Document:

Exhibit 10.4

 

Exhibit
10.4

 

AUTOWEB,
INC.

 

SECOND
AMENDED AND RESTATED SEVERANCE BENEFITS AGREEMENT

 

 

This
Second Amended and Restated Severance Benefits Agreement
(“Agreement”) is
entered into effective as of April 12, 2018 (“Effective Date”) between AutoWeb,
Inc., a Delaware corporation (“AutoWeb” or “Company”), and Glenn E.
Fuller (“Employee”). Background

 

AutoWeb
has determined that it is in its best interests to provide Employee
with certain severance benefits to encourage Employee’s
continued employment with, and dedication to the business of, the
Company, and as a result thereof, AutoWeb and Employee have
previously entered into an Amended and Restated Severance Agreement
dated as of September 29, 2008, as amended by Amendment No. 1 to
Amended and Restated Severance Agreement dated as of December 14,
2012 (collectively, the “Prior Severance Agreement”). In
light of the changed circumstances at the Company since the last
amendment of Employee’s severance benefits agreement, the
Company has determined that it is in the Company’s best
interests to amend and restate the Prior Severance Agreement to
provide for additional incentive to encourage Employee’s
continued employment with AutoWeb and dedication to the
Company’s business.

 

In
consideration of the foregoing and other good and valuable
consideration, receipt of which is hereby acknowledged, the Parties
hereby agree as follows.

 

1. Definitions.
For purposes of this Agreement, the terms below that begin with
initial capital letters within this Agreement shall have the
specially defined meanings set forth below (unless the context
clearly indicates a different meaning).

 

(a)
“409A Suspension Period”
shall have the meaning set forth in Section 3.

 

(b)
“Arbitration Agreement”
means that certain Mutual Agreement to Arbitrate dated as of
October 16, 2006 by and between AutoWeb and Employee.

 

(c)
“Cause” shall mean the
termination of the Employee’s employment by the Company as a
result of any one or more of the following:

 

(i)

any
conviction of, or
pleading of nolo contendere by, the Employee for any
felony; 

 

(ii) 

any
willful
misconduct of the Employee which has a materially injurious effect
on the business or reputation of the Company; 

 

(iii) 

the
gross
dishonesty of the Employee in any way that adversely affects the
Company; or 

 

(iv)

a
material failure to
consistently discharge Employee’s employment duties to the
Company which failure continues for thirty (30) days following
written notice from the Company detailing the area or areas of such
failure, other than such failure resulting from Employee’s
Disability.

 

 

 

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For
purposes of this definition of Cause, no act or failure to act, on
the part of the Employee, shall be considered “willful”
if it is done, or omitted to be done, by the Employee in good faith
or with reasonable belief that Employee’s action or omission
was in the best interest of the Company. Employee shall have the
opportunity to cure any such acts or omissions (other than clauses
(i) and (iii) above) within thirty (30) days of the
Employee’s receipt of a written notice from the Company
notifying Employee that, in the opinion of the Company,
“Cause” exists to terminate Employee’s
employment.

 

(d)
“Change of Control” shall
mean any of the following events:

 

 
(i) When
any “person” as defined in Section 3(a)(9) of the
Exchange Act and as used in Sections 13(d) and 14(d) thereof
(including a “group” as defined in Section 13(d) of the
Exchange Act, but excluding the Company, any Subsidiary or any
employee benefit plan sponsored or maintained by the Company or any
Subsidiary (including any trustee of such plan acting as trustee)),
directly or indirectly, becomes the “beneficial owner”
(as defined in Rule 13d-3 under the Exchange Act, as amended from
time to time), of securities of the Company representing 50% or
more of the combined voting power of the Company’s then
outstanding securities.

 

 
(ii) When
the individuals who, as of the Effective Date, constitute the Board
(“Incumbent
Board”), cease for any
reason to constitute at least a majority of the Board; provided
however, that any individual becoming a director subsequent to such
date, whose election, or nomination for election by the
Company’s stockholders, was approved by a vote of at least a
majority of the directors then comprising the Incumbent Board
shall, for purposes of this section, be counted as a member of the
Incumbent Board in determining whether the Incumbent Board
constitutes a majority of the Board.

