Document:

Exhibit

Exhibit 10.1

EMPLOYMENT AGREEMENT
____________________________________________________

This Employment Agreement (this “Agreement”) is entered into and made effective this 1st day of August, 2019 (the “Effective Date”), by and among First Northwest Bancorp (the “Company”), the Company’s wholly owned subsidiary, First Federal Savings and Loan Association of Port Angeles (“First Federal”), and Matt Deines (the “Executive”) (each a “Party” and collectively the “Parties”).

Recitals

		
	A.
	First Federal and the Company each wish to retain the Executive as its President and Chief Executive Officer according to the timeline described in this Agreement.  As described in more detail below, the Executive will initially serve as the President and Chief Executive Officer of First Federal and will subsequently serve as the President and Chief Executive Officer of both First Federal and the Company.

		
	B.
	The Boards of Directors of First Federal and the Company also recognize the possibility of a Change in Control of First Federal and the Company, and that this possibility, along with the corresponding uncertainty a Change in Control may create with respect to Executive’s employment, could result in a departure or distraction of the Executive to the detriment of First Federal and the Company.  As such, First Federal and the Company wish to provide a benefit to Executive to address such issues and to maximize the benefits obtainable by the Company’s shareholders in the event of any such Change in Control. 

		
	C.
	With this background, the Boards of Directors of First Federal and the Company believe it is in the best interest of First Federal and the Company, respectively, to enter into this Agreement with the Executive to ensure the high-quality management of both First Federal and the Company, and the Executive wishes to be so employed by First Federal and the Company, subject to the terms and conditions of this Agreement.

Agreement

		
	1.
	Term.  The term of this Agreement will begin on the Effective Date and will continue until December 31, 2021, unless terminated earlier in accordance with this Agreement (the “Term”).  If First Federal and the Company expect not to renew Executive’s employment following the expiration of the Term, First Federal and the Company will provide Executive with a courtesy notice that Executive’s employment will not be renewed at least ninety (90) days before the expiration of the Term.

4811-3192-1309.2 

		
	2.
	Employment; Duties; Directorship.  First Federal and the Company agree to employ Executive, and the Executive accepts such employment, according to the timeline identified below, subject to the terms and conditions set forth in this Agreement.

		
	(a)
	Employment by First Federal.  Beginning on the Effective Date, Executive will be employed as the President and Chief Executive Officer of First Federal.  Executive’s employment as President and Chief Executive Officer of First Federal will begin on the Effective Date and will continue until expiration of the Term, unless earlier terminated pursuant to the terms of this Agreement.

		
	(i)
	Duties.  As President and Chief Executive Officer of First Federal, Executive will faithfully and diligently perform his assigned duties, which include but are not limited to the following:

		
	(1)
	Performance.  Executive will be responsible for all aspects of the First Federal’s performance, including without limitation, directing that daily operational and managerial matters are performed in a manner consistent with First Federal’s policies.

		
	(2)
	Development and Preservation of Business.  Executive will be responsible for the development and preservation of banking relationships and other business development efforts (including appropriate civic and community activities) of First Federal.

		
	(b)
	Employment by the Company.  Beginning on January 2, 2020, in addition to being employed as the President and Chief Executive Officer First Federal, Executive will also be employed as the President and Chief Executive Officer of the Company.  Executive’s employment as President and Chief Executive Officer of the Company will continue until expiration of the Term, unless earlier terminated pursuant to the terms of this Agreement.

		
	(i)
	Duties.  As President and Chief Executive Officer of the Company, in addition to his duties described in Section 2(a)(i) above, Executive will also faithfully and diligently perform his assigned duties, which include but are not limited to the following:

		
	(1)
	Performance.  Executive will be responsible for all aspects of the Company’s performance, including without limitation, directing that daily operational and managerial matters are performed in a manner consistent with the Company’s policies.

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	(2)
	Development and Preservation of Business.  Executive will be responsible for the development and preservation of banking relationships, investor relationships, and other business development efforts (including appropriate civic and community activities) of the Company.

		
	(c)
	Reporting.  Executive will report to the Board of Directors of First Federal and the Company, as applicable, and will be subject to and must abide by each of the personnel policies applicable to executive officers and employees of First Federal and the Company, as applicable.  The Boards of Directors of First Federal and the Company may, from time to time, modify Executive’s title or add, delete, or modify Executive’s performance responsibilities to accommodate management succession, as well as any other management objectives of the First Federal or the Company.  Executive agrees to assume any additional positions, duties, and responsibilities as may reasonably be requested of him with or without additional compensation, as appropriate and consistent with Section 2(a)(i) and Section 2(b)(i).

		
	(d)
	Full Time.  While employed by First Federal and the Company, but excluding any periods of vacation and sick leave to which Executive is entitled under this Agreement, Executive will be employed on a full-time basis and agrees to devote the time necessary to discharge the responsibilities assigned to Executive and to use Executive’s reasonable best efforts to perform his responsibilities faithfully and diligently.  Despite the foregoing, Executive may (i) with the prior written approval of the Chair of the Board of Directors of First Federal or the Company, as applicable, serve on corporate, civic, or charitable boards or committees, and (ii) manage personal investments, so long as such activities do not interfere with the performance of Executive’s responsibilities to First Federal and the Company and Executive’s compliance with this Agreement (including but not limited to Section 9 and Section 10), or give rise to violations of applicable securities laws.

		
	(e)
	Serving as a Director.  During the Term of this Agreement, Executive will serve as a Director on the Board of Directors of First Federal.  In addition, once employed as the President and Chief Executive Officer of the Company, the Company’s Board of Directors will use reasonable efforts to nominate and recommend Executive for election to the Company’s Board of Directors.  If ultimately elected by the Company’s shareholders, Executive will then also serve as a Director on the Board of Directors of the Company.  

		
	3.
	Compensation.  

		
	(a)
	Annual Base Salary; Signing Bonus; Restricted Stock Award.

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	(i)
	Annual Base Salary.  During the Term, Executive will receive an annual base salary at a rate of $300,000 for the 2019 calendar year, $335,000 for the 2020 calendar year, and $370,000 for the 2021 calendar year (“Annual Base Salary”), payable in accordance with the First Federal’s and/or the Company’s normal payroll policies.  The Annual Base Salary may be reviewed and adjusted from time to time to reflect amounts approved by the Boards of Directors of First Federal and the Company or the Committee.  Performance and salary reviews will occur at least annually in accordance with First Federal’s and/or the Company’s normal performance-review policies and practices for executive officers.

		
	(ii)
	Signing Bonus.  Within thirty (30) days of the Effective Date, Executive will receive a bonus in the amount of $50,000, payable in accordance with First Federal’s and/or the Company’s normal payroll policies.

		
	(iii)
	Restricted Stock Award.  

		
	(1)
	Grant.  Within thirty (30) days of the Effective Date, the Company will grant Executive a restricted stock award under the Company’s 2015 Equity Incentive Plan (the “Incentive Plan”) in the amount of twelve thousand four hundred (12,400) Shares, as defined in the Incentive Plan (the “Restricted Stock Award”).  Executive understands and agrees that the Restricted Stock Award may not be sold, pledged, assigned, hypothecated, transferred, or disposed of in any manner other than by will or by the laws of descent or distribution.  

		
	(2)
	Vesting Schedule.  The Restricted Stock Award will vest in five (5) equal installments, with one-fifth (1⁄5) of such Restricted Stock Award vesting on each anniversary of the Effective Date (i.e., the Restricted Stock Award will vest equally over five [5] years).

		
	(3)
	Termination; Forfeiture.  In the event Executive’s employment with First Federal or the Company is terminated for any reason whatsoever, except for termination as a result of death under Section 44(f) or Disability under Section 44(g), the right to receive any unvested portion of the unvested Restricted Stock Award will immediately be forfeited, unless otherwise described in the Incentive Plan.  In the event of death under Section 44(f) or 

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Disability under Section 44(g), any unvested Restricted Stock Award will vest in accordance with the Incentive Plan.

		
	(4)
	Governing Documents.  The Restricted Stock Award will be made in accordance with and be subject to all terms and conditions of the Company’s Incentive Plan documents, as adopted and amended from time to time by the Board of Directors of the Company.  Executive acknowledges and agrees that he has been provided a copy of the Company’s Incentive Plan prior to entering into this Agreement.  To the extent the terms of this Agreement with respect to the Restricted Stock Award conflict with the terms of the Incentive Plan, the Incentive Plan will control.  

		
	(b)
	Incentives and Bonuses.  In addition to Annual Base Salary, Executive will be eligible for incentive opportunities as a percentage of Executive’s Annual Base Salary and as authorized and declared by the Board of Directors of First Federal or the Company or the Committee for executive officers.  Incentive payments provided for under this Agreement must be paid no later than seventy-five (75) days after the end of the year in which the Executive obtains a legally binding right to those payments, or such other time that still qualifies the payment as a “short-term deferral” under Section 409A of the Internal Revenue Code (the “Code”).  Executive will also be entitled to participate in an equitable manner with all other executive officers of First Federal or the Company in any performance-based and discretionary bonuses that are authorized and declared by the Boards of Directors of First Federal or the Company or the Committee for executive officers.

