Document:

Exhibit
4.1

 

 

Articles of Association

of ADC Therapeutics
SA

(ADC Therapeutics
AG)

(ADC Therapeutics
Ltd)

 

 

 

 Statuts

de ADC Therapeutics
SA

(ADC Therapeutics
AG)

(ADC Therapeutics
Ltd)

 

 

 

 

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    Articles of Association of ADC Therapeutics SA

    

 

	 	Section
    1

    Name, Registered Office, Purpose and Duration of the Company	 	 	Section 1

    Raison sociale, siège, but de la société, durée
	 	 	 	 	 
	 	Article 1	 	 	Article 1
	Name, Place of Incorporation	Under the name ADC Therapeutics SA (ADC Therapeutics AG) (ADC Therapeutics
    Ltd) (the Company) shall exist a corporation with its registered office in Epalinges, canton of Vaud.	 	Raison sociale, siège	Sous la raison sociale ADC Therapeutics SA (ADC Therapeutics AG), (ADC
    Therapeutics Ltd) (la Société) existe une société anonyme avec siège à Epalinges,
    canton de Vaud.
	 	 	 	 	 
	 	Article 2 	 	 	Article 2
	Purpose	1
    The Company's purpose is to research, develop, produce and sell products in the fields of biotechnology, pharmaceutics, medical technology,
    diagnosis and therapy as well as to purchase, sell and use patents and licenses in these fields. The Company may engage in all types
    of transactions that appear appropriate to promote the purpose of the Company or that are related thereto.

     
	 	But	1 La Société a pour but la recherche, le développement,
    la production et la vente de produits dans les domaines de la biotechnologie, de la pharmaceutique, de la technologie médicale,
    du diagnostic et de la thérapie ainsi que l’acquisition, la vente et l'utilisation de brevets et de licences dans ces
    domaines. La Société peut exercer toutes activités aptes à favoriser son but ou en rapport avec ce dernier.
	 	2 The Company may open branch offices and subsidiaries in
    Switzerland and abroad. It may also acquire participations or otherwise invest in other companies in Switzerland and abroad.	 	 	2 La Société peut constituer des succursales
    et des filiales en Suisse et à l'étranger et participer à ou investir autrement dans d'autres entreprises en
    Suisse et à l'étranger.
	 	3 The Company may acquire, hold, manage, mortgage, exploit
    and sell real estate and intellectual property rights in Switzerland and abroad and may also finance other companies.	 	 	3 La Société peut acquérir, détenir,
    gérer, gager, mettre en valeur et aliéner des immeubles et des droits de propriété intellectuelle en
    Suisse et à l'étranger, ainsi que financer d'autres sociétés.
	 	 	 	 	 

 

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	 	Article 3	 	 	Article 3
	Duration	The duration of the Company shall be unlimited.	 	    Durée	La durée de la Société est illimitée.
	 	 	 	  
 	 
	 	 	 	     	 
	 	Section 2

    

    Share Capital,
    Shares, Restrictions of Transferability

    
	 	 	Section 2

    

    Capital-actions,
    actions et restrictions à la transmissibilité

    

	 	 	 	 	 
	 	Article 4	 	 	Article 4
	Share Capital	The share capital of the Company is CHF 6,511,509.20 and is divided
    into 81,393,865 fully paid in registered shares with a par value of CHF 0.08 each.	 	Capital-actions	Le capital-actions de la Société s'élève
    à 

    CHF 6'511’509.20 et est divisé en 81'393’865 actions nominatives entièrement libérées d'une
    valeur nominale de CHF 0.08 chacune.
	 	 	 	 	 
	 	Article 4a	 	 	Article 4a
	Authorized Share Capital	1 The Board of Directors shall be authorized to increase
    the share capital at any time, including in connection with an intended takeover, until June 9, 2023 by a maximum amount of CHF 3,072,114.56
    by issuing a maximum of 38,401,432 fully paid in registered shares with a par value of CHF 0.08 each. Increases in partial amounts
    shall be permissible.	 	Capital-actions autorisé	1 Le Conseil d'administration est autorisé à
    augmenter le capital-actions d'un montant maximum de CHF 3'072'114.56, en tout temps, y inclus en lien avec une future offre
    publique d'acquisition, mais jusqu'au 

    9 juin 2023 au plus tard, par l'émission d'un maximum de 38'401’432 actions nominatives d'une valeur nominale de CHF 0.08
    chacune, qui doivent être intégralement libérées. Des augmentations par montants partiels sont autorisées.
	 	2 The subscription and acquisition of the new shares as well
    as any subsequent transfer of the shares shall be subject to the restrictions pursuant to Article 6 of these articles of association.	 	 	2 La souscription et l'acquisition des nouvelles actions
    ainsi que tout transfert ultérieur des actions sont assujettis aux restrictions à la transmissibilité conformément
    à l'article 6 des présents statuts.
	 	3 The Board of Directors shall determine the issue price,
    the type of contribution, the date of issue, the conditions for the exercise of pre-emptive rights and the beginning.	 	 	3 Le Conseil d'administration détermine le prix d'émission,
    la nature des apports, le moment de l'émission, les conditions de l'exercice du droit de souscription préfé

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	 	date for dividend entitlement. In this regard, the Board
    of Directors may issue new shares by means of a firm underwriting through a financial institution, a syndicate of financial institutions
    or another third party and a subsequent offer of these shares to the existing shareholders or third parties (if the pre-emptive rights
    of the existing shareholders have been withdrawn or have not been duly exercised). The Board of Directors is entitled to permit,
    to restrict or to exclude the trading of pre-emptive rights. It may permit the expiration of pre-emptive rights that have not been
    exercised, or it may place such rights or shares as to which pre-emptive rights have been granted, but not exercised, at market conditions
    or may use them otherwise in the interest of the Company	 	 	rentiel et le moment à partir duquel les actions
    donneront droit à des dividendes. A cet effet, le Conseil d'administration peut émettre des nouvelles actions par voie
    de prise ferme par un établissement financier, un consortium bancaire ou un tiers et d'offre subséquente de ces actions
    aux actionnaires actuels ou à des tiers (si les droits de souscription préférentiels des actionnaires actuels
    ont été supprimés ou qu'ils n'ont pas été valablement exercés). Le Conseil d'administration
    est en droit d'autoriser, de limiter ou d'exclure le négoce des droits de souscription préférentiels. Le Conseil
    d'administration peut laisser s'éteindre les droits de souscription préférentiels non exercés; il peut
    aussi aliéner ceux-ci, respectivement les actions pour lesquelles des droits de souscription ont été accordés
    sans toutefois être exercés, aux conditions du marché ou les utiliser autrement dans l'intérêt de
    la Société.
	 	4 The Board of Directors is further authorized to withdraw
    or restrict pre-emptive rights of existing shareholders and to allocate such rights to third parties, the Company or any of its group
    companies:	 	 	4 Le Conseil d'administration peut aussi exclure ou limiter
    les droits de souscription préférentiels des actionnaires actuels et les attribuer à des tiers, à la
    Société ou à une des sociétés du groupe:
	 	(a)  if the issue price
    of the new shares is determined by reference to the market price; or	 	 	(a)si le prix d'émission
    des nouvelles actions est déterminé en fonction du prix du marché; ou
	 	(b)  for raising capital
    in a fast and flexible manner, which would not be possible, or might only be possible with great difficulty or delays or at significantly
    less favorable conditions, without the exclusion of the pre-emptive rights of existing shareholders; or	 	 	(b)pour créer
    des fonds de manière rapide et flexible, ce qui ne serait pas possible ou possible qu'avec difficulté ou tardivement
    ou à des conditions nettement plus défavorables sans l'exclusion des droits de souscription préférentiels
    des actionnaires actuels; ou
	 	(c)   for the acquisition
    of companies, part(s) of companies or participations, for the acquisition of products, intellectual property or licenses by or for
    investment projects of the Company or any of its group companies, or for the financing or refinancing of any of such transactions
    through a place	 	 	(c)pour l'acquisition
    de sociétés, de partie(s) de sociétés ou de participations, pour l'acquisition de produits, de droits
    de propriété intellectuelle, ou licences par ou pour des projets d'investissement de la Société ou de
    l'une des sociétés du groupe, ou pour le financement ou le refinancement de telles

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	 	  ment of shares;
    or	 	 	       transactions
    par le placement d'actions; ou
	 	(d)    for purposes of
    broadening the shareholder constituency of the Company in certain geographic, financial or investor markets, for purposes of the
    participation of strategic partners, or in connection with the listing of new shares on domestic or foreign stock exchanges; or	 	 	(d)    pour élargir
    le cercle des actionnaires de la Société dans certains marchés géographiques, financiers ou d'investisseurs,
    pour permettre la participation de partenaires stratégiques, ou en relation avec la cotation de nouvelles actions sur des
    bourses nationales ou étrangères; ou
	 	(e)     for purposes of
    granting an over-allotment option (Greenshoe)  or an option to subscribe for additional shares in a placement or sale
    of shares to the respective initial purchaser(s) or underwriter(s); or	 	 	(e)     pour octroyer une
    option de surallocation (Greenshoe) ou une option de souscription d'actions supplémentaires lors d'un placement ou
    de la vente d'actions à un ou plusieurs acheteurs initiaux ou souscripteurs; ou
	 	(f)       for the participation
    of members of the Board of Directors, members of the executive management, employees, contractors, consultants or other persons performing
    services for the benefit of the Company or any of its group companies; or	 	 	(f)      pour la participation
    de membres du Conseil d'administration, de membres de la direction, d'employés, de co-contractants, de consultants ou d'autres
    personnes exerçant des services au bénéfice de la Société ou de l'une des sociétés
    du groupe; ou
	 	(g)    following a shareholder
    or a group of shareholders acting in concert having accumulated shareholdings in excess of 20% of the share capital registered in
    the commercial register without having submitted to all other shareholders a takeover offer recommended by the Board of Directors;
    or	 	 	(g)     si un actionnaire
    ou un groupe d'actionnaires agissant de concert a acquis ou réuni une participation de plus de 20% du capital-actions inscrit
    au registre du commerce sans avoir présenté à tous les autres actionnaires une offre publique d'achat dont l'acceptation
    a été recommandée par le Conseil d'administration; ou
	 	(h)    for the defense
    of an actual, threatened or potential takeover bid that the Board of Directors, upon consultation with an independent financial adviser
    retained by it, has not recommended or will not recommend to the shareholders to accept on the basis that the Board of Directors
    does not find such takeover bid to be financially fair to the shareholders or not to be in the Company's interest.	 	 	(h)    pour se défendre
    contre une offre publique d'achat hostile présentée, menaçante ou potentielle dont le rejet est, respectivement
    sera, recommandé par le Conseil d'administration, après consultation d'un conseiller financier indépendant qu'il
    aura choisi, dans la mesure où le Conseil d'administration estime que l'offre publique d'achat n'est pas équitable
    d'un point de vue financier vis-à-vis des actionnaires ou n'est pas dans l'intérêt de la Société.
	 	 	 	 	 

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	 	Article 4b	 	 	Article 4b
	Conditional Share Capital for Employee Participation	1 The share capital may be increased in an amount not to
    exceed CHF 936,000.00 through the issuance of up to 11,700,000 fully paid in registered shares with a par value of CHF 0.08
    per share through the direct or indirect issuance of shares, options or related subscription rights to members of the Board of Directors,
    members of the executive management, employees, contractors or consultants of the Company or its group companies, or other persons
    providing services to the Company or its group companies.	 	Capital-actions conditionnel pour la participation des employés	1 Le capital-actions peut être augmenté d'un
    montant maximum de CHF 936'000.00 par l'émission de 11'700'000 actions nominatives au plus, d'une valeur nominale de
    CHF 0.08 chacune, qui doivent être intégralement libérées, par l'émission directe ou indirecte
    d'actions, d'options ou de droits de souscription y relatifs, octroyés aux membres du Conseil d'administration, aux membres
    de la direction, ou aux employés, co-contractants ou consultants de la Société ou de l'une des sociétés
    du groupe, ou d'autres personnes exerçant des services au bénéfice de la Société ou de l'une des
    sociétés du groupe.
	 	2 The pre-emptive rights and advance subscription rights
    of the shareholders of the Company shall be excluded in connection with the issuance of any shares, options, other rights to receive
    shares, or subscription rights therefor. Shares, options, other rights to receive shares, or subscription rights therefor shall be
    issued pursuant to one or more regulations to be issued by the Board of Directors or, to the extent delegated to it, the Compensation
    Committee, and to the extent applicable, taking into account the compensation principles pursuant to Article 28 of these articles
    of association. Shares, options, other rights to receive shares, or subscription rights therefor may be issued at a price or with
    an exercise price lower than the market price.	 	 	2 Le droit de souscription préférentiel ainsi
    que le droit de souscription préalable des actionnaires de la Société sont exclus en relation avec l'émission
    de toutes actions, options, autres droits à recevoir des actions ou des droits de souscription qui y sont attachés.
    L'émission d'actions, d'options, d'autres droits à recevoir des actions ou des droits de souscription qui y sont attachés
    est faite selon un ou plusieurs règlements adoptés par le Conseil d'administration ou le Comité de rémunération,
    dans la mesure où cette compétence lui a été déléguée, et le cas échéant
    en tenant compte des principes de rémunération selon l'article 28 des présents statuts. L'émission
    d'actions, d'options, d'autres droits à recevoir des actions ou des droits de souscription qui y sont attachés peut
    se faire à un prix ou avec un prix d'exercice en-dessous du prix du marché.
	 	3 The direct or indirect acquisition of the new shares by
    persons listed in paragraph 1 in connection with an employee participation program and any subsequent transfer of such shares
    shall be subject to the restrictions of Article 6 of these articles of association.	 	 	3 L'acquisition directe ou indirecte de nouvelles actions
    par des personnes mentionnées à l'alinéa 1 dans le cadre d'un programme de participation des collaborateurs
    ainsi que le transfert subséquent de ces actions sont assujettis aux restrictions à la transmissibilité con

 

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	 	 	 	 	formément à l'article 6 des présents
    statuts.
	 	Article 4c	 	 	Article 4c
	Conditional Share Capital for Financing, Acquisitions and other Purposes	1 The share capital may be increased including in connection
    with an intended takeover in an amount not to exceed CHF 1,432,776.24 through the issuance of up to 17,909,703 fully paid in
    registered shares with a par value of CHF 0.08 per share through the exercise or mandatory exercise of conversion, exchange,
    option, warrant or similar rights or obligations for the subscription of shares granted to shareholders or third parties on a stand-alone
    basis or in connection with bonds, notes, options, warrants or other securities or contractual obligations of the Company or any
    of its group companies, including without limitation a convertible debenture to be entered into by the Company, as may be amended
    or novated from time to time (hereinafter collectively, the Financial Instruments).	 	Capital-actions conditionnel aux fins de financement, acquisitions ou d'autres
    buts	1 Le capital-actions peut être augmenté, y compris
    en lien avec une future offre publique d'acquisition, d'un montant maximum de CHF 1'432'776.24 par l'émission de 17'909'703
    actions nominatives au plus, d'une valeur nominale de CHF 0.08 chacune, qui doivent être intégralement libérées
    par l'exercice ou l'exercice obligatoire de droits de conversion, d'échange, d'option, de warrant ou d'autres droits ou obligations
    similaires pour la souscription d'actions octroyés aux actionnaires ou à des tiers de manière autonome ou en
    rapport avec des obligations, effets, options, warrants ou autres instruments financiers ou obligations contractuelles de la Société
    ou de l'une des sociétés du groupe, y compris, mais sans s'y limiter, une débenture convertible de la société,
    laquelle peut être amenée à être modifiée ou actualisée (ci-après désignés
    collectivement les Instruments Financiers).
	 	2 The pre-emptive rights of shareholders shall be excluded
    for the exercise of any Financial Instruments in connection with the issuance of shares. The then-current owners of such Financial
    Instruments shall be entitled to acquire the new shares issued upon conversion, exchange or exercise of any Financial Instruments.
    The key conditions of the Financial Instruments shall be determined by the Board of Directors.	 	 	2 Le droit de souscription préférentiel des
    actionnaires est exclu en relation avec l'émission d'actions à l'occasion de l'exercice d'Instruments Financiers. Les
    personnes qui détiendront alors de tels Instruments Financiers seront en droit d'acquérir les nouvelles actions émises
    à l'occasion de la conversion, de l'échange ou de l'exercice d'Instruments Financiers. Le Conseil d'administration
    détermine les principales conditions des Instruments Financiers.
	 	3 The Board of Directors shall be authorized to restrict
    or withdraw advance subscription rights of shareholders in connection with the issuance of Financial Instruments by the Company or
    one of its group companies (1) if the issuance is for purposes of financing or refinancing, or the payment for, the acquisition of
    companies, parts of a company, participations, intellectual property rights, li	 	 	3 Le Conseil d'administration est autorisé à
    limiter ou retirer le droit de souscription préalable des actionnaires en relation avec l'émission d'Instruments Financiers
    par la Société ou une des sociétés du groupe (1) si l'émission a pour but le financement, le refinancement
    ou le paiement de l'acquisition d'entreprises, de parties d'une entreprise, de participations, de droits de propriété
    intel