 

 
(iii) Consummation
of a reorganization, merger or consolidation or sale or other
disposition of all or substantially all of the assets of the
Company or the acquisition of assets of another corporation (a
“Business
Combination”), in each
case, unless, following such Business
Combination:

 

(1) all
or substantially all of the individuals and entities who were the
beneficial owners of the then outstanding shares of common stock of
the Company and the beneficial owners of the combined voting power
of the then outstanding voting securities of the Company entitled
to vote generally in the election of directors immediately prior to
such Business Combination beneficially own, directly or indirectly,
more than fifty percent (50%) of the then outstanding shares of
common stock and the combined voting power of the then outstanding
securities entitled to vote generally in the election of directors,
respectively, as the case may be, of the corporation resulting from
such Business Combination (including, without limitation, a
corporation which as a result of such transaction owns the Company
or all or substantially all of the Company’s assets either
directly or indirectly or through one or more subsidiaries);
and

 

(2) no
person (excluding any employee benefit plan or related trust of the
Company or such corporation resulting from such Business
Combination) beneficially owns, directly or indirectly, fifty
percent (50%) or more of the then outstanding shares of common
stock of the corporation resulting from such Business Combination
or the combined voting power of such corporation except to the
extent that such ownership existed prior to the Business
Combination.

 

 

 

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(iv) Approval
by the stockholders of the Company of a complete liquidation or
dissolution of the Company.  

 

(e)
“COBRA” shall mean the
Consolidated Omnibus Budget Reconciliation Act, as amended, and the
rules and regulations promulgated thereunder.

 

(f)
“Code” shall mean the
Internal Revenue Code of 1986, as amended, and the rules and
regulations promulgated thereunder.

 

(g)
“Company” means AutoWeb,
and upon any assignment to and assumption of this Agreement by any
Successor Company, shall mean such Successor Company.

 

(h)
“Disability” shall mean
the inability of the Employee to perform Employee’s duties to
the Company on account of physical or mental illness or incapacity
for a period of one-hundred twenty (120) consecutive calendar days,
or for a period of one hundred eighty (180) calendar days, whether
or not consecutive, during any three hundred sixty-five (365) day
period.

 

(i)
“Employee’s
Position” means Employee’s position as the
Executive Vice President, Chief Legal and Administrative Officer
and Secretary of the Company.

 

(j)
“Employee’s Primary Work
Location” means AutoWeb’s headquarters located
at 18872 MacArthur Boulevard, Irvine, California,
92612-1400.

 

(k)
“Good Reason” means any
act, decision or omission by the Company that: (A) materially
modifies, reduces, changes, or restricts Employee’s base
salary as in existence as of the Effective Date or as of the date
prior to any such change, whichever is more beneficial for Employee
at the time of the act, decision, or omission by the Company; (B)
materially modifies, reduces, changes, or restricts the
Employee’s Health and Welfare Benefits as a whole as in
existence as of the Effective Date hereof or as of the date prior
to any such change, whichever are more beneficial for Employee at
the time of the act, decision, or omission by the Company; (C)
materially modifies, reduces, changes, or restricts the
Employee’s authority, duties, or responsibilities
commensurate with the Employee’s Position but excluding the
effects of any reductions in force other than the Employee’s
own termination; (D) relocates the Employee’s primary
place of employment without Employee’s consent from
Employee’s Primary Work Location to any other location in
excess of a fifty (50) mile radius from the Employee’s
Primary Work Location other than on a temporary basis or requires
any such relocation as a condition to continued employment by
Company; (E) constitutes a failure or refusal by any Company
Successor to assume this Agreement; or (F) involves or results in
any material failure by the Company to comply with any provision of
this Agreement, other than an isolated, insubstantial and
inadvertent failure not occurring in bad faith and which is
remedied by the Company promptly after receipt of written notice
thereof given by the Employee. Notwithstanding the foregoing, no
event shall constitute “Good Reason” unless (i) the
Employee first provides written notice to the Company within ninety
(90) days of the event(s) alleged to constitute Good Reason, with
such notice specifying the grounds that are alleged to constitute
Good Reason, and (ii) the Company fails to cure such a material
breach to the reasonable satisfaction of the Employee within thirty
(30) days after Company’s receipt of such written
notice.

