Document:

EX-10.3

 Exhibit 10.3 

EMPLOYMENT AGREEMENT 
 BETWEEN

 MULTI-COLOR CORPORATION 
 AND

 MICHAEL D. COOK 
  

Effective as of February 1, 2018 

 TABLE OF CONTENTS 

 

					
	 	  	Page	 
		
	 1. EMPLOYMENT
	  	 	1	 
		
	 2. TERM OF AGREEMENT
	  	 	1	 
		
	 3. SCOPE OF EMPLOYMENT;
LOCATION
	  	 	1	 
		
	 4. COMPENSATION
	  	 	2	 
		
	 4.1 Base Salary
	  	 	2	 
		
	 4.2 Bonus
	  	 	2	 
		
	 4.3 Restricted Stock Grant; Stock Option and Restricted Stock Awards
	  	 	2	 
		
	 4.4 Retirement Plan
	  	 	2	 
		
	 4.5 Welfare and Other Benefit Plans
	  	 	2	 
		
	 4.6 Expenses
	  	 	3	 
		
	 4.7 Automobile Allowance
	  	 	3	 
		
	 4.8 Vacation and Holidays
	  	 	3	 
		
	 4.9 Indemnity
	  	 	3	 
		
	 5. CONFIDENTIALITY,
NON-COMPETITION AND OTHER COVENANTS
	  	 	3	 
		
	 5.1 Non-Disclosure of Confidential Materials, Information
and Intellectual Property
	  	 	3	 
		
	 5.2 Immunity from Liability for Disclosure
	  	 	4	 
		
	 5.3 Non-Solicitation of the Company’s
Employees
	  	 	4	 
		
	 5.4 Covenant Against Unfair Competition
	  	 	4	 
		
	 5.5 Return of Confidential Materials and Information
	  	 	5	 
		
	 5.6 Irreparable Harm
	  	 	5	 
		
	 5.7 Cumulative Remedies; Enforceability
	  	 	5	 
		
	 5.8 Reasonableness of Scope and Duration
	  	 	5	 
		
	 5.9 Future Employer
	  	 	6	 
		
	 5.10 Time Periods
	  	 	6	 
		
	 6. TERMINATION OF EMPLOYMENT
	  	 	6	 
		
	 6.1 Termination
	  	 	6	 
		
	 6.2 Date of Termination
	  	 	9	 
		
	 6.3 Notice of Termination
	  	 	9	 
		
	 7. OBLIGATIONS OF THE COMPANY
UPON TERMINATION
	  	 	9	 

  
 -i- 

 TABLE OF CONTENTS 

(continued) 
  

					
	 	  	Page	 
		
	 7.1 Termination for Other Than Cause or Due to Executive’s Death or Disability, or for Good
Reason
	  	 	9	 
		
	 7.2 Termination for Cause or Other Than for Good Reason
	  	 	11	 
		
	 7.3 Termination Due to Executive’s Death
	  	 	11	 
		
	 7.4 Termination Due to Executive’s Disability
	  	 	12	 
		
	 8. ARBITRATION
	  	 	13	 
		
	 9. MISCELLANEOUS PROVISIONS
	  	 	13	 
		
	 9.1 Binding Effect; Delegation of Duties Prohibited; Survival
	  	 	13	 
		
	 9.2 Amendment; Waiver
	  	 	13	 
		
	 9.3 Entire Agreement
	  	 	14	 
		
	 9.4 Exemption from, or Compliance with, Section 409A
	  	 	14	 
		
	 9.5 Governing Law
	  	 	14	 
		
	 9.6 Headings; Section References; Construction
	  	 	14	 
		
	 9.7 Notices
	  	 	14	 
		
	 9.8 Policies, Regulations and Guidelines for Executives
	  	 	15	 
		
	 9.9 Severability and Reformation of Provisions
	  	 	15	 
		
	 9.10 Taxes
	  	 	15	 
		
	 9.11 Full Settlement
	  	 	15	 

  
 -ii- 

 EMPLOYMENT AGREEMENT 

This Employment Agreement (“Agreement”) is effective the 1st
day of February, 2018 by and between Multi-Color Corporation, an Ohio corporation (“Company”), and Michael D. Cook an individual (“Executive”). 

RECITALS: 

A.        Company desires to retain the services of Executive as its Chief Operating
Officer – Consumer Product Goods, and Executive desires to render such services to the Company. 

B.        The parties hereto desire to set forth the terms and conditions of the
employment relationship between the Executive and the Company by entering into this Agreement. 

AGREEMENT: 

NOW, THEREFORE, the parties hereby agree as follows: 

1. EMPLOYMENT.  The Company hereby employs Executive for the
“Term” (as defined in Section 2), and Executive accepts employment by the Company and agrees to serve the Company during the Term, upon the terms and conditions hereinafter set forth. 

2. TERM OF AGREEMENT.  This
Agreement shall commence February 1, 2018, and shall continue until terminated in accordance with this Agreement. This Agreement shall be terminable at will, at any time, by either party, with or without cause, subject to the provisions set
forth in Section 5, below. Unless otherwise expressly provided herein, upon the termination of Executive’s employment, the Company shall pay Executive his salary earned through the Termination Date, Executive shall be entitled to all
benefits accrued or vested through the Termination Date pursuant to all fringe benefit plans set forth in this Agreement, and the Company shall not be obligated to pay, and Executive shall not be entitled to receive, any other compensation, payments
or consideration of any kind or nature. The “Term” shall refer to the period of time during which the Executive is employed pursuant to this Agreement. 

3. SCOPE OF EMPLOYMENT;
LOCATION.  During the Term of this Agreement, Executive shall serve as Chief Operating Officer – Consumer Product Goods of the Company and agrees to devote his full attention and time to the business
and affairs of the Company as may be assigned by the Company’s Chief Executive Officer or the Board of Directors (“Board”) and to use the Executive’s best efforts to perform such responsibilities in a professional manner.
Executive shall have all authority, duties and responsibilities customarily exercised by an individual serving as Chief Operating Officer – Consumer Product Goods in a corporation of the size and nature of the Company and such other authority,
duties and responsibilities as are delegated to him by the Board or the Company’s Chief Executive Officer from time to time. Notwithstanding the foregoing, it shall not be a violation of this Agreement for the Executive to (A) serve on
corporate, trade association, civic or charitable boards or committees, (B) deliver lectures, fulfill speaking engagements or teach at educational institutions, or (C) manage personal investments

 
and affairs, so long as such activities do not significantly interfere with the performance of the Executive’s responsibilities as an employee of the Company in accordance with this
Agreement. During the Term of this Agreement, Executive shall principally perform his duties at the Company’s headquarters’ office located in Batavia, Ohio, except in the event Executive agrees in writing to another location. 

4. COMPENSATION. 

4.1 Base Salary.  During the Term of this Agreement, the Executive shall receive an
Annual Base Salary. Executive’s beginning Annual Base Salary shall be Four Hundred Thousand Dollars (US$400,000). The Annual Base Salary shall be reviewed by the Compensation Committee of the Board annually based upon Executive’s
performance, pertinent salary survey information and such other information as the Compensation Committee deems appropriate, but may not be adjusted downward without the Executive’s written consent. After any such adjustment, the term
“Annual Base Salary” as used in this Agreement shall thereafter refer to such amount as adjusted. 