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	 	censes or investments,
    (2) if the issuance occurs in domestic or international capital markets or through a private placement, (3) following a shareholder
    or a group of shareholders acting in concert having accumulated shareholdings in excess of 20% of the share capital registered in
    the commercial register without having submitted to all other shareholders a takeover offer recommended by the Board of Directors,
    or (4) for the defense of an actual, threatened or potential takeover bid that the Board of Directors, upon consultation with an
    independent financial adviser retained by it, has not recommended or will not recommend to the shareholders to accept on the basis
    that the Board of Directors does not find such takeover bid to be financially fair to the shareholders or not in the Company's interest.
    If the advance subscription rights are neither granted directly nor indirectly by the Board of Directors, the following shall apply:	 	 	lectuelle, de
    licences ou d'investissements, (2) si l'émission a lieu sur les marchés de capitaux nationaux ou internationaux ou
    par le biais d'un placement privé, (3) si un actionnaire ou un groupe d'actionnaires agissant de concert a acquis ou réuni
    une participation de plus de 20% du capital-actions inscrit au registre du commerce sans avoir présenté à tous
    les autres actionnaires une offre publique d'achat dont l'acceptation a été recommandée par le Conseil d'administration,
    ou (4) pour se défendre contre une offre publique d'achat hostile présentée, menaçante ou potentielle
    dont le rejet est, respectivement sera, recommandé par le Conseil d'administration, après consultation d'un conseiller
    financier indépendant qu'il aura choisi, dans la mesure où le Conseil d'administration estime que l'offre publique
    d'achat n'est pas équitable d'un point de vue financier vis-à-vis des actionnaires ou n'est pas dans l'intérêt
    de la Société. Si le droit de souscription préalable n'est pas accordé, de manière directe ou
    indirecte, par le Conseil d'administration, les règles suivantes s'appliquent:
	 	(a)    the Financial Instruments
    shall be issued or entered into at market conditions;	 	 	(a)   les Instruments Financiers
    sont émis ou conclus aux conditions du marché;
	 	(b)    the Financial Instruments
    may be converted, exchanged or exercised during a maximum period of 10 years from the date of issuance or contract conclusion; and	 	 	(b)    les Instruments Financiers
    peuvent être convertis, échangés ou exercés durant une période maximale de 10 ans suivant la date
    de l'émission ou de la conclusion du contrat; et
	 	(c)    the conversion, exchange
    or exercise price of the Financial Instruments shall be set with reference to, and/or shall be subject to change based upon, the
    valuation of the Company's equity and/or market conditions.	 	 	(c)    le prix de conversion,
    d'échange ou d'exercice des Instruments Financiers est fixé en prenant en compte, et/ou peut être modifié
    en fonction, de la valorisation des fonds propres de la société et/ou des conditions du marché.
	 	4 The direct or indirect acquisition of the new shares acquired
    through the exercise of Financial Instruments and any subsequent transfer of such shares shall be subject to the restrictions of
    Article 6 of these articles of 	 	 	4 L'acquisition de nouvelles actions acquises directement
    ou indirectement par l'exercice d'Instruments Financiers ainsi que le transfert subséquent de ces actions sont assujettis
    aux restrictions à la transmissibilité confor

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	 	association.	 	 	mément à l'article 6 des présents statuts.
	 	 	 	 	 
	 	Article 5	 	 	Article 5
	Share Certificates and Intermediated Securities	1 The Company may issue its registered shares in the form
    of single certificates, global certificates and uncertificated securities. Subject to applicable law, the Company may convert its
    registered shares from one form into another form at any time and without the approval of the shareholders. The Company shall bear
    the cost associated with any such conversion.	 	Certificats d'actions et titres intermédiés	1 La Société émet ses actions nominatives
    sous forme de certificats individuels, de certificats globaux ou de droits-valeurs. La Société est libre, dans les
    limites du droit applicable, en tout temps et sans l'approbation des actionnaires, de convertir ses actions nominatives émises
    sous l'une des formes ci-dessus, en une autre forme. La Société supporte les coûts d'une telle conversion.
	 	2 A shareholder has no right to request a conversion of the
    registered shares issued in one form into another form. Each shareholder may, however, at any time request from the Company a written
    confirmation of the registered shares held by such shareholder, as reflected in the share register.	 	 	2 Un actionnaire n'a pas le droit de réclamer la conversion
    d'actions nominatives émises sous une certaine forme en une autre forme. Chaque actionnaire peut toutefois exiger en tout
    temps que la Société établisse une attestation relative aux actions nominatives qu'il détient selon le
    registre des actions.
	 	3 Intermediated securities based on registered shares of
    the Company cannot be transferred by way of assignment. A security interest in any such intermediated securities also cannot be granted
    by way of assignment.	 	 	3 Les titres intermédiés fondés sur
    des actions nominatives de la Société ne peuvent pas être transférés par cession. Il ne peut pas
    non plus être constitué de sûretés par cession sur ces titres intermédiés.
	 	 	 	 	 
	 	Article 6	 	 	Article 6
	Share Register, Restrictions on Registration, Nominees	1 The Company shall maintain, itself or through a third party,
    a share register for the registered shares that lists the surname and name (the name of the company in case of a legal entity), the
    address and domicile (the registered office in case of a legal entity) of the shareholders or usufructuaries. A person registered
    in the share register shall notify the share registrar of any change of address. Until such notification has occurred, all written
    communications from the Company to persons registered in the share register shall be deemed to	 	Registre des actions, limitations
à l'inscription, Nominees	1 La Société ou un tiers mandaté par
    elle tient un registre des actions qui mentionne le nom et le prénom (la raison sociale pour les personnes morales), l'adresse
    et le domicile (le siège pour les personnes morales) des propriétaires et des usufruitiers. Si une personne inscrite
    au registre des actions change d'adresse, elle doit le communiquer à la personne en charge de la tenue du registre. Aussi
    longtemps que cette communication n'a pas eu lieu, toutes les communications écrites de la Société aux personnes
    inscrites au registre des actions

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	 	have validly been made if sent to the address previously
    recorded in the share register.	 	 	seront valablement envoyées à l'adresse inscrite
    au registre des actions.
	 	2 Persons acquiring shares shall be registered in the share
    register as shareholders with voting rights upon their request if they expressly declare to have acquired these shares in their own
    name and for their own account. Subject to paragraph 4 of this Article 6 and article 685d para. 3 of the Swiss
    Code of Obligations, no person or entity shall be registered in the share register as a shareholder with voting rights for, and no
    person or entity may directly or indirectly, formally, constructively or beneficially own, or otherwise control alone or together
    with third parties voting rights (whether exercisable or not) with respect to more than 15% of the share capital as set forth in
    the commercial register as a shareholder with voting rights. This restriction shall also apply to persons or entities who hold some
    or all of their shares through Nominees (as defined in paragraph 4 of this Article 6).	 	 	2 Les personnes qui acquièrent des actions sont inscrites
    dans le registre des actions, à leur demande, comme actionnaires avec droit de vote, pour autant qu'ils déclarent expressément
    avoir acquis les actions en leur nom et pour leur propre compte. Sous réserve de l'alinéa 4 du présent article
    6 et de l'article 685d al. 3 du Code des obligations, aucune personne physique ou morale ne peut être inscrite au
    registre des actions comme actionnaire avec droit de vote et aucune personne physique ou morale ne peut détenir, directement
    ou indirectement, formellement, de fait ou comme ayant droit économique, ou contrôler autrement, seul ou avec des tiers,
    des droits de vote (exerçables ou non), par rapport à plus de 15% du capital-actions inscrit au registre du commerce
    en tant qu'actionnaire avec droit de vote. Cette restriction s'applique également aux personnes ou entités qui détiennent
    tout ou partie de leurs actions par l'intermédiaire de Nominees (tels que définis à l'alinéa 4 du
    présent article 6).
	 	3 Subject to Art. 652b para. 3 of the Swiss Code of Obligations,
    this transfer restriction also applies in the case of the acquisition of shares by the exercise of subscription, option and conversion
    rights. The transfer restriction does not apply to acquisitions by inheritance, division of an estate or matrimonial property law.	 	 	3 Sous réserve de l'art. 652b al. 3 CO, les restrictions
    au transfert s'appliquent également lors de l'acquisition d'actions dans le cadre de l'exercice d'un droit de souscription,
    d'option ou de conversion. Les restrictions au transfert ne s'appliquent pas lors d'acquisitions par succession, partage successoral
    ou en vertu du droit matrimonial.
	 	4 The Board of Directors may, in its own discretion, register
    persons who declare in the registration application that they hold the shares as nominees (each a Nominee) on behalf of third
    party beneficiaries (each a Beneficial Owner) in the share register as shareholders with voting rights. If, however, any Beneficial
    Owner should as a result of such registration being made or upheld, directly or indirectly, formally, constructively or benefi	 	 	4 Le Conseil d'administration peut, à son entière
    discretion inscrire les personnes qui déclarent dans leur requête d'inscription qu'elles détiennent les actions
    en tant que nominees (chacun un Nominee) pour le compte de tiers ayants droit économiques (chacun un Ayant Droit
    Economique) en tant qu'actionnaires avec droit de vote. Toutefois, si suite à l'inscription ou à la confirmation
    de l'inscription, un Ayant Droit Economique détient directe

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	 	cially own, or otherwise control or direct, alone or together
    with third parties, voting rights (whether exercisable or not) with respect to more than 15% of the share capital as set forth in
    the commercial register, the Board of Directors may cancel the registration of the Nominee holding shares for the account of such
    Beneficial Owner with respect to any shares in excess of such limit. The Board of Directors may make the registration with voting
    rights of the shares held by a Nominee subject to conditions, limitations and reporting requirements or may impose or adjust such
    conditions, limitations and requirements once registered.	 	 	ment ou indirectement, formellement, de fait ou comme ayant
    droit économique, ou contrôle ou dirige autrement, seul ou avec des tiers, des droits de votes (exerçables ou
    non) par rapport à plus de 15% du capital-actions inscrit au registre du commerce, le Conseil d'administration peut annuler
    l'inscription du Nominee détenant les actions pour le compte d'un tel Ayant Droit Economique pour les actions dépassant
    cette limite. Le Conseil d'administration peut soumettre l'inscription avec droit de vote des actions détenues par un Nominee
    à des conditions, limitations, exigences de rapports ou peut imposer de telles conditions, limitiations ou exigences suite
    à l'inscription.
	 	5 Legal entities and partnerships or other groups of persons
    or joint owners who are interrelated to one another through capital ownership, voting rights, uniform management or are otherwise
    linked, as well as individuals or legal entities or partnerships who act in concert or otherwise act in a coordinated manner or acquire
    shares indirectly, thereby circumventing the restrictions or limits pursuant to paragraph 2 or 4 of this article 6
    shall be treated as one single person, entity, Nominee or as a person acquiring shares, as applicable, for purposes of paragraphs 2
    and 4 of this article 6.	 	 	5 Les personnes morales et communautés de personnes
    ou autres groupes de personnes ou de copropriétaires qui sont liés par le capital, les droits de vote, la gestion commune
    ou de toute autre manière, de même que les personnes physiques ou morales ou communautés de personnes qui agissent
    de concert ou de manière coordonnée ou acquièrent indirectement des actions, et contournent ainsi les restrictions
    ou limites visées aux alinéas 2 ou 4 du présent article 6 sont traités comme une seule personne,
    personne morale, Nominee ou comme une personne acquérant des actions, selon le cas, aux fins des alinéas 2 et
    4 du présent article 6.
	 	6 The Board of Directors may grant exceptions from the restrictions
    or limits pursuant to paragraph 2 or 4 of this article 6 for justified reasons with the majority vote of two thirds of all its
    members. A justified reason may include the situation where a person extends an offer to purchase with respect to all other shares
    of the Company, which the Board of Directors, after having consulted an independent financial advisor, recommends to the shareholders.
    Shareholders, other than Nominees, already being registered directly or through a Nominee with more than 15% at the time that this
    article takes	 	 	6 Le Conseil d'administration peut octroyer des dérogations
    aux restrictions et limites mentionnées aux alinéas 2 ou 4 du présent article 6 pour des raisons justifiées,
    à la majorité des deux tiers de l'ensemble de ses membres. Peut aussi être considérée comme une
    raison justifiée le fait qu'une personne étende une offre d'achat par rapport à l'ensemble des autres actions
    de la Société et que le Conseil d'administration, après avoir consulté un conseiller financier indépendant,
    recommande aux actionnaires d'accepter cette offre. Les actionnaires autres que les Nominees déjà inscrits directement
    ou

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	 	effect remain registered with voting rights for such shares.	 	 	par l'intermédiaire d'un Nominee pour plus de 15%
    au moment où le présent article entre en vigueur demeurent enregistrés avec droit de vote pour ces actions.
	 	7 After hearing the registered shareholder or Nominee, the
    Board of Directors may cancel such person's registration in the share register with retroactive effect as of the date of registration
    if such registration was made based on false or misleading information or if such information becomes untrue or misleading. The relevant
    shareholder or Nominee shall be promptly informed of the cancellation.	 	 	7 Le Conseil d'administration peut, après avoir entendu
    l'actionnaire ou le Nominee, radier du registre des actions l'inscription qui a été faite sur la base d'informations
    fausses ou trompeuses données par l'acquéreur, ou si les informations deviennent fausses ou trompeuses. L'actionnaire
    ou le Nominee doit être informé immédiatement de la radiation.
	 	8 The Board of Directors shall regulate all details and issue
    the instructions necessary to ensure compliance with the preceding provisions. The Board of Directors may delegate its duties.	 	 	8 Le Conseil d'administration règle les détails
    et prend les mesures nécessaires au respect des dispositions ci-dessus. Le Conseil d'administration peut déléguer
    ses tâches.
	 	 	 	 	 
	 	Article 7	 	 	Article 7
	Exercise of Rights	1 The Company shall only accept one representative per share.	 	Exercice des droits	1 La Société ne reconnaît qu'un représentant
    par action.
	 	2 The voting right and the rights associated therewith may
    be exercised vis-à-vis the Company by a shareholder, usufructuary or Nominee only to the extent that such person is registered
    in the share register with voting rights.	 	 	2 Le droit de vote et les droits y relatifs ne peuvent être
    exercés à l'égard de la Société que par un actionnaire, un usufruitier ou un Nominee uniquement
    dans la mesure où celui-ci est inscrit avec droit de vote au registre des actions.
	 		 	 	 