		
	(c)
	Vacation and Sick Leave.  Executive is entitled to (A) annual paid vacation in accordance with the policies established by the Boards of Directors of First Federal and the Company or the Committee for executive officers, and (B) voluntary leaves of absence, with or without pay, from time to time at the times and upon the conditions as the Boards of Directors of First Federal and the Company or the Committee may determine in their discretion.  Executive will be paid for all accrued unused vacation upon termination of employment.  In addition, Executive is entitled to seven (7) days of annual sick leave.  Unused sick leave may be accumulated until retirement or separation (without limitation).  After completing five (5) full years of service, Executive will be paid for one-half of the unused sick leave, not to exceed two hundred forty (240) hours, upon termination of employment.  Executive will not receive any additional compensation from First Federal or the Company for unused sick leave, except to the extent authorized by the Board of Directors of First Federal or the Company or the Committee in writing.  Payments of accrued vacation pay or 

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unused sick leave will be made as soon as reasonably and administratively practicable and as required by applicable law following Executive’s Date of Termination.

		
	(d)
	Other Benefit Plans.  While employed by First Federal and/or the Company, Executive will be eligible for participation in all benefits under all plans, practices, policies, and programs provided by First Federal and the Company on terms that are no less favorable than those generally applicable or made available to other executive officers of First Federal or the Company.  Executive will be eligible for participation in fringe benefits and perquisite plans, practices, policies, and programs (including without limitation expense reimbursement plans, practices, policies, and programs) on a basis that is no less favorable than those generally applicable or made available to First Federal’s or the Company’s other executive officers, including but not limited to supplemental retirement, deferred compensation program, supplemental medical or life insurance plans, company cars, club dues, physical examinations, and financial planning and tax preparation services, in accordance with the terms and conditions of any applicable plan, program, or policy.

		
	4.
	Termination of Employment.  

		
	(a)
	Voluntary Termination.  Executive may voluntarily terminate his employment at any time upon at least ninety (90) days’ written notice to First Federal and the Company, or a shorter period as agreed on between Executive and the Boards of Directors of First Federal and the Company.  In the event of such a voluntary termination, First Federal and the Company are jointly obligated to continue to pay Executive the Annual Base Salary and provide benefits under this Agreement only through the Date of Termination, at the time those payments are due, and will have no further obligation(s) to Executive under this Agreement.

		
	(b)
	Termination for Good Reason.  Executive may terminate his employment with or without Good Reason.  For purposes of this Agreement, “Good Reason” means, in the absence of Executive’s written consent, any of the following:

		
	(i)
	A material diminution in Executive’s base compensation;

		
	(ii)
	A material diminution    in Executive’s authority, duties, or responsibilities as set forth in this Agreement from and after the Effective Date; or

		
	(iii)
	A material relocation or change in the geographic location at which Executive must perform services of more than thirty-five (35) miles.

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If any of the foregoing circumstances arise, Executive must provide notice to First Federal and the Company of the existence of a condition described above within ninety (90) days of the initial existence of the condition.  Upon receipt of such notice, First Federal and the Company will be given at least thirty (30) days to remedy the condition.  If the condition is not remedied within such thirty (30) days, and Executive voluntarily terminates (other than due to Disability, as defined in Section 4(g)) his employment within sixty (60) days after such thirty (30) day period, then such termination will be deemed to have been for Good Reason.

		
	(c)
	Termination for Cause.  First Federal or the Company may terminate Executive’s employment either with or without Cause.  Executive will not be deemed to have been terminated for Cause unless and until there is delivered to Executive a copy of a resolution, duly adopted  by the affirmative vote of not less than a majority of the entire membership of the Board of Directors of First Federal or the Company, as applicable, at a meeting of such Board of Directors duly called and held for such purpose following reasonable investigation by the Board, stating that in good faith opinion of such Board of Directors Executive has engaged in conduct described herein and specifying the particulars thereof in detail.  In the event of any such termination of employment for Cause, First Federal and the Company will pay to Executive the Annual Base Salary and provide benefits under this Agreement only through the Date of Termination, and will have no further obligation(s) to Executive under this Agreement.  For purposes of this Agreement, “Cause” means any of the following:

		
	(i)
	Embezzlement, willful misconduct, gross negligence, dishonesty, or other fraudulent acts involving First Federal or the Company or First Federal or the Company’s business operations or in the performance of Executive’s duties under this Agreement, including but not limited to Executive’s refusal to comply with legal directives of the Board of Directors of First Federal or the Company; 

		
	(ii)
	A material breach of Executive’s fiduciary duties to First Federal or the Company if such breach has not been remedied, or is not being remedied, to First Federal’s and the Company’s reasonable satisfaction within thirty (30) days after written notice, including a detailed description of such breach, has been delivered to Executive;

		
	(iii)
	Willful material breach of Section 10 or a confidentiality policy of First Federal or the Company;

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	(iv)
	An order or directive from a state or federal banking regulatory agency requesting or requiring either temporary or permanent removal of Executive, or a finding by such an agency that Executive’s performance threatens the safety or soundness of First Federal or the Company; or

		
	(v)
	An act or omission that materially injures First Federal’s or the Company’s reputation, business affairs, or financial condition, if such injury could have been reasonably avoided by Executive, including but not limited to conviction or a plea of nolo contendere of a felony or crime involving dishonesty or moral turpitude.

		
	(d)
	Qualifying Termination.  For purposes of this Agreement, a “Qualifying Termination” occurs if (i) First Federal or the Company terminates Executive’s employment for any reason other than for Cause, Disability, or death, or (ii) Executive terminates his employment for Good Reason.  If a Qualifying Termination occurs prior to or more than twenty-four (24) months following a Change in Control that occurs during the Term of this Agreement, and contingent upon receipt of an executed and unrevoked release of claims as described in Section 4(j) (the “Release”), First Federal and the Company will jointly:  (A) pay a lump sum to Executive within seven (7) days commencing on the effective date of the executed and unrevoked Release:  (1) fifty (50) percent of the Executive’s Annual Base Salary at the rate in effect immediately before the Date of Termination, and (2) the pro rata portion of any incentive award or bonus earned for the year in which the Date of Termination occurs (with proration determined based on the number of months in the fiscal year in which Executive is employed with First Federal and/or the Company), the amount of which, if any, is to be determined by the Board of Directors of First Federal or the Company, in its sole discretion, and (B) pay to Executive within seven (7) days of the effective date of the executed and unrevoked release a lump sum in the amount of $28,000.00, which is equivalent to the cost of coverage under Title X of the Consolidated Omnibus Budget Reconciliation Act of 1985, as amended (“COBRA”) for Executive and eligible dependents for a period of twelve (12) months at the same level of benefits that Executive had elected on the Date of Termination, provided Executive and/or eligible dependents timely elect continuation coverage under COBRA within the time period prescribed pursuant to COBRA, and otherwise qualify for continued coverage.  For the avoidance of doubt, a “Qualifying Termination” does not include a termination for Cause, a termination because of death under Section 4(f) or Disability under Section 4(g), voluntary termination, or retirement.

		
	(e)
	Change in Control.  If Executive experiences a Qualifying Termination within twenty-four (24) months following a Change in Control, contingent on receipt of an 

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executed and unrevoked Release, First Federal and the Company will jointly:  (i) pay to Executive, as soon as reasonably and administratively practicable after the effective date of the executed and unrevoked Release, a lump sum payment in an amount equal to 2.75 times the average of Executive’s five (5) prior years’ Annual Base Salary (if the payment period begins and ends in different taxable years, Executive shall not have the right to designate the taxable year in which the payment will be made) and (ii) pay to Executive as soon as reasonably and administratively practicable after the effective date of the executed and unrevoked Release a lump sum in the amount of $28,000.00, which is equivalent to the cost of coverage under COBRA for Executive and eligible dependents for a period of twelve (12) months at the same level of benefits that Executive had elected on the Date of Termination, provided Executive and/or eligible dependents timely elect continuation coverage under COBRA within the time period prescribed pursuant to COBRA, and otherwise qualify for continued coverage.

For purposes of this Agreement, “Change in Control” means a change in the ownership or effective control of First Federal or the Company or a change in the ownership of a substantial portion of the assets of First Federal or the Company, as defined in Treasury Regulation § 1.409A-3(i)(5) or in subsequent regulations or other guidance issued by the Internal Revenue Service.  For purposes of illustration, a Change in Control generally occurs on the date that:

		
	(i)
	Any one person, or more than one person acting as a group, acquires ownership of the Company’s stock or First Federal’s stock that, together with stock already held by the person or group, constitutes more than fifty percent (50%) of the total fair market value or total voting power of the Company’s stock or First Federal’s stock;

		
	(ii)
	Any one person, or more than one person acting as a group, acquires (or has acquired during the twelve [12] month period ending on the date of the most recent acquisition), ownership of Company stock or First Federal stock that constitutes thirty-five percent (35%) or more of the total voting power of the Company’s stock or First Federal’s stock;

		
	(iii)
	A majority of members of the Board of Directors of the Company or First Federal is replaced during any twelve (12) month period by Directors whose appointment or election is not endorsed by a majority of the members of the Board of Directors of the Company or First Federal, as applicable, before the appointment or election; or

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	(iv)
	Any one person, or more than one person acting as a group, acquires (or has acquired during the twelve [12] month period ending on the date of the most recent acquisition), assets from the Company or First Federal that have a total gross fair market value equal to or more than forty percent (40%) of the total gross fair market value of all of the Company’s assets or First Federal’s assets immediately before the acquisition.

		
	(f)
	Death.  If Executive dies while employed under this Agreement, the Company and First Federal will jointly pay to Executive’s estate, or to the person whom Executive may have previously designated in writing, the Annual Base Salary that was not previously paid to Executive that Executive would have earned if Executive had continued to be employed under this Agreement through the last day of the calendar month in which Executive died, together with the benefits described in this Agreement through such date.

