Document:

Exhibit 10.6

 

EXECUTION VERSION

 

EMPLOYMENT AGREEMENT

 

This EMPLOYMENT AGREEMENT (this
 “Agreement”) is made as of October 16, 2019 (the “Execution Date”), by and among
Diversey, Inc., a Delaware corporation (the “Company”), Diamond (BC) B.V.
(“Diamond”), and Todd Herndon (the “Executive”). The Company, Diamond and the Executive
are sometimes hereinafter referred to individually as a “Party” and together as
 “Parties.”

 

WHEREAS, the Executive
has substantial business knowledge and experience, and the Company and Diamond desire to retain the knowledge and experience of
the Executive to assist in the operations and management of the Company and Diamond;

 

WHEREAS, the Executive
acknowledges that the Company and Diamond expend substantial resources establishing long term relationships with their respective
customers, clients and suppliers, and the Executive will from time to time during the course of his employment be exposed to such
customers, clients and suppliers and prospective customers, clients and suppliers; WHEREAS, the Executive acknowledges that in
connection with his employment the Executive will have access to valuable Confidential Information (as defined in Section 5 below) including, but not limited to, the Company’s and Diamond’s methods of doing business, business plans
and trade secrets;

 

WHEREAS, the Company
and Diamond desire that the Executive not directly or indirectly compete with the Company, Diamond or their respective Subsidiaries,
if any, for a reasonable period of time because of the detrimental effect such competition would have on the business of the Company
and Diamond; and

 

WHEREAS, all of the
foregoing recitals are incorporated into the covenants of this Agreement as if set forth herein at length.

 

     

     

    

 

NOW THEREFORE, in consideration
of the mutual covenants contained herein and other good and valuable consideration, the receipt and sufficiency of which are hereby
acknowledged, the Parties hereto, intending to be legally bound, agree as follows:

 

1.             Employment
Term; Position; Duties; Location.

 

(a) Employment
Term. The Company will employ the Executive, and the Executive hereby accepts employment with the Company, upon the terms
and conditions set forth in this Agreement, for the period beginning on November 18, 2019 (the “Effective Date”),
provided that the Executive commences employment with the Company on the Effective Date, and, unless sooner terminated as provided
in Section 4 hereof, ending on the fifth (5th) anniversary hereafter (the “Initial Term”). At the expiration
of the Initial Term, this Agreement will automatically renew for successive additional terms of one (1) year (each, a “Renewal
Term,” and, together with the Initial Term, the “Employment Period”), unless notice of termination
is given in writing by either Party hereto to the other Party at least sixty (60) days prior to the expiration of the Initial
Term or any successive Renewal Term. A notice of non-renewal given by the Company shall be treated as a termination without Cause
at the end of the then current Term. For the avoidance of doubt, if the Executive does not commence employment on the Effective
Date, this Agreement will be null and void ab initio, and the Executive shall have no rights hereunder, absent further
written agreement among the Company, Diamond and the Executive.

 

(b) Position.
During the Employment Period, the Executive will serve as the Chief Financial Officer of the Company. The Executive will have
the normal duties, responsibilities and authority of this office, subject to the power of the Board of Directors of the Company
(the “Company Board”) to expand or adjust such duties, responsibilities and authority in a manner consistent
with his position. Additionally, during the Employment Period, the Executive will serve as the Chief Financial Officer of Diamond
for no additional compensation and will have the normal duties, responsibilities and authority of this office, subject to the
direction of the Board of Directors of Diamond (the “Diamond Board” and, together with the Company Board, the
 “Boards”).

 

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(c) Duties.
During the Employment Period, the Executive will report directly to the Chief Executive Officer of the Company and the Boards.
The Executive will devote substantially all of his business time and attention (except for permitted vacation periods and reasonable
periods of illness or other incapacity) to the business and affairs of the Company, Diamond and their respective Subsidiaries (collectively,
the “Company Group”) and to the performance of his duties hereunder; provided that the Executive will
be permitted to (i) serve on the boards of non-profit and charitable organizations, (ii) with the prior consent of the
Boards (not to be unreasonably withheld, delayed or conditioned), serve on the board of directors of a corporation (or other similar
governing body of another entity) (other than one that competes with the Business), and (iii) manage his personal and legal
affairs and his passive personal investments that do not violate any of the restrictive covenants set forth herein or in any other
agreement that the Executive has entered into with the Company Group, to the extent such activities, individually or in the aggregate,
do not interfere with the Executive’s performance of his duties and responsibilities hereunder.

 

(d) Location.
During the Employment Period, the Executive’s principal office will be in Charlotte, North Carolina, provided that
the Executive understands and agrees that the Executive frequently will be required to travel for business purposes.

 

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		2.	Compensation.

 

(a)
Base Salary. As of the Effective Date, the Executive’s base salary will be no less than $600,000 per annum
in the aggregate. The Executive’s base salary will be paid by the Company in regular installments in accordance with the
Company’s general payroll practices and may be increased (but not decreased) in the sole discretion of the Company Board
(as increased, “Base Salary”).

 

(b) Annual
Bonus. In addition to the Base Salary, for each full fiscal year ending during the Employment Period, the Executive shall
have the opportunity to earn an annual bonus (the “Annual Bonus”), with the target bonus opportunity equal
to no less than 80% of the Executive’s then current Base Salary (the “Target Bonus”), based on meeting
performance goals to be established by the Compensation Committee of the Company Board no later than sixty (60) days after the
commencement of the applicable fiscal year. The actual amount of the Annual Bonus may range from 0% to 200% of the Target Bonus,
based upon achievement of the designated performance goals; provided, that, for the 2019 fiscal year only, Executive shall be
entitled to an Annual Bonus at least equal to a pro-rated portion of the Target Bonus, with such pro-ration based on the portion
of the 2019 fiscal year that Executive is employed with the Company. The Annual Bonus, if any, shall be paid to the Executive
in the following fiscal year no later than ten (10) days after the completion of the audit of the financial statements of
the Company for the fiscal year relating to such Annual Bonus, subject to the Executive’s continued employment with the
Company through the payment date, except as otherwise set forth below (including Section  4(d) hereof).

 

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		(c)	Equity-Related Matters.

 

(i)
Incentive Equity Award. Within thirty (30) days following the Effective Date, the
Executive shall be granted an equity-based incentive award (an “Incentive Equity Award”) in the form of an
award of 1,170,628 Class B Shares of Constellation (BC) Poolco S.C.A. (“Poolco”), which are intended to
be “profits interests” for U.S. federal income tax purposes and will be allocated 50% time-vesting and 50% performance-vesting.
The Incentive Equity Award will be subject to the terms of the Side Letter attached hereto as Exhibit A, as well as
the governing documents set forth in Section 2(c)(iv) below.

 

(ii) Co-Investment.
Within thirty (30) days following the Effective Date, the Executive will invest an aggregate amount equal to $500,000 (with the
understanding that, between the Execution Date and the Effective Date, the Executive may elect to increase (but not decrease)
the amount of such co-investment, in which case he shall notify the Company of such election in writing on or before the Effective
Date) as a co-investment in Constellation (BC) S.a.r.l. (“Constellation”), and Constellation shall accept such
co-investment. The co-investment will be made in the same class of securities and on a pari passu basis as the co-invest
equity securities held by the existing management co-investors as of the Effective Date (with such purchased co-investment securities,
the “Co-Investment Securities”). The purchase price for the Co-Investment Securities will be the same as the
purchase price paid by the management co-investors who co-invested at the time of the Acquisition (as defined in the Securityholders
Agreement in respect of Constellation, dated 4 June 2018 (as amended from time to time, the “SHA”)). For
clarity, the Executive will make the investment in USD, so the exact number of Co-Investment Securities issued to the Executive
will be determined by reference to the spot rate of exchange between USD and Euros, as published in the London edition of the
Financial Times two (2) business days immediately prior to the date of issuance.

 

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(iii) Transition-Related
Resignation. In the event that, prior to the first (1st) anniversary of the Effective Date, the Company Board appoints a new
Chief Executive Officer of the Company to succeed Mark Burgess, and the Executive resigns following such appointment, but in all
events before the first (1st) anniversary of the Effective Date, because such individual is not acceptable to the Executive (such
resignation, a “Transition-Related Resignation”), then subject to the Executive’s satisfaction of the
Termination Conditions (as defined in Section 11(a) hereof), upon the Executive’s written election (which
the Executive must make, if at all, within thirty (30) days after his resignation), the Company or an affiliate shall purchase
or redeem, within sixty (60) days of receipt of the Executive’s written election, the Co-Investment Securities at a purchase
price equal to the purchase price the Executive paid to acquire the Co-Investment Securities; provided that such obligation
shall be tolled to the extent necessary due to liquidity limitations or applicable restrictions in debt or equity financing agreements.
For the avoidance of doubt, the Executive’s resignation due to the Company Board’s appointment of any subsequent Chief
Executive Officer of the Company, or the Executive’s resignation without Good Reason on or after the first (1st) anniversary
of the Effective Date due to finding Mark Burgess’ successor unacceptable, shall not constitute a Transition-Related Resignation.

 

(iv) Governing
Documents. As a condition to receiving the Incentive Equity Award and purchasing the Co-Investment Securities, the Executive
will be required to enter into: (A) a Deed of Adherence to the SHA; (B) a Poolco Subscription Agreement; and (C) a
Side Letter with Constellation and Poolco.

 

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(d) Withholding.
All amounts payable to the Executive hereunder will be subject to all required withholding by the Company.

 

3.            
Benefits. In addition to the Base Salary and other compensation provided for in Section 2 above, the Executive
will be entitled to the following benefits during the Employment Period:

 

(a) Vacation.
The Executive will be entitled to vacation in accordance with Company policy, during which time his compensation shall be paid
in full, and such holidays and other nonworking days as are consistent with the policies of the Company for employees generally;
provided, however, that Executive shall be entitled to no less than five (5) weeks of vacation for each twelve
(12) month period within the Employment Period. Vacation shall be taken in the reasonable judgment of the Executive, subject to
the Company’s business needs and the oversight of the Chief Executive Officer of the Company and the Boards.

 

(b) Health
and Welfare; Employee Benefits. The Executive will be entitled to participate in the Company’s health and welfare benefit
programs for which other employees of the Company are generally eligible, subject to any eligibility requirements of such plans
and programs. In addition, the Executive will be entitled to participate in any employee benefit, fringe benefit or perquisite
plan or program that any member of the Company Group has adopted or may adopt, maintain or contribute to for the benefit of its
employees or its executive officers generally, subject to any eligibility requirements of such plans and programs.

 

(c) Business
Expenses. The Company will reimburse the Executive for all reasonable expenses incurred by him in the course of performing
his duties and responsibilities under this Agreement which are consistent with the Company’s policies in effect from time
to time with respect to travel, entertainment and other business expenses, subject to the Company’s requirements with respect
to reporting and documentation of such expenses. In addition, within ten (10) days of the Effective Date, the Company will
reimburse the Executive for the reasonable attorneys’ fees incurred by him in connection with the negotiation and documentation
of this Agreement and related agreements, not to exceed a maximum of $7,000 in the aggregate.

 

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		(d)	Commuting; Relocation.

 

(i)
Notwithstanding anything to the contrary in Section 1(d) of this Agreement, the Executive may maintain his
primary residence in the Milwaukee, Wisconsin area and will not be required to relocate to the Charlotte, North Carolina metropolitan
area. Until the six (6)-month anniversary of the Effective Date, the Company will reimburse the Executive on a fully tax grossed-up
basis (i.e., the Company will gross-up the reimbursements to the minimal extent necessary for the Executive not to incur
an out-of-pocket cost) for his reasonable travel expenses incurred in traveling to and from his residence (limited to one round
trip per week), provided that such expenses are incurred in accordance with, and reimbursable under, the Company’s
travel policy then in effect.

 

(ii) Should
the Executive subsequently decide to relocate to the Charlotte, North Carolina metropolitan area (or the then-current location
of the Company’s headquarters), the Executive shall be entitled to participate in the Company’s relocation program.

 

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		4.	Termination.

 

(a)          
Notwithstanding Section  1 of this Agreement, the Executive’s employment with the Company and the Employment
Period will end on the earlier of (i) the Executive’s death or Disability, (ii) the Executive’s resignation
without Good Reason (provided that the Executive must provide the Company with at least sixty (60) days’ advance
written notice of a resignation without Good Reason), (iii) termination by the Company at any time with Cause (as defined
below), or (iv) termination by the Company at any time without Cause (other than a termination pursuant to Section 4(a)(i)),
resignation by the Executive for Good Reason or Transition-Related Resignation (provided, that, for the avoidance of doubt, there
can be no Transition-Related Resignation on or after the first (1st) anniversary of the Effective Date). Except as otherwise provided
herein, any termination of the Employment Period by the Company or by the Executive will be effective as specified in a written
notice from the terminating Party to the other Party. For purposes of this Agreement, a termination of the Executive’s employment
with the Company will constitute a termination of the Executive’s service as the Chief Financial Officer of Diamond. Upon
any termination of his employment with the Company, the Executive will automatically resign from the Boards and any Subsidiary
boards on which he may be serving (if any) and will promptly execute any additional documentation necessary to effectuate the
foregoing.