4.2 Bonus.  Executive will continue to be eligible to participate in the Management
Incentive Compensation Program, subject to the terms and conditions as specified in the plan. The incentive compensation program is based on meeting certain financial targets as established by, and in the sole discretion of, the Board or by the
Compensation Committee of the Board on an annual basis. The bonus target, as a percent of Annual Base Salary, is 50%, with a bonus range between 25% and 75% of Annual Base Salary. If financial targets are met between the minimum, target and maximum
brackets, the payout is calculated on a prorated basis between the two brackets that apply. Executive shall be paid his Bonus when other executives of the Company are paid their annual bonuses, but in no event beyond the last day on which such
payment would qualify as a short-term deferral under Treasury Regulation § 1.409A 1(b)(4). 
 4.3
Restricted Stock Grant; Stock Option and Restricted Stock Awards.  Effective April 1, 2018, the Company shall grant to Executive such number of restricted share units (RSU’s) of the Company stock having a total
value equal to $300,000 and such number of common stock (Restricted Shares) of the Company having a total value equal to $100,000, as set forth more fully in that certain Restricted Share Unit Agreement (Performance-Based), and that certain
Restricted Share Agreement (Time-Based), each dated April 1, 2018. The Executive may be eligible for future grants during the Term of this Agreement, as determined and subject to the terms set by the Board or its committees from time to time.

 4.4 Retirement Plan.    During the Term of this Agreement, the Executive
shall be eligible to participate in all savings and retirement plans, practices, policies and programs to the extent applicable generally to other executives of the Company, including, without limitation, 401(k) retirement savings, or any other
supplemental retirement compensation plans. 
 4.5 Welfare and Other Benefit
Plans.    During the Term of this Agreement, the Executive and/or the Executive’s family, as the case may be, shall be eligible for participation in and shall receive all other benefits (except for those benefits
which have otherwise been provided to Executive herein) under welfare, fringe, incentive and other similar benefit plans, practices, policies and programs provided by the Company (including, without limitation, medical, prescription drug, dental,
disability, employee life, group life, accidental death and travel 

  
 2 

 
accident insurance plans and programs) to the extent applicable generally to other executives of the Company. 

4.6 Expenses.  During the Term of this Agreement, the Executive shall be entitled to
receive prompt reimbursement for all reasonable business expenses incurred by the Executive and documented as required by regulations of the Internal Revenue Service and policies of the Company. 

4.7 Automobile Allowance.  During the Term of this Agreement, the Executive shall be
paid each month an automobile allowance of Five Hundred Dollars ($500.00), which shall cover all automobile-related costs, including automobile payments, gasoline, insurance, maintenance, repairs, taxes and other related costs. 

4.8 Vacation .  During the Term of this Agreement, the executive shall be
entitled to earn and use vacation pursuant to the Company’s vacation policy and in conformance with applicable law as in effect from time to time for executives of the Company. 

4.9 Indemnity.    The Executive shall be indemnified and held harmless by the
Company against claims arising in connection with the Executive’s status as an employee, officer, director or agent of the Company or any of its subsidiaries or affiliates. Such indemnification shall be established to the level of the greatest
indemnification permitted by Ohio law for corporate employees, officers or directors, and such indemnification shall continue as to the Executive even if he has ceased to be an employee, officer, director or agent of the Company or other entity and
shall inure to the benefit of the Executive’s heirs and legal representatives. In furtherance of this protection, during the Executive’s employment and for a period of at least six years thereafter, the Company shall continue to provide
officers’ and directors’ liability insurance covering Executive in at least the amount of coverage provided as of the commencement date of this Agreement for such purposes and in any event provide at least as much coverage for the
Executive as the Company provides for its other executives or directors of the Company. Nothing in this Agreement shall operate to limit or extinguish any right to indemnification, advancement of expenses or contribution that the Executive (or his
heirs and legal representatives) would otherwise have (including, without limitation, by agreement or under applicable law). 

5. CONFIDENTIALITY,
NON-COMPETITION AND OTHER COVENANTS.    In consideration of Company’s
employment of Executive, Executive does covenant and agree with the Company as follows: 
 5.1 Non-Disclosure of Confidential Materials, Information and Intellectual Property.  The Executive acknowledges that as a leader in the highly-competitive businesses of printing labels, including but
not limited to, inmold, pressure sensitive, heat transfer, cut and stack and shrink sleeve label technologies, the Company has developed, acquired and implemented confidential intellectual property, materials and information, proprietary strategies
and programs, which it has taken steps to protect as trade secrets (as defined in Ohio’s Uniform Trade Secrets Act, OHIO REV. CODE §§ 1333.61 - 1333.69) and which include copyrighted
materials, patent materials, expansion plans, market research, sales systems, marketing programs, product development strategies, budgets, pricing and cost strategies, identity and requirements of accounts, and other
non-public proprietary information regarding customers and the employees 

  
 3 

 
of the Company or of its customers or non-public proprietary information regarding the Company’s business or the business of the Company’s
customers (collectively “Confidential Materials and Information”). In performing duties for the Company, the Executive regularly will be exposed to and work with the Company’s Confidential Materials and Information. The Executive
acknowledges that such Confidential Materials and Information are critical to the Company’s success and that the Company has invested substantial money in developing the Company’s Confidential Materials and Information. While the Executive
is employed by the Company, and after such employment ends for any reason, the Executive will not reproduce, publish, disclose, use, reveal, show, or otherwise communicate to any person or entity any Confidential Materials and Information of the
Company unless specifically assigned or directed by the Company to do so or unless it shall have become public knowledge (other than by acts by the Executive or representatives of the Executive in violation of this Agreement). The covenant in this
Section 5.1 has no temporal, geographical or territorial restriction or limitation, and it applies wherever the Executive may be located. 

5.2 Immunity from Liability for Disclosure.     Pursuant
to 18 U.S.C § 1833 (b)(3)(A), the Company hereby notifies the Executive of his immunity from criminal or civil liability under Federal or State trade secret laws for disclosure of a trade secret that is made either: (1) in confidence to a
Federal, State, or local government official, either directly or indirectly, or to an attorney solely for the purpose of reporting or investigating a suspected violation of law; or (2) in a complaint or other document filed in a lawsuit or
other proceeding, if such filing is made under seal. Unless otherwise stated in this Agreement, the preceding sentence and the immunity granted therein does not restrict the Company’s right to enforce the confidentially obligations under
Section 5.1 or prevent the Company from pursuing a cause of action for a breach of these confidentiality obligations, provided that such cause of action does not arise out of Federal or State trade secret law. 

5.3 Non-Solicitation of the
Company’s Employees.  For a period of 24 months after the termination of his employment, the Executive will not actively solicit, either directly or indirectly through any third person, any other
employee of the Company to terminate his or her employment with the Company without the written consent of the Chairman of the Board. 

5.4 Covenant Against Unfair Competition.  While the Executive is employed by the
Company, and for a period of 12 months after the termination of his employment, the Executive will not, either directly or indirectly: (a) work for any individual or entity, or own, control, or invest in any entity, that provides similar
services as the Company or is a competitor of the Company and its businesses; or (b) call on, solicit or communicate with any of the Company’s customers or prospects for the purpose of obtaining such customer’s or prospect’s
business in violation of the restrictions on competition contained in clause (a) of this Section 5.4, other than for the benefit of the Company. As used in this Agreement, the term “customer” means a business entity (including
representatives of such business entity) to which the Company provided goods or services at any time in the prior 24 months before the termination or expiration of this Agreement, and the term “prospect” means a business entity (including
representatives of such business entity) to which, at any time in the 24 months before the termination or expiration of this Agreement, the Company made a written proposal for providing goods or services. Ownership, for personal investment purposes
only, of not in excess of two 

  
 4 

 
percent (2%) of the voting stock of any publicly held corporation, shall not constitute a violation hereof. 

5.5 Return of Confidential Materials and Information.  The Executive agrees that
whenever the Executive’s employment with the Company ends for any reason, all documents, including information stored in electronic format, containing or referring to the Company’s Confidential Materials and Information that may be in the
Executive’s possession, or over which the Executive may have control, will be delivered by the Executive to the Company immediately, with no request being required. 

