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  Exhibit 10.1    
    

 
    VOTING AGREEMENT    
    

        THIS VOTING AGREEMENT ("Agreement") is made and entered into as of February 21, 2019, by
and among GERMAN AMERICAN BANCORP, INC., an Indiana corporation ("German American"), and the undersigned securityholders (each, the
"Securityholder," which term is used to describe all undersigned securityholders together if more than one) of Citizens First Corporation, a Kentucky
corporation (the "Company"). All capitalized terms herein not otherwise defined shall have the meaning ascribed to them in the "Merger Agreement" (as
defined below). 

 
 

  Recitals    
    

        WHEREAS, pursuant to that certain Agreement and Plan of Reorganization of even date herewith (the "Merger
Agreement"), by and among German American, the Company, and their respective banking subsidiaries, the Company will merge (the "Merger") into German American, with German
American continuing as the surviving corporation and all of the outstanding common
stock, without par value, of the Company ("Company Stock") being exchanged for common stock, without par value, of German American and a cash payment; 

        WHEREAS,
the Securityholder is the beneficial owner of, or exercises control and direction over, the number of issued and outstanding shares of Company Stock, as set forth on  Exhibit A attached hereto;

        WHEREAS,
the Securityholder has had a fair opportunity to review the Merger Agreement and to consult with legal, tax, financial and other advisers of the Securityholder's choosing to the
extent such Securityholder has desired to have such consultation; and 

        WHEREAS,
as a material inducement for German American to enter into the Merger Agreement with the Company and thereby provide the benefits of the Merger to the Securityholder, the
Securityholder is willing (among other terms and conditions set forth in this Agreement) to (i) in accordance with the terms hereof, not transfer or otherwise dispose of any of such
Securityholder's shares of Company Stock, or any and all other shares or securities of the Company issued, issuable, exchanged or exchangeable, in respect of any Company Stock (the
"Securities") until the Securityholder's shares are voted with respect to the Merger and (ii) vote or use best efforts to cause to be voted
Company Stock as set forth herein. 

 
 

  Agreement    
    

        NOW, THEREFORE, in contemplation of the foregoing and in consideration of the mutual agreements, covenants, representations and warranties
contained herein and intending to be legally bound hereby, each Securityholder agrees with German American as follows: 

        1.    Transfer and Encumbrance.    The Securityholder agrees that the Securityholder will not take or permit any
action to, directly or indirectly, (i) transfer, sell, assign, give, pledge (excluding any pledges already in effect to commercial lenders that secure the repayment of money borrowed),
exchange, or otherwise dispose of or encumber the Securities (except as may be specifically required by court order, in which case the Securityholder shall give German American prior written notice
and any such transferee shall agree to be bound by the terms and conditions of this Agreement) prior to the "Expiration Date" (as defined below), or to make any offer or agreement relating thereto, at
any time prior to the Expiration Date; (ii) deposit any of the Securities into a voting trust or enter into a voting agreement or arrangement with respect to such Securities or grant any proxy
or power of attorney with respect thereto, in each case, in a manner that conflicts or may conflict with the Securityholder's obligations hereunder; or (iii) enter into any contract, option or
other arrangement or undertaking with respect to the direct or indirect sale, assignment, transfer, exchange or other disposition of or transfer of any interest in or the voting of any of the
Securities, in each case, in a manner that conflicts or may conflict with the Securityholder's obligations hereunder. As used herein, the term "Expiration
Date" shall mean the earlier to occur of (i) October 1, 2019, (ii) the date which is the day following the 

 

shareholder
meeting at which the Merger is approved by the Company's shareholders, (iii) the date the Board decides not to recommend or withdraws its recommendation of the Merger without a
breach of Sections 4.01(d), 4.01(e) or 4.03(a), or Section 7.08 of the Merger Agreement, (iv) the termination of the Merger Agreement by either German American or Company in
accordance with their respective rights under Article VII of the Merger Agreement prior to the meeting of the Company's shareholders to approve the Merger, or (v) the termination of the
Merger Agreement by either German American or Company pursuant to Section 7.03(a) of the Merger Agreement. 

        2.    Agreement to Vote.    Prior to the Expiration Date, at every meeting of the shareholders of the Company called
with respect to any of the following, and at every adjournment thereof, and on every action or approval by written consent of the shareholders of the Company with respect to any of the following, the
Securityholder agrees to vote (or cause to be voted) the shares of Company Stock owned of record and beneficially by such Securityholder other than as a trustee of a benefit plan, which shares shall
include, without limitation, all shares owned by such Securityholder individually, all shares owned jointly by such Securityholder and such Securityholder's spouse, all shares owned by such
Securityholder by any minor children (or any trust for their benefit), all shares owned by any business of which such Securityholder is the principal shareholder (but in each such case only to the
extent such Securityholder has the right to vote or direct the voting of such shares), and specifically including all shares shown as owned directly or beneficially by such Securityholder on  Exhibit A attached hereto or acquired subsequently hereto: (i) in favor of approval of the Merger, the Merger Agreement and the
transactions contemplated thereby and any matter that could reasonably be expected to facilitate the Merger; (ii) in favor of any alternative structure as may be agreed upon by German American
and the Company to effect the Merger; provided that such alternative structure is on terms in the aggregate no less favorable to the Securityholder from a financial point of view than the terms of the
Merger set forth in the Merger Agreement (including, without limitation, with respect to the consideration to be received by the Securityholder); and (iii) against the consummation of any
proposal looking toward the acquisition of control of the Company by any party not affiliated with German American, or any action, proposal, agreement or transaction (other than the Merger, the Merger
Agreement or the transactions contemplated thereby) that in any such case would result in a breach of any covenant, representation or warranty or any other obligation or agreement of the Company under
the Merger Agreement. This Agreement is intended to bind the Securityholder as a shareholder of the Company only with respect to the specific matters set forth herein. Notwithstanding the foregoing,
nothing in this Agreement shall limit or restrict the Securityholder from voting in his, her or its sole discretion on any matter other than those matters referred to in this Agreement. 