 

 

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(l)  
“Health and Welfare
Benefits” means all Company medical, dental, vision,
life and disability plans in which Employee
participates.

 

(m)
“Separation from Service”
or “Separates from
Service” shall mean Employee’s termination of
employment, as determined in accordance with Treas. Reg. §
1.409A-1(h). Employee shall be considered to have experienced a
termination of employment when the facts and circumstances indicate
that Employee and the Company reasonably anticipate that either (i)
no further services will be performed for the Company after a
certain date, or (ii) that the level of bona fide services Employee
will perform for the Company after such date (whether as an
employee or as an independent contractor) will permanently decrease
to no more than twenty percent (20%) of the average level of bona
fide services performed by Employee (whether as an employee or
independent contractor) over the immediately preceding thirty-six
(36) month period (or the full period of services to the Company if
Employee has been providing services to the Company for less than
thirty six (36) months). If Employee is on military leave, sick
leave, or other bona fide leave of absence, the employment
relationship between Employee and the Company shall be treated as
continuing intact, provided that the period of such leave does not
exceed six months, or if longer, so long as Employee retains a
right to reemployment with the Company under an applicable statute
or by contract. If the period of a military leave, sick leave, or
other bona fide leave of absence exceeds six months and Employee
does not retain a right to reemployment under an applicable statute
or by contract, the employment relationship shall be considered to
be terminated for purposes of this Agreement as of the first day
immediately following the end of such six-month period. In applying
the provisions of this section, a leave of absence shall be
considered a bona fide leave of absence only if there is a
reasonable expectation that Employee will return to perform
services for the Company. For purposes of determining whether
Employee has incurred a Separation from Service, the Company shall
include the Company and any entity that would be considered a
single employer with the Company under Code Section 414(b) or
414(c).

 

(n)
“Severance Period” shall
equal eighteen (18) months.

 

(o)
“Successor Company” means
any successor to AutoWeb or its assets by reason of any Change of
Control.

 

(p)
“Termination Without
Cause” means termination of Employee’s
employment with the Company (i) by the Company (a) for any reason
other than (1) death, (2) Disability or (3) those reasons expressly
set forth in the definition of “Cause,” (b) for no
reason at all, or (c) in connection with or as a result of a Change
of Control; provided, however, that a termination of
Employee’s employment with the Company in connection with a
Change of Control shall not constitute a Termination Without Cause
if Employee is offered employment with the Successor Company under
terms and conditions, including position, salary and other
compensation, and benefits, that would not provide Employee the
right to terminate Employee’s employment for Good
Reason.

 

 

 

 

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2. Severance Benefits
and Conditions.

 

(a)
          
In the event of (i) Termination Without Cause by the Company, or
(ii) the termination of Employee’s employment with the
Company by Employee for Good Reason within 30 days following the
earlier of (1) the Company’s failure to cure within the
30-day period set forth in the definition of Good Reason, and (2)
the Company’s notice to Employee that it will not cure the
event giving rise to such termination for Good Reason, then (A)
Employee shall receive upon such termination a lump sum amount
equal to the number of months constituting the Severance Period at
the time of termination times the Employee’s monthly base
salary (determined as the Employee’s highest monthly base
salary paid to Employee while employed by the Company; base salary
does not include any bonus, commissions or other incentive payments
or compensation); (B) subject to Section 2(b) below, Employee shall
be entitled to a continuation of all Health and Welfare Benefits
for Employee and, if applicable, Employee’s eligible
dependents during the Severance Period at the time they would have
been provided or paid had the Employee remained an employee of
Company during the Severance Period and at the levels provided
prior to the event giving rise to a termination; (C) the amount of
Employee’s annual incentive compensation plan payout for the
annual incentive compensation plan year in which Employee’s
date of termination occurred, based on actual performance for the
entire performance period and prorated for the amount of time
Employee was employed by the Company prior to the date of
termination during such plan year and (D) the Company shall make
available to Employee career transition services at a level and
with a provider selected by the Company in accordance with Section
2(g) below.