		
	(g)
	Disability.  If First Federal or the Company determines in good faith that the Disability of Executive has occurred while Executive is employed by First Federal or the Company, it may provide Executive with written notice in accordance with Section 4(h) of its intention to terminate Executive’s employment.  In such event, Executive’s employment with First Federal and the Company shall terminate effective on the thirtieth (30th) day after receipt of such notice by Executive (the “Disability Effective Date”); provided that, within the thirty (30) days after such receipt, Executive has not returned to full-time performance of Executive’s duties.  For purposes of this Agreement, “Disability” means the absence of Executive from Executive’s duties with First Federal or the Company on a full-time basis for ninety (90) consecutive days, or a total of one hundred eighty (180) days in any twelve (12) month period, as a result of incapacity due to mental or physical illness that is determined to be total and permanent by a physician selected by First Federal or the Company or its insurers and acceptable to Executive or Executive’s legal representative.

		
	(h)
	Notice of Termination.  Any termination by First Federal or the Company for Cause or Disability, or by Executive for Good Reason, must be communicated by notice of termination to the other Party given in accordance with Section 12(a).

		
	(i)
	Date of Termination.  For purposes of this Agreement, “Date of Termination” means:  (i) if Executive’s employment is terminated by First Federal or the Company for a reason other than Disability or death, the date that First Federal or the Company provides the notice of the termination of Executive’s employment or any later date specified by the notice within thirty (30) days of the notice, as the case may be; (ii) if Executive’s employment is terminated by Executive without Good Reason, ninety 

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(90) days’ after Executive provides written notice to First Federal or the Company or a shorter period as agreed on between Executive and the Board of Directors of First Federal or the Company or the Committee, as the case may be; (iii) if Executive’s employment is terminated by Executive with Good Reason, the date that Executive provides notice of termination of Executive’s employment; or (iv) if Executive’s employment is terminated by reason of Disability or death, the Disability Effective Date or the date of death of Executive, as the case may be.

		
	(j)
	Release of Claims.  The termination benefits described in Section 4(d) and Section 4(e) are conditioned upon the Executive’s delivering to the Company and First Federal within forty-six (46) days following the Date of Termination, and not revoking, a signed Release of claims in a form provided by the Company and First Federal.  Notwithstanding any provision of this Agreement to the contrary, the timing of Executive’s execution of the Release may not, directly or indirectly, result in Executive’s designating the calendar year of payment.  To the extent required by Section 409A of the Code, if a payment that is subject to execution of the Release could be made in more than one taxable year, payment must be made in the later taxable year, as promptly as practicable following the later of (i) the execution of the Release and (ii) the first business day of the later taxable year.

		
	5.
	Full Settlement.  First Federal’s and the Company’s obligations and performance under this Agreement will not be affected by any setoff, counterclaim, recoupment, defense, or other claim, right, or action that First Federal or the Company may have against Executive or others.  Executive is not obligated to seek other employment or take any other action by way of mitigation of the amounts payable to Executive under any of the provisions of this Agreement, and those amounts may not be reduced whether or not Executive obtains other employment.

		
	6.
	Section 280G.  If any payments or benefits otherwise payable to Executive (a) constitute “parachute payments” within the meaning of Section 280G of the Code, and (b) but for this Section 6, would be subject to the excise tax imposed by Section 4999 of the Code, then those payments and benefits must be either (i) delivered in full, or (ii) delivered to a lesser extent only if no portion of the payments and benefits would be subject to excise tax under Section 4999 of the Code, whichever of the foregoing amounts, taking into account the applicable federal, state, and local income and employment taxes and the excise tax imposed by Section 4999 of the Code (and any equivalent state or local excise taxes), results in Executive’s receiving on an after-tax basis, the greatest amount of benefits.  Any reduction in payments or benefits required by this provision is to occur in the following order:  (A) reduction of cash payments that are exempt from Section 409A of the Code; (B) reduction of vesting acceleration of equity awards; and (C) reduction of other benefits paid or provided to Executive.  If acceleration of vesting of equity awards is to be reduced, the acceleration 

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of vesting is to be canceled in a manner that results in the maximum economic benefit to Executive, subject to compliance with Section 409A of the Code.

		
	7.
	Assignments; Successors.  This Agreement is personal to Executive, and he may not assign it without the Company’s and First Federal’s prior written consent.  This Agreement will inure to the benefit of and be enforceable by Executive’s legal representatives, heirs, or legatees.  This Agreement will inure to the benefit of and be binding on the Company and First Federal and its successors and assigns.  The Company and First Federal must require any successor (whether direct or indirect, by purchase, merger, consolidation, or otherwise) to all or substantially all of the business or assets of the Company and First Federal to assume expressly and agree to perform this Agreement in the same manner and to the same extent that the Company and First Federal would be required to perform it if the succession had not taken place.

		
	8.
	Governing Law; Arbitration.  This Agreement is made with reference to and is intended to be construed in accordance with the laws of the State of Washington.  Any dispute or controversy arising under or in connection with this Agreement must be settled exclusively by arbitration in accordance with the rules of the American Arbitration Association then in effect.  Judgment may be entered on the arbitrator’s award in any court having jurisdiction. Notwithstanding the foregoing, the Company, First Federal, or both may resort to the Superior Court of Clallam County, Washington, for injunctive and other relief as available if Executive engages in conduct during or after termination of this Agreement that amounts to a violation of Section 9 or Section 10, a violation of the Washington Trade Secrets Act, or interference with the business expectancies of the Company or First Federal.

		
	9.
	Restrictive Covenants.  

		
	(a)
	Noncompetition.  Executive agrees that, during Executive’s employment with First Federal and the Company, and for a period of one (1) year thereafter (the “Noncompetition Period”), Executive will not directly or indirectly become interested in, as a founder, organizer, principal shareholder, director, officer, or employee of or consultant to any bank, savings bank, savings and loan association, credit union, or similar financial institution or holding company of such an entity, now existing or organized hereafter, that competes or may compete with First Federal or the Company, including any successor, within any county in which First Federal or the Company operates a full-service branch office or lending center.  Executive will not be deemed a “principal shareholder” unless (i) Executive’s investment in such institution exceeds three percent (3%) of the institution’s outstanding voting securities or (ii) Executive is active in the organization, management, or affairs of the institution.  The provisions restricting competition by Executive may be waived by written action of the Board of Directors of First Federal or the Company.

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	(b)
	Noninterference.  During the Noncompetition Period, Executive shall not directly or indirectly (i) solicit or attempt to solicit any employee of First Federal or the Company to leave the employ of First Federal or the Company, or in any way interfere with the relationship between First Federal or the Company or any other employee of First Federal or the Company, (ii) solicit or attempt to solicit any customers or potential customers whom First Federal or the Company actively solicited at any time during the twelve (12) month period before Executive’s Date of Termination (the “Customers”), including but not limited to all successors, owners, directors, partners, and management personnel of such Customers, to cease doing business with First Federal or the Company or to otherwise divert the Customers’ business from First Federal or the Company, or (iii) solicit or attempt to solicit any supplier, licensee, or other business associate of First Federal or the Company to cease doing business with First Federal or the Company.

		
	(c)
	Interpretation.  The Parties agree that the terms of Section 9(a) and Section 9(b) (collectively, the “Restrictive Covenants”) are reasonable as to both time and scope. The Parties additionally agree (i) that the Restrictive Covenants are necessary for the protection of the First Federal’s and the Company’s business and goodwill; (ii) that the Restrictive Covenants are not any greater than are reasonably necessary to secure First Federal’s and the Company’s business and goodwill; and (iii) that the degree of injury to the public from the loss of the service and skill of Executive or the restrictions placed on Executive’s opportunity to make a living with Executive’s skills upon enforcement of the Restrictive Covenants does not and will not warrant non-enforcement of them.  If an arbitrator, court, or any other administrative body with jurisdiction over a dispute related to this Agreement determines that the Restrictive Covenants are unreasonably broad, the Parties hereby authorize and direct the arbitrator, court, or administrative body to narrow them so as to make them reasonable, given all relevant circumstances, and to enforce them.  This Section 9 will survive the termination of Executive’s employment.

		
	10.
	Confidentiality.  

		
	(a)
	Nondisclosure.  Executive may not use or disclose any Confidential Information either during or following the Term of this Agreement, except as required by Executive’s duties under this Agreement or as otherwise allowed under Section 10(b). Notwithstanding anything to the contrary in this Agreement or otherwise, nothing limits Executive’s rights under applicable law to provide truthful information to any governmental entity or to file a charge with or participate in an investigation conducted by any governmental entity.  Executive is hereby notified that the immunity provisions in 18 U.S.C. § 1833 provide that an individual cannot be held 

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criminally or civilly liable under any federal or state trade secret law for any disclosure of a trade-secret that is made (i) in confidence to federal, state, or local government officials, either directly or indirectly, or to an attorney, and is solely for the purpose of reporting or investigating a suspected violation of the law, (ii) under seal in a complaint or other document filed in a lawsuit or other proceeding, or (iii) to the individual’s attorney in connection with a lawsuit for retaliation for reporting a suspected violation of law (and the trade secret may be used in the court proceedings for the lawsuit) as long as any document containing the trade secret is filed under seal and the trade secret is not disclosed except in response to court order.

		
	(b)
	Exceptions.  Executive’s nondisclosure obligation under Section 10(a) does not apply to any use or disclosure that is:

		
	(i)
	Made with the prior written consent of the Board of Directors of First Federal or the Company;

		
	(ii)
	Required by a court order or a subpoena from a government agency (as long as Executive first provides First Federal and the Company with reasonable notice of the court order or subpoena to allow First Federal and the Company the opportunity to contest the requested disclosure); or

		
	(iii)
	Of Confidential Information that has been previously disclosed to the public by First Federal or the Company or is in the public domain (other than because of Executive’s breach of this Agreement).

