Document:

Employment Agreement

 Exhibit 10.1 
 EMPLOYMENT AGREEMENT 
 THIS EMPLOYMENT AGREEMENT (this “Agreement”) is entered into
as of May 2, 2007 (the “Effective Date”) between Grande Communications Networks, Inc., a Delaware corporation with principal offices located in San Marcos, Texas (the “Company”), and William C. “Chad”
Jones, Jr. (the “Executive”). 
 WHEREAS, prior to the Effective Date, the Executive was employed by the Company on an
at-will basis. 
 WHEREAS, the Company and the Executive have agreed to enter into this Agreement to provide for the employment of the
Executive on an at-will basis, subject to the terms of this Agreement. 
 WHEREAS, the Company is engaged in the telecommunications business
and has expended a great deal of time, money, and effort to develop and maintain proprietary or confidential information which, if misused or disclosed, could be harmful to the Company’s business. 
 WHEREAS, the Executive recognizes and acknowledges that the Executive’s position with the Company on or after the Effective Date will provide the
Executive with access to proprietary or confidential information of the Company that is above and beyond the proprietary or confidential information previously provided to the Executive. 
 WHEREAS, the Company is a subsidiary of Grande Communications Holdings, Inc. (“Parent”), a Delaware corporation that has agreed to enter into
this Agreement with Executive in connection with the employment of Executive by the Company and Executive’s agreement to certain restrictive covenants set forth herein. 
 NOW, THEREFORE, in consideration of the mutual covenants and obligations herein and other good and valuable consideration, the receipt of which is hereby
acknowledged, the Company and the Executive agree as follows: 
 1. At-Will Employment. The Executive is hereby employed as Chief
Service Officer of the Company. The Company and the Executive acknowledge that the Executive’s employment is, and shall continue to be after the execution of this Agreement, at-will, as defined under applicable law. The Executive’s
employment with the Company shall not be for any definite term. Either the Executive or the Company may terminate this employment relationship at any time, for any reason or no reason, pursuant to Section 9 below. As Chief Service
Officer, the Executive shall have full responsibility and authority for management of the day-to-day customer care, information systems and marketing operations of the Company and shall render related management services to the Company of the type
customarily performed by persons serving in such capacity. The Executive shall report directly to the Company’s Chief Executive Officer, and shall also perform such duties as the Company’s Chief Executive Officer may from time to time
reasonably direct. 
 2. Location of Services. During the term of this agreement, the Executive shall perform services at the
Company’s various offices, but shall be principally located at the offices of the Company located in the Austin/San Antonio Corridor, Texas area. 
 3. Salary. During the time period that Executive is employed with the Company (such period is the “Contract Period”), the Company shall pay the Executive for the services to be rendered
hereunder a base salary at the rate of $8,400 per bi-weekly period with such increases as may be determined by the Chief Executive Officer from time to time at his discretion with the minimum increase being consistent with that of the other senior
officers of the Company (the “Base Salary”). This equates to an annualized salary of $218,400.00. The Base Salary shall be payable to the Executive in equal bi-weekly installments, pursuant to the Company’s payroll policy, and
subject to such deductions and withholdings as are required to be made pursuant to applicable governmental laws, rules and regulations and to any applicable voluntary withholdings elected by the Executive. 
 4. Bonuses. The Executive shall be eligible to earn an annual bonus during each fiscal year (such year being referred to herein as a
“Bonus Period”) that he remains an executive employee of the Company through the end of the Bonus Period. For each Bonus Period the Executive and the Chief Executive Officer shall adopt written performance goals within the Bonus
Period (“Annual Goals”). If Annual Goals are met for a Bonus Period, the Executive shall earn a bonus equal to fifty percent (50%) of his then current Base Salary (for the avoidance of doubt, a delay by any Person (as defined
herein) in the adoption of written performance goals shall not deny the Executive any bonus or, upon the adoption and achievement of 