        3.    No Opposition.    Prior to the Expiration Date, the Securityholder agrees not to take, or cause to be taken, any
action in the Securityholder's capacity as a holder of Securities of the Company that would,
or would be reasonably likely to, have the purpose or effect of preventing the consummation of the Merger and the transactions contemplated by the Merger Agreement. Prior to the Expiration Date, the
Securityholder agrees to take, or cause to be taken in its capacity as a holder of Securities of the Company, all actions necessary to effect the Merger and the transactions contemplated by the Merger
Agreement. 

        4.    New Securities.    The Securityholder hereby agrees that any shares of the capital stock or other securities of
the Company that the Securityholder purchases or with respect to which the Securityholder otherwise acquires a right to acquire or other beneficial ownership (as such concept of beneficial ownership
is interpreted for purposes of the beneficial ownership disclosure provisions of Section 13(d) of the Securities Exchange Act of 1934, as amended, and the rules and regulations of the
Securities and Exchange Commission adopted thereunder) after the date of this Agreement and prior to the Expiration Date (the "New Securities"), and any
and all other shares or securities of the Company issued, issuable, exchanged or exchangeable in respect of any New Securities, shall become subject to the terms and conditions of this Agreement to
the same extent as if they constituted Securities. 

2

 

        5.    Representations, Warranties and Covenants of Securityholder.    The Securityholder (and if more than one
signatory exists for the Securityholder, all such signatories, jointly and severally) hereby represents and warrants to, and covenants with, German American that: 

        5.1.    Ownership.    Except as may be noted on Exhibit A
hereto, the person(s) or entity(ies) who or that has (have) signed this Agreement as the Securityholder have good and marketable title to, and is (are) the sole legal and beneficial owners of
Securities in the numbers that are specified on Exhibit A. As of the date hereof, such person(s) or entity(ies) does (do) not beneficially own
any shares of the capital stock of the Company or other securities issued by the Company other than the Securityholder's Securities that are so identified. No person acting on behalf of any such
person(s) or entity(ies) has provided German American with any information concerning the nature of ownership of the numbers of Securities identified on  Exhibit A that is false or misleading in any
respect material to German American. 

        5.2.    Authorization; Binding Agreement.    The Securityholder has all requisite power and authority to execute and
deliver this Agreement and to consummate the transactions contemplated hereby and thereby and has sole voting power and sole power of disposition, with respect to all of the shares of Company Stock
included within the Securityholder's Securities with no restrictions on its voting rights or rights of disposition pertaining thereto, except as specified on  Exhibit A. The Securityholder has duly
executed and delivered this Agreement and, assuming its due authorization, execution and delivery by
German American, this Agreement is a legal, valid and binding agreement of the Securityholder, enforceable against the Securityholder in accordance with its terms. 

        6.    Further Assurances.    The Securityholder hereby covenants and agrees to execute and deliver, or cause to be
executed or delivered, such proxies, consents, waivers and other instruments, and undertake any and all further action, necessary or desirable, in the reasonable opinion of German American, to carry
out the purpose and intent of this Agreement and to consummate the Merger, the Merger Agreement and the transactions contemplated thereby. 

        7.    Termination.    This Agreement shall terminate and shall have no further force or effect as of the Expiration
Date. In the event of termination of this Agreement upon the Expiration Date, this Agreement shall become void and of no effect with no liability on the part of any party hereto; provided, however,
that nothing herein shall relieve any party from liability hereof for any willful breach of this Agreement prior to the Expiration Date. 

        8.    Miscellaneous.    

        8.1.    Severability.    If any term, provision, covenant or restriction of this Agreement is held by a court of
competent jurisdiction (or deemed formally or informally by a governmental agency) to be invalid, void or unenforceable, then the remainder of the terms, provisions, covenants and restrictions of this
Agreement shall remain in full force and effect and shall in no way be affected, impaired or invalidated. In the event that a governmental agency (including but not limited to the Board of Governors
of the Federal Reserve System (the "FRB")) expresses to German American any concern that this Agreement may be violative of law applicable to German
American or the Securityholder, then German American shall so notify the Securityholder of such concern, and German American and the Securityholder shall cooperate with each other toward amending this
Agreement in order to resolve such governmental agency's concern(s). 