		
	(c)
	Confidential Information.  For purposes of this Agreement, “Confidential Information” includes any of First Federal’s or the Company’s trade secrets, customer or prospect lists, information regarding product development, marketing plans, sales plans, strategic plans, projected acquisitions or dispositions, management agreements, management organization information (including data and other information relating to members of the Board of Directors and management of First Federal and the Company), operating policies or manuals, business plans, purchasing agreements, financial records, or other similar financial, commercial, business, or technical information of any kind that First Federal or the Company has received from service providers, other vendors, or customers that these third parties have designated as confidential or proprietary (and that by its nature would reasonably be expected to be confidential or proprietary).

		
	(d)
	Survival.  This Section 10 will survive the termination of Executive’s employment.

- 14 -    

		
	11.
	Sanctions; Remedial Actions. 

		
	(a)
	Cessation; Right to Recover.   If Executive violates Section 9 or Section 10, any remaining payments or compensation, of any nature, due to Executive under this Agreement will immediately cease, and First Federal and the Company may recover, at any time and in their sole discretion, all payments and other compensation (of whatever nature) paid to Executive (or their equivalent value, in the case of insurance or other nonmonetary payments) after the violation occurred.

		
	(b)
	Injunctive Relief.  Executive recognizes and agrees that any breach of Section 9 or Section 10 by Executive will cause immediate and irreparable injury to First Federal and the Company, and Executive hereby authorizes recourse by First Federal and the Company to injunction or specific performance, as well as to other legal or equitable remedies to which First Federal or the Company may be entitled.  Executive agrees that First Federal and the Company need not post any bond as a condition of seeking such relief and that the prevailing party in any arbitration or litigation to enforce Section 9 or Section 10 will be entitled to its reasonable attorneys’ fees.

		
	12.
	Miscellaneous.  

		
	(a)
	Notices.  All notices and other communications under this Agreement must be in writing and given by hand-delivery to the other Parties or by registered or certified mail, return receipt requested, postage prepaid, addressed as follows:

	
		
	To Executive:

At Executive’s most recent mailing address on file with First Federal or the Company

	To First Federal or the Company:

105 West 8th Street
Port Angeles, WA 98362

A Party may change its address for purposes of receiving notices and other communications under this Agreement by furnishing such updated address to the other Parties in writing.  Notices and communications are effective when actually received by the addressee. 

		
	(b)
	Severability.  The invalidity or unenforceability of any provision of this Agreement will not affect the validity or enforceability of any other provision of this Agreement.

- 15 -    

		
	(c)
	Counterparts.  This Agreement may be executed by scan signatures or facsimile signatures and in any number of counterparts with the same effect as if all signatory parties had signed the same document.  All counterparts are to be construed together and constitute one and the same instrument.

		
	(d)
	Withholdings.  First Federal and the Company may withhold from any amounts payable under this Agreement the federal, state, local, or foreign taxes as required to be withheld under any applicable law or regulation.

		
	(e)
	Survival.  Any provision of this Agreement that by its terms continues (or would be reasonably expected to continue) after the termination or expiration of this Agreement or the termination of Executive’s employment will survive in accordance with its terms.

		
	(f)
	Section 409A.  This Agreement is intended to comply with the requirements of Section 409A of the Code and its applicable regulations.  To the extent that any provision in this Agreement is ambiguous as to its compliance with Section 409A of the Code, that provision is to be read in such a manner so that all payments due under this Agreement comply with Section 409A of the Code.  In no event may Executive, directly or indirectly, designate the calendar year of payment.  Each payment under this Agreement is to be treated as a separate payment for purposes of Section 409A of the Code.  Anything in this Agreement to the contrary notwithstanding, if at the time of Executive’s separation from service within the meaning of Section 409A of the Code, Executive is  considered  a  “specified  employee”  within  the  meaning  of Section 409A(a)(2)(B)(i) of the Code, and if any payment that Executive becomes entitled to under this Agreement is deferred compensation subject to interest, penalties and additional tax imposed under Section 409A(a)(2)(B)(i) of the Code, then no such payment will be payable before the date that is the earlier of (i) six (6) months and one (1) day after Executive’s separation from service or (ii) Executive’s death.  In no event will the Date of Termination be deemed to occur until Executive experiences a “separation from service” within the meaning of Section 409A of the Code, and notwithstanding anything contained in this Agreement to the contrary, the date on which the separation from service takes place will be the Date of Termination.  All reimbursements provided under this Agreement shall be provided in accordance with the requirements of Section 409A of the Code, including, when applicable, the requirement that (A) the amount of expenses eligible for reimbursement during one (1) calendar year does not affect the amount of expenses eligible for reimbursement in any other calendar year; (B) the reimbursement of an eligible expense is made no later than the last day of the calendar year following the calendar year in which the expense is incurred; and (C) the right to any reimbursement is not subject to liquidation or exchange for another benefit. 

- 16 -    

Notwithstanding the foregoing, First Federal and the Company make no representation or covenant to ensure that the payments and benefits under this Agreement are exempt from, or compliant with, Section 409A of the Code.

		
	(g)
	Entire Agreement.  Except as explicitly set forth in this Agreement, this Agreement constitutes the entire agreement between the Parties with respect to its subject matter, and supersedes all prior agreements, oral or written, between the Parties with respect to its subject matter.

- Signatures Follow -

- 17 -    

The Parties have executed this Agreement effective as of the Effective Date.

THIS AGREEMENT CONTAINS A BINDING ARBITRATION PROVISION THAT MAY BE ENFORCED BY THE PARTIES.

	
		
	Executive:

                  
__________________

	First Federal:

First Federal Savings and Loan Association of Port Angeles

                  
Name:   _________________
Title:   _________________

The Company:

First Northwest Bancorp

                  
Name:   __________________
Title:   Chairman of the Board of Directors

- 18 -Exhibit

    

EXECUTIVE EMPLOYMENT AGREEMENT

This EXECUTIVE EMPLOYMENT AGREEMENT (this “Agreement”) is executed as of July 3, 2019 between Belden Inc., a Delaware corporation (the “Company”), and Ashish Chand (the “Executive”).
W I T N E S S E T H:
WHEREAS, the Company desires to employ Executive as Executive Vice President, Industrial Connectivity and Executive desire to accept such employment;
WHEREAS, the Company and Executive desire to enter into the Agreement to set forth the terms of Executive’s employment with the Company;
NOW THEREFORE, in consideration of the foregoing, of the mutual promises contained herein and of other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto hereby agree as follows:
1.POSITION/DUTIES.  
(a)    Executive shall serve as the Company’s Executive Vice President, Industrial Connectivity.
(b)    Executive shall use his best efforts to perform faithfully and efficiently the duties and responsibilities assigned to Executive hereunder and devote substantially all of Executive’s business time to the performance of Executive’s duties with the Company; provided, the foregoing shall not prevent Executive from participating in charitable, civic, educational, professional or community affairs so long as such activities do not materially interfere with the performance of Executive’s duties hereunder or create a potential business conflict or the appearance thereof.  
(c)    Executive will relocate to the USA upon completion of the required immigration process and travel to other locations, as required to perform his duties.
2.    TERM OF AGREEMENT.  This Agreement shall be effective on the date hereof (the “Effective Date”) and shall end on the first anniversary of the Effective Date.  The term of this Agreement shall be automatically extended thereafter for successive one (1) year periods unless, at least ninety (90) days prior to the end of the initial term of this Agreement or the then current succeeding one-year extended term of this Agreement, the Company or Executive has notified the other that the term hereunder shall terminate upon its expiration date. The initial term of this Agreement, as it may be extended from year to year thereafter, is herein referred to as the “Term.”  The foregoing to the contrary notwithstanding, upon the occurrence of a Change in Control (defined below) at any time after the first anniversary of the Effective Date, the Term of this Agreement shall be extended to the second anniversary of the date of the occurrence of such Change in Control and shall be subject to expiration thereafter upon notice by Executive or the Company to the other party or to automatic successive additional one-year periods, as the case may be, in the manner provided above.  If Executive remains employed by the Company beyond the expiration of the Term, he shall be an employee at-will; except that any provisions identified as surviving shall continue.  In all events hereunder, Executive’s employment is subject to earlier termination pursuant to Section 8 hereof, and upon such earlier termination the Term shall be deemed to have ended.  
3.    BASE SALARY.  As of the Effective Date, the Company shall pay Executive a base salary (the “Base Salary”) at an annual rate of $460,000.00 payable in accordance with the regular payroll practices of the Company.  