 

(b)
(i)
     
With respect to Health and Welfare Benefits that are eligible for
continuation coverage under COBRA, in the event the Company is
unable to continue Employee’s and Employee’s eligible
dependents’ (assuming such dependents were covered by AutoWeb
at the time of termination) participation under the Company’s
then existing insurance policies for such Health and Welfare
Benefits, Employee may elect to obtain coverage for such Health and
Welfare Benefits either by (1) electing COBRA continuation benefits
for Employee and Employee’s eligible dependents; (2)
obtaining individual coverage for Employee and Employee’s
eligible dependents (if Employee and Employee’s eligible
dependents qualify for individual coverage); or (3) electing
coverage as eligible dependents under another person’s group
coverage (if Employee and Employee’s eligible dependents
qualify for such dependent coverage), or any combination of the
foregoing alternatives. Employee may also initially elect COBRA
continuation benefits and later change to individual coverage or
dependent coverage for Employee or any eligible dependent of
Employee, but Employee understands that if continuation of Health
and Welfare Benefits under COBRA is not initially selected by
Employee or is later terminated by Employee, Employee will not be
able to return to continuation coverage under COBRA. The Company
shall pay directly or reimburse to Employee the monthly premiums
for the benefits or coverage selected by Employee, with such
payment or reimbursement not to exceed the monthly premiums the
Company would have paid assuming Employee elected continuation of
benefits under COBRA. The Company’s obligation to pay or
reimburse for the Health and Welfare Benefits covered by this
Section 2(b)(i) shall terminate upon the earlier of (i) the end of
the Severance Period; and (ii) Employee’s employment by an
employer that provides Employee and Employee’s eligible
dependents with group coverage substantially similar to the Health
and Welfare Benefits provided to Employee and Employee’s
eligible dependents at the time of the termination of
Employee’s employment with the Company, provided that
Employee and Employee’s eligible dependents are eligible for
participation in such group coverage.

 

 

 

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(ii)
   
With respect to Health and Welfare Benefits that are not eligible
for continuation coverage under COBRA, in the event the Company is
unable to continue Employee’s participation under the
Company’s then existing insurance policies for such Health
and Welfare Benefits, Employee may elect to obtain coverage for
such Health and Welfare Benefits either by (1) obtaining individual
coverage for Employee (if Employee qualifies for individual
coverage); or (2) electing coverage as an eligible dependent under
another person’s group coverage (if Employee qualifies for
such dependent coverage), or any combination of the foregoing
alternatives. The Company shall pay directly or reimburse to
Employee the monthly premiums for the benefits or coverage selected
by Employee, with such payment or reimbursement not to exceed the
monthly premiums the Company paid for such Health and Welfare
Benefits at the time of termination of Employee’s employment
with the Company. The Company’s obligation to pay or
reimburse for the Health and Welfare Benefits covered by this
Section 2(b)(ii) shall terminate upon the earlier of (i) the end of
the Severance Period; and (ii) Employee’s employment by an
employer that provides Employee with group coverage substantially
similar to the Health and Welfare Benefits provided to Employee at
the time of the termination of Employee’s employment with the
Company, provided that Employee is eligible for participation in
such group coverage. Employee acknowledges and agrees that the
Company shall not be obligated to provide any Health and Welfare
Benefits covered by this Section 2(b)(ii) for Employee if Employee
does not qualify for coverage under the Company’s existing
insurance policies for such Health and Welfare Benefits, for
individual coverage, or for dependent coverage.

