Document:

gldd-ex108_816.htm

Exhibit 10.8

SEPARATION AND GENERAL RELEASE AGREEMENT

Caution: Read Carefully

This Is A Release Of All Claims

 

THIS SEPARATION AND GENERAL RELEASE AGREEMENT ("Agreement") is voluntarily entered into as of the date(s) set forth below by and between the undersigned individual employee, Kathleen M. LaVoy ("LaVoy"), and Great Lakes Dredge & Dock Corporation with and on behalf of its wholly owned subsidiary Great Lakes Dredge & Dock Company, LLC (together, the "Company").  

WHEREAS, the Company and LaVoy are parties to that certain Second Amended and Restated Employment Agreement dated December 21, 2016 (“Employment Agreement”); and

 

WHEREAS, the Employment Agreement provides for certain payments and benefits to be made and provided upon a termination without Cause under Section 3.3(a) and (b) thereof, subject to and on the condition of the execution and non-revocation of a separation agreement and general release in a form and substance reasonably acceptable to the Company, being this Agreement; and

 

WHEREAS, LaVoy and the Company have reached mutual agreement on the separation of LaVoy’s employment by her termination without Cause effective as of December 31, 2020 ("Separation Date"); 

 

NOW, THEREFORE, in consideration of the mutual understandings, covenants, and the release contained in this Agreement, the Company and LaVoy hereby voluntarily agree as follows:

1.Definitions.  Specific terms used in this Agreement have the following meanings: (a) words such as "I," "me," and "my" include both the undersigned, Kathleen M. LaVoy, and anyone who has or obtains any legal right or claims through me; and (b) "Company" means Great Lakes Dredge & Dock Corporation with and on behalf of its wholly owned subsidiary Great Lakes Dredge & Dock Company, LLC, all of their past and present officers, directors, stockholders, employees, trustees, parent corporations, agents, members, affiliates, attorneys, insurers, any and all employee benefit plans (and any fiduciary of such plans) sponsored by such entities, and each such entity's subsidiaries, predecessors, successors, and assigns, and all other entities, persons, firms, or corporations liable or who might be claimed to be liable, none of whom admit any liability to me, but all of whom expressly deny any such liability.

2.My Claims.  The claims I am releasing ("My Claims") include all of my rights to any relief of any kind from the Company, including without limitation, all claims I have now, whether or not I now know about the claims.  These claims, which I hereby release, include, but are not limited to the following: 

 

(a) all claims relating to my employment with the Company, or the termination of that employment, including, but not limited to, any claims arising under the Fair Labor Standards Act; Title VII of the Civil Rights Act of 1964; the Civil Rights Act of 1866; the Age Discrimination in Employment Act ("ADEA"); the Older Worker Benefits Protection Act ("OWBPA"); the Employee Retirement Income Security Act; the Family and Medical Leave Act ("FMLA") (to the extent that FMLA claims may be released under governing 

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law); the Families First Coronavirus Response Act ("FFCRA"); the Americans with Disabilities Act; the applicable state civil rights laws; and/or any other federal, state or local law; 

 

(b) all claims under any principle of common law or equity, including but not limited to, claims for alleged unpaid compensation or other monies; commissions; any tort; breach of contract; and any other allegedly wrongful employment practices; and 

 

(c) all claims for any type of relief from the Company, including but not limited to, claims for damages, costs and attorney's fees.  

 

In addition to these claims being released, I acknowledge that I have not suffered any physical or mental injuries arising out of my employment with the Company or the termination of that employment.  I will take all steps necessary to withdraw or terminate any charges or complaints I have filed.

 

3.Exclusions From Release.  I understand that My Claims released under this Agreement do not include any rights or claims that may arise after my execution of this Agreement or claims for any payments or benefits to which I am entitled under this Agreement.   I understand I do not waive future claims. Also, I further understand that nothing in this Agreement shall in any way adversely affect whatever vested rights I may have to benefits under any retirement or other employee benefit plan or program of the Company, subject to the terms and conditions of any such plan or program, or any rights that I had prior to the Separation Date to be indemnified by the Company or to coverage under any directors and officers insurance policy and any run-off policy thereto, subject in each case to the terms and conditions of any such policy.  In addition, I acknowledge that this Agreement is not intended to (a) prevent me from filing a charge or complaint including a challenge to the validity of this Agreement, with the Equal Employment Opportunity Commission ("EEOC"); (b) prevent me from participating in any investigation or proceeding conducted by the EEOC; or (c) establish a condition precedent or other barrier to exercising these rights.  While I have the right to participate in an investigation, I understand that I am waiving my right to any monetary recovery arising from any investigation or pursuit of claim on my behalf.  I acknowledge that I have the right to file a charge alleging a violation of the ADEA with any administrative agency and/or to challenge the validity of the waiver and release of any claim I might have under the ADEA without either: (a) repaying to the Company the amounts paid by it to me or on my behalf under this Agreement; or (b) paying to the Company any other monetary amounts (such as attorney's fees and/or damages).