Executive’s Base Salary shall be subject to annual review by the Company’s Chief Operating Officer (“COO”) and may be increased from time to time by the COO (as approved by the Compensation Committee of the Board of Directors of the Company).  The base salary as determined herein from time to time shall constitute “Base Salary” for purposes of this Agreement.
4.    ANNUAL CASH INCENTIVE.  Executive shall be eligible to participate in the Company’s management cash incentive plan and any successor annual cash plans.  Executive shall have the opportunity to earn an annual target cash incentive, measured against performance criteria to be determined by the Company’s Board (or a committee thereof) having a target value of not less than 75% of Base Salary.
5.    CALIFORNIA EXECUTIVE ALLOWANCE. Should the Executive relocate to California, he will be eligible to receive an annual allowance of $70,000.00 to cover expenses related to the higher cost of living in this location.  The amount will be paid in equal monthly installments over 12 months, will not be part of the Base Salary utilized to determine the targets described in Section 4 or Section 6(a)(i), and will cease should the Executive relocate outside of California. The allowance will be subject to all regular payroll withholdings. The value of the allowance will be reviewed each year as part of Executive’s annual compensation review. 
6.    EQUITY AWARDS.
(a) LONG-TERM INCENTIVE AWARDS.
(i)    Executive shall be eligible for annual long-term incentive awards throughout the Term under such long-term incentive plans and programs as may be in effect from time to time in accordance with the Company’s compensation practices and the terms and provisions of any such plans or programs; provided, that Executive’s participation in such plans and programs shall be at a level and on terms and conditions consistent with participation by other senior executives of the Company, as the Board or the Committee shall determine in its sole discretion, with due consideration of Executive’s position, awards granted to other senior executives of the Company and competitive compensation data.  The Executive’s target for participating in the Company’s plan shall be 120% of Base Salary.  
(ii)    All long-term incentive awards to Executive shall be granted pursuant to and shall be subject to all of the terms and conditions imposed upon such awards granted under the Plan.
(b)    STOCK OWNERSHIP.  Executive shall be subject to, and shall comply with, the stock ownership guidelines of the Company as may be in effect from time to time. Executive shall have five (5) years to satisfy the stock ownership guidelines applicable to Executive.  As of the Effective Date, the Executive’s annual interim target for share accumulation is 20% after the first year, 40% after the second year, 60% after the third year, and 80% after the fourth year.
7.    EMPLOYEE BENEFITS.  As of the Effective Date:
(a)    BENEFIT PLANS.  Executive shall be entitled to participate in all employee benefit plans of the Company including, but not limited to, relocation policy, equity, pension, thrift, profit sharing, medical coverage, education, or other retirement or welfare benefits that the Company has adopted or may adopt, maintain or contribute to for the benefit of its senior executives in accordance with the terms of such plans and programs.
(b)    VACATION.  Executive shall be entitled to annual paid vacation in accordance with the Company’s policy applicable to senior executives.

	
			
	 
	2
	 

(c)    BUSINESS AND ENTERTAINMENT EXPENSES.  Upon presentation of appropriate documentation, Executive shall be reimbursed in accordance with the Company’s expense reimbursement policy for all reasonable and necessary business expenses incurred in connection with the performance of Executive’s duties hereunder.  
(d)    CERTAIN AMENDMENTS.  Nothing herein shall be construed to prevent the Company from amending, altering, terminating or reducing any plans, benefits or programs.
8.    TERMINATION.  Executive’s employment and the Term shall terminate on the first of the following to occur:
(a)    DISABILITY.  Upon written notice by the Company to Executive of termination due to Disability, while Executive remains Disabled.  For purposes of this Agreement, “Disability” shall have the meaning defined under the Company’s then-current long-term disability insurance plan in which Executive participates. 
(b)    DEATH.  Automatically on the date of death of Executive.
(c)    CAUSE.  Immediately upon written notice by the Company to Executive of a termination of Executive’s employment for Cause.  “Cause” shall mean: 
(i)    Executive’s willful and continued failure to perform substantially his duties owed to the Company or its affiliates after a written demand for substantial performance is delivered to him specifically identifying the nature of such unacceptable performance, which is not cured by Executive within a reasonable period, not to exceed thirty (30) days; 
(ii)    Executive is convicted of (or pleads guilty or no contest to) a felony or any crime involving moral turpitude; or
(iii)    Executive has engaged in conduct that constitutes gross misconduct in the performance of his employment duties. 
An act or omission by Executive shall not be “willful” if conducted in good faith and with Executive’s reasonable belief that such conduct is in the best interests of the Company.
(d)    WITHOUT CAUSE.  Upon written notice by the Company to Executive of an involuntary termination of Executive’s employment other than for Cause (and other than due to his Disability).
(e)    GOOD REASON.  Upon written notice by Executive to the Company of a voluntary termination of Executive’s employment at any time during a Protection Period (defined in Section 11 below), for Good Reason.  “Good Reason” shall mean, without the express written consent of Executive, the occurrence of any of the following events during a Protection Period:
(i)    Executive’s Base Salary or annual target cash incentive opportunity is materially reduced;
(ii)    Executive’s duties or responsibilities are negatively and materially changed in a manner inconsistent with Executive’s position (including status, offices, titles, and reporting responsibilities) or authority; or

	
			
	 
	3
	 

(iii)    The Company requires Executive’s principal office to be relocated more than 50 miles from its location as of the date immediately preceding the Change in Control.  
Prior to any termination by Executive for “Good Reason,” he shall provide the Board not less than thirty (30) nor more than ninety (90) days’ notice, with specificity, of the grounds constituting Good Reason and an opportunity within such notice period for the Company to cure such grounds.  The notice shall be given within ninety (90) days following the initial existence of grounds constituting Good Reason for such notice and subsequent termination, if not so cured above, to be effective.
(f)    VOLUNTARY TERMINATION FOR ANY REASON (WITHOUT GOOD REASON DURING A PROTECTION PERIOD).  Upon at least thirty (30) days’ prior written notice by Executive to the Company of Executive’s voluntary termination of employment (i) for any reason prior to or after a Protection Period or (ii) without Good Reason during a Protection Period, in either case which the Company may, in its sole discretion, make effective earlier than any termination date set forth in such notice.
9.    CONSEQUENCES OF TERMINATION.  Any termination payments made and benefits provided under this Agreement to Executive shall be in lieu of any termination or severance payments or benefits for which Executive may be eligible under any of the plans, policies or programs of the Company or its affiliates, it being understood that any Long-Term Awards (as defined in Section 12 hereof) shall be treated as addressed in Section 12 hereof.  Upon termination of Executive’s employment, the following amounts and benefits shall be due to Executive:
(a)    DEATH; DISABILITY.  If Executive’s employment terminates due to Executive’s death or Disability, then the Company shall pay or provide Executive (or the legal representative of his estate in the case of his death) with:
(i)    (A) any accrued and unpaid Base Salary through the date of termination and any accrued and unused vacation in accordance with Company policy; and (B) reimbursement for any unreimbursed expenses, incurred and documented in accordance with applicable Company policy, through the date of termination (collectively, “Accrued Obligations”); 
(ii)    Any unpaid cash incentive award earned with respect to any fiscal year ending on or preceding the date of termination, payable when annual cash incentives are paid generally to senior executives for such year; 
(iii)    A pro-rated annual cash incentive award for the fiscal year in which such termination occurs, the amount of which shall be based on actual performance under the applicable annual cash incentive plan and a fraction, the numerator of which is the number of days elapsed during the performance year through the date of termination and the denominator of which is 365, which pro-rated cash incentive award shall be paid when awards are paid generally to senior executives for such year; 
(iv)    Any disability insurance benefits, or life insurance proceeds, as the case may be, as may be provided under the Company plans in which Executive participates immediately prior to such termination; and
(b)    VOLUNTARY TERMINATION (INCLUDING VOLUNTARY TERMINATION WITHOUT GOOD REASON DURING A PROTECTION PERIOD); INVOLUNTARY TERMINATION WITHOUT CAUSE AT OR AFTER AGE 65; INVOLUNTARY TERMINATION FOR CAUSE.  

	
			
	 
	4
	 

(i)    If Executive’s employment should be terminated (i) by Executive for any reason at any time other than during a Protection Period, or (ii) by Executive without Good Reason during a Protection Period, then the Company shall pay to Executive any Accrued Obligations in accordance with Section 9(a)(i). 
(ii)    If Executive’s employment is terminated by the Company without Cause and other than for Disability at or after Executives’ attainment of age 65, the Company shall pay to Executive any Accrued Obligations.
(iii)    If Executive’s employment is terminated by the Company for Cause, the Company shall pay to Executive any Accrued Obligations.
(c)    TERMINATION WITHOUT CAUSE.  If at any time (A) prior to Executive’s attainment of age 65 and (B) other than during a Protection Period, Executive’s employment by the Company is terminated by the Company without Cause (and other than a termination for Disability), then the Company shall pay or provide Executive with:
(i)    Executive’s Accrued Obligations, payable in accordance with Section 9(a)(i); 
(ii)    Any unpaid annual cash incentive earned with respect to any fiscal year ending on or preceding the date of termination, payable when such incentives are paid generally to senior executives for such year; 
(iii)    A pro-rated annual cash incentive for the fiscal year in which such termination occurs, the amount of which shall be based on actual performance under the applicable annual cash incentive plan and a fraction, the numerator of which is the number of days elapsed during the performance year through the date of termination and the denominator of which is 365, which pro-rated annual cash incentive award shall be paid when awards are paid generally to senior executives for such year; 
(iv)    Severance payments in the aggregate amount equal to the sum of  (A) Executive’s then Base Salary plus (B) his annual target cash incentive, which amount shall be payable to Executive in equal semi-monthly payroll installments over a period of twelve (12) months; 
For purposes of this subparagraph (iv) each installment severance payment to Executive under this subparagraph (iv) shall be treated as a separate payment (within the meaning of Section 409A).
Provided, anything herein to the contrary notwithstanding, if on the date of termination, Executive is a “specified employee” of the Company (as defined in Treasury Regulation Section 1.409A-1(i)), to the extent that such severance payments (and any other payments and benefits provided in Section 9) constitute a “deferral of compensation” under a “nonqualified deferred compensation plan” under Section 409A and Treasury Regulation Section 1.409A-1, the following provisions shall apply (“Safe Harbor and Postponement”):
(1)If such payments and benefits are payable on account of Executive’s “involuntary separation from service” (as defined in Treasury Regulation Section 1.409A-1(n)), Executive shall receive such amount of his severance payments during the six (6)-month period immediately following the date of termination as equals the lesser of: (x) such severance payment amount due Executive under Section 9 during such six (6)-month period or (y) two (2) multiplied by the compensation limit in effect under Section 401(a)(17) of the Code, for the calendar year in which the date of termination occurs and as otherwise provided under Treasury Regulation Section 