5.6 Irreparable Harm.  The Executive agrees that a breach of any covenant in this
Section 5 will cause the Company irreparable injury and damage for which the Company has no adequate monetary remedy, and the Executive further agrees that if the Company claims a breach of any such covenant, the Company will be entitled to
seek an immediate restraining order and injunction to prevent such violation or continued violation. 

5.7 Cumulative Remedies; Enforceability. 

(a)  In the event of Executive’s breach or threatened breach of the covenants set forth in this
Section 5, the parties acknowledge that the Company will suffer irreparable harm and the Company will be entitled to an injunction restraining Executive from committing such breach. Executive affirmatively waives any requirement that the
Company post any bond, demonstrate the likelihood of irreparable harm to the Company, or demonstrate that any actual damages will be suffered by the Company or any other entity seeking enforcement hereof as a result of Executive’s breach of any
of the covenants set forth in this Section 5. 
 (b)  The covenants and agreements contained
in this Section 5 will be construed as independent of each other, and the existence of any claim or cause of action by Executive against the Company, whether predicated on this Agreement or otherwise, will not constitute a defense to the
Company’s enforcement of such covenants, and they shall be construed as separate covenants and agreements. If any court shall finally determine that the restraints provided for in any such covenants and agreements exceed the maximum area,
activity or time such court deems reasonable and enforceable, said area, activity or time shall be deemed to become and thereafter shall be the maximum area, activity or time which such court deems reasonable and enforceable, and such covenants and
agreements shall be enforced as to such reduced area, activity or time. 
 (c)  Nothing herein
contained will be construed as prohibiting the Company from pursuing any other remedies available to it at law or in equity for such breach or threatened breach, including the recovery of money damages. 

5.8 Reasonableness of Scope and Duration.    Executive
acknowledges that the restrictions contained in this Section 5 are reasonable and necessary to protect the legitimate interests of the Company and that the Company would not have entered into this Agreement in the absence of such restrictions.
Executive understands and agrees that the covenants and agreements contained in this Section 5 are, taken as a whole, reasonable in connection with the activities covered, their geographic scope and duration. Executive understands that the
provisions of this Agreement have been carefully designed to restrict Executive’s activities to the 

  
 5 

 
minimum extent which is consistent with the Company’s requirements. Executive has carefully considered these restrictions, and Executive confirms that they will not unduly restrict
Executive’s ability to obtain a livelihood. 
 5.9 Future Employer. If
applicable, Executive shall inform any prospective or future employer of all of the restrictive covenants and agreements contained in this Agreement, and provide such employer with a copy of such provisions, prior to the commencement of that
employment. 
 5.10 Time Periods. All time periods set forth in this
Section 5 shall be extended by the duration of any period during which Executive is in violation of any provision of this Section 5. 

6. TERMINATION OF EMPLOYMENT 

6.1 Termination. Executive’s employment with the Company shall terminate upon
the occurrence of the first of the following events: 
 (a) Death. Upon the death of
Executive. 
 (b) Disability. If the Disability of the Executive has occurred
during the Executive’s employment, the Company may give written notice to the Executive in accordance with this Agreement of its intention to terminate the Executive’s employment. In such event, the Executive’s employment with the
Company shall terminate effective on the Disability Commencement Date. As used in this Agreement, “Disability” shall mean that the Executive, (i) in the opinion of a physician, is unable to engage in any substantial gainful activity
by reason of any medically determinable physical or mental impairment which can be expected to result in death or can be expected to last for a continuous period of not less than 12 months, or (ii) is, by reason of any medically determinable
physical or mental impairment which can be expected to result in death or can be expected to last for a continuous period of not less than 12 months, receiving income replacement benefits for a period of not less than 3 months under an accident and
health plan covering employees of the Company, or (iii) is determined to be totally disabled by the Social Security Administration, or (iv) is determined to be disabled in accordance with a disability insurance program, provided that the
definition of disability applied under such disability insurance program complies with the requirements of (i) or (ii) above. Additionally, as used in this Agreement, “Disability Commencement Date” shall be the 30th day after notice is received by Executive pursuant to this Section 6.1(b) that he is under a Disability, provided that, within the 30 days after such receipt, the Executive shall not have
returned to perform his duties hereunder. 
 (c) Cause. The Company terminates the Executive
for Cause or for any reason other than for Cause. As used in this Agreement, “Cause” with respect to Executive’s termination from employment, shall mean any of the following: 

 

			
		  	 (1) the Executive’s failure to cure the Executive’s material breach of this
Agreement or any Company policy, regulation or guideline;

  
 6 

			
		  	 (2) the Executive’s appropriation of a material business opportunity of the Company,
including securing any material personal profit in connection with any transaction entered into on behalf of the Company. This provision shall not include opportunities communicated by the Executive to the Company which were rejected or on which the
Company took no timely action;

		
		  	 (3) the Executive’s misappropriation of any of the Company’s funds or
property;

		
		  	 (4) the Executive’s conviction of or entering of a guilty plea or a plea of no
contest with respect to, a felony, or any other crime which materially and adversely affects the business of the Company or Executive’s ability to carry out his duties hereunder and with respect to which imprisonment for a term in excess of six
(6) months is a possible punishment;

		
		  	 (5) the Executive’s conduct, or lack thereof, which results in material economic
damage to the Company or its reputation. It is expressly understood that if Executive’s good faith belief was that his conduct or lack thereof was in, or not opposed to, the best interest of the Company, then “Cause” shall not be
satisfied hereunder; or

		
		  	 (6) in the event there is a Change in Control (as used in this Agreement, a “Change
in Control” shall have the meaning ascribed thereto in the Company’s 2012 Stock Incentive Plan as in effect on the date this Agreement becomes effective), for a period of twelve (12) months following the date of such Change in
Control, the term “Cause” shall not include items (1) through (5) above and shall only mean the following:

 (A) the Executive materially violates any Company policy,
regulation or guideline; or 
 (B) the Executive’s conviction or entering of a guilty
plea or a plea of no contest with respect to fraudulent or illegal activities which are materially injurious to the Company, monetarily or otherwise. 

No termination of the Executive’s employment hereunder by the Company for Cause shall be effective as a termination for
Cause unless the provisions of this paragraph shall first have been complied with. The Executive shall be given a Notice of Termination by the Board. The Executive shall have 60 days after receipt of such Notice of Termination to cure such alleged
violation. If he fails to cure such alleged violation within such 60-day period, the Executive shall then be entitled to a hearing before the Board. If after such hearing, the Board gives a second Notice of
Termination to the Executive confirming that a majority of the 

  
 7 

 
members of the Board that are not then employed as employees of the Company voted after the hearing to terminate him for Cause, the Executive’s employment shall thereupon be terminated for
Cause. 
 (d) Good Reason. The Executive terminates employment for Good Reason.
As used in this Agreement, “Good Reason” with respect to the termination from employment of Executive shall mean any of the following: 
  

			
		  	 (1) the Company’s material breach of this Agreement;

		
		  	 (2) the Company materially altering or materially impairing the Executive’s
authority, duties or responsibilities without his written consent;

		
		  	 (3) any reduction in Executive’s then current Annual Base Salary, reduction in
Executive’s target Bonus opportunity to a level below 50% of the then current Annual Base Salary, or material diminution of benefits provided under Company plans which are applicable to Executive without his written consent;

		
		  	 (4) the Company requiring the Executive to be based at any office or location other
Batavia, Ohio (or other agreed upon location) without the Executive’s prior written consent; or

		
		  	 (5) in the event there is a Change in Control, for a period of 12 months following the
date of such Change in Control, the term “Good Reason” shall include, in addition to items (1) through (4) above, the following:

 (A) (i) the assignment to the Executive of any duties
inconsistent in any material adverse respect with the Executive’s position, authority or responsibilities, or (ii) any other material adverse change in such position, including title, authority or responsibilities in each case without the
prior written consent of Executive; or 
 (B) failure of the Company to obtain the
assumption in writing of its obligations under this Agreement by any successor to all or substantially all of the business or assets of the Company no later than the closing of such transaction, unless such assumption occurs by operation of law.

