Document:

Exhibit

Exhibit 10.14

FINAL - A

SEPARATION AGREEMENT
This Separation Agreement (this “Agreement”) dated November 6, 2016 is by and between OMNOVA Solutions Inc., an Ohio corporation (the “Company”) and Kevin M. McMullen, an individual (“you” or “your”).
Whereas, the parties desire to provide for the terms of your resignation and separation of service from the Company and for certain other matters.
Now, Therefore in consideration of the mutual promises contained herein and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Company and you agree as follows:

1.STATUS OF EMPLOYMENT/SERVICE.  You hereby resign as a member of the Board of Directors of the Company and from your positions as Chairman, Chief Executive Officer, and President and from all other positions you hold as an officer, director, employee, managing director, partner or otherwise with any Group Company effective December 1, 2016 (the “Resignation Date”).  Subject to Section 2(k), your resignation is an “Involuntary Separation from Service” for purposes of your Employment Agreement (defined below) except that, with respect to the 2016 annual incentive, the 2015-2016 long term incentive and outstanding restricted stock awards as to which your resignation is a retirement. As of the Resignation Date, you will promptly execute such resignations and other documents, and take such other actions, as may be necessary or otherwise reasonably requested by the Company to both effectuate or memorialize your resignation or termination from all positions described in this section.  You also will, from and after the Resignation Date, execute such documents and take such other actions as may be necessary or otherwise reasonably requested by the Company to transfer to such Person as the Company may designate any equity or other interest held by you in any Group Company (other than the Company). 
2.    PAYMENTS.

(a)    You will be paid your current employment compensation and receive your current benefits through the Resignation Date and the Company will continue to reimburse you consistent with Company policy for business expenses incurred by you in the course of your employment. You will also be paid all accrued but unpaid vacation promptly after the Resignation Date. 
(b)    You will be paid the accrued benefit due to you as of the Resignation Date under the Company’s Savings Benefit Restoration Plan payable in a single lump sum six months after the Resignation Date.
(c)    You will be paid the accrued benefit due to you as of the Resignation Date under the Company’s Pension Benefit Restoration Plan payable in a single lump sum six months after the Resignation Date.
(d)    You will continue to be eligible to receive distributions under the Company’s Retirement Savings Plan and receive distributions under the Company’s Consolidated Pension Plan, subject to the terms of such plans. 
(e)    An Executive Incentive Compensation Plan payment for the 2016 performance period determined in accordance with the applicable plan and the criteria established for such performance period and payable in cash at such time as such payouts are paid to other participants.
(f)    A 2015-2016 performance share award payment determined in accordance with the criteria established for such award in the grant for the full 2015-2016 performance period and payable in cash at such time as such awards are paid to other participants. 
(g)    You have been awarded restricted shares under the Company’s Third Amended and Restated 1999 Equity and Performance Incentive Plan in the following amounts:  2014 (85,600 shares), 2015 (99,100 shares), and 2016 (132,800 shares) and such restricted shares shall fully vest on the Resignation Date, with tax and required withholdings to be covered by your surrender of Company common shares to the Company equal to the value of such tax and required withholdings. 
(h)    If you sign, no earlier than the Resignation Date and no later than 21 days following the Resignation Date, the general waiver and release attached hereto as Exhibit A (the “Executive Release”), and allow the Executive Release to become effective and irrevocable as set forth in the Executive Release, then the Company will pay to you the following amounts and provide to you the following benefits, as provided herein:

(i)    Separation Pay in the amount of $3,160,000, payable in cash in a single lump sum six months following the Resignation Date.
(ii)    A 2016-2017 performance share award payment determined in accordance with the criteria established for such award in the grant and equal to the product of (A) the total award that would be earned at the end of the applicable performance period based on (i) with respect to the portion of the applicable performance period up to and including the Resignation Date, actual performance in accordance with the terms of the award (“Actual Performance”) and (ii) with respect to the remaining portion of the applicable performance period, the greater of target performance and Actual Performance multiplied by (B) 50%, and payable in cash at such time as such awards are paid to other participants, provided that, if the Executive Release does become effective you will be entitled to your rights as a retiree with regard to such award.
(iii)    For a period of 24 months following the Resignation Date (the “Continuation Period”), the Company shall provide you and your dependents with (A) continuation of your health benefits under the Company’s health care plan consistent with your elections immediately prior to the Resignation Date (the “Continued Health Benefits”) and (B) life insurance benefits that you were receiving immediately prior to the Resignation Date (the “Continued Life Insurance Benefits”). The Company shall pay the actual cost of the premiums, which payments shall be taxable to you, with respect to the Continued Health Benefits and Continued Life Insurance Benefits during the Continuation Period. 
(iv)    The Company will reimburse you for reasonable executive outplacement and transition services expenses actually incurred by you during the 24 months after the Resignation Date up to an aggregate maximum of $25,000, with reimbursement for such outplacement services being made within 30 days following submission of appropriate substantiation of such expenses, but in no event shall such reimbursement occur later than the end of the calendar year following the calendar year in which such expenses are incurred.
(v)     The Company will provide you with financial counseling in a manner similar to that provided to executive officers of the Company (to a maximum of $20,000 per calendar year) for each of calendar year 2017 and 2018.  Reimbursement for financial counseling services shall be made within 30 days following submission of appropriate substantiation of such expenses, but in no event shall such reimbursement occur later than the end of the calendar year following the calendar year in which such expenses are incurred. 
(vi)    Promptly after submission of appropriate documentation, and in any event prior to March 15, 2017, your reasonable legal fees incurred in connection with this Agreement up to a maximum of $40,000. 
(vii)    An amount of  $200,000 in respect of other foregone compensation and your covenants hereunder, payable in cash in a single lump promptly following the Resignation Date.
(i)    Except as otherwise provided in an applicable plan, you agree that the Company may reduce any amount otherwise payable pursuant to Sections 2(a) through (h) above by the amount of any required tax withholding or other authorized deduction required with respect to the payments and benefits contemplated by Sections 2(a) through (h), above.  If the amount otherwise payable pursuant to Sections 2(a) through (h) above is not sufficient to satisfy all applicable tax withholding and other authorized deductions, you shall promptly make arrangements satisfactory to the Company to pay for such tax withholding and other authorized deductions.  Except for amounts withheld by the Company or payable by the Company pursuant to Section (2)(n), you shall be solely responsible for any taxes due as a result of any payments or benefits provided for in this Agreement.  You acknowledge that the Company has not made any representations regarding the tax result for you with respect to any income recognized by you in connection with this Agreement or the payments and benefits hereunder.

(j)    Except as otherwise set forth in this Agreement or as required by law, all amounts to be paid and benefits to be provided under this Section 2 shall be determined by the Board: (i) in accordance with the applicable plan at the time such determination is made, (ii) the customary practices of the Board in making such determinations, and (iii) without, as applicable, the exercise of negative discretion.  Any such determination by the Board, in the absence of an abuse of discretion, shall be final.

(k)    All of your rights to receive any payment or benefit are set forth in this Agreement and except as set forth herein, this Agreement extinguishes all rights, if any, which you  may have, and obligations, if any, of any Group Company, contractual or otherwise, (i) relating to your employment, service or termination of employment or service or (ii) under the Employment Agreement, the Severance Agreement, any employment contract, or any plan, policy or practice, including but not limited to any severance plan, policy or practice, excluding any rights you have under the Indemnification Agreement between the Company and you dated October 1, 1999, rights of indemnification under Company Group organizational documents, plans or at law and rights under directors’ and officers’ liability insurance policies (collectively, the “Protective Coverage”), subject, in all cases, to the terms of such agreements, documents, plans, laws, and policies.

(l)    Except with respect to the Protective Coverage, you agree (i) that the amounts and benefits specified in this Section 2 are the only amounts and benefits that will be paid or provided in connection with your employment, service or  termination of employment or service, (ii) that you are not entitled to or owed any other compensation or benefits arising out of the employment, service or termination of employment or service, and (iii) that you are receiving certain benefits under this Agreement that you would not be entitled to but for the execution of this Agreement.

(m)    This Agreement is intended to be operated in compliance with the provisions of Section 409A of the Code (including any rulings or regulations promulgated thereunder).  In the event that any provision of this Agreement fails to satisfy the provisions of Section 409A of the Code, then such provision shall be reformed so as to comply with Section 409A of the Code and to preserve as closely as possible the intention of the Company and you in entering this Agreement.  The Company will discuss with you in good faith any amendment (consistent with the prior sentence) to this Agreement to comply with Section 409A of the Code in the event it is later determined that any provision herein causes this Agreement not to comply with Section 409A of the Code; provided that, in the event it is determined not to be feasible to so reform a provision of this Agreement as it applies to a payment or benefit due to you or your beneficiary(ies), such payment shall be made without complying with Section 409A of the Code.

(n)    Anything in this Agreement to the contrary notwithstanding, in the event that it shall be determined that any payment or distribution by the Company or any of its Affiliates to you or for your benefit, paid or payable or distributed or distributable pursuant to the terms of the Employment Agreement (a “Payment”), would be subject to the tax imposed by Section 409A of the Code (or any successor provision thereto), including the applicable treasury regulations, by reason of being considered “deferred compensation” as defined thereby, or any interest or penalties with respect to such taxes (such tax or taxes, together with any such interest and penalties, being hereafter collectively referred to as the “Excise Tax”), and you remit such Excise Tax to the appropriate taxing authority, then you shall be entitled to receive an additional payment or payments (collectively, a “Gross-Up Payment”).  The Gross-Up Payment shall be in an amount such that, after payment by you of all taxes (including any interest or penalties imposed with respect to such taxes), including any Excise Tax imposed upon the Gross-Up Payment, you retain an amount of the Gross-Up Payment equal to the Excise Tax imposed upon the Payment.  To address compliance with Section 409A of the Code, the Company and you agree that the Gross-Up Payment by the Company described under this Paragraph (g)(ii) will in no event be made later than the end of the calendar year in which you remit those amounts to the taxing authority.
(o)    The Company shall deliver to you on the Resignation Date the release set forth on Exhibit B attached hereto (the “Company Release”), which Company Release shall only become effective upon the irrevocability of the Executive Release provided for in Section 2(h) hereof.
3.    COMPANY COVENANTS.
(a)    For a period of three (3) years after the date hereof, the directors and officers of the Company will not make, or direct or encourage any other Person to make, any statement in any form, including written, oral and electronic communications of any kind, which is disparaging to you.  This Section 3(a) does not apply to truthful testimony or truthful disclosure compelled or required by applicable law or legal process, or in good faith to rebut false or misleading statements by others. The form of press release and Form 8-K to be issued or filed in connection with the execution of this Agreement is attached hereto as Exhibit C. 
(b)    The Company will cooperate with you and respond to reasonable requests for information from you regarding the determination and payment of the benefits provided for hereunder and any related information for tax planning or similar purposes.  Such cooperation shall include without limitation making Company personnel available at reasonable times and places for questions.
4.    YOUR COVENANTS.
(a)    For a period of three (3) years after the date hereof, you will not make or, direct or encourage any other Person to make, any statement in any form, including written, oral and electronic communications of any kind, which is disparaging to the Company, any Group Company or any of their respective businesses, directors, officers, or employees (“Disparaging Statements”). Disparaging Statements shall not include: (i) truthful testimony or truthful disclosure compelled or required by applicable law or legal process, or in good faith to rebut false or misleading statements by others, or (ii) subject to Section 4(c), customary competitive statements comparing Group Company products or services with competitive offerings.    
(b)    You agree to reasonably cooperate and assist the Company with regard to any Company matters that have arisen or may arise relating to the time period of your employment, including, without limitation, in respect of any current or future claim or litigation involving any Group Company.  Such cooperation shall include, without limitation, making yourself available at reasonable times and places for interviews, reviewing documents, testifying in a deposition or a legal or administrative proceeding, and providing input to the Company in preparing defenses to any pending or future claims involving any Group Company.  The Company shall use reasonable business efforts to limit your travel and interference with your other obligations. The Company agrees to pay or reimburse you for any reasonable out of pocket expenses incurred by you as a result of your cooperation, and, if more than a minimal amount of time is involved, pay you a reasonable fee for your cooperation.