 

(b)            If
the Executive’s employment with the Company is terminated pursuant to Section 4(a)(i), (ii) or (iii),
then the Executive will only be entitled to receive his Base Salary through the date of termination and will not be entitled to
any other salary, bonus, severance, compensation or benefits from the Company or any of its Subsidiaries or Affiliates thereafter,
other than (i) payment of any unpaid Base Salary through the date of termination and payment in lieu of any accrued but unused
vacation time through the date of termination in accordance with Company policy, (ii) those expressly required under applicable
law (such as the Consolidated Omnibus Budget Reconciliation Act of 1985, as amended (“COBRA”)), (iii) amounts
described under Section 3, (iv) amounts payable under the Company’s applicable plans and programs
in which the Executive participates, including equity arrangements, and (v) indemnification and officer and director liability
insurance. The amounts described in clauses (i)-(v) of this Section 4(b) are referred to herein as the “Accrued
Benefits.”

 

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(c)            If
the Executive’s employment with the Company is terminated pursuant to Section 4(a)(iv), then, in addition to
the Accrued Benefits, the Executive will be entitled to receive (i) an amount equal to one (1.0) times the sum of his (A) Base
Salary (at the highest rate in effect during the twelve (12)-month period immediately preceding the date of termination) and (B)
Target Bonus (the “Severance Amount”), with such amount payable in ratable installments in accordance with
the Company’s then current payroll practices over the twelve (12)-month period following the termination date, and (ii) subject
to the Executive’s (A) timely election of continuation coverage under COBRA and (B) continued copayment of premiums
at the same level and cost to the Executive as if the Executive were an employee of the Company (excluding, for purposes of calculating
cost, an employee’s ability to pay premiums with pre-tax dollars), continued participation in the Company’s group
health plan (to the extent permitted under applicable law and the terms of such plan) which covers the Executive (and the Executive’s
eligible dependents) for a period of twelve (12) months immediately following the date of such termination, provided that
the Executive is eligible and remains eligible for COBRA coverage, provided, further, that the Company may modify
the continuation coverage contemplated by this Section 4(c)(ii) to the extent reasonably necessary to avoid the
imposition of any excise taxes on the Company for failure to comply with the nondiscrimination requirements of the Patient Protection
and Affordable Care Act of 2010, as amended, and/or the Health Care and Education Reconciliation Act of 2010, as amended (to the
extent applicable), and provided, further, that in the event that the Executive obtains other employment that offers
group health benefits, such continuation of coverage by the Company under this Section 4(c)(ii) shall immediately
cease.

 

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(d)            Upon
any termination event other than one pursuant to Section 4(a)(iii), the Executive will be entitled to any earned but
unpaid Annual Bonus for any previously completed fiscal year.

 

(e)             For
the purpose of clarity, the non-renewal of the Employment Period by the Company shall constitute a termination event pursuant to
Section 4(a)(iv) at the end of the Employment Period.

 

(f)             Unpaid
reimbursement as provided in Sections 3(c) and 3(d) shall also be paid when due, despite any termination.

 

(g)            Except
as otherwise expressly provided herein or in any applicable equity agreements, all of the Executive’s rights to salary, bonuses,
fringe benefits and other compensation hereunder or under any policy or program of the Company which accrue or become payable on
or after the termination of the Employment Period will cease upon such termination other than those expressly required under applicable
law (such as COBRA) or provided for under such policy or program.

 

(h)            In
no event shall the Executive be obligated to seek other employment or take any other action by way of mitigation of the amounts
payable to the Executive under any of the provisions of this Agreement, nor shall the amount of any payment hereunder be reduced
by any compensation earned by the Executive as a result of employment by a subsequent employer (except as provided in Section 4(c)(ii)).
Subject to Section  29, the Company’s obligations to pay the Executive amounts hereunder shall be subject to
set-off, counterclaim or recoupment of bona fide amounts owed by the Executive to the Company Group or any of its Affiliates.

 

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5.            
Confidential Information. The Executive recognizes and acknowledges that the continued success of the Company Group
depends upon the use and protection of a large body of confidential and proprietary information and that the Executive will have
access to certain Confidential Information of the Company Group and corporations with which the Company Group does business, and
that such Confidential Information constitutes valuable, special and unique property of the Company Group and such other corporations.
 “Confidential Information” will be interpreted to include all confidential information of any sort (whether
merely remembered or embodied in a tangible or intangible form) that is (a) related to the Company Group’s (including
any predecessor of any member thereof) current or potential business and (b) not generally or publicly known. Confidential
Information includes, without limitation, the information, observations and data obtained by the Executive, while employed by
the Company Group, concerning the business or affairs of the Company Group, including information concerning acquisition opportunities
in or reasonably related to the Company Group’s business or industry, development, transition and transformation plans,
methodologies and methods of doing business, strategic, marketing and expansion plans, financial and business plans, financial
data, pricing information, employee lists and telephone numbers, locations of sales representatives, new and existing customer
or supplier programs and services, customer terms, customer service and integration processes, requirements and costs of providing
service, support and equipment. Confidential Information does not include any general technical skills or general experience gained
by the Executive during the Executive’s affiliation with the Company Group. The Executive agrees that he will use the Confidential
Information only as necessary in the performance of his duties hereunder. The Executive agrees that he will not disclose to any
unauthorized Person or use for his own purposes (except as described in the immediately preceding sentence) any Confidential Information
without the prior written consent of the Company Board, unless and to the extent that (i) the Confidential Information becomes
generally known to and available for use by the public other than as a result of the Executive’s acts or omissions or (ii) the
Executive is ordered by a court of competent jurisdiction to disclose Confidential Information, provided that in such circumstance
the Executive must (A) provide prompt written notice of such order to the Company and (B) cooperate with the Company
when revealing such Confidential Information to such court. In addition, nothing in this Agreement shall prohibit the Executive
from disclosing information and documents to the Executive’s attorney or tax adviser for the purpose of securing legal or
tax advice, or disclosing the post-employment restrictions in this Agreement to any potential new employer; provided that,
in each case, the Executive shall instruct such individuals to ensure the continued confidentiality and protection of the Confidential
Information. Notwithstanding anything to the contrary contained herein, no provision of this Agreement shall be interpreted so
as to impede the Executive (or any other individual) from reporting possible violations of federal law or regulation to any governmental
agency or entity, including but not limited to the Department of Justice, the Securities and Exchange Commission, the Congress,
and any agency Inspector General, or making other disclosures under the whistleblower provisions of federal law or regulation.
The Executive does not need the prior authorization of the Company to make any such reports or disclosures and the Executive shall
not be required to notify the Company that such reports or disclosures have been made.

 

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6.            
Return of Corporate Property. The Executive acknowledges and agrees that all notes, records, reports, sketches,
plans, unpublished memoranda or other documents, whether in paper, electronic or other form (and all copies thereof), held by
the Executive concerning any information relating to the business of the Company Group, whether confidential or not, are the property
of the Company. The Executive will deliver to the Company at the termination or expiration of the Employment Period, or at any
other time the Company may request, all equipment, files, property, memoranda, notes, plans, records, reports, computer tapes,
printouts and software and other documents and data (and all electronic, paper or other copies thereof) belonging to the Company
Group, which includes, but is not limited to, any materials that contain, embody or relate to the Confidential Information, Work
Product (as defined in Section  7 below) or the business of the Company Group, which he may then possess or have under
his control; provided however, that the Executive may retain (and make copies of) the Executive’s address book and
correspondence, files and documents relating to the Executive’s equity rights, personal compensation, benefits and obligations.
During the Executive’s employment and continuing for sixty (60) months thereafter (the “Restricted Period”),
upon written notice to the Executive, the Executive will take any and all reasonable actions reasonably deemed necessary or appropriate
by the Company or Diamond from time to time, in its reasonable discretion, to ensure the continued confidentiality and protection
of the Confidential Information. During the Executive’s employment and the Restricted Period, the Executive will notify
the Company promptly and in writing of any circumstances of which the Executive has knowledge relating to any possession or use
of any Confidential Information by any Person that the Executive knows is not authorized to possess or use such Confidential Information.

 

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7.            
Intellectual Property Rights. The Executive acknowledges and agrees that all inventions, technology, processes,
innovations, ideas, improvements, developments, methods, designs, analyses, trademarks, service marks, and other indicia of origin,
writings, audiovisual works, concepts, drawings, reports and all similar, related, or derivative information or works (whether
or not patentable or subject to copyright), including but not limited to all patents, copyrights, copyright registrations, trademarks,
and trademark registrations in and to any of the foregoing, along with the right to practice, employ, exploit, use, develop, reproduce,
copy, distribute copies, publish, license, or create works derivative of any of the foregoing, and the right to choose not to
do or permit any of the aforementioned actions, which relate to the Company Group’s actual or anticipated business, research
and development or existing or future products or services and which are conceived, developed or made by the Executive prior to
or while employed by the Company Group (collectively, the “Work Product”) belong to the Company Group. All
Work Product created by the Executive while employed by the Company or Diamond will be considered “work made for hire,”
and as such, the Company or Diamond (as applicable) is the sole owner of all rights, title, and interests therein. All other rights
to any new Work Product and all rights to any existing Work Product, including but not limited to all of the Executive’s
rights to any copyrights or copyright registrations related thereto, are conveyed, assigned and transferred to the Company or
Diamond (as applicable) pursuant to this Agreement. The Executive will, at the Company’s expense,
perform all actions reasonably requested by the Company (whether during or after the Employment Period) to establish, confirm
and protect such ownership (including, without limitation, the execution of assignments, copyright registrations, consents, licenses,
powers of attorney and other instruments). The provisions of this Section  7 shall not apply to an invention
or any work product (a) for which no equipment, supplies, facility, trade secret information or Confidential Information
of the Company Group was used, (b) which was developed on the Executive’s own time, and (c) which is not materially
related to the Business. 18 U.S.C. § 1833(b) provides: “An individual shall not be held criminally or civilly
liable under any Federal or State trade secret law for the disclosure of a trade secret that (A) is made (i) in confidence
to a Federal, State, or local government official, either directly or indirectly, or to an attorney; and (ii) solely for
the purpose of reporting or investigating a suspected violation of law; or (B) is made in a complaint or other document filed
in a lawsuit or other proceeding, if such filing is made under seal.” Nothing in this Agreement is intended to conflict
with 18 U.S.C. § 1833(b) or create liability for disclosures of trade secrets that are expressly allowed by 18 U.S.C.
§ 1833(b). Accordingly, the Parties to this Agreement have the right to disclose in confidence
trade secrets to federal, state, and local government officials, or to an attorney, for the sole purpose of reporting or investigating
a suspected violation of law. The Parties also have the right to disclose trade secrets in a document filed in a lawsuit or other
proceeding, but only if the filing is made under seal and protected from public disclosure.

 

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8.            Non-Compete.
In further consideration of the compensation to be paid to the Executive hereunder, the Executive acknowledges that, in the course
of his employment with the Company Group, he will become familiar with the Company Group’s trade secrets, methods of doing
business, business plans and other valuable Confidential Information concerning the Company Group and its customers and suppliers
and that his services have been and will be of special, unique and extraordinary value to the Company Group. The Executive agrees
that, so long as the Executive is employed by the Company Group and continuing for twelve (12) months thereafter (the “Non-Compete
Period”), the Executive will not, anywhere in the Applicable Area (whether on his own account, or as an employee,
consultant, agent, partner, manager, joint venturer, owner, operator or officer of any other Person, or in any other capacity):

 

(a) act
in a capacity, or provide services, for any business that directly competes with the Business;

 

(b) engage
in the Business or manage, control, participate in, consult with, or render services for, any other Person that engages in the
Business;

 

(c) otherwise
engage in any business, venture or activity that directly competes with the Business; or

 

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(d) except
as permitted below, own any interest in, consult with, render services to or otherwise assist any Person that does any of the foregoing.

 

Nothing herein will
prohibit the Executive from: (i) being a passive owner of a competitive business, so long as the Executive has no active participation
in the business of such corporation; or (ii) being employed by or otherwise providing services to or for a competitor of the
Company Group in a capacity that is not the same as or similar to any capacity in which the Executive worked for the Company Group
(acknowledging that the Executive’s role requires the Executive to, among other things, engage in executive, managerial,
strategic, technical, and business development activities). For the avoidance of doubt, the Executive will be considered to be
 “directly” competing if he is officially employed or engaged by an entity’s subsidiary, division or unit that
does not engage in or compete with the Business, but nevertheless provides services or any assistance to a subsidiary, division
or unit that does compete with the Business. For illustrative purposes only, and not by way of limitation, the following entities
are considered to be in “direct” competition with the Business as of the Effective Date: AFCO/Zep, Clorox (Building
Care/Laundry), Ecolab, Henkel (F&B), Nilfisk-Advance (Taski/Equipment), P&G (Building Care/Laundry), SC Johnson (Building
Care) and Tennant (Taski/Equipment).