        8.2.    Binding Effect and Assignment.    This Agreement and all of the provisions hereof shall be binding upon and
inure to the benefit of the parties hereto and their respective successors and permitted assigns, but, except as otherwise specifically provided herein, neither this Agreement nor any of the rights,
interests or obligations of the parties hereto may be assigned by either of the parties without the prior written consent of the other; provided, however, that German American 

3

 

may
freely assign its rights to a direct or indirect wholly-owned subsidiary of German American without such prior written approval but no such assignment shall relieve German American of any of its
obligations hereunder. Any purported assignment without such consent shall be void. No provision of this Agreement shall be for the benefit of any third party, except that the Company is an intended
third-party beneficiary of the Securityholder's agreements pursuant to this Agreement. 

        8.3.    Amendment and Modification.    This Agreement may not be modified, amended, altered or supplemented except by
the execution and delivery of a written agreement executed by the parties hereto. 

        8.4.    Specific Performance; Injunctive Relief.    The parties hereto acknowledge that German American will be
irreparably harmed and that there will be no adequate remedy at law for a violation of any of the covenants or agreements of the Securityholder set forth herein. Therefore, it is agreed that, in
addition to any other remedies that may be available to German American upon such violation, German American shall have the right to enforce such covenants and agreements by specific performance,
injunctive relief or by any other means available to German American at law or in equity. 

        8.5.    Notices.    All notices that are required or may be given pursuant to the terms of this Agreement shall be in
writing and shall be sufficient in all respects if given in writing and delivered by hand, national or international overnight courier service, transmitted by telecopy or mailed by registered or
certified mail, postage prepaid (effective when delivered by hand, or by telecopy or electronic message (if receipt of such telecopy or electronic message at or about the time of telecopy or
electronic message is confirmed by the recipient of the telecopy or electronic message), one (1) business day after dispatch by overnight courier, and three (3) business days after
dispatch by mail), as follows: 

If
to German American, to: 

Mr. Mark
A. Schroeder

Chairman and Chief Executive Officer

German American Bancorp, Inc.

711 Main Street

Jasper, Indiana 47546

Telecopy No.: (812) 482-0745 

with
a copy to: 

Jeremy
E. Hill, Esq.

Bingham Greenebaum Doll LLP

10 W. Market Street

2700 Market Tower

Indianapolis, Indiana 46204

Telecopy No.: (317) 236-9907 

        If
to any person who has signed this Agreement as Securityholder, to the address set forth beneath the Securityholder's signature below. 

4

 

        And
in the event of notice to either German American or any person who has signed this Agreement as Securityholder, with a copy to: 

M.
Todd Kanipe

President and Chief Executive Officer

Citizens First Corporation

1065 Ashley Street

Bowling Green, Kentucky 42103

Telecopy No.: 

with
a copy to: 

Caryn
F. Price, Esq.

Wyatt, Tarrant & Combs, LLP

250 West Main Street, Suite 1600

Lexington, Kentucky 40507

Telecopy No.: 

        8.6    Governing Law.    This Agreement shall be governed by, construed and enforced in accordance with the internal
laws of the State of Indiana without giving effect to any choice or conflict of law provision, rule or principle (whether of the State of Indiana or any other jurisdiction) that would cause the
application of the laws of any jurisdiction other than the State of Indiana. 

        8.7    Entire Agreement.    This Agreement contains the entire understanding of German American and Securityholder in
respect of the subject matter hereof, and, except for any confidentiality agreements between German American and the Company binding upon the Securityholders, supersedes all prior negotiations and
understandings between the parties with respect to such subject matters. 

        8.8    Counterparts.    This Agreement may be executed (and delivered, in original form or by electronic mail or by
facsimile transmission) in several counterparts, each of which shall be an original, but all of which together shall (when executed and delivered between or among two or more signatories) constitute
one and the same agreement. 

        8.9    Effect of Headings.    The section headings herein are for convenience only and shall not affect the
construction or interpretation of this Agreement. 

        8.10    No Limitation on Actions of the Securityholder as Director or Officer.    Notwithstanding anything to the
contrary in this Agreement, in the event the Securityholder, or a representative of the Securityholder, is an officer or director of the Company, nothing in this Agreement is intended or shall be
construed to require the Securityholder, or its representative, as the case may be, in such individual's capacity as an officer or director of the Company, to act or fail to act in accordance with
such individual's fiduciary duties in such capacity. 

        8.11    Remedies Not Exclusive.    All rights, powers and remedies provided under this Agreement or otherwise
available in respect hereof at law or in equity will be cumulative and not alternative, and the exercise of any thereof by either party will not preclude the simultaneous or later exercise of any
other such right, power or remedy by such party. 

