Document:

YRCW-2014.12.31-EX10.18

November 21, 2014

Michelle A. Friel
c/o YRC Worldwide Inc.
10990 Roe Avenue
Overland Park, KS 66211

Re:    Separation Agreement

Dear Michelle:

This letter agreement (this “Agreement”) will confirm our understanding with regard to your termination of employment with YRC Worldwide Inc. (together with its subsidiaries and affiliates, the “Company”).  Reference is made to the Employment Agreement between you and the Company, dated January 9, 2012 and amended October 30, 2012 (the “Employment Agreement”).  Capitalized terms not otherwise defined herein shall have the meanings ascribed thereto in the Employment Agreement.
1.Separation.  Your last day of work with the Company and your employment termination date will be (a) January 2, 2015 (the “Anticipated Termination Date”) or (b) a date prior to the Anticipated Termination Date that is specified by you in a written notice to the Company that is delivered at least ten (10) days prior to the specified termination date (as applicable, the “Separation Date”).  You have agreed to use your four (4) weeks of Company provided paid vacation immediately prior to the Separation Date such that you will have no remaining vacation days accrued as of the Separation Date.  Effective as of the Separation Date, you hereby agree to resign, and shall automatically resign without any further action, as Executive Vice President and General Counsel of the Company (and as an officer and/or director of the Company and any subsidiary of the Company, as well as a fiduciary of any benefit plan of the Company).  You shall execute such additional documents as requested by the Company to evidence the foregoing.  Notwithstanding the foregoing, from the date hereof until the Separation Date, the Company may allocate some or all of your job responsibilities to other employees and may appoint other persons to your position which shall not constitute Good Reason under, or otherwise breach, the Employment Agreement.  Until the Separation Date, you shall provide such services as are requested by the Company, including transition services.  From the date hereof until the Separation Date, the Company will continue to pay your regular base salary, and you shall continue to be eligible for all benefits and perquisites that you currently enjoy, provided that you shall not be eligible for, and shall not receive any, equity grants or other incentive or bonus opportunities including any additional Anti-Dilution Equity Adjustment Awards.  You specifically acknowledge and agree that certain of the obligations created and payments made to you by the Company under this Agreement are promises and payments to which you are not otherwise entitled under any law or contract.
2.Severance.  Subject to the provisions of Sections 3, 4, 5, 6, and 9 hereof, you shall be entitled to the following severance payments:
(a)Termination Upon the Separation Date.  In the event you are continuously employed by the Company through the Separation Date, your termination of employment shall be considered a termination without Cause and you shall receive the following benefits:
(i)Employment Agreement Benefits. (A) All Accrued Obligations, if any, to which you are entitled and (B) continued monthly payment of your Base Salary in accordance with the Company’s payroll policies in effect on the Separation Date for the eighteen (18) month period commencing on the 60th day following the Separation Date.  In addition, effective as of the Separation Date, as required by the continuation coverage provisions of Section 4980B of the US Internal Revenue Code of 1986, as amended (“IRC”), you shall be offered the opportunity to elect continuation coverage under the group medical plan(s) of the Company (“COBRA Coverage”).  The Company’s COBRA vendor shall provide you with the appropriate COBRA Coverage notice and election form for this purpose.  The existence and duration of your rights and/or COBRA rights of any of your eligible dependents shall be determined in accordance with Section 4980B of the IRC.  For purposes of your Accrued Obligations, as initially stated under Section 1, the parties hereto agree that as of the date hereof, you have four (4) weeks of accrued Company provided paid vacation, all of which you will use before the Separation Date.  
(ii)Equity Awards.  The parties hereto acknowledge and agree that the rights and obligations with respect to your equity interests in the Company are set forth in the Employment Agreement.  You had previously been granted 138,555 shares of Company restricted stock, of which 85,799 shares are deemed to be vested as of the Separation Date and the remaining 52,756 shares are unvested.  You acknowledge and agree that as of the date hereof through the Separation Date, such 52,756 shares of Company restricted stock shall remain unvested.  However, contingent on your continued employment with the Company through the Separation Date and your execution and non-revocation of the Supplemental Release (as defined below), such 52,756 unvested shares of Company restricted stock shall accelerate and fully vest as of the date the Supplemental Release becomes irrevocable.  You hereby acknowledge that other than the 85,799 shares of restricted stock of which have already vested, and the 52,756 shares of restricted stock which may become vested on the Separation Date, you are not entitled to any other equity, debt, or other interest (or any option or right to acquire any equity, debt, or other interest) of any kind or nature pursuant to any agreement or otherwise in the Company or any of its respective subsidiaries or affiliates.   