 No termination of the Executive’s employment hereunder by the Executive for Good Reason shall be
effective as a termination for Good Reason unless the provisions of this paragraph shall first have been complied with. The Board shall be given a Notice of Termination by the Executive within 90 days of the initial existence of the violation. The
Company shall have 60 days after receipt of the Notice of Termination to fully cure such alleged violation. 

  
 8 

 6.2 Date of Termination. As used in this Agreement,
“Date of Termination” means: (i) if the Executive’s employment is terminated by the Company for Cause, the Date of Termination shall be the date on which the Executive receives the Notice of Termination described in
Section 6.1(c) that a majority of the members of the Board that are not then employees of the Company voted after the hearing to terminate him for Cause; (ii) if the Executive’s employment is terminated by the Executive for Good
Reason, the Date of Termination shall be the date on which the Notice of Termination is received by the Company, or such later date as may be specified therein, unless the Company has fully cured all grounds for such termination within 60 days after
the Executive gives such notice; (iii) if the Executive’s employment is terminated by the Company other than for Cause or Disability, the Date of Termination shall be the date on which the Company notifies the Executive of such
termination; (iv) if the Executive’s employment is terminated by the Executive for other than Good Reason, the Date of Termination shall be the date on which the Company receives the Notice of Termination; and (v) if the
Executive’s employment is terminated by reason of death or Disability, the Date of Termination shall be the date of death of the Executive or the Disability Commencement Date. 

6.3 Notice of Termination. As used in this Agreement, “Notice of Termination” shall
mean a written notice which: (i) indicates the specific termination provision in this Agreement relied upon; (ii) to the extent applicable, sets forth in reasonable detail the facts and circumstances claimed to provide a basis for
termination of the Executive’s employment under the provision so indicated; and (iii) if the Date of Termination is other than the date of receipt of such notice, specifies the termination date (which date shall be not more than 30 days
after the giving of such notice). 
 7. OBLIGATIONS OF THE
COMPANY UPON TERMINATION. 
 7.1
Termination for Other Than Cause or Due to Executive’s Death or Disability, or for Good Reason. If the Executive’s employment is terminated (i) by the Company for any reason other than Cause or as a result of the
Executive’s death or Disability; or (ii) by the Executive for Good Reason: 
 (a)
The Company shall pay, or commence to be paid, as applicable, to the Executive within 30 days after the Date of Termination, Executive’s Annual Base Salary through the Date of Termination to the extent not previously paid, in a single lump sum
in cash; 
 (b) The Company shall pay, or commence to be paid, as applicable, to the
Executive any compensation previously deferred by the Executive and any other non-qualified benefit plan balances to the extent not previously paid, in accordance with the terms of deferral or the other non-qualified plan, as applicable; 
 (c) The Company shall
pay an amount, paid in accordance with the Company’s regular payroll processing cycle, commencing on the next payroll date after the Executive’s Date of Termination, equal to one times the Executive’s Annual Base Salary.
Notwithstanding the foregoing provisions of this Subsection (c), to the extent the amounts payable under this Subsection do not exceed the Separation Pay Exemption Amount (defined below), such amounts shall be paid in accordance with the foregoing
provisions of this 

  
 9 

 
Subsection (c). The amount payable that is in excess of the Separation Pay Exemption Amount shall be paid as follows: (i) no portion of the excess amount may be paid, or commence to be paid,
earlier than six (6) months after the date the Executive separates from service, and (ii) the installment payments that would have otherwise been paid during such six (6) month period shall be accumulated and paid on the first day of
the seventh month following the date the Executive separates from service and the remaining installments shall be paid in accordance with the foregoing provisions of this Subsection (c). For purposes of this Subsection (c), the term “Separation
Pay Exemption Amount” means an amount equal to two (2) times the lesser of (x) the sum of the Executive’s annualized compensation based upon the annual rate of pay for services provided to the Company for the Executive’s
taxable year preceding the taxable year in which the Executive separates from service (adjusted for any increase during that year that was expected to continue indefinitely if the Executive had not separated from service); or (y) the maximum
amount that may be taken into account under a qualified plan pursuant to Section 401(a)(17) of the Internal Revenue Code for the year in which the Executive separates from service. In consideration of Executive’s receipt of severance
benefits as described in this Section 7.1(c), Executive agrees, not later than 60 days following the Executive’s Date of Termination, to execute and deliver a separation agreement and release in form and substance reasonably satisfactory
to the Company (the “Release”). If Executive fails to execute and deliver the Release, as required, the severance payments provided in this Section 7.1(c) shall cease; 

(d) Except as otherwise prohibited in the applicable option/incentive plans, all stock option
and restricted stock awards that were outstanding immediately prior to the Date of Termination shall become fully and immediately exercisable and/or vested, as the case may be, with no further restrictions on sale or transferability other than those
mandated by law, and each nonqualified stock option (including already vested nonqualified stock options) shall remain exercisable through the latest date upon which the nonqualified stock option could have expired by its original terms, and each
incentive stock option (including already vested incentive stock options) shall remain exercisable for 90 days following the Date of Termination unless such stock option no longer qualifies as an incentive stock option as a result of such
accelerated vesting and exercisability, in which case the portion of the such stock option that no longer qualifies shall remain exercisable through the latest date upon which the stock option could have expired by its original terms; 

(e) For one year after the Date of Termination, or such longer period as may be provided by the
terms of the appropriate plan, program, practice or policy, the Company shall continue to provide those benefits to the Executive and/or the Executive’s family that would have been provided to them in accordance with the welfare plans,
programs, practices and policies described in Section 4.5 of this Agreement if the Executive’s employment had not been terminated; provided, however, that the benefits shall be offset by any benefits provided by any subsequent employment
of Executive (determined on a benefit-by-benefit basis). Executive agrees to describe all benefits which his subsequent employer has agreed to provide him, including any
changes to such benefits during the one year period described in this Subsection 7.1(e). To the extent any of the foregoing benefits are not exempt from the requirements of Section 409A of the Internal Revenue Code, the amount of expenses
eligible for reimbursement (other than the reimbursement of expenses referred to in Section 105(b) of the Internal Revenue Code (relating to medical reimbursement arrangements)), or in-kind

  
 10 

 
benefits provided, during the Executive’s taxable year may not affect the expenses eligible for reimbursement, or the in-kind benefits to be provided,
in any other taxable year; 
 (f) To the extent not previously paid or provided, the Company
shall timely pay or provide to the Executive any other amounts or benefits required to be paid or provided or which the Executive is entitled to receive under any plan, program, policy, contract or agreement of the Company. 

7.2 Termination for Cause or Other Than for Good Reason. If the Executive’s employment is
terminated (i) by the Company for Cause; or (ii) by the Executive without Good Reason, this Agreement shall terminate without further obligations to the Executive other than all of the following: 

(a) The Company shall pay to the Executive in a lump sum in cash within 30 days after the Date
of Termination the Executive’s Annual Base Salary through the Date of Termination; 

(b) The Company shall pay, or commence to be paid, as applicable, to the Executive any
compensation previously deferred by the Executive and any other non-qualified benefit plan balances to the extent not previously paid, in accordance with the terms of deferral or the other non-qualified plan, as applicable; 
 (c) If the Executive
terminates employment without Good Reason through a plan of retirement acceptable to the Company, which will not be unreasonably withheld, except as otherwise prohibited in the applicable option/incentive plans, all stock option and restricted stock
awards that were outstanding immediately prior to the Date of Termination shall become fully and immediately exercisable and/or vested, as the case may be, with no further restrictions on sale or transferability other than those mandated by law, and
each nonqualified stock option (including already vested nonqualified stock options) shall remain exercisable through the latest date upon which the nonqualified stock option could have expired by its original terms, and each incentive stock option
(including already vested incentive stock options) shall remain exercisable for 90 days following the Date of Termination unless such stock option no longer qualifies as an incentive stock option as a result of such accelerated vesting and
exercisability, in which case the portion of the stock option that no longer qualifies shall remain exercisable through the latest date upon which the stock option could have expired by its original terms; and 

(d) To the extent not previously paid or provided, the Company shall timely pay or provide to
the Executive any other amounts or benefits required to be paid or provided or which the Executive is entitled to receive under any plan, program, policy or practice or contract or agreement of the Company. 

