Document:

EX-10.1

 

EXHIBIT 10.1

Page 6

 

Mr. Andreas Pohlmann

Celanese Corporation

Dallas, Texas

June 30, 2006

Dear Andreas:

This letter will set out the terms and agreements between you and Celanese Corporation and Celanese
AG regarding the amicable voluntary agreed termination of your employment including the termination
of your employment with Celanese AG and any of its subsidiaries or affiliates. Those specific
understandings and agreements are as follows.

Following our conversation we have determined that, in particular, the following documents have
been entered into between Celanese and you: your US Employment Agreement dated February 23, 2005,
the (alignment) bonus letter agreement dated February 24/25, 2005, the Subscription Agreement dated
as of January 21, 2005, the Employee Stockholder Agreement dated as of January 21, 2005, the
Deferral Agreement dated January 21, 2005 based upon the Celanese Corporation Deferred Compensation
Plan (undated), the Nonqualified Stock Option Agreement dated January 21, 2005 based upon the 2004
Stock Incentive Plan (undated), the Letter of Understanding dated October 27, 2004 and the board
contract (Vorstandsdienstvertrag) dated February 25, 2005 with Celanese AG.

We deem this agreement to be written amicable termination of your employment as of December 31,
2006. This includes the termination of any employment relationship (if any) you may have with
Celanese AG, Celanese International, Celanese Corporation or any of its direct or indirect
affiliates or subsidiaries. Consequently, you only are entitled to the following payments in
connection with your termination of employment from Celanese on December 31, 2006:

	A.	 	Employment Agreement and related agreements (ex Management Incentive Program)
	 
	1.	 	We will continue to pay your base salary up to December 31, 2007.
	 
	2.	 	You will receive annual bonus payments for fiscal year 2006 based on goals achieved and
personal performance, payable in March 2007. Although your responsibilities have been reduced
the determination of your 2006 bonus will be based on your current level as a member of the
OTC. Additionally you will receive a bonus based on target level, i.e. equal to 80% of the
current

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Mr. Andreas Pohlmann

June 30, 2006

annual base salary, for January to December 2007, payable in December 2007.

	3.	 	You will receive all entitlements according to your Letter of Understanding dated October 27,
2004 on the date such events occur.
	 
	4.	 	You will receive the remaining alignment bonus payments of $927,500 on January 1, 2007.
	 
	5.	 	We will maintain your accident insurance cover until December 31, 2007 to the extent allowed
by the applicable insurer and policy terms.
	 
	6.	 	For pension purposes, we will consider the time from October 16, 1989 until December 31, 2007
as years of service.

I wish to remind you that you acknowledge that the terms of your Confidentiality Agreement with
Celanese remain in effect following the termination of your employment, and you agree not to accept
any future employment which would require you to violate that Agreement. You reaffirm your
obligations under, and agree to comply with, the terms of each of the above referenced agreements
which apply during your employment or after the termination of your employment, including but not
limited to any agreement not to compete with Celanese, not to recruit or solicit customers or
employees, or reveal any confidential information or trade secrets, and assignment of inventions
and works of authorship, and agree all those provisions continue to apply notwithstanding the
circumstances of your employment termination or any other events occurring prior to this date. For
the avoidance of doubt, it is agreed that the payments provided for under this letter agreement
will be deemed to satisfy any non-compete compensation or other payment obligation that may be
required for these provisions to be enforceable.

	B.	 	Management Incentive Program

Additionally, under the terms of the Celanese Corporation Deferred Compensation Plan and the 2004
Incentive Plan you will be entitled to certain payments and or considerations in connection with
your termination from Celanese:

	1.	 	For purposes of these plans generally your termination is considered for “Good Reason” on
account of corporate restructuring or reorganization. We further recognize that for the year
2005 both the Tier II EBITDA and the Tier II FCF Target have been achieved.
	 
	2.	 	We confirm that according to sec. 4.4 (b) (i) of the Deferred Compensation Plan, your
termination of employment shall be deemed

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Mr. Andreas Pohlmann

June 30, 2006

to have occurred on the Time Condition Date of December 31, 2006, and with regard to sec.
4.4 (b) (ii) on the Performance Condition Date of December 31, 2006.