        8.12    Disclosure.    The Securityholder hereby authorizes German American and the Company to disclose the identity
of the Securityholder and the nature and amounts of its commitments, arrangements and understandings under this Agreement (and to file publicly a copy of this Agreement in that connection) in any
reports or other filings or communications that either German American or the Company may be required to file under any applicable law (without seeking confidential treatment of such disclosure),
including without limitation the laws popularly 

5

 

known
as Bank Holding Company Act of 1956, the Bank Merger Act, the Securities Exchange Act of 1934, and the Securities Act of 1933 (each as amended), and including, without limitation, any report
filed with the Securities and Exchange Commission on Form 8-K or any Schedule 13D or Schedule 13G, any Registration Statement filed by German American under the Securities Act of
1933, and any applications or notices seeking or concerning regulatory review and/or approval of the Merger and/or this Agreement that may be filed with the Board of Governors of the Federal Reserve
System, the Federal Deposit Insurance Corporation, the Indiana Department of Financial Institutions and the Kentucky Department of Financial Institutions. 

        8.13    Attorney Fees.    Except as otherwise provided herein, each party shall pay hereto shall pay its own costs,
expenses and attorney's fees in connection with the review and execution of this Agreement, any future negotiation or consultation in connection with this Agreement, and/or in the event of any
judicial proceeding arising out of or related to this Agreement or which requires the interpretation or construction of this Agreement. 

[SIGNATURE
PAGES FOLLOW] 

6

        IN
WITNESS WHEREOF, the parties have caused this Agreement to be duly executed on the day and year first above written. 

 

 
 

					
	 	 	GERMAN AMERICAN BANCORP, INC.
	

 	
 	
 By:	
 	
/s/ MARK A. SCHROEDER

  Mark A. Schroeder,
 Chairman and Chief Executive Officer

 

   

   

 [GERMAN
AMERICAN SIGNATURE PAGE TO VOTING AGREEMENT] 

 

 
 

			
	/s/ KENT FURLONG

  Kent Furlong	 	/s/ SARAH G. GRISE

  Sarah G. Grise
	Address: *	 	Address: *
	
 /s/ J. ROBERT HILLIARD

  J. Robert Hilliard	
 	
/s/ MARK IVERSON

  Mark Iverson
	Address: *	 	Address: *
	
 /s/ M. TODD KANIPE

  M. Todd Kanipe	
 	
/s/ STEVE MARCUM

  Steve Marcum
	Address: *	 	Address: *
	
 /s/ AMY H. MILLIKEN

  Amy H. Milliken	
 	
/s/ JEFF PERKINS

  Jeff Perkins
	Address: *	 	Address: *
	
 /s/ JACK W. SHEIDLER

  Jack W. Sheidler	
 	
/s/ JOHN M. TAYLOR

  John M. Taylor
	Address: *	 	Address: *
	
 /s/ R. KEVIN VANCE

  R. Kevin Vance	
 	
 
	Address: *	 	 

 

                                         
        

	*
	Addresses
omitted for confidentiality purposes.  

 

   

   

  
[SECURITYHOLDER SIGNATURE PAGE TO VOTING AGREEMENT] 

 

 
 

  EXHIBIT A    
    

 
    SECURITYHOLDERS' OWNERSHIP
  OF COMPANY STOCK    
    

 

 
 

					
	Securityholder

 
	 	Shares of

Common

Stock 	 
	 Kent Furlong
	 	 	3,250	 
	 Sarah G. Grise
	 	 	6,506	 
	 J. Robert Hilliard
	 	 	30,076	 
	 Mark Iverson
	 	 	5,051	 
	 M. Todd Kanipe
	 	 	30,016	 
	 Steve Marcum
	 	 	19,526	 
	 Amy H. Milliken
	 	 	14,373	 
	 Jeff Perkins
	 	 	5,000	 
	 Jack W. Sheidler
	 	 	75,283	 
	 John M. Taylor
	 	 	2,890	 
	 R. Kevin Vance
	 	 	12,948 	 
	

 ​	​	​

 	​

 	​
	 Total
	 	 	204,919 	 
	

 ​	​	​

 	​

 	​
	

 ​	​	​	​	​
	

 ​	​	​

 	​

 	​ 

 

 

Exhibit A

QuickLinks

Exhibit 10.1

VOTING AGREEMENT

Recitals

Agreement

EXHIBIT A

SECURITYHOLDERS' OWNERSHIP OF COMPANY STOCKExhibit

Exhibit 10.40

SEPARATION AGREEMENT

THIS SEPARATION AGREEMENT (this “Agreement”) is entered into effective as of November 8, 2018, by and between Assurant, Inc. (the “Company”) and Ajay Waghray (the “Employee”). 
 
WHEREAS, the Employee and the Company wish to terminate the employment relationship between them on the terms set forth in this Agreement and to agree to certain post-employment covenants; 
    
NOW, THEREFORE, in consideration of the mutual covenants, promises and representations in this Agreement and the General Release and Covenant Not to Sue in Exhibit A hereto, the parties hereto agree as follows:

		
	1.
	Termination of Employment

The Employee’s employment with the Company shall cease effective as of December 31, 2018 (the “Termination Date”).  Effective as of the Termination Date, the Employee resigns from any and all positions held by the Employee at the Company and as an officer or director of any subsidiary or affiliate of the Company.  From and after the Termination Date, the Employee shall not hold any office or position with, nor maintain any other status as an employee or agent of, the Company or any subsidiary or affiliate of the Company.  Effective on the Termination Date, all agreements between the Employee and the Company or any subsidiary or affiliate thereof are hereby terminated and shall be of no further force and effect, provided, however, that this sentence does not in any way limit and shall have no effect on any rights that the Employee may have, or on any obligations that the Company may have to the Employee, under the Company’s benefit plans (including qualified and nonqualified retirement plans) as provided in Section 4, below.
		