	 	 	 	 	 

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	 	Section 3

    

    Corporate Bodies

    
	 	 	Section 3

    

    Organes

    

	 	A.The General Meeting of Shareholders	 	 	A.L'Assemblée générale
	 	 	 	 	 
	 	Article 8	 	 	Article 8
	Powers of the General Meeting of Shareholders	1 The General Meeting of Shareholders is the supreme corporate
    body of the Company.	 	Pouvoirs de l'Assemblée générale	1 L'Assemblée générale est l'organe
    suprême de la Société.
	2 The General Meeting of Shareholders shall have the following
    inalienable powers:	 	2 L'Assemblée générale a le droit inaliénable:
	1.           the adoption and amendment
    of these articles of association;	 	1.      d'adopter et de modifier
    les présents statuts;
	2.           the election of the
    members of the Board of Directors, the Chairman of the Board of Directors and the members of the Compensation Committee;	 	2.      de nommer les membres
    du Conseil d'administration, le président du Conseil d'administration et les membres du Comité de rémunération;
	 	3.           the election of the
    Auditors;	 	 	3.      de nommer l'organe
    de révision;
	 	4.            the election of the
    independent voting rights representative;	 	 	4.      de nommer le représentant
    indépendant;
	 	5.           the approval of the
    annual management report and the consolidated financial statements;	 	 	5.      d’approuver
    le rapport annuel et les comptes consolidés;
	 	6.           the approval of the
    annual financial statements as well as the resolution on the allocation of profit shown on the balance sheet, in particular the determination
    of dividends;	 	 	6.      d'approuver les comptes
    annuels et de déterminer l'emploi du bénéfice résultant du bilan, en particulier de fixer le dividende;
	 	7.           the discharge from
    liability of the members of the Board of Directors and the persons entrusted with management;	 	 	7.      de donner décharge
    aux membres du Conseil d'administration et aux personnes chargées de la gestion;
	 	8.           the approval of the
    compensation of the Board of Directors and of the Executive Committee pursu	 	 	8.      d'approuver la rémunération
    du Conseil d'administration et de la Direction exécutive selon l'article 26

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	 	           ant to Article
    26 of these articles of association; and	 	 	        des présents
    statuts; et
	 	9.           the adoption of resolutions
    on matters that are reserved to the General Meeting of Shareholders by law or these articles of association or that are, subject
    to article 716a CO, submitted to the General Meeting of Shareholders by the Board of Directors.	 	 	9.      de prendre toutes
    les décisions qui lui sont réservées par la loi ou les présents statuts ou qui lui sont soumises par
    le Conseil d’administration, sous réserve de l’article 716a CO.
	 	 	 	 	 
	 	Article 9	 	 	Article 9
	Ordinary and Extraordinary General Meetings of Shareholders	1 The Ordinary General Meeting of Shareholders shall be held
    each year within six months of the close of the financial year of the Company.	 	Assemblées générales ordinaires et extraordinaires	1 L'Assemblée générale ordinaire a lieu
    chaque année dans les six mois qui suivent la clôture de l'exercice de la Société.
	 	2 Extraordinary General Meetings of Shareholders shall be
    held if	 	 	2 Des Assemblées générales extraordinaires
    ont lieu lorsque
	 	(a)     the Board of Directors
    or the Auditors deem it necessary;	 	 	(a)      le Conseil d'administration
    ou l'organe de révision l'estime nécessaire;
	 	(b)    so resolved by
    a General Meeting of Shareholders; or	 	 	(b)      une Assemblée
    générale le décide; ou
	 	(c)      shareholders who
    hold, alone or together, shares representing at least 10% of the share capital so request in writing, indicating the matters to be
    discussed and the corresponding proposals and, in case of elections, the names of the nominated candidates.	 	 	(c)      des actionnaires
    représentant seuls ou ensemble 10% au moins du capital-actions le requièrent par écrit en indiquant les objets
    de discussion et les propositions, et en cas d'élections, les noms des candidats proposés.
	 	 	 	 	 
	 	Article 10	 	 	Article 10
	Notice	1 Notice of a General Meeting of Shareholders shall be given
    by the Board of Directors or, if necessary, by the Auditors, no later than 20 calendar days prior to the date of the meeting. Liquidators
    and representatives of bond-holders are also entitled to call a General Meeting of	 	Convocation	1 L'Assemblée générale est convoquée
    par le Conseil d'administration ou, si nécessaire, par l'organe de révision au plus tard 20 jours calendaires avant
    le jour de l'assemblée. Les liquidateurs et les représentants de détenteurs d'obligations ont également
    le droit de con

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	 	Shareholders.	 	 	voquer l'Assemblée générale.
	 	2 Notice of the General Meeting of Shareholders shall be
    given by way of a single announcement in the official means of publication of the Company pursuant to Article 36 of these articles
    of association. Registered shareholders may in addition be notified in writing.	 	 	2 La convocation à l'Assemblée générale
    a lieu par une annonce unique dans l'organe de publication de la Société selon l'article 36 des présents statuts.
    La convocation peut également être envoyée par écrit aux actionnaires inscrits.
	 	3 The annual report, the compensation report and the Auditors'
    reports shall be made available for inspection by the shareholders at the registered office of the Company no later than 20 calendar
    days prior to the Ordinary General Meeting of Shareholders. Registered shareholders shall be informed in writing in the notice.	 	 	3 Le rapport de gestion, le rapport de rémunération
    et les rapports de révision sont mis à la disposition des actionnaires au siège de la Société
    au plus tard 20 jours calendaires avant l'Assemblée générale ordinaire. Les actionnaires inscrits doivent en
    être informés par écrit dans la convocation.
	 	4 The notice shall specify the items on the agenda as well
    as the proposals of the Board of Directors and the shareholder(s) who requested that a General Meeting of Shareholders be held or
    an item be included on the agenda and, in the event of elections, the names of the proposed candidates.	 	 	4 La convocation mentionne les objets portés à
    l'ordre du jour ainsi que les propositions du Conseil d'administration et du ou des actionnaires qui ont demandé la convocation
    de l'Assemblée générale ou l'inscription d'un objet à l'ordre du jour et, en cas d'élections,
    les noms des candidats proposés.
	 	 	 	 	 
	 	Article 11	 	 	Article 11
	Agenda	1 Shareholders who, alone or together, either hold shares
    with a par value of at least CHF 1,000,000 or who represent at least 10% of the share capital may request that an item be included
    on the agenda. Such request must be made in writing and be received at the registered office of the Company at least 45 calendar
    days prior to the General Meeting of Shareholders, specifying the agenda item and the proposals of the shareholders.	 	Objets à l'ordre du jour	1 Des actionnaires qui représentent seuls ou ensemble
    des actions totalisant une valeur nominale d'au moins CHF 1'000'000 ou qui représentent au moins 10% du capital-actions
    peuvent requérir l'inscription d'un objet à l'ordre du jour. La demande doit être faite par écrit et reçue
    au siège de la Société au moins 45 jours calendaires avant l'Assemblée générale avec indication
    des objets à l'ordre du jour et des propositions des actionnaires.
	 	2 No resolutions may be passed at a General Meeting of Shareholders
    on proposals concerning agenda items for which proper notice was not given. This provision shall not apply, however, to proposals
    made during a General Meeting of Shareholders to convene an Extraordinary	 	 	2 Aucune décision ne peut être prise par l'Assemblée
    générale sur des objets qui n'ont pas été dûment portés à l'ordre du jour, à
    l'exception des propositions de convoquer une Assemblée générale extraordinaire et d'instituer un contrôle
    spécial. Toute requête visant l'inscrip

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	 	General Meeting of Shareholders or to initiate a special
    audit. Each request for inclusion of an item on the agenda shall include (i) a brief description of the agenda item and the reason
    for which it is to be discussed at the meeting; (ii) the motions regarding the agenda item; (iii) the name and address, as they appear
    on the Company’s register of shareholders, of the shareholder proposing such business; (iv) the number of shares of the Company
    which are beneficially owned by such shareholder; (v) the dates upon which the shareholder acquired such shares; (vi) documentary
    support for any claim of beneficial ownership; (vii) any material interest of such shareholder in including the item in the agenda;
    (viii) a statement in support of the matter; and (ix) all other information required under applicable law and stock exchange rules.	 	 	tion d'un objet à l'ordre du jour doit inclure (i)
    une brève description de cet objet et la raison pour laquelle il doit être discuté lors de l'Asemblée
    générale; (ii) les propositions relatives à cet objet; (iii) le nom et l'adresse, tels qu'ils apparaissent dans
    le registre des actions, de l'actionnaire proposant un tel objet; (iv) le nombre d'actions de la Société dont cet actionnaire
    est ayant droit économique; (v) les dates auxquelles l'actionnaire a acquis ces actions; (vi) les pièces justificatives
    démontrant le statut d'ayant droit économique; (vii) l'intérêt important de l'actionnaire à l'inscription
    de l'objet à l'ordre du jour; (viii) une déclaration à l'appui de la requête; et (ix) toute autre information
    requise par la loi ou les règles boursières applicables.
	 	3 No prior notice is required to bring motions related to
    items already on the agenda or for the discussion of matters on which no resolution is to be taken.	 	 	3 En revanche, il n'est pas nécessaire d'annoncer
    à l'avance les propositions entrant dans le cadre des objets portés à l'ordre du jour ni les délibérations
    qui ne doivent pas être suivies d'un vote.
	 	 	 	 	 
	 	Article 12	 	 	Article 12
	Chairman, Vote Counters, Minutes	1 The Chairman of the Board of Directors shall chair the
    General Meeting of Shareholders. In his absence, the Vice-Chairman of the Board of Directors, another member or a person designated
    by the Board of Directors shall chair the General Meeting of Shareholders. If no member of the Board of Directors is available and
    no other person has been designated by the Board of Directors, the acting chair shall be elected by the General Meeting of Shareholders.	 	Présidence, scrutateurs, procès-verbal	1 Le président du Conseil d'administration préside
    l'Assemblée générale. En son absence, le vice-président du Conseil d'administration, un autre membre
    ou une personne désignée par le Conseil d'administration préside l'Assemblée générale.
    Si aucun membre du Conseil d'administration n'est disponible et aucune personne n'a été désignée par
    le Conseil d'administration, l'Assemblée générale élit son président.
	 	2 The acting chair of the General Meeting of Shareholders
    shall appoint the secretary and the vote counter(s), none of whom need be shareholders. The minutes shall be signed by the acting
    chair of the General Meeting of 	 	 	2 Le président de l'Assemblée générale
    désigne un rédacteur du procès-verbal et le ou les scrutateurs, qui ne doivent pas nécessairement être
    des actionnaires. Le procès-verbal doit être signé par le président de

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	 	Shareholders and the secretary.	 	 	 l'Assemblée générale
    et le secrétaire.
	 	3 The acting chair of the General Meeting of
    Shareholders shall have all powers and authority necessary and appropriate to ensure the orderly conduct of the General Meeting of
    Shareholders.	 	 	3 Le président de l'Assemblée générale
    a tous les pouvoirs nécessaires et appropriés pour s'assurer de la conduite régulière de l'Assemblée
    générale.
	 	 	 	 	 
	 	Article 13	 	 	Article 13
	Voting Rights, Representation	1 Each share shall convey the right to one vote. The voting
    rights are subject to the conditions of Articles 6 and 7 of these articles of association.	 	Droit de vote, représentation	1 Chaque action donne droit à une voix. Les droits
    de vote sont soumis aux conditions des articles 6 et 7 des présents statuts.
	2 The Board of Directors shall issue the rules regarding
    the participation in and representation at the General Meeting of Shareholders and determine the requirements as to proxies and instructions.
    A shareholder may only be represented at the General Meeting of Shareholders by the independent voting rights representative, its
    legal representative or, by means of a written proxy, by another shareholder with the right to vote. All shares held by a shareholder
    may only be represented by one person.	 	 	2 Le Conseil d'administration prend les dispositions relatives
    à la participation et à la représentation à l'Assemblée générale et détermine
    les exigences applicables aux procurations et instructions. Un actionnaire ne peut être représenté à l'Assemblée
    générale que par le représentant indépendant, par son représentant légal ou, au moyen d'une
    procuration écrite, par un autre actionnaire ayant droit de vote. Toutes les actions détenues par un actionnaire ne
    peuvent être représentées que par une seule personne.
	 	3 The General Meeting of Shareholders shall elect the independent
    voting rights representative for a term of office until completion of the next Ordinary General Meeting of Shareholders. Re-election
    is possible.	 	 	3 L'Assemblée générale nomme le représentant
    indépendant pour une durée de fonctions s’achevant à la fin de l’Assemblée générale
    ordinaire suivante. La réélection est possible.
	 	4 If the Company does not have an independent voting rights
    representative, the Board of Directors shall appoint the independent voting rights representative for the next General Meeting of
    Shareholders.	 	 	4 Dans le cas où la Société n'a pas
    de représentant indépendant, le Conseil d'administration nommera le représentant indépendant pour l'Assemblée
    générale suivante.
	 	 	 	 	 
	 	Article 14	 	 	Article 14
	Resolutions, Elections	1 The General Meeting of Shareholders shall pass its resolutions
    and decide its elections by the absolute ma	 	Décisions, élections	1 Les décisions de l'Assemblée générale
    sont prises à la majorité absolue des voix attribuées aux actions repré

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	 	jority of the votes attached to the shares represented,
    unless required otherwise by law or these articles of association. In the event of a tie, the resolution shall be deemed refused.	 	 	sentées, à moins que la loi ou les présents
    statuts n'en disposent autrement. En cas d'égalité de voix, la décision est refusée.
	 	2 Two thirds of the votes represented and the absolute majority
    of the par value of shares represented shall be required for the General Meeting of Shareholders to adopt resolutions on the following
    matters:	 	 	2 Une décision de l'Assemblée générale
    recueillant au moins les deux tiers des voix attribuées aux actions représentées et la majorité absolue
    des valeurs nominales représentées est nécessaire pour:
	 	1.      the amendment of
    the purpose of the Company;	 	 	1.      la modification
    du but social de la Société;
	 	2.       the creation of
    shares with privileged voting rights;	 	 	2.      l'introduction d'actions
    à droit de vote privilégié;
	 	3.      the restriction
    on the transferability of registered shares or their registration with voting rights and the cancelation of such a restriction;	 	 	3.      la restriction de
    la transmissibilité des actions nominatives ou leur inscription avec droit de vote ainsi que la suppression d'une telle restriction;
	 	4.       an authorized or
    conditional increase in share capital;	 	 	4.      l'augmentation autorisée
    ou conditionnelle du capital-actions;
	 	5.      an increase in share
    capital through the conversion of equity surplus, against contributions in kind or for purposes of an acquisition of assets, or the
    granting of special benefits;	 	 	5.      l'augmentation du
    capital-actions au moyen de la conversion de fonds propres, contre apport en nature ou en vue d'une reprise de biens et l'octroi
    d'avantages particuliers;
	 	6.      the limitation or
    withdrawal of pre-emptive rights;	 	 	6.      la limitation ou
    la suppression du droit de souscription préférentiel;
	 	7.      the relocation of
    the registered office of the Company;	 	 	7.      le transfert du
    siège de la Société;
	 	8.      the dissolution
    of the Company;	 	 	8.      la dissolution de
    la Société;
	 	9.      mergers, demergers
    and conversions pursuant to the Merger Act;	 	 	9.       une fusion, scission
    ou transformation conformément à la Loi sur la fusion;
	 	10.
        the conversion of registered shares into bearer shares;

     

    11.
       the removal of any member of the Board of Directors or of its Chairman before the end of
    his or her term of office; and

     
	 	 	10.     la
    conversion d'actions nominatives en actions au porteur;

    

    11.
        la révocation de tout membre du Conseil d'administration ou de son président
    avant la fin de son mandat; et

     

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	 	12.
       the amendment or repeal of the following provisions of these articles of association, with the exception of editorial amendments
    that do not effectively change their content:

     

    

    (i)
           article 6;

    

    (ii)
          article 14;

    

    (iii)
         article 15; and

    

    (iv)
      article 18.
	 	 	12.     la modification ou la suppression des dispositions suivantes des présents statuts, à l'exception des modifications
                           rédactionnelles qui ne modifient pas effectivement leur contenu:

    

    (i)
           article 6;

    

    (ii)
           article 14;

    

    (iii)
          article 15; et

    

           (iv)
          article 18.