a.You acknowledge that in your position with the Company you have had access to Company Confidential Information and that the disclosure or use of Company Confidential Information, other than for the benefit of the Company, could cause significant damage to the Company.  Accordingly, you agree to keep the Company Confidential Information in strictest confidence and not disclose or use any Company Confidential Information, except as authorized by the Company.  As used herein, “Company Confidential Information” means information relating to any Group Company or its business, including strategies, financial performance, customers, suppliers, pricing, margins, costs, personnel, facilities, equipment, products, processes, formulas, marketing, research, sales, technology and intellectual property.  Company Confidential Information does not include information that has become part of the public domain other than as a result of acts or omissions by you.  If you are requested to disclose any Company Confidential Information in connection with any legal proceeding or governmental inquiry, you will notify the Company immediately so that the Company may, in its sole discretion, seek a protective order or other appropriate remedy.  If a protective order or other remedy is not obtained and disclosure is required, you may make such disclosure without liability under this Agreement, provided that you disclose only the Company Confidential Information which is legally required to be disclosed.

b.You agree that prior to, or promptly after, the Resignation Date, you will return to the Company all Company property that is in your possession or under your control including all equipment, plans, contracts, reports, manuals, personnel files, correspondence and all Company Confidential Information, whether stored in hard copy or electronically.  You further affirm that you have not made and will not make or retain any copies of any Company Confidential Information.  Notwithstanding the foregoing, (i) you may retain your address books to the extent they only contain contact information and (ii) subject to the following sentence, you may retain the following equipment: cell phone, iPad, two laptop computers, and a printer.  With regard to (i) and (ii) above, you shall permit the Company’s information technology personnel to delete all Company Confidential Information.  The Company shall also cooperate in transferring the cell phone number for your Company-provided cell phone to you.

c.Any breach of this Section 4 shall not impact the Company’s obligations to make the payments under Section 2 to you, and the Company’s sole remedies with respect to any breach of this Section 4 shall be to seek damages and/or equitable relief.

5.    MISCELLANEOUS.
(a)    Successors.  This Agreement is personal to you and shall not be assignable by you, but in the event of your death any payment and benefits due to you under this Agreement shall (to the extent not theretofore paid or provided) be paid or provided to the benefit of your heirs and estate.  This Agreement shall inure to the benefit of and be binding upon the Company and its respective successors and assigns and any such successor or assignee shall be deemed substituted for the Company under the terms of this Agreement for all purposes. As used herein, “successor” and “assignee” shall mean any Person, which at any time, whether by purchase, merger or otherwise, directly or indirectly acquires ownership of the Company or to which the Company assigns this Agreement by operation of law or otherwise, provided that any assignee shall not be covered by Section 4(a).
(b)    Notices.  All notices, requests, demands and other communications called for by this Agreement will be in writing and will be deemed given (i) on the date of delivery if delivered personally, by facsimile or by electronic mail, (ii) one (1) day after being sent by a well-established commercial overnight service, or (iii) four (4) days after being mailed by registered or certified mail, return receipt requested, prepaid and addressed to the parties or their successors at the following addresses, or at such other addresses as the parties may later designate in writing:

If to the Company:
Corporate Secretary
OMNOVA Solutions
25435 Harvard Road
Beachwood, OH  44122 

If to you:
at the last residential address reflected on the Company’s records.

(c)    Waiver.  Neither the failure nor any delay on the part of a party to exercise any right, remedy, power or privilege under this Agreement shall operate as a waiver thereof, nor shall any single or partial exercise of any right, remedy, power or privilege preclude any other or further exercise of the same or of any right, remedy, power or privilege, nor shall any waiver of any right, remedy, power or privilege with respect to any occurrence be construed as a waiver of such right, remedy, power or privilege with respect to any other occurrence. No waiver shall be binding unless in writing and signed by the party asserted to have granted such waiver.

(c)Modification.  This Agreement may not be amended, modified or changed (in whole or in part), except by a formal, definitive written agreement expressly referring to this Agreement, which agreement is executed by both of the parties hereto.

(d)Complete Agreement.  This Agreement (which includes the Executive Release and the Company Release), constitutes and contains the entire agreement and final understanding concerning your relationship with the Company and the Company Released Parties  and the other subject matters addressed herein and supersedes and replaces all prior negotiations and all agreements proposed or otherwise, whether written or oral, concerning the subject matters hereof including, without limitation, the Employment Agreement and Severance Agreement, except with respect to the Protective Rights.  Any representation, promise or agreement not specifically included in this Agreement shall not be binding upon or enforceable against either party.  You are not relying on any representation of the Company or any Company Released Party except as expressly set forth in this Agreement.

(e)Severability.  If any provision or portion of this Agreement is determined to be invalid or unenforceable for any reason, in whole or in part, the remaining provisions of this Agreement shall be unaffected thereby and shall remain in full force and effect to the fullest extent permitted by law, and such invalid or unenforceable term or provision shall be deemed replaced by a term or provision that is valid and enforceable and that comes closest to expressing the parties intention with respect to such invalid or unenforceable term or provision.  

(f)Governing Law.  This Agreement shall be deemed to have been executed and delivered within the State of Ohio, and the rights and obligations of the parties hereunder shall be construed and enforced in accordance with, and governed by, the laws of the Ohio without regard to principles of conflict of laws. 

(g)Cooperation in Drafting.  Each party has cooperated in the drafting, negotiation and preparation of this Agreement. Hence, in any construction to be made of this Agreement, the same shall not be construed against either party on the basis of that party being the drafter of such language.

(h)Counterparts.  This Agreement may be executed in counterparts, and each counterpart, when executed, shall have the efficacy of a signed original. Photographic or PDF copies of such signed counterparts may be used in lieu of the originals for any purpose.

(i)No Wrongdoing. This Agreement constitutes a compromise and settlement of any and all potential disputed claims. No action taken by either party hereto, either previously or in connection with this Agreement, shall be deemed or construed to be: (a) an admission of the truth or falsity of any potential claims; or (b) an acknowledgment or admission by either party of any fault or liability whatsoever to the other party or to any third party.

(j)Voluntary Execution of Agreement.  This Agreement is executed voluntarily and without any duress or undue influence on the part or behalf of the parties hereto.  The parties acknowledge that (a) they have read this Agreement; (b) they have had the opportunity to seek legal counsel of their own choice; (c) they understand the terms and consequences of this Agreement and of the releases it contains; and (d) they are fully aware of the legal and binding effect of this Agreement.

(k)Headings; Construction.  The section and paragraph headings and titles contained in this Agreement are inserted for convenience only, and they neither form a part of this Agreement nor are they to be used in the construction or interpretation of this Agreement. Where the context requires, the singular shall include the plural, the plural shall include the singular, and any gender shall include all other genders and the neutral. Where specific language is used to clarify by example a general statement contained herein, such specific language shall not be deemed to modify, limit or restrict in any manner the construction of the general statement to which it relates.

(l)Definitions.  As used in this Agreement:

(i)"Agreement" means this Separation Agreement and including the Executive Release attached as Exhibit A and the Company Release attached as Exhibit B.

(ii)“Affiliate” means, as to any specified Person, any other Person, which, directly, or indirectly controls, is controlled by or is under common control with, such specified Person.  For purposes of this definition, “control” means the possession, directly or indirectly, of the power to direct or cause the direction of the management or policies, whether through the ownership of voting securities, through other voting rights, by contract or otherwise.

(iii)“Board” means the Board of Directors of the Company.

(iv)"Company Related Parties" means: (i) any Affiliate of the Company; (ii) the Company’s and its Affiliates officers, shareholders, directors, partners, members and employees; (iii) the Company’s and its Affiliates predecessors in interest (including without limitation GenCorp Inc.), successors in interest, assignors, assignees, transferors, transferees, or any person or entity in privity with the Company.

(v)“Code” means the United States Internal Revenue Code. 

(vi)“Employment Agreement” means the Amended and Restated Employment Agreement, dated December 31, 2008, between the Company and you.

(vii)“Group Company” means the Company and its Affiliates and any other Person in which the Company or any Company Affiliate has an equity or other interest.

(viii)"Person" means any individual, member, partnership, general partner, limited partner, trust, incorporated or unincorporated association, joint venture, joint stock company, estate, trust, organization, labor union, governmental authority or other legal entity of any kind.

(ix)“Severance Agreement” means the Amended and Restated Severance Agreement, dated December 31, 2008, between the Company and you.

IN WITNESS WHEREOF, you and the Company have executed this Separation Agreement as of the dates set forth below.