	2.
	Severance Payments

The Company shall pay to the Employee, as severance pay in connection with the termination of employment, an aggregate amount of $538,000 (the “Severance Payment”).  The Severance Payment shall be payable in a lump sum as soon as administratively feasible following the Employee’s Termination Date, but in no event later than 60 days after the Termination Date.  Such payment shall be subject to applicable tax withholding requirements.  The Severance Payment shall be in lieu of any other severance payments to which the Employee may be entitled under any severance or other plan, program or agreement of/with the Company or any subsidiary or affiliate thereof.  

		
	3.
	Equity Plan

The terms of the Employee’s Restricted Stock Unit (“RSU”) Award Agreement dated May 10, 2016 wherein the Employee was granted 10,000 RSUs are hereby amended to provide that all 10,000 RSUs shall fully vest and shall no longer be subject to any restriction upon the Termination Date.  All other equity awards granted to the Employee during his employment with the Company shall vest on a pro-rata basis consistent with the terms and conditions of their respective award agreements.

		
	4.
	Employee Benefits

A.Retirement and Nonqualified Plans.  The Employee shall be entitled to payment of his accrued benefits pursuant to the terms of the Assurant 401(k) Plan and the Assurant Executive 401(k) Plan (the “Plans”).  

B.COBRA Continuation.  The Company shall pay the Employee a lump sum amount equal to, and at the same after tax cost to the Employee, as twelve (12) months of the Company’s employer contributions for the Employee’s health insurance coverage pursuant to the Company’s plans, which the Employee may use toward any group medical, dental, vision and/or prescription drug plan benefits to which the Employee and/or the Employee’s eligible dependents would be entitled to under Section 4980B of the Internal Revenue Code (“COBRA”).  Such lump sum payment under this Section 4.B shall be paid at the same time as the Severance Payment as provided in Section 2.  

C.Outplacement Services.  The Company shall, at its sole expense as incurred, provide the Employee with outplacement services, for a limited period of time not longer than twelve (12) months following the Employee’s Termination Date, the scope and provider of which shall be selected by the Company in the Company’s sole discretion. 

D.Other Benefits.  Except for the Company’s severance plan and as specifically provided herein, this Agreement shall have no effect on the rights of the Employee to payments or other benefits due to the Employee pursuant to the terms of any employee benefit plans of the Company in which the Employee participates, including, without limitation the Assurant, Inc. Executive Short Term Incentive Plan (“ESTIP”).  The Employee shall be entitled to receive such benefits and payments to which the Employee is entitled pursuant to the terms of such employee benefit plans.  No portion of the Severance Payment shall be taken into account in determining the amount of any such employee benefit.  Within fifteen (15) days after the Termination Date, the Company shall send the Employee a check for his accrued but unused paid time off pursuant to the Company’s policy.  For the avoidance of doubt, the Employee shall receive a full 2018 ESTIP bonus which shall be paid to the Employee on or around March 15, 2019.

		
	5.
	Trading Restrictions

Effective immediately following the Termination Date, the Employee shall no longer be subject to the Company’s securities trading policies.  The Employee is reminded, however, that trading on the basis of material non-public information, or providing such information to others so that they may trade, is a violation of the federal securities laws.

		
	6.
	Employee Covenants

A.Confidential Information.  The Employee shall not, (a) except as required by law or by order of a government agency or court of competent jurisdiction, disclose to any person, firm, corporation or other business entity any Confidential Information (as defined herein) proprietary to the Company concerning the business, finances, products, services, operations, clients, employees, affairs or prospects of the Company or any subsidiary or affiliate thereof, for any reason or purpose whatsoever, or (b) make use of any Confidential Information for personal purposes or for the benefit of any person, firm, corporation or other entity except the Company or any subsidiary or affiliate thereof.  “Confidential Information” means information not generally known or available outside the Company and information entrusted to the Company in confidence by third 

parties.  Confidential Information includes but is not limited to Company inventions, technical data, trade secrets, know-how, research, product or service ideas or plans, software codes and designs, processes, network agreements, provider or network discounts, contract terms, formulas, techniques, lists of or information relating to suppliers, intermediaries (including brokers and agents) and customers, prices, costs, coverages, employee compensation arrangements, pricing methodologies, cost data, market share data, marketing plans, licenses, strategic plans, internal annual or long-term plans, program information, business plans, financial forecasts, non-public financial data, budgets and all other non-public business information disclosed to the Employee by the Company or of which the Employee learned while in the employ of the Employer. 