 

4.Company's Agreement to Make Payments to Me.  In exchange for my release and other promises made by me in this Agreement, the Company agrees that it shall: 

(a) make a separation payment to me in the amount of Four Hundred Forty-Five Thousand Dollars and No Cents ($445,000.00) (less taxes and other required deductions and withholdings), which is an amount equivalent to fifteen (15) months of my current salary ("Separation Payment"), which shall be paid to me in equal installments on each regularly scheduled payroll pay date during the fifteen (15) month period that begins on the first day immediately after the Effective Date as provided in Paragraph 12, subject to Paragraph 16, below; 

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(b) pay to me the pro rata portion of the annual bonus and the Supplemental Savings Plan benefits earned through the Separation Date.  Such amount will be paid when all other Company executives receive such payments, but in no event later than March 15, 2021;

(c) continue coverage for me (and my spouse and eligible dependents, to the extent they have been provided with coverage on the date immediately prior to the Separation Date and otherwise continue to be eligible for coverage under the terms of the applicable governing documents) pursuant to COBRA, for a period of up to fifteen (15) months from the Separation Date (“Benefits Period”). During the Benefits Period, the Company will reduce my Separation Payment by my share of the cost of these benefits, which is fixed at the amount I had been paying for such coverage on the date immediately prior to the Separation Date. After the Benefits Period, I (and my spouse and eligible dependents, as applicable) may be eligible for continuation coverage under COBRA or other similar state statute at my sole expense. Notwithstanding the foregoing, the Company may find alternate medical and dental plan coverage if, by law or other restrictions outside the control of the Company, continued coverage pursuant to COBRA is not permitted; and 

(d) provide to me fifteen (15) months of age and vesting credit for any unvested equity or long term incentive awards measured from the Separation Date. 

I acknowledge that the payments and benefits described above constitute full and fair consideration for the release of My Claims, that the Company is not otherwise obligated to make these payments or provide these benefits to me, and that they are in addition to any other sums or benefits to which I am otherwise due. I acknowledge and agree that the above payments and other consideration are in full satisfaction of any rights, benefits, payments, amounts, items of value, or other consideration of any kind due to me under the terms of the Employment Agreement and/or any applicable Great Lakes Dredge & Dock Company Severance Pay Plan or otherwise.  I understand that I will also receive payment in the amount of Eight Thousand Two Hundred Fifteen Dollars and Twenty Cents ($8,215.20) (less taxes and other required deductions and withholdings) for all accrued but unused vacation (48 hours).    I acknowledge that I have received all other forms of compensation, of whatever kind, that may be due to me by the Company, including, without limitation, base salary, employer profit sharing contributions to the Company’s 401(k) plan, or other amounts earned by me prior to the Separation Date or provided for under the terms of the Employment Agreement or otherwise, and that I have not been denied any form of leave (paid and/or unpaid) to which I am or was otherwise entitled.  

The Company acknowledges that I am not required to repay to the Company the amounts paid by it to me as tuition reimbursement under the terms of the Tuition Reimbursement Application(s) for Funds in the total amount of $125,000 for my Executive MBA, Northwestern University (Kellogg School of Business).  I understand that I am solely and individually responsible for any and all taxes due and owing, if any, as a result of the Company’s payment of this amount to me and for my non-repayment of such amount.

5.Return of Company Property.  Other than the cellular telephone (and associated cellular telephone number) issued to me by the Company, I hereby represent and warrant that I have 

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returned to the Company all of its property that was ever in my possession or control or will return such property by January 6, 2021.  This property includes, but is not limited to, financial and other business records, personnel records, office and other keys, directories, computer hardware and software, passwords, books, documents, memoranda, and all other records, and copies of all such items.  