7.3 Termination Due to Executive’s Death. If the Executive’s employment is terminated
by reason of the Executive’s death, this Agreement shall terminate without further obligations to the Executive’s legal representatives under this Agreement, other than all of the following: 

  
 11 

 (a) The Company shall pay to the Executive’s
legal representative in a lump sum in cash within 30 days after the Date of Termination the aggregate of Executive’s Annual Base Salary through the Date of Termination to the extent not previously paid; 

(b) The Company shall pay, or commence to be paid, as applicable, to the Executive’s legal
representative any compensation previously deferred by the Executive and any other non-qualified benefit plan balances to the extent not previously paid, in accordance with the terms of deferral or the other non-qualified plan, as applicable. 
 (c) Except as
otherwise prohibited in the applicable option/incentive plans, all stock option and restricted stock awards that were outstanding immediately prior to the Date of Termination shall become fully and immediately exercisable and/or vested, as the case
may be, with no further restrictions on sale or transferability other than those mandated by law, and each stock option (including already vested stock options) shall remain exercisable by Executive’s legal representative for 12 months
following the Date of Termination (but in no event beyond the latest date upon which the stock option could have expired by its original terms); 

(d) For one year after the Date of Termination, or such longer period as may be provided by the
terms of the appropriate plan, program, practice or policy, the Company shall continue to provide those benefits to the Executive’s family that would have been provided to them in accordance with the welfare plans, programs, practices and
policies described in Section 4.5 of this Agreement if the Executive’s employment had not been terminated. To the extent any of the foregoing benefits are not exempt from the requirements of Section 409A of the Internal Revenue Code,
the amount of expenses eligible for reimbursement (other than the reimbursement of expenses referred to in Section 105(b) of the Internal Revenue Code (relating to medical reimbursement arrangements)), or
in-kind benefits provided, during the Executive’s taxable year may not affect the expenses eligible for reimbursement, or the in-kind benefits to be provided, in
any other taxable year; 
 (e) To the extent not previously paid or provided, the Company
shall timely pay or provide to the Executive’s applicable beneficiaries any other amounts or benefits required to be paid or provided or which the Executive is entitled to receive under any plan, program, policy or practice or contract or
agreement of the Company; and 
 (f) Any other death benefits then in effect for Company
employees or executives and their beneficiaries. 
 7.4 Termination Due to Executive’s
Disability. If the Executive’s employment is terminated by reason of the Executive’s Disability, the Company shall have all of the obligations set forth in the preceding Section 7.3 except that (i) any reference in
Section 7.3(a), (b) and (c) to the “Executive’s legal representative” shall refer to the “Executive,” (ii) the reference in Section 7.3(d) to the “Executive’s family” shall refer to the
“Executive and/or the Executive’s family,” (iii) the reference in Section 7.3(e) to the “Executive’s applicable beneficiary” shall refer to the “Executive” and (iv) Section 7.3(f) shall read:
“Any other long-term disability benefits then in effect for Company employees or executives and their beneficiaries.” 

  
 12 

 8. ARBITRATION. Except as provided in
Section 5 or a party’s right to seek injunctive or other equitable relief, if any dispute shall arise between the Executive and the Company in any way connected to or arising from this Agreement, the dispute shall be exclusively
determined, and the dispute shall be settled, by arbitration in accordance with the CPR Rules for Non-Administered Arbitration (or such other independent dispute resolution body to which the parties shall
mutually agree) (“Arbitration Forum”). The arbitration shall be held in Cincinnati, Ohio. The arbitration shall be held before a single arbitrator, who shall be chosen from a panel of arbitrators selected by the Arbitration Forum. The
arbitrator shall have the authority to provide all types of relief otherwise available under law. The decision of the arbitrator shall be in writing and shall be final and binding upon the Executive and the Company and judgment upon such award may
be entered in any court of competent jurisdiction. The costs of the arbitrator and of the arbitration shall be borne equally by each of the parties. The costs of each party’s counsel, accountants, etc., as well as any costs solely for their
benefit, shall be borne separately by each party. EACH OF THE PARTIES HEREBY ACKNOWLEDGES THAT THIS PROVISION
CONSTITUTES A WAIVER OF THEIR RIGHT TO COMMENCE A LAWSUIT IN ANY
JURISDICTION WITH RESPECT TO THE MATTERS WHICH ARE REQUIRED TO BE
SETTLED BY ARBITRATION AS PROVIDED IN THIS SECTION 8. 

9. MISCELLANEOUS PROVISIONS. 

9.1 Binding Effect; Delegation of Duties Prohibited; Survival. This Agreement shall
inure to the benefit of, and shall be binding upon, the parties hereto and their respective successors, assigns, heirs and legal representatives, including any entity with which the Company may merge or consolidate, or to which all or substantially
all of its assets may be transferred, provided, the Company may assign this Agreement to any affiliate, but no such assignment shall relieve the Company of its obligations hereunder. The Company will require any successor (whether direct or
indirect, by purchase, merger, consolidation or otherwise) to all or substantially all of the business and/or assets of the Company to assume expressly and agree to perform this Agreement in the same manner and to the same extent that the Company
would be required to perform it if no such succession had taken place. As used in this Agreement, “Company” shall mean the Company as hereinbefore defined and any successor to its business and/or assets as aforesaid which assumes and
agrees to perform this Agreement by operation of law, or otherwise. The duties and covenants of Executive under this Agreement, being personal, may not be delegated, but the Executive’s rights to compensation and benefits provided hereunder may
be transferred only by will or operation of law. Except as otherwise set forth in this Agreement, to the extent necessary to carry out the intentions of the parties hereunder the respective rights and obligations of the parties hereunder shall
survive any termination of the Executive’s employment. 
 9.2 Amendment;
Waiver. This Agreement may be amended, modified or superseded only by a written instrument that expressly refers to this Agreement and that is signed by all of the parties to this Agreement. No party shall be deemed to have waived compliance
by another party of any provision of this Agreement unless such waiver is contained in a written instrument signed by the waiving party and no waiver that may be given by a party will be applicable except in the specific instance for which it is
given. The failure of any party to enforce at any time any of the provisions of this Agreement or to exercise any right or option contained in this Agreement or to require at any time performance of any of the provisions of

  
 13 

 
this Agreement, by any of the other parties shall not be construed to be a waiver of such provisions and shall not affect the validity of this Agreement or any of its provisions or the right of
such party thereafter to enforce each provision of this Agreement. No course of dealing shall operate as a waiver or modification of any provision of this Agreement or otherwise prejudice such party’s rights, powers and remedies. 

9.3 Entire Agreement. This Agreement embodies the entire agreement and
understanding of the parties related to the subject matter and supersedes all prior proposals, understandings, agreements, correspondence, arrangements and contemporaneous oral agreements relating to the subject matter of this Agreement. No
representation, promise, inducement or statement of intention has been made by any party which has not been embodied in this Agreement. In the event of any inconsistency between any provision of this Agreement and any provision of any plan, employee
handbook, personnel manual, program, policy, arrangement or agreement of the Company or any of its affiliates (“Company Documents”), the provisions of this Agreement shall control; provided, however, to the extent any Company Document
provides for additional benefits to be afforded the Executive, such additional benefits will also be provided to the Executive in accordance with the terms of such Company Document. 