	3.	 	Payout under the terms of the Celanese Corporation Deferred Compensation Plan will take place
on January 1, 2007 for the 2005 entitlement of $5,198,614 and for the 2006 entitlement of
$5,198,614. The calculation of the 2006 amount is based on the assumption of achieving both
the Tier II EBITDA and the Tier II FCF targets. Should the actual results not achieve those
targets, you will be obliged to pay back the respective “over-payment” in March 2007.
	 
	4.	 	For stock option purposes only, in particular with regard to sec. 3 (c) of the Nonqualified
Stock Option Agreement you will be treated as if your employment terminates as of December 31,
2006, regardless of the actual Termination Date. We confirm that 152,077 options vested on the
grant date already. Additionally 263,600 stock options for 2005 have vested in 2006 and
another 263,600 stock options will deemed to have vested on December 31, 2006. Stock options
planned to vest for 2007 and beyond will forfeit.
	 
	5.	 	As of December 31, 2006, the lock-up conditions of the Employee Stockholders Agreement dated
January 21, 2005, both with regard to the 148,007 Shares you subscribed for in January 2005
and with regard to any other shares which might be subject to the Employee Stockholders
Agreement, will be lifted.
	 
	6.	 	In an exit event of Blackstone or a change in control event prior to December 31, 2006, your
compensation from the Management Incentive Program will be as set forth in the terms and
conditions of those plans and agreements.

	C.	 	General Terms
	 
	1.	 	The above payments will be made to you via direct deposit to your bank account of record at
Celanese or any other account so designated by you. If you die before all payments according
to this agreement have been made, all amounts owed to you under this agreement that have not
otherwise been paid, shall be paid to your estate (or a beneficiary you designate to Celanese
Corporation HR in writing).
	 
	2.	 	This agreement is the entire agreement between the Company and you relating to your
separation from employment, and supersedes any and all prior oral or written communications or
agreements concerning your separation from employment. It is being entered into by each of the
parties for valuable consideration, specified herein, which is in addition to whatever either
party may be entitled under any existing agreement. Neither this agreement nor any of its
terms may be amended, changed, waived or added to

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Mr. Andreas Pohlmann

June 30, 2006

except in a writing signed by both parties. The Company has made no representations or
promises to you other than those in or referred to by this Termination Letter. If any
provision in this Termination Letter is found to be unenforceable, all other provisions will
remain enforceable.

	3.	 	We are not entitled to exercise a right of set-off or retention with respect to any of our
payment obligations according to this agreement. To the extent necessary to avoid any adverse
income tax consequences to you under the United States Internal Revenue Code, any payment
required hereunder will be delayed upon your request until the first day after the six month
anniversary of the date your employment terminates.

	4.	 	You hereafter will cooperate and consult with and assist Celanese and its attorneys and
agents, and provide advice, truthful information, interviews and testimony, with respect to
any business or events occurring during your employment. This will be done at such times and
in such manner as we may reasonably request upon whatever notice is reasonable under the
circumstances. If and to the extent you are requested to travel outside the metropolitan area
where you live, then we will pay all reasonable and necessary travel and lodging expenses you
incur associated with that request. We will endeavor to require this assistance at such times
and in such a manner as will not unreasonably interfere with your obligations to another
employer to the extent feasible. In the case where there would be unreasonable interference,
such that you are required to be away from your position for more than several consecutive
days, then you will be compensated for the excess time on an hourly basis consistent with your
last base salary with Celanese.

	5.	 	The above referenced agreements of Celanese fully satisfy any and all known and unknown
claims and rights you may have against Celanese Corporation, Celanese AG, their respective
shareholders, subsidiaries and affiliates, and the respective present and former directors,
officers and agents of each such business entity, in any way arising out of or based upon any
promise, agreement, decision or conduct of any such person or entity or any facts occurring
prior to this date, and you specifically waive, give up and release (and agree not to
prosecute or sue on) any and all such known and unknown claims and lawsuits you may have
against any of them. This includes a release of any claims and lawsuits under the laws of the
United States, the laws of the States of New York, Delaware, and Texas, the laws of Germany,
and the laws of any other country, state or municipality. You further agree to execute such
documents and take such other actions as Celanese may request in order to release and give up
any claims or rights to sue under the laws of Germany or any of its political subdivisions.
You agree that Celanese Corporation, Celanese AG and the other persons you have released have
not

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Mr. Andreas Pohlmann

June 30, 2006

retaliated against you on account of any conduct or statement by you, and that you have not
been discriminated against nor treated adversely in connection with your employment on
account of your age, gender, race, national origin or any other legally protected
classification.