KEVIN M. MCMULLEN     

/s/ Kevin M. McMullen

Date: 11/6/2016

OMNOVA SOLUTIONS INC.
By:_/s/ Michael J. Merriman
Name: Michael J. Merriman
Title: Presiding Director
Date: November 6, 2016

Exhibit A – Executive Release

Pursuant to the Separation Agreement, dated ___________, 2016, by and between OMNOVA Solutions Inc. (the “Company” or “OMNOVA”) and Kevin M. McMullen, an individual (“you” or “your”), you are entering into this Release in favor of the Company and the other Company Related Parties (the “Release”):

1.Claims Released. Subject to the exclusions set forth in Section 2, you, for yourself and on behalf of anyone claiming through you including each and all of your legal representatives, administrators, executors, heirs, successors and assigns (collectively, the “Releasors”), do hereby fully, finally and forever release, absolve and discharge the Company and all Company Related Parties of, from and for any and all claims, causes of action, lawsuits, controversies, liabilities, losses, damages, costs, expenses and demands of any nature whatsoever, at law or in equity, whether known or unknown, asserted or unasserted, foreseen or unforeseen, that the Releasors (or any of them) now have, have ever had, or may have against the Company Related Parties (or any of them) based upon, arising out of, concerning, relating to or resulting from any act, omission, matter, fact, occurrence, transaction, claim, contention, statement or event occurring or existing at any time in the past up to and including the date on which you sign this Release, including, without limitation, (a) all claims arising out of or in any way relating to your employment with or separation of employment from the Company or its affiliates; (b) all claims for compensation or benefits, including salary, commissions, bonuses, vacation pay, expense reimbursements, severance pay, fringe benefits, stock options, restricted stock units or any other ownership interests in any Group Company, including, without limitation, any claims arising under the Employment Agreement or the Severance Agreement; (c) all claims for breach of the Employment Agreement, Severance Agreement or other breach of contract, wrongful termination, breach of the implied covenant of good faith and fair dealing or breach of any policy, plan or practice; (d) all tort claims, including claims for fraud, defamation, invasion of privacy and emotional distress; (e) all other common law claims; and (f) all claims (including claims for discrimination, harassment, retaliation, attorney’s fees, expenses or otherwise) that were or could have been asserted by you or on your behalf in any federal, state, or local court, commission, or agency, or under any federal, state, local, employment, services or other law, regulation, ordinance, constitutional provision, executive order or other source of law, including without limitation under any of the following laws, as amended from time to time: the Age Discrimination in Employment Act (the “ADEA”), as amended by the Older Workers’ Benefit Protection Act of 1990 (the “OWBPA”), Title VII of the Civil Rights Act of 1964, 42 U.S.C. §§ 1981 & 1981a, the Americans with Disabilities Act, the Equal Pay Act, the Employee Retirement Income Security Act, the Lilly Ledbetter Fair Pay Act of 2009, the Family and Medical Leave Act, Sarbanes-Oxley Act of 2002, the National Labor Relations Act, the Rehabilitation Act of 1973, the WARN Act, Federal Executive Order 11246, and the Genetic Information Nondiscrimination Act. You affirm that you own all and have not heretofore assigned or transferred or purported to assign or transfer all or any part of or any interest in any claim, demand, cause of action, liability or obligation against the Company or any Company Related Party. You agree that the Release includes claims, demands, causes of action that maybe based on facts in addition to or different from those which you now know or believes to exist with respect to the subject matter of this Agreement and which, if known or suspected at the time of executing this Agreement, may have materially affected its terms.

2.Scope of Release. Nothing in this Release:  (a) shall release the Company from any of its obligations set forth in the Agreement or any claim that by law is non-waivable or prevent you from instituting any action to challenge the validity of the release under the ADEA or to enforce the terms of the Agreement, (b) shall release any rights you have under the Indemnification 

Agreement between the Company and you dated October 1, 1999, rights of indemnification under Company Group organizational documents, plans or at law and rights under directors’ and officers’ liability insurance policies, subject, in all cases, to the terms of such agreements, documents, plans, laws and policies, (c) shall affect your right to file a claim for workers’ compensation or unemployment insurance benefits, (d) shall affect your right to any benefits to which you are entitled under any retirement plan of the Company that is intended to be qualified under Section 401(a) of the Internal Revenue Code of 1986, as amended, or your rights, if any, under Part 6 of Subtitle B of Title I of the Employee Retirement Income Security Act of 1974, as amended (COBRA), or any monetary award offered by the Securities and Exchange Commission pursuant to Section 21F of the Securities Exchange Act of 1934, as amended, or (e) your rights as a shareholder of the Company as to any circumstance, occurrence, or transaction which first arises after the date that this Release is executed by you. 

You further acknowledge that by signing this Release, you do not waive the right to file a charge against the Company with, communicate with or participate in any investigation by the EEOC, the Securities and Exchange Commission or other governmental agency. However, you waive and release, to the fullest extent legally permissible, all entitlement to any form of monetary relief arising from a charge you or others may file, including without limitation any costs, expenses or attorneys’ fees. You understand that this waiver and release of monetary relief would not affect an enforcement agency’s ability to investigate a charge or to pursue relief on behalf of others.

3.Knowing and Voluntary ADEA Waiver. In compliance with the requirements of the OWBPA, you acknowledge by your signature below that, with respect to the rights and claims waived and released in this Release under the ADEA, you specifically acknowledge and agree as follows: (a) you have read and understands the terms of this Release; (b) you have been advised and hereby are advised, and have had the opportunity, to consult with an attorney before signing this Release; (c) you are releasing the Company and the other Company Released Parties from, among other things, any claims that you may have against them pursuant to the ADEA; (d) the releases contained in this Release do not cover rights or claims that may arise after you sign this Release; (e) you has been given a period of 21 days in which to consider and execute this Release (although you may elect not to use the full 21-day period at your option); (f) you may revoke this Release during the seven-day period following the date on which you sign this Release, and this Release will not become effective and enforceable until the seven-day revocation period has expired (the date such revocation period expires, the “Effective Date”); and (g) any such revocation must be submitted in writing to the Company c/o Frank P. Esposito, Assistant General Counsel and Corporate Secretary, OMNOVA Solutions Inc., 25435 Harvard Road, Beachwood, Ohio 44122 prior to the expiration of such seven-day revocation period. If you revoke this Release within such seven-day revocation period, then the Release and the Agreement shall be null and void.

Accepted and agreed to this ___ day of __________, 2016

KEVIN M. MCMULLEN

____________________________

Exhibit B – Company Release

Pursuant to the Separation Agreement, dated __________, 2016, by and between OMNOVA Solutions Inc. (the “Company” or “OMNOVA”) and Kevin M. McMullen, an individual (“you” or “your”), the Company is entering into this Release in your favor (the “Release”). The terms used, but not defined, in this Release shall have the meanings set forth in the Separation Agreement.

1.Claims Released. Subject to the exclusions set forth in Section 2 below and the conditions set forth in Section 3 below, the Company does hereby fully, finally and forever release, absolve and discharge you from and for any and all claims, causes of action, lawsuits, controversies, liabilities, losses, damages, costs, expenses and demands of any nature whatsoever, at law or in equity, whether known or unknown, asserted or unasserted, foreseen or unforeseen (collectively, “Claims”), that the  Company now has, had, or may have against you based upon, arising out of, concerning, relating to or resulting from any act or omission by you prior to the Resignation Date that was within your authority as an officer or director of the Company. The Company affirms that the Company owns all and has not heretofore assigned or transferred or purported to assign or transfer all or any part of or any interest in any Claim against you. 

2.Scope of Release. The following are excluded from this Release: (a) any Claim arising from intentional misconduct, bad faith, disloyalty, recklessness or breach of  fiduciary duty, including but not limited to any fraud, misrepresentation, embezzlement, or misappropriation, (b) any Claim for violation of the Company’s Business Conduct Policies, including but not limited to your failure to report violations, (c) any clawback or other recovery of compensation from you under law, governmental regulation, stock exchange listing requirement or Company policies, (d) any Claim the release or waiver of which would constitute either: (i) a  breach by the  Company Board of Directors of its fiduciary duties  or (ii) a violation of law, and (e) any Claim under the Agreement. 

3.Effectiveness. The effectiveness of this Release is expressly conditioned upon: (a) your delivery of the executed Executive Release to the Company and (b) the Executive Release becoming irrevocable no later than twenty-eight (28) days after the Resignation Date. If the conditions set forth in the preceding sentence are not satisfied, this Release shall be null and void.
Accepted and agreed to this ___ day of __________, 2016

OMNOVA SOLUTIONS INC.
By:______________________
Name: ____________________
Title: _____________________

News Release            
	
						
	Contact:
	Sandi Noah
	 
	Paul DeSantis
	 

	 
	Communications
	 
	Chet Fox
	 

	 
	(216) 682-7011
	 
	Investor Relations
	 

	 
	sandi.noah@omnova.com
	 
	(216) 682-7003
	 

EXHIBIT C

OMNOVA Solutions Inc. Announces CEO Succession

		
	•
	Kevin M. McMullen to step down as Chairman, Chief Executive Officer and President of   OMNOVA Solutions

		
	•
	Anne P. Noonan named President and Chief Executive Officer

		
	•
	William R. Seelbach named Chairman of the Board of Directors

BEACHWOOD, OHIO, USA – November 7, 2016 – OMNOVA Solutions Inc. (NYSE: OMN) today announced that it is moving forward with its CEO succession process, and Kevin M. McMullen is stepping down as Chairman, Chief Executive Officer and President, and as a member of the Board of Directors, effective December 1, 2016, to pursue other interests. In over 16 years leading the Company, McMullen succeeded in repositioning OMNOVA as a leader in specialty chemicals and engineered surfaces including aggressive portfolio actions highlighted by the acquisition of Eliokem International. OMNOVA has experienced significant positive momentum with adjusted earnings per share up nearly 60% year-to-date through the third quarter, following 29% growth for the full year 2015. He is enthused about his future and proud of the Company's progress under his leadership. 
McMullen will be succeeded by Anne P. Noonan as OMNOVA’s President and Chief Executive Officer, effective December 1, 2016. Ms. Noonan will also be appointed to the Company's Board of Directors. In connection with this leadership transition, the Board of Directors has determined to separate the Chairman and Chief Executive Officer roles, electing William R. Seelbach as the Company's independent, non-executive Chairman, also effective December 1, 2016.
Michael J. Merriman, the Presiding Director of the OMNOVA Board of Directors, commented, “Kevin is a high-integrity leader with strong strategic and business acumen. We are thankful for Kevin’s many years of leadership and his dedicated service to OMNOVA, both as Chief Executive Officer and as Chairman. He has consistently been aggressive in assessing

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OMNOVA, page 2.                                                                                             Exhibit C
the market and competitive environment, and taking the necessary actions to make the Company better. He leaves an organization with a well-designed growth strategy and strong leadership team in place. On behalf of the entire OMNOVA Board and the Company, I want to express our gratitude for a job well done and wish Kevin only the best. He will be missed."
McMullen's initiatives over the years ensured OMNOVA's prominence and profitability despite many market-based challenges. A predominately U.S.-based company when he took charge, McMullen led OMNOVA's transformation into a global enterprise. Today, OMNOVA products are sold in over 90 countries around the world, supported by manufacturing and technology centers on three continents. He drove initiatives to dramatically expand the breadth of OMNOVA's technology to significantly enhance its position as a value-added solutions provider. McMullen, 56, joined the Company in 1996 as President of its Decorative and Building Products unit. He took over as Chief Executive Officer of the Company in 2000 and became Chairman of the Board in 2001. Prior to OMNOVA, McMullen worked for GE and McKinsey & Co.
"I feel really good about where OMNOVA is today as a company," McMullen said. "Our specialty businesses are poised for above-market growth, our balance sheet has improved significantly, and we just completed a far-reaching strategic planning process that highlighted many exciting long-term opportunities. The Company is well-positioned to deliver significant long-term shareholder value." He added, "We have a strong and committed team – I will truly miss the people. But I'm relatively young and I want to pursue other interests. I think now is the time to pursue them." 
Noonan, 53, is currently the President of OMNOVA’s Performance Chemicals business. Under her leadership, the segment has significantly improved financial results. These results were accomplished through aggressive implementation of a manufacturing footprint alignment and business model restructuring, delivering cost reductions in excess of $10 million per year while establishing a cost competitive “blueprint” for future specialty growth. Additionally, through a focus on innovation and commercial excellence, a foundation has been established to accelerate specialty growth with accomplished market-specialized talent and a reinvigorated innovation pipeline.
“We are confident Anne will continue to drive enhanced value for shareholders. Anne is an accomplished executive with deep knowledge of the chemicals industry and OMNOVA,” Merriman said. “She has a proven record of transformational change and improving performance through her leadership, customer focus, and emphasis on value creation. We are pleased she has agreed to lead OMNOVA, and we look forward to the contributions she will make to the Company and the Board."