9.4 Exemption from, or Compliance with, Section 409A. The
payment of amounts and the provision of benefits under this Agreement are intended to be exempt from, or compliant with, Section 409A of the Internal Revenue Code. Accordingly, the payment of any amount under this Agreement subject to
Section 409A shall be made in strict compliance with the provisions hereof, and no such amounts payable hereunder may be accelerated or deferred beyond the periods provided herein. This Agreement shall be performed and construed in a manner
that is consistent with the foregoing intention. 
 9.5 Governing Law. This
Agreement shall be governed by, and shall be construed, performed and enforced in accordance with, its express terms, and otherwise in accordance with the laws of State of Ohio, applicable to contracts to be wholly performed within such state
without giving effect to any conflict of law, rule or principle of such state. 
 9.6
Headings; Section References; Construction. Section headings or captions contained in this Agreement are inserted only as a matter of convenience and reference and in no way define, limit, extend or describe the scope of this
Agreement, or the intent of any provision hereof. All references herein to Sections shall refer to Sections of this Agreement unless the context clearly otherwise requires. Unless the context clearly states otherwise, the use of the singular or
plural in this Agreement shall include the other and the use of any gender shall include all others. The parties have participated jointly in the negotiation and drafting of this Agreement. If any ambiguity or question of intent or interpretation
arises, no presumption or burden of proof shall arise favoring or disfavoring any party by virtue of the authorship of any of the provisions of this Agreement. 

9.7 Notices. All notices, requests, consents, approvals, waivers, demands and other
communications required or permitted to be given or made under this Agreement shall be in writing and shall be deemed delivered to the parties (a) on the date of personal delivery against a written receipt, or (b) on the first business day
following the date of delivery to a nationally recognized overnight courier service, or (c) on the third business day following the date of deposit in the United States Mail, postage prepaid, by certified mail, in each case addressed as

  
 14 

 
follows, or to such other address, person or entity as any party may designate by notice to the others in accordance herewith: 

To Executive to the residence of the Executive as reflected in the Company’s books and records. 

To Company: 

Multi-Color Corporation 

4053 Clough Woods Drive 

Batavia, OH 45103 

Attention: Chief Executive Officer 

with a required copy to: 

Keating Muething & Klekamp PLL 

One East Fourth Street, Suite 1400 

Cincinnati, OH 45202 

Attention: Michael J. Moeddel 

9.8 Policies, Regulations and Guidelines for Executives. The Company may, from time
to time, issue policies, rules, regulations, guidelines, procedures or other informational material, whether in the form of handbooks, memoranda or otherwise, relating to the Company’s Executives. Executive acknowledges and agrees that such
materials are general guidelines for Executive’s information and shall not be construed to alter, modify or amend this Agreement for any purpose whatsoever. 

9.9 Severability and Reformation of Provisions. If a court in any final,
unappealable proceeding holds any provision of this Agreement or its application to any person or circumstance invalid, illegal or unenforceable, the remainder of this Agreement, or the application of such provision to persons or circumstances other
than those to which it was held to be invalid, illegal or unenforceable, shall not be affected, and shall be valid, legal and enforceable to the fullest extent permitted by law, but only if and to the extent such enforcement would not materially and
adversely frustrate the parties’ essential objectives as expressed in this Agreement. Furthermore, in lieu of any such invalid or unenforceable term or provision, the parties intend that the court add to this Agreement a provision as similar in
terms to such invalid or unenforceable provision as may be valid and enforceable, so as to effect the original intent of the parties to the greatest extent possible. 

9.10 Taxes. The Company may withhold from any amounts payable under this Agreement such Federal,
state, local or foreign taxes as shall be required to be withheld pursuant to any applicable law or regulation. 

9.11 Full Settlement. In no event shall the Executive be obligated to seek other employment or
take any other action by way of mitigation of the amounts payable to the Executive under any of the provisions of this Agreement and such amounts shall not be reduced whether or not the Executive obtains other employment, except for the offset
described in Section 7.1(e). 

  
 15 

 THIS AGREEMENT CONTAINS VERY IMPORTANT TERMS GOVERNING EXECUTIVE’S EMPLOYMENT WITH THE
COMPANY. SECTION 5 CONTAINS PROVISIONS WHICH AFFECT EXECUTIVE’S ABILITY TO TAKE CERTAIN ACTIONS FOLLOWING THE TERMINATION OF EXECUTIVE’S EMPLOYMENT. EXECUTIVE SHOULD FEEL FREE TO SEEK ADVICE FROM HIS ATTORNEY REGARDING ANY MATTER RELATING
TO THIS AGREEMENT. BY EXECUTING THIS AGREEMENT, EXECUTIVE IS AFFIRMING THAT THE EXECUTIVE HAD THE OPPORTUNITY TO REVIEW THIS AGREEMENT AND TO CONSULT WITH HIS ATTORNEY, THAT EXECUTIVE UNDERSTANDS THE MEANING AND SIGNIFICANCE OF ALL OF ITS
PROVISIONS, THAT NO REPRESENTATIONS OR PROMISES HAVE BEEN MADE TO EXECUTIVE REGARDING HIS EMPLOYMENT WHICH ARE NOT SET FORTH IN THIS AGREEMENT, AND THAT EXECUTIVE IS FREELY SIGNING THIS AGREEMENT TO CONTINUE HIS EMPLOYMENT WITH THE COMPANY. 

[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK -
SIGNATURE PAGE TO FOLLOW] 

  
 16 

 IN WITNESS
WHEREOF, the parties have entered into this Employment Agreement effective as of the date first written above. 
  

			
	 MULTI-COLOR CORPORATION

		
	By:	 	/s/ Michael J. Henry

 
			
		
	 Title:
	 	 President and Chief Executive Officer

		
	 Date:
	 	 February 1,
2018

 
			
		
	 Witness:
	 	 /s/ Lesha
Spahr

 
			
	
	 /s/ Michael D. Cook

	 MICHAEL D. COOK

		
	Date:	 	February 1, 2018

 
			
		
	 Witness:
	 	 /s/ Lesha Spahr

 [Signature Page to Michael D. Cook Employment Agreement] 

  
 17Exhibit

Exhibit 10.1

WINDSTREAM HOLDINGS, INC.
2006 EQUITY INCENTIVE PLAN
NONQUALIFIED STOCK OPTION GRANT AGREEMENT
Summary of Nonqualified Stock Option Award
As of the Date of Grant set forth below, Windstream Holdings, Inc., a Delaware corporation (the "Company"), grants to the Optionee named below, in accordance with the terms of the Windstream 2006 Equity Incentive Plan, as amended and restated from time to time (the "Plan") and this Nonqualified Stock Opion Grant Agreement (the "Agreement"), the contingent right to purchase Common Shares of the Company, par value $0.0001 per share (the “Shares”):
	
		
	Name of Optionee:
	 

	Total Number of Shares 
Subject to Option:
	 

	Date of Grant:
	 

	Exercise Price Per Share:
	 

	Expiration Date 
(Not exceeding 10 years 
from Date of Grant):
	 

Terms of Agreement

1.Grant of Option. Subject to and upon the terms, conditions, and restrictions set forth in this Agreement and in the Plan, the Company hereby grants to the Optionee as of the Date of Grant this Nonqualified Stock Option Award (the “Option”), which represents the contingent right to purchase at the Exercise Price the number of Shares set forth herein. The Option is granted pursuant to the Plan. All terms, provisions, and conditions applicable to the Option set forth in the Plan and not set forth herein are hereby incorporated by reference herein. To the extent any provision hereof is inconsistent with a provision of the Plan, the provisions of the Plan will govern. All capitalized terms that are used in this Agreement and not otherwise defined herein shall have the meanings ascribed to them in the Plan.

