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Document

Exhibit 10.3

SETTLEMENT AGREEMENT
[English translation of compensatory provisions]

BETWEEN THE UNDERSIGNED:
XEROX FRANCE SAS,
A French SASU, registered with the Commercial Registry of Bobigny under number 602 055 311, whose registered office is located at 33 rue des Vanesses – Immeuble Exelmans – 93420 Villepinte (represented for the purposes hereof by Ms. Suzan Morno-Wade, Executive Vice President and Chief Human Resources Officer of Xerox Corporation duly empowered), hereafter referred to as the “Company”; and

Mr. Hervé TESSLER,
Residing at [home address], hereafter referred to as “Mr. Tessler.”

NOW, THEREFORE, THE PARTIES HAVE AGREED, AS AN IRREVOCABLE, FINAL AND LEGALLY BINDING SETTLEMENT, AS FOLLOWS:
ARTICLE 1
1.1 The Company confirms that it has released Mr. Tessler from the performance of his notice period as from 28 February 2020, which is his last date of effective work for the Company. The Company and the Group hereby undertake to pay to Mr. Tessler the salary and other amounts owed to him and set forth in Exhibit 1.
1.2 The Company will pay to Mr. Tessler in the framework of his final statement of account a dismissal indemnity, pursuant to the provisions of the in-house agreement (Convention Collective d’Entreprise Xerox S.A.S.) dated 10 December 2015, which will be paid in the amount and according to the manner set forth in Exhibit 1.
1.3 The Company and the Group hereby agree to provide to Mr. Tessler all amounts and benefits listed in Exhibit 2 attached hereto as a transactional lump-sum and final settlement indemnity in connection with the termination of his employment contract and the end of all the functions held within the Company or any other company of the Group.
ARTICLE 2
It is expressly agreed that the amounts and benefits listed in Sections 1.1 and 1.2 above shall be provided to Mr. Tessler at the time and according to the manner set forth in Exhibit 1.
It is expressly agreed that the amounts and benefits listed in Section 1.3 above shall be provided to Mr. Tessler at the time and according to the manner set forth in Exhibit 2.

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ARTICLE 3
Mr. Tessler hereby acknowledges that the amounts specified in Article 1 above shall cover all the amounts and benefits of any type whatsoever that may be owed to him by the Company and any company of the Group, in any connection whatsoever, and subject to the effective payment of the various amounts due to him restrictively enumerated under Article 1 above, that all his rights have been satisfied, without any exceptions or reservations whatsoever.
ARTICLE 4
4.1 Mr. Tessler hereby confirms that he has returned to the Company all documents and all the equipment belonging to the Company, and in particular any documents notwithstanding their nature, concerning the Company’s activities, products, clients or members of the personnel, including his laptop and company car.
Mr. Tessler hereby confirms that he has removed all Company data from his personal mobile phones. For the avoidance of doubt, the Company will make arrangements with its mobile phone service providers so that Mr. Tessler retains the same telephone numbers that he used during his employment with the Company, provided that neither the Company nor the Group will be responsible for paying for, or reimbursing Mr. Tessler for, any charges associated with his mobile phone service after  March 6, 2020.
4.2 Mr. Tessler hereby agrees not to give, procure or supply, in any manner whatsoever, whether directly or indirectly, to any person, firm, association or company, any trade secrets or any confidential information concerning inter alia (but without being limited to) the Company’s or the Group’s business operations and activities, its products, its customers and/or the members of its personnel, unless he has first procured written authorization to do so, from a legally authorized representative of the Company or the Group.
4.3 Mr. Tessler hereby further agrees not to make any statements that could serve to harm the Company’s or the Group’s image or reputation, or any statements of a type that could discredit the Company, its business operations and activities, its products, its management or the members of its personnel. In the same manner, Mr. Tessler hereby agrees not to make any statements that could be interpreted as a denigration of the Company, its business operations and activities, its products, its executive management or the members of its personnel, or any other company of the Group.
The Company and the Group agree not to make any statement that could harm or discredit Mr. Tessler's image or prove detrimental to his reputation, including any business or activity he might undertake in the future. In the same manner, the Company and the Group hereby agree not to make any statement that could be interpreted as a denigration of Mr. Tessler. More generally the Company, the Group, their executive management of the members of their personnel undertake to abstain from any criticism or disparagement against Mr. Tessler. Notwithstanding the foregoing, the Company and the Group reserve the right to communicate that the Company and the Group are implementing a new business strategy designed to improve financial results in EMEA operations, and that this strategy includes putting a new leadership team in place, and it is expressly agreed that this communication is in no way restricted by Section 4.3.

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4.4 Mr. Tessler hereby irrevocably undertakes not to draft any affidavit or make any testimony, other than those which would be required from him by a judiciary authority, with respect to the facts and acts which may have come to him knowledge in the framework of his functions within the Company.
Mr. Tessler confirms in addition that he has not drafted any affidavit, whatever its nature and for whichever file or case in which the Company would be involved, within the twelve-month period preceding his departure from the Company.
In addition, Mr. Tessler undertakes not to participate, against the Company, directly or indirectly, to any procedure involving the Company or any other company of the Group or its managers, any assimilated person or any person managing or having managed these companies regarding facts which occurred prior to the termination of his employment contract, except (i) in case he would be himself subject to legal proceeding and would be under the obligation to organize his defense (ii) as well as in the case of a litigation (except in labor and employment matters) arising after Mr. Tessler’s departure.
4.5 The  Company  hereby  releases  Mr. Tessler from the Non-Competition and Nonsolicitation Undertakings of February 19, 2010, between the Company and Mr. Tessler, and shall have no obligation to pay Mr. Tessler any amounts under that agreement.
However, given the extreme sensitiveness of the know-how and technical and commercial information to which Mr. Tessler had access in the framework of his functions and the extremely competitive nature of the Company’s activities, the Parties expressly agree that entering into a non-compete contractual clause is necessary in order to protect the Company’s legitimate interests. Therefore, Mr. Tessler expressly agrees to:
(a) for a period of 12 months starting as from his last day of effective work for the Company (i.e. February 28, 2020), not directly or indirectly, in any manner whatsoever, on his own behalf or on behalf of a third party, to enter into, work for, participate in, be involved in or take an interest (as an employee, owner, partner, shareholder, agent, consultant, officer or otherwise, and in any capacity whatsoever), by any means whatsoever, in any business or undertaking conducted or owned by HP, Inc. or its subsidiaries and affiliates.
(b) for a period of 12 months starting from his last day of effective work for the Company (i.e. February 28, 2020), not, directly or indirectly solicit persons or companies that have been customers of the Company and/or the Group during the last 12 months prior his last day of effective work for the Company,  to:
(i) establish commercial relationships concerning products or services that compete with those manufactured or marketed by the Company or the Group as of his last day of effective work for the Company; or
(ii) induce such clients to reduce or terminate their established business relationships with the Company or the Group. 
This paragraph (b) will be applicable in all of the following jurisdictions:
•France, United Kingdom, United States of America;
•Brazil, Russia, India (for DMO activity).