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OMNOVA, page 3.                                                                                                    Exhibit C
Noonan brings nearly 30 years of experience in the chemicals industry. Prior to joining OMNOVA in 2014, Noonan served as Senior Vice President and President of Chemtura Corporation’s Industrial Engineered Products business segment with over $1 billion in revenues. During her 27 years with Chemtura and its predecessor, Great Lakes Chemical Corporation, Noonan served in roles of increasing responsibility in mergers & acquisitions, strategic business development, marketing, sales, and technology. She began her career as an Analytical Research Chemist with McNeil Specialty Chemicals Company and Squibb-Linson, Co. She earned her M.S. in organometallic chemistry and her B.S. Honors degree in chemistry from University College Dublin, Ireland. Since 2015, Noonan has been a member of the Board of Directors of CF Industries (NYSE: CF), as well as the Board of Directors of the American Chemistry Council. 
Noonan said, “I am excited to have the opportunity to lead OMNOVA and look forward to working with this dedicated, talented team to position the Company as a premier global, innovative specialty solutions provider. Kevin has provided a solid foundation to build upon, developing and leading an organization that is committed to its customers, employees, communities and shareholders.”
William R. Seelbach, 68, will succeed McMullen as OMNOVA’s Chairman. Seelbach has been a non-executive member of OMNOVA’s Board of Directors since 2002. Seelbach is a Senior Advisor with the Riverside Company, the world's largest private equity firm focused on investing in companies at the smaller end of the middle market, and a Senior Managing Director of Headwaters SC, a consulting firm for privately owned businesses. Previously, he was the President and Chief Executive Officer of the Ohio Aerospace Institute, a technology-focused research organization, from 2003 to 2006. Prior to that, he was the President of Brush Engineered Materials, Inc., now known as Materion Corporation, a manufacturer of high performance engineered materials, and held various executive roles with Brush Wellman, Inc. from 1998 to 2002. Seelbach was also the Chairman and Chief Executive Officer of Inverness Partners, a limited liability company engaged in acquiring and operating Midwestern manufacturing companies, and a Partner with McKinsey & Co.

About OMNOVA Solutions Inc.
OMNOVA Solutions is a global innovator of performance-enhancing chemistries and surfaces used in products for a variety of commercial, industrial, and residential applications. As a strategic business-to-business supplier, OMNOVA provides The Science in Better Brands, with emulsion polymers, specialty chemicals, and functional and decorative surfaces that 

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OMNOVA, page 4.                                                                                                       Exhibit C

deliver critical performance attributes to top brand-name, end-use products sold around the world. OMNOVA's sales for the last twelve months ended August 31, 2016 were $773 million. The Company has a global workforce of approximately 1,950. Visit OMNOVA Solutions on the internet at www.omnova.com. 

Notice on Forward Looking Statements.

Statements included in this Press Release that are not historical facts are forward looking statements. These statements involve risks and uncertainties including, but not limited to the operations of the Company and other related items that are detailed in risk factors and elsewhere in the Company's Annual Report on Form 10-K for the fiscal year ended November 30, 2015, subsequent Quarterly Reports on Form 10-Q and other filings with the U.S. Securities and Exchange Commission. Should one or more of these risks or uncertainties materialize (or the consequences of such a development worsen), or should underlying assumptions prove incorrect, actual outcomes may vary materially from those forecasted or expected. The Company disclaims any intention or obligation to update publicly or revise such statements, whether as a result of new information, future events or otherwise.
###

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 8-K

Current Report
Pursuant to Section 13 OR 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of Earliest Event Reported): November 6, 2016

OMNOVA SOLUTIONS INC.
(Exact Name of Registrant as Specified in its Charter)

 
	
					
	 
	 
	 
	 
	 

	Ohio
	 
	1-15147
	 
	34-1897652

	(State or Other Jurisdiction
of Incorporation)
	 
	(Commission
File Number)
	 
	(IRS Employer
Identification No.)

	 
	 

	25435 Harvard Road, Beachwood, Ohio
	 
	44122-6201

	(Address of Principal Executive Offices)
	 
	(Zip Code)

Registrant’s telephone number, including area code: (216) 682-7000
Not Applicable
(Former name or former address, if changed since last report.)
 
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

	
		
	 ̈

	Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

	 ̈

	Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

	 ̈

	Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

	 ̈

	Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

	
		
	Item 5.02
	Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers

Departure of Mr. Kevin M. McMullen

On November 6, 2016, the Board of Directors (the “Board”) of OMNOVA Solutions Inc. (the “Company”) accepted the resignation of Mr. Kevin M. McMullen as Chairman, Chief Executive Officer and President of the Company, and from the Board, each to be effective December 1, 2016. The Board accepted Mr. McMullen’s resignation pursuant to an agreement between he and the Company.

Under the agreement, Mr. McMullen’s departure will generally be considered an involuntary separation consistent with the terms of his Amended and Restated Employment Agreement dated December 1, 2008 (the “Employment Agreement”), except for certain benefit plans where Mr. McMullen meets the qualifications for “retirement.” Mr. McMullen will receive a severance payment as specified in the Employment Agreement equal to two times the sum of (i) his annual base salary and (ii) his highest annual bonus in the last three fiscal years (but not less than 100% of his base salary). Mr. McMullen will also receive any accrued but unpaid vacation through his resignation date, his accrued annual bonus for fiscal year 2016, his earned and accrued performance shares for the 2015-2016 measurement period, and a prorated value for his performance shares for the 2016-2017 measurement period. The vesting of Mr. McMullen’s outstanding Company restricted shares will also be accelerated to December 1, 2016. Mr. McMullen will be entitled to executive level outplacement services (up to $25,000), continued health and life insurance benefits for up to 24 months, accrued vested benefits under the Company’s other benefit plans, programs, and arrangements, and a payment of $200,000 in respect of other foregone compensation and Mr. McMullen’s covenants under the agreement. In total, the Company anticipates Mr. McMullen will receive approximately $3.4 million in severance, and approximately $5-6 million in respect of accrued retirement benefits, accrued incentive payments, and other health and welfare benefits.

Promotion of Ms. Anne P. Noonan to President and Chief Executive Officer; Election to OMNOVA's Board of Directors

On November 7, 2016, the Board announced that Ms. Anne P. Noonan, 53, will become President and Chief Executive Officer of the Company, effective December 1, 2016. In this role, Ms. Noonan will be the Company’s principal executive officer. The Board has also announced that Ms. Noonan will be elected as a Class I member of the Board, effective December 1, 2016, to fill the vacancy created by Mr. McMullen’s resignation. Ms. Noonan’s term as a member of the Board will expire at the 2018 annual meeting of shareholders. Ms. Noonan will not be named to any standing committees of the Board, or receive any compensation for her service on the Board, due to her status as an executive officer of the Company.

Ms. Noonan, currently the president of OMNOVA’s Performance Chemicals business, brings nearly 30 years of experience in the chemicals industry. Prior to joining OMNOVA in 2014, Ms. Noonan served as Senior Vice President and President, Industrial Engineered Products for Chemtura Corporation, a global chemicals manufacturing company. During her 27 years with Chemtura and its predecessor, Great Lakes Chemical Corporation, Ms. Noonan held various roles in mergers & acquisitions, strategic business development, senior management, marketing, and sales. Ms. Noonan began her career as an Analytical Research Chemist with McNeil Specialty Chemicals Company and Squibb-Linson, Co. in 1985. She earned her M.S. in organometallic chemistry and her B.S. Honors degree in chemistry from University College Dublin, Ireland. Since 2015, Ms. Noonan has also served as a member of the Board of Directors of CF Industries Inc. (NYSE: CF), and a member of the Board of Directors for the American Chemistry Council.

Ms. Noonan has extensive knowledge and experience in operational and management issues relevant to the chemicals industry and has subject matter expertise in the areas of marketing, production, research & development, mergers & acquisitions, and strategic business development.

The election of Ms. Noonan as President and Chief Executive Officer is not being made pursuant to any arrangement or understanding between Ms. Noonan and any other person. There are no family relationships existing between Ms. Noonan and any executive officer or director of the Company. There are no transactions between the Company and Ms. Noonan that would be required to be reported pursuant to Item 404(a) of Regulations S-K, and no such transactions are currently contemplated.

Appointment of Mr. William R. Seelbach as Chairman of the Board; Resignation of Michael J. Merriman as Presiding Director of the Board

Also on November 7, 2016, the Board announced its intention to separate the roles of Chairman and Chief Executive Officer, and to appoint William R. Seelbach, 68, a non-executive member of the Board since 2002, as its independent, non-executive Chairman, all effective on December 1, 2016. Mr. Seelbach is a Senior Advisor with the Riverside Company, the world's largest private equity firm focused on investing in companies at the smaller end of the middle market, and a Senior Managing Director of Headwaters SC, a consulting firm for privately owned businesses. In consideration of the additional time and effort that Mr. Seelbach will be required to spend in the role of Chairman, the Board has determined that in addition to the standard compensation provided to all directors, Mr. Seelbach will receive an annual retainer of $70,000 for his service as Chairman.

As the role of Chairman will be held by a non-executive director, Michael J. Merriman will also resign as the Board’s independent Presiding Director effective December 1, 2016. Mr. Merriman will remain a member of the Board and Chair of the Board’s Compensation and Corporate Governance Committee.

Notice on Forward Looking Statements

Statements included in this Form 8-K that are not historical facts are forward looking statements. These statements involve risks and uncertainties including, but not limited to the operations of the Company and other related items that are detailed in risk factors and elsewhere in the Company's Annual Report on Form 10-K for the fiscal year ended November 30, 2015, subsequent Quarterly Reports on Form 10-Q and other filings with the U.S. Securities and Exchange Commission. Should one or more of these risks or uncertainties materialize (or the consequences of such a development worsen), or should underlying assumptions prove incorrect, actual outcomes may vary materially from those forecasted or expected. The Company disclaims any intention or obligation to update publicly or revise such statements, whether as a result of new information, future events or otherwise.