 
such goals, delay in any way the payment thereof). If only certain of such Annual Goals are met, or Annual Goals are met only in part, for such Bonus Period,
the Executive may earn a bonus, if any, equal to an amount to be determined by, and at the discretion of, the Chief Executive Officer and as approved by the Board of Directors of the Company (the “Board”). Annual bonuses shall be
payable to the Executive within 45 days after the end of the applicable Bonus Period (or within 30 days of the date on which it is determined that the Annual Goals have been met, exceeded, or not met, whichever is later; provided, however that the
determination must be made on or before June 30 of the year following the year of the Bonus Period). Nothing in this Section 4 shall limit the Board of Directors from awarding additional bonuses to the Executive based upon
achievement of Company objectives, other than the Annual Goals, during the Bonus Period, in the sole discretion of the Board. Any such additional discretionary bonus shall be payable to the Executive within 30 days of the date on which the amount of
such bonus, if any, is determined; provided, however, that the determination must be made on or before June 30 of the year following the year of the Bonus Period. Within ninety (90) days of the Effective Date, Executive and Chief Executive
Officer shall adopt the Annual Goals for the initial Bonus Period. 
 5. Participation in Employee Benefit Plans. The Executive shall
be entitled to participate, on the same basis as other of the Company’s executive employees, in any group life insurance, medical coverage, education, or other retirement or employee pension or welfare plan or benefits that the Company has
adopted or may adopt for the benefit of its executive employees. The Executive shall be entitled to participate in any fringe benefits, which are now or may be or become applicable to the Company’s executive employees generally as determined by
the Board. Nothing in this Section 5 limits the Company’s ability to modify, alter or eliminate any of its employee benefit plans or fringe benefits, except as prohibited by applicable law. 
 6. Expenses. The Company will reimburse Executive for all ordinary and necessary business expenses incurred by the Executive in the course of his
employment by the Company, subject to providing the Company with receipts and other appropriate documentation of such expenses. Executive agrees that if at any time any payment made to Executive by the Company as a business expense reimbursement
shall be disallowed in whole or in part as a non-deductible expense of the Company by any taxing authority, Executive shall reimburse the Company to the full extent of such disallowance, with interest thereon at the rate that would be charged by the
Internal Revenue Service for such period from the date of reimbursement by the Executive until repaid. 
 7. [Reserved] 
 8. Standards. The Executive shall perform the Executive’s duties and responsibilities under this Agreement as his full-time employment to the
best of his abilities in accordance with such reasonable standards as may be established from time to time by the Chief Executive Officer of the Company. The reasonableness of such standards shall be measured against standards for executive
performance generally prevailing in the Company’s industry. Executive shall not undertake any other employment or consultant engagements without the prior written consent of the Chief Executive Officer and upon approval by the Board.

 9. Termination of Employment. 
 (a) Death or Total Disability. The Executive’s employment with the Company shall terminate upon his death or Total Disability (as defined herein). After such termination, Company shall have no further obligations or liability
hereunder, except to pay to the Executive or the Executive’s estate (in addition to and without regard for any benefits due under any insurance, retirement or other plan of the Company or any other Person) the amount of the Executive’s
Base Salary accrued but unpaid at the date of the Executive’s death or Total Disability, as the case may be. “Total Disability” means a mental or physical condition which in the reasonable opinion of the Company renders the
Executive unable or incompetent to carry out the job responsibilities attendant to his position with the Company, which condition shall have existed for a period of 120 or more consecutive days or for a total of 180 days in any period of twelve
consecutive months. 
  

	(b)	Termination of Employment. 

 (1) The Company may
terminate the Executive’s employment for Cause (as defined herein) and cancel its obligations to the Executive hereunder (except for the amount of the Base Pay accrued but unpaid to the effective date of termination) upon written notice to the
Executive. Without limiting the generality of the foregoing, the Executive shall not be entitled to any severance or termination pay or the continuation of any benefits then provided to the Executive by the Company upon a termination for Cause. As
used herein, the term “Cause” shall mean: (i) the commission by the Executive of a felony or a crime involving moral turpitude or the commission of any other act involving dishonesty, disloyalty or fraud; (ii) conduct by
the Executive tending to bring the Company into substantial public disgrace or disrepute; (iii) failure of the Executive to perform (in any material respect) his obligations under this Agreement, his obligations under the Employee
Confidentiality Information and Invention Assignment Agreement between Executive and the Company dated 

  