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(c) In addition to the non-competition and non-solicitation covenants set forth above, Mr. Tessler undertakes not to, directly or indirectly, for a period of 12 months following the date of his last day of effective work for the Company i.e., 28 February 2020, solicit, induce, encourage or assist any Company’s or Group’s employee to leave his or her employment with the Company any other company of the Group.
In return for the non-competition and non-solicitation undertaking under this Section 4.5, Mr. Tessler will receive a gross indemnity of 294,145 € with the payroll of April 2020, as well as a complement of indemnity of 34,096.48 € gross with the payroll of August 2020.
Mr. Tessler acknowledges that, in light of his training and his professional profile, the non-competition obligations of this Section 4.5 do not hinder his capacity to find a new position.
The Parties expressly agree that, in addition to any remedies available to the Company or the Group under other agreements or programs, the Company has the right to demand repayment of any of the compensation provided under Section 4.5 (b) above if Mr. Tessler violates the terms of this noncompetition obligation, to the extent permitted by law.
ARTICLE 5
In accordance with the provisions of article  2052 of the French Civil Code, Mr. Tessler hereby expressly waives, as against the Company and the Group, and their directors, managers and employees, any and all claims or actions in relation to the performance, the termination, and/or the consequences of the performance or the termination, of all the duties held by him within the Company or the Group.
For the avoidance of doubt, the Company and the Group represent that the liability insurance policy maintained by the Group for its directors and officers (“D&O Policy”) shall continue to cover Mr. Tessler for acts that occurred during his employment, including, without limitation, pending litigation in Brazil, to the same extent as if he remained employed by the Company. 
ARTICLE 6
The Parties hereby respectively agree that their consent to this agreement has in no way been the subject of any coercion, and that it expresses their intentions with full knowledge of the facts and consequences.
This settlement agreement is being entered into under the conditions of articles 2044 to 2058 of the French Civil code, and as between the parties hereto, it shall constitute res judicata and not be subject to any appeal.
ARTICLE 7
The parties hereby respectively agree to treat this settlement agreement, as well as all of its terms and the negotiations having led up to its execution, as being strictly confidential, provided however that the parties shall be authorized to make reference to this settlement agreement in court, for the purposes of requiring compliance with its terms or for the purposes of petitioning for sanctions in case of any breach of such terms.

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Notwithstanding the above, the parties hereby agree that the contents of this settlement agreement may be disclosed to shareholders through filings required by the U.S. Securities and Exchange Commission. and to authorized representatives of the public authorities and/or social security agencies.
Mr. Tessler acknowledges that he clearly understands the treatment of the amounts paid within the scope of the present agreement regarding the social security, unemployment and tax authorities, and that it will in no event affect the validity of the present settlement agreement. For these purposes, he has been informed that the settlement indemnity that will be paid to him within the scope of the present agreement will be declared to the competent authorities, as required, in compliance with law, and he will ensure that all tax formalities are complied with in accordance with the Xerox Tax Equalization Policy. 
ARTICLE 8
The definitive version of this agreement that binds the parties is the French language version, the English version being provided for information purposes only. In the event of a contradiction between the two versions, the French version shall prevail.
ARTICLE 9
This agreement is governed by French law, both with respect to its performance and its termination. Any dispute relating hereto shall be subject to the exclusive jurisdiction of the French courts.
Executed in duplicate, on 28 February 2020.

			
	   /Suzan Morno-Wade/
	
	For the Company
	Ms. Suzan Morno-Wade
	
	
	   /Hervé Tessler/
	
	Mr. Hervé Tessler 
	

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EXHIBIT 1

Section (i)
The Company will pay Mr. Tessler his paid vacation indemnity for paid vacation days and “convenance personnelle” days accrued and not taken on 17 May 2020, corresponding to a total amount of 66,322.11€.

Section (ii)
The Company will pay to Mr. Tessler an indemnity corresponding to the thirteenth month for year 2020 prorated according to his time of presence within the Company for a total amount of 14,578.56 €.

Section (iii)
Mr. Tessler will be paid a bonus under the 2019 Management Incentive Plan in April 2020 (“MIP”), as determined by the Compensation Committee of the Xerox Holdings Corporation Board of Directors, which shall be the amount of his target bonus adjusted for Xerox corporate performance and further adjusted downward to 40% of such amount, i.e. a gross amount of 196,096 €. 

Section (iv)
Mr. Tessler will remain employed by the Company for a three-month notice period through 17 May 2020. He shall perform no services for the Company after 28 February 2020, which is his last date of effective work for the Company.

