Document:

Exhibit

Exhibit 10.1

ADVANSIX INC.
NONCOMPETE AGREEMENT FOR SENIOR 
EXECUTIVES
In consideration of benefits more fully described in my employment offer letter with AdvanSix Inc. (“AdvanSix”) dated _________, my employment, continued employment, compensation and the equipment, materials, facilities and the Trade Secrets, Proprietary and Confidential Information supplied to me, I agree to the following:
1. Noncompetition. I acknowledge that during my employment with AdvanSix, I have and will become familiar with Trade Secrets, Proprietary and Confidential Information concerning AdvanSix, its businesses and employees, including but not limited to, business methods, business systems, strategic plans, plans for acquisition or disposition of products, expansion plans, financial status and plans, financial data, customer lists and data, and personnel information. I understand and agree that as part of my continued employment with AdvanSix, I will continue to have access to and receive Trade Secrets, Proprietary and Confidential Information concerning AdvanSix. I further acknowledge that AdvanSix operates in a very competitive business environment and my services are and will be of special, unique and extraordinary value to AdvanSix. I further acknowledge that I have been given and will continue to be given access to, and develop relationships with, customers of the Company at the time and expense of the Company and have and will continue to receive training, experience and expertise from AdvanSix that make my services of special, unique and extraordinary value to AdvanSix. I further acknowledge and agree that I will not, directly or indirectly, at any time during or after my employment with AdvanSix, disclose, disseminate, make available or use AdvanSix’s Trade Secrets, Proprietary and Confidential Information unless in the direct performance of my AdvanSix job.
I agree that, during my employment and for a period of two (2) years following my Termination of Employment with AdvanSix for any reason, I will not become employed by, perform services for, or otherwise become associated with (as an employee, officer, director, principal, agent, manager, partner, co-partner or consultant or any other individual or representative role) a Competing Business (as defined below). This restriction shall apply to any Competing Business that conducts business in the same or substantially similar geographic area in which any AdvanSix business, for which I was employed or performed services in a job during the Look Back Period, conducts business or plans to conduct business as of my Termination of Employment. 
I acknowledge (i) that AdvanSix’s business is conducted throughout the United States and around the world, (ii) notwithstanding the state of incorporation or principal office of AdvanSix, it is expected that AdvanSix will have business activities and have valuable business relationships within its industry throughout the United States and around the world, and (iii) as part of my responsibilities, I may be conducting business throughout the United States and around the world in furtherance of AdvanSix’s business and its relationships.
A “Competing Business” shall mean any business, person, entity or group of business entities, regardless of whether organized as a corporation, partnership (general or limited), joint venture, association or other organization, that (i) conducts or is planning to conduct a business similar to and/or in competition with any business conducted or planned by any AdvanSix business for which I: had knowledge of operations over the Look Back Period, or  designs, develops, produces, offers for sale or sells a product or service that can be used as a substitute for, or is generally intended to satisfy the same customer needs for, any one or more products or services designed, developed, manufactured, produced or offered for sale or sold by any AdvanSix business for which I was employed or performed services, or had knowledge of operations during the Look Back Period. I acknowledge that I will be deemed to have knowledge of a business if I received, was in possession of or otherwise had access to Trade Secrets, Proprietary and Confidential Information regarding such business. For purposes of illustration only, I acknowledge and understand that each of the corporations or entities (and any related entities, subsidiaries, affiliates or successors) set forth on the Addendum attached hereto is a Competing Business as of the date hereof. I further acknowledge and agree that the Addendum attached hereto is not an exhaustive list and is not intended to include all current or future AdvanSix competitors, which I acknowledge may include other persons or entities in the future. I further acknowledge and understand that if I have any questions about whether any prior AdvanSix position which I have held over the last two years is subject to this agreement, I should contact my Human Resource representative.
AdvanSix recognizes that some businesses, persons, entities, or group of businesses that are Competing Businesses as defined above may also have lines of business or parts of their business that do not compete with AdvanSix as defined above, and the restrictions contained herein are not intended to include such lines of business or parts of their businesses. I understand and agree that if I intend to become employed by, perform services for, or otherwise become associated with (as an employee, officer, director, principal, agent, manager, partner, co-partner or consultant or any other individual or representative role) a 