 

9.             Non-Solicitation.

 

(a) The
Executive agrees that, so long as the Executive is employed by the Company Group and continuing for twelve (12) months thereafter
(the “Non-Solicitation Period”), the Executive will not, directly or indirectly, in any manner (whether on
his own account, as an owner, operator, officer, director, partner, manager, employee, agent, contractor, consultant or otherwise):
(i) employ, retain, recruit, solicit or otherwise attempt to employ or retain (A) any current employee or consultant
of the Company Group or (B) any former employee or consultant who was employed by or providing services to the Company Group
within the preceding six (6)-month period (but excluding any employee or consultant whose employment or service was terminated
by the Company Group without “cause”) or (ii) knowingly induce or attempt to induce any current employee of,
or consultant to, the Company Group to leave the employ or service of the Company Group or otherwise knowingly interfere with
the relationship between the Company Group and any of its employees or consultants.

 

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(b) During
the Non-Compete Period, the Executive will not, directly or indirectly, in any manner (whether on his own account, as an owner,
operator, officer, director, partner, manager, employee, agent, contractor, consultant or otherwise): (i) call on, solicit
or service any Customer with the intent of selling or attempting to sell any service or product sold by (or similar to the service
or product sold by) the Company Group, (ii) in any way accept business covered in (i) from, or knowingly interfere with
the relationship between the Company Group and, any Customer (or any known prospective Customer), or (iii) knowingly interfere
with the relationship between the Company Group and any supplier, licensee or other business relation of the Company Group; provided,
that, the foregoing shall not prevent the Executive from making otherwise permissible statements in any litigation proceeding between
the Executive, on the one hand, and the Company Group, on the other hand. 

 

Notwithstanding the
foregoing, the provisions of this Section 9 shall not be violated by the Executive serving as a reference, upon request,
for any employee of the Company Group.

 

10.            
Non-Disparagement. During the Employment Period and then for all times thereafter, the Executive will not disparage
the Company, Diamond or any of their respective Subsidiaries, any majority investor in the Company or Diamond or the operations,
officers, directors or employees of any of the foregoing. Similarly, the Company and Diamond will instruct their respective officers
and directors not to disparage the Executive. The foregoing shall not be violated by statements made in connection with the good
faith discharge of duties to the Company Group, otherwise permissible statements made in any litigation proceeding involving the
parties covered hereby, statements made in response to legal process, rebuttal of false or misleading statements about the parties
covered hereby or normal competitive type statements if permissibly competing.

 

    	 	17	 

     

    

 

		11.	Release and Enforcement.

 

(a)
As a condition to receipt of any severance payments under this Agreement, (i) the Executive,
within sixty (60) days following termination of the Executive’s employment, shall have delivered, to the Company a complete
release of any claims, pursuant to a form substantially similar to the form agreement attached hereto as Exhibit B,
and (ii) the Executive will not have breached, and does not breach, the provisions of Sections 5, 6, 7,
8, 9 and 10 hereof (with (i) and (ii), collectively, the “Termination Conditions”).
Payment of severance hereafter shall commence within ten (10) days of the Release having become effective and irrevocable,
provided that, to the extent that the payment of any amount constitutes “nonqualified deferred compensation”
for purposes of Code Section 409A (as defined in Section  29 hereof), any such payment scheduled to occur during
the first sixty (60) days following the termination of employment shall not be paid until the first regularly scheduled pay period
following the sixtieth (60th) day following
such termination and shall include payment of any amount that was otherwise scheduled to be paid prior thereto.

 

    	 	18	 

     

    

 

(b)
The Executive acknowledges and agrees that the restrictions contained in Sections 8 and 9 with respect to
time, geographical area, and scope of activity are reasonable and do not impose a greater restraint than is necessary to protect
the goodwill and other legitimate business interests of the Company Group and that the Executive
has had the opportunity to review the provisions of this Agreement with his legal counsel. In particular, the Executive agrees
and acknowledges that the Company and Diamond are currently engaging in business and actively marketing their services and products
throughout the Applicable Area, the Company Group expend significant time and effort developing and protecting the confidentiality
of their methods of doing business, customer lists, long term customer relationships and trade secrets and such methods, customer
lists, customer relationships and trade secrets have significant value. However, if, at the time of enforcement of Sections
 8 and/or 9, a court holds that the duration, geographical area or scope of activity restrictions stated
therein are unreasonable under circumstances then existing or impose a greater restraint than is necessary to protect the goodwill
and other business interests of the Company and Diamond, the Parties agree that the maximum duration, scope or area reasonable
under such circumstances will be substituted for the stated duration, scope or area and that the court will be allowed to revise
the restrictions contained herein to cover the maximum duration, scope and area permitted by law, in all cases giving effect to
the intent of the Parties that the restrictions contained herein be given effect to the broadest extent possible. The existence
of any claim or cause of action by the Executive against the Company Group, whether predicated on this Agreement or otherwise,
will not constitute a defense to the enforcement by the Company or Diamond of the provisions of Sections 5, 6, 7,
8, 9 or 10, or this Section  11. During the Restricted Period, the Executive will notify prospective
future employers of the Executive’s obligations under Sections 5, 6, 7, 8, 9 or 10 hereof.

 

(c) In
the event of the breach or a threatened breach by the Executive of any of the provisions of Sections 5, 6, 7,
8, 9 or 10, or this Section  11, the Company Group, in addition and supplementary to any other
rights and remedies existing in their favor, will be entitled to specific performance and/or injunctive or other equitable relief
from a court of competent jurisdiction in order to enforce or prevent any violations of the provisions hereof (without posting
a bond or other security). In addition, in the event of a breach or violation by the Executive of Sections 8 and/or 9,
the Non-Solicitation Period and/or the Non-Compete Period, as applicable, will be tolled until such breach or violation has been
duly cured.

 

    	 	19	 

     

    

 

(d) For
the avoidance of doubt, except as set forth Section 14, each party to the Agreement hereto agrees that both parties
will solely be responsible for any cost associated with resolving any dispute arising hereunder, including but not limited to
any attorneys’ fees or costs, regardless of which party ultimately prevails. Notwithstanding the foregoing, to the extent
that the Executive challenges the enforceability or reasonableness of any of the provisions set forth in Sections 5, 6,
7, 8, 9 or 10, or this Section 11, the Executive will, in addition to any other rights
and remedies available to the Company, reimburse the Company for any and all reasonable costs and expenses (including attorneys’
fees) incurred by any member of the Company Group in connection with such action or proceeding. For the sake of clarity, the preceding
sentence will not apply to disputes regarding whether the Executive in fact violated the provisions of Sections 5, 6,
7, 8, 9 or 10, or this Section 11.

 

12.            
Executive’s Representations. The Executive hereby represents and warrants to the Company that (a) he
has entered into this Agreement of his own free will for no consideration other than as referred to herein; (b) the execution,
delivery and performance of this Agreement by the Executive does not and will not conflict with, breach, violate or cause a default
under any contract, agreement, instrument, order, judgment or decree to which the Executive is a party or by which the Executive
is bound; (c) the Executive is not a party to or bound by any employment, non-competition, confidentiality or other similar
agreement with any other Person that would impair his ability to perform his duties for the Company and Diamond; and (d) upon
the execution and delivery of this Agreement by the Company and Diamond, this Agreement will be the valid and binding obligation
of the Executive, enforceable in accordance with its terms. The Executive hereby acknowledges and represents that the Executive
has had the opportunity to consult with independent legal counsel regarding the Executive’s rights and obligations under
this Agreement and that the Executive fully understands the terms and conditions contained herein.

 

    	 	20	 

     

    

 

13.            Definitions.

 

“Affiliate”
means, with respect to an entity, any other person or entity, directly or indirectly controlling, controlled by or under common
control with the entity

 

“Applicable Area” means North
America, Latin America, Europe, Asia Pacific, Middle East and Africa, but if such area is determined by judicial action to be
too broad, then it means the broadest permissible area permitted by applicable law.

 

“Business”
means, collectively, (a) the businesses in which the Company Group is engaged as of the Effective Date and (b) any other
lines of businesses in which the Company Group is actually engaged, or which either Board is actively considering (to the Executive’s
knowledge), as of the date on which the Employment Period ends.

 

“Cause”
means any of the following: (a) the Executive’s gross negligence or willful misconduct in the performance of his duties
owed to the Company Group, (b) the Executive’s indictment for or conviction of (which shall be deemed to have occurred
in the case of any plea by the Executive of guilty or nolo contendere to any of the following) a felony or any crime involving
moral turpitude (provided that, for the avoidance of doubt, a traffic offense that does not result in significant physical
injury shall not constitute a crime of moral turpitude), (c) the Executive’s commission of any willful act or omission
involving theft or fraud with respect to the Company Group or any of its customers, suppliers or vendors, (d) the Executive
reporting to work intoxicated or under the influence of illegal drugs, or other willful conduct, in each case, causing the Company
Group substantial public disgrace or disrepute or material economic harm, (e) the Executive’s repeated failure to perform
his material duties after written notice from either Board, (f) the Executive’s willful breach of fiduciary duty (provided
that the Executive’s act or omission to act on the advice of counsel to the Company or any of its Affiliates will not
result in such a breach), or (g) any other material breach of this Agreement by the Executive. Notwithstanding the foregoing,
with respect to any Cause termination relying on clauses (d), (e), (f) or (g) above, if the event giving rise to Cause
is subject to cure, the Company will be required to provide five (5) business days’ advance written notice to the Executive
and such termination will not be effective if the Executive cures the Cause event within such five (5) business day notice
period.

 

    	 	21	 

     

    

 

“Customer”
means any Person who (a) purchased products or services from the Company Group during the twenty-four (24) months prior to
the date of termination of the Executive’s employment; or (b) was called upon or solicited by the Company Group during
such twenty-four (24)-month period, if the Executive had direct or indirect contact with such Person as an employee of the Company
Group.

 

“Disability”
means, following written notice from the Company to the Executive that the Executive is unable, by reason of physical or mental
impairment that cannot be reasonably accommodated, to carry out and perform the duties and obligations ordinarily required of
his then current position for a period of one hundred twenty (120) consecutive days or one hundred eighty (180) days during any
twelve (12)-month period, upon the determination by an independent, licensed physician selected by the Company. Notwithstanding
the foregoing, with respect to any “nonqualified deferred compensation” (as defined in Code Section 409A) that
is payable upon a Disability, Disability shall mean that the Executive is disabled under Code Section 409A(a)(2)(C)(i) or
(ii).

 

    	 	22	 

     

    

 

“Good Reason”
means the occurrence of any of the following, in each case, during the Employment Period without the Executive’s written
consent: (i) a reduction in the Executive’s Base Salary; (ii) a reduction in the Executive’s Target Bonus;
(iii) a material and adverse change in the Executive’s title, authority, duties, reporting or responsibilities, (other
than temporarily while the Executive is physically or mentally incapacitated or as required by applicable law); (iv) an involuntary
relocation of the Executive’s principal office location by more than fifty (50) miles from its then-current location; (v) a
material breach by the Company or Diamond of a material provision of this Agreement; or (vi) the failure of the Company or
Diamond to obtain the assumption in writing (or by operation of law) of its obligations under this Agreement by any successor
to all or substantially all of the assets of the Company or Diamond upon the consummation of a merger, consolidation, sale or
similar transaction. The Executive cannot terminate his employment for Good Reason unless he has provided written notice to the
Company of the existence of the circumstances providing grounds for termination for Good Reason within thirty (30) days of the
initial existence of such grounds and the Company has had at least thirty (30) days from the date on which such notice is provided
to cure such circumstances. If the Executive does not terminate his employment for Good Reason within thirty (30) days after the
Company’s failure to cure the applicable grounds, then the Executive will be deemed to have waived his right to terminate
for Good Reason with respect to such grounds.

 

“Person”
means any natural person, corporation, general partnership, limited partnership, limited liability company or partnership, proprietorship,
other business organization, trust, union, association or governmental or regulatory entities, department, agency or authority.

 

    	 	23	 

     

    

 

“Subsidiaries”
means any corporation, limited liability company or other entity of which the securities or other ownership interests having the
voting power to elect a majority of the board of directors or other governing body are, at the time of determination, owned by
the Company (or Diamond, as applicable) or any corporation or other entity of which the Company (or Diamond, as applicable) or
one of its respective Subsidiaries serves as the managing member or in a similar capacity, in each case either directly or through
one of more Subsidiaries.