For the duration of the three-month notice period the Company will provide the following remuneration to Mr. Tessler at the time and according to the manner as if he were actively employed by the Company through 17 May 2020:
1.  Base salary of 38,559.23 x 3 = 115,677.69 €.
2. Continued coverage for Mr. Tessler and his eligible dependents under the Company’s medical plan.
3. Continued vesting in his outstanding awards under the Xerox Corporation 2004 Performance Incentive Plan (“PIP”) in accordance with the terms of the awards and the PIP, it being further provided that such vested awards will be paid to Mr. Tessler according to the terms of the awards and the PIP.
4. Payment of invoices for services of a personal financial advisor, up to the normally applicable 8,800 € limit within a rolling two-year period.
5. Continuation of his assignment allowances pursuant to the assignment letter dated 24 October 2016 (the “Assignment Letter”). 

Section (v)
The Company will provide continued coverage for Mr. Tessler and his eligible dependents under the Company’s medical plan for up to one year after the end of his notice period (the three-month notice period ending on 17 May 2020), while he is receiving unemployment insurance du Pole Emploi.

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Section (vi)
The Company will reimburse repatriation expenses for covered expenses incurred by Mr. Tessler within the period going from the end of his notice period up until 60 days after 17 August 2020, in accordance with the terms of the Assignment Letter.

Section (vii)
The Company will pay to Mr. Tessler in the framework of his final statement of account a dismissal indemnity, pursuant to the provisions of the in-house agreement (Convention Collective d’Enterprise Xerox S.A.S.) dated 10 December 2015, in an amount equal to the sum of 12 months average gross salary, which equals a total gross amount of 1,187,968.49 €. The amount payable under this Section (vii) shall be paid as a lump sum by means of a wire transfer to Mr. Tessler’s bank account with his final pay at the end of his notice period on 17 May 2020.

Section (viii)
All amounts payable under this Exhibit 1 are paid subject to withholding for French “hypothetical tax” (income and social)  in accordance with the Xerox Tax Equalization Policy that applies to Mr. Tessler’s employment contract as a result of his assignment to the UK.

Mr. Tessler will continue to be covered by the Xerox Tax Equalization Policy, with respect to the calendar year in which his employment terminates and the following calendar year (i.e., 2020 and 2021), as set forth in the Assignment Letter, and for any year thereafter in which he receives income related to his international assignment period from the Company or the Group. For any calendar years in which he receives compensation related to his international assignment period subject to the Xerox Tax Equalization Policy, Mr. Tessler will continue to be eligible to request and receive information about the impact of the Xerox Tax Equalization Policy with respect to his personal tax situation from the Company’s advisor as to such policy (currently EY), to the same extent as if he were still employed by the Company.

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EXHIBIT 2

Section (i)
The Company agrees to pay to Mr. Tessler the total gross amount of 115,677.29 €.

The amount under this Section (i) will be paid by wire transfer to Mr. Tessler’s bank account in three equal installments (of  38,559.23 € each) at the end of the months of June, July and August 2020.

Section (ii)
The Company agrees that Mr. Tessler keeps the following benefits up until 17 August 2020:
•Continued coverage for Mr. Tessler and his eligible dependents under the Company’s medical plan.
•Continued vesting in his outstanding awards under the Xerox Corporation 2004 Performance Incentive Plan (“PIP”) in accordance with the terms of the awards and the PIP, it being further provided that such vested awards will be paid to Mr. Tessler according to the terms of the awards and the PIP.
•Payment of invoices for services of a personal financial advisor, up to the normally applicable 8,800 € limit within a rolling two-year period.
•Continuation of his assignment allowances pursuant to the assignment letter dated 24 October 2016 (the “Assignment Letter”).

Section (iii)
The Company agrees to pay invoices submitted to the Company for 12 months of outplacement
assistance expenses incurred by Mr. Tessler within 12 months after 28 February 2020, his last date of effective work for the Company, up to a maximum amount of 13,200 €.

Section (iv)
All amounts payable under this Exhibit 2 are paid subject to withholding for French “hypothetical tax” (income and social) in accordance with the Xerox Tax Equalization Policy that applies to Mr. Tessler’s employment contract as a result of his assignment to the UK.

Mr. Tessler will continue to be covered by the Xerox Tax Equalization Policy, with respect to the calendar year in which his employment terminates and the following calendar year (i.e., 2020 and 2021), as set forth in the Assignment Letter, and for any year thereafter in which he receives income related to his international assignment period from the Company or the Group. For any calendar years in which he receives compensation related to his international assignment period subject to the Xerox Tax Equalization Policy, Mr. Tessler will continue to be eligible to request and receive information about the impact of the Xerox Tax Equalization Policy with respect to his personal tax situation from the Company’s advisor as to such policy (currently EY), to the same extent as if he were still employed by the Company.

8EXHIBIT 10.1

      

     

      

    SEVERANCE AGREEMENT

     

    This SEVERANCE AGREEMENT (this “Agreement”) is by and between
      Westinghouse Air Brake Technologies Corporation (the “Company”) and Rafael Santana (“Executive”),

      effective as of May 6, 2020 (the “Effective Date”).

     

    WHEREAS, in exchange for services performed by Executive, the Company wishes to provide the following severance protection for Executive on the terms
      and conditions hereinafter set forth, and Executive is desirous of receiving such severance protection from the Company on such terms and conditions and for such consideration.

     

    NOW, THEREFORE, IT IS HEREBY AGREED AS FOLLOWS:

     

    1.         Term of Agreement. This Agreement shall become effective upon the Effective Date and shall remain in effect until the date Executive’s employment terminates for any reason (such period, the “Term”); provided, however, that in no event will Executive be entitled to receive any payments or benefits under this Agreement if he becomes entitled to receive any payments or benefits under that
        certain Employment Continuation Agreement, dated as of May 6, 2020, by and between Executive and the Company (the “Continuation Agreement”), except as provided in Section
        4(a) of this Agreement. For the avoidance of doubt, this Agreement shall survive any Change of Control (as defined in the Continuation Agreement) and shall survive the expiration of the Continuation Agreement, provided Executive’s employment has
        not terminated. Notwithstanding anything in this Agreement to the contrary, Executive shall be an at-will employee of the Company and Executive or the Company may terminate Executive’s employment with the Company for any reason or no reason at any
        time.