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as of May 3, 2006 (the “Confidentiality Agreement”), or the reasonable directives of the Chief Executive Officer or the Board,
provided, that the Chief Executive Officer or the Board shall give Executive notice of such failure and Executive shall have thirty (30) days to cure such failure, which if such failure is not cured during said thirty (30) day period, the
Company shall have the immediate right to terminate the employment of the Executive; (iv) gross negligence or willful misconduct by the Executive in providing the services required hereby; or (v) any substance abuse of the Executive in any
manner interferes with the performance of his duties hereunder. 
 (2) The Executive’s employment may be terminated by the Company at
any time without Cause upon thirty (30) days prior written notice given to the Executive. Upon such termination, the Company shall have no further obligations or liability hereunder, except to pay the Executive the amount of the Base Salary
accrued but unpaid to the date of termination and, as defined in and subject to the terms and conditions of Section 9(b)(5), the Severance Pay and Benefit Continuation. The Company reserves the right to relieve the Executive of his
duties any time during the 30-day notice period without affecting his right to compensation and other benefits during this notice period. 
 (3) Upon sixty (60) days prior written notice to the Chief Executive Officer, the Executive may terminate his employment in the event that the Company: (a) diminishes Executive’s duties and responsibilities under this
Agreement; (b) relocates the office that the Executive is to work outside of the Austin/San Antonio Corridor, Texas area, (c) strips Executive without Cause of his title as Chief Service Officer, or (d) reduces Executive’s Base
Salary without Cause (each of the foregoing events described in the foregoing clauses (a) – (d) of this paragraph is a “Good Reason Termination”). The Company reserves the right to relieve the Executive of his duties
anytime during the 60-day notice period without affecting his right to compensation, Severance Pay, Benefit Continuation and other benefits during this notice period. 
 (4) The Executive’s employment may be terminated by the Executive voluntarily upon sixty (60) days prior written notice (a “Voluntary Termination”), provided that a Good Reason Termination
shall not be a Voluntary Termination. In the event of a Voluntary Termination, the Executive shall only be entitled to the amount of the Base Pay accrued but unpaid to the effective date of termination. The Company reserves the right to relieve the
Executive of his duties any time during the 60-day notice period without affecting his right to compensation and other benefits during this notice period. 
 (5) In the event the Executive’s employment is terminated by the Company without Cause or by the Executive pursuant to a Good Reason Termination, the obligations of the Company to the Executive hereunder shall be
canceled and the Company shall pay to Executive the amount of the Base Pay accrued but unpaid to the effective date of termination of employment (the “Termination Date”) plus Severance Pay for the Severance Period.
“Severance Pay” means an amount equal to the Executive’s then current bi-weekly Base Salary (less applicable deductions and withholdings) multiplied by twenty-six (26), provided however, that if the Executive receives any W-2
wages during the Severance Period as an employee of an employer other than the Company (such W-2 wages are “Other Wages”), then the amount of any Severance Pay payable to the Executive subsequent to such receipt shall be reduced by
an amount equal to the Other Wages. The “Severance Period” shall be the fifty-two (52) week period commencing on the day after the Termination Date. The Severance Pay shall be payable on a bi-weekly basis with each payment
equal to (i) the Executive’s current bi-weekly Base Salary (less applicable deductions and withholdings) on the Termination Date minus (ii) the Other Wages, if any, received by Executive (less applicable deductions and withholdings)
in the two week period immediately preceding such payment of Severance Pay. The payments of Severance Pay shall commence on the Company’s first regular payroll payment date in the Severance Period. The Company will continue the Executive’s
then current insurance and health care coverage provided for in Section 5 until the earlier to occur of (i) the termination of the Severance Period or (ii) the date that Executive begins receiving equivalent benefits from his
next full time employer, and upon the occurrence of such earlier event, the Company may cancel Executive’s insurance and health care benefits (“Benefit Continuation”). Notwithstanding anything in this Agreement to the contrary,
the payment of Severance Pay and Benefit Continuation shall be conditioned upon the delivery to the Company of a release of claims in a form satisfactory to the Chief Executive Officer. 
 10. Restrictive Covenants. 
 (a)
Confidential Information. The Company makes a binding promise not conditioned upon continued employment to provide the Executive with Confidential Information (as defined herein), above and beyond any Confidential Information previously
provided to the Executive. The Executive acknowledges and agrees that without the Executive’s agreement to all of the covenants in Section 10(a) – (f), the Company would not provide the Executive with such additional
Confidential Information and the Company would not enter into this Agreement with the Executive. At all times during the Contract Period, the Executive shall maintain in confidence and in a fiduciary capacity for the benefit of the Company all
Confidential Information relating to the Company or any of its affiliates and its and their respective businesses and shall not 

  