6.Termination of Relationship.  I acknowledge that my employment has been separated as of the Separation Date.  I acknowledge that neither the Company nor its successors have any obligation, contractual or otherwise, to rehire, reemploy, recall, or hire me in the future.  I understand that this Agreement does not constitute an admission of wrongdoing by any party.  I also understand and agree that all post-employment restrictive covenants, confidentiality, and other continuing obligations to the Company remain in full effect for the period of time stated in any written agreement between me and the Company, including without limitation those contained in the Employment Agreement (including without limitation those contained in Articles IV and V thereof), and as imposed by law.

7.Consultation with Attorney.  I acknowledge that the Company has advised me that it is up to me as to whether I consult an attorney or representative of my choosing prior to signing this Agreement, and that the Company has advised and hereby does advise that I should do so.

8.Confidentiality. In further consideration of the payments and benefits set forth above, I agree, consistent with applicable law, to protect the Company from intrusion into its business by not disclosing to any third-party any confidential information or trade secrets of the Company. Such information includes, but is not limited to, confidential information regarding the credit and collection activities of the Company, and information regarding the Company's employees, services, marketing strategies, business plans,  operations, costs, research and development efforts, technical data and know-how, financial information, internal procedures, forecasts, methods, trade secrets, software programs, project requirements, inventions, trademarks, trade names, and similar information regarding the Company’s business (collectively referred to as "Confidential Information”).  I agree that all such Confidential Information is and shall remain the sole and exclusive property of the Company.  Except as may be expressly authorized by the Company in writing, or as may be required by law after providing due notice thereof to the Company, I agree not to disclose, or cause any other person or entity to disclose, any Confidential Information to any third party as long as such information remains confidential (or as limited by applicable law) and I agree not to make use of any such Confidential Information for my own purpose or for the benefit of any other entity or person.  All duties and obligations set forth in this Agreement regarding Confidential Information shall be in addition to and not in lieu of those which exist under the terms of my Employment Agreement and applicable state trade secret act(s) and at common law.  I further understand that it is an essential and material condition of this Agreement that the existence and terms of this Agreement are to remain strictly confidential and shall not be disclosed by me to any person other than to my attorney, my accountant or my spouse, if any, or as required by law. Confidentiality is my preference and is mutually beneficial to both parties.  I understand and acknowledge that the Company may be required to disclose this Agreement and/or its terms in compliance with its obligations under applicable law.  Nothing in this confidentiality statement or Agreement prohibits me from reporting possible violations of federal, state, or local law or regulation, including alleged criminal conduct or unlawful employment practices, to any governmental agency or entity, including but not limited to the Department of Justice, the 

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Securities and Exchange Commission, the U.S. Congress, and any Agency Inspector General, or making other disclosures (including but not limited to providing documents or other information) that are protected under the whistleblower provisions of federal law or regulation. I do not need the prior authorization of the Company to make any such reports or disclosures, and I am not required to notify the Company that I have made such reports or disclosures. I am also not limited in my right to receive an award for information provided to any government agency or entity.  As provided by federal law (18 U.S.C. §1833), I understand that I will not be held criminally or civilly liable under any federal or state trade secret law for my disclosure of a trade secret that is made by me: (a) in confidence to a federal, state, or local government official, either directly or indirectly, or to an attorney, and solely for the purpose of reporting or investigating a suspected violation of law; or (b) in a complaint or other document filed by me in a lawsuit or other proceeding, on the condition that such filing is made under seal.

 

9.Violation of Agreement.  If any legal action or other proceeding is brought for the enforcement of this Agreement, if I am the prevailing party I shall be able to recover from the Company my reasonable attorney fees and costs.  If the Company is the prevailing party, then each party shall bear its own costs and expenses.  The parties agree that Illinois law will apply to the interpretation of this Agreement, that exclusive venue shall exist with the federal and state courts located in or having jurisdiction over DuPage County, Illinois and that they will waive their rights to a jury trial.

10.Severability.  I understand, and it is my intent, that in the event this Agreement is ever held to be invalid or unenforceable (in whole or in part) as to any particular type of claim or charge or as to any particular circumstances, it shall remain fully valid and enforceable as to all other claims, charges, and circumstances. 

11.Period to Consider Agreement and Expiration of Offer.  As required by the ADEA and the OWBPA, I understand that I have twenty-one (21) calendar days from the day that I receive this Agreement, not counting the day upon which I received it, to consider whether I wish to sign it.  If I sign this Agreement before the end of the twenty-one (21) calendar day period, it will be my personal and voluntary decision to do so.  I also understand that if I fail to deliver this Agreement to the Company within said period of time, it shall expire and be deemed withdrawn by the Company. The parties agree that changes to this Agreement, whether material or immaterial, do not restart the running of the twenty-one (21) calendar day period.