	6.	 	You hereafter will continue to conduct yourself in a professional and positive manner with
respect to Celanese Corporation and its directors and officers, and will not criticize or say
anything disparaging about Celanese Corporation or any of its officers, directors, or
principal shareholders to any customer, current or former employee, lender, or other third
party. Celanese Corporation in turn will direct its current senior executive officers not to
criticize or say anything disparaging about you to any customer, former employee or other
third party. This will not however prevent you or any Celanese officer from providing truthful
information or testimony to any governmental official or body (or in the case of any Celanese
officer, to any investor or investment analyst), including but not limited to the Securities
Exchange Commission. Celanese will provide you with an adequate record of your services
(Zeugnis) as it is customary in Germany satisfying the expectations associated with the senior
management position you held with the company.

	7.	 	In case one of the clauses proves in total or in part to be invalid or unenforceable or
unworkable, it shall be replaced by the parties with a valid, enforceable and workable
provision which shall come as close as possible to the resolution of the issue which the
parties intended to settle with the respective invalid, unenforceable of unworkable clause.

	8.	 	This letter agreement is subject to the approval of the Compensation Committee of Celanese
Corporation and shall not be binding until such approval is received.

On behalf of Celanese, thank you for your valuable service to the Company. We wish you much success
in your future endeavors. Please confirm your agreement to the foregoing by signing below where
indicated.

We expect the supervisory board of Celanese AG to approve and confirm the details of this agreement
by signature of the Chairman (Vorsitzender des Aufsichtsrates der Celanese AG).

	 	 	 	 	 
	Yours truly,

CELANESE CORPORATION

By

 	 
	/s/ David N. Weidman
 	 
	David N. Weidman 	 
	Chief Executive Officer, President and Director 	 
	 

Page 5

 

	 	 	 
	CELANESE AG

	 	Accepted and Agreed:
	 
	 	 
	By /s/ Dr. Bernd Theimann

	 	By /s/ Andreas Pohlmann
	Dr. Bernd Thiemann
	 	 
	Vorsitzender des Aufsichtsrates der Celanese AG

	 	Andreas Pohlmann

Page 6EX-10.1

 

EXHIBIT
10.1

AMENDED AND RESTATED

EMPLOYMENT AGREEMENT

     This Amended and Restated Employment Agreement, dated as of June 27, 2006, amends and restates
the employment agreement entered into by and between CA, Inc. (the “Company”) and Mike Christenson
(the “Employee”) as of February 14, 2005 (the “Effective Date”).

     1.      Employment, Duties, Authority and Work Standards. The Company hereby agrees to
employ the Employee as Executive Vice President and Chief Operating Officer and the Employee hereby
accepts such position and agrees to serve the Company and its affiliates from time to time
(together, the “Group”) in such capacity during the Employment Period (as defined below). The
Employee shall report directly to the Company’s Chief Executive Officer. The Employee’s duties,
responsibilities and authority shall be such duties, responsibilities and authority as are
consistent with the above job title and such other duties, responsibilities and authority as the
Chief Executive Officer shall from time to time specify. The Employee will (a) serve the Group
faithfully, diligently and to the best of the Employee’s ability under the direction of the Chief
Executive Officer, (b) devote his full working time and best efforts, attention and energy to the
performance of his duties to the Group and (c) not do anything inconsistent with his duties to the
Group.

     During the Employment Period, the Employee will not render any business, commercial or
professional services to any non-member of the Group. However, the Employee may serve on
corporate, civic or charitable boards, so long as these activities do not interfere with the
performance of his responsibilities under this Agreement and such service is approved by the Board
of Directors of the Company (the “Board”).

     2.       Laws; Other Agreements. The Employee represents that his employment hereunder
will not violate any law or duty by which he is bound, and will not conflict with or violate any
agreement or instrument to which the Employee is a party or by which he is bound.

     3.       Compensation.

          (a)      In consideration of services that the Employee will render to the Company, the Company
agrees to pay the Employee, during the Employment Period, the sum of $650,000 per annum (less
applicable withholdings) (the “Base Salary”), payable semi-monthly concurrent with the Company’s
normal payroll cycle.