(b)Termination Prior to the Separation Date due to Death or Disability.  In the event your employment terminates prior to the Separation Date due to your death or Disability, you shall receive the benefits in Section 2(a).
(c)Termination Prior to the Separation Date by the Company for Cause.  In the event your employment is terminated by the Company for Cause prior to the Separation Date, you shall receive only the Accrued Obligations.
(d)Continuing Indemnification.  As a former officer of the Company, you shall remain entitled to all indemnification rights and benefits provided from time to time to other officers and former officers of the Company.
3.Restrictive Covenants.  You acknowledge and agree that Section 9 of the Employment Agreement is hereby incorporated herein by reference and made a part hereof as if fully set forth herein and that such provisions shall survive your termination of employment and service with the Company and its subsidiaries.
4.Return of Company Property.  By the Separation Date, or such later date as may be specified by the Company, you agree to return to the Company all Company documents (and all copies thereof) and other Company property that you have had in your possession at any time, including, but not limited to, Company files, notes, notebooks, correspondence, memoranda, agreements, drawings, records, business plans, forecasts, financial information, specifications, computer-recorded information, tangible property (including, but not limited to, computers, pagers, telephones, credit cards, entry cards, identification badges and keys), and, any materials of any kind that contain or embody any proprietary or confidential information or trade secrets of the Company (and all reproductions thereof in whole or in part).  You also agree to erase any such proprietary or confidential information of the Company contained in any electronic document or e-mail system in your possession, custody or control.
5.Cooperation.  You agree, that during your employment with the Company and for the twenty four (24) month period following the Separation Date, to reasonably cooperate with and make yourself reasonably available on a continuing basis to the Company and its representatives and legal advisors in connection with any matters in which you are or were involved during your employment with the Company or any existing or future claims, investigations, administrative proceedings, lawsuits and other legal and business matters as reasonably requested by the Company.  You also agree to promptly send the Company copies of all correspondence (for example, but not limited to, subpoenas) received by you in connection with any legal proceedings involving or relating to the Company, unless you are expressly prohibited by law from so doing.  You agree not to cooperate voluntarily in any third party claims against the Company.  You understand that nothing in this Agreement prevents you from cooperating with any government investigation.  You will be reimbursed for any pre-approved reasonable out-of-pocket expenses incurred in connection with your services and you will not be entitled to receive any other payment of any amount other than those described under Section 2 hereof.
6.Release of Claims.
(a)In consideration for, and as a condition to receiving the benefits described in Section 2 hereof to which you are not otherwise entitled, and in consideration for your continued employment with the Company through the Separation Date, you hereby generally and completely release the Company and its directors, officers, employees, shareholders, partners, agents, attorneys, predecessors, successors, parent and subsidiary entities, insurers, affiliates, and assigns (collectively, the “Released Party”) from any and all claims, liabilities and obligations, both known and unknown, that arise out of or are in any way related to events, acts, conduct, or omissions occurring at any time prior to and including the date you sign this Agreement.  This general release includes, but is not limited to:  (1) all claims arising out of or in any way related to your employment with the Company or the termination of that employment; (2) all claims related to your compensation or benefits from the Company, (other than accrued and unpaid compensation); (3) all claims for breach of contract, wrongful termination, and breach of the implied covenant of good faith and fair dealing; (4) all tort claims, including, without limitation, claims for fraud, defamation, emotional distress, and discharge in violation of public policy; and (5) all federal, state, and local statutory claims, including, without limitation, claims for discrimination, harassment, retaliation, attorneys’ fees, or other claims arising under Title VII of the Civil Rights Act of 1964, as amended; the Civil Rights Act of 1991; the Equal Pay Act of 1963, as amended; the Americans with Disabilities Act of 1990; the Age Discrimination in Employment Act of 1967, as amended (including the Older Workers Benefit Protection Act); the Family and Medical Leave Act of 1993; the Worker Adjustment Retraining and Notification Act; the Employee Retirement Income Security Act of 1974; any applicable Executive Order Programs; the Fair Labor Standards Act; or their state or local counterparts; or any other federal, state or local civil or human rights law, or any other local, state, or federal law, regulation or ordinance.  To the maximum extent permitted by law, you also promise never directly or indirectly to bring or participate in an action against any Released Party under any unfair competition law of any jurisdiction with respect to your employment with the Company or the termination thereof.  If, notwithstanding the above, you are awarded any money or other relief under such a claim, you hereby assign the money or other relief to the Company.  Your waiver, release and promises specified in this Section 6(a) do not apply to any rights or claims that may arise after the date you sign this Agreement.
(b)Excluded from this release are any claims which cannot be waived by law in a private agreement between employer and employee, including but not limited to, the right to enforce this Agreement and recover for any breach of it, and the right to file a charge with or participate in an investigation conducted by the Equal Employment Opportunity Commission (“EEOC”) or state or local fair employment practices agency.  You waive, however, any right to any monetary recovery or other relief should the EEOC or any other agency pursue a claim on your behalf.
7.Representations.  You acknowledge and represent that you have not suffered discrimination, harassment, retaliation, or wrongful treatment by any Released Party.  You also acknowledge and represent that you did not and do not have any rights under 

nor have you been denied any rights including, but not limited to, rights to a leave or reinstatement from a leave under the Family and Medical Leave Act of 1993 or any similar law of any jurisdiction.
8.Time to Consider; Effectiveness.  By signing this Agreement, you hereby acknowledge that:  (a) your waiver and release specified in Section 6 does not apply to any rights or claims that may arise after the date you sign this Agreement or with respect to your rights hereunder; (b) you have the right to consult with an attorney prior to signing this Agreement; and (c) you have twenty-one (21) days to consider this Agreement (although you may choose to sign it earlier) and seven (7) days to revoke this Agreement after you sign it.  In the event that you do not sign this Agreement, you will not be entitled to the payments and benefits described in Section 2 hereof.  In the event you do not execute this Agreement within thirty (30) days of the date hereof, this Agreement shall be null and void and of no further effect and the terms of your termination of employment shall be governed by the Employment Agreement. 
9.Supplemental Release.  As a condition to receiving the amounts and benefits in Section 2 hereof, you shall sign and deliver to the Company a supplemental release of claims (the “Supplemental Release”) in the form attached hereto as Exhibit A, within twenty-one (21) days after the Separation Date and not revoke the same within the time period provided therein.  If you do not sign the Supplemental Release (or if you revoke it), you shall not be entitled to receive any of the amounts or benefits under Section 2 hereof, but this Agreement (including the release contained herein) shall otherwise remain in full force and effect.
10.Tax Matters.
(a)Withholding.  The Company may withhold from any and all amounts payable under this Agreement such federal, state and local taxes as may be required to be withheld pursuant to any applicable law or regulation.  
(b)Section 409A Compliance.  The intent of the parties is that payments and benefits under this Agreement comply with IRC Section 409A and the regulations and guidance promulgated thereunder (collectively “Code Section 409A”) and, accordingly, to the maximum extent permitted, this Agreement shall be interpreted to be in compliance therewith.  In no event whatsoever shall the Company be liable for any additional tax, interest or penalty that may be imposed on you by Code Section 409A or damages for failing to comply with Code Section 409A.  A termination of employment shall not be deemed to have occurred for purposes of any provision of this Agreement providing for the payment of any amounts or benefits upon or following a termination of employment unless such termination is also a “separation from service” within the meaning of Code Section 409A and, for purposes of any such provision of this Agreement, references to a “termination,” “termination of employment” or like terms shall mean “separation from service.”  Notwithstanding any other provision of this Agreement to the contrary, in no event shall any payment under this Agreement that constitutes “nonqualified deferred compensation” for purposes of Code Section 409A be subject to offset by any other amount unless otherwise permitted by Code Section 409A.  Whenever a payment under this Agreement specifies a payment period with reference to a number of days, the actual date of payment within the specified period will be within the sole discretion of the Company.
11.Miscellaneous.  Except as otherwise specifically set forth herein, this Agreement, including its Exhibits, constitutes the complete, final and exclusive embodiment of the entire agreement between you and the Company with regard to this subject matter.  It is entered into without reliance on any promise or representation, written or oral, other than those expressly contained herein, and it supersedes any other such promises, warranties or representations with respect to the subject matter hereof.  This Agreement may not be modified or amended except in a writing signed by both you and a duly authorized officer of the Company.  This Agreement will bind the heirs, personal representatives, successors and assigns of both you and the Company, and inure to the benefit of both you and the Company, their heirs, successors and assigns, provided, however, that you may not assign your rights or obligations hereunder.  If any provision of this Agreement is determined to be invalid or unenforceable, in whole or in part, this determination will not affect any other provision of this Agreement and the provision in question will be modified by the court so as to be rendered enforceable.
12.Resolution of Disputes.  Any dispute concerning the validity, interpretation, enforcement, or breach of this Agreement, or otherwise arising between the parties, shall be submitted to binding arbitration before the American Arbitration Association (“AAA”) for resolution.  Such arbitration shall be conducted in the State of Delaware, and the arbitrator will apply Delaware law, including federal law as applied in Delaware courts.  The arbitration shall be conducted in accordance with the AAA’s Employment Arbitration Rules, as modified by the terms set forth in this Agreement.  The arbitration will be conducted by a single arbitrator, who shall be an attorney who specializes in the field of employment law and shall have prior experience arbitrating employment disputes.  The award of the arbitrator shall be final and binding on the parties, and judgment on the award may be confirmed and entered in any state or federal court in the State of Delaware.  The arbitration shall be conducted on a strictly confidential basis, and you shall not disclose the existence of a claim, the nature of a claim, any documents, exhibits, or information exchanged or presented in connection with any such a claim, or the result of any arbitration (collectively, “Arbitration Materials”), to any third party, with the sole exception of your legal counsel, who also shall be bound by all confidentiality terms of this Agreement.  In the event of any court proceeding to challenge or enforce an arbitrator’s award, the parties hereby consent to the exclusive jurisdiction of the state and federal courts in the State of Delaware, and agree to venue in that jurisdiction.  The parties agree to take all steps necessary to protect the confidentiality of the Arbitration Materials in connection with any such proceeding, agree to file all confidential information (and documents containing confidential information) under seal to the extent possible and agree to the entry of an appropriate protective order encompassing the confidentiality terms of this Agreement.  Each party agrees to pay its own costs and fees in connection with any arbitration of a dispute arising under this Agreement, and any court proceeding arising therefrom, regardless of outcome.