	
		
	Item 8.01
	Other Events

On November 7, 2016, the Company issued a press release announcing the matters described in Item 5.02  above. A copy of the press release is attached hereto as Exhibit 99.1.

	
		
	Item 9.01
	Financial Statements and Exhibits

(c) Exhibits

	
			
	 
	 
	 

	Exhibit No.
	 
	Description

	99.1
	 
	Press Release, dated November 7, 2016

	 

SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

	
			
	 
	 
	 

	OMNOVA SOLUTIONS INC.

	 
	 

	By:
	 
	                  

	Name:
	 
	James C. LeMay

	Title:
	 
	Senior Vice President, Corporate Development;
General Counsel

	Date:
	 
	November 7, 2016

EXHIBIT INDEX

	
			
	 
	 
	 

	Exhibit No.
	 
	Description

	99.1
	 
	Press Release, dated November 7, 2016Exhibit

Exhibit 10.15

CHIEF EXECUTIVE OFFICER 
EMPLOYMENT AGREEMENT

This Chief Executive Officer Employment Agreement (the “Agreement”) is made and entered into effective as of December 1, 2016, by and between Anne P. Noonan (the “Executive”) and OMNOVA Solutions Inc., an Ohio corporation (the “Company”).
1.Duties and Obligations.
1.1    Position.  The Executive shall serve as the President and Chief Executive Officer of the Company, reporting to the Company’s Board of Directors. In such position, the Executive shall report to, and have such duties, authority, and responsibilities consistent with such position as determined from time to time by the board of directors of the Company (the “Board”).  
1.2    Performance of Duties and Other Interests.  The Executive shall devote substantially all of her business time and attention to the performance of her duties hereunder and will not engage in any other business, profession, or occupation, whether compensated or not, which would conflict or interfere with the performance of her duties, without the prior written consent of the Board.  The Executive may (a) serve on the Company’s Board and the board of directors of CF Industries Holdings, Inc. and (b) subject in all cases to Board approval, serve on the board(s) of directors of other entities, including civic or charitable organizations, for so long as the activities described in clauses (a) and (b) of this Section 1.2 do not interfere with the performance of the Executive’s duties and responsibilities to the Company.
1.3    Compliance with Policies.  The Executive shall comply with the Company’s Business Conduct Policies (which includes any directive or policy thereunder), the Company’s Corporate Governance Guidelines, and such other Company policies that are applicable to its executive officers, each of which as may be in effect from time to time and made available to the Executive. 
1.4    Effective Date and Term of Agreement.  This Agreement shall become effective on December 1, 2016 (the “Effective Date”). The Executive’s employment hereunder shall be considered “at-will”, with no fixed term or duration, and can be terminated by the Executive or the Company at any time and for any reason (or for no reason), subject to the terms and conditions of this Agreement.
2.    Compensation.
2.1    Base Salary.  The Company shall pay the Executive an annual base salary of $640,000 in periodic installments in accordance with the Company’s customary payroll practices, which amount may be increased but shall not be decreased other than as part of a general reduction in base salary in respect of all of the Company’s executive officers. The Executive’s base salary shall be reviewed no less than annually by the Compensation and Corporate Governance Committee of the Board (such committee and its successors, the “Committee”).  The Executive’s annual base salary, as in effect from time to time, is referred to herein as her “Base Salary”.
2.2    Annual Incentives.  The Executive shall be eligible to participate in any annual incentive program established by the Committee from time to time for the Company’s executive officers and to receive, to the extent earned, an incentive payment thereunder (any such payment opportunity, an “Annual Incentive”). The Executive’s 2017 fiscal year target Annual Incentive opportunity under the Company’s Executive Incentive Compensation Plan shall be 100% of Base Salary. 
2.3    Long Term Performance Incentives.  The Executive shall be eligible to participate in any long-term performance incentive programs established by the Committee from time to time for the Company’s executive officers and to receive, to the extent earned, incentive payments with respect to any long-term performance measurement period established thereunder (each payment opportunity for each such performance measurement period, a “Long-Term Performance Incentive”). The Executive’s target long-term performance incentive opportunity for the 2017-2019 performance measurement period under the Company’s Equity Plan (as defined below) shall be 125% of Base Salary. 
2.4    Equity Incentives.   The Executive shall be eligible to receive equity grants made by the Committee from time to time under any equity plan established by the Committee from time to time. The Executive’s 2017 fiscal year equity incentive grant, provided under the Company’s Third Amended and Restated 1999 Equity Performance Incentive Plan (such plan, and any successor thereto or replacement thereof, the “Equity Plan”) shall be 75% of Base Salary and granted in the form of restricted shares.
2.5    Employee Benefits.  The Executive shall be entitled to participate in all employee health, welfare, retirement and other benefit plans, practices, and programs maintained by the Company and made generally available to the Company’s executive officers or generally to the Company’s employees, subject to the terms thereof as in effect from time to time.  
2.6    Perquisites.  The Executive shall have the perquisites generally made available to the Company’s executive officers from time to time. As of the date of this Agreement, such perquisites include (a) payment of the expense of annual physicals, related tests, and travel vaccinations, and (b) the payment or reimbursement of financial planning, tax preparation, and estate planning services. 
2.7    Vacation; Paid Time-Off.  The Executive shall be entitled to four weeks of paid vacation per calendar year in accordance with the Company’s vacation policies, and to such other paid time-off in accordance with the Company’s policies, each as may be in in effect from time to time.
2.8    Business Expenses.  The Executive shall be entitled to reimbursement for all reasonable and necessary out-of-pocket business, entertainment, and travel expenses incurred by the Executive in connection with the performance of the Executive’s duties hereunder in accordance with the Company’s expense reimbursement policies and procedures in effect from time to time.
2.9    Compensation Clawback.  Notwithstanding any other provisions in this Agreement to the contrary, any incentive or other compensation paid to the Executive pursuant to this Agreement or any other plan, policy, program, or agreement or arrangement with the Company that is subject to clawback or other similar recovery under applicable law, government regulation, stock exchange listing requirement or the OMNOVA Solutions Inc. Executive Incentive Compensation Recovery Policy (or any successor thereof), as any of the same may be in effect from time to time, will be subject to such clawback or other recovery as may be required thereunder.
2.10    Life Insurance.  The Company will obtain and pay premiums, up to a maximum amount equal to standard rates, for term life insurance coverage on the Executive’s life in the amount of $4 million for a term not less than 10 years, the proceeds of which will be payable to a beneficiary designated by the Executive.  Except as otherwise provided, upon termination of the Executive’s employment, the Company will cease to pay premiums for such life insurance coverage, and the Executive will be able to continue such coverage at her own expense for the remainder of the term.
2.11    Discretion.  Except as specified in Sections 2.2, 2.3, or 2.4 for the grants to be made in respect of the 2017 fiscal year, or in Section 2.10 in respect of life insurance, notwithstanding anything in this Section 2:
(a)    the Committee has the sole and absolute discretion to: (i) determine whether to provide any incentive (including the Annual Incentives, Long-Term Performance Incentives described in Sections 2.2 and 2.3, respectively) or any equity grant to the Executive (as described in Section 2.4), (ii) determine the performance goals, target opportunities, and amount of such incentives or equity grants, (iii) establish the terms and conditions of such incentives and equity grants (including through establishing plans, programs, and forms of agreement for such purpose), and (iv) determine the amount of incentive payments and equity grants in accordance with any such plans, programs, or forms of agreement. 
(b)    the Company, the Board, or the Committee, as applicable, may, in its sole and absolute discretion amend, modify, or terminate any compensation, incentive, equity, health, welfare, retirement or other benefit plans, practices, and programs, and any other policy, practice, or program providing compensation or employee benefits. No such amendment, modification, or termination shall be a breach of this Agreement.
3.    Termination of Employment.  The Executive’s employment hereunder may be terminated by either the Company or the Executive at any time and for any reason. Upon termination of the Executive’s employment, the Executive shall be entitled to the compensation and benefits described in this Section 3 and shall have no further rights to any other compensation, severance, or benefits of any kind under any plan, program, policy or practice, including but not limited to the Company’s Corporate Officers’ Severance Plan. 
3.1    Definitions.  For purposes of this Section 3, the following terms shall have the following meanings:
(a)    “Cause” shall mean:
(i)    the Executive’s material failure to perform any duties, which failure, if curable, has not been cured within 30 days after written notice to the Executive, or any willful noncompliance with any lawful directive of the Board;
(ii)    the Executive’s willful misconduct, grossly negligent conduct, or violation of the Company’s Business Conduct Policies;
(iii)    the Executive’s commission of, conviction of, or plea of guilty or nolo contendere to, any felony;
(iv)    the Executive’s act of moral turpitude that substantially and adversely affects the Company’s business or reputation, or the Executive’s fraud, embezzlement, or theft; or
(v)    the Executive’s material breach of any obligation under this Agreement, which breach, if curable, has not been cured within 30 days after written notice to the Executive.
(b)    “Change in Control” shall mean the occurrence of any of the following after the Effective Date:
(i)    one person (or more than one person acting as a group) acquiring ownership of stock of the Company that, together with the stock held by such person or group, constitutes more than 50% of the total fair market value or total voting power of the stock of the Company; provided that, a Change in Control shall not occur if any person (or more than one person acting as a group) owns more than 50% of the total fair market value or total voting power of the Company’s stock and acquires additional stock;
(ii)    one person (or more than one person acting as a group) acquiring (or having acquired during the twelve-month period ending on the date of the most recent acquisition) ownership of the Company’s stock possessing 30% or more of the total voting power of the stock of such corporation;
(iii)    the replacement of a majority of the members of the Board during any twelve-month period by directors whose appointment or election is not endorsed by a majority of the Board before the date of appointment or election; or
(iv)    the sale of all or substantially all of the Company’s assets.

Notwithstanding the foregoing, a Change in Control shall not occur unless such transaction constitutes a change in the ownership of the Company, a change in effective control of the Company, or a change in the ownership of a substantial portion of the Company’s assets, as such events are defined under Section 409A of the Internal Revenue Code of 1986, as amended (“Code”).