    

	 	3 Resolutions and elections shall be decided by open ballot,
    unless the acting chair of the General Meeting of Shareholders decides that a secret ballot be held or that it be voted by electronic
    means. The acting chair may at any time order that a resolution or election be repeated if he considers the vote to be in doubt.
    The resolution or election previously held shall then be deemed not to have taken place.	 	 	3 Les décisions et élections ont lieu à
    main levée, à moins qu'un vote à bulletins secrets ou électronique ne soit ordonné par le président
    de l'Assemblée générale. Le président peut en tout temps ordonner qu'une décision ou élection
    soit répétée s'il estime qu'il existe des doutes sur le résultat. Dans ce cas, la décision ou
    l'élection précédente est réputée ne pas avoir eu lieu.
	 	 	 	 	 
	 	B.The Board of Directors	 	 	B.Le Conseil d'administration
	 	 	 	 	 
	 	Article 15	 	 	Article 15
	Number of Directors	The Board of Directors shall consist of not less than 3 and no more
    than 12 members.	 	Nombre de membres	Le Conseil d'administration se compose de 3 membres au moins et de 12
    membres au plus.
	 	 	 	 	 
	 	Article 16	 	 	Article 16
	Election and Term of Office	1 The General Meeting of Shareholders shall elect the members
    of the Board of Directors and the Chairman of the Board of Directors individually and for a term of office until the completion of
    the next Ordinary General Meeting of Shareholders. Re-election is possible.	 	Élection et durée des fonctions	1 Les membres du Conseil d’administration et le président
    du Conseil d’administration sont élus individuellement par l’Assemblée générale pour une
    durée de fonctions s’achevant à la fin de l’Assemblée générale ordinaire suivante.
    La réélection est possible.
	 	2 If the office of the Chairman of the Board of Directors
    is vacant, the Board of Directors shall appoint a new	 	 	2 Lorsque la fonction de président du Conseil d’administration
    est vacante, le Conseil d’administration

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	 	Chairman from among its members for a term of office extending
    until completion of the next Ordinary General Meeting of Shareholders.	 	 	désigne un nouveau président parmi ses membres
    pour une durée de fonctions s’achevant à la fin de l’Assemblée générale ordinaire
    suivante.
	 	Article 17	 	 	Article 17
	Organization of the Board of Directors	1 Except for the election of the Chairman of the Board of
    Directors and the members of the Compensation Committee by the General Meeting of Shareholders, the Board of Directors shall constitute
    itself. The Board of Directors may elect one or several Vice-Chairmen. The Board of Directors shall further appoint a secretary who
    need not be member of the Board of Directors.	 	Organisation du Conseil d'administration	1 A l'exception de l'élection par l'Assemblée
    générale du président du Conseil d'administration et des membres du Comité de rémunération,
    le Conseil d'administration se constitue lui-même. Il peut désigner au besoin, un ou plusieurs vice-présidents.
    Le Conseil d'administration désigne en outre un secrétaire, qui ne doit pas nécessairement être membre
    du Conseil d'administration.
	 	2 Subject to these articles of association, the Board of
    Directors shall regulate its organization and the adoption of resolutions in the organizational regulations.	 	 	2 Le Conseil d'administration règle en outre son organisation
    et la manière de prendre des décisions dans un règlement d'organisation, sous réserve des présents
    statuts.
	 	 	 	 	 
	 	Article 18	 	 	Article 18
	Reimbursement of Expenses, Indemnification	1 The members of the Board of Directors shall be entitled
    to the reimbursement of all expenses incurred in the interest of the Company.	 	Remboursement des frais,
indemnisation	1 Les membres du Conseil d'administration ont droit au remboursement
    de tous les frais engagés dans l'intérêt de la Société.
	2 To the extent not included in insurance coverage or paid
    by third parties, the Company shall indemnify and hold harmless, to the extent permitted by law, the existing and former members
    of the Board of Directors and Executive Committee, and their heirs, executors and administrators, out of the assets of the Company
    from and against all threatened, pending or completed actions, suits or proceedings – whether civil, criminal, administrative
    or investigative – and all costs, charges, losses, damages, and expenses which they or any of them, their heirs, executors
    or administrators, shall or may incur or sustain by or by reason of any actual or	 	2 Dans la mesure où la loi le permet, la Société
    indemnisera, à concurrence de la portion non couverte par une assurance ou payée par un tiers, sur ses propres biens
    les membres actuels et passés du Conseil d'administration et de la Direction exécutive ainsi que leurs héritiers,
    masse en faillite ou masse successorale contre toutes actions, procès ou poursuites, menaçants, en cours ou terminés,
    de nature civile, pénale, administrative ou autre, et tous les coûts, dépenses, pertes, dommages et frais qu'ils
    (ou leurs héritiers, masse en faillite ou masse successorale) subiraient ou pourraient subir en raison d'actions, consentements
    ou omissions, effectifs ou.

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	 	alleged actions, consents or omissions in or about the execution
    of their duty, or alleged duty, or by reason of the fact that he is or was a member of the Board of Directors or Executive Committee
    of the Company or one of its subsidiaries, or, while serving as a member of the Board of Directors or Executive Committee of the
    Company, is or was serving at the request of the Company as a director, member of the executive management, employee or agent of
    another corporation, partnership, joint venture, trust or other enterprise; provided, however, that this indemnity shall not extend
    to any matter in which any of said persons is found, in a final judgment or decree of a court or governmental or administrative authority
    of competent jurisdiction not subject to appeal, to have committed an intentional or grossly negligent breach of his statutory duties
    as a member of the Board of Directors or Executive Committee.	 	 	présumés, en relation avec l'exercice de leurs
    fonctions, leurs fonctions supposées ou en raison du fait d'être ou d'avoir été membres du Conseil d'administration
    ou de la Direction exécutive de la Société ou de l'une de ses filiales ou, sur instruction de la Société
    en tant que membres du Conseil d'administration ou de la Direction exécutive, en raison du fait d'être ou d'avoir été
    administrateur, membre de la direction, employé ou mandataire d'une autre société, entreprise, coentreprise,
    personne morale dénuée de la personnalité ou trust. L'obligation d'indemnisation s'éteint dès
    qu'un jugement définitif et exécutoire d'un tribunal ou d'une autorité compétente a décidé
    que la personne en question a violé, volontairement ou par grave négligence, ses devoirs de membre du Conseil d'administration
    ou de la Direction exécutive
	 	3 Without limiting the foregoing paragraph 2 of this Article 18,
    the Company shall advance costs and expenses idemnifiable thereunder to the existing and former members of the Board of Directors
    and Executive Committee to the extent not included in insurance coverage or advanced by third parties. The Company may however recover
    such advanced costs if any of said persons is found, in a final judgment or decree of a court or governmental or administrative authority
    of competent jurisdiction not subject to appeal, to have committed an intentional or grossly negligent breach of his statutory duties
    as a member of the Board of Directors or Executive Committee.	 	 	3 Sans préjudice de l'alinéa 2 du présent
    article 18, la Société avancera les frais et les coûts indemnisables en vertu de la disposition précitée
    aux membres actuels et passés du Conseil d'administration et de la Direction exécutive, à concurrence de la
    portion non couverte par une assurance ou payée par un tiers. La Société peut cependant recouvrer ces avances
    de frais si l'une de ces personnes a été reconnue coupable de violation intentionnelle ou par négligence grave
    de ses devoirs de membre du Conseil d'administration ou de la Direction exécutive par un jugement ou une décision final
    et exécutoire d'un tribunal ou d'une autorité gouvernementale ou administrative compétente.
	 	 	 	 	 
	 	Article 19	 	 	Article 19
	Convening of Meetings, Resolutions, Minutes	1 The Board of Directors shall meet at the invitation of
    its Chairman or, if not available, of the Vice-Chairman or of another member of the Board of Directors as often as	 	Convocation, décisions, procès-verbal	1 Le Conseil d'administration est convoqué par son
    président ou, en cas d'empêchement de ce dernier, par son vice-président ou par un autre membre du Conseil

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	 	the business of the Company shall require or if a member
    requests it in writing or via telefax, e-mail or another form of electronic communication, indicating the reasons.	 	 	d'administration, aussi souvent que cela apparaît
    nécessaire ou lorsqu'un membre du Conseil d'administration le demande par écrit, par télécopie, courriel
    ou par un autre moyen de communication électronique, avec indication des motifs.
	 	2 Unless the organizational regulations adopted by the Board
    of Directors or a board resolution taken with the applicable attendance quorum provide otherwise, the Board of Directors shall only
    have a quorum if a majority of the members of the Board of Directors is present. No attendance quorum shall be required for resolutions
    of the Board of Directors providing for the amendment and ascertainment of a capital increase.	 	 	2 A moins que le contraire ne résulte d'une disposition
    du règlement d'organisation adopté par le Conseil d'administration ou d'une décision du Conseil d'administration
    prise conformément aux dispositions applicables au quorum de présence, la majorité des membres du Conseil d'administration
    doivent être présents afin de pouvoir prendre une décision. Ce quorum de présence n'est pas nécessaire
    pour les décisions de modification et de constatation du Conseil d'administration en lien avec les augmentations du capital-actions.
	 	3 The Board of Directors shall adopt its resolutions by a
    majority of votes cast. In the case of a tie, the Chairman of the Board of Directors shall have the casting vote.	 	 	3 Les décisions du Conseil d'administration sont prises
    à la majorité des voix exprimées. En cas d'égalité des voix, la voix du président du Conseil
    d'administration prévaut.
	 	4 Resolutions may also be adopted by way of written consent
    or by approval via telefax, e-mail or another form of electronic communication, unless a member requests discussion thereof.	 	 	4 Les décisions du Conseil d'administration peuvent
    également être prises par voie de circulation ou être adoptées par télécopie, courriel ou
    par un autre moyen de communication électronique, à moins qu'une discussion ne soit requise par l'un des membres du
    Conseil d'administration.
	 	5 The decisions of the Board of Directors shall be recorded
    in minutes to be signed by the acting chair and the secretary.	 	 	5 Les décisions du Conseil d'administration sont consignées
    dans un procès-verbal signé par le président et par le secrétaire.
	 	 	 	 	 
	 	Article 20	 	 	Article 20
	Powers of the Board of Directors	1 The Board of Directors may pass resolutions with respect
    to all matters which are not delegated to another corporate body of the Company by law, by these articles of association or by regulations.	 	Attributions du Conseil d'administration	1 Le Conseil d'administration peut prendre des décisions
    sur toutes les affaires qui ne sont pas attribuées à un autre organe de la Société par la loi, les présents
    statuts ou un règlement.

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	 	2 It shall have the following non-transferable
    and inalienable duties:	 	 	2 Il a les attributions intransmissibles et inaliénables
    suivantes:
	 	1.      the ultimate management
    of the Company and the issuance of necessary instructions;	 	 	1.       exercer la haute
    direction de la Société et établir les instructions nécessaires;
	 	2.      the determination
    of the organization of the Company;	 	 	2.      fixer l'organisation
    de la Société;
	 	3.      the structuring
    of the accounting system, of the financial controls and of the financial planning;	 	 	3.      fixer les principes
    de la comptabilité et du contrôle financier ainsi que le plan financier;
	 	4.      the appointment
    and dismissal of the persons entrusted with management and representation of the Company, and issuance of rules on the signature
    authority;	 	 	4.      nommer et révoquer
    les personnes chargées de la gestion et de la représentation de la Société et réglementer le droit
    de signature;
	 	5.       the ultimate supervision
    of the persons entrusted with management, in particular in view of compliance with the law, these articles of association, regulations
    and directives;	 	 	5.      exercer la haute
    surveillance sur les personnes chargées de la gestion pour s'assurer notamment qu'elles observent la loi, les présents
    statuts, les règlements et les instructions données;
	 	6.      the preparation
    of the annual report and the compensation report;	 	 	6.      établir le
    rapport de gestion et le rapport de rémunération;
	 	7.      the preparation
    of the General Meeting of Shareholders and the implementation of its resolutions;	 	 	7.      préparer
    l'Assemblée générale et exécuter ses décisions;
	 	8.      the adoption of
    resolutions on the increase of the share capital to the extent that such power is vested in the Board of Directors, the ascertainment
    of capital increases, the preparation of the report on the capital increase, and the respective amendments of the articles of association
    (including deletions);	 	 	8.       prendre les décisions
    relatives aux augmentations du capital-actions, dans la mesure où elles sont de la compétence du Conseil d'administration,
    ainsi que les décisions relatives à la constatation d'augmentations de capital, à l'établissement du
    rapport d'augmentation du capital-actions et aux modifications des statuts qui en résultent (radiation comprise);
	 	9.       the non-transferable
    and inalienable duties and powers of the Board of Directors pursuant to the Merger Act;	 	 	9.      les attributions
    et compétences intransmissibles et inaliénables du Conseil d'administration selon la Loi sur la fusion;
	 	10.    the notification
    of the judge if liabilities exceed as	 	 	10.    informer le juge
    en cas de surendettement; et

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	 	        sets; and	 	 	 
	 	11.    other powers and
    duties reserved to the Board of Directors by law or these articles of association.	 	 	11.    d'autres attributions
    et compétences réservées au Conseil d'administration par la loi ou les présents statuts.
	 	3 In all other respects, the Board of
    Directors may delegate in whole or in part the management and the representation of the Company within the framework set forth by
    these articles of association and the law to one or several of its members or to third parties by means of organizational regulations.	 	 	3 En outre, le Conseil d'administration
    peut déléguer en tout ou en partie la gestion ainsi que la représentation de la Société, dans
    le cadre des présents statuts et de la loi, à un ou plusieurs de ses membres ou à des tiers conformément
    au règlement d'organisation.
	 	 	 	 	 
	 	C.The Compensation Committee	 	 	C.Le Comité de rémunération
	 	 	 	 	 
	 	Article 21	 	 	Article 21
	Number of Members	The Compensation Committee shall consist of at least two members of
    the Board of Directors.	 	Nombre de membres	Le Comité de rémunération se compose d'au moins
    deux membres du Conseil d'administration.
	 	 	 	 	 
	 	Article 22	 	 	Article 22
	Election and Term of Office	1 The General Meeting of Shareholders shall elect the members
    of the Compensation Committee individually for a term of office until the completion of the subsequent Ordinary General Meeting of
    Shareholders. Only members of the Board of Directors may be elected. Re-election is possible.	 	Election et durée de fonctions	1 L'Assemblée générale élit individuellement
    les membres du Comité de rémunération pour une durée de fonctions s'achevant à la fin de l'Assemblée
    générale ordinaire suivante. Seuls des membres du Conseil d'administration sont éligibles. La réélection
    est possible.
	 	2 If there are vacancies on the Compensation Committee, the
    Board of Directors may appoint substitute members from among its members for a term of office extending until completion of the next
    Ordinary General Meeting of Shareholders.	 	 	2 En cas de vacance au sein du Comité de rémunération,
    le Conseil d'administration peut désigner des substituts parmi ses membres pour une durée de fonctions s'achevant à
    la fin de l'Assemblée générale ordinaire suivante.
	 	 	 	 	 