          (b)      Management shall recommend that the Employee be eligible to receive an annual cash bonus
(“Annual Bonus”), with respect to the fiscal year ending March 31, 2007, under the Company’s Annual
Performance Bonus program as set forth in Section 4.4 of the Company’s 2002 Incentive Plan or a
successor plan (the “Incentive Plan”) with a target level of $650,000, provided that such targeted
amount and the other terms and conditions of such Annual Performance Bonus shall be subject to
determination and approval of the Compensation and Human Resource Committee of the Board of
Directors (the “Compensation Committee”) in accordance with the terms of the Incentive Plan.

          (c)      Management shall also recommend to the Compensation Committee that the Employee be
eligible to receive a targeted Long-Term Performance Bonus of $2,500,000 for the performance period
commencing on April 1, 2006 under the Company’s Long-Term Performance Bonus program as set forth in
Section 4.5 of the Incentive Plan, provided that such targeted amount and the other terms and
conditions of such Long-Term Performance Bonus shall be subject to determination and approval of
the Compensation Committee in accordance with the terms of the Incentive Plan.

          (d)      On or around the Effective Date, Employee was granted an award of 14,000 restricted shares
(“Restricted Stock”) of Common Stock, subject to restrictions on transferability as set forth in
the Incentive Plan and the Restricted Stock grant agreement provided to the Employee. Such
Restricted Stock grant agreement shall provide that the restrictions applicable to the Restricted
Stock shall lapse in approximately three equal installments on each of the first three
anniversaries of the grant date, provided the Employee remains employed through the applicable
vesting date.

 

 

     4.       Benefits and Perquisites; CIC Policy. During the term of the Employee’s
employment, the Employee shall be eligible to participate in all pension, welfare and benefit plans
and perquisites generally made available to other senior employees of the Company.

          Employee is currently a Schedule A participant of the Company’s Change in Control Severance
Policy (the “CIC Severance Policy”) and the parties understand and agree that such participation
and any other terms and conditions related to such participation shall be at the discretion of the
Board in accordance with the terms of such CIC Severance Policy.

     5.       Termination; Termination Payments.

          (a)      Unless the Employee’s employment shall sooner terminate for any reason pursuant to
paragraph 5 of this Agreement, the “Employment Period” shall commence on the Effective Date and
shall initially terminate on the second anniversary of the Effective Date, except that beginning on
the second anniversary of the Effective Date, the Employment Period will automatically extend for
one year unless either the Employee or the Company gives at least 60 days’ advance written notice
of non-extension.

          (b)      In the event that the Employee’s employment is terminated during the Employment Period (i)
by the Employee for Good Reason (as defined in Appendix A) or (ii) by the Company without Cause (as
defined in Appendix A), other than as a result of the Employee’s death or disability (within the
meaning of the Company’s long-term disability program then in effect), subject to the Employee’s
execution and delivery of a valid and effective release and waiver in a form satisfactory to the
Company, the Company shall pay the Employee ratably over 12 months, on the Company’s regular
payroll dates, an amount equal to (A) one (1) times Employee’s Base Salary and (B) Employee’s
“Pro-Rated Annual Bonus”. For purposes of this Agreement, the “Pro-Rated Annual Bonus” shall be an
amount equal to the target level of Employee’s Annual Bonus for the fiscal year in which the
Termination Date occurs multiplied by a fraction, the numerator of which is the number of days of
the Employee’s employment since the beginning of such fiscal year and the denominator of which is
365.

          (c)      Notwithstanding anything herein to the contrary, upon the termination of the Employee’s
employment for any reason, the rights of the Employee with respect to any shares of restricted
stock or options to purchase Common Stock held by the Employee which, as of the Termination Date,
have not been forfeited shall be subject to the applicable rules of the plan or agreement under
which such restricted stock or options were granted as they exist from time to time. In addition,
upon the termination of the Employee’s employment for any reason, the Company shall pay to the
Employee his Base Salary through the Termination Date, plus any unused vacation time accrued
through the Termination Date. Any vested benefits and other amounts that the Employee is otherwise
entitled to receive under any employee benefit plan, policy, practice or program of the Company or
any of its affiliates shall be payable in accordance with such employee benefit plan, policy,
practice or program as the case may be, provided that the Employee shall not be entitled to receive
any other payments or benefits in the nature of severance or termination pay.

          (d)      In the event that the Employee resigns without Good Reason, is terminated for Cause, or
dies or becomes disabled (within the meaning of the Company’s long-term disability program then in
effect) during the Employment Period, no benefits shall be payable to the Employee under paragraph
5(b) of this Agreement, but the terms and conditions of paragraph 5(c) shall remain in effect.