(c)    “Disability” shall mean either (i) the Executive is unable to engage in any substantial gainful activity by reason of any medically determinable physical or mental impairment that can be expected to result in death or can be expected to last for a period of at least twelve (12) months (which shall be evidenced by the written determination of a qualified medical doctor selected by the Board or its designee and specifying the date upon which such disability commenced), or (ii) the Executive, by reason of any medically determinable physical or mental impairment that can be expected to result in death or can be expected to last for a continuous period of not less than twelve (12) months, is receiving income replacement benefits for a period exceeding six (6) months under an accident, health or disability plan covering employees of the Company. 
(d)    “Good Reason” shall mean:
(i)    the occurrence of any of the following without the Executive’s written consent:
(A)    a revision to the Executive’s reporting lines, such that the Executive no longer reports directly and solely to the Board;
(B)    an aggregate reduction in the Executive’s Base Salary greater than 15%;
(C)    a reduction in the aggregate annual incentive grant to the Executive (consisting, as of the date hereof, of an Annual Incentive, a Long-Term Incentive, and an equity grant) to less than 255% of Base Salary at target performance;
(D)    the relocation of the Executive’s principal work location more than thirty miles from the Executive’s current work location;
(E)    any material breach by the Company of any obligation under this Agreement; or
(F)    a material reduction in the Executive’s authority, duties, title or responsibilities (other than temporarily while the Executive is physically or mentally incapacitated, on paid leave at the request of the Board in connection with any pending investigation or as required by applicable law); and
(ii)    the Executive having:
(A)    delivered written notice to the Board within forty-five (45) days of the Executive first learning of the existence of any circumstance set forth in items (A) through (F), above but in no event shall notice be delivered later than ninety (90) days following the initial occurrence of such circumstance; 
(B)    provided the Board with thirty (30) days to consider whether it agrees or does not agree that the circumstances specified in the Executive’s written notice satisfy any of items (A) through (F) above or to cure the circumstances specified in the Executive’s written notice; and 
(C)    terminated her employment with the Company within the thirty (30) days following the earlier of: (1) the expiration, without cure, of the Board’s cure period or (2) the date of the Board’s written notice to the Executive contending either that the circumstances specified in the Executive’s written notice do not satisfy any of items (A) through (F) above or that such circumstances have been cured.
(e)    “Separation Date” shall mean: 
(i)    If the Company or the Executive terminates the Executive’s employment hereunder for any reason other than the Executive’s death, the date of such termination; or
(ii)    If the Executive’s employment hereunder terminates on account of the Executive’s death, the date of the Executive’s death.
3.2    Termination for Cause or Without Good Reason.  If the Executive’s employment hereunder is terminated by the Company for Cause, or by the Executive without Good Reason, the Executive shall be entitled to the following:
(a)    any accrued but unpaid Base Salary and any accrued but unused vacation, in each case as of the Separation Date, which shall be paid in accordance with the Company’s customary payroll procedures; 
(b)    reimbursement for unreimbursed business expenses properly incurred by the Executive prior to the Separation Date and documented, which shall be subject to and paid in accordance with any expense reimbursement policy or policies maintained by the Company from time to time; and
(c)    such accrued employee benefits, if any, to which the Executive is legally entitled under the Company’s health, welfare, and retirement benefit plans, practices, and programs (which for the avoidance of doubt does not include any of its incentive or equity plans) as of the Separation Date, subject to the terms, conditions, and requirements of such plans (the amounts and benefits set forth in Items (a) through (c) above, collectively, the “Accrued Amounts”). 
3.3    Termination Without Cause or For Good Reason.  If the Executive’s employment hereunder is terminated by the Executive for Good Reason, or by the Company without Cause (other than as provided in Sections 3.4 or 3.5 below), the Executive shall be entitled to receive the Accrued Amounts, as well as the following (the “Non-CIC Severance Benefits”):  
(a)    an amount equal to two (2) times the sum of (i) the Executive’s Base Salary and (ii) the value of the Annual Incentive that the Executive would have been eligible to earn for the fiscal year in which the Separation Date occurs assuming target performance had been achieved for such year, payable on a bi-weekly basis (assuming the Section 409A Severance Limit described in Section 5.1(d) is not exceeded) in substantially equal installments during the 24 month period following the termination of employment and subject to normal tax withholding. In the event that the total amount of Non-CIC Severance Benefits provided pursuant to this Section 3.3 exceeds the Section 409A Severance Limit described in Section 5.1(d), the payments described in this Section 3.3(a) shall be payable in accordance with the Alternate Payment Timing provisions of Section 5.1(d);
(b)    payment, if any, for any outstanding and unpaid Annual Incentive for any fiscal year that has concluded on or before the Separation Date, and, in lieu of any Annual Incentive for which the fiscal year has not ended before the Separation Date, a payment equal to the value of the product of (i) the Annual Incentive, if any, that the Executive would have actually earned for the fiscal year in which the Separation Date occurs had the Executive remained employed through the end of such fiscal year and (ii) a fraction, the numerator of which is the number of days the Executive was employed by the Company during the fiscal year in which the Separation Date occurs and the denominator of which is the actual number of days in such fiscal year. Such payment shall be made on the date the Annual Incentive would have otherwise been paid assuming no termination had occurred;
(c)    payment, if any, for any outstanding Long-Term Performance Incentive for which the performance measurement period has concluded on or before the Separation Date, and, with respect to each Long-Term Performance Incentive for which the performance measurement period has not concluded on or before the Separation Date, a payment, if any, equal to the product of (i) the outstanding Long-Term Performance Incentive, if any, that the Executive would have actually earned for such performance measurement period had the Executive remained employed through the end of such performance measurement period and (ii) a fraction, the numerator of which is the number of days the Executive was employed by the Company during the applicable performance period prior to and including the Separation Date and the denominator of which is the actual number of days in such performance measurement period. Each such payment shall be made on the date each Long-Term Performance Incentive would otherwise have been paid assuming no termination had occurred;
(d)    medical, dental, and life insurance benefits pursuant to the plans in effect for the Company on the Separation Date for a period of twenty-four (24) months following the Separation Date at the same levels elected prior to the Executive’s termination (subject to any generally applicable changes to such plans or programs) at the Company’s sole cost; provided that if the Company’s making payments under this section would violate the nondiscrimination or other regulations under the Affordable Care Act (the “ACA”) or otherwise violate or impose penalties under applicable law or regulation, the parties agree to reform this section in a manner as is necessary to comply with the ACA or such other applicable law or regulation, but consistent with the intent of the Company to pay for the cost of medical, dental, and life insurance benefits hereunder (subject in all respects to Section 14 hereof). For life insurance benefit continuation, the Company will pay any required benefit contributions on behalf of the Executive during such 24-month period; provided, however, that if the Executive is determined to be a “specified employee” as defined for purposes of Section 409A, such required premium contributions will not be paid by the Company until six months following termination of employment (at which time all required premium contributions during such six-month period shall be reimbursed to the Executive in a single lump sum payment). If the Executive is determined to be a “specified employee”, subject to reimbursement as provided in the preceding sentence, she shall be responsible for payment of any required benefit contributions during the six-month period immediately following her termination of employment with respect to any benefits that are considered to provide for a deferral of compensation (as determined under Section 409A of the Code), including, without limitation, continuation of life insurance benefits; and
(e)    the treatment of any outstanding equity awards shall be determined in accordance with the terms of the applicable Equity Plan and the applicable award agreements for such outstanding equity awards.
3.4    Change in Control Termination.  Notwithstanding any other provision contained herein, if the Executive’s employment hereunder is terminated by the Executive for Good Reason or by the Company without Cause (other than as provided in Section 3.5 below), in each case within twenty-four (24) months following a Change in Control, the Executive shall be entitled to receive the Accrued Amounts, as well as the following (the “CIC Severance Benefits”):
(a)    an amount equal to three (3) times the sum of (i) the Executive’s Base Salary and (ii) the value of the Annual Incentive that the Executive would have been eligible to earn for the fiscal year in which the Separation Date occurs assuming target performance had been achieved for such year, payable on a bi-weekly basis (assuming the Section 409A Severance Limit described in Section 5.1(d) is not exceeded) in substantially equal installments during the 24 month period following the termination of employment and subject to normal tax withholding. In the event that the total amount of CIC Severance Benefits provided pursuant to this Section 3.4 exceeds the Section 409A Severance Limit described in Section 5.1(d), the payments described in this Section 3.4(a) shall be payable in accordance with the Alternate Payment Timing provisions of Section 5.1(d);
(b)    payment, if any, for any outstanding but unpaid Annual Incentive for any fiscal year that has concluded on or before the Separation Date, and, in lieu of any Annual Incentive for which the fiscal year has not ended before the Separation Date, a payment equal to the value of the product of (i) the Annual Incentive, if any, that the Executive would have actually earned for the fiscal year in which the Separation Date occurs had the Executive remained employed through the end of such fiscal year and (ii) a fraction, the numerator of which is the number of days the Executive was employed by the Company during the fiscal year in which the Separation Date occurs and the denominator of which is the actual number of days in such fiscal year. Such payment shall be made on the date the Annual Incentive that is so prorated would have otherwise been paid assuming no termination had occurred;
(c)    payment, if any, for any outstanding Long-Term Performance Incentive for which the performance measurement period has concluded on or before the Separation Date, and, with respect to each Long-Term Performance Incentive for which the performance measurement period has not concluded on or before the Separation Date, a payment equal to the total award that would have been earned at the end of the applicable performance measurement period based on target performance; 
(d)    medical, dental, and life insurance benefits pursuant to the plans in effect for the Company on the Separation Date for a period of twenty-four (24) months following the Separation Date at the same levels elected prior to the Executive’s termination (subject to any generally applicable changes to such plans or programs) at the Company’s sole cost; provided that if the Company’s making payments under this section would violate the nondiscrimination or other regulations under the ACA or otherwise violate or impose penalties under applicable law or regulation, the parties agree to reform this section in a manner as is necessary to comply with the ACA or such other applicable law or regulation, but consistent with the intent of the Company to pay for the cost of medical, dental, and life insurance benefits hereunder (subject in all respects to Section 14 hereof). For life insurance benefit continuation, the Company will pay any required benefit contributions on behalf of the Executive during such 24-month period; provided, however, that if the Executive is determined to be a “specified employee” as defined for purposes of Section 409A, such required premium contributions will not be paid by the Company until six months following termination of employment (at which time all required premium contributions during such six-month period shall be reimbursed to the Executive in a single lump sum payment). If the Executive is determined to be a “specified employee”, subject to reimbursement as provided in the preceding sentence, she shall be responsible for payment of any required benefit contributions during the six-month period immediately following her termination of employment with respect to any benefits that are considered to provide for a deferral of compensation (as determined under Section 409A of the Code), including, without limitation, continuation of life insurance benefits; and
(e)    the treatment of any outstanding equity awards shall be determined in accordance with the terms of the applicable Equity Plan and the applicable award agreements for such outstanding equity awards.