     

    2.           Compensation and Benefits.

     

    (a)        Base Salary. The Company agrees to pay Executive a salary (the “Base Salary”) during the Term in installments based on the Company’s regular
        payroll practices as may be in effect from time to time. The Base Salary shall be no less than $1,052,100 per year.

     

    (b)         Annual Bonus. During the Term, Executive will be eligible to participate in the Wabtec Executive Bonus Plan or its successor and will have a target annual bonus opportunity equal to no less than 150% of the Base Salary (the
        “Target Annual Bonus Percentage”), based on the achievement of specified performance goals as established and determined by the Compensation Committee of the Board of
        Directors of the Company. Any bonus earned pursuant to this Section 2(b) shall be paid to Executive in accordance with the Wabtec Executive Bonus Plan.

     

    3.           Definitions.

     

    (a)         Disability. For purposes of this Agreement, “Disability” shall mean Executive being “disabled” within the meaning of Section 409A(a)(2)(C) of the
        Internal Revenue Code of 1986, as amended (the “Code”).

     

    
      
        

    

    
    (b)         Cause. For purposes of this Agreement, “Cause” shall mean Executive’s (i) willful and continued failure to substantially perform Executive’s
        duties to the Company or any of its affiliates after a written demand for substantial performance is delivered to Executive by the Board of Directors of the Company (the “Board”),

        which demand specifically identifies the manner in which the Board believes that Executive has not substantially performed such duties; (ii) act or acts of dishonesty or gross misconduct which result or are intended to result in material damage to
        the Company’s business or reputation; (iii) alcohol or drug addiction; or (iv) conviction of, or plea of nolo contendere to, any felony or any charge involving moral turpitude.

     

    (c)        Date of Termination. For purposes of this Agreement, “Date of Termination” shall mean the effective date of Executive’s termination of employment.
        For purposes of this Agreement, the term “termination” when used as a condition to, or timing of, payment hereunder shall be interpreted to mean a “separation from service” within the meaning of Section 409A of the Code and the regulations and
        guidance promulgated thereunder (collectively, “Code Section 409A”), and the date on which such separation from service takes place shall be the “Date of Termination.”

     

    (d)         Good Reason. For purposes of this Agreement, “Good Reason” shall mean the occurrence of any of the following:

     

    (i)         a material diminution in
        Executive’s authority, duties, or responsibilities, or a change in Executive’s reporting line such that Executive no longer reports directly to the Company’s Board of Directors;

     

    (ii)          a material diminution in (1) the
        Base Salary from the annual rate of $1,052,100 in effect on the Effective Date, (2) the Target Annual Bonus Percentage from the percentage of 150% in effect on the Effective Date, or (3) Total Annual Compensation from the Total Annual Compensation
        with respect to 2020;

     

    (iii)         the Company’s material breach of
        this Agreement (including, without limitation, any material breach of Section 2 of this Agreement) or the Continuation Agreement; or

     

    (iv)         any failure by the Company to
        nominate Executive for election as a director of the Company during the Term or to use all reasonable efforts to cause Executive to be elected or re-elected as a director of the Company during the Term.

     

    An assertion of Good Reason by Executive will not be effective unless: (A) one or more of the above conditions has occurred without Executive’s
      written consent; (B) Executive provides notice to the Company of the existence of the Good Reason condition(s) within 90 days after its/their initial existence; (C) the Company does not remedy such condition within 30 days of receiving the notice
      described in the preceding clause (B); and (D) Executive terminates his employment with the Company on that basis within 10 days of the end of the cure period specified in the preceding clause (C).

     

    

    
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    (e)         Total Annual Compensation. For purposes of this Agreement, “Total Annual Compensation” shall mean the aggregate value on an annual basis of (i)
        the then-current Base Salary, (ii) the annual target bonus opportunity based on the then-current Target Annual Bonus Percentage and then-current Base Salary and (iii) the aggregate target grant date value of equity awards granted to Executive with
        respect to the applicable year under the Company’s long-term incentive compensation programs for key executives.

     

    4.           Obligations of the Company upon Termination.

     

    (a)         By the Company other than for Cause, Death or Disability or by Executive for Good Reason. If, during the Term, Executive experiences a termination of employment by the Company other than for Cause, death or Disability or by
        Executive for Good Reason:

     

    (i)          Within 30 days after the Date of
        Termination, the Company shall pay to Executive the aggregate of the following amounts (the “Accrued Obligations”) in cash lump sums: (A) Executive’s earned annual Base
        Salary through the Date of Termination to the extent not previously paid, (B) any unreimbursed business expenses as of the Date of Termination that are reimbursable in accordance with the Company’s policies regarding such reimbursement of business
        expenses, as in effect from time to time, and (C) any accrued vacation pay to the extent not previously paid as of the Date of Termination.

     

    (ii)          Subject to Section 4(e) of this
        Agreement, on the 61st day after the Date of Termination, the Company shall pay to Executive a lump sum cash amount equal to the product of two times the sum of (A) the Base Salary in effect on the Date of Termination plus (B)
        Executive’s target annual bonus for the calendar year in which the Date of Termination occurs (the “Termination Year”).

     

    (iii)         Subject to Section 4(e) of this
        Agreement, at the same time and on the same terms as annual bonuses for the Termination Year are paid to other members of the executive team of the Company, but in any event no later than March 15 of the calendar year following the Termination
        Year, the Company shall pay to Executive the annual bonus that Executive would have earned for the Termination Year had Executive remained employed until the end of such calendar year, based on the actual achievement of pre-established performance
        goals for the Termination Year (as determined by the Board) and subject to the generally applicable terms for such annual bonus opportunity for the Termination Year; provided that such annual bonus will be prorated based on the number of days that
        elapse in the Termination Year prior to the Date of Termination.