	
			
	 
	5
	 

1.409A-1(b)(9)(iii) and shall be entitled to such of his benefits as satisfy the exception under Treasury Regulation Section 1.409A-1(b)(9)(v) (“Limitation Amount”).  
(2)To the extent that, upon such “involuntary separation from service,” the amount of payments and benefits that would have been payable to Executive under Section 9 during the six (6)-month period following the last day of his employment exceeds the Limitation Amount, such excess shall be paid on the first regular semi-monthly payroll date following the expiration of such six (6)-month period.  
(3)If the Company reasonably determines that such employment termination is not such an “involuntary separation from service,” all such payments and benefits that would have been payable to the Executive under Section 9 during the six (6)-month period immediately following the date of termination, but for such determination, shall be paid on the first regular semi-monthly payroll date immediately following the expiration of such six (6)-month period following the date of termination.
(4)Any payments under this Section 9(c) that are postponed pursuant to the Safe Harbor and Postponement shall accrue interest at an annual rate (compounded monthly) equal to the short-term applicable federal rate (as in effect under Section 1274(d) of the Code on the last day of the Executive’s employment) plus 100 basis points, which interest shall be paid on the first regular semi-monthly payroll date immediately following the expiration of the six (6)-month period following the date of termination.
(v)    Subject to Executive’s continued co-payment of premiums, continued participation for twelve (12) months in the Company’s medical benefits plan which covers Executive and his eligible dependents upon the same terms and conditions (except for the requirements of Executive’s continued employment) in effect for active employees of the Company.  In the event Executive obtains other employment that offers substantially similar or more favorable medical benefits, such continuation of coverage by the Company under this subsection shall immediately cease.  The continuation of health benefits under this subsection shall reduce the period of coverage and count against Executive’s right to healthcare continuation benefits under COBRA. 
10.    CONDITIONS.  Any payments or benefits made or provided to Executive pursuant to any subsection of Section 9, other than Accrued Obligations, are subject to Executive’s:
(a)    compliance with the provisions of Section 13 hereof;
(b)    delivery to the Company of an executed Agreement and General Release (the “General Release”), which shall be substantially in the form attached hereto as Exhibit A within twenty-one (21) days after presentation thereof by the Company to Executive; and
(c)    delivery to the Company of a resignation from all offices, directorships and fiduciary positions held by Executive with the Company, its affiliates and employee benefit plans.
Notwithstanding the due date of any post-employment payments, any amounts due following a termination under this Agreement (other than Accrued Obligations) shall not be payable until after the expiration of any statutory revocation period applicable to the General Release without Executive having revoked such General Release, and, subject to the provisions of Section 22 hereof, any such amounts shall be paid to Executive within thirty (30) days thereafter.  

	
			
	 
	6
	 

Notwithstanding the foregoing, Executive shall be entitled to any Accrued Obligations, payable without regard for the conditions of this Section 10.
11.    CHANGE IN CONTROL; EXCISE TAX.  
(a)    CHANGE IN CONTROL.  A “Change in Control” of the Company shall be deemed to have occurred if any of the events set forth in any one of the following subparagraphs shall occur: 
(i)    The acquisition by any individual, entity or group (within the meaning of Section 13(d)(3) or 14(d)(2) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”)) (a “Person”) of beneficial ownership (within the meaning of Rule 13d-3 promulgated under the Exchange Act) of more than 50% of either (i) the then-outstanding shares of common stock of the Company (the “Outstanding Company Common Stock”) or (ii) the combined voting power of the then-outstanding voting securities of the Company entitled to vote generally in the election of directors (the “Outstanding Company Voting Securities”); provided, however, that for purposes of this subsection (a), the following acquisitions shall not constitute a Change of Control: (1) any acquisition directly from the Company, (2) any acquisition by the Company, (3) any acquisition by any employee benefit plan (or related trust) sponsored or maintained by the Company or any corporation controlled by the Company, or (4) any acquisition by any corporation pursuant to a transaction which complies with clauses (1) and (2) of subsection (iii) of this definition;  
(ii)    individuals who, as of the date hereof, constitute the Board (the “Incumbent Board”) cease for any reason to constitute at least a majority of the Board; provided, however, that any individual becoming a director subsequent to the date hereof whose election, or nomination for election by the Company’s shareholders, was approved by a vote of at least a majority of the directors then comprising the Incumbent Board shall be considered as though such individual were a member of the Incumbent Board;  
(iii)    consummation of a reorganization, merger or consolidation or sale or other disposition of all or substantially all of the assets of the Company (a “Business Combination”), in each case, unless, following such Business Combination, (1) all or substantially all of the individuals and entities who were the beneficial owners, respectively, of the Outstanding Company Common Stock and Outstanding Company Voting Securities immediately prior to such Business Combination beneficially own, directly or indirectly, more than 50% of, respectively, the then-outstanding shares of common stock and the combined voting power of the then outstanding voting securities entitled to vote generally in the election of directors, as the case may be, of the corporation resulting from such Business Combination (including, without limitation, a corporation which as a result of such transaction owns the Company or all or substantially all of the Company’s assets either directly or through one or more subsidiaries) and in substantially the same proportions as their ownership, immediately prior to such Business Combination of the Outstanding Company Common Stock and Outstanding Company Voting Securities, as the case may be, and (2) at least a majority of the members of the board of directors of the corporation resulting from such Business Combination were members of the Incumbent Board at the time of the execution of the initial agreement, or of the action of the Board, providing for such Business Combination; or 
(iv)    approval by the shareholders of the Company of a complete liquidation or dissolution of the Company.
(b)    QUALIFYING TERMINATION.  If, prior to Executive’s attainment of age 65, Executive’s employment is involuntarily terminated by the Company without Cause (and other than due to his Disability) or is voluntarily terminated by Executive for Good Reason, in either case only during the period commencing on the 

	
			
	 
	7
	 

occurrence of a Change in Control of the Company and ending on the second anniversary of date of the Change in Control (“Protection Period”), then the Company shall pay or provide Executive with:
(i)    Executive’s Accrued Obligations, payable in accordance with Section 9(a)(i); 
(ii)    Any unpaid annual cash incentive award earned with respect to any fiscal year ending on or preceding the date of termination, payable when awards are paid generally to senior executives for such year;
(iii)    A pro-rated annual cash incentive for the fiscal year in which such termination occurs, the amount of which shall be based on target performance and a fraction, the numerator of which is the number of days elapsed during the performance year through the date of termination and the denominator of which is 365, which pro-rated annual cash incentive award shall be paid when awards are paid generally to senior executives for such year;
(iv)    A lump sum severance payment in the aggregate amount equal to the product of (A) the sum of (1) Executive’s highest Base Salary during the Protection Period plus (2) his annual target annual cash incentive award multiplied by (B) two (2); provided, unless the Change of Control occurring on or preceding such termination also meets the requirements of Section 409A(a)(2)(A)(v) and Treasury Regulation Section 1.409A-3(i)(5)  (or any successor provision) thereunder (a “409A Change in Control”), the amount payable to Executive under this subparagraph (iv) shall be paid to Executive in equal semi-monthly payroll installments over a period of twenty-four (24) months, not in a lump sum, to the extent necessary to avoid the application of Section 409A(a)(1)(A) and (B); 
(v)    Subject to Executive’s continued co-payment of premiums, continued participation for two (2) years in the Company’s medical benefits plan which covers Executive and his eligible dependents upon the same terms and conditions (except for the requirements of Executive’s continued employment) in effect for active employees of the Company.  In the event Executive obtains other employment that offers substantially similar or more favorable medical benefits, such continuation of coverage by the Company under this subsection shall immediately cease.  The continuation of health benefits under this subsection shall reduce the period of coverage and count against Executive’s right to healthcare continuation benefits under COBRA; and
(vi)    Payments falling under Section 11(b)iv shall, if to be paid in a lump sum pursuant to such section, be paid within ten (10) business days after the Executive’s termination of employment. 
Provided, to the extent applicable under Section 409A as a “deferral of compensation,” and not as a “short-term deferral” under Treasury Regulation Section 1.409A-1(b)(4), the payments and benefits payable to Executive under this Section 11(b) shall be subject to the Safe Harbor and Postponement provided at Section 9(c)(iv).