3.5    Termination Due to Death or Disability.  The Executive’s employment hereunder shall terminate automatically upon the Executive’s death, and the Company may terminate the Executive’s employment on account of the Executive’s Disability. If the Executive’s employment is terminated due to the Executive’s death or Disability, the Executive (or the Executive’s estate and/or beneficiaries, as the case may be) shall be entitled to receive the Accrued Amounts and any other amounts that may be due or payable in the event of the Executive’s death or Disability under the Company’s benefits and incentive plans and programs applicable to the Executive pursuant to their terms. 
3.6    Obligations Upon Termination.
(a)    Timing and Calculation of Payments.  Except where time periods for the payment of benefits are specified herein, and subject to the terms of any other provisions set forth in this Agreement (including, without limitation, Section 3.6(b) and Section 5.1), the Company shall pay any applicable benefits with respect to a separation of employment hereunder as soon as reasonably practicable following the Separation Date.  With respect to  amounts to be paid and benefits to be provided under this Section 3: (i) if such amounts or benefits are specified herein, then such amounts or benefits shall be paid or provided as set forth in this Agreement, except as required by Section 5.1 or by law, and (ii) if such amounts or benefits   are subject to determination under a Company plan or program, such amounts or benefits shall be determined by the Board or the Committee, as applicable, in accordance with the applicable plan or program at the time such determination is made, except as required by Section 5.1 or by law. 
(b)    Waiver and Release of Claims.  Prior to the payment of any amount or benefit (other than the payment of any Accrued Amounts) following a termination under Section 3.4 or 3.3, the Executive shall (i) execute a waiver and release of claims in favor of the Company, its affiliates, and its and their respective officers, directors, partners, members, employees, successors in interest, assignors, and assignees, in a customary form and substance and which is reasonably satisfactory to the Company (the “Release”), and (ii) allow such Release to become effective and irrevocable no later than thirty (30) calendar days following the Separation Date. For the avoidance of doubt, the payment of any benefits, other than the Accrued Amounts, under Section 3.4 or 3.3 hereof are expressly conditioned upon the receipt by the Company and irrevocability of the Release within the specified time period. 
(c)    Resignation of All Other Positions.  Upon the termination of the Executive’s employment for any reason, the Executive agrees that she shall be deemed to have resigned from all positions that the Executive holds as an officer, member of the Board (or any committee thereof), and any other office or position of any member of the OMNOVA Group (as defined in Section 4.1, below).  In connection with the foregoing, the Executive will promptly execute such resignations and other documents, and take such other actions, as may be necessary or otherwise reasonably requested by the Company to effectuate or memorialize the Executive’s resignation from all positions described in this section.
(d)    Return of Company Property.  Upon the termination of the Executive’s employment for any reason, the Executive shall: (i) provide or return to the Company any and all Company property, including, without limitation, keys, key cards, identification cards, security devices, employer credit cards, network access devices, computers, cell phones, equipment, documents, information, and materials, and including, without limitation, any property or other materials that constitute or contain any Confidential Information or Work Product (each as defined below); and (ii) immediately and permanently delete or destroy all Confidential Information or Work Product stored on any non-Company devices, networks, storage locations, media or other materials.
(e)    Cooperation.  Following termination of the Executive’s employment for any reason, the Executive agrees to reasonably cooperate and assist the Company with regard to any Company matters that arose during the period of the Executive’s employment, including, without limitation, in respect of any current or future claim or litigation involving any member of the OMNOVA Group (as defined in Section 4.1 below) and in connection with the prosecution, maintenance, or protection of any OMNOVA Group Work Product or Intellectual Property Rights.  Such cooperation shall include, without limitation, being available at reasonable times and places for interviews, reviewing and executing documents and affidavits, testifying in a deposition or a legal or administrative proceeding, and providing input to the Company in preparing defenses to any pending or future claims involving any member of the OMNOVA Group. The Company agrees to pay or reimburse the Executive for any reasonable and documented out of pocket expenses incurred by the Executive as a result of such cooperation. The Company acknowledges that after termination of the Executive’s employment, Executive may have obligations to a future employer. Accordingly, in connection with the Executive’s cooperation hereunder the Company will use its reasonable efforts to limit the interference of such cooperation with the Executive’s obligations to a future employer, including any associated travel.
(f)    Mutual Non-Disparagement.  The Executive agrees that following her termination from the Company for any reason, she will not at any time make, publish, or communicate to any person or entity or in any public forum any defamatory or disparaging remarks, comments, or statements concerning the OMNOVA Group (as defined in Section 4.1 below) or its businesses, or any of its employees, officers or directors. The Company agrees that following the Executive’s termination from the Company for any reason it shall, and shall direct its officers and directors to, refrain from making any defamatory or disparaging remarks, comments, or statements concerning the Executive to any third parties or in any public forum. This Section 3.6(f) shall not apply to truthful testimony or truthful disclosure compelled or required by applicable law or legal process, or to the extent necessary to rebut false or misleading statements by others.  
4.    Restrictive Covenants.  The Executive acknowledges that the services to be rendered by her to the Company are of a special and unique character and place her in a role of trust and confidence with the Company. The Executive further acknowledges that by virtue of her position, she has and will obtain and have access to information of great competitive and strategic importance and commercial value to the Company. Accordingly, the Executive agrees that (i) the following restrictive covenants are reasonable and necessary to protect the legitimate business interest of the Company, (ii) that the breach of any of these restrictive covenants could cause significant and irreparable harm to the Company, and (iii) that her compensation under this Agreement reflects her obligations, and the Company’s rights under, this Section 4.
4.1    Definitions.  For purposes of this Agreement, the following terms shall have the following meanings:
(a)    “Confidential Information” means any information or materials now existing or hereafter developed or acquired that relate to the Company’s, its divisions’, affiliates’, or successors’ (collectively, the “OMNOVA Group”) business, including, without limitation, strategies, financial performance, customers, suppliers, pricing, margins, costs, personnel, facilities, equipment, products, processes, formulas, marketing, research, sales, technology, and Intellectual Property Rights (as defined below). Confidential Information shall not include information that that has become part of the public domain other than as a result of the Executive’s acts or omissions.
(b)    “Intellectual Property Rights” means any and all rights in and to US and foreign (i) patents, patent disclosures and inventions (whether patentable or not), (ii) trademarks, service marks, trade dress, trade names, logos, corporate names, and domain names, and other similar designations of source or origin, together with the goodwill symbolized by any of the foregoing, (iii) copyrights and copyrightable works, (iv) trade secrets, know-how, and other confidential information, and (v) all other intellectual property rights, in each case whether registered or unregistered and including all registrations and applications for, and renewals and extensions of, such rights, all improvements thereto and all similar or equivalent rights or forms of protection in any part of the world.
(c)    “Work Product” means all writings, works of authorship, technology, inventions, know-how, discoveries, processes, techniques, methods, ideas, concepts, research, proposals, materials, and all other work product of any nature whatsoever.
4.2    Confidential Information.  
(a)    The Executive agrees to treat all Confidential Information as strictly confidential and, except for the benefit of the OMNOVA Group, agrees (i) not to directly or indirectly disclose or make available Confidential Information to any third party; and (ii) not to use any Confidential Information. Nothing herein shall be construed to prevent disclosure of Confidential Information as may be required by applicable law or regulation, or pursuant to the valid order of a court of competent jurisdiction or an authorized government agency, provided that the disclosure does not exceed the extent of disclosure required by such law, regulation, or order. The Executive shall promptly provide written notice of any such order or requirement to the Company’s General Counsel.  
(b)    Nothing herein is intended to interfere with or discourage the disclosure of a suspected violation of the law to any governmental entity, to discourage the Executive from participating in an investigation by a governmental entity regarding a suspected violation of the law, or to prevent the Executive from providing information voluntarily to the Securities and Exchange Commission pursuant to Section 21F of the Securities Exchange Act of 1934, as amended. The Executive shall not be held criminally or civilly liable under any federal or state trade secret law for the disclosure of a trade secret that is made in confidence to a federal, state, or local government official or to an attorney solely for the purpose of reporting or investigating a suspected violation of law. The Executive shall not be held criminally or civilly liable under any federal or state trade secret law for the disclosure of a trade secret that is made in a complaint or other document filed in a lawsuit or other proceeding, if such filing is made under seal. If the Executive files a lawsuit for retaliation against the Company for reporting a suspected violation of law, the Executive may disclose the trade secret to the Executive’s attorney and use the trade secret information in the court proceeding, so long as any document containing the trade secret is filed under seal; and does not otherwise disclose the trade secret, except pursuant to court order.
4.3    Work Product.  The Executive agrees that all right, title, and interest in and to any Work Product that is created, prepared, produced, authored, conceived, or reduced to practice by the Executive, individually or jointly with others, during the period of her employment by the Company and that relates in any way to the business or contemplated business of the Company, and all Intellectual Property Rights related thereto, shall be the sole and exclusive property of the Company. The Executive irrevocably grants the Company a power of attorney coupled with an interest to execute and deliver any documents on the Executive’s behalf in her name and to do all other lawfully permitted acts to transfer the Work Product to the Company and further the transfer, prosecution, issuance, and maintenance of all Intellectual Property Rights therein, to the fullest extent permitted by law.
4.4    Non-Competition and Non-Solicitation.  During Executive’s employment and for the two (2) years following the termination of Executive’s employment for any reason (the “Restricted Period”), the Executive agrees not to, without the prior written consent of the Board:
(a)        directly or indirectly, engage in, or assist any other person or entity to engage in, any business that competes with any business in which any member of the OMNOVA Group is engaging, or in which any member of the OMNOVA Group has substantial plans to engage, provided that: (i) this restriction shall not apply to the ownership by the Executive of not more than one percent (1%) of any class of the publicly traded securities of any entity; and (ii) following the Separation Date, this restriction shall not apply to any geographical area where, as of the Separation Date, the OMNOVA Group is not conducting substantial business, is not providing substantial products or services, or did not have substantial plans to provide such products or services; and (iii) following the Separation Date this restriction shall not apply to any business acquired or established after the Separation Date by any member of the OMNOVA Group or owned by any acquirer of any member of the OMNOVA Group, which business, in either case, does not compete with any OMNOVA Group business or any business as to which the OMNOVA Group had a substantial plan to enter, as such OMNOVA Group business and plans existed on the Separation Date. 
(b)    directly or indirectly: (i) solicit or seek to entice away from any member of the OMNOVA Group, or offer employment or any consulting or other service arrangement to, or otherwise interfere with the business relationship of any member of the OMNOVA Group with, any person who is employed by any member of the OMNOVA Group; or (ii) interfere with the business relationship of any member of the OMNOVA Group with any person or entity who is a customer or client of, supplier to or other party having material business relations with any member of the OMNOVA Group. 