[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]

If this Agreement is acceptable to you, please sign below and return the original to the Company’s Human Resources department at 10990 Roe Avenue Overland Park, KS 66211.

I wish you good luck in your future endeavors.

Sincerely,

YRC Worldwide INC.

Agreed and voluntarily executed:
        
Michelle A. Friel

  

EXHIBIT A
[General Release]GENERAL RELEASE
I, Michelle A. Friel, in consideration of and subject to the performance by YRC Worldwide Inc. (together with its subsidiaries, the “Company”), of its obligations under the Separation Agreement, dated November __, 2014 (the “Separation Agreement”) and the Employment Agreement, dated as of January 9, 2012, amended October 30, 2012 (the “Employment Agreement”), do hereby release and forever discharge as of the date hereof Company and its respective affiliates and subsidiaries and direct or indirect owners (collectively, the “Released Parties”) to the extent provided below.  The Released Parties are intended third-party beneficiaries of this General Release, and this General Release may be enforced by each of them in accordance with the terms hereof in respect of the rights granted to such Released Parties hereunder.  Terms used herein but not otherwise defined shall have the meanings given to them in the Employment Agreement.
		
	1.
	I understand that any payments or benefits paid or granted to me under the Separation Agreement and Section 8(b) of the Employment Agreement (the “Benefits”) represent, in part, consideration for signing this General Release and are not salary, wages or benefits to which I was already entitled.  I understand and agree that I will not receive the Benefits unless I execute this General Release and do not revoke this General Release within the time period permitted hereafter or breach this General Release.  Such payments and benefits will not be considered compensation for purposes of any employee benefit plan, program, policy or arrangement maintained or hereafter established by the Company or its affiliates.

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

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

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

		
	5.
	I agree that I hereby waive all rights to sue or obtain equitable, remedial or punitive relief from any or all Released Parties of any kind whatsoever, including, without limitation, reinstatement, back pay, front pay, and any form of injunctive relief.  Notwithstanding the above, I further acknowledge that I am not waiving and am not being required to waive any right that cannot be waived under law, including the right to file an administrative charge or participate in an administrative investigation or proceeding; provided, however, that I disclaim and waive any right to share or participate in any monetary award resulting from the prosecution of such charge or investigation or proceeding.  Additionally, I am not waiving any right to the Accrued Obligations or claims for indemnity or contribution.

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

complete defense to such Claims to the maximum extent permitted by law I further agree that I am not aware of any pending claim of the type described in paragraph 2 as of the execution of this General Release.
		
	7.
	I agree that neither this General Release, nor the furnishing of the consideration for this General Release, shall be deemed or construed at any time to be an admission by the Company, any Released Party or myself of any improper or unlawful conduct.

		
	8.
	I agree that I will forfeit all amounts payable by the Company pursuant to the Separation Agreement and/or Employment Agreement if I challenge the validity of this General Release.  I also agree that if I violate this General Release by suing the Company or the other Released Parties, I will pay all costs and expenses of defending against the suit incurred by the Released Parties, including reasonable attorneys’ fees, and return all payments received by me pursuant to the Separation Agreement and/or Employment Agreement on or after the termination of my employment.

		
	9.
	I agree that this General Release, the Separation Agreement and Employment Agreement are confidential and agree not to disclose any information regarding the terms of this General Release, the Separation Agreement or the Employment Agreement, except to my immediate family and any tax, legal or other counsel I have consulted regarding the meaning or effect hereof or as required by law, and I will instruct each of the foregoing not to disclose the same to anyone.  The Company agrees to disclose any such information only to any tax, legal or other counsel of the Company as required by law.

		
	10.
	Any non‐disclosure provision in this General Release does not prohibit or restrict me (or my attorney) from responding to any inquiry about this General Release or its underlying facts and circumstances by the Securities and Exchange Commission (SEC), the National Association of Securities Dealers, Inc. (NASD), any other self‐regulatory organization or governmental entity.

		
	11.
	I hereby acknowledge that Sections 9, 12, 13, and 14 of the Employment Agreement shall survive my execution of this General Release. 

		
	12.
	I represent that I am not aware of any claim by me other than the claims that are released by this General Release.  I acknowledge that I may hereafter discover claims or facts in addition to or different than those which I now know or believe to exist with respect to the subject matter of the release set forth in paragraph 2 above and which, if known or suspected at the time of entering into this General Release, may have materially affected this General Release and my decision to enter into it. 

		
	13.
	Notwithstanding anything in this General Release to the contrary, this General Release shall not relinquish, diminish, or in any way affect any rights or claims arising out of any breach by the Company or by any Released Party of the Separation Agreement and/or the Employment Agreement after the date hereof.

		
	14.
	Whenever possible, each provision of this General Release shall be interpreted in, such manner as to be effective and valid under applicable law, but if any provision of this General Release is held to be invalid, illegal or unenforceable in any respect under any applicable law or rule in any jurisdiction, such invalidity, illegality or unenforceability shall not affect any other provision or any other jurisdiction, but this General Release shall be reformed, construed and enforced in such jurisdiction as if such invalid, illegal or unenforceable provision had never been contained herein.

BY SIGNING THIS GENERAL RELEASE, I REPRESENT AND AGREE THAT:
		
	(i)
	I HAVE READ IT CAREFULLY;

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

		
	(iii)
	I VOLUNTARILY CONSENT TO EVERYTHING IN IT;

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

		
	(v)
	I HAVE HAD AT LEAST 21 DAYS FROM THE DATE OF MY RECEIPT OF THIS RELEASE TO CONSIDER IT AND THE CHANGES MADE SINCE MY RECEIPT OF THIS RELEASE ARE NOT MATERIAL OR WERE MADE AT MY REQUEST AND WILL NOT RESTART THE REQUIRED 21‐DAY PERIOD;

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

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

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

SIGNED:/s/ Michelle A. FrielEX-10.1

 EXHIBIT 10.1 

EXECUTION VERSION 

AGREEMENT 
 This Agreement
(“Agreement”), dated February 19, 2015 (“Effective Date”), is by and among OMNOVA Solutions Inc. (“Company”), Barington Companies Equity Partners, L.P. and the entities and natural persons
listed on Exhibit A (collectively, “Barington” and each a “Barington Member”). The Company and each Barington Member is a “Party” to this Agreement and collectively they are the
“Parties.” 
 RECITALS 
  