Further, except as is necessary to obtain new employment or as required by law or by order of a government agency or court of competent jurisdiction, the Employee shall not disclose the reasons for or terms of his departure from the Company without the written consent of the Company and, unless and until this Agreement has been made public by filing with the Securities and Exchange Commission, the Employee will not disclose the contents or substance of this Agreement or the Release (as defined in Section 8 hereof) to anyone except his immediate family or any tax, legal or other counsel he has consulted regarding the meaning or effect hereof or thereof, and he will instruct each of the foregoing not to disclose the same.  Within ten (10) calendar days following the Termination Date, the Employee shall return to the Company any documents, records, files and other information (whether recorded or stored in paper or electronic form) and any property belonging or relating to the Company, its affiliates, customers, clients or employees.  The Employee acknowledges that all such materials are, and will remain, the exclusive property of the Company, and the Employee may not retain originals or copies of such materials. 

B.Non-Solicitation.  For a period of twelve (12) months following the Termination Date, the Employee shall not, whether on his own behalf or on behalf of or in conjunction with any other person or entity, acting in any capacity whatsoever, directly or indirectly, solicit for employment or hire any employee, independent contractor or other service provider who is employed by or providing services to the Company or any subsidiary or affiliate thereof as of the Termination Date or persuade or influence any such employee to leave the employ of the Company or any subsidiary or affiliate thereof. 

C.Non-Competition.  For a period of twelve (12) months following the Termination Date, the Employee shall not, whether on his own behalf or on behalf of or in conjunction with any other person or entity, acting in any capacity whatsoever, in the United States or Canada, directly or indirectly compete with the Company for the business or custom of, or for any direct or indirect commercial relationship with, any client, customer, contract holder, vendor, policyholder, broker or agent in the primary lines of business conducted by the Company, namely (1) mobile device protection and related services, (2) extended service contracts, (3) vehicle protection products, (4) pre-funded funeral insurance, (5) renters insurance, and (6) lender-placed homeowners insurance. The activities of Employee restricted in this paragraph are limited to the activities of the type conducted and/or provided within the two (2) years prior to the Termination Date in which Employee has been involved or for which the Employee has had direct or indirect supervisory responsibility during his employment with the Company. 

D.Non-Disparagement. The Employee shall not publicly or privately disparage or denigrate the Company, its subsidiaries, affiliates, officers or directors in respect of their integrity, character, business practices, performance, skills, acumen, experience or success.  The Company 

shall not, and shall direct its executive officers and directors not to, publicly disparage or denigrate the Employee in respect of the Employee’s integrity, character, business practices, performance, skills, acumen, experience or success.  The respective parties shall be responsible for, and bear any and all liability with respect to, any breach of this Section 6.D only if such breach is knowingly and willfully committed and involves a material public disparagement of the other party.  Notwithstanding the foregoing, neither the Company nor the Employee shall be entitled to terminate, rescind, repudiate or seek judicial invalidation of this Agreement or any of its provisions as a remedy for any breach or alleged breach of this Section 6.D. 

E.Litigation Against the Company.  The Employee shall not act as an expert witness, consultant or otherwise in any litigation against the Company, except as a fact witness if legally compelled to do so by subpoena or other writ or order of a court or government agency of competent jurisdiction. 

F.Employee Protections.  (a)  The Employee has the right under federal law to certain protections for cooperating with or reporting legal violations to the Securities and Exchange Commission (the “SEC”) and/or its Office of the Whistleblower, as well as certain other governmental entities and self-regulatory organizations. As such, nothing in this Agreement or otherwise prohibits or limits the Employee from disclosing this Agreement to, or from cooperating with or reporting violations to or initiating communications with, the SEC or any other such governmental entity or self-regulatory organization, and the Employee may do so without notifying the Company. Neither the Company nor any of its subsidiaries or affiliates may retaliate against the Employee for any of these activities, and nothing in this Agreement or otherwise requires the Employee to waive any monetary award or other payment that the Employee might become entitled to from the SEC or any other governmental entity or self-regulatory organization. Moreover, nothing in this Agreement or otherwise prohibits the Employee from notifying the Company that the Employee is going to make a report or disclosure to law enforcement.

Notwithstanding anything to the contrary in this Agreement or otherwise, as provided for in the Defend Trade Secrets Act of 2016 (18 U.S.C. § 1833(b)), the Employee will not be held criminally or civilly liable under any federal or state trade secret law for the disclosure of a trade secret that (i) is made (A) in confidence to a federal, state, or local government official, either directly or indirectly, or to an attorney, and (B) solely for the purpose of reporting or investigating a suspected violation of law; or (ii) is made in a complaint or other document filed in a lawsuit or other proceeding, if such filing is made under seal. Without limiting the foregoing, if the Employee files a lawsuit for retaliation by the Company for reporting a suspected violation of law, the Employee may disclose the trade secret to his or her attorney and use the trade secret information in the court proceeding, if the Employee (x) files any document containing the trade secret under seal, and (y) does not disclose the trade secret, except pursuant to court order. 

		
	7.
	Enforcement of Restrictions; Rights and Remedies

A.Reasonableness.  The Employee hereby acknowledges and agrees that: (i) the restrictions provided in this Agreement are reasonable in time and scope in light of the Company’s interest in protecting its business; and (ii) his ability to work and earn a living will not be unreasonably restrained by the application of these restrictions. 