12.Right to Revoke Agreement.  I understand that I may revoke this Agreement at any time within seven (7) calendar days after I sign it, not counting the day upon which I sign it. This Agreement will not become effective or enforceable unless and until the seven (7) calendar day revocation period has expired without my revoking it, i.e. on the eighth calendar day after I sign this Agreement (“Effective Date”).  

13.Procedure to Accept or Revoke.  To accept this Agreement, I must deliver the Agreement, after it has been signed and dated by me, to the Company, by hand or by mail, and it must be received by the Company within the twenty-one (21) calendar day period that I have to consider this Agreement.  To revoke my acceptance, I must deliver a written, signed statement that I revoke my acceptance to the Company by hand or by mail and any such notice of revocation must be received by the Company within seven (7) calendar days after I signed the Agreement.  All 

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deliveries shall be made to the Company at the following address, marked “Personal and Confidential”: Great Lakes Dredge & Dock Company, LLC; 1 Parkview Plaza, Suite 800, Oakbrook Terrace, IL 60181; ATTN: James Tastard, Chief Human Resources and Administrative Officer (with additional contact information being JTastard@gldd.com).  If I choose to deliver my acceptance or revocation notice by mail, it must be: (a) postmarked and received by the above-named individual at the Company within the applicable period stated above; (b) properly addressed to the Company at the address stated above; and (c) sent by certified mail, return receipt requested.

 

14.My Representations.  I HAVE READ THIS AGREEMENT CAREFULLY, I HAVE HAD AN ADEQUATE OPPORTUNITY TO CONSULT AN ATTORNEY, AND I UNDERSTAND ALL OF ITS TERMS. IN AGREEING TO SIGN THIS AGREEMENT, I HAVE NOT RELIED ON ANY STATEMENTS OR EXPLANATIONS MADE BY THE COMPANY, EXCEPT AS SPECIFICALLY SET FORTH IN THIS AGREEMENT.  I ALSO UNDERSTAND AND AGREE THAT THIS AGREEMENT CONTAINS ALL OF THE AGREEMENTS BETWEEN THE COMPANY AND ME RELATING TO THE MATTERS INCLUDED IN THIS AGREEMENT, EXCEPT AS TO ANY ADDITIONAL CONFIDENTIALITY AND RESTRICTIVE COVENANT AGREEMENTS TO WHICH I AM ALSO A PARTY INCLUDING WITHOUT LIMITATION THOSE CONTAINED IN THE EMPLOYMENT AGREEMENT.  I ALSO AGREE THAT THIS AGREEMENT MAY BE EXECUTED IN ONE OR MORE COUNTERPARTS, ALL OF WHICH, TAKEN TOGETHER, SHALL CONSTITUTE ONE AND THE SAME AGREEMENT.

15.Medicare Addendum.  I represent that (a) I am not enrolled in Medicare, and (b) I have not received any treatment covered by Medicare related to My Claims.  

16.Code Section 409A. All payments to be made to me and consideration provided as a result of my termination of employment under this Agreement may be made only upon a “separation from service” under section 409A of the Internal Revenue Code of 1986, as amended ("Code"). For purposes of section 409A of the Code, any right to receive a series of installment payments under this Agreement shall be treated as a right to a series of separate payments.  Further, for purposes of the limitations on nonqualified deferred compensation under section 409A of the Code, each payment of compensation under this Agreement shall be treated as a separate payment.  In no event may I, directly or indirectly, designate the calendar year of a payment.

Severance benefits under this Agreement are intended to be exempt from section 409A of the Code under the “short-term deferral” exception or the “separation pay” exception to the maximum extent applicable.  Any payments hereunder that qualify for any exception under section 409A of the Code shall be paid under the applicable exception. 

Any payment or other consideration under this Agreement that is contingent upon the signing and non-revocation of a release shall be paid on the Company’s first regular payroll date following the date on which the release becomes effective and non-revocable (or the date otherwise provided in the Agreement); provided, however, that if the maximum period for consideration and revocation of the release begins in one calendar year and ends in the next calendar year, such payment or other consideration shall be paid in the later calendar year.