 

14.            Indemnification,
Etc. The Company, Diamond and, as applicable, the Company’s Subsidiaries shall cover the Executive by directors
and officers liability insurance to the extent of the coverage they provide to any other officer or director. The Company and
Diamond shall indemnify and hold the Executive harmless, to the fullest extent permitted by law and the organizational documents
of the Company Group, from and against all reasonable costs, charges and expenses (including, without limitation, reasonable attorneys’
fees) and on the same basis as any other officer or director. The provisions of this Section  14 shall not be deemed
exclusive of any other rights to which the Executive seeking indemnification may have under any applicable law, certificate of
incorporation, by-law, agreement, vote of shareholders or directors, or otherwise.

 

15.            Survival.
Sections 4 through 29 will survive and continue in full force in accordance with their terms notwithstanding
the termination of the Employment Period.

 

16.            Notices.
Any notice provided for in this Agreement will be in writing and will be either personally delivered, sent by reputable overnight
courier service, sent by facsimile (with hard copy to follow by regular mail) or mailed by first class mail, return receipt requested,
to the recipient at the address below indicated:

 

    	 	24	 

     

    

 

Notices to the Executive:

 

Todd Herndon

At the most recent address on file with the Company

 

Notices to the Company:

 

Diversey, Inc.

2415 Cascade Point Blvd.

Charlotte, NC 28208

Attn: Mike Chapman

Email: Mike.chapman@diversey.com

 

Notices to Diamond:

 

Diamond (BC) B.V.

Tower A, 12th Floor

Strawinskylaan 1209

1077 XX Amsterdam, Netherlands

Attn: Board of Directors of Diamond

 

and to:

 

Bain Capital Private Equity, LP

200 Clarendon Street

Boston, MA 02116

Attn:     Ken
Hanau

Email: KHanau@baincapital.com

Fax:     (617)
516-2010

 

with a copy (which shall not constitute notice) to:

 

Kirkland & Ellis LLP

200 Clarendon Street

Boston, MA 02116

Attn:     Katherine
V. Coverdale

Email: katherine.coverdale@kirkland.com Fax: (617) 385-7501

 

or such other address or to the attention of such other person
as the recipient Party will have specified by prior written notice to the sending Party. Any notice under this Agreement will
be deemed to have been given when so delivered, sent or mailed.

 

    	 	25	 

     

    

 

17.            Severability.
Whenever possible, each provision of this Agreement will be interpreted in such manner as to be effective and valid under applicable
law, but if any provision of this Agreement is held to be invalid, illegal or unenforceable in any respect under any applicable
law or rule in any jurisdiction, such invalidity, illegality or unenforceability will not affect any other provision or any
action in any other jurisdiction, but this Agreement will be reformed, construed and enforced in such jurisdiction as if such invalid,
illegal or unenforceable provision had never been contained herein.

 

18.            Complete
Agreement. This Agreement embodies the complete agreement and understanding among the Parties and supersedes and preempts any
prior understandings, agreements or representations by or among the Parties, written or oral, which may have related to the subject
matter hereof in any way. The Executive hereby releases and waives any claims or rights he may have under any prior agreement or
understanding he may have with the Company Group.

 

19.            Counterparts.
This Agreement may be executed in separate counterparts (including by facsimile and electronic signature pages), each of which
is deemed to be an original and all of which taken together constitute one and the same agreement.

 

20.            No
Strict Construction. The parties hereto jointly participated in the negotiation and drafting of this Agreement. The language
used in this Agreement will be deemed to be the language chosen by the parties hereto to express their collective mutual intent,
this Agreement will be construed as if drafted jointly by the parties hereto, and no rule of strict construction will be applied
against any Person.

 

21.            Successors
and Assigns. This Agreement is intended to bind and inure to the benefit of and be enforceable by the Executive, the Company,
Diamond and their respective heirs, successors and assigns. The Executive may not assign his rights or delegate his duties or
obligations hereunder without the prior written consent of the Company and Diamond. Upon notice to the Executive, each of the
Company and Diamond may assign its rights and obligations hereunder, without the consent of the Executive, to any of its Affiliates
or Subsidiaries or to Person that acquires the Company or Diamond, in which case all references to the Company or Diamond (as
applicable) will refer to such assignee; provided, in each case, that the Company and Diamond shall require such successor to
expressly assume and agree to perform this Agreement in the same manner and to the same extent that the Company would be required
to perform it if no such succession had taken place.

 

    	 	26	 

     

    

 

22.            
Choice of Law; Exclusive Venue. THIS AGREEMENT, AND ALL ISSUES AND QUESTIONS CONCERNING THE CONSTRUCTION, VALIDITY,
ENFORCEMENT AND INTERPRETATION OF THIS AGREEMENT, WILL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE INTERNAL LAWS OF
THE STATE OF DELAWARE, WITHOUT GIVING EFFECT TO ANY CHOICE OF LAW OR CONFLICT OF LAW RULES OR PROVISIONS (WHETHER OF THE STATE
OF DELAWARE OR ANY OTHER JURISDICTION) THAT WOULD CAUSE THE APPLICATION OF THE LAWS OF ANY JURISDICTION OTHER THAN THE STATE OF
DELAWARE. THE PARTIES AGREE THAT ALL DISPUTES, LEGAL ACTIONS, SUITS AND PROCEEDINGS ARISING OUT OF OR RELATING TO THIS AGREEMENT
MUST BE BROUGHT EXCLUSIVELY IN A FEDERAL DISTRICT COURT LOCATED IN THE DISTRICT OF DELAWARE OR THE DELAWARE STATE COURT IN NEW
CASTLE COUNTY, DELAWARE (COLLECTIVELY, THE “DESIGNATED COURTS”). EACH PARTY HEREBY CONSENTS AND SUBMITS TO
THE EXCLUSIVE JURISDICTION OF THE DESIGNATED COURTS. NO LEGAL ACTION, SUIT OR PROCEEDING WITH RESPECT TO THIS AGREEMENT MAY BE
BROUGHT IN ANY OTHER FORUM. EACH PARTY HEREBY IRREVOCABLY WAIVES ALL CLAIMS OF IMMUNITY FROM JURISDICTION AND ANY OBJECTION WHICH
SUCH PARTY MAY NOW OR HEREAFTER HAVE TO THE LAYING OF VENUE OF ANY SUIT, ACTION OR PROCEEDING IN ANY DESIGNATED COURT, INCLUDING
ANY RIGHT TO OBJECT ON THE BASIS THAT ANY DISPUTE, ACTION, SUIT OR PROCEEDING BROUGHT IN THE DESIGNATED COURTS HAS BEEN BROUGHT
IN AN IMPROPER OR INCONVENIENT FORUM OR VENUE.

 

    	 	27	 

     

    

 

23.            

Mutual Waiver of Jury Trial. THE COMPANY, DIAMOND AND THE EXECUTIVE EACH WAIVES ITS OR HIS RESPECTIVE RIGHTS TO
A TRIAL BY JURY OF ANY CLAIM OR CAUSE OF ACTION BASED UPON OR ARISING OUT OF OR RELATED TO THIS AGREEMENT IN ANY ACTION, PROCEEDING
OR OTHER LITIGATION OF ANY TYPE BROUGHT BY ANY OF THE PARTIES AGAINST ANY OTHER PARTY OR ANY AFFILIATE OF ANY OTHER SUCH PARTY,
WHETHER WITH RESPECT TO CONTRACT CLAIMS, TORT CLAIMS OR OTHERWISE. THE COMPANY, DIAMOND AND THE EXECUTIVE EACH AGREE THAT ANY
SUCH CLAIM OR CAUSE OF ACTION WILL BE TRIED BY A COURT TRIAL WITHOUT A JURY. WITHOUT LIMITING THE FOREGOING, EACH OF THE PARTIES
FURTHER AGREES THAT ITS RESPECTIVE RIGHT TO A TRIAL BY JURY IS WAIVED BY OPERATION OF THIS SECTION AS TO ANY ACTION, COUNTERCLAIM
OR OTHER PROCEEDING WHICH SEEKS, IN WHOLE OR IN PART, TO CHALLENGE THE VALIDITY OR ENFORCEABILITY OF THIS AGREEMENT OR ANY
PROVISION HEREOF. THIS WAIVER WILL
APPLY TO ANY SUBSEQUENT AMENDMENTS, RENEWALS, SUPPLEMENTS OR MODIFICATIONS TO THIS AGREEMENT.

 

    	 	28	 

     

    

 

24.            Business
Days. If any time period for giving notice or taking action hereunder expires on a day which is a Saturday, Sunday or legal
holiday in the state in which the Company’s chief-executive office is located, the time period shall automatically be extended
to the business day immediately following such Saturday, Sunday or legal holiday.

 

		25.	Withholding; 280G.

 

(a) The
Company Group will be entitled to deduct or withhold from any amounts owing to the Executive any federal, state, local or foreign
withholding taxes, excise tax, or employment taxes (“Taxes”) required to be withheld with respect to the Executive’s
compensation or other payments from the Company Group or the Executive’s ownership interest in the Company Group or the direct
or indirect parents of any member thereof (including, without limitation, wages, bonuses, dividends, the receipt or exercise of
equity options and/or the receipt or vesting of restricted equity).

 

    	 	29	 

     

    

 

(b) Notwithstanding
anything contained in this Agreement to the contrary to the extent that any of the payments and benefits provided for under this
Agreement together with any payments or benefits under any other agreement or arrangement between the Company, Diamond or any
of their respective Affiliates and the Executive (collectively, the “Payments”) would (i) constitute “parachute
payments” within the meaning of Section 280G of the Code and (ii) but for this Section 25 would be
subject to the excise tax imposed by Section 4999 of the Code, or any interest or penalties with respect to such excise tax
(such excise tax, together with any such interest and penalties, are hereinafter collectively referred to as the “Excise
Tax”), then such Payments shall be either: (A) delivered in full, or (B) reduced (but not below zero) to the
maximum amount that could be paid to the Executive without giving rise to the Excise Tax, whichever of the foregoing amounts,
taking into account the applicable federal, state and local income and employment taxes and the Excise Tax (and any equivalent
state or local excise taxes), results in the receipt by the Executive, on an after-tax basis, of the greatest amount of the Payments,
notwithstanding that all or some portion of such Payments may be subject to the Excise Tax. Unless the Company and the Executive
otherwise agree in writing, any determination required under this Section 25 will be made in writing by independent public
accountants mutually selected by the Company and the Executive (the “Accountants”), whose determination will
be conclusive and binding (absent manifest error) upon the Executive and the Company for all purposes. For purposes of making
the calculations required by this Section 25, the Accountants may make reasonable assumptions and approximations concerning
applicable taxes and may rely on reasonable, good faith interpretations concerning the application of Sections 280G and 4999 of
the Code. The Company and the Executive agree to furnish to the Accountants such information and documents as the Accountants
may reasonably request in order to make a determination under this Section 25. The Company will bear all costs the
Accountants may reasonably incur in connection with any calculations contemplated by this Section 25. Any reduction
in Payments required by this provision shall occur in the following order (and in a manner compliant with Section 409A of
the Code): (1) reduction of cash payments, beginning with payments scheduled to occur soonest; (2) reduction of vesting
acceleration of equity awards (in reverse order of the date of the grant); and (3) reduction of other benefits paid or provided
to Executive. In addition, if any portion of the Payments would be subject to the Excise Tax (before giving effect to any reduction
in Payments as may be applicable pursuant to the preceding sentences), the Company shall use its reasonable efforts to obtain
(in a manner which satisfies all applicable requirements of such Section 280G(b)(5)(B) of the Code and the Treasury Regulations
thereunder, including Q-7 of Section 1.280G-1 of such Treasury Regulations) the approval by such number of shareholders of
the Company (or other applicable equityholders of another member of the Company Group) as is required by the terms of Section 280G(b)(5)(B) of
the Code so as to render the parachute payment provisions of Section 280G of the Code inapplicable to the Payments that would
be reduced or eliminated by operation of the previous sentence if such shareholder approval was not obtained.

 

    	 	30	 

     

    

 

26.            

Corporate Opportunities. During the Employment Period, the Executive will discuss with the Diamond Board all Business
Offers which relate to the Business of the Company, Diamond or their respective Subsidiaries as such Business of the Company, Diamond
or their respective Subsidiaries exists at the time of such Business Offer (“Corporate Opportunities”). During
the Employment Period, unless approved by the Board, the Executive will not accept or pursue, directly or indirectly, any Corporate
Opportunities on the Executive’s own behalf. “Business Offer” means a material business or investment
offer formally presented to the Executive in writing.