     

    
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    (iv)         Subject to Section 4(e) of this
        Agreement, for the period beginning on the Date of Termination and ending on the earlier of (A) the 24-month anniversary of the Date of Termination and (B) the date Executive becomes eligible for comparable benefits under a similar plan, Executive
        (and, to the extent applicable, Executive’s eligible dependents) shall be entitled to participate in the Company’s medical benefits plan on the same terms and conditions, and at the same out-of-pocket cost to Executive, as other similarly situated
        active employees of the Company; provided that any portion of the premium payments paid by the Company with respect to Executive (and, to the extent applicable, Executive’s eligible dependents) shall be taxable to Executive. To the extent any such
        benefits cannot be provided under the terms of the Company’s medical benefits plan, the Company shall provide a comparable benefit under another plan or from the Company’s general assets. Executive shall notify the Company within 10 days of
        becoming eligible for comparable benefits under a similar plan. The period of coverage under the Company’s medical benefits plan described in this Section 4(a)(iv) shall count against such plan’s obligation to provide continuation coverage pursuant
        to Part 6 of Subtitle B of Title I of the Employee Retirement Income Security Act of 1974, as amended (COBRA).

     

    (v)          To the extent not theretofore paid
        or provided, the Company shall timely pay or provide to Executive any other amounts or benefits required to be paid or provided or which Executive is eligible to receive under any plan, program, policy or practice or contract or agreement of the
        Company and its affiliated companies through the Date of Termination (such other amounts and benefits shall be hereinafter referred to as the “Other Benefits”), such Other
        Benefits to be paid or provided subject to and in accordance with the applicable terms of any such arrangements.

     

    If Executive’s termination of employment pursuant to this Section 4(a) occurs following a Potential Change of Control (as defined in the Continuation
      Agreement) but prior to a Change of Control (as defined in the Continuation Agreement), then Executive shall be entitled to receive the payments and benefits set forth in this Section 4(a); provided, however, that if Executive becomes entitled to receive payments and benefits under the Continuation Agreement in accordance with Section
      1(b) thereof as the result of a Change of Control occurring within one year of Executive’s termination of employment, such payments and benefits under the Continuation Agreement shall be reduced (but not below zero) by any payments or benefits
      previously made to Executive pursuant to this Section 4(a).

     

    Other than as set forth in this Section 4(a), in the event of a termination of Executive’s employment by the Company other than for Cause, death or
      Disability, the Company shall have no further obligation to Executive under this Agreement.

     

    (b)       Death. If Executive’s employment is terminated by reason of Executive’s death during the Term, this Agreement shall terminate without further obligations to Executive’s legal representatives under this Agreement, other than
        for payment of any Accrued Obligations and the timely payment or provision of any Other Benefits. The Accrued Obligations will be paid to Executive in one or more lump sums in cash within 30 days after the Date of Termination.

     

    (c)         Disability. If Executive experiences a termination of employment by reason of Executive’s Disability during the Term, this Agreement shall terminate without further obligations to Executive under this Agreement, other than
        for payment of any Accrued Obligations and the timely payment or provision of any Other Benefits. The Accrued Obligations will be paid to Executive in one or more lump sums in cash within 30 days after the Date of Termination.

     

    
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    (d)        By the Company for Cause; By Executive for Any Reason. If Executive’s employment is terminated for Cause or Executive terminates his employment for any reason, this Agreement shall terminate without further obligations to
        Executive under this Agreement.

     

    (e)        Release. Notwithstanding anything herein to the contrary, the Company shall not be obligated to make any payment under Sections 4(a)(ii)-(iv) of this Agreement unless (i) prior to the 60th day following the Date
        of Termination, Executive executes a full release of all claims against the Company and its affiliates in a form satisfactory to the Company, and (ii) any applicable revocation period has expired during such 60-day period without Executive revoking
        such release.

     

    (f)         No Duty to Mitigate. Executive shall not be required to mitigate the amount of any payment or benefit provided for in this Agreement by seeking other employment or otherwise following termination of his employment with the
        Company, nor shall the amount of any payment or benefit provided for in this Agreement be reduced by any compensation or benefit earned by Executive as a result of employment by another employer, self-employment earnings or by retirement benefits
        following termination of his employment with the Company.

     

    5.          Covenants. For and in consideration of the severance arrangements to be provided by the Company hereunder, Executive agrees that:

     

    (a)        Confidential Information. Executive shall hold in a fiduciary capacity for the benefit of the Company all secret or confidential information, knowledge or data relating to the Company or any of its affiliated companies and
        their respective businesses, which shall have been obtained by Executive during Executive’s employment by the Company or any of its affiliated companies and which shall not be or become public knowledge. After termination of Executive’s employment
        with the Company or any of its affiliated companies, Executive shall not, without the prior written consent of the Company or as may otherwise be required by law or legal process, communicate or divulge any such information, knowledge or data to
        anyone other than the Company and those designated by it. The foregoing shall not apply to information that (i) was known to the public prior to its disclosure to Executive; (ii) becomes generally known to the public subsequent to disclosure to
        Executive through no wrongful act of Executive or any representative of Executive; (iii) is disclosed by Executive in the good faith performance of his duties hereunder; or (iv) Executive is required to disclose by applicable law, regulation or
        legal process.

     

    No Company policy or individual agreement between the Company and Executive (including this Agreement) shall prevent Executive from providing,
      without prior notice to the Company, information to government authorities regarding possible legal violations, participating in investigations, testifying in proceedings regarding the Company’s past or future conduct, engaging in any future
      activities protected under the whistleblower statutes administered by any government agency (e.g., EEOC, NLRB, SEC, etc.) or receiving a monetary award from a government-administered whistleblower award program for providing information directly to a
      government agency.

     

    
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    The U.S. Defend Trade Secrets Act of 2016 (“DTSA”) provides that an
      individual shall not be held criminally or civilly liable under any federal or state trade secret law for the disclosure of a trade secret that (A) is made in confidence to a federal, state, or local government official, either directly or
      indirectly, or to an attorney, and solely for the purpose of reporting or investigating a suspected violation of law; or (B) is made in a complaint or other document filed in a lawsuit or other proceeding, if such filing is made under seal. In
      addition, the DTSA provides that an individual who files a lawsuit for retaliation for reporting a suspected violation of law may disclose the trade secret to the attorney of the individual and use the trade secret information in the court
      proceeding, if the individual files any document containing the trade secret under seal and does not disclose the trade secret, except pursuant to court order.