 

(c)
The payments
and benefits set forth in Sections 2(a) and 2(b) are conditioned
upon and shall be provided to Employee only if (i) Employee has
executed and delivered to the Company a Separation and Release
Agreement in favor of the Company and Releasees, which agreement
shall be substantially in the form attached hereto as Exhibit A
(“Release”) no
later than the expiration of the applicable period of time allowed
for Employee to consider the Release as set forth in Section 17 of
the Release (“Release
Consideration Period”); (ii) Employee has not revoked
the Release prior to the expiration of the applicable revocation
period set forth in Section 17 of the Release (“Release Revocation Period”); and
(iii) the Release has become effective and non-revocable no later
than the cumulative period of time represented by the sum of the
maximum Release Consideration Period and the maximum Release
Revocation Period. No payments or benefits set forth in Sections
2(a) or 2(b) shall be due or payable to, or provided to, Employee
if the Release has not become effective and non-revocable in
accordance with the requirements of this Section 2(c).

 

(d)
Upon
satisfaction of the conditions set forth in Section 2(c), but
subject to the last sentence of this Section 2(d), all payments
under Section 2(a)(A) shall be made to Employee within five (5)
business days after the Release becomes effective and non-revocable
in accordance with its terms. In any case, the payment under
Section 2(a)(A) shall be made no later than two and one-half months
after the end of the calendar year in which Employee’s
Separation from Service occurs, provided that the Release shall
have become effective and non-revocable in compliance with Section
2(c) prior to expiration of such two and one-half month period. If
the period of time covered by the entire allowed Release
Consideration Period, the entire Revocation Period and the entire
five business day period described above in this Section 2(d)
(considering such periods consecutively) begins in one calendar
year and ends in the following calendar year, all payments under
Section 2(a)(A) shall be made to Employee on the first business day
of such following calendar year which is five (5) or more business
days after the date on which the Release became effective and
non-revocable in accordance with its terms.

 

 

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(e)
In addition
to the payments and benefits under Sections 2(a) and 2(b), to the
extent required by applicable law or the Company’s incentive
or other compensation plans applicable to Employee, if any, upon
any termination of Employee’s employment Employee shall
receive (i) any amounts earned and due and owing to Employee as of
the termination date with respect to any base salary, incentive
compensation or commissions; and (ii) any other payments required
by applicable law (including payments with respect to accrued and
unused vacation time). Payments required under this Section 2(e)
are not conditioned upon Employee’s signing the Release and
shall be made within the time period(s) required by applicable
law.

 

(f)
All payments
and benefits under this Section 2 are subject to legally required
federal, state and local payroll deductions and
withholdings.

 

(g)
To receive
career transition services, Employee must contact the service
provider no later than 30 days after the Release becomes
effective.

 

(h)
Other than
the payments and benefits provided for in this Section 2, Employee
shall not be entitled to any additional payments or benefits from
the Company resulting from a termination of Employee’s
employment with the Company; provided, however, that the terms and
conditions of any stock, stock options or other equity-based
compensation awards, including any terms and conditions providing
for the acceleration of the vesting of any stock, stock options or
other equity-based compensation awards resulting from a termination
of Employee’s employment with the Company, shall continue to
be governed by the terms and conditions of the applicable plans and
awards agreements pursuant to which such stock, stock options or
other equity-based compensation awards were granted, shall not be
affected by this Agreement.

 

 

 