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at any time during or after the Contract Period in any manner, directly or indirectly, use for his own benefit or the benefit of any other Person, nor
disclose, divulge, render or offer, any Confidential Information, except on behalf of the Company in the course of the proper performance of the Executive’s duties during the Contract Period or except as may otherwise be required by law or
legal process (provided the Company has been given notice of and opportunity to challenge or limit the scope of disclosure purportedly so required.). For the purposes of this Agreement, “Confidential Information” means all
information, observations and data (whether in human or machine readable form) obtained by the Executive while employed by the Company concerning the business or affairs of the Company, or any of its affiliates, including without limitation any
information pertaining to the Company’s or its affiliates’ businesses which is not generally known in the telecommunications industry, including, but not limited to, customer lists, accounts, methods of conducting business and competing in
the marketplace, corporate goals, strategic planning, trade secrets, internal processes, designs, design information, products, inventions, innovations, improvements, developments, methods, analyses, drawings, reports, and all similar or related
information which related or relates to the Company’s or any of its affiliates’ actual or anticipated businesses, research and development or existing or future products or services that are conceived, developed or made by the Executive,
whether prior to or during the Contract Period, data, research and development plans and activities, equipment modifications, techniques, software and computer programs and derivative works, business and marketing plans, projections, sales data and
reports, confidential evaluations, compilations and/or analyses of technical or business information, profit margins, customer requirements, costs, profitability, sales and marketing strategies, pricing policies, strategic plans, training materials,
internal financial information, operating and financial data and projections, names and addresses of customers, inventory lists, sources of supplies, supply lists, employee lists, mailing lists, and information concerning relationships between the
Company and its employees or customers which gives or may give the Company an advantage over competitors, and all other information owned by the Company which is not public information. 
 (b) Company Policies. While employed by the Company, the Executive shall comply with the rules and policies of the Company. 
 (c) Noncompetition. While employed by the Company or any of its affiliates and during the Restricted Period, the Executive will not, directly or
indirectly, own, manage, operate, control or participate in the ownership, management, operation or control of, or be connected as an officer, employee, partner, director, consultant or otherwise with, or have any financial interest in, any
Competing Business. A “Competing Business” means any Person or business which is in direct competition with the business the Company or any of its affiliates has conducted prior to the termination of Executive’s employment with
the Company or any business that the Company or any or its affiliates has funded planning for at the time of such termination of employment in any geographic area where such business is being conducted during such period. Ownership, for personal
investment purposes only, of not more than 2% of the voting stock of any publicly held corporation shall not constitute a violation hereof. For purposes of this Agreement, the “Restricted Period” shall mean the Contract Period and
the Severance Period, provided, that in the event that the termination does not qualify for any Severance Payment, the Restricted Period shall be (i) six (6) months after the Executive’s employment is terminated for Cause; and
(ii) twelve (12) months after a Voluntary Termination. 
 (d) Nonsolicitation of Customers. Except for the direct benefit of
the Company, while employed by the Company and for the duration of the Restricted Period, the Executive will not, directly or indirectly, solicit business from any customer of the Company or any of its affiliates for (i) any service or product
of a Competing Business, (ii) any service or product that competes with a service or product of the Company or any of its affiliates, or (iii) any business from any Covered Customer (as defined herein) for any service or product of any
kind. “Covered Customer” means, as of the date of the termination of the Executive’s employment with the Company: (1) any customer of the Company or any of its affiliates with whom the Executive had contact as an employee
of the Company during the last twelve (12) months of the Executive’s employment; or (2) any customer of the Company or any of its affiliates who otherwise associate the Executive with the goodwill of the Company or any of its
affiliates. 
 (e) Nonsolicitation of Employees. While employed by the Company or any of its affiliates and for the duration of the
Restricted Period, the Executive will not, directly or indirectly, solicit for employment (by any Person other than the Company or any of its affiliates) any Person employed by the Company or any of its affiliates. 
 (f) Injunctive Relief; Reasonable Restriction. The Executive acknowledges that a violation on the Executive’s part of any of the covenants
contained in this Section 10 would cause immeasurable and irreparable damage to the Company and that the recovery by the Company of money damages for such breach will not constitute an adequate remedy for such breach. Accordingly, the
Executive agrees that the Company shall be entitled to injunctive relief in any court of competent jurisdiction for any actual or threatened violation of any such covenant in addition to any other remedies it may have, and that Executive expressly
waives the defense in any equitable proceeding that there is an adequate remedy in law for any such breach. The Executive and the Company agree that the covenants contained in this Section 10 have been negotiated with the 

  