     

    (b)        Company Property. Except as expressly provided herein, promptly following Executive’s termination of employment, Executive shall return to the Company all property of the Company and all copies thereof in Executive’s
        possession or under Executive’s control.

     

    (c)         Non-Competition. While Executive is employed by the Company and for a period of one year after the date of Executive’s termination of employment with the Company for any reason, Executive will not, directly or
        indirectly, anywhere in which the Company operates and/or sells products and services: (i) act as an officer, manager, advisor, executive, shareholder, or consultant to any business set forth on Exhibit A to this Agreement or any of their subsidiaries, affiliates or successors (each such business, a “Competitive Entity”)

        in which his duties at or for such business include oversight of or actual involvement in providing services which are competitive with the services or products being provided or which are being produced or developed by the Company, or were under
        investigation by the Company within the last two years prior to the end of Executive’s employment with the Company (such services or products are collectively referred to herein as “Services

            or Products”), (ii) recruit investors on behalf of any Competitive Entity, or (iii) become employed by any Competitive Entity in any capacity which would require Executive to carry out, in whole or in part, the duties Executive has
        performed for the Company which are competitive with the Services or Products. Notwithstanding the foregoing, Executive may purchase or otherwise acquire up to (but not more than) 1% of any class of securities of any enterprise (but without
        otherwise participating in the activities of such enterprise) if such securities are listed on any national or regional securities exchange or have been registered under Section 12(g) of the Securities Exchange Act of 1934. Executive acknowledges
        that this restriction will prevent Executive from acting in any of the foregoing capacities for any Competitive Entity operating or conducting business within the area in which the Company operates and/or sells products and services and that this
        scope is reasonable in light of the business of the Company.

     

      

    
      6

      
        

    

    (d)        Non-Solicitation. Executive agrees that for a period of one year following the termination of Executive’s employment with the Company for any reason, including without limitation termination for Cause or without Cause,
        Executive shall not, directly or indirectly, solicit the business of, or do business with: (i) any customer that Executive approached, solicited or accepted business from on behalf of the Company, and/or was provided confidential or proprietary
        information about while employed by the Company within the one year period preceding Executive’s separation from the Company; and (ii) any prospective customer of the Company who was identified to or by Executive and/or whom Executive was provided
        confidential or proprietary information about while employed by the Company within the one year period preceding Executive’s separation from the Company, for purposes of marketing, selling and/or attempting to market or sell Services or Products.
        While Executive is employed by the Company and for a period of one year after the date of Executive’s termination of employment with the Company for any reason, Executive shall not (directly or indirectly), on his own behalf or on behalf of any
        other person or entity, solicit or induce, or cause any other person or entity to solicit or induce, or attempt to solicit or induce, any employee or consultant to leave the employ of or engagement by the Company or its successors, assigns or
        affiliates, or to violate the terms of their contracts with the Company.

     

    (e)         Injunctive Relief and Other Remedies with Respect to Covenants. Executive acknowledges and agrees that the covenants and obligations of Executive with respect to confidentiality and Company property relate to special,
        unique and extraordinary matters and that a violation of any of the terms of such covenants and obligations will cause the Company irreparable injury for which adequate remedies are not available at law. Therefore, Executive agrees that the Company
        shall (i) be entitled to pursue an injunction, restraining order or such other equitable relief (without the requirement to post bond) restraining Executive from committing any violation of the covenants and obligations contained in this Section 5
        and (ii) have no further obligation to make any payments to Executive hereunder following any finding by a court or an arbitrator that Executive has engaged in a material violation of the covenants and obligations contained in this Section 5. These
        remedies are cumulative and are in addition to any other rights and remedies the Company may have at law or in equity. The Company may withhold amounts otherwise payable to Executive and recoup amounts previously paid to Executive under this
        Agreement upon any violation of the provisions of this Section 5.

     

    6.           Successors.

     

    (a)          This Agreement is personal to Executive and without
        the prior written consent of the Company shall not be assignable by Executive otherwise than by will or the laws of descent and distribution. This Agreement shall inure to the benefit of and be enforceable by Executive’s legal representatives.

     

    (b)         This Agreement shall inure to the benefit of and be
        binding upon the Company and its successors and assigns.

     

    (c)         The Company will require any successor (whether
        direct or indirect, by purchase, merger, consolidation or otherwise) to all or substantially all of the business and/or assets of the Company to assume expressly and agree to perform this Agreement in the same manner and to the same extent that the
        Company would be required to perform it if no such succession had taken place. As used in this Agreement, “Company” shall mean the Company as hereinbefore defined and any successor to its business and/or assets as aforesaid which assumes and agrees
        to perform this Agreement by operation of law, or otherwise.

     

    
      7

      
        

    

    7.           Code Section 409A.

     

    (a)         The intent of the parties is that payments and
        benefits under this Agreement comply with, or be exempt from, Code Section 409A and, accordingly, to the maximum extent permitted, this Agreement shall be interpreted to be in compliance therewith.

     

    (b)        Notwithstanding any provision to the contrary, if
        Executive is deemed on the Date of Termination to be a “specified employee” within the meaning of that term under Section 409A(a)(2)(B) of the Code, then with regard to any payment that is considered non-qualified deferred compensation under Code
        Section 409A payable on account of a “separation from service,” such payment or benefit shall be made or provided at the date which is the earlier of (i) the expiration of the six‐month period measured from the date of such “separation from
        service” of Executive, and (ii) the date of Executive’s death (the “Delay Period”). Upon the expiration of the Delay Period, all payments and benefits delayed pursuant to
        this Section 7(b) (whether they would have otherwise been payable in a single sum or in installments in the absence of such delay) shall be paid or reimbursed to Executive in a lump sum, and any remaining payments and benefits due under this
        Agreement shall be paid or provided in accordance with the normal payment dates specified for them herein. For purposes of Code Section 409A, Executive’s right to receive any installment payments pursuant to this Agreement shall be treated as a
        right to receive a series of separate and distinct payments. In no event may Executive, directly or indirectly, designate the calendar year of any payment to be made under this Agreement that is considered nonqualified deferred compensation.