	A.	The Company and Barington have engaged in various discussions and communications concerning the Company’s business, financial performance and strategic plans; 

 

	B.	Barington is deemed to beneficially own shares of common stock of the Company (“Common Stock”) totaling in the aggregate 1,042,664 shares, or approximately 2.2%, of the Common Stock issued and
outstanding on the Effective Date; 

  

	C.	Barington submitted a letter to the Company dated December 5, 2014 (“Nomination Letter”) notifying the Company of its intent to nominate candidates for election to the Company’s board of
directors (“Board”) at the 2015 annual meeting of the shareholders of the Company (“2015 Annual Meeting”); 

  

	D.	Barington filed a preliminary proxy statement on Schedule 14A with the U.S. Securities and Exchange Commission (“SEC”) on January 27, 2015 (“Preliminary Proxy Statement”)
nominating Joseph M. Gingo (“Gingo”), Javier Perez and James A. Mitarotonda (“Mitarotonda”) as candidates for election to the Board at the 2015 Annual Meeting; and 

 

	E.	The Company and Barington have determined to come to an agreement with respect to the election of members of the Board, including those to be elected at the 2015 Annual Meeting, certain matters related to the 2015
Annual Meeting and certain other matters, as provided in this Agreement. 

 Accordingly, in consideration of the foregoing recitals and the
mutual covenants and agreements contained herein, the Parties hereto, intending to be legally bound hereby, agree as follows: 
 1. Board
Appointments; 2015 Annual Meeting; 2016 Annual Meeting. 
 (a) The Company agrees that, without the approval of Barington, it shall not
expand the size of the Board prior to the date of the 2015 Annual Meeting. 
 (b) The Company agrees to take all necessary actions to
nominate at the 2015 Annual Meeting (i) Mitarotonda and Gingo for election to serve as directors until the 2017 annual meeting of the shareholders of the Company (“2017 Annual Meeting”) and (ii) Janet P. Giesselman
(“Giesselman”), Kevin M. McMullen (“McMullen”), Larry B. 

 
Porcellato (“Porcellato”) and Robert A. Stefanko (“Stefanko” and, collectively with Mitarotonda, Gingo, Giesselman, McMullen and Porcellato, “Agreed
Slate”) for election to serve as directors until the 2018 annual meeting of the shareholders of the Company. The Company shall use the same level of effort with respect to the election of Mitarotonda and Gingo that it exerts regarding
Giesselman, McMullen, Porcellato and Stefanko in respect of the election of directors by the Company’s shareholders at the 2015 Annual Meeting, including, without limitation, recommending that the Company’s shareholders vote in favor of
the election of Mitarotonda and Gingo at the 2015 Annual Meeting. None of the Company, the Board or the Compensation and Corporate Governance Committee of the Board (“Compensation and Corporate Governance Committee”) shall take any
position, make any statements or take any action inconsistent with such recommendation. 
 (c) Barington hereby withdraws the Nomination
Letter on the Effective Date and agrees not to nominate any person for election to the Board at the 2015 Annual Meeting. 
 (d) At the 2015
Annual Meeting, Barington agrees to appear in person or by proxy and vote all of the shares of Common Stock it beneficially owns (i) in favor of the election of the Agreed Slate, (ii) to ratify the appointment of Ernst & Young LLP
as the Company’s independent registered public accounting firm for the fiscal year ending November 30, 2015, and (iii) in accordance with the Board’s recommendation with respect to (A) the Company’s
“say-on-pay” proposal and (B) any shareholder proposals. 
 (e) At the 2016 annual meeting of the shareholders of the Company
(“2016 Annual Meeting”), Barington agrees to appear in person or by proxy and vote all of the shares of Common Stock it beneficially owns (i) in favor of the election of the nominees recommended by the Board for election to
serve as directors until the 2019 annual meeting of the shareholders of the Company, (ii) to ratify the appointment of the independent registered public accounting firm designated by the Board as the Company’s independent registered public
accounting firm for the fiscal year ending November 30, 2016, and (iii) in accordance with the Board’s recommendation with respect to (A) the Company’s “say-on-pay” proposal, (B) any proposal regarding the
Company’s equity-compensation plans, and (C) any shareholder proposals. 
 (f) Barington agrees that it will cause each of its
Affiliates and Associates under its Control to comply with Barington’s obligations under this Agreement and shall be responsible for the failure of any such Affiliate or Associate to do so. As used in this Agreement, the terms
“Affiliate,” “Associate”, “Control” and “Controlled” will have the respective meanings set forth in Rule 12b-2 promulgated by the SEC under the Securities Exchange Act of 1934, as amended, or the rules or
regulations promulgated thereunder (“Exchange Act”) and will include all persons or entities that, subsequent to the Effective Date, become Affiliates or Associates of any person or entity referred to in this Agreement. 

(g) Based on information provided by Barington, Mitarotonda and Gingo, as of the Effective Date, the Board is aware of no facts that would
suggest that each of 

  
 - 2 - 

 
Mitarotonda and Gingo is not (i) “independent” in accordance with the listing standards for the New York Stock Exchange and any other applicable director independence standards and
(ii) otherwise qualified to serve as a director of the Company and a member of the Compensation and Corporate Governance Committee and the Audit Committee of the Board (“Audit Committee” and with the Compensation and Corporate
Governance Committee, each a “Committee”). 
 (h) If elected to the Board at the 2015 Annual Meeting, Mitarotonda and Gingo shall
promptly be considered for inclusion on a committee or committees of the Board in good faith and in a manner consistent with other members of the Board. 

(i) Upon election to the Board, Mitarotonda and Gingo will be subject to the same protections and obligations, and shall have the same rights
and benefits, as are applicable to all other directors of the Company. 
 (j) 

(i) The Company shall prepare the Form 8-K being filed with respect to this Agreement (“8-K”), its proxy statement (as such
term is defined in Rule 14a-1 promulgated by the SEC under the Exchange Act) with respect to the 2015 Annual Meeting (“2015 Proxy Statement”) and all other soliciting materials (as such term is used in Rule 14a-6 promulgated by the
SEC under the Exchange Act) with respect to the 2015 Annual Meeting (“2015 Soliciting Materials”) in accordance with, and consistent with, the Company’s obligations under this Agreement. The Company shall provide the proposed
form of the 8-K, the 2015 Proxy Statement and any 2015 Soliciting Materials to Barington and its counsel in advance of filing such materials with the SEC and shall consider in good faith their reasonable comments received within three business days.