B.Injunctive Relief.  The Employee recognizes and agrees that should he fail to comply with the restrictions set forth herein, which restrictions are vital to the protection of the 

Company’s business, the Company will suffer irreparable injury and harm for which there is no adequate remedy at law.  Therefore, the Employee agrees that in the event of the breach or threatened breach by him of any of the terms and conditions of Sections 6.A, 6.B or 6.C hereof, the Company shall be entitled to preliminary and permanent injunctive relief against him as may be awarded by a court having jurisdiction over the dispute in addition to, and not in lieu of, any other rights or remedies available to the Company at law or in equity. 

C.Conditions to Company’s Obligation to Make Payments.  The consideration for the Company’s promises under Sections 2 and 3 hereof are the Employee’s Release under Section 8 and Exhibit A hereof and each and every other promise that Employee makes herein.  

		
	8.
	Release of Claims

The parties shall execute the General Release and Covenant Not to Sue in the form attached hereto as Exhibit A (the “Release”).  Notwithstanding anything contained herein to the contrary, the Company’s obligations to make the Severance Payment and amend the RSU Award Agreement dated May 10, 2016, are conditioned on the Employee’s execution, delivery and non-revocation of the Release and his compliance with the terms of the Release.  

		
	9.
	Notices

All notices, requests and other communications pursuant to this Agreement shall be in writing and shall be deemed to have been duly given if delivered in person, by courier or by facsimile transmission, or sent by express, registered or certified mail, postage prepaid, addressed as follows:

If to the Employee:

Ajay Waghray

at his last known home address on file at Assurant or, following Assurant’s receipt of any change of address notice given by Employee, at the new address specified therein

If to the Company:

Robyn Price Stonehill
Executive Vice President, Chief Human Resource Officer
Assurant, Inc.
28 Liberty Street
41st Floor
New York, NY 10005

Either party may, by written notice to the other, change the address to which notices to such party are to be delivered or mailed.

		
	10.
	Tax Matters

A.Withholding of Taxes. 

All payments of the Severance Payment and other benefits required to be provided by the Company to the Employee under this Agreement shall be subject to the withholding of such amounts relating to taxes and other payroll deductions as the Company may reasonably determine it should withhold pursuant to any applicable law, regulation or Company policy. 

B.Section 409A of the Internal Revenue Code. 

The intent of the parties is that payments and benefits under this Agreement comply with Internal Revenue Code Section 409A and applicable guidance promulgated thereunder (collectively, “Section 409A”).  Accordingly, to the maximum extent permitted, this Agreement shall be interpreted to be in compliance with Section 409A.  In no event shall the Company be liable for any additional tax, interest or penalties that may be imposed on the Employee by the Internal Revenue Service under Section 409A or any damages for failing to comply with Section 409A.  If required pursuant to Section 409A, payment of certain amounts owed to you within the six (6) month period following the Termination Date may be delayed until after such six-month period has elapsed.

		
	11.
	Governing Law; Personal Jurisdiction and Venue

This Agreement shall be construed, interpreted and enforced in accordance with the laws the State of New York, without giving effect to the choice of law principles thereof.  The parties hereto agree that any action to enforce any provision of this Agreement may be brought in any state or federal court in the Borough of Manhattan, New York, New York.  Such parties hereby submit to the personal jurisdiction and venue of any such court in which any such action is brought.

		
	12.
	Waiver of Breach

No waiver of any provision of this Agreement shall have any force and effect unless it is in writing signed by the party giving the waiver.  Any waiver or forbearance, express or implied, of any breach of this Agreement shall not be construed to be a continuing waiver or a consent to any other or subsequent breach on the part either of the Employee or of the Company.

		
	13.
	Non-Assignment; Successors

Neither party hereto may assign his or its rights or delegate his or its duties under this Agreement without the prior written consent of the other party; provided, however, that (i) this Agreement shall inure to the benefit of and be binding upon the successors and assigns of the Company upon any sale of all or substantially all of the Company’s assets, or upon any merger, consolidation or reorganization of the Company with or into any other corporation, all as though such successors and assigns of the Company and their respective successors and assigns were the Company, and (ii) this Agreement shall inure to the benefit of the heirs, assigns or designees of the Employee to the extent of any payments due to them hereunder.  In the event of any sale of all or substantially all of the Company’s assets or merger of the Company in which the Company is not the surviving entity, as used in this Agreement the term “Company” shall be deemed to refer to the surviving corporation, successor or assign of the Company.

		
	14.
	Severability and Intent for a Court to Enforce Covenants to Maximum Extent

If any provision of this Agreement is determined by a court of competent jurisdiction not to be enforceable in the manner set forth in this Agreement, the Employee and the Company agree that it is the intention of the parties that such provision should be enforceable to the maximum extent possible under applicable law.  If any provision of this Agreement is held to be invalid or unenforceable, such invalidation or unenforceability shall not affect the validity or enforceability of any other provision of this Agreement (or any portion thereof).  If, and only if, a court finds that Section 6.B or 6.C hereof is not enforceable to the full extent provided by its terms, the parties agree that such court may, and hereby memorialize their intention that such court shall, enforce such provisions to the full geographic and temporal extent that such court may find permissible under applicable law.

