregoing, Good Reason shall cease to exist for an event on the
one hundred and twentieth (120th) day following the later of its occurrence or
the Covered Executive’s knowledge thereof, unless the Covered Executive has given the
Company written notice of such condition and of the Covered Executive’s intent to terminate
for Good Reason prior to such date. With respect to the Chief Executive Officer only, Good
Reason shall also include a change in responsibilities such that the Chief Executive
Officer reports to someone other than directly to the Company’s Board of Directors.
	 
	 	D.	 	Payment Date means, with respect to payment of any severance pay and/or benefits
(except for any applicable medical, dental and/or vision benefits) relating to a Covered
Executive’s termination of employment under this Policy, a date selected by the Company
that is within thirty (30) days following the Termination Date except in respect of the
payments provided for in 3B(1)(D) and 3B(2)(D) above; provided, however, that the Payment
Date shall be such date as avoids a violation of applicable law, including but not limited
to, Section 409A of the Code. The Payment Date may, at the sole discretion of the Company,
be different dates for different pay and/or benefits due under this Policy, as long as such
dates comply with the requirements of applicable law.
	 
	 	E.	 	Termination Date means the date on which a Covered Executive’s experiences a
“separation from service” within the meaning of Section 409A of the Code from the Company.
	 
	 	F.	 	Without Cause means a termination of a Covered Executive’s employment (1) by the
Company other than for Cause or (2) because of the Covered Executive’s Disability, but only
to the extent that the Covered Executive is not receiving long-term disability benefits
under the Company’s long-term disability plan (or is eligible, but declined to receive,
such long-term disability benefits).

***************

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