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	 	Article 23	 	 	Article 23
	Organization of the Compensation Committee	1 The Compensation Committee shall constitute itself. Unless
    the organizational regulations provide otherwise, the Board of Directors shall elect a chairman from among the Compensation Committee's
    members.	 	Organisation du Comité de rémunération	1 Le Comité de rémunération se constitue
    lui-même. A moins que le règlement d'organisation n'en dispose autrement, le Conseil d'administration élit le
    Président du Comité de rémunération parmi les membres du Comité de rémunération.
	2 The Board of Directors shall issue regulations establishing
    the organization and decision-making process of the Compensation Committee, which may be part of the organizational regulations.	 	2 Le Conseil d'administration établit un règlement
    concernant l'organisation et le processus de décision du Comité de rémunération, qui peut être
    intégré au règlement d'organisation.
	 	 	 	 	 
	 	Article 24	 	 	Article 24
	Duties and Powers	1 The Compensation Committee shall support the Board of Directors
    in establishing and reviewing the compensation strategy and guidelines as well as in preparing the proposals to the General Meeting
    of Shareholders regarding the compensation of the Board of Directors and the Executive Committee. It may submit proposals to the
    Board of Directors in other compensation-related issues.	 	Attributions	1 Le Comité de rémunération assiste
    le Conseil d'administration dans l'établissement et la révision de la stratégie et des directives de rémunération,
    ainsi que dans la préparation des propositions à soumettre à l'Assemblée générale concernant
    la rémunération du Conseil d'administration et de la Direction exécutive. Il peut soumettre au Conseil d'administration
    des propositions en toutes autres matières relatives à la rémunération.
	 	2 The Board of Directors shall determine in regulations for
    which positions of the Board of Directors, the Executive Committee and other member of management (if any) the Compensation Committee
    shall submit proposals for the performance metrics, target values and/or the compensation of the members of the Board of Directors
    and the Executive Committee, and for which positions it shall itself determine, in accordance with these articles of association
    and the compensation guidelines established by the Board of Directors, such performance metrics, target values and/or the compensation.	 	 	2 Le Conseil d'administration détermine dans un règlement
    pour quelles fonctions du Conseil d'administration, de la Direction exécutive et d'autres membres de la direction (si applicable)
    le Comité de rémunération proposera au Conseil d'administration les mesures de performances, les valeurs cibles
    et/ou la rémunération des membres du Conseil d'administration et de la Direction exécutive, et pour quelles
    fonctions il aura la compétence de déterminer de son propre chef, en accord avec les statuts et les directives de rémunération
    établies par le Conseil d'administration, les mesures de performances, les valeurs cibles et/ou la rémunération.
	 	3 The Board of Directors may delegate further tasks to	 	 	3 Le Conseil d’administration peut déléguer
    d'autres

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	 	the Compensation Committee.	 	 	tâches au Comité
    de rémunération.
	 	D.The Auditors	 	 	D.L'organe de révision
	 	 	 	 	 
	 	Article 25	 	 	Article 25
	 	1 The General Meeting of Shareholders shall elect the Auditors
    for a term of office until the completion of the next Ordinary General Meeting of Shareholders. Re-election is possible.	 	 	1 L'Assemblée générale élit l'organe
    de révision pour une durée de fonctions s’achevant à la fin de l’Assemblée générale
    ordinaire suivante. La réélection est possible.
	 	2 The Auditors shall have the powers and duties vested in
    them by law.	 	 	2 L'organe de révision a les pouvoirs et obligations
    que lui confère la loi.
	 	3 The Board of Directors may mandate the Auditors at any
    time to perform special investigations, in particular interim audits, and to prepare a report on their findings.	 	 	3 Le Conseil d'administration peut en tout temps charger
    l'organe de révision de procéder à des contrôles spéciaux, notamment des révisions intermédiaires,
    et de lui en soumettre un rapport.
	 	 	 	 	 
	 	 	 	 	 
	 	Section
    4

    Compensation of the Members of the Board of Directors and the Executive Committee and Related Matters	 	 	Section 4

    Rémunération des membres du Conseil d'administration et de la Direction exécutive et affaires connexes
	 	 	 	 	 
	 	Article 26	 	 	Article 26
	Approval of the Compensation by the General Meeting of Shareholders	1 The General Meeting of Shareholders shall approve the proposals
    of the Board of Directors in relation to the aggregate amounts of:	 	Approbation de la rémunération par l'Assemblée
    générale	1 L'Assemblée générale approuve les
    propositions du Conseil d'administration en relation avec les montants maximaux suivants:
	1.        the maximum compensation
    of the Board of Directors until the completion of the next Ordinary General Meeting of Shareholders;	 	1.      la rémunération
    maximale du Conseil d'administration jusqu'à la fin de l'Assemblée générale ordinaire des actionnaires
    suivante;
	 	2.       the maximum fixed
    compensation of the Executive	 	 	2.      la rémunération
    fixe maximale de la Direction exé

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	  	        Committee
    for the following financial year; and	 	 	        cutive pour
    l'année comptable suivante; et
	 	3.       the maximum variable
    compensation of the Executive Committee for the current financial year.	 	 	3.       la rémunération
    variable maximale de la Direction exécutive pour l'exercice en cours.
	 	2 The Board of Directors may submit for approval by the General
    Meeting of Shareholders deviating, additional or conditional proposals relating to the maximum aggregate amount or maximum partial
    amounts for the same or different periods and/or specific compensation components and/or in relation to additional amounts for specific
    compensation components.	 	 	2 Le Conseil d'administration peut soumettre à l'approbation
    de l'Assemblée générale des propositions divergentes, supplémentaires ou conditionnelles concernant le
    montant maximal total ou les montants maximaux partiels pour les mêmes périodes ou des périodes différentes
    et/ou des éléments de rémunération spécifiques et/ou en relation avec des montants additionnels
    pour des éléments de rémunération spécifiques.
	 	3 In the event that the General Meeting of Shareholders does
    not approve a proposal of the Board of Directors, the Board of Directors shall determine, taking into account all relevant factors,
    the respective (maximum) aggregate amount or (maximum) partial amounts, and submit the amount(s) so determined for approval by a
    General Meeting of Shareholders.	 	 	3 Si l'Assemblée générale n'approuve
    pas une proposition du Conseil d'administration, le Conseil d'administration détermine, en prenant en compte tous les critères
    pertinents, le montant (maximal) total ou des montants (maximaux) partiels respectifs, et soumet le(s) montant(s) ainsi déterminé(s)
    à l'approbation d'une Assemblée générale.
	 	4 The Company or companies controlled by it may pay or grant
    compensation prior to approval by the General Meeting of Shareholders, subject to subsequent approval.	 	 	4 La rémunération peut être versée
    ou octroyée par la Société ou les sociétés qu'elle contrôle avant l'approbation de l'Assemblée
    générale, sous réserve d'une approbation ultérieure.
	 	 	 	 	 
	 	Article 27	 	 	Article 27
	Supplementary Amount for Changes to the Executive Committee	If the maximum aggregate amount of compensation already approved by
    the General Meeting of Shareholders is not sufficient to also cover the compensation of one or more persons who become members of
    the Executive Committee or are being promoted within the Executive Committee after the General Meeting of Shareholders has approved
    the compensation of the Executive Committee for the relevant period, then the Company or companies controlled by it shall be authorized
    to pay such member(s) a supplementary amount	 	Montant complémentaire en cas de changements au sein de la Direction
    exécutive	Si le montant global maximal de la rémunération déjà
    approuvé par l'Assemblée générale n'est pas suffisant pour couvrir également la rémunération
    d'une ou plusieurs personnes devenant membre(s) de la Direction exécutive ou étant promue(s) au sein de la Direction
    exécutive après que l'Assemblée générale a approuvé la rémunération de la
    Direction exécutive pour la période visée, la Société ou toute autre société qu'elle
    contrôle est alors autorisée à verser à ce(s) membre(s) un montant complémentaire au cours de la
    (ou les) période(s)

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	 	during the compensation period(s) already approved. The
    supplementary amount per compensation period per member shall not exceed 100% of the aggregate amount of (maximum) compensation of
    the Executive Committee last approved.	 	 	de rémunération déjà approuvée(s).
    Le montant complémentaire par période de compensation par membre ne doit pas dépasser 100% du montant global
    de la rémunération (maximale) de la Direction exécutive approuvée en dernier.
	 	Article 28	 	 	Article 28
	General Compensation Principles	1 The compensation of the non-executive members of the Board
    of Directors may consist of fixed and variable compensation elements. Total compensation shall take into account the position and
    level of responsibility of the recipient.	 	Principes généraux de rémunération	1 La rémunération des membres non-exécutifs
    du Conseil d'administration peut être constituée d'éléments de rémunérations fixes et variables.
    La rémunération totale prend en compte la position et le niveau de responsabilité du bénéficiaire.
	2 The compensation of the members of the Executive Committee
    may consist of fixed and variable compensation elements. Fixed compensation comprises the base salary and may consist of other compensation
    elements. Variable compensation may take into account the achievement of specific performance targets. Total compensation shall take
    into account the position and level of responsibility of the recipient.	 	2 La rémunération des membres de la Direction
    exécutive peut être constituée d'éléments de rémunération fixes et variables. La
    rémunération fixe comprend le salaire de base et peut être constituée d'autres éléments
    de rémunération. La rémunération variable peut prendre en compte l'accomplissement d'objectifs de performance
    spécifiques. La rémunération totale prend en compte la position et le niveau de responsabilité du bénéficiaire.
	 	3 The performance targets may include individual targets,
    targets of the Company, group or parts thereof or targets in relation to the market, other companies or comparable benchmarks, taking
    into account the position and level of responsibility of the recipient. The Board of Directors or, to the extent delegated to it,
    the Compensation Committee shall determine the relative weight of the performance targets and the respective target values.	 	 	3 Les objectifs de performance peuvent comprendre des objectifs
    personnels, des objectifs liés à la performance de la Société ou de tout ou partie du groupe ou des buts
    en relation avec le marché, d'autres sociétés ou d'autres repères comparables, prenant en compte la position
    et le niveau de responsabilité du bénéficiaire. Le Conseil d'administration ou le Comité de rémunération,
    dans la mesure où cette compétence lui est déléguée, détermine le poids relatif des objectifs
    de performance et les valeurs cibles respectives.
	 	4 Compensation may be paid in the form of cash, shares, options
    or other share-based instruments or units, or in the form of other types of benefits. The Board of Direc	 	 	4 La rémunération peut être versée
    en espèces, sous forme d'actions, d'options ou d'instruments ou unités sur base d'actions ou d'autres types de prestations.
    Le Con

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	 	tors or, to the extent delegated to it, the Compensation
    Committee shall determine grant, vesting, exercise, restriction and forfeiture conditions and periods. In particular, they may provide
    for continuation, acceleration or removal of vesting, exercise, restriction and forfeiture conditions and periods, for payment or
    grant of compensation based upon assumed target achievement, or for forfeiture, in each case in the event of pre-determined events
    such as a change of control or termination of an employment or mandate agreement. The Company may procure the required shares or
    other securities through purchases in the market, from treasury shares or by using conditional or authorized share capital.	 	 	seil d'administration ou le Comité de rémunération,
    dans la mesure où cette compétence lui a été déléguée, détermine les conditions
    et périodes d'octroi, d'acquisition (vesting), d'exercice, de restriction et de péremption. Ils peuvent en particulier
    prévoir la continuation, l'accélération ou la suppression des conditions ou périodes d'acquisition (vesting),
    d'exercice, de restriction et de péremption, le versement ou l'octroi d'une rémunération supposant l'atteinte
    des objectifs ou encore la déchéance des droits, dans chaque cas lors d'événements prédéterminés
    tels que, notamment, un changement de contrôle ou la fin d'un contrat de travail ou de mandat. La Société peut
    se procurer les actions ou autres instruments des marchés financiers requis par le biais d'achats sur le marché ou
    d'actions propres, ou en utilisant son capital-actions conditionnel ou autorisé.
	 	5 Compensation may be paid by the Company or companies controlled
    by it.	 	 	5 La rémunération peut être versée
    par la Société ou tout autre société qu'elle contrôle.
	 	 	 	 	 
	 	Article 29	 	 	Article 29
	Agreements with Members of the Board of Directors and the Executive Committee	1 The Company or companies controlled by it may enter into
    agreements with non-executive members of the Board of Directors relating to their compensation for a fixed term or for an indefinite
    term. The duration and termination are subject to the term of office and the law.	 	Contrats avec les membres du Conseil d'administration et de la Direction
    exécutive	1 La Société, ou toute société
    qu'elle contrôle, peut conclure des contrats de durée déterminée ou indéterminée avec les
    membres non-exécutifs du Conseil d'administration en relation avec leur rémunération. La durée et la
    résiliation doivent être conformes avec la durée des fonctions ainsi qu'avec les dispositions légales
    applicables.
	 	2 The Company or companies controlled by it may enter into
    employment agreements with executive members of the Board of Directors and other members of the Executive Committee for a fixed term
    or for an indefinite term. Fixed term agreements may have a maximum duration of one year; renewal is possible. Agreements for an
    indefinite term may have a notice period of maximum twelve months.	 	 	2 La Société, ou toute société
    qu'elle contrôle, peut conclure des contrats de travail de durée déterminée ou indéterminée
    avec les membres exécutifs du conseil d'administration et les autres membres de la Direction exécutive. Les contrats
    de durée déterminée peuvent avoir une durée maximale d'une année; le renouvellement est possible.
    Les contrats de durée indéterminée peuvent prévoir un délai de congé d'au maximum douze

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	 	 	 	 	mois.
	 	3 The Company or companies controlled by it may enter into
    non-compete agreements with members of the Executive Committee for the time after termination of employment. Their duration shall
    not exceed two years, and consideration paid per year for such non-compete undertaking shall not exceed the sum of the total annual
    compensation of such member last paid or payable for the first time.	 	 	3 La Société, ou toute société
    qu'elle contrôle, peut conclure des accords de non-concurrence avec les membres de la Direction exécutive pour la période
    suivant la fin des rapports de travail. Leur durée ne peut excéder deux ans, et l'indemnisation par an versée
    en contrepartie d'un tel accord de non concurrence ne peut excéder la somme de la dernière rémunération
    annuelle totale versée ou à verser pour la première fois au membre concerné.
	 	 	 	 	 
	 	Article 30	 	 	Article 30
	Mandates Outside of the Group	1 The number of mandates on the board of directors or the
    executive committee of legal entities that have to be registered in a Swiss commercial register or a similar foreign register outside
    the group is limited:	 	Mandats en dehors du groupe	1 Le nombre de mandats d'administrateur et/ou au sein de
    la Direction exécutive d'entités juridiques tenues d'être inscrites au registre du commerce suisse ou dans un
    registre similaire étranger est limité:
	 	(a)   for members of the
    Executive Committee, to seven mandates, of which no more than two in a listed company; and	 	 	(a)    pour les membres
    de la Direction exécutive, à sept mandats, dont pas plus de deux au sein de sociétés cotées; et
	 	(b)    for members of the
    Board of Directors, to fifteen mandates, of which no more than five in listed companies.	 	 	(b)    pour les membres
    du Conseil d'administration à quinze mandats, dont pas plus de cinq au sein de sociétés cotées.
	 	2 Mandates in different legal entities being part of the
    same group or for the same group are deemed to be one mandate.	 	 	2 Les mandats dans différentes entités juridiques
    appartenant au même groupe ou assumés pour le même groupe sont considérés comme un mandat.
	 	3 Mandates in associations, charitable organizations, family
    trusts and foundations relating to post-retirement benefits are not subject to the above limitations. No member of the Board of Directors
    or the Executive Committee shall hold more than 10 such mandates.	 	 	3 Les mandats dans des associations, organisations caritatives,
    fondations de famille et fondations de prévoyance professionnelle ne sont pas soumis aux limites mentionnées ci-dessus.
    Aucun membre du Conseil d'administration ou de la Direction exécutive ne peut exercer plus de 10 mandats de ce genre.
	 	 	 	 	 