Competing Business as defined above, it is presumed that the restriction contained herein applies. I further understand and agree that if I do not believe the restriction contained herein should apply, I must demonstrate to AdvanSix that I will only be employed by, perform services for, or otherwise become associated with (as an employee, officer, director, principal, agent, manager, partner, co-partner or consultant or any other individual or representative role) a line of business in, or part of, a Competing Business that does not compete with AdvanSix as defined above.
2. Reasonableness of Restrictions and Validity. I agree that the terms of this Agreement are reasonable and do not impose a greater restraint than necessary to protect AdvanSix’s legitimate protectable business interests, including the protection of its Trade Secrets, Proprietary and Confidential Information. It is the desire and intent of the parties hereto that the provisions of this Agreement shall be enforced to the fullest extent legally-permissible. Accordingly, if any particular provision(s) of this Agreement shall be adjudicated to be overbroad, invalid or unenforceable, the court may modify or sever such provision(s), such modification or deletion to apply only with respect to the operation of such provision(s) in the particular jurisdiction in which such adjudication is made. In addition, if any one or more of the provisions contained in this Agreement shall for any reason be held to be excessively broad as to duration, geographical scope, activity or subject, it shall be construed by limiting and reducing it so as to be enforceable to the extent compatible with the applicable law as it shall then appear. The remaining provisions of this Agreement shall remain in full force and effect. I also agree that the parties shall request that a court of competent jurisdiction not invalidate or ignore the terms of this Agreement, but instead honor this provision by reforming or modifying any overbroad or otherwise invalid terms to the extent necessary to render the terms valid and enforceable and then enforcing the Agreement as so reformed or modified.
3. Remedies. I acknowledge that a remedy at law for any breach or threatened breach of the provisions of this Agreement would be inadequate and therefore agree that AdvanSix shall be entitled to injunctive relief in case of any such breach or threatened breach. I acknowledge and agree AdvanSix may apply to any court of law or equity of competent jurisdiction for specific performance and/or injunctive relief (without posting a bond or other security) in order to enforce or prevent any violation of the provisions of this Agreement, and that money damages would not be an adequate remedy for any breach of the provisions of this Agreement. I acknowledge and agree that a violation of this Agreement would cause irreparable harm to AdvanSix, and I covenant that I will not assert in any proceeding that a violation or further violation of this Agreement: (i) will not result in irreparable harm to AdvanSix; or (ii) could be remedied adequately at law. AdvanSix’s right to injunctive relief shall be cumulative and in addition to any other remedies available at law or equity. In the event that a court determines that I have breached or threatened to breach this Agreement, I agree to reimburse AdvanSix for all attorneys’ fees and costs incurred in enforcing the terms of this Agreement. However, nothing contained herein shall be construed as prohibiting AdvanSix from pursuing any other remedies available for any such breach or threatened breach against me or my new employer, which may also include, but not be limited to, contract damages, lost profits and punitive damages.
4. Harm and Injunctive Relief. I agree and acknowledge that the restrictions contained in this Agreement do not preclude me from earning a livelihood, nor do they unreasonably impose limitations on my ability to earn a living. I further agree and acknowledge that the potential harm to AdvanSix of the non-enforcement of this Agreement outweighs any potential harm to me from its enforcement by injunction or otherwise. I acknowledge that I have carefully read this Agreement and have given careful consideration to the restraints imposed upon me by this Agreement, and am in full accord as to their necessity for the reasonable and proper protection of AdvanSix’s legitimate protectable business interests, including the protection of its Trade Secrets, Proprietary and Confidential Information. I agree and acknowledge that I have been provided adequate and reasonable consideration in exchange for the obligations under this Agreement, including employment or continued employment by AdvanSix, goodwill, access or continued access to AdvanSix’s Trade Secrets, Proprietary and Confidential Information, access or continued access to customers, and additional good and valuable consideration, including the Annual Equity Grant. I expressly acknowledge and agree that each and every restraint imposed by this Agreement is reasonable with respect to subject matter, duration and geographical scope.
5. Binding Agreement, Amendment, Successors. I acknowledge that the provisions of this Agreement are in addition to, and in no way intended to limit, restrict or narrow any prior or existing employment or other agreement with AdvanSix. This Agreement does not replace or supersede any prior or existing employment or other agreement with AdvanSix, but rather, shall be read in conjunction with such prior or existing agreements and shall be interpreted in a manner to provide AdvanSix the maximum protection provided by all agreements I have with AdvanSix. The terms of the restriction in Paragraph 1 and the other terms in this Agreement are to be read consistent with the terms of any other noncompete or other agreements that I have executed with AdvanSix; provided, however, to the extent there is a conflict between/among such agreements, such agreements shall be construed as providing the broadest possible protections to AdvanSix, even if such construction would require provisions of more than one such agreement to be given effect. No waiver of this Agreement will be effective unless it is in writing and signed by AdvanSix’s Senior Vice President and Chief Human Resources Officer or his/her designee. This Agreement may not be superseded or amended by any other agreement between myself and AdvanSix unless such agreement specifically and expressly states that it is intended to supersede this Agreement and is executed by AdvanSix’s Senior Vice President and Chief Human Resources Officer or his/her designee. This Agreement binds my heirs, executors, administrators, legal representatives and assigns and inures to the benefit of AdvanSix and its successors and assigns.