          (e)       If the Employee is a participant in the Company’s CIC Severance Policy (as
described above) and a “Change in Control” occurs, any payments and benefits provided in the CIC
Severance Policy that the Employee is entitled to will reduce (but not below zero) the
corresponding payment or benefit provided under this Agreement. It is the intent of this provision
to pay or to provide to the Employee the greater of the two payments or benefits but not to
duplicate them.

     6.       No Duration of Employment. Notwithstanding anything else contained in this Agreement
to the contrary, the Company and the Employee each acknowledge and agree that the Employee’s
employment with the Company may be terminated by either the Company upon 30 days’ written notice to
the Employee (subject to the provisions of paragraph 5 of this Agreement) or by the Employee upon
60 days’ written notice to the Company (subject to the provisions of paragraph 5 of this
Agreement), at any time and for any reason, with or without Cause; provided that this Agreement may
be terminated for Cause immediately upon written notice from the

2

 

Company to the Employee; and provided further that the Company may determine to waive all or
part of the Employee’s 60 days’ notice period at its discretion. In addition, this Agreement shall
automatically terminate upon Employee’s death or disability (determined in accordance with the
Company’s practices and policies). Upon termination of the Employee’s employment for any reason
whatsoever, the Company shall have no further obligations to the Employee other than those set
forth in paragraph 5 of this Agreement. The effective date of the Employee’s termination of
employment shall be referred to herein as the “Termination Date.”

     7.       General.

          (a)      Any notice required or permitted to be given under this Agreement shall be made either:

                    (i) by personal delivery to the Employee or, in the case of the Company, to the Company’s
principal office (“Principal Office”) located at One CA Plaza, Islandia, New York 11749, Attention:
Executive Vice President — Human Resources, or

                    (ii) in writing and sent by registered mail, postage prepaid, to the Employee’s residence,
or, in the case of the Company, to the Company’s Principal Office.

          (b)      This Agreement shall be binding upon the Employee and his heirs, executors, assigns, and
administrators and shall inure to the benefit of the Company, its successors and assigns and any
subsidiary or parent of the Company.

          (c)      This Agreement shall be governed by and construed in accordance with the laws of the State
of New York, without regard to conflict of law principles. Any action relating to this Agreement
shall be brought exclusively in the state or federal courts of the State of New York, County of
Suffolk.

          (d)      This Agreement, the Employment and Confidentiality Agreement executed by the Employee on
or about the Effective Date and the other documents referred to herein represent the entire
agreement between the Employee and the Company related to the Employee’s employment and supersede
any and all previous oral or written communications, representations or agreements related thereto.
This Agreement may only be modified, in writing, jointly by the Employee and a duly authorized
representative of the Company. This Agreement may be executed in several counterparts, each of
which shall be deemed an original, but all of which shall constitute one and the same instrument.

          (e)      The provisions of this Agreement shall be severable in the event that any of the
provisions hereof (including any provision within a single paragraph or sentence) are held by a
court of competent jurisdiction to be invalid, void or otherwise unenforceable in any respect, and
the validity and enforceability of any such provision in every other respect and of the remaining
provisions hereof shall not in any way be impaired and shall remain enforceable to the fullest
extent permitted by law. In addition, waiver by any party hereto of any breach or default by the
other party of any of the terms of this Agreement shall not operate as a waiver of any other breach
or default, whether similar to or different from the breach or default waived. No waiver of any
provision of this Agreement shall be implied from any course of dealing between the parties hereto
or from any failure by either party hereto to assert its or his rights hereunder on any occasion or
series of occasions.

     CAUTION TO EXECUTIVE: This Agreement affects important rights. DO NOT sign it unless you have read
it carefully and are satisfied that you understand it completely.

	 	 	 	 	 
	 

	 	CA, INC.
	 	 
	 
	 	 	 	 
	 
	 	 	 	 
	/s/  Mike
Christenson

	 	By:  /s/  Andrew
Goodman	 	 
	 

	 	 	 	 
	Mike Christenson

	 	Name:  Andrew Goodman	 	 
	 

	 	Title:    Executive
Vice President, HR	 	 

3

 

Appendix A

     For purposes of this Agreement, “Cause” means any of the following:

          (1)      The Employee’s continued failure, either due to willful action or as a result of gross
neglect, to substantially perform his duties and responsibilities to the Group under this Agreement
(other than any such failure resulting from the Employee’s incapacity due to physical or mental
illness) that, if capable of being cured, has not been cured within thirty (30) days after written
notice is delivered to the Employee, which notice specifies in reasonable detail the manner in
which the Company believes the Employee has not substantially performed his duties and
responsibilities.