 (ii) The Company shall prepare its proxy statement (as such term is defined in Rule 14a-1 promulgated by the SEC under the Exchange Act)
with respect to the 2016 Annual Meeting (“2016 Proxy Statement”) and all other soliciting materials (as such term is used in Rule 14a-6 promulgated by the SEC under the Exchange Act) with respect to the 2016 Annual Meeting
(“2016 Soliciting Materials” and collectively with the 8-K, the 2015 Proxy Statement, the 2015 Soliciting Materials and the 2016 Proxy Statement, “Filings”) in accordance with, and consistent with, the
Company’s obligations under this Agreement. To the extent either contains a description of or reference to Barington, Mitarotonda or Gingo, it shall be consistent with the 2015 Proxy Statement and the 2015 Soliciting Materials but subject to
Section 1(j)(iv) below. 
 (iii) Barington shall provide, as promptly as reasonably practicable, all information relating to Barington
(and other information, if any) required under applicable law to be included in the Filings. In the Filings, the Company shall present the same types of information in the same manner concerning Mitarotonda and Gingo as presented for the
Company’s other similarly situated directors and director nominees, as applicable. 

  
 - 3 - 

 (iv) If, in any filing that the Company makes with the SEC during the Standstill Period (as
defined below) and after the filing of the 8-K, the 2015 Proxy Statement and any 2015 Soliciting Materials, the Company proposes to make any substantive change to its previous disclosure regarding Barington, Mitarotonda, Gingo or this Agreement, the
Company shall provide Barington and its counsel with the proposed form of the filing, or the applicable portion thereof, in advance of filing such materials with the SEC and shall consider in good faith any reasonable comments received from
Barington or its counsel within three business days. 
 (k) If at any time during the Standstill Period, Mitarotonda or Gingo is unable or
unwilling to serve (or continue to serve) as a director of the Company for any reason, then Barington shall be entitled to designate a replacement nominee (any replacement nominee selected in accordance with this Section 1(k), a
“Replacement Nominee”). In proposing an individual as a Replacement Nominee pursuant to this Section 1(k), Barington shall provide the Company with such information regarding such individual as would be required to nominate
such individual as a director pursuant to the Company’s Amended and Restated Code of Regulations and any other information reasonably requested by the Company consistent with its practice with other directors. Notwithstanding the foregoing,
Barington will not be entitled to designate a particular Replacement Nominee pursuant to this Section 1(k) in the event that the Board or the Compensation and Corporate Governance Committee in good faith reasonably determines that (i) the
appointment or election of such Replacement Nominee to the Board would cause the Company to not be in compliance with applicable law, (ii) such Replacement Nominee has been involved in any of the events enumerated in Item 2(d) or
(e) of Schedule 13D under the Exchange Act or Item 401(f) of Regulation S-K under the Securities Act of 1933, as amended, or is subject to any order of any applicable governmental authority prohibiting service as a director of any public
company, (iii) such Replacement Nominee does not satisfy the director eligibility requirements applicable to the other members of the Board, or (iv) such Replacement Nominee is not acceptable to the Board or the Compensation and Corporate
Governance Committee. In any such case described in clauses (i) through (iv) of the immediately preceding sentence, Barington will withdraw the designation of such proposed Replacement Nominee and be permitted to designate a replacement
therefor (which Replacement Nominee will also be subject to the requirements of this Section 1(k)). 
 2. Standstill Provisions.

 (a) Barington agrees that, from the Effective Date until the earlier of (x) the date that is 35 calendar days before the deadline
for the submission of shareholder nominations for the 2017 Annual Meeting pursuant to the Company’s Amended and Restated Code of Regulations or (y) the date that is 65 calendar days prior to the first anniversary of the date on which the
Company first mailed its proxy materials for the 2016 Annual Meeting (“Standstill Period”), neither Barington nor any of its Affiliates or Associates under its Control will, and Barington will cause each such Controlled Affiliate
and Associate not to, directly or indirectly, in any manner: 

  
 - 4 - 

 (i) engage in any solicitation of proxies or consents or become a “participant” in a
“solicitation” (as such terms are defined in Regulation 14A under the Exchange Act) of proxies or consents (including, without limitation, any solicitation of consents that seeks to call a special meeting of shareholders), in each case,
with respect to the securities of the Company; 
 (ii) form, join or in any way participate in any “group” (within the meaning of
Section 13(d)(3) of the Exchange Act), with respect to the securities of the Company (other than a “group” that consists exclusively of the persons identified on Exhibit A for purposes consistent with this Agreement), except
that nothing in this Agreement will limit the ability of an Affiliate or Associate of Barington to join the Barington “group” following the execution of this Agreement so long as any such Affiliate or Associate agrees to be bound by the
terms and conditions of this Agreement; 
 (iii) deposit any securities of the Company in any voting trust or subject any securities of the
Company to any arrangement or agreement with respect to the voting of any securities of the Company, other than any such voting trust, arrangement or agreement solely among the Barington Members and otherwise in accordance with this Agreement; 

(iv) initiate, encourage or participate in any (A) nominations in furtherance of a “contested solicitation” for the election or
removal of directors with respect to the Company, (B) other action with respect to the election or removal of any directors of the Company, or (C) effort, alone or in concert with others, to obtain representation on the Board, in each case
except as specifically contemplated in Section 1; 
 (v) initiate, encourage or participate in any proposal or other business for
consideration by shareholders at, or in any “withhold” or similar campaign with respect to, any annual or special meeting of shareholders of the Company; 

(vi) initiate, encourage or participate in any offer or proposal (with or without conditions) with respect to a merger, acquisition,
recapitalization, restructuring, disposition or other transaction involving the Company; 
 (vii) make any public communication in
opposition to any Company acquisition, recapitalization, restructuring or disposition activity approved by the Board and not submitted to be voted on by the shareholders of the Company; 

(viii) seek to advise, encourage, support or influence any person with respect to the voting or disposition of any securities of the Company
at any annual or special meeting of shareholders; 
 (ix) initiate, encourage or participate in any request or submit any proposal to amend
or waive the terms of this Agreement other than through non-public communications with the Company that would not trigger public disclosure obligations for any Party; or 

  
 - 5 - 

 (x) publicly or privately encourage or support any other shareholder or third party to take any
of the actions described in this Section 2(a). 
 (b) Nothing contained in this Agreement shall limit in any respect the ability of
each of Mitarotonda and Gingo to act in accordance with his fiduciary duties, as a director, to the Company and its shareholders; provided, however, that before so acting in a manner that would otherwise be a breach of this Agreement,
he shall consult, to the extent reasonably practicable, with the Chairman, the Presiding Director, the Chair of either Committee or the full Board. 

(c) Each Barington Member will be entitled to: 

(i) vote its shares on any other proposal duly brought before the 2015 Annual Meeting or otherwise vote, in each case except as expressly
provided in Section 1(d), Section 1(e) or Section 2(a)(iv), as each Barington Member determines in its sole discretion so long as Barington Companies Equity Partners, L.P. and all other Controlled Affiliates of Barington Capital
Group, L.P. vote their shares in the same manner; and 
 (ii) disclose, publicly or otherwise, (A) how it intends to vote with respect
to any securities of the Company, any shareholder proposal or any other matter to be voted on by the shareholders of the Company, (B) how it intends to act regarding a tender offer or similar transaction relating to any securities of the
Company, and (C) its reasons for doing so in each case, so long as all such disclosure or activity is (x) in compliance with the requirements of this Agreement and (y) consistent among Barington Companies Equity Partners, L.P. and all
other Controlled Affiliates of Barington Capital Group L.P. 
 3. Representations and Warranties of the Company. 