 

27.            
Assistance in Proceedings. During the Employment Period and for twelve (12) months thereafter, the Executive will
cooperate with the Company Group in any internal investigation or administrative, regulatory or judicial proceeding as reasonably
requested by the Company Group (including, without limitation, the Executive being available to the Company Group upon reasonable
notice for interviews and factual investigations, appearing at the Company Group’s request to give testimony without requiring
service of a subpoena or other legal process, volunteering to the Company Group all pertinent information and turning over to
the Company Group all relevant documents which are or may come into the Executive’s possession, all at times and on schedules
that are reasonably consistent with the Executive’s other permitted activities and commitments).
In requesting the Executive’s assistance hereunder, the Company Group shall use its commercially reasonable best efforts
not to interfere with the Executive’s employment, professional or personal obligations. In the event the Company Group requires
the Executive’s cooperation in accordance with this Section  27, the Company will pay the Executive,
only to the extent the Executive is not receiving severance in connection with his termination, a per diem (determined by dividing
(a) the Executive’s Base Salary in effect on the date of termination by (b) two hundred fifty (250)) and reimburse
the Executive for reasonable expenses pre-approved by the Company and incurred in connection therewith (including lodging and
meals, upon submission of receipts).

 

    	 	31	 

     

    

 

28.            Amendment
and Waiver. The provisions of this Agreement may be amended or waived only with the prior written consent of the Company, Diamond
and the Executive, and no course of conduct or course of dealing or failure or delay by any Party hereto in enforcing or exercising
any of the provisions of this Agreement will affect the validity, binding effect or enforceability of this Agreement or be deemed
to be an implied waiver of any provision of this Agreement.

 

		29.	Code Section 409A Compliance.

 

(a)
The intent of the parties is that payments and benefits under this Agreement comply with, or be exempt from, Internal
Revenue Code Section 409A and the regulations and guidance promulgated thereunder (collectively, “Code Section 409A”),
and accordingly, to the maximum extent permitted, this Agreement shall be interpreted to be in compliance therewith. If the Executive
notifies the Company (with specificity as to the reason therefor) that the Executive believes that any provision of this Agreement
(or of any award of compensation, including equity compensation or benefits) would cause the Executive to incur any additional
tax or interest under Code Section 409A and the Company concurs with such belief or the Company (without any obligation whatsoever
to do so) independently makes such determination, the Company shall, after consulting with the Executive, consider reforming such
provision to try to comply with Code Section 409A through good faith modifications to the minimum extent reasonably appropriate
to conform with Code Section 409A. To the extent that any provision hereof is modified in order to comply with Code Section 409A,
such modification shall be made in good faith and shall, to the maximum extent reasonably possible, maintain the original intent
and economic benefit to the Executive and the Company of the applicable provision without violating the provisions of Code Section 409A.
The Parties acknowledge and agree that taxes and penalties provided for under Code Section 409A are imposed on the Executive
by the tax laws.

 

    	 	32	 

     

    

 

(b) A
termination of employment shall not be deemed to have occurred for purposes of any provision of this Agreement providing for the
payment of any amounts or benefits upon or following a termination of employment that are considered “nonqualified deferred
compensation” under Code Section 409A unless such termination is also a “separation from service” within
the meaning of Code Section 409A and, for purposes of any such provision of this Agreement, references to a “termination,”
 “termination of employment” or like terms shall mean “separation from service.” If the Executive is deemed
on the date of termination to be a “specified employee” within the meaning of that term under Code Section 409A(a)(2)(B),
then with regard to any payment that is considered non-qualified deferred compensation under Code Section 409A payable on
account of a “separation from service,” such payment or benefit shall be made or provided at the date which is the
earlier of (i) the expiration of the six (6)-month period measured from the date of such “separation from service”
of the Executive, and (ii) the date of the Executive’s death (the “Delay Period”). Upon the expiration
of the Delay Period, all payments and benefits delayed pursuant to this Section  29 (whether they would have otherwise
been payable in a single sum or in installments in the absence of such delay) shall be paid or reimbursed to the Executive in
a lump sum and any remaining payments and benefits due under this Agreement shall be paid or provided in accordance with the normal
payment dates specified for them herein.

 

    	 	33	 

     

    

 

(c) With
regard to any provision herein that provides for reimbursement of costs and expenses or in-kind benefits, except as permitted
by Code Section 409A, (i) the right to reimbursement or in-kind benefits shall not be subject to liquidation or exchange
for another benefit; (ii) the amount of expenses eligible for reimbursement, or in-kind benefits, provided during any taxable
year shall not affect the expenses eligible for reimbursement, or in-kind benefits to be provided, in any other taxable year,
provided that the foregoing clause (ii) shall not be violated without regard to expenses reimbursed under any arrangement
covered by Internal Revenue Code Section 105(b) solely because such expenses are subject to a limit related to the period
the arrangement is in effect; and (iii) such payments shall be made on or before the last day of Executive’s taxable
year following the taxable year in which the expense occurred. Any tax gross-up payment as provided herein shall be made in any
event no later than the end of the calendar year immediately following the calendar year in which the Executive remits the related
taxes, and any reimbursement of expenses incurred due to a tax audit or litigation shall be made no later than the end of the
calendar year immediately following the calendar year in which the taxes that are the subject of the audit or litigation are remitted
to the taxing authority, or, if no taxes are to be remitted, the end of the calendar year following the calendar year in which
the audit or litigation is completed. Notwithstanding any other provision of this Agreement to the contrary, in no event shall
any payment under this Agreement that constitutes “nonqualified deferred compensation” for purposes of Code Section 409A
be subject to offset by any other amount unless otherwise permitted by Code Section 409A.

 

    	 	34	 

     

    

 

(d) For
purposes of Code Section 409A, the Executive’s right to receive any installment payments pursuant to this Agreement
shall be treated as a right to receive a series of separate and distinct payments. In no event may the Executive, directly or indirectly,
designate the calendar year of any payment to be made under this Agreement that is considered nonqualified deferred compensation.
In no event shall the timing of Executive’s execution of the general release of claims, directly or indirectly, result in
the Executive designating the calendar year of payment.

 

[Signature Page Follows]

 

    	 	35	 

     

    

 

 

IN WITNESS WHEREOF, the Parties hereto have executed this Employment
Agreement as of the date first written above.

 

	 	COMPANY
	 	 
	 	Diversey, Inc.
	 	 
	 	 
	 	By:	/s/ M. Chapman
	 	Name:	M. Chapman
	 	Title:	General Counsel
	 	 
	 	DIAMOND
	 	 
	 	Diamond (BC) B.V
	 	 
	 	 
	 	By:	/s/ Herman Weber
	 	Name:	Herman Weber
	 	Title:	Director

 

[Signature Page to Employment Agreement]

 

     

     

    

 

	 	EXECUTIVE
	 	 
	 	 
	 	/s/ Todd Herndon
	 	Todd Herndon

 

[Signature Page to Employment Agreement]

 

     

     

    

 

Exhibit A

 

Side Letter

 

    A-1

     

    

 

SIDE LETTER

 

THIS SIDE LETTER (this
 “Agreement”) is made as of ________________________ 2019, by and among (i) Constellation (BC) S.à
r.l., a société à responsabilité limitée incorporated and existing under the laws of
the Grand Duchy of Luxembourg (“Luxco”), (ii) Constellation (BC) 2 S.à r.l, a société
 à responsabilité limitée incorporated and existing under the laws of the Grand Duchy of Luxembourg (the
 “Investor”), (iii) Constellation (BC) Poolco S.C.A., a société en commandite par actions
incorporated and existing under the laws of the Grand Duchy of Luxembourg (“Poolco”), and (iv) Todd
Herndon (the “Executive”). Luxco, the Investor, Poolco and the Executive are the “Parties”
and each a “Party” to this Agreement.

 

RECITAL

 

WHEREAS, the Parties
desire to enter into this Agreement to provide for certain rights and obligations of the Parties with respect to the securities
issued by Luxco and Poolco.

 

AGREEMENT

 

NOW, THEREFORE, in
consideration of the mutual promises and covenants set forth herein, the receipt and sufficiency of which are hereby acknowledged,
the Parties hereto agree as follows:

 

1. Definitions.
Capitalised terms that are used but not otherwise defined herein shall have the meanings ascribed to them in that certain Securityholders’
Agreement in respect of Luxco, dated 4 June 2018 and adhered to by the Executive on or around the date hereof (the “Securityholders’
Agreement”).

 

2. Variation of Certain
Terms of the Securityholders’ Agreement. Notwithstanding anything to the contrary contained in the Securityholders’
Agreement, the Parties agree and acknowledge that the definition of “Vesting Percentage” in the Securityholders’
Agreement (in its application to the Executive only) shall be deemed to be amended and replaced in its entirety with the following:

 

“Vesting
Percentage” means, as of any date of determination, the Vesting Percentage set forth next to the most recent historical
date in the table below upon which the relevant Executive (or Affiliated Individual, if applicable) has been employed by, or otherwise
engaged to provide services to, the Group, provided that in the event of a Change in Control, each Executive’s Vesting Percentage
shall be deemed to be 100%. For the avoidance of doubt, each Executive’s vesting will cease immediately upon that Executive’s
(or Affiliated Individual’s, as applicable) Termination Date.

 

	Date	Vesting Percentage
	On or after the Vesting Commencement Date but prior to the first anniversary of the Vesting Commencement Date	0%
	On or after the first anniversary but prior to the second anniversary of the Vesting Commencement Date	331/3%

 

    

     

    

 

	Date	Vesting Percentage
	 	 
	
        On or after the second anniversary but prior to the third anniversary
        of the Vesting Commencement Date

         
	662/3%
	
        On or after the third anniversary of the Vesting Commencement
        Date

         
	100% 

 

Notwithstanding section 1(a) (Definitions)
of the Securityholders’ Agreement, for all purposes of the Securityholders’ Agreement and this Agreement, “Cause”
and “Good Reason” shall be defined as set forth in section 13 of that certain Employment Agreement, effective as of
November 18, 2019, by and among Diversey, Inc., Diamond (BC) B.V. and the Executive.

 

3. Future
Issuances.

 

(a) Preemptive
Right. Subject to Section  3(c) below, if Luxco or any of its Subsidiaries proposes to issue (an “Issuance”)
any equity securities or any securities containing options or rights to acquire any shares or other securities that are exchangeable
or exercisable or convertible into any equity securities or any equity appreciation rights or phantom equity (collectively, “Equity
Securities”) to any Bain Fund or any Affiliate of any Bain Fund (for the avoidance of doubt, excluding any Excluded
Issuance) (each, a “New Subscriber”), the Executive shall have the right (the “Preemptive Right”)
to indirectly participate in such Issuance by causing Poolco to subscribe for and purchase, for the same price and upon the same
terms and conditions as the New Subscriber, a portion of the number or amount of Equity Securities in any such Issuance up to
the Executive’s Pro Rata Percentage of such class and type of Equity Securities; provided that Poolco, on behalf of the
Executive, shall only be entitled to participate if it subscribes in a strip for the same proportion of all classes and types
of Equity Securities.

 

(b) Procedure.
Luxco shall cause a written notice to be given to the Executive at least twenty-five (25) Business Days prior to the proposed
Issuance setting forth the number of Equity Securities to be issued, the consideration that Luxco intends to receive and the terms
and conditions upon which the Equity Securities shall be issued (the “Preemptive Notice”). After receiving
a Preemptive Notice, the Executive must give notice to Luxco in writing, within fifteen (15) Business Days after the date that
such Preemptive Notice is deemed given pursuant to Section 23 of the Securityholders’ Agreement, indicating the number
of Equity Securities of each class or type for which the Executive desires Poolco to subscribe on its behalf (the “Preemptive
Reply”). The Executive shall, simultaneously with delivery of the Preemptive Reply, pay to Poolco, by wire transfer
of immediately available funds the amount it wishes to subscribe for Poolco Securities. If the Executive fails to make a Preemptive
Reply and transfer immediately available funds to Poolco in accordance with this Section  3(b), the Equity Securities
may thereafter, for a period not exceeding ninety (90) days (the “Issuance Deadline”), be issued to the New
Subscriber(s) on terms and conditions no less favorable and at a price not less than the price set forth in the Preemptive
Notice. Poolco shall, within the Issuance Deadline issue additional Poolco Securities to the Executive (if applicable). The closing
of the Issuance to Poolco (of Securities in the same type and amount as Poolco Securities subscribed by the Executive pursuant
to this Section 3(b)) and the New Subscriber(s) shall occur no later than the Issuance Deadline. Any such Equity Securities
not issued before such Issuance Deadline shall thereafter be subject again to the Preemptive Rights provided for in this Section 
3.

 

    2

     

    

 

(c) Emergency
Equity Offering. Notwithstanding any other provision in this Agreement or the articles of association of Luxco, in the event
that the Board determines in good faith that it is in the best interests of Luxco or its Subsidiaries that an Issuance otherwise
subject to this Section  2 be conducted on an accelerated basis due to cash or liquidity requirements (including,
but not limited to, a prospective breach of a liquidity covenant) or other business considerations of Luxco or any of its Subsidiaries
(an “Emergency Equity Offering”), then such Issuance may be completed otherwise than in compliance with the
procedures set forth in this Section  3; provided that the purchaser(s) of the Equity Securities offered pursuant
to the Emergency Equity Offering shall be required to promptly, and in any event not later than ninety (90) days after the date
of completion of such Emergency Equity Offering, offer to sell to Poolco on behalf of the Executive such portions of the Issuance
as the Executive would have been entitled to (indirectly) subscribe for had such Issuance been effected through an offering subject
to the Preemptive Rights set forth above in Section  3(a), at the price and on the other terms thereof.