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advice of counsel. The Executive agrees that in the event that any arbitrator or court of competent jurisdiction shall finally hold that any provision this
Section 10 is void or constitutes an unreasonable restriction against the Executive, the provisions of this Section 10 shall not be rendered void but shall apply to such extent as such arbitrator or court may determine
constitutes a reasonable restriction under the circumstances. Any portion of this Section 10 not required to be so modified shall remain in full force and effect and not be affected thereby. 
 (g) “Person” defined. For the purpose of this Agreement, “Person” means any individual, corporation, partnership,
limited liability company, joint venture, trust or unincorporated organization, or a government or any agency or political subdivision thereof. 
 11. Indemnification. The Company shall indemnify the Executive to the fullest extent permitted by the laws of the state of the Company’s incorporation in effect at that time, or the certificate of incorporation or by-laws of the
Company, whichever affords the greater protection to the Executive. The Executive shall be entitled to coverage under any insurance policies the Company may elect to maintain generally for the benefit of its officers and directors against all costs,
charges and expenses incurred in connection with any action, suit or proceeding to which he may be made a party by reason of being a director or officer of the Company. 
 12. ARBITRATION; FEES AND EXPENSES. COMPANY AND EXECUTIVE AGREE AS
FOLLOWS: 
 (a) IN GENERAL. ANY CLAIM
OR CONTROVERSY ARISING OUT OF OR RELATING TO THIS AGREEMENT, ANY
EMPLOYMENT OR TERMINATION OF EMPLOYMENT OF THE EXECUTIVE BY COMPANY, OR
ANY BREACH OF THIS AGREEMENT, OTHER THAN AN ACTION TO ENFORCE THE
PROVISIONS OF SECTION 10, SHALL BE SETTLED BY FINAL AND BINDING
ARBITRATION IN THE CITY OF AUSTIN, TEXAS, IN ACCORDANCE WITH THE
EMPLOYMENT DISPUTE RESOLUTION RULES OF THE AMERICAN ARBITRATION ASSOCIATION IN
EFFECT ON THE DATE THE CLAIM OR CONTROVERSY ARISES. 
 (b) PROCEDURE. ALL CLAIMS OR CONTROVERSIES
SUBJECT TO ARBITRATION UNDER THIS AGREEMENT SHALL BE SUBMITTED TO AN
ARBITRATION HEARING WITHIN THIRTY (30) DAYS AFTER WRITTEN NOTICE OF THE CLAIM
OR CONTROVERSY IS FIRST COMMUNICATED TO EITHER PARTY. ALL CLAIMS OR
CONTROVERSIES SHALL BE RESOLVED BY AN ARBITRATOR WHO IS LICENSED TO
PRACTICE LAW. THE ARBITRATOR SHALL BE USED AND SHALL BE CHOSEN BY
MUTUAL AGREEMENT OF THE PARTIES. IF THE PARTIES CANNOT AGREE UPON AN
ARBITRATOR, THEN EACH PARTY WILL SELECT ONE ARBITRATOR AND SUCH TWO
ARBITRATORS WILL THEN SELECT THE ARBITRATOR TO RESOLVE ALL CLAIMS OR
CONTROVERSIES. THE ARBITRATOR SHALL ISSUE A WRITTEN DECISION AND AWARD STATING
THE REASONS THEREFORE. THE DECISION AND AWARD SHALL BE FINAL AND
BINDING ON BOTH PARTIES, THEIR HEIRS, EXECUTORS, ADMINISTRATORS, SUCCESSORS, AND
ASSIGNS. THE ARBITRATOR MAY GRANT ONE OR MORE INJUNCTIONS OR OTHER
RELIEF. THE ARBITRATION FILING FEE AND THE COSTS AND EXPENSES OF THE
ARBITRATOR SHALL BE BORNE EVENLY BY THE PARTIES. EACH PARTY WILL PAY
ITS OR HIS OWN ATTORNEY’S FEES AND EXPENSES. IT IS THE
INTENTION OF THE PARTIES THAT THIS AGREEMENT SHALL BE ENFORCEABLE UNDER
THE FEDERAL ARBITRATION ACT, THE TEXAS GENERAL ARBITRATION ACT, AND AT
COMMON LAW. 
 (c) ENFORCEMENT. THE
PARTIES AGREE THAT EITHER PARTY MAY SPECIFICALLY ENFORCE THIS SECTION, AND
SUBMISSION TO ARBITRATION MAY BE COMPELLED BY ANY COURT OF COMPETENT
JURISDICTION. THE PARTIES FURTHER ACKNOWLEDGE AND AGREE THAT THE DECISION OF
THE ARBITRATOR MAY BE SPECIFICALLY ENFORCED BY EITHER PARTY IN ANY
COURT OF COMPETENT JURISDICTION. 
 13. No Assignments. This Agreement is
personal to each of the parties hereto. No party may assign or delegate any rights or obligations hereunder without first obtaining the written consent of the other party hereto. However, in the event of the death of the Executive all rights to
receive payments hereunder and rights provided in this Agreement shall become rights of the Executive’s estate. 
 14. Amendments or
Additions. No amendments or additions to this Agreement shall be binding unless in writing and signed by the Executive and the Company’s Chief Executive Officer or Chairman of the Board. 
 15. Counterparts; Headings, Severability. This Agreement may be executed in two or more counterparts, each of which shall be deemed an original,
but all of which together shall constitute one and the same instrument. The headings of the Sections of this Agreement are inserted for convenience only and shall not constitute a part hereof. Any provision, or clause of any provision, of this
Agreement that may be found to be contrary to applicable law or otherwise unenforceable will not affect the remaining terms of this Agreement, which will be construed as if the unenforceable provision or clause were 