The Company represents and warrants to Barington that (a) the Company has the corporate power and authority to execute and deliver this
Agreement, (b) this Agreement has been duly and validly authorized, executed and delivered by the Company, constitutes a valid, binding obligation of the Company and is enforceable against the Company in accordance with its terms, except as
such enforcement may be limited by applicable bankruptcy, insolvency, reorganization, moratorium, fraudulent conveyance or similar laws generally affecting the rights of creditors or by general equity principles (collectively,
“Enforceability Exceptions”), and (c) the execution, delivery and performance of this Agreement by the Company does not and will not (i) violate or conflict with any law, rule, regulation, order, judgment or decree
applicable to the Company or (ii) result in any breach or violation of or constitute a default (or any event that with notice or lapse of time or both could constitute a breach, violation or default) under or pursuant to, or result in the loss
of a material benefit under, or give any right of termination, amendment, acceleration or cancellation of, any organizational document, agreement, contract, commitment, understanding or arrangement to which the Company is a party or by which it is
bound. 

  
 - 6 - 

 4. Representations and Warranties of Barington. 

Barington represents and warrants to the Company that (a) Barington’s authorized signatory named on the signature page of this
Agreement has the power and authority to execute and deliver this Agreement and any other documents or agreements to be entered into in connection with this Agreement, (b) this Agreement has been duly and validly authorized, executed and
delivered by Barington, constitutes a valid, binding obligation of Barington and is enforceable against Barington in accordance with its terms, except as such enforcement may be limited by the Enforceability Exceptions, (c) the execution,
delivery and performance of this Agreement by Barington does not and will not (i) violate or conflict with any law, rule, regulation, order, judgment or decree applicable to Barington or (ii) conflict with, result in any breach or
violation of, constitute a default (or any event that with notice or lapse of time or both could constitute a breach, violation or default) under or pursuant to, result in the loss of a material benefit under or give any right of termination,
amendment, acceleration or cancellation of any organizational document, agreement, contract, commitment, understanding or arrangement to which Barington is a party or by which it is bound, (d) as of the Effective Date, Barington is deemed to
beneficially own in the aggregate 1,042,664 shares of Common Stock, and (e) as of the Effective Date, Barington does not have, or have any right to acquire, any interest in any other securities of the Company (or any rights, options or other
securities convertible into, exercisable or exchangeable for such securities or any obligations measured by the price or value of any securities of the Company or any of its Affiliates, including any swaps or other derivative arrangements designed
to produce economic benefits and risks that correspond to the ownership of Common Stock, in each case (i) whether or not convertible, exercisable or exchangeable immediately or only after the passage of time or the occurrence of a specified
event, (ii) whether or not any of the foregoing would give rise to beneficial ownership (as determined under Rule 13d-3 promulgated under the Exchange Act), (iii) whether or not to be settled by delivery of Common Stock, payment of cash or
by other consideration, and (iv) without regard to any short position under any such contract or arrangement). 
 5. Press
Release. 
 Promptly following the execution of this Agreement, the Company and Barington will jointly issue a mutually agreeable joint
press release (the “Mutual Press Release”) announcing certain terms of this Agreement, in the form attached as Exhibit B. Before the issuance of the Mutual Press Release, neither the Company nor Barington will issue any press
release or public announcement regarding this Agreement without the advance written consent of the other Party. Until the 2015 Annual Meeting, none of the Company, Barington or the Agreed Slate will make any public announcement or statement that is
inconsistent with or contrary to the statements made in the Mutual Press Release, except as required by law or the rules of any stock exchange or with the advance written consent of the other Party. 

  
 - 7 - 

 6. Mutual Non-Disparagement. 

Except as required by law, each Party covenants and agrees that, during the Standstill Period, or if earlier, until such time as the other
Party or any of its agents, subsidiaries, affiliates, successors, assigns, officers, employees, directors, attorneys or representatives has in any material respect breached this Agreement or violated any of his duties as a director of the Company,
neither it nor any of its agents, subsidiaries, affiliates, successors, assigns, officers, employees, directors, attorneys or representatives will in any way publicly disparage, call into disrepute, defame, slander or otherwise criticize the other
Party or the other Party’s subsidiaries, affiliates, successors, assigns, officers (including any current officer of a Party or a Party’s subsidiaries who no longer serves in such capacity following the Effective Date), directors
(including any current director of a Party or a Party’s subsidiaries who no longer serves in such capacity following the Effective Date), employees, shareholders, agents, attorneys or representatives, or any of their products or services, in
any manner that would damage in any material respect the business or reputation of such other Party, its products or services or its subsidiaries, affiliates, successors, assigns, officers (or former officers), directors (or former directors),
employees, shareholders, agents, attorneys or representatives. 
 7. Expenses. 

Within five business days of the written confirmation provided for in this Section 7, the Company shall pay Barington Capital Group, L.P.
up to $250,000 by one or more certified checks or wire transfers of immediately available funds to reimburse Barington for its reasonable expenses to the extent they have been confirmed in writing to the Company by an independent registered public
accounting firm designated by Barington as having been (i) paid or payable to persons other than Barington or any of its Controlled Affiliates or any of its or their directors, officers or employees and (ii) incurred on or before the
Effective Date in connection with, relating to or resulting from Barington’s letters, meetings and other communications with the Company, the Nomination Letter, the proxy solicitation (including, without limitation, the drafting and filing of a
preliminary proxy statement and responding to comments of the SEC), the drafting, negotiation and execution of this Agreement and all of their other activities and matters related to the foregoing, including, without limitation, the fees and
disbursements of counsel, proxy solicitors, printers, consultants and other advisors; provided, however, that the Company shall also pay the out-of-pocket expenses of Gingo in connection with his agreement to be nominated by Barington
for election to the Board at the 2015 Annual Meeting and participation in the foregoing matters. 
 8. Specific Performance. 

Barington, on the one hand, and the Company, on the other hand, acknowledge and agree that irreparable injury to the other Party would occur
if any of the provisions of this Agreement were not performed in accordance with their specific terms or were otherwise breached and that such injury would not be adequately compensable by the remedies available at law (including the payment of
money damages). The Parties 

  
 - 8 - 

 
accordingly agree that Barington, on the one hand, and the Company, on the other hand (as applicable, “Moving Party”), will each be entitled to specific enforcement of, and
injunctive relief to prevent any violation of, the terms of this Agreement and the other Party will not take action, directly or indirectly, in opposition to such relief sought by the Moving Party on the ground that any other remedy or relief is
available at law or in equity. This Section 8 is not the exclusive remedy for any violation of this Agreement. 
 9.
Severability. 
 If any term, provision, covenant or restriction of this Agreement is held by a court of competent jurisdiction to be
invalid, void or unenforceable, the remainder of the terms, provisions, covenants and restrictions of this Agreement will remain in full force and will in no way be affected, impaired or invalidated. The Parties hereby stipulate and declare it to be
their intention that the Parties would have executed the remaining terms, provisions, covenants and restrictions without including any such term, provision, covenant or restriction that may after the Effective Date be declared invalid, void or
unenforceable. In addition, the Parties agree to use their reasonable best efforts to agree upon and substitute a valid and enforceable term, provision, covenant or restriction for any such term, provision, covenant or restriction that is held
invalid, void or unenforceable by a court of competent jurisdiction. 
 10. Notices. 