[Signature Page Follows]

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Date:

	
1/5/2021

 

Printed Name:

	
Kathleen M. LaVoy

 

Signature:

	
/s/ Kathleen M. LaVoy

	
 

 

Witness:

	
/s/ Adam LaVoy

	
 

 

	

	
Received and agreed to by Great Lakes Dredge & Dock Corporation with and on behalf of its wholly owned subsidiary Great Lakes Dredge & Dock Company, LLC on behalf of themselves and all other persons and entities released herein:

 

	

	
By:

	
/s/ James J. Tastard

	
James J. Tastard

 

	

	
Date: 

	
1/12/21Exhibit
10.1

 

CONFIDENTIAL
PORTIONS OF THE AGREEMENT HAVE BEEN OMITTED PURSUANT TO REGULATION S-K ITEM 601(b) OF THE SECURITIES ACT OF 1933, AS AMENDED.
CERTAIN CONFIDENTIAL INFORMATION HAS BEEN EXCLUDED FROM THE EXHIBITS BECAUSE IT IS (i) NOT MATERIAL AND (ii) WOULD BE COMPETITIVELY
HARMFUL IF PUBLICLY DISCLOSED. THE REDACTED TERMS HAVE BEEN MARKED IN THIS EXHIBIT AT THE APPROPRIATE PLACE WITH AN ASTERISK [*].

 

 

 

	 	

    PROPOSAL FOR SERVICES
	 	 
	 	 
	proposal
    ref No: 	[*]
	 	 
	Project
    Name:	Orlando
    Magic
	 	 
	Client:	Orlando
    Magic Ltd.
	 	 
	CONTACT
    PERSON:	David
        Painter

        Email:
        [*] 

	 	 
	Client
    Address:	Orlando
        Magic Ltd.

        [*]

         

        Orlando,
        FL 

	 	 

 

	CLIENT
    has requested a Proposal from Altitude International Inc. (hereinafter “ALTD”) to perform the following Services:
	 
	Scope
    of Services	 
	 	 
	The
    ALTD scope will be to manufacture, install and test/commission an Altitude International Altitude System at the Orlando Magic
    Training Facility in Orlando, FL. Please see Attachment 1 for additional details.
	 
	Compensation	 
	 	 
	Compensation
    by Client to ALTD shall be USD $[*]. 
	 
	Schedule	 
	 	 
	From
    the date of Project Award and receipt of the Advance Payment to final testing and commissioning, we anticipate a period of
    [*] weeks. Please see Attachment 3 for additional details. Please note that the Schedule will be subject to delays in the
    construction Orlando Magic Training Facility.
	 
	Other
    Terms	 
	 	 
	Please
    see Attachment 4 – Warranty and Maintenance/Service Schedule attached.
	 
	Services
    covered by this AGREEMENT will be performed in accordance with the attached Provisions, Schedules and Plans. This AGREEMENT
    supersedes all prior agreements and understandings and cannot be superseded.

 

    	 

     

    

 

	CLIENT:
     	ALTD
    INC.:
	 	 
	Signature	/s/Alex
    Martins	 	Signature	/s/Greg
    Breunich
	Name
    (printed)	Alex
    Martins	 	Name
    (printed)	Greg
    Breunich
	Title	CEO	 	Title	Chief
    Executive Officer
	Date	2/17/21	 	Date	16
    February, 2021

 

PROVISIONS

 

	1.	Authorization
    to Proceed
	 	 
	 	Execution
    of this AGREEMENT by CLIENT will be authorization for Altitude International (hereinafter ALTD) to proceed with the Services,
    unless otherwise provided for in this AGREEMENT.
	 	 
	2.	Standard
    of Care
	 	 
	 	The
    standard of care applicable to ALTD’s services will be the degree of skill and diligence normally employed by professional
    engineers or consultants performing the same or similar services at the time ALTD’s services are performed. ALTD will
    re-perform any services not meeting this standard without additional compensation.
	 	 
	3.	Payment
    to ALTD
	 	 
	 	When
    invoices are issued by ALTD for Goods or Services performed under this AGREEMENT, CLIENT shall
    pay each undisputed invoice within 30 days of receipt. Interest at a rate of 1-1/2 percent per month may be charged on all
    past-due amounts.
	 	 
	 	In
    the event of a disputed billing, only that disputed portion may be withheld from payment, and the undisputed portion will
    be paid. CLIENT will exercise reasonableness in disputing any bill or portion thereof. No interest will accrue on any disputed
    portion of the billing until mutually resolved.
	 	 