6. Effectiveness of Agreement. This Agreement becomes effective when I sign it, the obligations under it continue throughout the entire period of time I am employed by AdvanSix, without regard to the business within AdvanSix with which I am associated and these obligations will continue after, and survive, the end of my employment with AdvanSix. The executed copy of this Agreement should be returned by mailing or emailing a signed copy of the Agreement to:  AdvanSix Inc., 300 Kimball Drive, Suite 101, Parsippany, NJ 07054.  
7. Notice to Future Employers. For the period of  two (2) years immediately following the end of my employment with AdvanSix, I will inform each new employer, prior to accepting employment, of the existence of this Agreement and provide that employer with a copy of it. AdvanSix has the right to inform any future employer of the existence of this Agreement and to provide any future employers with a copy of it.
8. Governing Law and Venue. This agreement shall be governed by and construed in accordance with the laws of the State of New Jersey without regard to its principles of conflicts of law. I hereby consent to the exclusive jurisdiction and venue in the federal and state courts of the State of New Jersey, Morris County, for the resolution of all disputes arising under, or relating to, this Agreement.
9. Additional Definitions.
          “AdvanSix” collectively identifies AdvanSix Inc., a Delaware corporation having a place of business at 300 Kimball Drive, Suite 101, Parsippany, NJ 07054, its predecessors, designees and successors and its past, present and future operating companies, divisions, subsidiaries, affiliates and other business units, including businesses acquired by purchase of assets, stock, merger or otherwise.
          “Look Back Period” means the two (2) year period ending on the date of my Termination of Employment.          
          “Trade Secrets, Proprietary and Confidential Information” means information which is not generally known in the industry in which AdvanSix is engaged, which may be disclosed to me or which I may learn, observe, discover or otherwise acquire during, or as a result of, my employment by AdvanSix and which includes, without limitation, any information, whether patentable, patented or not, relating to any existing or contemplated products, inventions, services, technology, ideas, concepts, designs, patterns, processes, compounds, formulae, programs, devices, tools, compilations of information, methods, techniques, and including information relating to any research, development, manufacture, purchasing, engineering, know-how, business plans, sales or market methods, methods of doing business, business systems, strategic plans, plans for acquisition or disposition of products, expansion plans, financial status and plans, financial data, personnel information, customer lists or data, customer usages or requirements, or supplier information, which is owned or licensed by AdvanSix or held by AdvanSix in confidence.
“Termination of Employment” means any separation from employment with AdvanSix regardless of the reason, including any and all voluntary and involuntary reasons for termination. The termination date for purposes of this Agreement shall be the last day I actively perform services for AdvanSix.
10. Headings. The headings of the paragraphs of this Agreement are inserted for convenience only and shall not in any way affect the meaning or construction of this Agreement.
I have carefully read this Agreement. I understand and accept its terms. I understand and agree that I will continue to be bound by the provisions of this Agreement after my employment with AdvanSix has ended.