2.Vesting. The Option shall vest in equal installments following the Date of Grant and shall be 100% fully vested and nonforfeitable on March 1, 20__. The first portion of the Option shall vest on March 1, 20___.  The remaining portions will vest on each subsequent March 1. For this purpose, each such March 1 shall be a “Vesting Date.”

3.Certain Terminations. Notwithstanding the foregoing, the Option shall immediately become 100% fully vested and nonforfeitable (without pro-ration) if, prior to the final Vesting Date, (a) the Optionee dies or becomes permanently Disabled while in the employ of the Company or any of its subsidiaries, or (b) within the two-year period immediately following a Change in Control, either the Optionee’s employment with the Company or any of its subsidiaries is terminated without Cause or the Optionee terminates his or her employment with the Company or any of its subsidiaries for Good Reason. If the 

Optionee is subject to a Change in Control and Severance Agreement upon termination, the Option shall be treated as if it is a restricted equity award under such Change in Control and Severance Agreement for purposes of this Section.  “Disabled,” “Cause,” and “Good Reason” are defined in Section 21 herein. 

4.Right to Exercise. The Optionee may exercise the vested portion of the Option in whole or in part at any time between the Vesting Date and the Expiration Date, except that in the following situations the exercise period shall expire on the sooner of the last day of the period described below or the Expiration Date, as applicable: 

(a) Zero (0) days following termination for Cause; 
(b) Ninety (90) days following an event described in Section 3(b) or the Optionee’s voluntary resignation (including retirement) without Good Reason; or 
(c) 1 year following an event described in Section 3(a), the Optionee’s voluntary resignation for Good Reason, or the Optionee’s termination without Cause.
If the Option is treated like a restricted equity award under a Change in Control and Severance Agreement upon termination as described in Section 3, the period described above shall begin on the date the Option vests under that agreement.
The Option hereby granted shall be exercised by written notice in accordance with procedures established by the Compensation Committee of the Board of Directors (the “Committee’) specifying the number of Shares the Optionee desires to purchase together with provision for payment of the Exercise Price. Subject to such limitations as the Committee may impose (including prohibition of one more of the following payment methods), payment of the Exercise Price may be made by (a) cash or check acceptable to the Company, for an amount in United States dollars equal to the aggregate Exercise Price of such Shares, (b) by tendering Shares to the Company having an aggregate fair market value (based on the Market Value per Share) equal to such Exercise Price, (c) by cashless broker‐assisted exercise, or (d) by a combination of such methods. The Company may require the Optionee to furnish or execute such other documents as the Company shall reasonably deem necessary (i) to evidence such exercise and (ii) to comply with or satisfy the requirements of the Securities Act of 1933, as amended, the Exchange Act, applicable state or non‐U.S. securities laws, or any other law. The Committee may extend or otherwise adjust the exercise period described above in the event the exercise period coincides with a blackout period under the Company’s insider trading policy.
5.Delivery of Shares.
 
In General. Except as may be otherwise provided in this Section 5, the Company shall deliver to the Optionee (or the Optionee’s estate in the event of death) the Shares underlying the vested exercised Option, or the net cash value, within sixty (60) days after the date of exercise.
Fractional Shares. No fractional Shares shall be issued and the Committee shall determine, in its discretion, whether cash shall be given in lieu of fractional shares or whether such fractional shares shall be eliminated by rounding up or down as appropriate.
Satisfaction of the Company’s Obligations. The Company’s obligations with respect to the Option shall be satisfied in full upon the earlier of (i) delivery of the Shares underlying the vested Option, or the net cash value, (ii) the Expiration Date, or (iii) termination of employment or service in accordance with Section 6(b).

		
	6.
	Term and Expiration.

(a)Basic Term. Subject to earlier termination pursuant to the terms herein, the Option shall expire on the Expiration Date set forth in this Agreement.

Termination of Employment or Service. The unvested portion of the Option shall be forfeited automatically without further action or notice in the event the Optionee ceases to be employed by the Company or any of its subsidiaries prior to the final Vesting Date other than as provided in Section 3. 
7.Transferability of Option. The Option may not be sold, exchanged, assigned, transferred, pledged, encumbered or otherwise disposed of by the Optionee, unless otherwise provided under the Plan. Any purported transfer or encumbrance in violation of the provisions of this Section 7 shall be void, and the other party to any such purported transaction shall not obtain any rights to or interest in such Option. Notwithstanding the foregoing, the Option shall be transferable by the Optionee by will or the laws of descent and distribution, and the Option shall be exercisable during the Optionee’s lifetime only by the Optionee or on his or her behalf by the Optionee’s guardian or legal representative.

8.No Dividend, Voting or Other Rights. The Optionee shall not possess any incidents of ownership (including, without limitation, dividend and voting rights) in the Shares underlying the Option until such Shares have been delivered to the Optionee in accordance with Section 5. The obligations of the Company under this Agreement will be merely that of an unfunded and unsecured promise of the Company to deliver Shares in the future, and the rights of the Optionee will be no greater than that of an unsecured general creditor. No assets of the Company or any of its subsidiaries will be held or set aside as security for the obligations of the Company under this Agreement. 

9.Continuous Employment. For purposes of this Agreement, the continuous employment of the Optionee with the Company or any of its subsidiaries shall not be deemed to have been interrupted, and the Optionee shall not be deemed to have ceased to be an employee of the Company or any of its subsidiaries by reason of the transfer of his or her employment among the Company or any of its subsidiaries or a leave of absence approved by the Committee.

10.No Employment Contract; Disclaimer. Nothing contained in this Agreement shall confer upon the Optionee any right with respect to continuance of employment by the Company or any of its subsidiaries nor limit or affect in any manner the right of the Company or any of its subsidiaries to terminate the employment or adjust the compensation of the Optionee, in each case with or without Cause. By acceptance of this Agreement, the Optionee acknowledges and agrees that neither this Agreement nor any other agreement awarded prior to the date hereof under any equity compensation plan of the Company or any of its subsidiaries has created or shall create, or be deemed or construed to create or have created, (a) a contractual, equitable, or other right to receive future grants of equity awards, or other benefits in lieu of equity awards, or (b) a fiduciary duty or other comparable duty of trust or confidence owed to the Optionee (or any successor, assign, affiliate or family member of the Optionee) by the Company and its affiliates and their respective officers, directors, employees, agents or contractors.

11.Relation to Other Benefits. Any economic or other benefit to the Optionee under this Agreement or the Plan shall not be taken into account in determining any benefits to which the Optionee may be entitled under any profit-sharing, retirement or other benefit or compensation plan maintained by the Company or any of its subsidiaries and shall not affect the amount of any life insurance coverage available to any beneficiary under any life insurance plan covering employees of the Company or any of its subsidiaries.

12.Taxes and Withholding. The Optionee is responsible for any federal, state, local or other taxes with respect to the Option (including the vesting of the Option and the delivery of Shares). The Company 

does not guarantee any particular tax treatment or results in connection with the grant or vesting of the Option and the delivery of Shares. To the extent the Company or any of its subsidiaries is required to withhold any federal, state, local, foreign or other taxes in connection with the delivery of Shares under this Agreement, the Optionee shall pay the tax or make provisions that are satisfactory to the Company or such subsidiary for the payment thereof. The Optionee may elect (on a form provided by the Company) for the Company or any of its subsidiaries (as applicable) to retain a number of Shares otherwise deliverable hereunder with a value equal to the required withholding (based on the Market Value per Share on the date of delivery) in order to satisfy the withholding obligation; provided that in no event shall the value of the Shares exceed the minimum amount of taxes required to be withheld or such other amount that will not result in a negative accounting impact. If the Company or any of its subsidiaries is required to withhold any federal, state, local or other taxes at any time other than upon delivery of Shares under this Agreement, the Company or such subsidiary (as applicable) shall have the right in its sole discretion to (a) require the Optionee to pay or provide for payment of the required tax withholding, or (b) deduct the required tax withholding from any amount of salary, bonus, incentive compensation or other amounts otherwise payable in cash to the Optionee (other than deferred compensation subject to Section 409A of the Code). 