	4.	Limitation
    of Liability
	 	 
	 	EXCEPT
    FOR THE INDEMNIFICATION OBLIGATIONS PROVIDED IN SECTION 17 AND THE CONFIDENTIALITY OBLIGATIONS PROVIDED IN SECTION 11 HEREOF,
    NEITHER PARTY’S MAXIMUM LIABILITY FOR ANY ACTION ARISING UNDER THIS AGREEMENT, REGARDLESS OF THE FORM OF ACTION AND
    WHETHER IN TORT OR CONTRACT, SHALL EXCEED DIRECT DAMAGES. IN NO EVENT SHALL ALTD BE LIABLE FOR INDIRECT, SPECIAL, INCIDENTAL,
    OR CONSEQUENTIAL DAMAGES OF ANY KIND, INCLUDING WITHOUT LIMITATION, LOST DATA OR LOST PROFITS, HOWEVER ARISING, EVEN IF EITHER
    PARTY HAS BEEN ADVISED OF THE POSSIBILITY OF SUCH DAMAGES. THE PARTIES AGREE TO THE ALLOCATION OF RISK SET FORTH HEREIN. This
    Provision takes precedence over any conflicting Provision of this AGREEMENT or any document incorporated into it or referenced
    by it. In no event shall either party, its affiliated companies, officers, employees, or any of its subcontractors be liable
    for any incidental, indirect, special, punitive, economic or consequential damages, including but not limited to loss of revenue
    or profits, suffered or incurred by other party or any of its agents, including other contractors engaged at the project site,
    as a result of this Agreement or a party’s performance or non-performance of services pursuant to this Agreement. Limitations
    of liability provided herein will apply whether either party’s liability arises under breach of contract or warranty;
    tort, including negligence; strict liability; statutory liability; or any other cause of action, and shall include such party’s
    officers, affiliated corporations, employees, and subcontractors.

 

    	 

     

    

 

	5.	Severability
    and Survival
	 	 
	 	If
    any of the provisions contained in this AGREEMENT are held illegal, invalid or unenforceable, the other provisions shall remain
    in full effect. Limitations of liability shall survive termination of this AGREEMENT for any cause.
	 	 
	6.	No
    Third Party Beneficiaries
	 	 
	 	This
    AGREEMENT gives no rights or benefits to anyone other than CLIENT and ALTD and has no third party beneficiaries.
	 	 
	7.	[RESERVED]
	 	 
	8.	Assignments
	 	 
	 	Neither
    party shall have the power to or will assign any of the duties or rights or any claim arising out of or related to this AGREEMENT,
    whether arising in tort, contract or otherwise, without the written consent of the other party. Any unauthorized assignment
    is void and unenforceable.
	 	 
	9.	Integration
	 	 
	 	This
    AGREEMENT incorporates all previous communications and negotiations and constitutes the entire agreement of the parties. If
    CLIENT issues a Purchase Order in conjunction with performance of the Services, general or standard terms and conditions on
    the Purchase Order the terms of this AGREEMENT would govern, unless stated otherwise in the Purchase Order.
	 	 
	10.	Force
    Majeure
	 	 
	 	Neither
    party shall be liable for any failure to perform its obligations under this Agreement or any Statement of Work if prevented
    from doing so by a cause or causes beyond its control, including without limitation, acts of God or public enemy, failure
    of suppliers to perform, fire, floods, storms, earthquakes, riots, strikes, war, pandemic, and restraints of government.
	 	 
	11.
    	Confidential Information
	 	 
	 	11.1
    DEFINITION. The term “CONFIDENTIAL INFORMATION” shall mean: (i) any and all information which is disclosed by
    either party (“OWNER”) to the other (“RECIPIENT”) verbally, electronically, visually, or in a written
    or other tangible form which is either identified or should be reasonably understood to be confidential or proprietary; and
    (ii) the terms, including without limitation, the pricing, of this Agreement and
	 	 
	 	any
    proposals or other documents that preceded this Agreement. Confidential Information may include, but not be limited to, trade
    secrets, computer programs, software, documentation, formulas, data, inventions, techniques, marketing plans, strategies,
    forecasts, client lists, employee information, financial information, confidential information concerning Owner’s business
    or organization, as Owner has conducted it or as Owner may conduct it in the future. In addition, Confidential Information
    may include information concerning any of Owner’s past, current, or possible future products or methods, including information
    about Owner’s research, development, engineering, purchasing, manufacturing, accounting, marketing, selling, leasing,
    and/or software (including third party software).
	 	 