  

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absent from this Agreement, so long as the economic or legal substance of the transactions contemplated by this Agreement is not affected in any manner
materially adverse to any party to this Agreement. Upon the determination that such provision or clause is contrary to applicable law or otherwise unenforceable, the parties will negotiate in good faith to modify this Agreement so as to effect the
original intent of the parties as closely as possible. 
 16. Entire Agreement. As of the Effective Date, this instrument contains the
entire agreement of the parties pertaining to the subject matter contained in it and supersedes and is in lieu of any and all other employment arrangements between Executive and the Company, other than the Confidentiality Agreement and the Stock
Option Agreements between Executive and the Company that are described on the attached Schedule 1. 
 17. Governing Law. This
Agreement shall be governed by the laws of the State of Texas (other than the choice of law rules thereof). 
 18. Legal Consultation.
Executive acknowledges that he has been given a reasonable opportunity to review this Agreement with legal counsel prior to his execution of this Agreement. 
 19. Survival. All terms and conditions of this Agreement which by reasonable or necessary implication are intended to survive termination this Agreement shall survive termination of this Agreement, including,
without limitation, Sections 9 – 19.
 IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of
the day and year first above written. 
  

			
	COMPANY:
	
	GRANDE COMMUNICATIONS NETWORKS, INC.
		
	By:	 	 /s/ Roy H. Chestnutt

	Printed Name: Roy H. Chestnutt
	Title:	 	President and Chief Executive Officer

  

	
	EXECUTIVE:
	
	 /s/ William C. “Chad” Jones, Jr.

	William C. “Chad” Jones, Jr.

  

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 SCHEDULE 1 
 Description of Stock Option Agreements in Existence Prior to the Employment Agreement 
  

 7Separation Agreement

 Exhibit 10.1 
 May 3, 2007 
 Ms. Maria M.
Pope 
 Pope & Talbot, Inc. 
 1500 SW First Avenue, Suite
200 
 Portland, OR 97201 
  

	Re:	Separation Agreement 

 Dear Maria: 
 This Separation Agreement which includes a release of claims (the “Agreement”), when signed by you, will constitute our agreement regarding your
separation from employment with Pope & Talbot, Inc. (“Pope & Talbot, Inc.” or the “Company”). If you accept this offer and sign and return this Agreement by the date specified below, the Company will provide you
with certain benefits described in this Agreement. 
 Because of the subject of this letter, its tone necessarily is formal. However, on
behalf of the Company, I want to express our appreciation for the contributions you have made during your employment. I also want to convey to you our best wishes for your future. 
 CONSIDERATION 
 You submitted your written resignation on April 30, 2007 as
Vice President and General Manager of Wood Products Division effective that same date. The Company accepted your resignation on April 30, 2007 and placed you on paid administrative leave from May 4, 2007 through July 1, 2007, your
last date of employment. You will remain as an employee of the Company with no reduction in salary or benefits through July 1, 2007. From May 4, 2007 to July 1, 2007, you agree to consult with the Company on an “as needed”
basis. On July 1, 2007, your last work day, you will receive your final pay which includes your regular base pay through July 1, 2007, and earned and accrued vacation according to Pope & Talbot policy. Your separation will be
recorded in your personnel file and communicated by management within the Company as a resignation. 
 If you sign this Agreement within the
consideration period identified below, and do not later revoke it, Pope & Talbot, Inc. will provide you an additional one-time lump sum payment for Twenty-five Thousand and no/100 Dollars ($25,000.00). Both parties agree this payment is
just and valuable consideration. This payment will be made as soon as practicable following your last day of employment and the expiration of the non-revocation period. 