____________________________________

Date:srg-ex103_166.htm

 

Exhibit 10 3

 

		
	
SERITAGE

GROWTH PROPFRTIFS
	
Benjamin Schall

Chief Executive Officer

May 16, 2018

Kenneth T. Lombard 
xxxxxxxx@gmail.com 

Dear Kenneth,

We are pleased to extend to you our offer to join Seritage Growth Properties (the "Company") as Executive Vice President and Chief Operating Officer, reporting to Benjamin Schall, President and Chief Executive Officer. This position will be located at Seritage's office in Westwood (Los Angeles), CA, and we anticipate that you will commence employment with us on May 20, 2018. This letter (the "Letter Agreement") serves as confirmation of our offer, subject to the terms and conditions below.

The key elements of your compensation package and the other conditions of your employment are as follows:

	
 
	
1.
	
Base Salary. Your annual base salary will be at a rate of $450,000.

	
 
	
2.
	
Sign-On Compensation.

	
 
	
a.
	
You will receive a one-time sign-on bonus of $300,000 (the "Sign-On Bonus") payable in cash.

	
 
	
b.
	
You will receive a one-time sign-on equity award with a value of $300,000 (the "Sign-On Equity"). The terms of this Sign-On Equity will be identical to the equity shares recently issued to the Executive management team, including but not limited to, the share conversion mechanism, the ratio of time based and performance based equity, vesting provisions, and performance criteria.

	
 
	
c.
	
The Sign-On Bonus and Sign-On Equity shall be payable within fifteen (15) days following your start date.

	
 
	
b.
	
In the event you voluntarily terminate your employment with the Company without Good Reason (as defined below) or are terminated by the Company for Cause (as defined below) within twelve (12) months immediately following your start date, you will be required to immediately repay the Sign-On Bonus. For the Sign-On Equity, the termination provisions shall be governed by the share agreements and will be identical to the equity shares recently issued to the Executive management team.

	
 
	
3.
	
Annual Bonus and Awards.

	
 
	
a.
	
As a participant in the Company's annual incentive plan, you will be eligible to receive an annual cash bonus (the "Annual Bonus") provided threshold performance goals are achieved. Your annual target incentive opportunity will be 75% of your annual base salary and your annual maximum incentive opportunity will be 100% of your annual base salary, in each case, subject to performance goals, terms and conditions established by the Compensation Committee. You will be eligible for a target incentive opportunity for your first year of employment which shall not be prorated.. Any Annual Bonus payable with respect to a fiscal year will be paid during the following fiscal year at the same time as the annual incentives are paid generally to other members of the executive team, provided that you are actively employed on the payment date.

 

 

Kenneth T. Lombard

May 16, 2018

Page 2

 

	
 
	
b.
	
As a participant in the Equity Plan, you will be eligible to receive an annual equity award in the form of either Shares or OP Units (the "Annual Award") provided threshold performance goals are achieved. Your annual target equity award will be an amount of Shares equal to 75% of your annual base salary and your annual maximum equity award will be an amount of Shares equal to 125% of your annual base salary, which will be issued in the form of time vesting restricted stock units and performance vesting restricted stock units, in each case, subject to performance goals, terms and conditions set forth in the Company's long term equity incentive plan and award agreements as established by the Compensation Committee. Any Annual Award issuable with respect to a fiscal year will be issued during the following fiscal year at the same time as the annual awards are issued generally to other members of the executive team, and provided that you are actively employed on the award issuance date. You will be eligible for an Annual Award for 2018, which shall not be prorated, and issuable if you are actively employed on the award issuance date.

	
 
	
4.
	
Termination.

	
 
	
a.
	
Your employment shall be at will and you may be terminated by the Company at any time with or without Cause. "Cause" shall mean (i) a material breach by you (other than a breach resulting from your incapacity due to death or a Disability) of your duties and responsibilities which breach is demonstrably willful and deliberate on your part, is committed in bad faith or without reasonable belief that such breach is in the best interests of the Company or the Company's affiliates and is not remedied in a reasonable period of time after receipt of written notice from the Company specifying such breach; or (ii) the conviction of you of a felony (other than vehicular-related). "Disability" shall mean disability as defined under the Company's long-term disability plan (regardless of whether you are a participant under such plan) or if no such plan exists, your inability by reason of disability to perform your duties for 180 consecutive days.