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	 	Article 31	 	 	Article 31
	Post-Retirement Benefits	The Company or companies controlled by it may grant to members of the
    Board of Directors and the Executive Committee post-retirement benefits beyond the occupational benefit schemes which do not exceed
    the annual compensation of the respective member of the Board of Directors or the Executive Committee last paid or payable for the
    first time.	 	Prestations de retraite	La Société ou toute société qu'elle contrôle
    peut octroyer aux membres du Conseil d'administration et de la Direction exécutive des prestations de retraite allant au-delà
    du régime de prévoyance professionnelle n'excédant pas la rémunération annuelle du membre du Conseil
    d'administration ou de la Direction exécutive concerné versée ou à verser pour la première fois.
	 	 	 	 	 
	 	 	 	 	 
	 	Section
    5

    Financial Year, Profit Allocation	 	 	Section 5

    Exercice, répartition du bénéfice
	 	 	 	 	 
	 	Article 32	 	 	Article 32
	Financial Year, Annual and Compensation Report	1 The Company's financial year shall be determined by the
    Board of Directors.	 	Exercice social, rapport de gestion et de rémunération	1 L'exercice est fixé par le Conseil d'administration.

    

	2 The Board of Directors shall prepare an annual report for
    each financial year, comprising the annual financial statements, if required, the management report and the consolidated financial
    statements, as well as a compensation report.	 	2 Le Conseil d'administration établit pour chaque
    exercice un rapport de gestion, qui se compose des comptes annuels et, cas échéant, du rapport annuel et des comptes
    de groupe, ainsi qu'un rapport de rémunération.
	 	 	 	 	 
	 	Article 33	 	 	Article 33
	Allocation of Profit Shown on the Balance Sheet, Reserves	1 The General Meeting of Shareholders shall resolve on the
    allocation of the profit as shown on the balance sheet in accordance with applicable law. The Board of Directors shall submit its
    proposals to the General Meeting of Shareholders.	 	Utilisation du bénéfice résultant du bilan,
    réserves	1 L'Assemblée générale détermine
    l'emploi du bénéfice résultant du bilan, sous réserve des prescriptions légales concernant la
    répartition du bénéfice. Le Conseil d'administration lui soumet ses propositions.
	2 In addition to the reserves required by law, the General
    Meeting of Shareholders may create other reserves.	 	2 En sus des réserves légales, l'Assemblée
    générale peut constituer des réserves supplémentaires.

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	 	3 Dividends that have not been collected within
    five years after their payment date shall inure to the Company and be allocated to the general statutory reserves.	 	 	3 Les dividendes qui n'ont pas été
    perçus dans un délai de cinq ans après leur date de paiement sont prescrits et sont alloués aux réserves
    statutaires de la Société.
	 	 	 	 	 
	 	 	 	 	 
	 	Section
    6

    Dissolution, Liquidation	 	 	Section 6

    Dissolution, liquidation
	 	 	 	 	 
	 	Article 34	 	 	Article 34
	Dissolution, Liquidation	1 The General Meeting of Shareholders may at any time resolve
    to dissolve and liquidate the Company in accordance with the law and the provisions set forth in these articles of association.	 	Dissolution, liquidation	1 L'Assemblée générale peut décider
    en tout temps de la dissolution et de la liquidation de la Société en conformité avec les prescriptions légales
    et statutaires.
	 	2 The liquidation shall be effected by the Board of Directors,
    unless the General Meeting of Shareholders appoints other persons as liquidators.	 	 	2 La liquidation a lieu par les soins du Conseil d'administration,
    à moins que l'Assemblée générale ne désigne d'autres liquidateurs.
	 	3 The liquidation of the Company shall be effected pursuant
    to applicable law. The liquidators shall be entitled to sell assets (real estate included) in private transactions.	 	 	3 La liquidation de la Société s'effectue conformément
    au droit applicable. Les liquidateurs sont autorisés à vendre des actifs (immeubles y compris) de gré à
    gré.
	 	4 Upon discharge of all liabilities of the Company, the assets
    shall be distributed to the shareholders in proportion to the share capital, unless these articles of association provide otherwise.	 	 	4 Après paiement des dettes de la Société,
    l'actif est réparti entre les actionnaires au prorata du capital-actions, à moins que les présents statuts n'en
    disposent autrement.
	 	 	 	 	 
	 	 	 	 	 
	 	Section
    7

    Notices, Communications	 	 	Section 7

    Communications, organe de publication

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	 	Article 35	 	 	Article 35
	Notices, Communications	1 The official means of publication of the Company shall
    be the Swiss Official Gazette of Commerce.	 	Communications, organe de publication	1 L'organe de publication de la Société est
    la Feuille officielle suisse du commerce.
	2 To the extent that personal notification is not mandated
    by law, all communications to the shareholders shall be deemed valid if published in the Swiss Official Gazette of Commerce. Written
    communications by the Company to its shareholders shall be sent by ordinary mail to the last address of the shareholder or authorized
    recipient entered in the share register. If neither these articles of association nor the law mandatorily require a communication
    to be in written form, the Company can validly send communications to the shareholders to the last e-mail address of the shareholder
    or authorized recipient communicated to the Company, through the banking system, electronically, by publication in the Swiss Official
    Gazette of Commerce or in any other way. To comply with a written form, a facsimile or electronic copy of a signature shall be sufficient.	 	2 Dans la mesure où la loi n’exige pas de notification
    personnelle, toutes les communications aux actionnaires publiées dans la Feuille officielle suisse du commerce seront réputées
    valides. Les communications écrites adressées par la Société à ses actionnaires seront envoyées
    par courrier ordinaire à la dernière adresse de l’actionnaire ou de son bénéficiaire autorisé
    qui figure sur le registre des actions. Si ni la loi ni les présents statuts n'imposent qu'une communication revête
    la forme écrite, la Société peut valablement envoyer une telle communication aux actionnaires par courriel,
    à la dernière adresse e-mail de l’actionnaire ou de son bénéficiaire autorisé communiquée
    à la Société, par l'intermédiraire du système bancaire, électroniquement, par publication
    dans la Feuille officielle suisse du commerce ou de toute autre manière. Un téléfax ou une copie électronique
    de la signature suffisent pour se conformer à la forme écrite.
	 	 	 		 
	 	 	 	 	 
	 	Section
    8

    Authoritative Language	 	 	Section 8

    Langue faisant foi

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	 	Article 36	 	 	Article 36
	Authoritative Language	In the event of discrepancies between the French and English version
    of these articles of association, the French version shall prevail.	 	Langue faisant foi	En cas de désaccord entre la version française et la version
    anglaise, la version française des présents statuts prévaut.

 

 

 

Lausanne, le 5 septembre
2022

 

 

 

 

 

 

 

 

 

 

 

    34/34ex_420267.htm

 

Exhibit 10.1

 

 

EMPLOYMENT AGREEMENT

 

This Employment Agreement (this “Agreement”), is dated as of September 1, 2022 (the “Effective Date”), by and among HQ LTS Corporation, a Delaware corporation (the “Company”), HireQuest, Inc., a Delaware corporation (the “Parent”) and Richard F. Hermanns, an individual (“Executive”).

 

WHEREAS, the Company is wholly-owned by the Parent; and

 

WHEREAS, the Executive desires to be employed by the Company on the terms and conditions set forth herein; and

 

WHEREAS, in connection therewith, the Company, the Parent, and Executive desire to enter into this Agreement.

 

NOW, THEREFORE, in consideration of the mutual covenants and agreements of the parties contained herein, and other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the parties hereto covenant and agree as follows:

 

PART ONE – DEFINITIONS

 

Definitions. For purposes of this Agreement, the following definitions will be in effect:

 

“Affiliates” means all persons and entities directly or indirectly controlling, controlled by or under common control with the entity specified, where control may be by management authority, contract or equity interest.

 

“Board” means the Board of Directors of the Parent or the Compensation Committee thereof (or any other committee subsequently granted authority by the Board), subject to Section 14 below.

 

“Change of Control” means a change in the ownership or control of the Parent effected through any of the following transactions: (i) a merger, consolidation or reorganization approved by the Parent’s stockholders, unless securities representing more than fifty percent (50%) of the total combined voting power of the voting securities of the successor corporation are immediately thereafter beneficially owned, directly or indirectly and in substantially the same proportion, by the persons who beneficially owned the Parent’s outstanding voting securities immediately prior to such transaction, (ii) any stockholder-approved sale, transfer or other disposition of all or substantially all of the Parent’s assets, or (iii) the acquisition, directly or indirectly, by any person or related group of persons (other than the Parent or a person that directly or indirectly controls, is controlled by or is under common control with, the Parent) of beneficial ownership (within the meaning of Rule 13d-3 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”)) of securities possessing more than fifty percent (50%) of the total combined voting power of the Parent’s outstanding securities pursuant to a tender or exchange offer made directly to the Parent’s stockholders. Notwithstanding the foregoing, however, in any circumstance or transaction in which compensation payable pursuant to this Agreement would be subject to the tax under Section 409A of the Code if the foregoing definition of “Change of Control” were to apply, but would not be so subject if the term “Change of Control” were defined herein to mean a “change in control event” within the meaning of Treasury Regulation § 1.409A-3(i)(5), then “Change of Control” means, but only to the extent necessary to prevent such compensation from becoming subject to the tax under Section 409A of the Code, a transaction or circumstance that satisfies the requirements of both (1) a Change of Control under the applicable clauses (i) through (iv) above, and (2) a “change in control event” within the meaning of Treasury Regulation Section § 1.409A-3(i)(5).

 

1

 

 

“Code” means the Internal Revenue Code of 1986, as amended from time to time, and the Treasury regulations and administrative guidance promulgated thereunder.

 

“Company” means, unless the context otherwise requires, HQ LTS Corporation, a Delaware corporation.

 

“Compensation Committee” means the Compensation Committee of the Board.

 

“Employment Period” means the Term and all subsequent Terms.

 

“Good Reason” shall mean the occurrence of any of the following without Executive’s consent: (i) a material reduction of Executive’s duties or responsibilities, relative to Executive’s duties or responsibilities as in effect immediately prior to such reduction; (ii) a reduction of more than ten percent (10%) in Executive’s Base Salary as in effect immediately prior to such reduction; (iii) a reduction of more than ten percent (10%) by the Company in the kind or level of employee benefits, including bonuses, for which Executive was eligible (although amounts actually earned will vary) immediately prior to such reduction, with the result that Executive’s overall benefits package is materially reduced; (iv) the relocation of Executive to a facility or a location more than twenty-five (25) miles from his current office in St. Petersburg, Florida; provided, however, that a reduction that is generally applicable to all executives of the Company shall not constitute “Good Reason” under clauses (ii) and (iii) hereof. A termination of employment by Executive shall not be deemed to be for Good Reason unless (A) Executive gives the Company written notice describing the event or events which are the basis for such termination within 60 days after the event or events occur, (B) such grounds for termination (if susceptible to correction) are not corrected by the Company within 30 days of the Company’s receipt of such notice (the “Correction Period”), and (C) Executive terminates Executive’s employment no later than 30 days following the Correction Period.

 

“Termination for Cause” shall mean the Company’s termination of Executive’s employment for any of the following reasons: (i) Executive’s commission of any act of fraud, embezzlement or dishonesty, (ii) the arrest or conviction of Executive, or the entry of a plea of nolo contendere by Executive, for a felony; (iii) Executive’s unauthorized use or disclosure of any confidential information or trade secrets of the Company, (iv) the disclosing or using of any material Confidential Information (as hereinafter defined) of Company at any time by Executive, except as required in connection with his duties to Company, (v) Executive’s violation of a published Company policy which stipulates the Executive may be terminated by the Company for cause; or (vi) Executive’s continued failure, in the reasonable good faith determination of the Board (excluding Executive therefrom), to perform the major duties, functions and responsibilities of Executive’s position after written notice from the Company identifying the deficiencies in Executive’s performance and a reasonable cure period of not less than thirty (30) days.

 

2

 

 

PART TWO - TERMS AND CONDITIONS OF EMPLOYMENT

 

The following terms and conditions will govern Executive’s employment with the Company throughout the Employment Period and will also, to the extent expressly indicated below, remain in effect following Executive’s cessation of employment with the Company.

 

1.    Employment and Duties. During the Employment Period, Executive will serve as the President and Chief Executive Officer of HireQuest, Inc. and of HQ LTS Corporation and will report to the Board. Executive will have such duties and responsibilities as are commensurate with such position and such other duties and responsibilities commensurate with such position (including with the Parent’s subsidiaries) as are from time to time assigned to Executive by the Board (or a committee thereof). During the Employment Period, Executive will devote his full business time, energy and skill to the performance of his duties and responsibilities hereunder, provided the foregoing will not prevent Executive from (a) serving as a non-executive director on the board of directors of non-profit organizations and other companies, (b) participating in charitable, civic, educational, professional, community or industry affairs, (c) managing his and his family’s personal investments, including, without limitation, serving as President and Chief Executive Officer of Hermanns Real Estate Ventures, LLC and Hermanns Family Industries, Inc. and in an advisory capacity related to current or potential investments, (d) serving in his current roles with Bass Underwriters, or (e) such other activities approved by the Board from time to time; provided, that such activities individually or in the aggregate do not interfere or conflict with Executive’s duties and responsibilities hereunder, violate applicable law, or create a potential business or fiduciary conflict.

 

2.    Service as Director. Executive shall continue to serve on Parent’s Board of Directors. For as long as Executive shall continue to serve as President and Chief Executive Officer, he shall stand for re-election to such position at each annual meeting of the Parent’s stockholders. Executive’s failure to be re-elected to the Board, in and of itself, shall not constitute a termination of this Agreement (and shall not constitute a Termination for Cause or a resignation by Executive for Good Reason, each as defined in this Agreement), nor shall it entitle Executive to any severance benefits. Pursuant to the Parent’s policies, for the duration of this Agreement, Executive will fulfill his duties as a director without additional compensation. This Agreement shall not in any way be construed or interpreted so as to affect adversely or otherwise impair the right of the Parent or the stockholders to remove the Executive from the Board at any time in accordance with the provisions of applicable law.

 

3.    Term. The term of this Agreement shall run for a period from the Effective Date through August 31, 2025 (such period, the “Term”), and may be terminated earlier as contemplated by Section 8.A. Termination of this Agreement due to its non-renewal shall not constitute a Termination for Cause or a resignation by Executive for Good Reason.

 

4.    Compensation; Additional Incentives.

 

A.    Base Salary. Executive’s base salary (the “Base Salary”) will be paid at the rate of $33,333.33 monthly ($400,000.00 annualized) during the Term. Executive’s Base Salary may be increased by the Compensation Committee and/or Board in their sole discretion, but shall not be decreased without Executive’s consent. Executive’s Base Salary will be paid at periodic intervals in accordance with the Company’s normal payroll practices for salaried employees. The Executive will be eligible to participate in any non-qualified retirement plan set up by the Company with an employee match at least equivalent to that provided by the Company to any Company employees entitled to participate in any Company 401(k) plan.