     

    (c)         With regard to any provision herein that provides for
        reimbursement of costs and expenses or in-kind benefits, except as permitted by Code Section 409A, (i) the right to reimbursement or in-kind benefits shall not be subject to liquidation or exchange for another benefit, (ii) the amount of expenses
        eligible for reimbursement, or in-kind benefits, provided during any taxable year shall not affect the expenses eligible for reimbursement, or in-kind benefits to be provided, in any other taxable year and (iii) such payments shall be made on or
        before the last day of Executive’s taxable year following the taxable year in which the expense was incurred.

     

    8.          Section
            280G.

     

    (a)        Application of Section 8. 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 or distributed to Executive by the
        Company or any affiliated company (collectively, the “Covered Payments”), would be an “excess parachute payment” as defined in Section 280G of the Code and would thereby
        subject Executive to the tax (the “Excise Tax”) imposed under Section 4999 of the Code (or any similar tax that may hereafter be imposed), the provisions of this Section 8
        shall apply to determine the amounts payable to Executive pursuant to this Agreement.

     

    (b)        Calculation of Benefits. Immediately following notice to Executive of any termination of employment by the Company other than for Cause, death or Disability or notice from Executive of any termination of employment for Good
        Reason, the Company shall notify Executive of the aggregate present value of all termination benefits to which Executive would be entitled under this Agreement and any other plan, program or arrangement as of the projected Date of Termination,
        together with the projected maximum payments, determined as of such projected Date of Termination, that could be paid without Executive being subject to the Excise Tax.

     

    
      8

      
        

    

    (c)         Imposition of Payment Cap. If (i) the aggregate value of the Accrued Obligations, continuation of benefits and other amounts to be paid or provided to Executive under this Agreement and any other plan, agreement or
        arrangement with the Company exceeds the amount which can be paid to Executive without Executive incurring an Excise Tax and (ii) Executive would receive a greater net-after-tax amount (taking into account all applicable taxes payable by Executive,
        including any Excise Tax) by applying the limitation contained in this Section 8(c), then such amounts payable to Executive under this Section 8 shall be reduced (but not below zero) to the maximum amount which may be paid hereunder without
        Executive becoming subject to such an Excise Tax (such reduced payments to be referred to as the “Payment Cap”). In the event that Executive receives reduced payments and
        benefits pursuant to the previous sentence, Executive shall have the right to designate, to the extent consistent with Code Section 409A, which of the payments and benefits otherwise provided for in this Agreement that Executive will receive in
        connection with the application of the Payment Cap.

     

    (d)         Application of Section 280G. For purposes of determining whether any of the Covered Payments will be subject to the Excise Tax and the amount of such Excise Tax,

     

    (i)          such Covered Payments will be
        treated as “parachute payments” within the meaning of Section 280G of the Code, and all “parachute payments” in excess of the “base amount” (as defined under Section 280G(b)(3) of the Code) shall be treated as subject to the Excise Tax, unless, and
        except to the extent that, in the good faith judgment of the Company’s independent certified public accountants or tax counsel selected by such accountants (the “Accountants”),

        the Company has a reasonable basis to conclude that such Covered Payments (in whole or in part) either do not constitute “parachute payments” or represent reasonable compensation for personal services actually rendered (within the meaning of
        Section 280G(b)(4)(B) of the Code) in excess of the “base amount,” or such “parachute payments” are otherwise not subject to such Excise Tax, and

     

    (ii)         the value of any non-cash
        benefits or any deferred payment or benefit shall be determined by the Accountants in accordance with the principles of Section 280G of the Code.

     

    (e)          For purposes of determining whether Executive would
        receive a greater net-after-tax benefit were the amounts payable under this Agreement reduced in accordance with Section 8(c), Executive shall be deemed to pay:

     

    (i)          Federal income taxes at the
        highest applicable marginal rate of Federal income taxation for the calendar year in which the first amounts are to be paid hereunder, and

     

    (ii)        any applicable state and local
        income taxes at the highest applicable marginal rate of taxation for such calendar year, net of the maximum reduction in Federal income taxes which could be obtained from the deduction of such state or local taxes if paid in such year;

     

    
      9

      
        

    

    provided, however, that Executive may request that such determination be made based on Executive’s individual tax circumstances, which shall govern such determination so long as Executive provides to the Accountants such information
      and documents as the Accountants shall reasonably request to determine such individual circumstances.

     

    (f)          If Executive receives reduced payments and benefits
        under this Section 8 (or this Section 8 is determined not to be applicable to Executive because the Accountants conclude that Executive is not subject to any Excise Tax), and it is established pursuant to a final determination of a court or an
        Internal Revenue Service proceeding (a “Final Determination”) that, notwithstanding the good faith of Executive and the Company in applying the terms of this Agreement,
        the aggregate “parachute payments” within the meaning of Section 280G of the Code paid to Executive or for Executive’s benefit are in an amount that would result in Executive being subject to an Excise Tax, then Executive shall have an obligation
        to repay to the Company on the fifth day following the Final Determination the amount equal to such excess parachute payments, together with interest on such amount at the applicable Federal rate (as defined in Section 1274(d) of the Code) from the
        date of the payment hereunder to the date of repayment by Executive. If this Section 8 is not applied to reduce Executive’s entitlements under this Section 8 because the Accountants determine that Executive would not receive a greater net-after-tax
        benefit by applying this Section 8 and it is established pursuant to a Final Determination that, notwithstanding the good faith of Executive and the Company in applying the terms of this Agreement, Executive would have received a greater
        net‐after‐tax benefit by subjecting Executive’s payments and benefits hereunder to the Payment Cap, Executive shall have an obligation to repay to the Company on the fifth day following the Final Determination the aggregate “parachute payments”
        paid to Executive or for Executive’s benefit in excess of the Payment Cap, together with interest on such amount at the applicable Federal rate (as defined in Section 1274(d) of the Code) from the date of the payment hereunder to the date of
        repayment by Executive. If Executive receives reduced payments and benefits by reason of this Section 8 and it is established pursuant to a Final Determination that Executive could have received a greater amount without exceeding the Payment Cap,
        then the Company shall pay Executive the aggregate additional amount which could have been paid without exceeding the Payment Cap on the fifth day following the Final Determination, together with interest on such amount at the applicable Federal
        rate (as defined in Section 1274(d) of the Code) from the original payment due date to the date of actual payment by the Company.