	
 
	
b.
	
If you are terminated for Cause, you shall not be entitled to any of the benefits or amounts set forth in section 5 hereof (except with respect to section 5(c) to the extent required by law) and all Shares granted to you prior to the date of termination will be forfeited.

	
 
	
5.
	
Other Benefits and Compensation Matters. 

a. Severance.

	
 
	
i.
	
In the event you are terminated by the Company without Cause or resign for Good Reason (as defined below), (A) you shall be entitled to (1) (a) if such termination occurs in the first twelve (12) months of your employment, a guaranty of your base salary for such period (payable in equal installments over the remaining portion of such twelve (12) month period) plus a cash severance payment equivalent to twelve (12) months of base salary (payable in equal installments over a twelve (12) month period) and (b) if such termination occurs after the first twelve (12) months of your employment, a cash severance payment equivalent to twelve (12) months (payable in equal installments over a twelve (12) month period), (2) a prorated Annual Bonus for the year of termination (based on performance of the Company for the full year in

which the termination occurs), and (3) twelve (12) months of subsidized COBRA coverage whereby your premium costs are the active employee rate and (B) (1) either the Additional Sign-On Bonus or the Shares (and any other equity interests) granted to you as part of the Sign-On Award shall automatically vest and (2) a pro 

 

Kenneth T. Lombard

May 16, 2018

Page 3

 

rata portion of your Annual Awards shall vest (based on the number of days you were employed during the applicable vesting period); provided that in the case of the foregoing (B) (1) and (B) (2), vesting in respect of any performance-vesting Shares (and any other equity interests) shall be based on the performance of the Company through the date of termination. The payments and awards contemplated by (A) and (B) above shall be subject to you continuing to comply with sections 6, 7 and 8 hereof at all times and you signing a release, on the thirtieth (30th) day following termination of your employment, in a form satisfactory to the Company (a "Release"). "Good Reason" shall mean, without your written consent, (1) a reduction of ten percent (10%) or more of your annual base salary, annual cash bonus opportunity and annual equity grant opportunity from those in effect as of the date of this Letter Agreement) or, if the reduction does not also apply to other senior executives of the Company equally, then a material reduction of the foregoing; (2) your mandatory relocation to an office more than twenty five (25) miles from the primary location at which you are required to perform your duties on your start date; (3) any action or inaction that constitutes a material breach of the terms of this Letter Agreement, including failure of a successor company to assume or fulfill the obligations under this Letter Agreement; (4) a material reduction in your duties or adverse change in title. In each case, you must provide the Company with written notice of the facts giving rise to a claim that "Good Reason" exists within thirty (30) days of the occurrence of such facts, and the Company shall have a right to remedy such event within sixty (60) days after receipt of such written notice.

	
 
	
ii.
	
In the event your employment terminates due to your death or Disability, (A) you shall be entitled to (1) a prorated Annual Bonus for the year of termination (based on performance of the Company for the full year in which the termination occurs) and (2) solely in the case of a Disability, twelve (12) months of subsidized COBRA coverage whereby your premium costs are the active employee rate and (B) either the Additional Sign-On Bonus or the Shares (and any other equity interests) granted to you as part of the Sign-On Award and Annual Awards shall automatically vest; provided that vesting in respect of any performance-vesting Shares (and any other equity interests) shall be based on the performance of the Company through the date of termination.

	
 
	
b.
	
Change of Control. In the event there is a "change in control" of the Company, the Shares granted to you shall be treated as set forth in the Equity Plan and underlying award agreements as established by the Compensation Committee.

	
 
	
c.
	
Vacation. You will be eligible to receive up to four weeks of paid vacation per year to be taken in accordance with Company policy at that time, which shall be prorated during you first year of service based on your start date.

	
 
	
d.
	