4.5    Remedies.  In the event of a breach or threatened breach by the Executive of this Section 4, the Executive hereby consents and agrees that the Company shall be entitled to seek, in addition to other available remedies, a temporary or permanent injunction or other equitable relief against such breach or threatened breach from any court of competent jurisdiction, without the necessity of showing any actual damages or that money damages would not afford an adequate remedy, and without the necessity of posting any bond or other security. The aforementioned equitable relief shall be in addition to, not in lieu of, legal remedies, monetary damages, or other available forms of relief.  In the event of any violation of the provisions of Section 4.4, the Executive agrees that the Restricted Period shall be extended by a period of time equal to the duration of such violation. 
4.6    Notification to Subsequent Employer.  Following termination of the Executive’s employment, the Executive agrees to notify any subsequent employer of the restrictive covenants contained in this Section 4. 
5.    Tax Matters.  
5.1    Section 409A.
(a)    General Compliance.  This Agreement is intended to comply with Section 409A of the Code (“Section 409A”) or an exemption thereunder and shall be construed and administered to the maximum extent permitted in accordance with Section 409A. Payments provided under this Agreement may only be made upon an event and in a manner that complies with Section 409A or an applicable exemption. Any payments to be made under this Agreement upon a termination of employment shall only be made upon a “separation from service” under Section 409A. In the event any provision of this Agreement fails to satisfy Section 409A, then such provision shall be reformed so as to comply with Section 409A and to preserve as closely as possible the intention of the Company and the Executive in entering into this Agreement. The Company will discuss with the Executive in good faith any amendment (consistent with the prior sentence) to this Agreement required to comply with Section 409A, provided that if it is not feasible to reform a provision of this Agreement so that a payment or benefit under it cannot be made to comply with Section 409A, the Company shall proceed with the payment without such reformation.  In no event, however, shall this Section 5.1 or any other provisions of this Agreement be construed to require the Company to provide any gross-up for the tax consequences of any provisions of, or payments under, this Agreement.
(b)    Specified Employees.  Notwithstanding any other provision of this Agreement, if any payment or benefit provided to the Executive in connection with her termination of employment is determined to constitute “nonqualified deferred compensation” within the meaning of Section 409A and the Executive is determined to be a “specified employee” as defined for purposes of Section 409A, then notwithstanding any provisions of this Agreement such payment or benefit shall not be paid until the first payroll date to occur following the six-month anniversary of the Separation Date or, if earlier, on the Executive’s death (the “Specified Employee Payment Date”). The aggregate of any payments that would otherwise have been paid before the Specified Employee Payment Date shall be paid to the Executive in a lump sum on the Specified Employee Payment Date and thereafter, any remaining payments shall be paid without delay in accordance with their original schedule.
(c)    Reimbursements.  To the extent required by Section 409A, each reimbursement or in-kind benefit provided under this Agreement shall be provided in accordance with the following: (i) the amount of expenses eligible for reimbursement, or in-kind benefits provided, during each calendar year cannot affect the expenses eligible for reimbursement, or in-kind benefits to be provided, in any other calendar year; (ii) any reimbursement of an eligible expense shall be paid to the Executive on or before the last day of the calendar year following the calendar year in which the expense was incurred; and (iii) any right to reimbursements or in-kind benefits under this Agreement shall not be subject to liquidation or exchange for another benefit.
(d)    Alternative Payment Timing.  In the event that (i) the aggregate amount of Non-CIC Severance Benefits or CIC Severance Benefits provided under Section 3.3 or Section 3.4, as applicable, exceeds the lesser of two times (A) the Executive’s annualized compensation for the preceding calendar year, or (B) the limit on compensation set forth in Section 401(a)(17) of the Code (the “Section 409A Severance Limit”), and (ii) the Executive is determined to be a “specified employee” in accordance with Section 409A, payment of salary continuation benefits under Section 3.3(a) or Section 3.4(a), as applicable, shall be temporarily reduced by such amount as is necessary to ensure that the Section 409A Severance Limit is not exceeded (the unpaid amount the “Section 409A Severance Reduction Amount”). The Section 409A Severance Reduction Amount shall be paid to the Executive in a single lump sum payment six months following her “separation from service” determined in accordance with Section 409A.
5.2    Section 280G.  If any of the payments or benefits received or to be received by the Executive (including, without limitation, any payment or benefits received in connection with a Change in Control or the Executive’s termination of employment, whether pursuant to the terms of this Agreement or any other plan, arrangement or agreement, or otherwise) (all such payments collectively referred to herein as the “280G Payments”) constitute “parachute payments” within the meaning of Section 280G of the Code and would, but for this Section 5.2, be subject to the excise tax imposed under Section 4999 of the Code (the “Excise Tax”), then prior to making the 280G Payments, a calculation shall be made comparing (i) the Net Benefit (as defined below) to the Executive of the 280G Payments after payment of the Excise Tax to (ii) the Net Benefit to the Executive if the 280G Payments are limited to the extent necessary to avoid being subject to the Excise Tax. Only if the amount calculated under (i) above is less than the amount under (ii) above will the 280G Payments be reduced to the minimum extent necessary to ensure that no portion of the 280G Payments is subject to the Excise Tax. “Net Benefit” shall mean the present value of the 280G Payments net of all federal, state, local, foreign income, employment, and excise taxes. The calculation of the Net Benefit and any reduction under this Section 5.2 shall be performed by a nationally-recognized accounting firm selected by the Company and reasonably acceptable to the Executive, and any reduction made pursuant to this Section 5.2 shall be made in a manner determined by the Company that is consistent with the requirements of Section 409A.
6.    Governing Law: Jurisdiction and Venue.  This Agreement, for all purposes, shall be construed in accordance with the laws of the State of Ohio without regard to conflicts of law principles. Except to obtain equitable relief, any action or proceeding by either of the parties to enforce this Agreement shall be brought only in a state or federal court located in Cuyahoga County, Ohio. The parties hereby irrevocably submit to the exclusive jurisdiction of such courts and waive the defense of inconvenient forum to the maintenance of any such action or proceeding in such venue.
7.    Entire Agreement.  Unless specifically provided herein, this Agreement contains all of the understandings and representations between the Executive and the Company pertaining to the subject matter hereof and supersedes all prior and contemporaneous understandings, agreements, representations, and warranties, both written and oral, with respect to such subject matter. Any representation, promise, or agreement not specifically included in this Agreement shall not be binding upon or enforceable against either party.  The Executive agrees that she is not relying on any representation of the Company or any person acting or claiming to act on behalf of the Company except as expressly set forth in this Agreement.
8.    Modification and Waiver.  No provision of this Agreement may be amended or modified unless such amendment or modification is agreed to in writing and signed by the Executive and a duly authorized officer of the Company. No waiver by either of the parties of any breach by the other party hereto of any condition or provision of this Agreement to be performed by the other party hereto shall be deemed a waiver of any similar or dissimilar provision or condition at the same or any prior or subsequent time, nor shall the failure of or delay by either of the parties in exercising any right, power, or privilege hereunder operate as a waiver thereof to preclude any other or further exercise thereof or the exercise of any other such right, power, or privilege. The Company and the Executive acknowledge and agree that it is the intent of both parties that this Agreement comply with all applicable laws and regulations.  In accordance with the foregoing sentence, the Company and Executive agree to enter into any amendments to this Agreement from time to time, as may be reasonably necessary to comply with all applicable laws and regulations.
9.    Severability.  This Agreement shall be interpreted in such a manner as to be effective and valid under applicable law, but if any provision hereof shall be prohibited or invalid under any such law, such provision shall be ineffective to the extent of such prohibition or invalidity, without invalidating or nullifying the remainder of such provision or any other provisions of this Agreement. If any one or more of the provisions contained in this Agreement shall for any reason be held to be legally unenforceable as written, such provisions shall be construed by limiting and reducing it so as to be enforceable to the maximum extent permitted by applicable law. 
10.    Headings; Construction and Interpretation.  Captions and headings of the sections and paragraphs of this Agreement are intended solely for convenience and no provision of this Agreement is to be construed by reference to the caption or heading of any section or paragraph. Where the context requires, the singular shall include the plural, the plural shall include the singular, and any gender shall include all other genders and the neutral. Where specific language is used to clarify by example a general statement contained herein, such specific language shall not be deemed to modify, limit or restrict in any manner the construction of the general statement to which it relates.
11.    Counterparts.  This Agreement may be executed in separate counterparts, each of which shall be deemed an original, but all of which taken together shall constitute one and the same instrument. 
12.    Successors and Assigns.  This Agreement is personal to the Executive and shall not be assigned by the Executive, but in the event of the Executive’s death, any payment and benefits due to the Executive under this Agreement shall (to the extent not theretofore paid or provided) be paid or provided to the benefit of the Executive’s heirs and estate. Any purported assignment by the Executive shall be null and void from the initial date of the purported assignment. Subject to the terms hereof, the Company may assign this Agreement to any successor or assign (whether direct or indirect, by purchase, merger, consolidation, or otherwise) to all or substantially all of the business or assets of the Company. This Agreement shall inure to the benefit of the Company and permitted successors and assigns.
13.    Notice.  Notices and all other communications provided for in this Agreement shall be in writing and shall be delivered personally or sent by registered or certified mail, return receipt requested, or by overnight carrier to the parties at the addresses set forth below (or such other addresses as specified by the parties from time to time by like notice):
If to the Company:
OMNOVA Solutions
25435 Harvard Road
Beachwood, Ohio 44122
Attention: Corporate Secretary
If to the Executive:
To the address on file with the Company from time to time
14.    Tax Responsibilities.  The Company shall have the right to withhold from any amount payable hereunder any Federal, state, local and foreign taxes in order for the Company to satisfy any withholding tax obligation it may have under any applicable law or regulation. The Executive agrees that the Executive shall be solely responsible for any taxes due as a result of any payments or benefits provided for in this Agreement, and acknowledges that the Company has not made any representations regarding the potential tax results for the Executive with respect to any income that may be recognized by the Executive in connection with any payment or benefit hereunder.
15.    No Mitigation or Offset.  The Executive shall not be required to mitigate the amount of any payment or benefit provided for herein by seeking other employment or otherwise, and any such payment or benefit will not be reduced in the event such other employment is obtained.
16.    Reimbursement of Legal Fees.  The Company shall promptly reimburse the Executive for reasonable legal and out-of-pocket expenses incurred in connection with the preparation and negotiation of this Agreement. 
17.    Survival.  After the termination of Executive’s employment for any reason this Agreement and the respective rights and obligations of the parties set forth in Sections 2.8 through 2.11 and Sections 3 through 18 hereof shall survive such termination.
18.    Voluntary Execution of Agreement.  This Agreement is executed voluntarily and without any duress or undue influence on the part or behalf of the parties hereto. The parties acknowledge that (a) they have read this Agreement; (b) they have had the opportunity to seek legal counsel of their own choice; (c) they understand the terms and consequences of this Agreement and of the obligations it contains; and (d) they are fully aware of the legal and binding effect of this Agreement.
IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the date first above written.
OMNOVA SOLUTIONS INC.
By:    /s/ Michael J. Merriman
Name:    Michael J. Merriman
Title:        Presiding Director
EXECUTIVE
/s/ Anne P. Noonan
Anne P. Noonan

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