	 	11.2
    TREATMENT OF CONFIDENTIAL INFORMATION. Owner’s Confidential Information shall be treated as strictly confidential by
    Recipient and shall not be disclosed by Recipient to any third party except to those third parties operating under non-disclosure
    provisions no less restrictive than in this Section 16 and who have a justified business “need to know”. Agreement
    imposes no obligation upon the Parties with respect to Confidential Information which either party can establish by legally
    sufficient evidence: (a) was in the possession of, or was rightfully known by the Recipient without an obligation to maintain
    its confidentiality prior to receipt from Owner; (b) is or becomes generally known to the public without violation of this
    Agreement; (c) is obtained by Recipient in good faith from a third party having the right to disclose it without an obligation
    of confidentiality; (d) is independently developed by Recipient without the participation of individuals who have had access
    to the Confidential Information; or (e) is required to be disclosed by court order or applicable law, provided notice is promptly
    given to the Owner and provided further that diligent efforts are undertaken to limit disclosure.
	 	 
	 	11.3
    RIGHTS & DUTIES. The Recipient shall not obtain, by virtue of this Agreement, any rights, title, or interest in any Confidential
    Information of the Owner. Within fifteen (15) days after termination of this Agreement, each party shall certify in writing
    to the other that all copies of Confidential Information in any form, including partial copies, have been destroyed, returned,
    or used solely as the Owner so directs.

 

    	 

     

    

 

	 	11.4
    SURVIVABILITY. The terms of this Section 16 shall survive termination of this Agreement. If the Parties have executed a separate
    agreement that contains confidentiality terms prior to or contemporaneously with this Agreement, those separate confidentiality
    terms shall remain in full force to the extent they do not conflict.
	 	 
	12.
    	Indemnity
	 	 
	 	12.1
    CUSTOMER’S INDEMNIFICAITON OBLIGATIONS. Customer shall hold harmless, defend and indemnify ALTD from any against all
    third party actions, causes of action, claims and demands whatsoever, and from all costs, damages, expenses, charges, debts,
    and liabilities whatsoever (including attorney’s fees) (collectively, “Claims”) in connection with (I) the
    acts or omissions of ALTD, its employees or other persons in performance of its obligations under the Agreement; and (ii)
    any breach by Customer of terms of this Agreement.
	 	 
	 	12.2.
    ALTD’S INDEMNIFICAITON OBLIGATIONS. ALTD shall hold harmless, defend and indemnify Client from any against any Claims
    in connection with (I) the acts or omissions of ALTD, its employees or other persons in performance of its obligations under
    the Agreement; (ii) any breach by ALTD of the terms of this Agreement, (iii) alleged or actual infringement, misappropriation,
    or violation of any intellectual property of a third party related to the Equipment, the components and/or software of the
    Altitude System or the Services provide in connection with this Agreement.
	 	 
	 	12.3.
    Each party’s indemnification obligations above are contingent upon the respective indemnified party providing the indemnifying
    party with prompt written notice of such Claim, information, all reasonable assistance in the defense of such action, and
    sole authority to defend or settle such claim.
	 	 
	 	12.4
    SURVIVAL. The terms of this Section 17 shall survive termination of this Agreement.
	 	 
	13.
    	Warranties
    and Representations
	 	 
	 	Each
    party warrants that (i) it has the right and power to enter into this Agreement and an authorized representative has executed
    this Agreement, and (ii) and it will comply with all applicable federal and state laws, rules and regulations in the performances
    of its obligations under this Agreement. ALTD warrants that the Services will be performed in a professional and workmanlike
    manner in accordance with recognized industry standards and as described in this Agreement. In addition, ALTD warrants and
    represents that the components and/or software of the Altitude System or the Services provide in connection with this Agreement
    will not infringe or misappropriate any copyright, trademark, patent, or the trade secrets or any other intellectual property
    rights of any third persons. To the extent Services provided by ALTD are advisory, no specific result is assured or guaranteed.
    ALTD EXPRESSLY DISCLAIMS ALL OTHER REPRESENTATIONS OR WARRANTIES, WHETHER EXPRESS, IMPLIED, OR STATUTORY (BY ANY TERRITORY
    OR JURISDICTION) TO THE EXTENT PERMITTED BY LAW, AND FURTHER ALTD EXPRESSLY EXCLUDES ANY WARRANTY OF NON-INFRINGEMENT, TITLE,
    FITNESS FOR A PARTICULAR PURPOSE, OR MERCHANTABILITY TO THE EXTENT PERMITTED BY LAW.