Benefits. You will be eligible to participate in all retirement, life insurance, health and welfare programs on a basis no less favorable than other senior executives of the Company, in accordance with the applicable terms, conditions and availability of those programs.

	
 
	
e.
	
Section 409A. If you are a "specified employee" within the meaning of Section 409A of the Internal Revenue Code of 1986 (as amended) ("Section 409A"), to the extent required by Section 409A, you will not be entitled to receive the benefits of section 5(a) hereof until the first (1st) day of the seventh (7t1) month following the date of termination of your employment.

 

Kenneth T. Lombard

May 16, 2018

Page 4

 

	
 
	
6.
	
Non-Solicitation of Employees. During your employment with the Company and for twelve (12) months following the termination of your employment with the Company, you will not, directly or indirectly, solicit or encourage any person to leave her/his employment with the Company or hire or assist in any way with the hiring of any Company employee by any future employer or other entity.

	
 
	
7.
	
Non-Competition. You acknowledge that as a result of your position at the Company, you have learned or developed, or will learn or develop, confidential information and that use or disclosure of such confidential information is likely to occur if you were to render advice or services to any Seritage Competitor (as defined below). For twelve (12) months, following the termination of your employment with the Company, you will not, directly or indirectly, aid, assist, participate in, consult with, render services for, accept a position with, become employed by, or otherwise enter into any relationship with (other than having a passive ownership interest in or being a customer of) any Seritage Competitor. For purposes of this Letter Agreement, "Seritage Competitor" means the companies listed on Appendix A, each of which you acknowledge is a Seritage Competitor.

	
 
	
8.
	
Confidentiality. You will not, during the term of your employment with the Company or thereafter, and other than in the performance of your duties and obligations during your employment with the Company or as required by law or legal process, and except as the Company may otherwise consent or direct in writing, reveal or disclose, sell, use, lecture upon or publish any confidential information of the Company. You further agree that the existence and terms of this Letter Agreement, including any compensation paid to you, and discussions with the Company regarding this Letter Agreement, shall be considered confidential and shall not be disclosed or communicated in any manner except: (a) as required by law or legal process; (b) to your spouse or domestic partner; (c) to your financial/legal advisors, all of whom shall agree to keep such information confidential; or (d) if such Letter Agreement is hereafter publicly filed by the Company;

	
 
	
9.
	
Irreparable Harm. You acknowledge that irreparable harm would result from any breach by you of sections 6, 7, and/or 8 hereof, and that monetary damages alone would not provide adequate relief for any such breach. Accordingly, if you breach or threaten to breach this Letter Agreement, the Company may seek injunctive relief in favor of the Company without the necessity of the Company posting a bond. Moreover, any award of injunctive relief shall not preclude the Company from seeking or recovering any lawful compensatory damages which may have resulted from a breach of this Letter Agreement.

	
 
	
10.
	
Cooperation. You agree, without receiving additional compensation, to reasonably cooperate with the Company, both during and after the period of employment with the Company, with respect to matters that relate to your period of employment, in all investigations, potential litigation or litigation in which the Company is involved or may become involved other than any such investigations, potential litigation or litigation between the Company and you. The Company will reimburse you for reasonable travel and out-of-pocket expenses incurred in connection with any such investigations, potential litigation or litigation.

	
 
	
11.
	
Future Enforcement or Remedy. Any waiver, or failure to seek enforcement or remedy for any breach or suspected breach, of any provision of this Letter Agreement by the Company or you in any instance shall not be deemed a waiver of such provision in the future.

	
 
	
12.
	
Severability. If any provision(s) of this Letter Agreement shall be found invalid, illegal, or unenforceable, in whole or in part, then such provision(s) shall be modified or restricted so as to effectuate as nearly as possible in a valid and enforceable way the provisions hereof, or shall be deemed excised from this Letter Agreement, as the case may require, and this Letter Agreement shall be construed and enforced to the maximum extent permitted by law, as if such provision(s) had been 

 

Kenneth T. Lombard

May 16, 2018

Page 5

 

	
 
		
originally incorporated herein as so modified or restricted or as if such provision(s) had not been originally incorporated herein, as the case may be.