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3. Taxes. All
payments made pursuant to this Agreement will be subject to
withholding of applicable taxes. Notwithstanding the foregoing, and
except as otherwise specifically provided elsewhere in this
Agreement, Employee is solely responsible and liable for the
satisfaction of any federal, state, province or local taxes that
may arise with respect to this Agreement (including any taxes and
interest arising under Section 409A of the Code). Neither the
Company nor any of its employees, directors, or service providers
shall have any obligation whatsoever to pay such taxes or interest,
to prevent Employee from incurring them, or to mitigate or protect
Employee from any such tax or interest liabilities. Notwithstanding
anything in this Agreement to the contrary, if any amounts that
become due under this Agreement on account of Employee’s
termination of employment constitute “nonqualified deferred
compensation” within the meaning of Section 409A of the Code,
payment of such amounts shall not commence until Employee incurs a
Separation from Service. If, at the time of Employee’s
Separation from Service under this Agreement, Employee is a
“specified employee” (within the meaning of Section
409A of the Code), any amounts that constitute “nonqualified
deferred compensation” within the meaning of Section 409A of
the Code that become payable to Employee on account of
Employee’s Separation from Service (including any amounts
payable pursuant to the preceding sentence) will not be paid until
after the end of the sixth calendar month beginning after
Employee’s Separation from Service (“409A Suspension Period”). Within
14 calendar days after the end of the 409A Suspension Period,
Employee shall be paid a lump sum payment, without interest, in
cash equal to any payments delayed because of the preceding
sentence. Thereafter, Employee shall receive any remaining benefits
as if there had not been an earlier delay. With respect to the
reimbursement of expenses to which Employee is entitled under this
Agreement, if any, or the provision of in-kind benefits to Employee
as specified under this Agreement, if any, such reimbursement of
expenses or provision of in-kind benefits shall be subject to the
following conditions: (i) the expenses eligible for
reimbursement or the amount of in-kind benefits provided in one
taxable year shall not affect the expenses eligible for
reimbursement or the amount of in-kind benefits provided in any
other taxable year, except for any medical reimbursement
arrangement providing for the reimbursement of expenses referred to
in Section 105(b) of the Code, solely to the extent that the
arrangement provides for a limit on the amount of expenses that may
be reimbursed under such arrangement over some or all of the period
in which the reimbursement arrangement remains in effect;
(ii) the reimbursement of an eligible expense shall be made no
later than the end of the calendar year after the calendar year in
which such expense was incurred; (iii) the right to
reimbursement or in-kind benefits shall not be subject to
liquidation or exchange for another benefit; and (iv) the right to
reimbursement or provision of in-kind benefits shall not apply to
any expenses incurred or benefits to be provided beyond the last
day of the second taxable year following the year in which
Employee's Separation from Service occurred.

 

4. Arbitration.
Any controversy or claim arising out of, or related to, this
Agreement, or the breach thereof, shall be governed by the terms of
the Arbitration Agreement, which is incorporated herein by
reference.

 

5. Entire
Agreement. All oral or written agreements or representations
express or implied, with respect to the subject matter of this
Agreement are set forth in this Agreement. This Agreement contains
the entire integrated understanding between the parties hereto and
supersedes any prior employment, severance, or change-in-control
protective agreement or other agreement, plan or arrangement
between the Company or any predecessor and Employee. No provision
of this Agreement shall be interpreted to mean that Employee is
subject to receiving fewer benefits than those available to
Employee without reference to this Agreement. The Parties
acknowledge and agree that the Prior Severance Agreement is hereby
terminated and shall have no further force or effect.

 

 

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6. Notices.
Except as otherwise provided in this Agreement, any notice,
approval, consent, waiver or other communication required or
permitted to be given or to be served upon any person in connection
with this Agreement shall be in writing. Such notice shall be
personally served, sent by fax or cable, or sent prepaid by either
registered or certified mail with return receipt requested or
Federal Express and shall be deemed given (i) if personally served
or by Federal Express, when delivered to the person to whom such
notice is addressed, (ii) if given by fax or cable, when sent, or
(iii) if given by mail, two (2) business days following deposit in
the United States mail. Any notice given by fax or cable shall be
confirmed in writing, by overnight mail or Federal Express within
forty-eight (48) hours after being sent. Such notices shall be
addressed to the party to whom such notice is to be given at the
party’s address set forth below or as such party shall
otherwise direct.

 

If to
the Company:

 

AutoWeb,
Inc.

18872
MacArthur Boulevard, Suite 200

Irvine,
California, 92612-1400

Facsimile: (949)
862-1323

Attn:
Chief Legal Officer

 

If to
the Employee:

 

To
Employee’s latest home address on file with the
Company

 

7. No Waiver.
No waiver, by conduct or otherwise, by any party of any term,
provision, or condition of this Agreement, shall be deemed or
construed as a further or continuing waiver of any such term,
provision, or condition nor as a waiver of a similar or dissimilar
condition or provision at the same time or at any prior or
subsequent time.