13.Compliance with Laws. The Company shall make reasonable efforts to comply with all applicable federal and state securities laws and listing requirements of the NASDAQ or any national securities exchange with respect to the Option; provided, however, notwithstanding any other provision of this Agreement, the Shares underlying the Option shall not be delivered if the delivery thereof would result in a violation of any such law or listing requirement.

14.Amendments. Subject to the terms of the Plan, the Committee may modify this Agreement upon written notice to the Optionee. Any amendment to the Plan shall be deemed to be an amendment to this Agreement to the extent that the amendment is applicable hereto. Notwithstanding the foregoing, no amendment of the Plan or this Agreement shall adversely affect the rights of the Optionee under this Agreement regarding vested stock options under the Plan and this Agreement without the Optionee's consent. However, the award under this Agreement may be adjusted as equitably required to prevent dilution or enlargement of rights of Optionee or substituted for alternative consideration, as described in Plan section 12.   

15.Severability. In the event that one or more of the provisions of this Agreement shall be invalidated for any reason by a court of competent jurisdiction, any provision so invalidated shall be deemed to be separable from the other provisions hereof, and the remaining provisions hereof shall continue to be valid and fully enforceable.

16.Claw-Back Policy. If applicable and notwithstanding any provision contained herein to the contrary, this Agreement, the Option and any Shares the Optionee may receive pursuant to this Agreement, are subject to the Windstream Claw-Back Policy adopted in November 2009, and amended in November 2012, and as adopted and assumed by the Company effective August 30, 2013, or any successor policy, including any policy adopted or amended to comply with the Dodd-Frank Wall Street Reform and Consumer Protection Act or the rules of an applicable securities exchange (the "Policy"), and the Claw-Back Policy Acknowledgement and Agreement that the Optionee signed in accordance with the Policy (the "Claw-Back Agreement").

17.Relation to Plan. This Agreement is subject to the terms and conditions of the Plan. This Agreement, the Policy, the Claw-Back Agreement and the Plan contain the entire agreement and understanding of the parties with respect to the subject matter contained in this Agreement, and supersede all prior written or oral communications, representations and negotiations in respect thereto. In the event of any inconsistency between the provisions of this Agreement and the Plan, the Plan shall govern. Capitalized terms used herein without definition shall have the meanings assigned to them in the Plan. The Committee 

acting pursuant to the Plan, as constituted from time to time, shall, except as expressly provided otherwise herein, have the right to determine any questions which arise in connection with the Option.

18.Successors and Assigns. Without limiting Section 7, the provisions of this Agreement shall inure to the benefit of, and be binding upon, the successors, administrators, heirs, legal representatives and assigns of the Optionee, and the successors and assigns of the Company and its subsidiaries and affiliates.

19.Governing Law. The interpretation, performance, and enforcement of this Agreement shall be governed by the laws of the State of Delaware, without giving effect to the principles of conflict of laws thereof.

20.Electronic Delivery. The Optionee hereby consents and agrees to electronic delivery of any documents that the Company may elect to deliver (including, but not limited to, prospectuses, prospectus supplements, grant or award notifications and agreements, account statements, annual and quarterly reports, and all other forms of communications) in connection with this and any other award made or offered under the Plan. The Optionee understands that, unless earlier revoked by the Optionee by giving written notice to the Secretary of the Company, this consent shall be effective for the duration of the Agreement. The Optionee also understands that he or she shall have the right at any time to request that the Company deliver written copies of any and all materials referred to above at no charge. The Optionee hereby consents to any and all procedures the Company has established or may establish for an electronic signature system for delivery and acceptance of any such documents that the Company may elect to deliver, and agrees that his or her electronic signature is the same as, and shall have the same force and effect as, his or her manual signature. The Optionee consents and agrees that any such procedures and delivery may be effected by a third party engaged by the Company to provide administrative services related to the Plan.

21.Definitions. Where used herein, “Disabled” means the Optionee’s inability to engage in any substantial gainful activity because of a medically determinable physical or mental impairment which can be expected to result in death or can be expected to last for a continuous period of not less than 12 months, or the Optionee’s receipt of income replacement benefits for a period of not less than three months under an accident or health plan sponsored by the Company.  The Optionee may be deemed to have incurred a Disability if he or she is determined to be totally disabled by the Social Security Administration, or disabled in accordance with a disability insurance program of the Company. The terms "Cause" and "Good Reason" shall have the meanings given to such terms in the employment agreement or change in control agreement in effect for the Optionee immediately prior to his or her termination of employment or, where no such agreement exists, according to the following definitions: 

(a) “Cause” for termination by the Company or any of its subsidiaries of the Optionee’s employment means the occurrence of any one of the following: (i) the Optionee’s substantial, willful failure or refusal to perform the duties or render the services reasonably assigned to the Optionee by the Company or any of its subsidiaries other than resulting from the Optionee’s incapacity due to physical or mental illness, (ii) a conviction, guilty plea or plea of nolo contendere of the Optionee for any felony, (iii) the willful engaging by the Optionee in misconduct that is demonstrably and materially injurious to the Company or any of its subsidiaries, monetarily or otherwise, (iv) a material violation by the Optionee of the corporate governance board guidelines or code of ethics of the Company or any of its subsidiaries, (v) a material violation by the Optionee of the requirements of the Sarbanes-Oxley Act of 2002 or other federal or state securities law, rule or regulation, or (vi) the repeated use of alcohol by the Optionee that materially interferes with his or her duties, the use of illegal drugs by the Optionee, or a violation by the Optionee of the drug and/or alcohol policies of the Company or any of its subsidiaries.  No act or omission on the Optionee’s part shall be considered “willful” unless it is done or omitted in bad faith or without the Optionee’s reasonable belief that the action or omission was in the best interests of the Company or any of its subsidiaries. 

(b) “Good Reason” for termination by the Optionee of his or her employment means the occurrence, without the Optionee’s express written consent, of any one of the following: (i) a material diminution in the Optionee’s base compensation, (ii) a material diminution in the Optionee’s authority, duties or responsibilities, (iii) a material diminution in the budget over which the Optionee retains authority, or (iv) a material change in the geographic location at which the Optionee must perform the services. To constitute a termination for Good Reason, the Optionee must provide notice to the Company or its subsidiary, as applicable, of the existence of the condition described in this subsection within ninety (90) days of the initial existence of the condition, and the Company or its subsidiary, as applicable, must not remedy the condition within thirty (30) days of receipt of such notice.
IN WITNESS WHEREOF, the Company has caused this Agreement to be executed on its behalf by its duly authorized officer and the Optionee has also executed this Agreement, as of the Date of Grant.
	
		
	WINDSTREAM HOLDINGS, INC.

	By:
	 

	Name:
	 

	Title:
	 

The undersigned hereby acknowledges that a copy of the Plan, Plan Summary and Prospectus, and the Company’s' most recent Annual Report and Proxy Statement (the "Prospectus Information") are available for viewing on the Company’s intranet site at windstream.com. The Optionee hereby consents to receiving this Prospectus Information electronically, or, in the alternative, agrees to contact [NAME] at [PHONE NUMBER] to request a paper copy of the Prospectus Information at no charge. The Optionee represents that he or she is familiar with the terms and provisions of the Prospectus Information and hereby accepts this Nonqualified Stock Option Award on the terms and conditions set forth herein and in the Plan.
	
	
	OPTIONEE

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