	
			
	 
	8
	 

(c)    EXCISE TAX.  If it is determined that any amount, right or benefit paid or payable (or otherwise provided or to be provided) to the Executive by the Company or any of its affiliates under this Agreement or any other plan, program or arrangement under which Executive participates or is a party, other than amounts payable under this Section 11(c), (collectively, the “Payments”), would constitute an “excess parachute payment” within the meaning of Section 280G of the Internal Revenue Code of 1986, as amended (“Code”), subject to the excise tax imposed by Section 4999 of the Code, as amended from time to time (the “Excise Tax”),  Executive will have the option of either paying the Excise Tax or reducing the amount of Payments to the safe harbor level of the Code less $1.00.
12.    LONG-TERM AWARDS.  All of Executive’s stock options, stock appreciation rights, restricted stock units, performance share units and any other long-term incentive awards granted under any long-term incentive plan of the Company, whether granted before or after the Effective Date (collectively “Long-Term Awards”), shall remain in effect in accordance with their terms and conditions, including with respect to the consequences of the termination of Executive’s employment or a change in control, and shall not be in any way amended, modified or affected by this Agreement. 
13.    EXECUTIVE COVENANTS.
(a)    CONFIDENTIALITY.  Executive agrees that Executive shall not, commencing on the date hereof and at all times thereafter, directly or indirectly, use, make available, sell, disclose or otherwise communicate to any person, other than in the course of Executive’s employment and for the benefit of the Company, any nonpublic, proprietary or confidential information, knowledge or data relating to the Company, any of its subsidiaries, affiliated companies or businesses, which shall have been obtained by Executive during Executive’s employment by the Company.  The foregoing shall not apply to information that (i) was known to the public prior to its disclosure to Executive; (ii) becomes known to the public subsequent to disclosure to Executive through no wrongful act of Executive or any representative of Executive; or (iii) Executive is required to disclose by applicable law, regulation or legal process (provided that Executive provides the Company with prior notice of the contemplated disclosure and reasonably cooperates with the Company at its expense in seeking a protective order or other appropriate protection of such information).  Notwithstanding clauses (i) and (ii) of the preceding sentence, Executive’s obligation to maintain such disclosed information in confidence shall not terminate where only portions of the information are in the public domain.
(b)    NONSOLICITATION. Commencing on the date hereof, and continuing during Executive’s employment with the Company and for the twelve (12) month period following termination of Executive’s employment for any reason (a twenty-four (24) month post-employment period in the event of a termination of Executive’s employment for any reason at any time during a Protection Period) (“Restricted Period”), Executive agrees that Executive shall not, without the prior written consent of the Company, directly or indirectly, individually or on behalf of any other person, firm, corporation or other entity: (i) solicit, recruit or employ (whether as an employee, officer, director, agent, consultant or independent contractor) any person who was or is at any time during the six (6) months preceding Executive’s termination of employment an employee, representative, officer or director of the Company; (ii) take any action to encourage or induce any employee, representative, officer or director of the Company to cease their relationship with the Company for any reason; or (iii) knowingly solicit, aid or induce any customer of the Company or any of its subsidiaries or affiliates to purchase goods or services then sold by the Company or any of its subsidiaries or affiliates from another person, firm, corporation or other entity or assist or aid any other persons or entity in identifying or soliciting any such customer.
(c)    NONCOMPETITION.  Executive acknowledges that Executive performs services of a unique nature for the Company that are irreplaceable, and that Executive’s performance of such services to a competing business will result in irreparable harm to the Company.  Accordingly, during the Restricted Period, Executive agrees that Executive shall not, directly or indirectly, own, manage, operate, control, be employed by (whether as an employee, 

	
			
	 
	9
	 

consultant, independent contractor or otherwise, and whether or not for compensation) or render services to any person, firm, corporation or other entity, in whatever form, engaged in any business of the same type as any business in which the Company or any of its subsidiaries or affiliates is engaged on the date of termination or in which they have proposed, on or prior to such date, to be engaged in on or after such date at any time during the twelve (12)-month period ending with the date of termination for any reason (a twenty-four month post-employment period in the event of termination of Executive’s employment for any reason at any time during a Protection Period) , in any locale of any country in which the Company conducts business.  This Section 13(c) shall not prevent Executive from owning not more than two percent (2%) of the total shares of all classes of stock outstanding of any publicly held entity engaged in such business.
(d)    NONDISPARAGEMENT.  Each of Executive and the Company (for purposes hereof, “the Company” shall mean only (i) the Company by press release or other formally released announcement and (ii) the executive officers and directors thereof and not any other employees) agrees not to make any public statements that disparage the other party, or in the case of the Company, its respective affiliates, employees, officers, directors, products or services.  Notwithstanding the foregoing, statements made in the course of sworn testimony in administrative, judicial or arbitral proceedings (including, without limitation, depositions in connection with such proceedings) shall not be subject to this Section 13(d).  Executive’s provision shall also not cover normal competitive statements which do not cite Executive’s employment by the Company.
(e)    RETURN OF COMPANY PROPERTY AND RECORDS.  Executive agrees that upon termination of Executive’s employment, for any cause whatsoever, Executive will surrender to the Company in good condition (reasonable wear and tear excepted) all property and equipment belonging to the Company and all records kept by Executive containing the names, addresses or any other information with regard to customers or customer contacts of the Company, or concerning any proprietary or confidential information of the Company or any operational, financial or other documents given to Executive during Executive’s employment with the Company.
(f)    COOPERATION.  Executive agrees that, following termination of Executive’s employment for any reason, Executive shall upon reasonable advance notice, and to the extent it does not interfere with previously scheduled travel plans and does not unreasonably interfere with other business activities or employment obligations, assist and cooperate with the Company with regard to any matter or project in which Executive was involved during Executive’s employment, including any litigation.  The Company shall compensate Executive for reasonable expenses incurred in connection with such cooperation and assistance.
(g)    ASSIGNMENT OF INVENTIONS.  Executive will promptly communicate and disclose in writing to the Company all inventions and developments including software, whether patentable or not, as well as patents and patent applications (hereinafter collectively called “Inventions”), made, conceived, developed, or purchased by Executive, or under which Executive acquires the right to grant licenses or to become licensed, alone or jointly with others, which have arisen or jointly with others, which have arisen or may arise out of Executive’s employment, or relate to any matters pertaining to, or useful in connection therewith, the business or affairs of the Company or any of its subsidiaries.  Included herein as if developed during the employment period is any specialized equipment and software developed for use in the business of the Company.  All of Executive’s right, title and interest in, to, and under all such Inventions, licenses, and right to grant licenses shall be the sole property of the Company.  Any such Inventions disclosed to anyone by Executive within one (1) year after the termination of employment for any cause whatsoever shall be deemed to have been made or conceived by Executive during the Term.  As to all such Inventions, Executive will, upon request of the Company execute all documents which the Company deems necessary or proper to enable it to establish title to such Inventions or other rights, and to enable it to file and prosecute applications for letters patent of the United States and any foreign country; and do all things (including the giving of evidence in suits and other 

	
			
	 
	10
	 

proceedings) which the Company deems necessary or proper to obtain, maintain, or assert patents for any and all such Inventions or to assert its rights in any Inventions not patented.
(h)    EQUITABLE RELIEF AND OTHER REMEDIES.  The parties acknowledge and agree that the other party’s remedies at law for a breach or threatened breach of any of the provisions of this Section 13 would be inadequate and, in recognition of this fact, the parties agree that, in the event of such a breach or threatened breach, in addition to any remedies at law, the other party, without posting any bond, shall be entitled to obtain equitable relief in the form of specific performance, temporary restraining order, a temporary or permanent injunction or any other equitable remedy which may then be available.
(i)    REFORMATION.  If it is determined by a court of competent jurisdiction in any state that any restriction in this Section 13 is excessive in duration or scope or is unreasonable or unenforceable under the laws of that state, it is the intention of the parties that such restriction may be modified or amended by the court to render it enforceable to the maximum extent permitted by the law of that state.
(j)    SURVIVAL OF PROVISIONS.  The obligations of Executive set forth in this Section 13 shall survive the termination of Executive’s employment by the Company and the termination or expiration of this Agreement and shall be fully enforceable thereafter.
14.    NO ASSIGNMENTS.
(a)    This Agreement is personal to each of the parties hereto.  Except as provided in Section 14(b) below, no party may assign or delegate any rights or obligations hereunder without first obtaining the written consent of the other party hereto.
(b)    The Company shall assign this Agreement to any successor to all or substantially all of the business or assets of the Company provided that the Company shall require such successor to expressly assume and agree to perform this Agreement in the same manner and to the same extent that the Company would be required to perform it if no such succession had taken place and shall deliver a copy of such assignment to Executive.
15.    NOTICE.  For the purpose of this Agreement, notices and all other communications provided for in this Agreement shall be in writing and shall be deemed to have been duly given (a) on the date of delivery if delivered by hand, (b) on the first business day following the date of deposit if delivered by guaranteed overnight delivery service, or (d) on the fourth business day following the date delivered or mailed by United States registered or certified mail, return receipt requested, postage prepaid, addressed as follows:
If to Executive (handwritten executives address below):

If to the Company:
 
Belden Inc. 
One North Brentwood 
15th Floor
St. Louis, Missouri 63105 
Attn:  General Counsel

	
			