 

    	 

     

    

 

	14.
    	Rights
    to Work Product
	 	 
	 	Any
    expression or result of ALTD’s Services, or the work, findings, analyses, conclusions, opinions, recommendations, ideas,
    techniques, know-how, designs, programs, tools, applications, interfaces, enhancements, software, and other technical information
    (collectively “WORK PRODUCT”) created by ALTD in the course of performing the Services hereunder are the property
    of ALTD and are licensed to Client, without further license fees, provided, however, to the extent such Work Product provided
    to Client by ALTD contains Client’s Confidential Information, Client shall retain title to such Confidential Information.
    Client shall have no right to sublicense, transfer, assign, convey or permit any third party to use or copy any Work Product.
	 	 
	15.
    	Independent Contractor Status
	 	 
	 	ALTD
    performs this Agreement as an independent contractor, not as an employee of Client. Nothing in this Agreement is intended
    to construe the existence of a partnership, joint venture, or agency relationship between Client and ALTD.
	 	 
	16.
    	Notice
	 	 
	 	All
    notices or other communications referenced under this Agreement shall be made in writing and sent to the address designated
    above, designated in a specific Statement of Work, or designated from time to time in writing by the Parties. All notices
    shall be deemed given to the other party if delivered receipt confirmed using one of the following methods: registered or
    certified first class mail, postage prepaid; or recognized courier delivery.
	 	 
	17.
    	Waiver
	 	 
	 	No
    modification to this Agreement nor any failure or delay in enforcing any term, exercising any option, or requiring performance
    shall be binding or construed as a waiver unless agreed to in writing by both parties.
	 	 
	18.
    	General
	 	 
	 	This
    Agreement shall be governed by the laws of the United States of America as applicable in the State of Florida. Except as otherwise
    specifically stated herein, remedies shall be cumulative and there shall be no obligation to exercise a particular remedy.
    If any provision of this Agreement is held to be unenforceable, the other provisions shall nevertheless remain in full force
    and effect. This Agreement and the Statement(s) of Work constitute the entire understanding between the Parties with respect
    to the subject matter herein and may only be amended or modified by an agreement signed by a duly authorized representative
    of each party. This Agreement may be executed by electronic means. This Agreement replaces and supersedes any prior verbal
    or written understandings, communications, and representations between the Parties regarding the subject matter contained
    herein. No purchase order or other ordering document shall modify or supplement the printed provisions of this Agreement.
    All such proposed variations, edits, or additions (whether submitted by ALTD or Client) to this Agreement or to a Statement
    of Work, are objected to and deemed invalid unless otherwise mutually agreed to in writing.
	 	 
	19.	Dispute
    Resolution and Governing Laws
	 	 
	 	The
    parties will use their best efforts to resolve amicably any dispute, including use of alternative dispute resolution options.
	 	 
	 	This
    Agreement shall be governed by and construed in accordance with the laws and regulations of the United States of America as
    applied in the State of Florida.
	 	 
	 	All
    disputes shall be submitted to the exclusive jurisdiction of the courts of Orange County, Florida.

 

    	 

     

    

 

	20.	Changes
	 	 
	 	CLIENT
    may make or approve changes within the general Scope of Services in this AGREEMENT. If such changes affect ALTD’s cost
    of or time required for performance of the services, an equitable adjustment will be made through an amendment to this AGREEMENT.
	 	 
	21.	Delay
    of Contract
	 	 
	 	Should
    the project be delayed by no fault of ALTD, the Client shall accept, hold and secure from damage all major ALTD equipment
    included under this Agreement (air compressor, ASU) until such time as the project can proceed to final installation.
	 	 
	 	[*]

 

List
of Attachments Omitted from the Proposal for Services Agreement

Referenced
in Exhibit 10.1 Above

 

Pursuant
to Regulation S-K, Item 601(b)(2), the Exhibits and Schedules to the Purchase Agreement referenced in Exhibit 10.1 above, as listed
below, have not been filed. The Registrant agrees to furnish supplementally a copy of any omitted Exhibit or Schedule to the Securities
and Exchange Commission (the “Commission”) upon request; provided, however, that the Registrant may request confidential
treatment of omitted items.

 

Exhibits:

 

	Attachment
    1:	 	Scope
    of Services
	Attachment
    2:	 	Compensation
    and Conditions of Payment
	Attachment
    3:  	 	Schedule
	Attachment
    4:  	 	Warranty,
    Maintenance and Service

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