      

    

    9.           Miscellaneous.

     

    (a)         This Agreement shall be governed by and construed in
        accordance with the laws of the Commonwealth of Pennsylvania, without reference to principles of conflict of laws. The captions of this Agreement are not part of the provisions hereof and shall have no force or effect. This Agreement may not be
        amended or modified otherwise than by a written agreement executed by the parties hereto or their respective successors and legal representatives.

     

    
      10

      
        

    

    (b)         All notices and other communications hereunder shall
        be in writing and shall be given by hand delivery to the other party or by registered or certified mail, return receipt requested, postage prepaid, addressed as follows:

     

    	 	If to Executive:	
            At the most recent address on file at the Company.

          

     

    	

          	If to the Company:	
            Westinghouse Air Brake Technologies Corporation

          

    30 Isabella Street

    Pittsburgh, Pennsylvania 15212

    Attention: General Counsel

     

    or to such other address as either party shall have furnished to the other in writing in accordance herewith. Notice and communications shall be effective when actually
      received by the addressee.

     

    (c)          The invalidity or unenforceability of any provision
        of this Agreement shall not affect the validity or enforceability of any other provision of this Agreement.

     

    (d)          The Company, its subsidiaries and affiliates may
        withhold from any amounts payable under this Agreement such Federal, state, local or foreign taxes or social security charges as shall be required to be withheld pursuant to any applicable law or regulation.

     

    (e)          This Agreement may be executed in several
        counterparts, each of which shall be deemed to be an original but all of which together will constitute one and the same instrument.

     

    (f)          Executive’s or the Company’s failure to insist upon
        strict compliance with any provision of this Agreement or the failure to assert any right Executive or the Company may have hereunder shall not be deemed to be a waiver of such provision or right or any other provision or right of this Agreement.

     

    (g)         Any controversy or claim between Executive and the
        Company arising out of or relating to or concerning this Agreement or any aspect of Executive’s employment with the Company, its subsidiaries and affiliates, or the termination of that employment shall be finally settled by binding arbitration in
        Pittsburgh, Pennsylvania, administered by the American Arbitration Association under its Rules for the Resolution of Employment Disputes; provided, however, that with respect to any controversy or claim arising out of or relating to or concerning injunctive relief for Executive’s breach or purported breach of Section 5 of
        this Agreement, the Company shall have the right, in addition to any other remedies it may have, to seek specific performance and injunctive relief with a court of competent jurisdiction, without the need to post a bond or other security. The
        arbitrator shall only have authority to award reasonable attorneys’ fees and costs to a party who is awarded money damages in connection with an arbitrated claim.

     

    (h)       This Agreement sets forth the entire agreement of the
        parties hereto in respect of the subject matter contained herein, and supersedes all prior agreements, promises, covenants, arrangements, communications, representations or warranties (other than the Continuation Agreement), whether oral or
        written, by any officer, employee or representative of any party hereto in respect of the subject matter contained herein. For the avoidance of doubt, nothing in this Agreement is intended to affect any contractual rights between Executive and
        General Electric Company or any of its subsidiaries, affiliates, future successors or assigns.

     

    [Remainder of page intentionally left blank.]

     

    
      11

      
        

    

    IN WITNESS WHEREOF, Executive and the Company have executed this Agreement as of the day and year first above written.

     

    	 	
            RAFAEL SANTANA

          	 
	 	 	 
	 	
            /s/ Rafael Santana

          	 
	 	 	 	 
	 	
            WESTINGHOUSE AIR BRAKE TECHNOLOGIES CORP.

          
	 	 	 
	 	
            /s/ Scott E. Wahlstrom

          	 
	 	
            Name:

          	
            Scott E. Wahlstrom

          	 
	 	
            Title:

          	
            Executive Vice President, Human Resources

          	 

    

    

    
      12

      
        

    

    Exhibit A

     

    Competitive Entities

     

    	

          	1.	
            CRRC

          

     

    	

          	2.	
            Siemens AG

          

     

    	

          	3.	
            Alstom

          

     

    	

          	4.	
            Bombardier Inc.

          

     

    	

          	5.	
            Hitachi, Ltd.

          

     

    	

          	6.	
            Caterpillar Inc. and Progress Rail Services Corporation, a Caterpillar company

          

     

    	

          	7.	
            Thales S.A.

          

     

    	

          	8.	
            Kawasaki Heavy Industries, Ltd.

          

     

    	

          	9.	
            Knorr-Bremse

          

     

    	

          	10.	
            Komatsu Ltd.

          

     

    	

          	11.	
            A. Stucki Company

          

     

    	

          	12.	
            Harsco Corporation

          

     

    	

          	13.	
            Delachaux Group

          

     

    	

          	14.	
            Amsted Industries Inc.

          

     

    	

          	15.	
            Any railroad classified as a Class I railroad by the Surface Transportation Board, including but not limited to: Amtrak, BNSF Railway, Canadian National Railway, Canadian Pacific
              Railway, CSX Transportation, Ferromex, Kansas City Southern Railway, Norfolk Southern Railway, Union Pacific Railroad and Via Rail.

          

     

    
       

        

      13

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