 

4. Amendment of the
Luxco Capital Structure. The Parties acknowledge and agree that, as soon as reasonably practicable following the date hereof
(to the extent not effectuated prior to the date hereof), the Luxco capital structure shall be amended (including amendments to
the Luxco articles of association, the Securityholders' Agreement and such other ancillary documents as is required) in order to
reflect the following adjustments to the existing performance hurdles:

 

	9% Equity Pool	 	 	 	 	Prior	 	 	 	 	 	New	 	 	 	 	 	 	 
	 	 	 	 	 	Tranche Out	 	 	Vest	 	 	Tranche Out	 	 	Vest	 	 	 	 
	C	 	 	2	x	 	 	5.6250	%	 	 	62.5	%	 	 	6.003	%	 	 	66.7	%	 	 	1.75	x
	D	 	 	2.5	x	 	 	6.7500	%	 	 	75.0	%	 	 	7.497	%	 	 	83.3	%	 	 	2.25	x
	E	 	 	3.0	x	 	 	7.8750	%	 	 	87.5	%	 	 	9.000	%	 	 	100.0	%	 	 	2.75	x
	F	 	 	3.5	x	 	 	9.0000	%	 	 	100.0	%	 	 	na	 	 	 	na	 	 	 	 	 

 

5.
Representations and Warranties. In connection with the execution of this Agreement, the Investor, Poolco and the
Executive, severally and not jointly, represents and warrants to Luxco as of the date hereof, and on a continuing basis hereafter,
that this Agreement has been duly authorized, executed and delivered by such Person and constitutes the legal, valid and binding
obligation of such person, enforceable in accordance with its terms, and the execution, delivery and performance of this Agreement
by such person does not and will not conflict with, violate or cause a breach of any agreement, contract or instrument to which
such person is a party or any judgment, order or decree to which such person is subject.

 

6. Other. Section 15,
Section 16, and Sections 18 through 26 (inclusive) of the Securityholders’ Agreement shall apply mutatis mutandis
to this Side Letter.

 

*     *    *      *    *

 

    3

     

    

 

 

IN WITNESS WHEREOF, this Agreement has been executed
as of the date first written above.

 

 

Constellation (BC) S.à r.l.

 

		 	 

By :

Title : Manager and authorized signatory

 

 

		 	 

By :

Title : Manager and authorized signatory

 

    

     

    

 

IN WITNESS WHEREOF, this Agreement has been executed
as of the date first written above.

 

 

Constellation (BC) 2 S.à r.l.

 

		 	 

By :

Title : Manager and authorized signatory

 

 

		 	 

By :

Title : Manager and authorized signatory

 

    

     

    

 

IN WITNESS WHEREOF, this Agreement has been executed
as of the date first written above.

 

 

Constellation (BC) Poolco
S.C.A. 

represented by its general partner

Constellation (BC) 2 S.À R.L.

 

 

		 	 

By :

Title : Manager and authorized signatory

 

 

		 	 

By :

Title : Manager and authorized signatory

 

    

     

    

 

IN WITNESS WHEREOF, this Agreement has been executed
as of the date first written above.

 

 

Todd Herndon

 

 

	/s/ Todd Herndon	 	 

 

    

     

    

 

Exhibit B

 

GENERAL RELEASE

 

I, Todd Herndon, in consideration of and subject
to the performance by Diversey, Inc. (together with its subsidiaries, the “Company”) of its obligations
under the Employment Agreement effective as of November 18, 2019 (the “Agreement”), do hereby release
and forever discharge as of the date hereof the Company, Diamond (BC) B.V. (“Diamond”) and their respective
affiliates and, in such capacity related solely to their relationship with the Company, Diamond and their respective affiliates
and related matters, all present, former and future managers, directors, officers, employees, successors and assigns of the Company,
Diamond and their respective affiliates and direct or indirect owners (collectively, the “Released Parties”)
to the extent provided below (this “General Release”). The Released Parties are intended to be third-party
beneficiaries of this General Release, and this General Release may be enforced by each of them in accordance with the terms hereof
in respect of the rights granted to such Released Parties hereunder. Terms used herein but not otherwise defined shall have the
meanings given to them in the Agreement.

 

1.            I
understand that [any payments or benefits provided to me under Section 2(c)(iii)][any payments or benefits (in
excess of the Accrued Benefits) paid or granted to me under Section  4(c)] of the Agreement represent, in part, consideration
for signing this General Release and are not salary, wages or benefits to which I was already entitled. I understand and agree
that I will not receive any payments or benefits in excess of the Accrued Benefits unless I execute this General Release and do
not revoke this General Release within the time period permitted hereafter. Such payments and benefits will not be considered
compensation for purposes of any employee benefit plan, program, policy or arrangement maintained or hereafter established by
the Company or its affiliates.

 

2.        Except as provided
in paragraphs 4 and 5 below and except for the provisions of the Agreement which expressly survive the termination of my employment
with the Company and Diamond, I knowingly and voluntarily (for myself and my heirs, executors, administrators and assigns)
release and forever discharge the Company, Diamond and the other Released Parties from any and all claims, suits, controversies,
actions, causes of action, cross-claims, counter-claims, demands, debts, compensatory damages, liquidated damages, punitive or
exemplary damages, other damages, claims for costs and attorneys’ fees, or liabilities of any nature whatsoever in law and
in equity, both past and present (through the date on which I execute this General Release) and whether known or unknown, suspected,
or claimed against the Company, Diamond or any of the Released Parties which I, my spouse, or any of my heirs, executors, administrators
or assigns, may have, including those that arise out of or are connected with my employment with, or my separation or termination
from, the Company and Diamond (including, but not limited to, any allegation, claim or violation, arising under: Title VII of
the Civil Rights Act of 1964, as amended; the Civil Rights Act of 1991; the Age Discrimination in Employment Act of 1967, as amended
(including the Older Workers Benefit Protection Act); the Equal Pay Act of 1963, as amended; the Americans with Disabilities Act
of 1990; the Family and Medical Leave Act of 1993; the Worker Adjustment Retraining and Notification Act; the Employee Retirement
Income Security Act of 1974; any applicable Executive Order Programs; the Fair Labor Standards Act; or their state or local counterparts;
or under any other federal, state or local civil or human rights law, or under any other local, state, or federal law, regulation
or ordinance; or under any public policy, contract or tort, or under common law; or arising under any policies, practices or procedures
of the Company or Diamond; or any claim for wrongful discharge, breach of contract, infliction of emotional distress, defamation;
or any claim for costs, fees, or other expenses, including attorneys’ fees incurred in these matters) (all of the foregoing
collectively referred to herein as the “Claims”).

 

    	 	B-1	 

     

    

 

3.            I
represent that I have made no assignment or transfer of any right, claim, demand, cause of action, or other matter covered by paragraph
2 of this General Release.

 

4.            I
agree that this General Release does not waive or release any rights or claims that I may have under the Age Discrimination in
Employment Act of 1967 which arise after the date I execute this General Release. I acknowledge and agree that my separation from
employment with the Company and Diamond in compliance with the terms of the Agreement shall not serve as the basis for any claim
or action (including, without limitation, any claim under the Age Discrimination in Employment Act of 1967).

 

5.            I
agree that I hereby waive all rights to sue or obtain equitable, remedial or punitive relief from any or all Released Parties of
any kind whatsoever in respect of any Claim, including, without limitation, reinstatement, back pay, front pay, and any form of
injunctive relief. Notwithstanding the above, I further acknowledge that I am not waiving and am not being required to waive
any right that cannot be waived under law, including the right to file an administrative charge or participate in an administrative
investigation or proceeding; provided, however, that I disclaim and waive any right to share or participate in any
monetary award resulting from the prosecution of such charge or investigation or proceeding. Additionally, I am not waiving
(i) any right to the Accrued Benefits to which I am entitled under the Agreement, (ii) any claim relating to directors’
and officers’ liability insurance coverage or any right of indemnification (or advancement of legal fees) under the Company’s
or Diamond’s organizational documents or otherwise, or (iii) my rights as an equity or security holder in the Company,
Diamond or their affiliates, including, without limitation, any applicable sale, merger or transaction agreement with respect thereto.

 

6.            In
signing this General Release, I acknowledge and intend that it shall be effective as a bar to each and every one of the Claims
hereinabove mentioned or implied. I expressly consent that this General Release shall be given full force and effect according
to each and all of its express terms and provisions, including those relating to unknown and unsuspected Claims (notwithstanding
any state or local statute that expressly limits the effectiveness of a general release of unknown, unsuspected and unanticipated
Claims), if any, as well as those relating to any other Claims hereinabove mentioned or implied. I acknowledge and agree that this
waiver is an essential and material term of this General Release and that without such waiver the Company and Diamond would not
have agreed to the terms of the Agreement. I further agree that in the event I should bring a Claim seeking damages against the
Company or Diamond, or in the event I should seek to recover against the Company or Diamond in any Claim brought by a governmental
agency on my behalf, this General Release shall serve as a complete defense to such Claims to the maximum extent permitted by law.
I further agree that I am not aware of any pending claim of the type described in paragraph 2 of this General Release as of the
execution of this General Release.

 

    	 	B-2	 

     

    

 

7.            I
agree that neither this General Release, nor the furnishing of the consideration for this General Release, shall be deemed or construed
at any time to be an admission by the Company, any Released Party or myself of any improper or unlawful conduct.

 

8.            I
agree that the terms of this General Release are confidential and agree not to disclose any information regarding the terms of
this General Release, except to my immediate family and any tax, legal or other counsel I have consulted regarding the meaning
or effect hereof or as required by law, and I will instruct each of the foregoing not to disclose the same to anyone. I may disclose
the terms of the General Release to governmental entities.

 

9.            Any
non-disclosure provision in this General Release does not prohibit or restrict me (or my attorney) from responding to any inquiry
about this General Release or its underlying facts and circumstances by the Securities and Exchange Commission (SEC), the Financial
Industry Regulatory Authority (FINRA), any other self-regulatory organization or any governmental entity.

 

10.            I
hereby acknowledge that Sections 5 through 29 of the Agreement shall survive my execution of this General Release.

 

11.            I
represent that I am not aware of any claim by me other than the claims that are released by this General Release. I acknowledge
that I may hereafter discover claims or facts in addition to or different than those which I now know or believe to exist with
respect to the subject matter of the release set forth in paragraph 2 of this General Release and which, if known or suspected
at the time of entering into this General Release, may have materially affected this General Release and my decision to enter into
it.

 

12.            Notwithstanding
anything in this General Release to the contrary, this General Release shall not relinquish, diminish, or in any way affect any
rights or claims arising out of any breach by the Company or by any Released Party of the Agreement after the date hereof.

 

13.            Whenever
possible, each provision of this General Release shall be interpreted in, such manner as to be effective and valid under applicable
law, but if any provision of this General Release is held to be invalid, illegal or unenforceable in any respect under any applicable
law or rule in any jurisdiction, such invalidity, illegality or unenforceability shall not affect any other provision or any
other jurisdiction, but this General Release shall be reformed, construed and enforced in such jurisdiction as if such invalid,
illegal or unenforceable provision had never been contained herein.

 

BY SIGNING THIS GENERAL RELEASE, I REPRESENT AND AGREE
THAT:

 

		(i)	I HAVE READ IT CAREFULLY;

 

		(ii)	I UNDERSTAND ALL OF ITS TERMS AND KNOW THAT I AM GIVING UP IMPORTANT RIGHTS, INCLUDING BUT
NOT LIMITED TO, RIGHTS UNDER THE AGE DISCRIMINATION IN EMPLOYMENT ACT OF 1967, AS AMENDED; TITLE VII OF THE CIVIL RIGHTS ACT OF
1964, AS AMENDED; THE EQUAL PAY ACT OF 1963; THE AMERICANS WITH DISABILITIES ACT OF 1990; AND THE EMPLOYEE RETIREMENT
INCOME SECURITY ACT OF 1974, AS AMENDED;

 

    	 	B-3	 

     

    

 

		(iii)	I VOLUNTARILY CONSENT TO EVERYTHING IN IT;

 

		(iv)	I HAVE BEEN ADVISED TO CONSULT WITH AN ATTORNEY BEFORE EXECUTING IT AND I HAVE DONE SO OR, AFTER
CAREFUL READING AND CONSIDERATION, I HAVE CHOSEN NOT TO DO SO OF MY OWN VOLITION;

 

		(v)	I HAVE HAD AT LEAST [TWENTY-ONE (21)]/[FORTY-FIVE (45)] DAYS FROM THE DATE OF MY RECEIPT
OF THIS GENERAL RELEASE TO CONSIDER IT, AND THE CHANGES MADE SINCE MY RECEIPT OF THIS RELEASE ARE NOT MATERIAL OR WERE MADE AT
MY REQUEST AND WILL NOT RESTART THE REQUIRED [TWENTY-ONE (21)]/[FORTY-FIVE (45)]-DAY PERIOD;

 

		(vi)	I UNDERSTAND THAT I HAVE SEVEN (7) DAYS AFTER THE EXECUTION OF THIS GENERAL RELEASE TO REVOKE
IT AND THAT THIS GENERAL RELEASE SHALL NOT BECOME EFFECTIVE OR ENFORCEABLE UNTIL THE REVOCATION PERIOD HAS EXPIRED;

 

		(vii)	I HAVE SIGNED THIS GENERAL RELEASE KNOWINGLY AND VOLUNTARILY AND WITH THE ADVICE OF ANY COUNSEL
RETAINED TO ADVISE ME WITH RESPECT TO IT; AND

 

		(viii)	I AGREE THAT THE PROVISIONS OF THIS GENERAL RELEASE MAY NOT BE AMENDED, WAIVED, CHANGED OR
MODIFIED EXCEPT BY AN INSTRUMENT IN WRITING SIGNED BY AN AUTHORIZED REPRESENTATIVE OF THE COMPANY AND BY ME.