 Ms. Maria M. Pope 
 May
3, 2007 
  Page
 2
 
  

 After July 1, 2007, you have also agreed to remain available as an independent consultant for
the Company on an “as needed basis.” You will be compensated at the rate of $1,200 per diem for services. In no event will you be paid less than $600 per diem for services rendered to the Company, in connection with your consulting
services. 
 Your existing group health insurance coverage will continue until July 31, 2007. Thereafter, you may continue your group
health coverage under a federal law called COBRA. Under COBRA, you may elect to purchase continued group health coverage through the Company at the full premium rate plus an administrative fee for up to an eighteen- (18) month period. You will
receive additional information about COBRA continuation from Human Resources. 
 These benefits are unique to you and your circumstances and
are in lieu of any other separation, severance or other benefits to which you might otherwise be entitled under any policy, plan or practice of the Company. You acknowledge and agree that you will not receive any other compensation or employee
benefits except those specified herein. You waive the right to participate in any Company employee benefit plan or to receive other fringe or separation benefits from the Company except those specified in this Agreement. You acknowledge and agree
that you are not eligible for any bonus or incentive compensation under any plan or program maintained by the Company. Your participation in any Company compensation or benefit plan or program will end on your Separation Date. 
 RELEASE OF CLAIMS 
 In consideration
for these benefits, to the fullest extent possible under applicable law, you completely release and forever discharge Pope & Talbot, Inc., and all their parent(s), subsidiaries, and related or affiliated companies, joint ventures and
partnerships, and the current and former officers, directors, employees (whether temporary, leased or regular), partners, joint venturers, agents, shareholders, representatives, insurers and assigns of all of the aforementioned, and all predecessors
and successors of all entities referred to in this paragraph, from any claims you might have, whether known or unknown to me at this time, in connection with my employment or my resignation and termination of employment. This release includes any
claims you might have under applicable state, federal or local law dealing with employment, contract, wage and hour, tort, or civil rights matters, including, but not limited to applicable state, civil rights or wage payment laws, the Employee
Retirement Income Security Act, Title VII of the Civil Rights Act of 1964, the Post-Civil War Civil Rights Acts (42 USC §§ 1981-1988), the Civil Rights Act of 1991, the Age Discrimination in Employment Act, the Older Workers’ Benefit
Protection Act, the Rehabilitation Act of 1973, the Americans with Disabilities Act, the Equal Pay Act, the Family and Medical Leave Act, the Uniformed Services Employment and Reemployment Rights Act of 1994, the Vietnam Era Veterans Readjustment
Assistance Act, the Worker Adjustment and Retraining Notification Act, the Fair Labor Standards Act, Executive Order 11246, and any comparable or similar state or local laws, and all of the foregoing as amended, and including any regulations or
guidelines thereunder. This release, however, does not affect any rights you might have for benefits under any applicable medical insurance, disability, workers’ compensation, unemployment or retirement program. 

 Ms. Maria M. Pope 
 May
3, 2007 
  Page
 3
 
  