 

3

 

 

B.    Bonus Opportunities.

 

(i)    Discretionary Bonus. With respect to each fiscal year beginning with the fiscal year ending December 31, 2022, the Compensation Committee shall have sole discretion to award a discretionary bonus to the Executive.

 

(ii)    Pre-Tax Income Bonus. Beginning with the fiscal year ending December 31, 2022, and for each fiscal year thereafter during the Term, the Compensation Committee shall award and the Company shall pay to Executive an amount equal to annual pre-tax income of the Parent and all of its subsidiaries on a combined system-wide basis in the fiscal year multiplied by 0.5% (one-half of one percent) adjusted by the Compensation Committee in good faith to account for extraordinary items (e.g., non-recurring extraordinary items). The Compensation Committee or the Board have full and absolute discretion to amend the calculation if it leads to a result that is unreasonable when compared to the overall performance of the Company.

 

(iii)    Sales Increase Bonus. Beginning with the fiscal year ending December 31, 2022, and for each fiscal year thereafter during the Term, the Compensation Committee shall award and the Company shall pay to Executive an amount equal to eight times (8x) the percentage year-over-year increase in System-Wide Sales multiplied by the Executive’s then-existing annualized base salary. System-Wide Sales shall mean the sum of all sales generated by all franchisees of any subsidiary of Parent on a combined basis. By way of example, an nine percent (9%) year-over-year increase in System-Wide Sales would result in a sales increase bonus equal to (8 x 9%) or 72% of Executive’s then-existing base salary, or $270,000.00 ($375,000.00 x 72%) assuming an annual base salary of $375,000.00. Qualifying Sales will have to have a similar margin profile to those historical of HireQuest. To be clear the Compensation Committee or the Board has full and absolute discretion to amend the calculation if it leads to a result that is unreasonable when compared to the overall performance of the Company.

 

(iv)    Pro-Rata Payment. In the event Executive is no longer employed by the Company at the time any Bonus in this Section 4.B accrues, Executive shall be paid such bonus pro rata based on the number of days he was employed by the Company.

 

(v)    Short-Term Deferral. Any bonus payable pursuant to Sections 4.B.(i), 4.B.(ii), or 4.B.(iii), shall be paid to the Executive within a reasonable time, but in no event later than 60 calendar days, after the last day of the applicable fiscal year to which the bonus relates.

 

C.    The Company may deduct and withhold, from the compensation payable and benefits provided to Executive hereunder, any and all applicable federal, state, local and other taxes and any other amounts required to be deducted or withheld by the Company under applicable statute or regulation.

 

4

 

 

D.    To the extent that any compensation paid or payable pursuant to this Agreement is considered “incentive-based compensation” within the meaning and subject to the requirements of Section 10D of the Exchange Act, such compensation shall be subject to potential forfeiture or recovery by the Company in accordance with any compensation recovery policy adopted by the Board or any committee thereof in response to the requirements of Section 10D of the Exchange Act and any implementing rules and regulations thereunder adopted by the Securities and Exchange Commission or any national securities exchange on which the Company’s common stock is then listed. This Agreement may be unilaterally amended by the Company to comply with any such compensation recovery policy.

 

5.    Equity Compensation.

 

A.    Upon execution of this Agreement, Executive shall be granted and issued 50,000 restricted shares of Parent common stock pursuant to the 2019 HireQuest, Inc. Equity Incentive Plan, or any successor plan, subject to the terms and conditions of the plan, which shall vest and become unrestricted according to the following schedule: 50% on the second anniversary of the Effective Date, and 6.25% per fiscal quarter for each of the first eight fiscal quarters occurring thereafter provided, however, that this vesting schedule is subject to vesting upon termination of Executive’s employment as set forth in Section 7.

 

6.    Expense Reimbursement; Fringe Benefits; Paid Time Off (PTO).

 

A.    Executive will be entitled to reimbursement from the Company for customary, ordinary, and necessary business expenses incurred by Executive in the performance of Executive’s duties hereunder, provided that Executive’s entitlement to such reimbursements shall be conditioned upon Executive’s provision to the Company of vouchers, receipts and other substantiation of such expenses in accordance with Company policies.

 

B.    Company will pay for dues and fees required for any professional licenses maintained by Executive, membership in professional or industry associations, continuing education requirements associated with any professional license and conferences and seminars commonly attended by executives in similar companies.

 

C.    During the Employment Period, Executive will be eligible to participate in any group life insurance plan, group medical and/or dental insurance plan, accidental death and dismemberment plan, short-term disability program and other employee benefit plans, including profit sharing plans, cafeteria benefit programs and stock purchase and option plans, which are made available to executives of the Company and for which Executive qualifies under the terms of such plan or plans.

 

D.    Executive shall be entitled to paid vacation pursuant to the Company’s policies in the same amount as is available to other employees of the Company with equivalent tenure giving credit to Executive for years of employment by Hire Quest Financial, LLC, Hire Quest, LLC, and their affiliated entities.

 

5

 

 

7.    Executive Covenants.

 

A.    Covenants. During the 30 days following the termination of the Employment Period, Executive will take all actions the Parent or Company may reasonably request to maintain the Parent’s or Company’s business, goodwill, and business relationships and to assist with transition matters, all at Company expense. In addition, upon the receipt of notice from the Parent or Company (including outside counsel), during the Employment Period and thereafter, Executive will respond and provide information with regard to matters in which he has knowledge as a result of his employment with the Company, and will provide assistance to the Parent or Company and its representatives in the defense or prosecution of any claims that may be made by or against the Parent or Company, to the extent that such claims may relate to the period of Executive’s employment with the Company, all at Company expense. During the Employment Period and thereafter, Executive shall promptly inform the Parent and Company if he becomes aware of any lawsuits involving such claims that may be filed or threatened against the Parent or Company. During the Employment Period and thereafter, Executive shall also promptly inform the Parent and Company (to the extent he is legally permitted to do so) if he is asked to assist in any investigation of the Parent or Company (or its actions), regardless of whether a lawsuit or other proceeding has then been filed against the Parent or Company with respect to such investigation, and will not do so unless legally required. The Company will pay Executive at a rate of $350.00 per hour, plus reasonable expenses, in connection with any actions requested by the Parent or Company under this paragraph following any termination of Executive’s employment, with such amounts being paid to Executive at periodic intervals in accordance with the Company’s normal payroll practices for salaried employees. Executive’s obligations under this paragraph shall be subject to the Parent’s and Company’s reasonable cooperation in scheduling in light of Executive’s other obligations. Executive will seek and obtain Board approval prior to committing Company, Parent, or any of their Affiliates to any material transaction involving any party which is an Affiliate or related party (as that term is defined by the SEC and relevant securities laws) of Executive.

 

B.    Survival of Provisions. The obligations contained in this Section 7 will survive the termination of Executive’s employment with the Company and will be fully enforceable thereafter.

 

8.    Termination of Employment.

 

A.    General. Subject to Sections 8.D and 8F, Executive’s employment with the Company is “at-will” and may be terminated at any time by either Executive or the Company for any reason (or no reason) in accordance with this Agreement, which will also result in the Term ending, by the party seeking to terminate Executive’s employment providing 60-days written notice of such termination to the other party. The 60-day notice shall not be required in the final 60 days of the Term. If the Company intends to renew Executive’s agreement, the Company shall employ reasonable best efforts to engage the Executive in negotiations 90 days prior the final day of the Term.

 

B.    Death and Permanent Disability. Upon the death or permanent disability of the Executive during the Term, the employment relationship created pursuant to this Agreement will immediately terminate, the Term will end, and amounts will only be payable under this Agreement as specified in this Section 8.B. Should Executive’s employment with the Company terminate by reason of Executive’s death or permanent disability during the Employment Period, Executive, or Executive’s estate, shall be entitled to receive:

 

6

 

 

(i)         the unpaid Base Salary earned by Executive pursuant to Section 4.A for services rendered through the date of Executive’s death or permanent disability, as applicable, payable in accordance with the Company’s normal payroll practices for terminated salaried employees plus all of Executive’s accrued paid time off or vacation;

 

(ii)         an amount equal to the Base Salary the Executive would have earned in the 60 day period following Executive’s death or permanent disability, assuming said death or disability had not occurred;

 

(iii)         reimbursement of all expenses for which Executive is entitled to be reimbursed pursuant to Section 6, payable in accordance with the Company’s normal reimbursement practices;

 

(iv)         the right to continue health care benefits under the Consolidated Omnibus Budget Reconciliation Act of 1986, as amended, at Executive’s cost, to the extent required and available by law and subject to the Company continuing to maintain a group health plan;

 

(v)         any accrued but unpaid Bonus pursuant to Section 4.B, payable at such time as provided in Section 4.B;

 

(vi)         the limited death, disability, and/or income continuation benefits provided under Section 6.C, if any, will be payable in accordance with the terms of the plans pursuant to which such limited death or disability benefits are provided.

 

Compensation and benefits provided pursuant to Section 8.B.(i) through 8.B.(v) are collectively referred to as the “Accrued Obligations.”

 

If Executive’s death occurs before payment of any earned Bonus set forth in section 4.B.(i) – 4.B.(iii) of this Agreement, the applicable payments will be made to the Executive’s estate. For purposes of this Agreement, Executive will be deemed “permanently disabled” if Executive is so characterized pursuant to the terms of the Company’s disability policies or programs applicable to Executive from time to time, or if no such policy is applicable, if the Compensation Committee determines, in its reasonable discretion, that Executive is unable to perform the essential functions of Executive’s duties for physical or mental reasons for ninety (90) days in any twelve-month period.

 

C.    Termination for Cause; Resignation without Good Reason. The Company may at any time during the Employment Period, upon written notice summarizing with reasonable specificity the basis for the Termination for Cause, terminate Executive’s employment hereunder for any act qualifying as a Termination for Cause. Such termination will be effective immediately upon such notice. Upon any Termination for Cause (or Executive’s resignation other than for Good Reason), Executive shall be solely entitled to receive:

 

(i)         the unpaid Base Salary and Bonuses earned by Executive pursuant to Section 4 for services rendered through the date of termination, payable in accordance with the Company’s normal payroll practices for terminated salaried employees plus all of Executive’s accrued paid time off or vacation;

 

7

 

 

(ii)         reimbursement of all expenses for which Executive is entitled to be reimbursed pursuant to Section 6, payable in accordance with the Company’s normal reimbursement practices; and

 

(iii)         the right to continue health care benefits under the Consolidated Omnibus Budget Reconciliation Act of 1986, as amended, at Executive’s cost, to the extent required and available by law and subject to the Company continuing to maintain a group health plan.

 

D.    Involuntary Termination Without Cause by the Company; Resignation by Executive for Good Reason. The Company shall be entitled to terminate Executive with 60-days’ notice, other than a Termination for Cause, and Executive shall be entitled to resign with or without Good Reason, in each case at any time. The 60-day notice shall not be required in the final 60 days of the Term. If the Company intends to renew Executive’s agreement, the Company shall employ reasonable best efforts to engage the Executive in negotiations 90 days prior the final day of the Term.If Executive (1) is terminated by the Company other than in circumstances constituting a Termination for Cause, or (2) resigns for Good Reason, then Executive shall be solely entitled to receive:

 

(i)         The Accrued Obligations through the date of termination, payable in a lump sum within 15 days;

 

(ii)         An amount equal to Executive’s base salary for an eighteen (18) month period;

 

(iv)         Pro-rated payment of all Bonuses in Section 4.B;

 

(v)         All restrictions on any restricted stock or restricted stock unit awards made to the Executive by the Company, the Parent or its affiliates shall lapse such that Executive is fully and immediately vested in such awards upon such termination of employment; any stock options or stock appreciation rights granted to Executive pursuant to the Company’s, the Parent’s or its affiliate’s equity-based incentive plan(s) shall become fully and immediately vested upon such termination of employment; and any performance shares, performance units or similar performance-based equity awards granted to Executive pursuant to the Company’s, the Parent’s or its affiliate’s equity-based incentive plan(s) shall be deemed earned on a pro-rated basis according to the portion of the performance period that has elapsed through the date of the termination of employment as if all performance requirements had been satisfied at the target level (or such higher level as would have been achieved if performance through the date of the termination of employment had continued through the end of the performance period). All such grants are awarded to and subject to the Equity Compensation Plan applicable to the grant as adopted by the Board and amended from time to time.

 

(vi)         For purposes of clarity, a termination of Executive’s employment due to Executive’s death or to Executive’s permanent disability shall not be considered either a termination by the Company without cause or a resignation by Executive for Good Reason, and such termination shall not entitle Executive (or his heirs or representatives) to any compensation or benefits pursuant to this Section 8.D.

 

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E.    Termination by Non-Renewal. In the event the company fails to renew Executive’s employment before the expiration of this Agreement (“Non-Renewal”), Executive shall be entitled to receive:

 

(i)         The Accrued Obligations through the date of termination, payable in a lump sum within 15 days.

 

(iii)         Pro-rated payment of all Bonuses in Section 4.B.(iii) and 4.B.(iv).

 

(iv)         All restrictions on any restricted stock or restricted stock unit awards made to the Executive by the Company, the Parent or its affiliates shall lapse such that Executive is fully and immediately vested in such awards upon such termination of employment; any stock options or stock appreciation rights granted to Executive pursuant to the Company’s, the Parent’s or its affiliate’s equity-based incentive plan(s) shall become fully and immediately vested upon such termination of employment; and any performance shares, performance units or similar performance-based equity awards granted to Executive pursuant to the Company’s, the Parent’s or its affiliate’s equity-based incentive plan(s) shall be deemed earned on a pro-rated basis according to the portion of the performance period that has elapsed through the date of the termination of employment as if all performance requirements had been satisfied at the target level (or such higher level as would have been achieved if performance through the date of the termination of employment had continued through the end of the performance period). All such grants are awarded to and subject to the Equity Compensation Plan applicable to the grant as adopted by the Board and amended from time to time.

 

F.         Compensation following a Change of Control.

 

(i) Notwithstanding any other provision of this Agreement, if a Change of Control occurs prior to the end of the Term, this Agreement shall be extended automatically for a one-year renewal period beginning on the date of the Change of Control (a “Post-Change of Control Renewal Period”). Following a Change of Control, the Executive’s annual base salary shall not be decreased and, during the Post-Change of Control Renewal Period, the Executive’s base salary shall be increased on an annual basis by an amount at least equal to the average base salary increase, expressed as a percentage, provided to executives of the Company or the Parent of comparable status and position to the Executive. On and after a Change of Control, the Executive shall be included: (a) to the extent eligible thereunder (which eligibility shall not be conditioned on Executive’s salary grade or on any other requirement which excludes persons of comparable status to Executive unless such exclusion was in effect for such plan or an equivalent plan immediately prior to the Change of Control), in any and all plans providing benefits for the Company’s or the Parent’s salaried Executives in general (including but not limited to group life insurance, hospitalization, medical, dental, and long-term disability plans) and (b) in plans provided to executives of the Company or the Parent of comparable status and position to Executive (including but not limited to deferred compensation, split-dollar life insurance, supplemental retirement, stock option, stock appreciation, stock bonus, cash bonus and similar or comparable plans); provided that in no event shall the aggregate level of benefits under the plans described in clause (a) and the plans described in clause (b), respectively, in which Executive is included be less than the aggregate level of benefits under plans of the Company or the Parent of the type referred to in such clause, respectively, in which Executive was participating immediately prior to the Change of Control.