 

 

	SIGNED:	 	 

 

    	 	B-4Exhibit 10.7

 

		DIVERSEY, INC. 2415 Cascade Point Blvd. Charlotte, NC 28208 October 4, 2019 Mr. Mark Burgess Via Email Re:Transition Letter Agreement Dear Mark: This letter agreement (this “Letter Agreement”) will confirm our understanding with regard to your transition and resignation from employment with Diversey, Inc. (the “Company”) without Good Reason (as defined in that certain Employment Agreement, dated December 17, 2018, by among the Company, Diamond (BC) B.V., and you (the “Employment Agreement”)). Capitalized terms used herein but not otherwise defined shall have the meanings ascribed thereto in the Employment Agreement. Termination. Your service under this Letter Agreement will commence as of the date hereof and continue through January 9, 2020 (the “Transition Date” and such period through the Transition Date is hereafter referred to as the “Transition Period”). During the Transition Period, the Company will continue to pay your regular annual base salary at its current rate, payable in accordance with the Company’s normal payroll practices, and you will continue to be eligible for all employee benefits to which you are currently entitled or to which employees of the Company become entitled, subject, in each case, to the terms and conditions of the applicable plans or programs. Unless you and the Company mutually agree that your service under this Letter Agreement will extend past the Transition Date to a later date, the Transition Date will be the last day of your employment with the Company. If you and the Company mutually agree that your employment with the Company under this Letter Agreement will extend past the Transition Date and that your last day of employment with the Company will occur on a later date (with the period from the Transition Date through such later date, the “Extended Transition Period”), then during the Extended Transition Period, the Company will pay you a base salary at a rate of $225,000 per month (pro-rated for any partial months of service), payable in accordance with the Company’s normal payroll practices, and you will continue to be eligible for all employee benefits to which you are currently entitled or to which employees of the Company become entitled, subject, in each case, to the terms and conditions of the applicable plans or programs. The last date of your employment with the Company will be referred to herein as the “Separation Date.” During the Transition Period and, if applicable, the Extended Transition Period, you will continue to perform your duties and responsibilities in accordance with the Employment Agreement. Prior to the Separation Date, the Company may transition your duties and responsibilities to other individuals, and you hereby acknowledge and agree that neither such transition, nor the Company’s search for a new chief executive officer, will constitute Good {8362700:5 } 

 

     

     

    

		Reason to terminate your employment, including, without limitation, on the basis that any of the foregoing constitutes an adverse change in your title, authority, duties, reporting or responsibilities. You further agree that you will assist with the transition of your job responsibilities to the individual(s) designated by the Company. The Company and you hereby agree to communicate your separation from the Company (both internally and externally) as your voluntary resignation of employment to pursue other opportunities. On the Separation Date, you will cease to serve as the Chief Executive Officer of each of the Company and Diamond and automatically will resign from the Boards and the boards of any holding company and/or Subsidiary of the Company (except that you will not resign from the Diamond Board, as further discussed in paragraph 4 hereof), and you will promptly execute any additional documentation necessary to effectuate the foregoing. Following the Separation Date, you agree to provide limited transition assistance to the Company, Bain Capital Private Equity, LP and their respective representatives (e.g., responding to questions via telephone and/or email from time to time, etc.) in order to facilitate the transition of your duties and responsibilities to your successor, but you will not be required to provide any particular level of services in connection with the foregoing. The foregoing assistance is in addition to your obligations under Section 27 of the Employment Agreement, which shall survive both the execution of this Letter Agreement and your execution and non-revocation of the release of claims attached hereto as Exhibit A within thirty (30) days of the Separation Date (the “Release Requirement”). Accrued Benefits. Upon the Separation Date, you shall be entitled to all Accrued Benefits, payable in accordance with the terms of the Employment Agreement. The Company will pay you, on or about January 3, 2020, the guaranteed minimum bonus for fiscal year 2019 equal to $1,125,000 (the “FY 2019 Bonus”); provided that your right to retain the FY 2019 Bonus is subject to your satisfaction of the Employment Requirement (as defined and described below) and the Release Requirement. Transition Benefits. In consideration for your performance of your existing duties and responsibilities and the transition services and your continued compliance with paragraph 8 hereof, you will receive the transition payments and benefits set forth in this paragraph 3 (collectively, the “Transition Benefits”); provided that you remain continuously employed with the Company through the Transition Date (the “Employment Requirement”). Notwithstanding the foregoing, if your employment is terminated by the Company without Cause or your employment terminates due to your death or Disability, or you terminate employment as a result of a Company Breach (as defined below), in each case, prior to the Transition Date, then the Employment Requirement will be deemed satisfied. For the avoidance of doubt, you will forfeit your right to the Transition Benefits upon any resignation (other than a resignation due to a Company Breach) prior to the Transition Date. Special Bonus Payments. The Company shall pay you the following amounts: in the first (or second, to the extent administratively necessary) regularly scheduled payroll period immediately following the date on which you execute this Letter Agreement, the Company shall pay you an amount equal to $60,000; and (ii) in the first (or second, to the extent administratively necessary) regularly scheduled payroll period immediately following the date on which the Release Requirement has been satisfied, the Company shall pay you an amount equal to $285,000. 

 

     

     

    

		Equity Grant. On or about October 11, 2019, Constellation (BC) Poolco S.C.A. (“Poolco”) will issue you the Initial Award on terms and conditions no less favorable to you than as set forth in the Employment Agreement (including, without limitation, the Side Letter attached as Annex I to the Employment Agreement). Poolco, the Company, Diamond and their affiliates hereby acknowledge and agree that all time-based vesting conditions applicable to the Initial Award shall be deemed to have commenced as of December 17, 2018, and the Initial Award shall remain outstanding and continue to vest through the Transition Date. For the avoidance of doubt, you will not be entitled to any Make-Whole Bonus, as the “floor amount” applicable to the Initial Award is the same as the “floor amount” that would have applied to the Initial Award had it been granted on the date of the Acquisition (as defined in the Securityholders Agreement in respect of Constellation (BC) S.a.r.l. (“Constellation”), dated 4 June 2018 (as amended from time to time, the “SHA”)). Your Initial Award will be in the form of 2,861,534 Class B Shares of Poolco (“Poolco Class B Shares”). You will be permitted to retain your indirect interest in any distributions made in respect of your Vested Poolco Class B Shares (as defined below) that derive from the Constellation Class B Shares held by Poolco in relation to your Vested Poolco Class B Shares, as follows: (i) Sponsor will call 75% of your Poolco Class B Shares (i.e., 2,146,150 Poolco Class B Shares) for nil consideration and will waive its right to call the remaining 25% of your Poolco Class B Shares (i.e., 715,384 Poolco Class B Shares) (such remaining 25%, your “Vested Poolco Class B Shares” referred to above), subject to your compliance with the Release Requirement; you will waive your right to any distributions in respect of the Vested Poolco Class B Shares that derive from the Constellation Class C-F Shares held by Poolco (i.e., you will only be entitled to receive distributions in respect of the Vested Poolco Class B Shares that derive from the Constellation Class B Shares held by Poolco), such that you only receive distributions made in respect of the portion of the Initial Award that is fully vested as of the Transition Date, which portion represents 12.5% of the Initial Award; and (iii) following the Transition Date, your Vested Poolco Class B Shares will remain subject to all of the terms and conditions of the SHA, as modified by the Side Letter. For the sake of clarity, the Company, Sponsor and their affiliates hereby waive all rights to call or repurchase any of your Vested Poolco Class B Shares (and any equity securities acquired pursuant to paragraph 5(a) below), provided you satisfy the Employment Requirement and the Release Requirement and comply with paragraph 8 hereof. For the avoidance of doubt, the Company, Sponsor and their affiliates expressly retain the right to call all of your Poolco Class B Shares that are unvested as of the Transition Date. You hereby agree that you will execute any and all documentation reasonably necessary to effectuate the terms of this Letter Agreement as it relates to the Initial Award. Legal Expenses. Within ten (10) days following the date hereof, the Company will pay directly the legal fees actually incurred by you in connection with the drafting, review and negotiation of this Letter Agreement, not to exceed $4,500 in the aggregate. Continuing Service. In consideration of your continued service on the Diamond Board following the Separation Date (the “Board Service Period”), the Company shall pay you an amount in cash equal to $12,500 per quarter, payable quarterly in arrears and pro-rated for any partial quarters of service; for the avoidance of doubt, you will not receive the foregoing quarterly fee for your service on the Diamond Board prior to the Separation Date. In addition, you will be entitled to equity compensation for such service
during the Board Service Period, 

 

     

     

    

		which will be in the form of an award of 357,692 Class B Shares of Poolco (the “Board Equity Award”). Time vesting of the Board Equity Award shall commence upon commencement of the Board Service Period. Co-Investment. Constellation Investment. Subject to the Company’s and its affiliates’ continued compliance with the terms of this Letter Agreement, you hereby acknowledge and agree that, on or about October 11, 2019, you will invest an aggregate amount equal to $350,000 as a co-investment in Constellation, and Constellation shall accept such investment. The co-investment will be made in the same class of securities and on a pari passu basis as the co-invest equity securities held by the existing management co-investors as of the date hereof. The purchase price for the co-investment will be the same as the purchase price paid by the management co-investors who co-invested at the time of the Acquisition. For clarity, you will make the investment in USD, so the exact number of co-investment securities issued to you will be determined by reference to the spot rate of exchange between USD and Euros, as published in the London edition of the Financial Times two business days immediately prior to the date of issuance. In the event the Company or Sponsor, respectively, materially breaches this Letter Agreement and does not cure such breach within thirty (30) days of its receipt of your written notice outlining in detail the alleged breach (a “Company Breach”), then upon your written election (which you must make, if at all, within thirty (30) days after the end of the cure period), without limiting any of your rights or remedies, the Company or an affiliate shall purchase or redeem, within thirty (30) days of receipt of your written election, your co-investment securities at a purchase price equal to the higher of (i) cost and (ii) the then-current Fair Market Value (as defined in the Constellation organizational documents) of the co-investment securities; provided that such obligation shall be tolled to the extent necessary due to liquidity limitations or applicable restrictions in debt or equity financing agreements. The Company shall provide a deed of adherence to the SHA and the other definitive documentation memorializing such co-investment. For the sake of clarity, this paragraph shall exclusively govern your obligation(s) to co-invest in the Company and its affiliates notwithstanding anything to the contrary. Fund Investment. You and Bain Capital Private Equity, LP hereby acknowledge and agree that you will invest, and Bain Capital Private Equity, LP shall accept your investment of, an aggregate amount equal to $700,000 in a Bain Fund designated by Sponsor and approved by you on customary terms and conditions. Bain Capital Private Equity, LP shall provide the definitive documentation memorializing such investment. Indemnification and D&O. In addition to your rights under applicable law, the Company hereby acknowledges and agrees that Section 14 of the Employment Agreement shall survive the execution of this Letter Agreement and your termination of employment. No Other Compensation or Benefits. You acknowledge that you will not receive any severance from the Company following the Separation Date, and that the payments set forth herein shall be in full settlement of all amounts payable to you and any and all other entitlements you may have under the Employment Agreement. 