	
 
	
13
	
Governing Law. This Letter Agreement will be governed under the internal laws of the state of New York without regard to principles of conflicts of laws. You agree that the state and federal courts located in the state of New York shall have exclusive jurisdiction in any action, lawsuit or proceeding based on or arising out of this Letter Agreement, and you hereby: (a) submit to the personal jurisdiction of such courts; (b) consent to the service of process in connection with any action, suit, or proceeding against you; and (c) waive any other requirement (whether imposed by statute, rule of court, or otherwise) with respect to personal jurisdiction, venue or service of process.

	
 
	
14.
	
Right to Jury. You agree to waive any right to a jury trial on any claim contending that this Letter Agreement or any Release is illegal or unenforceable in whole or in part, and you agree to try any claims brought in a court or tribunal without use of a jury or advisory jury.

	
 
	
15.
	
Entire Agreement. This Letter Agreement contains and comprises the entire understanding and agreement between you and the Company and fully supersedes any and all prior agreements or understandings between you and the Company with respect to the subject matter contained herein, and may be amended only by a writing signed by you and a duly authorized officer of the Company.

	
 
	
16.
	
Tax Withholding. Any compensation paid or provided to you under this Letter Agreement shall be subject to any applicable federal, state or local income and employment tax withholding requirements.

	
 
	
17.
	
Assignment. The Company may assign its rights under this Letter Agreement to any successor by merger, consolidation, or sale of assets. This Letter Agreement shall be binding whether it is between the Company and you or between any such successor and you.

	
 
	
18.
	
Counterparts. This Letter Agreement may be executed in one or more counterparts, which together shall constitute a valid and binding agreement.

	
 
	
19.
	
Section 409A Compliance.

	
 
	
a.
	
To the extent that a payment or benefit under this Letter Agreement is subject to Section 409A, it is intended that this Letter Agreement as applied to that payment or benefit comply with the requirements of Section 409A, and the Letter Agreement shall be administered and interpreted consistent with this intent.

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

	
 
	
c.
	
For purposes of Section 409A, your right to receive any installment payments pursuant to this Letter Agreement shall be treated as a right to receive a series of separate and distinct payments. Whenever a payment under this Letter Agreement specifies a payment period with reference      to a number of days (e.g., "payment shall be made within thirty (30) days following the date of termination"), the actual date of payment within the specified period shall be within the sole discretion of the Company.

 

Kenneth T. Lombard

May 16, 2018

Page 6

 

	
 
	
20.
	
Employee Representation. You hereby represent to the Company that the execution and delivery of this Letter Agreement by you and the Company and the performance by you of your duties hereunder shall not constitute a breach of, or otherwise contravene, or be prevented, interfered with or hindered by, the terms of any employment agreement or other agreement or policy to which you are a party or otherwise bound, and further that you are not subject to any limitation on your activities on behalf of the Company as a result of agreements into which you have entered except for obligations of confidentiality with former employers. To the extent this representation and warranty is not true and accurate, it shall be treated as a Cause event and the Company may terminate you for Cause or not permit you to commence employment.

	
 
	
21.
	
Employment Verification. This offer, and your employment by the Company, is contingent upon satisfactory employment authorization verification, and the submission of a completed Form 1-9 and required documents thereunder.

Kenneth, we are looking forward to you joining the Company. We are excited about the important contributions you will make to the Company and look forward to your acceptance of our offer. If you need additional information or clarification, please call.

This offer will expire if not accepted within one week from the date of this letter. To accept, sign below and return this letter to my attention.

 

Sincerely,

/s/ Benjamin Schall

Benjamin Schall 
Enclosures

[Letter Agreement Acceptance Signature Page Follows]

 

 

 

 

I understand and am in agreement with the above terms and conditions of my prospective employment, including the employee representations set forth in the Letter Agreement. In addition, I consent to references and a background check. I acknowledge that this Letter Agreement embodies our entire employment agreement. My acceptance of this offer is made voluntarily and after careful consideration.

 

			
	
/s/ Kenneth T. Lombard
	
 
	
5/16/18

	
Kenneth T. Lombard
	
 
	
Date

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

[Letter Agreement Acceptance Signature Page]

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00286-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00286-of-00352.parquet"}]]