Any notices, consents, determinations, waivers or other communications required or permitted to be given under the terms of this Agreement
must be in writing and will be deemed to have been delivered: (i) upon receipt, when delivered personally; (ii) upon receipt, when sent by facsimile (provided confirmation of transmission is mechanically or electronically generated and
kept on file by the sending party); or (iii) one business day after deposit with a nationally recognized overnight delivery service, in each case properly addressed to the receiving Party. The addresses and facsimile numbers for such
communications will be: 
 If to the Company: 

OMNOVA Solutions Inc. 

25435 Harvard Road 

Beachwood, Ohio 44122 

Attention: James C. LeMay 

Telephone: (216) 682-7131 

Facsimile: (216) 453-0111 

  
 - 9 - 

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

Jones Day 

901 Lakeside Avenue 

Cleveland, Ohio 44114-1190 

Attention: Lyle G. Ganske, Esq. 

Telephone: (216) 586-7264 

Facsimile: (216) 579-0212 

If to Barington or any Barington Member: 

Barington Capital Group, L.P. 

888 Seventh Avenue, 17th Floor 

New York, New York 10019 

Attention: James A. Mitarotonda 

Tel: (212) 974-5700 

Fax: (212) 586-7684 

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

Kramer Levin Naftalis & Frankel LLP 

1177 Avenue of the Americas 

New York, New York 10036 

Attention: Peter G. Smith, Esq. 

Telephone: 212-715-9401 

Facsimile: 212-715-8000 

11. Applicable Law. 
 This Agreement will
be governed by and construed and enforced in accordance with the laws of the State of Ohio without reference to the conflict of laws principles thereof. Each of the Parties irrevocably agrees that any legal action or proceeding with respect to this
Agreement and the rights and obligations arising under this Agreement, or for recognition and enforcement of any judgment in respect of this Agreement and the rights and obligations arising under this Agreement brought by the other Party or its
successors or assigns, will be brought and determined exclusively in the state courts located in Cuyahoga County, Ohio and any state appellate court therefrom within the State of Ohio (or if any state court declines to accept jurisdiction over a
particular matter, the United States District Court for the Northern District of Ohio). Each of the Parties hereby irrevocably submits, with regard to any such action or proceeding for itself and in respect of its property, generally and
unconditionally, to the personal jurisdiction of the aforesaid courts and agrees that it will not bring any action relating to this Agreement in any court other than the aforesaid courts. Each of the Parties hereby irrevocably waives, and agrees not
to assert in any action or proceeding with respect to this Agreement, (i) any claim that it is not personally subject to the jurisdiction of the above-named courts for any reason, (ii) any claim that it or its property is exempt or immune
from jurisdiction of any such court or from any legal process commenced in such courts 

  
 - 10 - 

 
(whether through service of notice, attachment prior to judgment, attachment in aid of execution of judgment, execution of judgment or otherwise), and (iii) to the fullest extent permitted
by applicable legal requirements, any claim that (A) the suit, action or proceeding in such court is brought in an inconvenient forum, (B) the venue of such suit, action or proceeding is improper, or (C) this Agreement or its subject
matter may not be enforced in or by such courts. 
 12. Counterparts. 

This Agreement may be executed in multiple counterparts, each of which is an original and which collectively are a single instrument,
effective when counterparts have been signed by each Party and delivered to the other Party (including by means of electronic delivery or facsimile). 

13. Entire Agreement; Amendment and Waiver; Successors and Assigns; Third Party Beneficiaries. 

This Agreement contains the entire understanding of the Parties with respect to its subject matter. There are no restrictions, agreements,
promises, representations, warranties, covenants or undertakings between the Parties other than those expressly set forth in this Agreement. No modifications of this Agreement can be made except in writing signed by an authorized representative of
each of the Company and Barington, except that the signature of an authorized representative of the Company will not be required to permit an Affiliate of Barington to agree to be listed on Exhibit A and be bound by the terms and conditions
of this Agreement. No failure on the part of any Party to exercise, and no delay in exercising, any right, power or remedy under this Agreement will operate as a waiver, nor will any single or partial exercise of such right, power or remedy by such
Party preclude any other or further exercise of that or any other right, power or remedy. All remedies hereunder are cumulative and are not exclusive of any other remedies provided by law. The terms and conditions of this Agreement will be binding
upon, inure to the benefit of and be enforceable by the Parties and their successors, heirs, executors, legal representatives and permitted assigns. No Party will assign this Agreement or any rights or obligations under this Agreement without the
advance written consent of the other Party. This Agreement is solely for the benefit of the Parties and is not enforceable by any other persons. 

14. Representative. Each Barington Member hereby irrevocably appoints Barington Capital Group, L.P. as such Barington Member’s
attorney-in-fact and representative (the “Barington Representative”), in such Barington Member’s place and stead, to do any and all things and to execute any and all documents and give and receive any and all notices or
instructions in connection with this Agreement and the transactions contemplated hereby. The Company will be entitled to rely, as being binding on each Barington Member, upon any action taken by the Barington Representative or upon any document,
notice, instruction or other writing given or executed by the Barington Representative. 
 [The remainder of this page is intentionally
blank.] 

  
 - 11 - 

 IN WITNESS WHEREOF, this Agreement has been duly executed and delivered by the duly authorized
signatories of the Parties as of the Effective Date. 
  

							
					OMNOVA SOLUTIONS INC.
				
					By:		 /s/ Kevin M. McMullen

					Name:		Kevin M. McMullen
					Title:		Chief Executive Officer
			
					BARINGTON COMPANIES EQUITY PARTNERS, L.P.
				
					By:		Barington Companies Investors, LLC, its general partner
				
					By:		 /s/ James A. Mitarotonda

							Name:      James A. Mitarotonda
							Title:       Authorized Signatory
			
					BARINGTON COMPANIES INVESTORS, LLC
				
					By:		 /s/ James A. Mitarotonda

							Name:      James A. Mitarotonda
							Title:       Authorized Signatory
			
					BARINGTON CAPITAL GROUP, L.P.
				
					By:		LNA Capital Corp., its general partner
				
					By:		 /s/ James A. Mitarotonda

							Name:      James A. Mitarotonda
							Title:       Authorized Signatory
			
					LNA CAPITAL CORP.
				
					By:		 /s/ James A. Mitarotonda

							Name:      James A. Mitarotonda
							Title:       Authorized Signatory
			
					 JOSEPH M. GINGO, individually

			
					             /s/ Joseph M.
Gingo

			
					HILCO, INC.
				
					By:		 /s/ Eric W. Kaup

							Name:    Eric W. Kaup
							Title:     Authorized Signatory
			
					JOSEPH R. GROMEK, individually
			
					             /s/ Joseph R.
Gromek

 [Signature Page to Agreement] 

 EXHIBIT A 

Barington 
 BARINGTON COMPANIES
EQUITY PARTNERS, L.P. 
 BARINGTON COMPANIES INVESTORS, LLC 

BARINGTON CAPITAL GROUP, L.P. 
 LNA
CAPITAL CORP. 
 JAMES A. MITAROTONDA 

JOSEPH M. GINGO 
 HILCO, INC. 