 

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(ii) If Executive’s employment is terminated during the Post-Change of Control Renewal Period, the Company shall pay the Executive a one-time, lump-sum severance payment equal to one hundred fifty percent (150%) of the Executive’s Base Salary in effect at the time of such termination (“Change of Control Severance Payment”). The Change of Control Severance Payment shall be paid to the Executive in cash equivalent on the date that is sixty (60) days after the date of termination of the Executive’s employment; provided that, to the extent required to comply with Section 409A of the Code, all or a portion of the Change of Control Severance Payment shall be delayed until the first day of the seventh (7th) month following the month in which the termination of the Executive’s employment occurs, without interest thereon.

 

(iii) In addition, should the Company terminate Executive’s employment during the Post-Change of Control Renewal Period, all restrictions on any restricted stock or restricted stock unit awards made to the Executive by the Company, the Parent or its affiliates shall lapse such that Executive is fully and immediately vested in such awards upon such termination of employment; any stock options or stock appreciation rights granted to Executive pursuant to the Company’s, the Parent’s or its affiliate’s equity-based incentive plan(s) shall become fully and immediately vested upon such termination of employment; and any performance shares, performance units or similar performance-based equity awards granted to Executive pursuant to the Company’s, the Parent’s or its affiliate’s equity-based incentive plan(s) shall be deemed earned on a pro-rated basis according to the portion of the performance period that has elapsed through the date of the termination of employment as if all performance requirements had been satisfied at the target level (or such higher level as would have been achieved if performance through the date of the termination of employment had continued through the end of the performance period).                  

G.         Resignations from Other Positions. Upon any termination of Executive’s employment, and as a condition to Executive receiving any benefits under 8.C, 8.D, 8.E, or 8.F(ii) and (iii) (the “Severance Benefits”) under this Agreement, if so requested by a majority of the Board, Executive will immediately resign (1) as a director of the Parent and any of its subsidiaries, (2) from all officer or other positions of the Parent and Company, and (3) from all fiduciary positions (including as trustee) Executive then holds with respect to any employee benefit plans or trusts established, maintained or sponsored by the Parent, the Company, or by any of their Affiliates. Failure by Executive to resign immediately from all positions described in the immediately preceding sentence shall result in automatic forfeiture of any and all rights to the Severance Benefits.

 

H.         Options Upon Termination. Except as otherwise provided in Section 8, upon termination of Executive’s employment for any reason and subject to the terms of the Company’s Stock Plan, as it may be amended from time to time, including by reason of Executive’s death or permanent disability, any portion of any options held by the Executive that are not then vested will immediately be forfeited and expire for no consideration and the remainder of such options will remain exercisable pursuant to the terms of the Company’s Stock Plan (with the understanding that any options that are intended to be “incentive stock options” under the Code shall thereupon be disqualified from such treatment); provided, that any portion of the options held by Executive immediately prior to Executive’s death, to the extent then exercisable, will remain exercisable pursuant to the terms of the Company’s following Executive’s death; and provided, further, that in no event shall any portion of the options be exercisable after the Final Exercise Date.

 

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I.         Release. Notwithstanding anything contained herein, Executive’s right to receive (or retain) the Severance Benefits other than the Accrued Obligations through the date of termination, is conditioned on and subject to Executive’s execution within twenty-one (21) days (or, to the extent required by applicable law, forty-five (45) days) following the termination date and non-revocation within seven (7) days thereafter of a general release of claims and potential claims against Parent and all of its subsidiaries, and their respective officers, directors, shareholders, insurers, employees, and agents in a form provided by the Company.

 

9.    Section 409A of the Code.

 

A.    General. This Agreement shall be interpreted and applied in all circumstances in a manner that is consistent with the intent of the parties that, to the extent applicable, amounts earned and payable pursuant to this Agreement shall constitute short-term deferrals exempt from the application of Section 409A of the Code and, if not exempt, that amounts earned and payable pursuant to this Agreement shall not be subject to the premature income recognition or adverse tax provisions of Section 409A of the Code.

 

B.    Separation from Service. References in this Agreement to “termination” of Executive’s employment, “resignation” by Executive from employment and similar terms shall, with respect to such events that will result in payments of compensation or benefits, mean for such purposes a “separation from service” as defined under Section 409A of the Code.

 

C.    Specified Executive. In the event any one or more amounts payable under this Agreement constitute a “deferral of compensation” and become payable on account of the “separation from service” (as determined pursuant to Section 409A of the Code) of Executive and if as such date Executive is a “specified employee” (as determined pursuant to Section 409A of the Code), such amounts shall not be paid to Executive before the earlier of (i) the first day of the seventh calendar month beginning after the date of Executive’s “separation from service” or (ii) the date of Executive’s death following such “separation from service.” Where there is more than one such amount, each shall be considered a separate payment and all such amounts that would otherwise be payable prior to the date specified in the preceding sentence shall be accumulated (without interest) and paid together on the date specified in the preceding sentence.

 

D.    Separate Payments. For purposes of Section 409A of the Code, each payment or amount due under this Agreement shall be considered a separate payment, and Executive’s entitlement to a series of payments under this Agreement is to be treated as an entitlement to a series of separate payments.

 

E.    Reimbursements. Any reimbursement to which Executive is entitled pursuant to this Agreement that would constitute nonqualified deferred compensation subject to Section 409A of the Code shall be subject to the following additional rules: (i) no reimbursement of any such expense shall affect Executive’s right to reimbursement of any other such expense in any other taxable year; (ii) reimbursement of the expense shall be made, if at all, not later than the end of the calendar year following the calendar year in which the expense was incurred; (iii) the right to reimbursement shall not be subject to liquidation or exchange for any other benefit; and (iv) the right to reimbursement of expenses incurred kind shall terminate one year after the end of the Employment Period.

 

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10.    Section 280G of the Code. Notwithstanding anything to the contrary contained herein (or any other agreement entered into by and between Executive and the Company or any incentive arrangement or plan offered by the Parent or Company), in the event that any amount or benefit paid or distributed to Executive pursuant to this Agreement, taken together with any amounts or benefits otherwise paid to Executive by the Parent or Company (collectively, the “Covered Payments”), would constitute an “excess parachute payment” as defined in Section 280G of the Code, and would thereby subject Executive to an excise tax under Section 4999 of the Code (an “Excise Tax”), the provisions of this Section 10 shall apply. If the aggregate present value (as determined for purposes of Section 280G of the Code) of the Covered Payments exceeds the amount which can be paid to Executive without Executive incurring an Excise Tax, then the amounts payable to Executive under this Agreement (or any other agreement by and between Executive, the Parent, and/or the Company or pursuant to any incentive arrangement or plan offered by the Parent or Company) shall be reduced (but not below zero) to the maximum amount which may be paid hereunder without Executive becoming subject to the Excise Tax (such reduced payments to be referred to as the “Payment Cap”). In the event Executive receives reduced payments and benefits as a result of application of this Section 10, Executive shall have the right to designate which of the payments and benefits otherwise set forth herein (or any other agreement between the Parent, the Company and/or Executive or any incentive arrangement or plan offered by the Parent or Company) shall be received in connection with the application of the Payment Cap, subject to the following sentence. Reduction shall first be made from payments and benefits which are determined not to be nonqualified deferred compensation for purposes of Section 409A of the Code, and then shall be made (to the extent necessary) out of payments and benefits that are subject to Section 409A of the Code and that are due at the latest future date.

 

11.    No Guarantee of Tax Consequences. The Board, the Compensation Committee, the Parent, the Company and their Affiliates, officers and employees make no commitment or guarantee to Executive that any federal, state, local or other tax treatment will apply or be available to Executive or any other person eligible for compensation or benefits under this Agreement and assume no liability whatsoever for the tax consequences to Executive or to any other person eligible for compensation or benefits under this Agreement.

 

12.    Controlling Law, Jurisdiction and Venue. This Agreement and all questions related to its validity, interpretation, performance, and enforcement shall be governed by the laws of the state of South Carolina, notwithstanding any conflict-of-interest provisions to the contrary. Executive agrees that any and all claims arising out of or relating to this Agreement or Executive’s employment by the Company shall be resolved by binding arbitration. Arbitration shall occur in Charleston, South Carolina. Arbitration shall proceed pursuant to the rules of the American Arbitration Association except where this agreement conflicts with those rules. In case of conflict, the terms of this agreement shall govern. A mutually agreeable neutral arbitrator shall be selected by the parties from a list provided by the local office of the American Arbitration Association in the Charleston, South Carolina region. The arbitration proceedings and opinion shall be confidential. The arbitration hearing shall occur within 120 days of the date it is filed. Notwithstanding anything in the rules of the American Arbitration Association, the parties shall be allowed to engage in discovery according to the following rules: each party shall serve all interrogatories and requests for documents within 30 days of filing the arbitration. Each party shall be limited to 20 interrogatories and 10 document requests. Discovery shall be fully responded to within 30 days of receipt. The parties may each take 3 depositions including the deposition of an opposing party. No other discovery shall be allowed except upon written motion to the arbitrator. The arbitrator shall issue a written opinion including findings of fact and conclusions of law within thirty days of the conclusion of the arbitration hearing. The arbitrator may award any relief, legal or equitable, to either party available under law or which may be awarded by a court of competent jurisdiction where the arbitration takes place provided, however that the arbitrator shall not be empowered to award punitive or consequential damages. The parties hereby expressly waive their right to recover punitive and consequential damages in such a proceeding. The parties shall have the rights to appeal or seek confirmation or modification of such a decision that are set forth in the Federal Arbitration Act. This arbitration agreement and any arbitration shall be governed by the Federal Arbitration Act to the exclusion of state law inconsistent therewith. The parties shall share equally the administrative fees and arbitrator’s fees and expenses unless a contrary provision of law governs. All other costs and expenses associated with the arbitration, including, without limitation, each party’s respective attorney’s fees, shall be borne by the party incurring the expense.

 

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13.    Noncompetition, non-disclosure requirements. During the Restricted Period (defined below), the Executive shall not, directly or indirectly (whether by himself or through an affiliate, in partnership or conjunction with, or as an employee, officer, director, manager, member, owner, consultant or agent of, any other person) own, manage, operate, control, consult with, be employed by, participate in the ownership, management, operation or control of, or otherwise render services to or engage in, any business within the United States engaged in or competitive with (X) the businesses conducted by the Company, the Parent, or their affiliates (including without limitation providing workers compensation insurance to any franchisee of the Company, the Parent, or an affiliated); provided, that a Principal’s ownership of securities of 2% or less of any publicly traded class of securities of a public company shall not violate this Section; provided further, that, for the sake of clarity, Hire Quest Financial, LLC (“HQF”) shall not be restricted from making loans to any current or future franchisee of the Company, the Parent, or any of their affiliates, or engaging in activities related thereto, but, with respect to franchisees not affiliated with the Executive, solely to the extent HQF has first offered to the Company and Parent a right of first refusal to make any such loan. For purposes of this Agreement, the Restricted Period shall be defined as the period of such Executive’s employment with the Company, the Parent, or any of its affiliates and ending on the later of (x) one year following such Executive’s termination with the Company, the Parent, or its affiliates and (y) the second anniversary of the Effective Date.

 

14.    Entire Agreement; Severability. This Agreement and the agreements referenced herein contain the entire agreement of the parties relating to the subject matter hereof, and supersede in their entirety any and all prior agreements, understandings or representations relating to the subject matter hereof. No agreements or representations, oral or otherwise, express or implied, with respect to the subject matter hereof have been made by either party which are not expressly set forth in this Agreement. The provisions of this Agreement shall be deemed severable and, if any provision is found to be illegal, invalid or unenforceable for any reason, (a) the provision will be amended automatically to the minimum extent necessary to cure the illegality or invalidity and permit enforcement and (b) the illegality, invalidity or unenforceability will not affect the legality, validity or enforceability of the other provisions hereof.

 

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15.    Amendment; Committee Authority. This Agreement may be amended, supplemented, or modified only by a written instrument duly executed by or on behalf of each party hereto. All determinations and other actions required or permitted hereunder to be made by or on behalf of the Parent, the Company, or the Board may be made by either the Board (excluding Executive therefrom) or the Compensation Committee (or any other committee subsequently granted authority by the Board); provided that the actions of the Compensation Committee (or any other committee subsequently granted authority by the Board) shall be subject to the authority then vested in such committee by the Board, it being understood and agreed that as of the date of this Agreement the Compensation Committee has full authority, concurrent with the Board, to administer this Agreement; and provided, further, that a decision or action by the Compensation Committee (or any other committee subsequently granted authority by the Board) hereunder shall be subject to review or modification by the Board if the Board so chooses.

 

16.    Waiver. The rights and remedies of the parties to this Agreement are cumulative and not alternative. Neither the failure nor any delay by either party in exercising any right, power, or privilege under this Agreement will operate as a waiver of such right, power, or privilege, and no single or partial exercise of any such right, power, or privilege will preclude any other or further exercise of such right, power, or privilege or the exercise of any other right, power, or privilege. To the maximum extent permitted by applicable law, (a) no claim or right arising out of this Agreement can be discharged by one party, in whole or in part, by a waiver or renunciation of the claim or right unless in writing signed by the other party; (b) no waiver that may be given by a party will be applicable except in the specific instance for which it is given; and (c) no notice to or demand on one party will be deemed to be a waiver of any obligation of such party or of the right of the party giving such notice or demand to take further action without notice or demand as provided in this Agreement.

 

17.    No Violation. Executive represents and warrants that the execution and delivery of this Agreement and the performance of Executive’s services contemplated hereby will not violate or result in a breach by Executive of, or constitute a default under, or conflict with: (i) any provision or restriction of any employment, consulting, or other similar agreement; (ii) any agreement by Executive with any third party not to compete with, solicit from, or otherwise disparage such third party; (iii) any provision or restriction of any agreement, contract, or instrument to which Executive is a party or by which Executive is bound; or (iv) any order, judgment, award, decree, law, rule, ordinance, or regulation or any other restriction of any kind or character to which Executive is subject or by which Executive is bound.

 

18.    Assignment. Notwithstanding anything else herein, this Agreement is personal to Executive and neither this Agreement nor any rights hereunder may be assigned by Executive. The Company or Parent may assign this Agreement to an affiliate or to any acquirer of all or substantially all of the business and/or assets of the Company or the Parent, in which case the term “Company” or “Parent,” as the case may be, will mean such affiliate or acquirer. This Agreement will inure to the benefit of and be binding upon the personal or legal representatives, executors, administrators, successors, heirs, distributees, devisees, legatees and permitted assignees of the parties.

 

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19.    Counterparts, Facsimile. This Agreement may be executed in one or more counterparts, each of which will be deemed to be an original copy of this Agreement and all of which, when taken together, will be deemed to constitute one and the same agreement. To the maximum extent permitted by applicable law, this Agreement may be executed via facsimile.

 

20.    Notices. Any notice required to be given under this Agreement shall be deemed sufficient, if in writing, and sent by certified mail, return receipt requested, via overnight courier, or hand delivered to the Company or the Parent at 111 Springhall Drive, Goose Creek, SC 29445, Attn: Chairman of the Compensation Committee and General Counsel, and to Executive at the most recent address reflected in the Company’s employment records.

 

 

 

 

Signature page follows.

 

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IN WITNESS WHEREOF, the parties hereto have executed this Employment Agreement as of the Effective Date.

 

 

PARENT:

 

HIREQUEST, INC., a Delaware corporation

 

 

 

By: __/s/ John D. McAnnar__________________________

Name: John D. McAnnar

Title: Chief Legal Officer

 

 

 

COMPANY:

 

HQ LTS CORPORATION, a Delaware corporation

 

 

 

By: __/s/ John D. McAnnar__________________________

Name: John D. McAnnar

Title: Chief Legal Officer

 

 

EXECUTIVE:

 

RICHARD F. HERMANNS, an individual

 

 

 

By: __/s/ Richard Hermanns__________________________

Richard F. Hermanns, an individual

 

 

 

 

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