		
	15.
	Entire Agreement

This Agreement, together with the General Release and Covenant Not to Sue the form of which is set forth as Exhibit A hereto, constitutes the entire agreement by and between the Company and the Employee with respect to the subject matter hereof and supersedes any and all prior or contemporaneous agreements or understandings between the Employee and the Company with respect to such subject matter, whether written or oral, including the offer letter from the Company to the Employee dated March 11, 2016 and the Change In Control Agreement dated May 9, 2016.  This Agreement may be amended or modified only by a written instrument executed by the Employee and the Company.

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

	
		
	 
	EMPLOYEE

	 
	 

	 
	/s/ Ajay Waghray

	 
	 Ajay Waghray

	 
	 

	 
	ASSURANT, INC.

	 
	 

	By:
	/s/ Alan Colberg

	 
	 Alan Colberg

	 
	 Chief Executive Officer and President

EXHIBIT A

GENERAL RELEASE AND covenant not to sue
THIS GENERAL RELEASE AND COVENANT NOT TO SUE (this “Release”) is entered into effective as of November 8, 2018, by and between Ajay Waghray (the “Employee”) and Assurant, Inc. (the “Company”), pursuant to the terms of the Separation Agreement, dated as of November 8, 2018, by and between the Employee and the Company, to which this Release is attached (the “Separation Agreement”). 

The Employee hereby releases and forever discharges, and covenants not to sue, the Company or its subsidiaries, affiliates, their directors, members, officers, employees, agents, stockholders, successors and assigns, both individually and in their official capacities, (together, the “Company Released Parties”) from, and with respect to, any and all actions, causes of action, covenants, contracts, claims, demands, suits, and liabilities whatsoever, which the Employee ever had, now has or which his heirs, executors, administrators and assigns, or any of them hereafter can, shall or may have by reason of or related to the Employee’s employment with, or termination of employment from, the Company and/or its subsidiaries and affiliates.

By signing this Release, the Employee is providing a complete waiver of all claims against the Company Released Parties that may have arisen, whether known or unknown, up and until the effective date of this Release.  This includes, but is not limited to, claims based on Title VII of the Civil Rights Act of 1964, the Civil Rights Act of 1866, the Age Discrimination in Employment Act of 1967 (including the Older Workers Benefit Protection Act) (the “ADEA”), the Americans With Disabilities Act, the Fair Labor Standards Act, the Equal Pay Act, the Family and Medical Leave Act, the Employee Retirement Income Security Act of 1974 (except as to claims pertaining to vested benefits under employee benefit plans maintained by the Company Released Parties), and all applicable amendments to the foregoing acts and laws, or any common law, public policy, contract (whether oral or written, express or implied) or tort law, and any other local, state or Federal law, regulation or ordinance having any bearing whatsoever on the terms and conditions of the Employee’s employment and the cessation thereof.

The Employee further agrees, promises and covenants that, to the maximum extent permitted by law neither, he, nor any person, organization, or other entity acting on his behalf has or will file, charge, claim, sue, or cause or permit to be filed, charged or claimed, any action for damages or other relief (including injunctive, declaratory, monetary or other relief) against the Company Released Parties involving any matter occurring in the past up to the date of this Release, or involving or based upon any claims, demands, causes of action, obligations, damages or liabilities which are the subject of this Release.  This Release shall not affect the Employee’s rights under the Separation Agreement or under the Older Workers Benefit Protection Act to have a judicial determination of the validity of this Release and does not purport to limit any right the Employee may have to file a charge under the ADEA or other civil rights statute or to participate in an investigation or proceeding conducted by the Equal Employment Opportunity Commission or other investigative agency.  This Release does, however, waive and release any right to recover damages under the ADEA or any other civil rights statute.  This Release does not waive any right of the Employee to indemnification for claims made against him for authorized actions he engaged in as an Employee of Company under any indemnification obligation, including any applicable Directors and Officers Insurance policy.  The Employee agrees that he has carefully read this Release and is signing it voluntarily.  It is understood that this Release is not effective until seven (7) calendar days after the execution of this Release and that the Employee may revoke this Release within seven (7) calendar days from the date of execution hereof.

Notwithstanding anything to the contrary contained in this Release, nothing in this Section 1 shall apply to, or release the Company from, any rights and claims of the Employee directly or indirectly arising from or under or related to any obligation or commitment of the Company under the Separation Agreement.

This Release shall be governed by and construed in accordance with the laws of the State of New York.  If any provision in this Release is held invalid or unenforceable for any reason, the remaining provisions shall be construed as if the invalid or unenforceable provision(s) had not been included.

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

	
		
	 
	EMPLOYEE

	 
	 

	 
	/s/ Ajay Waghray

	 
	 Ajay Waghray

	 
	 

	 
	ASSURANT, INC.

	 
	 

	By:
	/s/ Alan Colberg

	 
	 Alan Colberg

	 
	 Chief Executive Officer and President

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