JOSEPH R. GROMEK 

 EXHIBIT B 

Joint Press Release 
 NOT FOR IMMEDIATE
RELEASE 
 OMNOVA SOLUTIONS AND BARINGTON GROUP REACH AGREEMENT 

BEACHWOOD, Ohio and NEW YORK, New York – February [    ], 2015 – OMNOVA Solutions Inc. (NYSE: OMN, the
“Company”) and an investor group led by Barington Capital Group, L.P. (“Barington”) today announced that they have reached an agreement in connection with the Company’s 2015 Annual Meeting of Shareholders and certain related
matters. 
 Under the terms of the agreement, two proposed Barington nominees, James A. Mitarotonda and Joseph M. Gingo, and one proposed OMNOVA nominee,
Janet P. Giesselman, will each be nominated by the OMNOVA Board for election at the 2015 Annual Meeting to an expanded Board of Directors. Additionally, Barington has withdrawn its earlier notice of nomination regarding all of its director
candidates for the Company Board and its preliminary proxy statement. Barington has also agreed to vote its shares in favor of Ms. Giesselman, Mr. Mitarotonda and Mr. Gingo, as well as for the Board’s three continuing director
nominees, at the 2015 Annual Meeting and to abide by certain customary “standstill” restrictions. 
 “We value input from our shareholders
and believe this agreement with Barington is in the best interests of the Company and all OMNOVA shareholders,” said Kevin M. McMullen, OMNOVA’s Chairman of the Board, Chief Executive Officer and President. “We are confident that each
of the new Board members will bring valuable expertise to OMNOVA that will help us pursue our strategic initiatives to drive shareholder value.” 

Mr. Mitarotonda, Chairman, President and Chief Executive Officer of Barington, stated, “We are pleased to have reached an agreement with OMNOVA and
we look forward to working together with the Board and management team to enhance long-term value for all OMNOVA shareholders.” 
 OMNOVA’s Board
has not yet announced the date, time and location for the 2015 Annual Meeting of Shareholders. 
 The complete agreement between OMNOVA and Barington will
be filed as an exhibit to a Current Report on Form 8-K to be filed with the Securities and Exchange Commission (SEC). 
 Additional Information 

In connection with the 2015 Annual Meeting, the Company will file a proxy statement and other documents regarding the 2015 Annual Meeting with the SEC and will
mail the 

 
definitive proxy statement and a proxy card to each shareholder of record entitled to vote at the 2015 Annual Meeting. SHAREHOLDERS ARE ENCOURAGED TO READ THE PROXY STATEMENT AND ANY OTHER
RELEVANT DOCUMENTS FILED WITH THE SEC WHEN THEY BECOME AVAILABLE, BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION. The final proxy statement will be mailed to shareholders. Investors and security holders will be able to obtain the documents free of
charge at the SEC’s website, www.sec.gov, from the Company at its website, www.omnova.com, or by written request to 25435 Harvard Road, Beachwood, Ohio 44122, Attention: Secretary. 

Participants in Solicitation 
 The Company and its
directors and executive officers may be deemed to be participants in the solicitation of proxies in connection with the 2015 Annual Meeting. Information concerning the Company’s participants is set forth in its proxy statement, dated
February 6, 2014, for its 2014 Annual Meeting of Shareholders as filed with the SEC on Schedule 14A. Additional information regarding the interests of participants of the Company in the solicitation of proxies in respect of the 2015 Annual
Meeting and other relevant materials will be filed with the SEC when they become available. 
 Cautionary Note on Forward-Looking Statements 

Certain statements in this press release may constitute “forward-looking statements” as defined by federal securities laws. All forward-looking
statements by the Company, including verbal statements, are intended to qualify for the protections afforded forward-looking statements under the Private Securities Litigation Reform Act of 1995. Forward-looking statements reflect management’s
current expectation, judgment, belief, assumption, estimate or forecast about future events, circumstances or results and may address business conditions and prospects, strategy, capital structure, debt and cash levels, sales, profits, earnings,
markets, products, technology, operations, customers, raw materials, claims and litigation, financial condition, and accounting policies among other matters. Words such as, but not limited to, “will,” “may,” “should,”
“projects,” “forecasts,” “seeks,” “believes,” “expects,” “anticipates,” “estimates,” “intends,” “plans,” “targets,” “optimistic,”
“likely,” “would,” “could,” “committed,” and similar expressions or phrases identify forward-looking statements. 

All forward-looking statements involve risks and uncertainties. Many risks and uncertainties are inherent in business generally and the markets in which the
Company operates or proposes to operate. Other risks and uncertainties are more specific to the Company’s businesses including businesses the Company acquires. There also may be risks and uncertainties not currently known to the Company. The
occurrence of any of such risks and uncertainties and the impact of such occurrences is often not predictable or within the Company’s control. Such impacts could adversely affect the Company’s business, operations or assets as well as the
Company’s results and, in some cases, such effect could be material. Certain risk factors facing the Company are described below or in the Company’s Quarterly Report on Form 10-Q and Annual Report on Form 10-K. 

 All written and verbal descriptions of OMNOVA’s current business, operations and assets and all
forward-looking statements attributable to the Company or any person acting on the Company’s behalf are expressly qualified in their entirety by the risks, uncertainties, and cautionary statements contained and referenced herein. 

All such descriptions and any forward-looking statement speak only as of the date on which such description or statement is made, and the Company undertakes
no obligation, and specifically declines any obligation, other than that imposed by law, to publicly update or revise any such description or forward-looking statements whether as a result of new information, future events or otherwise. 

About OMNOVA Solutions 
 OMNOVA Solutions Inc. is a
technology-based company with sales for the twelve month period ending November 30, 2014 of $1.0 billion and a global workforce of approximately 2,300. OMNOVA is an innovator of emulsion polymers, specialty chemicals, and functional and
decorative surfaces for a variety of commercial, industrial and residential end uses. Visit OMNOVA Solutions on the internet at www.omnova.com. 
 About
Barington Capital Group, L.P. 
 Barington Capital Group, L.P. is an investment firm that, through its affiliates, manages a value-oriented, activist
investment fund that was established by James A. Mitarotonda in January 2000. Barington and its principals are experienced value-added investors who have taken active roles in assisting companies in creating or improving long-term shareholder value.
Barington has significant experience investing in specialty chemical and industrial companies, with prior investments in A. Schulman, Spartech Corporation, Ameron International, Stewart & Stevenson, Griffon Corporation and Gerber
Scientific, among others. 
 CONTACT: OMNOVA Solutions 

Investor Contact: Paul DeSantis 
 Senior Vice President and Chief
Financial Officer 
 (216) 682-7003 
 Or 

Media Contact: Sandi Noah 
 Vice President, Communications 

(216) 682-7011 
 CONTACT: Barington Capital Group, L.P.

 Jared L. Landaw 
 Chief Operating Officer 

(212) 974-5713

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