          (2)      The Employee’s engagement in conduct which is demonstrably and materially injurious to the
Group, or that materially harms the reputation or financial position of the Group, unless the
conduct in question was undertaken in good faith on an informed basis with due care and with a
rational business purpose and based upon the honest belief that such conduct was in the best
interest of the Group.

          (3)      The Employee’s indictment or conviction of, or plea of guilty or nolo contendere to, a
felony or any other crime involving dishonesty, fraud or moral turpitude.

          (4)      The Employee’s being found liable in any SEC or other civil or criminal securities law
action or entering any cease and desist order with respect to such action (regardless of whether or
not he admits or denies liability).

          (5)      The Employee’s breach of his fiduciary duties to the Group which may reasonably be
expected to have a material adverse effect on the Group. However, to the extent the breach is
curable, the Company must give the Employee notice and a reasonable opportunity to cure.

          (6)      The Employee’s (i) obstructing or impeding, (ii) endeavoring to influence, obstruct or
impede or (iii) failing to materially cooperate with, any investigation authorized by the Board or
any governmental or self-regulatory entity (an “Investigation”). However, the Employee’s failure
to waive attorney-client privilege relating to communications with his own attorney in connection
with an Investigation shall not constitute “Cause”.

          (7)      The Employee’s withholding, removing, concealing, destroying, altering or by any other
means falsifying any material which is requested in connection with an Investigation.

          (8)      The Employee’s disqualification or bar by any governmental or self-regulatory authority
from serving in the capacity contemplated by this Agreement or his loss of any governmental or
self-regulatory license that is reasonably necessary for him to perform his responsibilities to the
Group under this Agreement, if (a) the disqualification, bar or loss continues for more than 30
days and (b) during that period the Group uses its good faith efforts to cause the disqualification
or bar to be lifted or the license replaced. While any disqualification, bar or loss continues
during the Employee’s employment, he will serve in the capacity contemplated by this Agreement to
whatever extent legally permissible and, if his employment is not permissible, he will be placed on
leave (which will be paid to the extent legally permissible).

          (9)      The Employee’s unauthorized use or disclosure of confidential or proprietary information,
or related materials, or the violation of any of the terms of the Employment and Confidentiality
Agreement executed by the Employee or any Company standard confidentiality policies and procedures,
which may reasonably be expected to have a material adverse effect on the Group and that, if
capable of being cured, has not been cured within thirty (30) days after written notice is
delivered to the Employee by the Company, which notice specifies in reasonable detail the alleged
unauthorized use or disclosure or violation.

          (10)      The Employee’s violation of the Group’s (i) Workplace Violence Policy or (ii) policies on
discrimination, unlawful harassment or substance abuse.

     For this definition, no act or omission by the Employee will be “willful” unless it is made by
the Employee in bad faith or without a reasonable belief that his act or omission was in the best
interests of the Group.

4

 

     For purposes of this Agreement, “Good Reason” shall mean any of the following:

          (1)      Any material and adverse change in the Employee’s title;

          (2)      Any material and adverse reduction in the Employee’s authorities or responsibilities other
than any isolated, insubstantial and inadvertent failure by the Company that is not in bad faith
and is cured promptly on the Employee’s giving the Company notice (and for purposes of
clarification, a change in the number of direct reports will not constitute a material and adverse
reduction in the Employee’s authorities or responsibilities);

          (3)      Any reduction by the Company in the Employee’s Base Salary or target level of Annual Bonus
as set forth in Sections 3(a) and (b), respectively, other than any such reduction agreed to by the
Employee in writing;

          (4)      The Company’s material breach of this Agreement;

          provided that, no alleged action, reduction or breach set forth in (1) through (4) above shall
be deemed to constitute “Good Reason” unless such action, reduction or breach remains uncured, as
the case may be, after the expiration of thirty (30) days following delivery to the Company from
the Employee of a written notice, setting forth such course of conduct deemed by the Employee to
constitute “Good Reason”.

5

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