 ADDITIONAL TERMS AND CONDITIONS 
 You acknowledge that you have a fiduciary duty not to discuss or disclose Confidential Information obtained during your employment with Pope &
Talbot, Inc. For purposes of this Agreement, “Confidential Information” means any and all confidential and proprietary information concerning Pope & Talbot, Inc., the disclosure of which would disadvantage Pope & Talbot,
Inc. Confidential Information includes trade secrets, which consist of the following: 
 (1) Information that derives independent economic
value, actual or potential, not generally known to the public or other persons who can obtain economic value from its disclosure; (2) any other information that has been marked, maintained or communicated as confidential by you or
Pope & Talbot, Inc. or that you would reasonably be expected to know would subject Pope & Talbot, Inc. or its directors, officers or employees to liability or adverse action by a court or administrative agency; or (3) any
nonpublic material concerning business plans or strategic plans of Pope & Talbot, Inc., management information, production and operational information, personnel information, financial information and information concerning pending or
potential transactions. 
 You agree that you will not disclose or disseminate any Confidential Information, directly or indirectly, at any
time to any person, agency, or court unless compelled to do so pursuant to legal process (e.g., a summons or subpoena) or otherwise required by law and then only after providing Pope & Talbot, Inc. with timely notice and a copy of
the legal process so that Pope & Talbot, Inc. may, at its expense, take such action as it determines to be appropriate to protect the confidentiality of the information. You agree not to use Confidential Information for any personal or
business purpose, either for your own benefit or that of any other person, corporation, government or other entity. Finally, you acknowledge that your obligations of confidentiality extend beyond the terms of this Agreement. 
 You must also return all Company-owned property. For the purposes of this Agreement, Company property includes, but is not limited to, office and
building keys, company credit cards, card keys, computer, e-mail and voice mail passwords, company documents, customer and product lists and information, equipment, supplies and any other property belonging to the Company. 
 You agree that any taxes (other than the employer-mandated portion of FICA and FUTA), which may become due, are your sole responsibility and you hold
Pope & Talbot, Inc. harmless on account thereof. 
 You should refer all requests for references to Harold N. Stanton, President and
Chief Executive Officer or his designee. Harold N. Stanton, or his designee, will respond to reference requests by providing the dates of your employment, position(s) held, and by confirming that you voluntarily resigned. 

 Ms. Maria M. Pope 
 May
3, 2007 
  Page
 4
 
  

 This Agreement shall be construed in accordance with and governed by the statutes and common law of
the state of Oregon. Except as provided above, any disputes arising now or hereafter in connection with the execution or operation of this Agreement shall be resolved by confidential mediation or binding arbitration in accordance with the procedures
of the American Arbitration Association (“AAA”) or other procedures agreed upon by the parties. The parties shall first attempt mediation with a neutral mediator based in Portland, Oregon, agreed upon by the parties. If mediation is
unsuccessful or if the parties are unable to agree upon a mediator within thirty (30) days of notification by one party to the other of a dispute, the dispute shall be submitted to arbitration in Portland, Oregon. All arbitration proceedings
shall be conducted by a neutral arbitrator mutually agreed upon by the parties from a list provided by AAA. The decision of the arbitrator shall be final and binding on all parties. The costs of mediation and arbitration shall be borne equally by
the parties. 
 You acknowledge that: (a) you have been advised in writing to consult with an attorney prior to executing this Agreement
(which includes a release of claims); (b) you have read the release and understand the effect of your release and that you are releasing legal rights; (c) you are aware of certain rights to which you may be entitled under certain statutes
and laws identified in the release; (d) you have had adequate time to consider this Agreement; and (e) as consideration for executing this Agreement, you have received additional benefits and compensation of value to which you would not
otherwise be entitled. 
 You acknowledge that this Agreement contains the entire agreement between you and Pope & Talbot, Inc.
regarding the terms of your separation from employment. You further acknowledge that you are over 40 and have been given at least 21 days or until May 25, 2007, to consider this Agreement and discuss it with financial or legal counsel of your
choice; and that you voluntarily sign it and agree to be bound by its terms. You understand that this Agreement must be signed within 21 days after you receive it, or by May 25, 2007, in order for you to be entitled to the benefits given under
it. 
 After you sign it, however, you may revoke the Agreement by sending me a written statement to that effect within 7 days after you have
signed it. Unless you revoke it, the Agreement will be effective on the 8th day after you have signed it (the “Effective Date”) and Pope & Talbot, Inc. will then provide you with the benefits stated in this Agreement. You
understand that if you revoke the Agreement, you will not be entitled to receive the benefits offered under this Agreement. 
 If you wish to
enter into this Agreement, please sign the enclosed copy where indicated and return the signed Agreement to Beth Hardman no later than the close of business on May 25, 2007. 

 Ms. Maria M. Pope 
 May
3, 2007 
  Page
 5
 
  

 Again, I thank you for all you have done for us during your employment and wish you every success in
the future. 
  

	
	Sincerely,
	
	 /s/ Harold N. Stanton

	Harold N. Stanton
	President and Chief Executive Officer

 I HAVE READ THE FOREGOING RELEASE AND UNDERSTAND THE EFFECT OF THIS RELEASE. I UNDERSTAND
THAT I AM RELEASING LEGAL RIGHTS, AND I VOLUNTARILY ENTER INTO THIS AGREEMENT. 
 I voluntarily agree to and accept the terms of this Agreement (which
includes a release of claims). 
  

					
	 /s/ Maria M. Pope
	 		 	 May 3, 2007

	Maria M. Pope	 		 	Date

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