 

     

     

    

		Restrictive Covenants; Survival. You and the Company each hereby reaffirm your respective obligations under Sections 5 through 10 and 11(b) through 11(d) of the Employment Agreement and the SHA, which shall survive both the execution of this Letter Agreement and your execution of the release of claims. Section 13 of the Employment Agreement shall survive both the execution of this Letter Agreement and your execution of the release of claims. Governing Law; Dispute Resolution. This Letter Agreement will be governed by, and construed under and in accordance with, the internal laws of the State of Delaware, without regard to the choice of law rules thereof. Sections 22 and 23 of the Employment Agreement will apply mutatis mutandis to this Letter Agreement. Notices. Any notices required by this Letter Agreement will be provided in accordance with Section 16 of the Employment Agreement, which will apply mutatis mutandis to this Letter Agreement. Tax Matters. The Company may withhold from any and all amounts payable under this Letter Agreement such federal, state, local or foreign taxes required to be withheld pursuant to applicable law; provided that with respect to all compensation earned during the Board Service Period, you will be solely responsible for payment of all federal, state, local and foreign taxes, as applicable, as you will be serving in the capacity of an independent contractor. The intent of the parties is that payments and benefits contemplated under this Letter Agreement that are subject to Internal Revenue Code Section 409A and the regulations and guidance promulgated thereunder (or any successor law) comply with the requirements thereof, and, accordingly, to the maximum extent permitted, this Letter Agreement will be interpreted to be in compliance therewith. Entire Agreement. Except as otherwise expressly provided or referenced herein, this Letter Agreement constitutes the entire agreement between you and the Company with respect to the subject matter hereof and supersedes any and all prior agreements or understandings between you and the Company with respect to the subject matter hereof, whether written or oral (including, without limitation, the Employment Agreement, provided that, for the avoidance of doubt, the restrictive covenant obligations set forth therein shall survive execution of this Letter Agreement and your execution of the release of claims, as set forth in paragraph 8 hereof). This Letter Agreement will bind the heirs, personal representatives, successors and permitted assigns of both you and the Company, and will inure to the benefit of each of you and the Company and your respective heirs, successors and permitted assigns. This Letter Agreement may be amended or modified only by a written instrument executed by you and the Company. [REMAINDER OF PAGE INTENTIONALLY LEFT BLANK] 

 

     

     

    

		 I I * :· '1, ' ' : I If this Letter Agreement accurately reflects your understanding as to the terms and conditions of your termination of employment with the Company, please sign and date one copy of this Letter Agreement in the space provided below and return the same to me for the Company's records . Very truly yours, Name: Ken Hanau Title:Manager of Constellation By:_ Name: Jonathon Penn Title:Manager of Constellation DIAMOND (BC) B.V. By:Constellation, · parent oBllS----• By:_ Name: Ken Hanau Title:Manager of Constellation By:_ Name: Jonathon Penn Title:Manager of Constellation 

 

     

     

    

		 For purposes of paragraph 5(b) only, BAIN CAPITAL PR1f,£:!EQUITY, L.P. By:I!. Name: Ken Hanau Title:Managing Director 

 

     

     

    

		The above terms and conditions accurately reflect our understanding regarding the terms and conditions of my tennination of employment with the Company, and I hereby confirm my agreement to the same. Mark Btirgess 

 

     

     

    

		EXHIBIT A I, Mark Burgess, in consideration of and subject to the performance by Diversey, Inc. (together with its subsidiaries, the “Company”) of its obligations under the Transition Letter Agreement dated as of October 4, 2019 (the “Agreement”), do hereby release and forever discharge as of the date hereof the Company, Diamond (BC) B.V. (“Diamond”) and their respective affiliates and, in such capacity related solely to their relationship with the Company, Diamond and their respective affiliates and related matters, all present, former and future managers, directors, officers, employees, successors and assigns of the Company, Diamond and their respective affiliates and direct or indirect owners (collectively, the “Released Parties”) to the extent provided below (this “General Release”). The Released Parties are intended to be third-party beneficiaries of this General Release, and this General Release may be enforced by each of them in accordance with the terms hereof in respect of the rights granted to such Released Parties hereunder. Terms used herein but not otherwise defined shall have the meanings given to them in the Agreement. I understand that the FY 2019 Bonus and the Transition Benefits represent, in part, consideration for signing this General Release and are not salary, wages or benefits to which I was already entitled. I understand and agree that I will not receive the FY 2019 Bonus and the Transition Benefits specified in the Agreement unless I execute this General Release and do not revoke this General Release within the time period permitted hereafter. The FY 2019 Bonus and the Transition Benefits will not be considered compensation for purposes of any employee benefit plan, program, policy or arrangement maintained or hereafter established by the Company or its affiliates. Except as provided in paragraphs 4 and 5 below and except for the provisions of the Agreement which expressly survive the termination of my employment with the Company and Diamond, I knowingly and voluntarily (for myself and my heirs, executors, administrators and assigns) release and forever discharge the Company, Diamond and the other Released Parties from any and all claims, suits, controversies, actions, causes of action, cross-claims, counter-claims, demands, debts, compensatory damages, liquidated damages, punitive or exemplary damages, other damages, claims for costs and attorneys’ fees, or liabilities of any nature whatsoever in law and in equity, both past and present (through the date on which I execute this General Release) and whether known or unknown, suspected, or claimed against the Company, Diamond or any of the Released Parties which I, my spouse, or any of my heirs, executors, administrators or assigns, may have, including those that arise out of or are connected with my employment with, or my separation or termination from, the Company and Diamond (including, but not limited to, any allegation, claim or violation, arising under: Title VII of the Civil Rights Act of 1964, as amended; the Civil Rights Act of 1991; the Age Discrimination in Employment Act of 1967, as amended (including the Older Workers Benefit Protection Act); the Equal Pay Act of 1963, as amended; the Americans with Disabilities Act of 1990; the Family and Medical Leave Act of 1993; the Worker Adjustment Retraining and Notification Act; the Employee Retirement Income Security Act of 1974; any applicable Executive Order Programs; the Fair Labor Standards Act; or their state or local counterparts; or under any other federal, state or local civil or human rights law, or under any other local, state, or federal law, regulation or ordinance; or under any public policy, contract or tort, or under 

 

     

     

    

		common law; or arising under any policies, practices or procedures of the Company or Diamond; or any claim for wrongful discharge, breach of contract, infliction of emotional distress, defamation; or any claim for costs, fees, or other expenses, including attorneys’ fees incurred in these matters) (all of the foregoing collectively referred to herein as the “Claims”). I represent that I have made no assignment or transfer of any right, claim, demand, cause of action, or other matter covered by paragraph 2 of this General Release. I agree that this General Release does not waive or release any rights or claims that I may have under the Age Discrimination in Employment Act of 1967 which arise after the date I execute this General Release. I acknowledge and agree that my separation from employment with the Company and Diamond in compliance with the terms of the Agreement shall not serve as the basis for any claim or action (including, without limitation, any claim under the Age Discrimination in Employment Act of 1967). I agree that I hereby waive all rights to sue or obtain equitable, remedial or punitive relief from any or all Released Parties of any kind whatsoever in respect of any Claim, including, without limitation, reinstatement, back pay, front pay, and any form of injunctive relief. Notwithstanding the above, I further acknowledge that I am not waiving and am not being required to waive any right that cannot be waived under law, including the right to file an administrative charge or participate in an administrative investigation or proceeding; provided, however, that I disclaim and waive any right to share or participate in any monetary award resulting from the prosecution of such charge or investigation or proceeding. Additionally, I am not waiving (i) any right to the Accrued Benefits to which I am entitled under the Agreement, (ii) any claim relating to directors’ and officers’ liability insurance coverage or any right of indemnification (or advancement of legal fees) under the Company’s or Diamond’s organizational documents or otherwise, (iii) my rights as an equity or security holder in the Company, Diamond or their affiliates, including, without limitation, any applicable sale, merger or transaction agreement with respect thereto, or (iv) my rights to enforce the Agreement. In signing this General Release, I acknowledge and intend that it shall be effective as a bar to each and every one of the Claims hereinabove mentioned or implied. I expressly consent that this General Release shall be given full force and effect according to each and all of its express terms and provisions, including those relating to unknown and unsuspected Claims (notwithstanding any state or local statute that expressly limits the effectiveness of a general release of unknown, unsuspected and unanticipated Claims), if any, as well as those relating to any other Claims hereinabove mentioned or implied. I acknowledge and agree that this waiver is an essential and material term of this General Release and that without such waiver the Company and Diamond would not have agreed to the terms of the Agreement. I further agree that in the event I should bring a Claim seeking damages against the Company or Diamond, or in the event I should seek to recover against the Company or Diamond in any Claim brought by a governmental agency on my behalf, this General Release shall serve as a complete defense to such Claims to the maximum extent permitted by law. I further agree that I am not aware of 

 

     

     

    

		any pending claim of the type described in paragraph 2 of this General Release as of the execution of this General Release. I agree that neither this General Release, nor the furnishing of the consideration for this General Release, shall be deemed or construed at any time to be an admission by the Company, any Released Party or myself of any improper or unlawful conduct. I agree that the terms of this General Release are confidential and agree not to disclose any information regarding the terms of this General Release, except to my immediate family and any tax, legal or other counsel I have consulted regarding the meaning or effect hereof or as required by law, and I will instruct each of the foregoing not to disclose the same to anyone. I may disclose the terms of the General Release to governmental entities. Any non-disclosure provision in this General Release does not prohibit or restrict me (or my attorney) from responding to any inquiry about this General Release or its underlying facts and circumstances by the Securities and Exchange Commission (SEC), the Financial Industry Regulatory Authority (FINRA), any other self-regulatory organization or any governmental entity. I hereby acknowledge that Sections 5 through 10, 11(b) through 11(d), 13 through 14, 16, 22 through 23 and 27 of the Employment Agreement and my obligations under the SHA shall survive my execution of this General Release. I represent that I am not aware of any claim by me other than the claims that are released by this General Release. I acknowledge that I may hereafter discover claims or facts in addition to or different than those which I now know or believe to exist with respect to the subject matter of the release set forth in paragraph 2 of this General Release and which, if known or suspected at the time of entering into this General Release, may have materially affected this General Release and my decision to enter into it. Notwithstanding anything in this General Release to the contrary, this General Release shall not relinquish, diminish, or in any way affect any rights or claims arising out of any breach by the Company or by any Released Party of the Agreement after the date hereof. Whenever possible, each provision of this General Release shall be interpreted in, such manner as to be effective and valid under applicable law, but if any provision of this General Release is held to be invalid, illegal or unenforceable in any respect under any applicable law or rule in any jurisdiction, such invalidity, illegality or unenforceability shall not affect any other provision or any other jurisdiction, but this General Release shall be reformed, construed and enforced in such jurisdiction as if such invalid, illegal or unenforceable provision had never been contained herein. BY SIGNING THIS GENERAL RELEASE, I REPRESENT AND AGREE THAT: I HAVE READ IT CAREFULLY; 

 

     

     

    

		I UNDERSTAND ALL OF ITS TERMS AND KNOW THAT I AM GIVING UP IMPORTANT RIGHTS, INCLUDING, BUT NOT LIMITED TO, RIGHTS UNDER THE AGE DISCRIMINATION IN EMPLOYMENT ACT OF 1967, AS AMENDED; TITLE VII OF THE CIVIL RIGHTS ACT OF 1964, AS AMENDED; THE EQUAL PAY ACT OF 1963; THE AMERICANS WITH DISABILITIES ACT OF 1990; AND THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED; I VOLUNTARILY CONSENT TO EVERYTHING IN IT; I HAVE BEEN ADVISED TO CONSULT WITH AN ATTORNEY BEFORE EXECUTING IT AND I HAVE DONE SO OR, AFTER CAREFUL READING AND CONSIDERATION, I HAVE CHOSEN NOT TO DO SO OF MY OWN VOLITION; I HAVE HAD AT LEAST TWENTY-ONE (21) DAYS FROM THE DATE OF MY RECEIPT OF THIS GENERAL RELEASE TO CONSIDER IT, AND THE CHANGES MADE SINCE MY RECEIPT OF THIS RELEASE ARE NOT MATERIAL OR WERE MADE AT MY REQUEST AND WILL NOT RESTART THE REQUIRED TWENTY-ONE (21)-DAY PERIOD; I UNDERSTAND THAT I HAVE SEVEN (7) DAYS AFTER THE EXECUTION OF THIS GENERAL RELEASE TO REVOKE IT AND THAT THIS GENERAL RELEASE SHALL NOT BECOME EFFECTIVE OR ENFORCEABLE UNTIL THE REVOCATION PERIOD HAS EXPIRED; I HAVE SIGNED THIS GENERAL RELEASE KNOWINGLY AND VOLUNTARILY AND WITH THE ADVICE OF ANY COUNSEL RETAINED TO ADVISE ME WITH RESPECT TO IT; AND I AGREE THAT THE PROVISIONS OF THIS GENERAL RELEASE MAY NOT BE AMENDED, WAIVED, CHANGED OR MODIFIED EXCEPT BY AN INSTRUMENT IN WRITING SIGNED BY AN AUTHORIZED REPRESENTATIVE OF THE COMPANY AND BY ME. SIGNED:

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