	 
	11
	 

or to such other address as either party may have furnished to the other in writing in accordance herewith, except that notices of change of address shall be effective only upon receipt.
16.    SECTION HEADINGS; INCONSISTENCY.  The section headings used in this Agreement are included solely for convenience and shall not affect, or be used in connection with, the interpretation of this Agreement.  In the event of any inconsistency between this Agreement and any other agreement (including but not limited to any option, long-term incentive or other equity award agreement), plan, program, policy or practice of the Company, the terms of this Agreement shall control.
17.    SEVERABILITY.  The provisions of this Agreement shall be deemed severable and the invalidity of unenforceability of any provision shall not affect the validity or enforceability of the other provisions hereof.
18.    ARBITRATION.  Any dispute or controversy arising under or in connection with this Agreement, other than injunctive relief under Section 13(h) hereof or damages for breach of Section 13, shall be settled exclusively by arbitration, conducted before a single arbitrator in St. Louis, Missouri, administered by the American Arbitration Association (“AAA”) in accordance with its Commercial Arbitration Rules then in effect.  The single arbitrator shall be selected by the mutual agreement of the Company and Executive, unless the parties are unable to agree to an arbitrator, in which case, the arbitrator will be selected under the procedures of the AAA.  The arbitrator will have the authority to permit discovery and to follow the procedures that Executive or she determines to be appropriate.  The arbitrator will have no power to award consequential (including lost profits), punitive or exemplary damages.  The decision of the arbitrator will be final and binding upon the parties hereto.  Judgment may be entered on the arbitrator’s award in any court having jurisdiction.  Each party shall bear its own legal fees and costs and equally divide the forum fees and cost of the arbitrator.  
19.    INDEMNIFICATION; LIABILITY INSURANCE.  The Company and Executive shall enter into the Company’s standard form of indemnification agreement governing his conduct as an officer and director of the Company.
20.    AMENDMENTS; WAIVER.  No provision of this Agreement may be modified, waived or discharged unless such waiver, modification or discharge is agreed to in writing and signed by Executive and such officer or director as may be designated by the Board.  No waiver by either party hereto at any time of any breach by the other party hereto of, or compliance with, any condition or provision of this Agreement to be performed by such other party shall be deemed a waiver of similar or dissimilar provisions or conditions at the same or at any prior or subsequent time.  
21.    ENTIRE AGREEMENT; MISCELLANEOUS.  This Agreement together with all exhibits hereto sets forth the entire agreement of the parties hereto in respect of the subject matter contained herein.  No agreements or representations, oral or otherwise, express or implied, with respect to the subject matter hereof have been made by either party which are not expressly set forth in this Agreement.  The validity, interpretation, construction and performance of this Agreement shall be governed by the laws of the State of Delaware without regard to its conflicts of law principles.  The descriptive headings in this Agreement are inserted for convenience of reference only and are not intended to be part of or to affect the meaning or interpretation of this Agreement.  The use of the word “including” in this Agreement shall be by way of example rather than by limitation and of the word “or” shall be inclusive and not exclusive.  
22.    CODE SECTION 409A.  

	
			
	 
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(a)    It is intended that any amounts payable under this Agreement and the Company’s and Executive’s exercise of authority or discretion hereunder shall comply with the provisions of Section 409A of the Code and the treasury regulations relating thereto so as not to subject Executive to the payment of interest and tax penalty which may be imposed under Section 409A.  In furtherance of this interest, anything to the contrary herein notwithstanding, no amounts shall be payable to Executive before such time as such payment fully complies with the provisions of Section 409A and, to the extent that any regulations or other guidance issued under Section 409A after the date of this Agreement would result in Executive being subject to payment of interest and tax penalty under Section 409A, the parties agree to amend this Agreement in order to bring this Agreement into compliance with Section 409A.
(b)    With regard to any provision herein that provides for reimbursement of expenses or in-kind benefits, except as permitted by Section 409A, (i) all such reimbursements shall be made within a commercially reasonable time after presentation of appropriate documentation but in no event later than the end of the year immediately following the year in which Executive incurs such reimbursement expenses, (ii) no such reimbursements or in-kind benefits will affect any other costs or expenses eligible for reimbursement, or any other in-kind benefits to be provided, in any other year and (iii) no such reimbursements or in-kind benefits are subject to liquidation or exchange for another payment or benefit.
(c)    Without limiting the discretion of either the Company or the Executive to terminate the Executive’s employment hereunder for any reason (or no reason), solely for purposes of compliance with 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 Treasury Regulation Section 1.409A-1(h) (applying the 20% default post-separation limit thereunder)) as an employee and, for purposes of any such provision of this Agreement, references to a “termination” or “termination of employment” shall mean separation from service as an employee and such payments shall thereupon be made at or following such separation from service as an employee as provided hereunder.
23.    FULL SETTLEMENT.  Except as set forth in this Agreement, the Company’s obligation to make the payments provided for in this Agreement and otherwise to perform its obligations hereunder shall not be affected by any circumstances, including without limitation, set-off, counterclaim, recoupment, defense or other claim, right or action which the Company may have against Executive or others, except to the extent any amounts are due the Company or its subsidiaries or affiliates pursuant to a judgment against Executive.  In no event shall Executive be obliged to seek other employment or take any other action by way of mitigation of the amounts payable to Executive under any of the provisions of this Agreement, nor shall the amount of any payment hereunder be reduced by any compensation earned by Executive as a result of employment by another employer, except as set forth in this Agreement.
24.    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.
25.    AGREEMENT OF THE PARTIES.  The language used in this Agreement will be deemed to be the language chosen by the parties hereto to express their mutual intent, and no rule of strict construction will be applied against any party hereto.  Neither Executive nor the Company shall be entitled to any presumption in connection with any determination made hereunder in connection with any arbitration, judicial or administrative proceeding relating to or arising under this Agreement. 

	
			
	 
	13
	 

26.    COUNTERPARTS.  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 instruments.
IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the date and year first written above.
	
	
	BELDEN INC.

By:  /s/ Dean McKenna
Dean McKenna, Senior Vice
President, Human Resources

	

By:  /s/ Ashish Chand
Ashish Chand

	
			
	 
	14
	 

EXHIBIT A
GENERAL RELEASE OF ALL CLAIMS
1.    For and in consideration of the promises made in the Executive Employment Agreement (defined below), the adequacy of which is hereby acknowledged, the undersigned (“Executive”), for himself, his heirs, administrators, legal representatives, executors, successors, assigns, and all other persons claiming through Executive, if any (collectively, “Releasers”), does hereby release, waive, and forever discharge Belden Inc. (“Company”), the Company’s subsidiaries, parents, affiliates, related organizations, employees, officers, directors, attorneys, successors, and assigns (collectively, the “Releasees”) from, and does fully waive any obligations of Releasees to Releasers for, any and all liability, actions, charges, causes of action, demands, damages, or claims for relief, remuneration, sums of money, accounts or expenses (including attorneys’ fees and costs) of any kind whatsoever, whether known or unknown or contingent or absolute, which heretofore has been or which hereafter may be suffered or sustained, directly or indirectly, by Releasers in consequence of, arising out of, or in any way relating to Executive’s employment with the Company or any of its affiliates or the termination of Executive’s employment.  The foregoing release and discharge, waiver and covenant not to sue includes, but is not limited to, all claims and any obligations or causes of action arising from such claims, under common law including wrongful or retaliatory discharge, breach of contract (including but not limited to any claims under the Employment Agreement between the Company and Executive, effective as of July 3, 2019 (the “Employment Agreement”) and any claims under any stock option and restricted stock units agreements between Executive and the Company) and any action arising in tort including libel, slander, defamation or intentional infliction of emotional distress, and claims under any federal, state or local statute including Title VII of the Civil Rights Act of 1964, the Civil Rights Act of 1866 and 1871 (42 U.S.C. § 1981), the National Labor Relations Act, the Age Discrimination in Employment Act (ADEA), the Fair Labor Standards Act, the Americans with Disabilities Act of 1990, the Rehabilitation Act of 1973), or the discrimination or employment laws of any state or municipality, or any claims under any express or implied contract which Releasers may claim existed with Releasees.  This release and waiver does not apply to any claims or rights that may arise after the date Executive signs this General Release.  The foregoing release does not apply to any claims of indemnification under the Employment Agreement or a separate indemnification agreement with the Company or rights of coverage under directors and officers’ liability insurance.
2.    Excluded from this release and waiver are any claims which cannot be waived by law, including but not limited to the right to participate in an investigation conducted by certain government agencies.  Executive does, however, waive Executive’s right to any monetary recovery should any agency (such as the Equal Employment Opportunity Commission) pursue any claims on Executive’s behalf.  Executive represents and warrants that Executive has not filed any complaint, charge, or lawsuit against the Releasees with any government agency or any court.
3.    Executive agrees never to sue Releasees in any forum for any claim covered by the above waiver and release language, except that Executive may bring a claim under the ADEA to challenge this General Release or as otherwise provided in this General Release.  If Executive violates this General Release by suing Releasees, other than under the ADEA or as otherwise set forth in Section 1 hereof, Executive shall be liable to the Company for its reasonable attorneys’ fees and other litigation costs incurred in defending against such a suit.  Nothing in this General Release is intended to reflect any party’s belief that Executive’s waiver of claims under ADEA is invalid or unenforceable, it being the interest of the parties that such claims are waived.
4.    Executive acknowledges, agrees and affirms that he is subject to certain post-employment covenants pursuant to Section 13 of the Employment Agreement, which covenants survive the termination of his employment and the execution of this General Release.
5.    Executive acknowledges and recites that:

	
			
	 
	 
	 

	
			
	 
	A-2
	 

(a)    Executive has executed this General Release knowingly and voluntarily;
(b)    Executive has read and understands this General Release in its entirety;
(c)    Executive has been advised and directed orally and in writing (and this subparagraph (c) constitutes such written direction) to seek legal counsel and any other advice he wishes with respect to the terms of this General Release before executing it;
(d)    Executive’s execution of this General Release has not been coerced by any employee or agent of the Company; and
(e)    Executive has been offered twenty-one (21) calendar days after receipt of this General Release to consider its terms before executing it.
6.    This General Release shall be governed by the internal laws (and not the choice of laws) of the State of Delaware, except for the application of pre-emptive Federal law.
7.    Executive shall have seven (7) days from the date hereof to revoke this General Release by providing written notice of the revocation to the Company, as provided in Section 15 of the Employment Agreement, upon which revocation this General Release shall be unenforceable and null and void and in the absence of such revocation this General Release shall be binding and irrevocable by Executive.
PLEASE READ THIS AGREEMENT CAREFULLY.  IT CONTAINS A RELEASE OF ALL KNOWN AND UNKNOWN CLAIMS. 

Date:            , 20__                     EXECUTIVE:

                        
 [Ashish Chand]

	
			
	 
	 
	 

	
			
	 
	A-2

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