 

8. Amendment to this
Agreement. No modification, waiver, amendment, discharge or
change of this Agreement, shall be valid unless the same is in
writing and signed by the party against whom enforcement of such
modification, waiver amendment, discharge, or change is or may be
sought.

 

9. Non-Disclosure.
Except as set forth below, and unless required by applicable law,
rule, regulation or order or to enforce this Agreement, Employee
shall not disclose the existence of this Agreement or the
underlying terms to any third party, including without limitation,
any former, present or future employee of the Company, other than
to Employee’s immediate family who have a need to know such
matters or to Employee’s tax or legal advisors who have a
need to know such matters. If Employee does disclose this Agreement
or any of its terms to any of Employee’s immediate family or
tax or legal advisors, then Employee will inform them that they
also must keep the existence of this Agreement and its terms
confidential. The Company may disclose the existence or terms of
the Agreement and its terms and may file this Agreement as an
exhibit to its public filings if it is required to do so under
applicable law, rule, regulation or order. In the event the Company
shall publicly disclose the existence or terms of this Agreement,
or file this Agreement with any public filings, the provisions of
this Section 9 shall terminate and shall no longer restrict
Employee from disclosing the existence or terms of this
Agreement.

 

 

-9-

 

 

10. Enforceability;
Severability. If any provision of this Agreement shall be
invalid or unenforceable, in whole or in part, such provision shall
be deemed to be modified or restricted to the extent and in the
manner necessary to render the same valid and enforceable, or shall
be deemed excised from this Agreement, as the case may require, and
this Agreement shall be construed and enforced to the maximum
extent permitted by law as if such provision had been originally
incorporated herein as so modified or restricted, or as if such
provision had not been originally incorporated herein, as the case
may be.

 

11. Governing
Law. This Agreement shall be construed and enforced in
accordance with the laws of the State of California without giving
effect to such State’s choice of law rules. This Agreement is
deemed to be entered into entirely in the State of California. This
Agreement shall not be strictly construed for or against either
party.

 

12. No Third Party
Beneficiaries. Except as otherwise set forth in this
Agreement, nothing contained in this Agreement is intended or shall
be construed to create rights running to the benefit of any third
party.

 

13. Successors of the
Company. The rights and obligations of the Company under
this Agreement shall inure to the benefit of, and shall be binding
upon, the successors and assigns of the Company, including any
Successor Company. This Agreement shall be assignable by the
Company in the event of a merger or similar transaction in which
the Company is not the surviving entity, or a sale of all or
substantially all of the Company’s assets.

 

14. Rights
Cumulative. The rights under this Agreement, or by law or
equity, shall be cumulative and may be exercised at any time and
from time to time. No failure by any party to exercise, and no
delay in exercising, any rights shall be construed or deemed to be
a waiver thereof, nor shall any single or partial exercise by any
party preclude any other or future exercise thereof or the exercise
of any other right.

 

15. No Right or
Obligation of Employment. Employee acknowledges and agrees
that nothing in this Agreement shall confer upon Employee any right
with respect to continuation of employment by the Company, nor
shall it interfere in any way with Employee’s right or the
Company’s right to terminate Employee’s employment at
any time, with or without Cause.

 

 

 

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16. Interpretation.
Every provision of this Agreement is the result of full
negotiations between the parties, both of whom have either been
represented by counsel throughout or otherwise been given an
opportunity to seek the aid of counsel. Each party hereto further
agrees and acknowledges that it is sophisticated in legal affairs
and has reviewed this Agreement in detail. Accordingly, no
provision of this Agreement shall be construed in favor of or
against any of the parties hereto by reason of the extent to which
any such party or its counsel participated in the drafting thereof.
Captions and headings of sections contained in this Agreement are
for convenience only and shall not control the meaning, effect, or
construction of this Agreement. Time periods used in this Agreement
shall mean calendar periods unless otherwise expressly
indicated.

 

17. Legal and Tax
Advice. Employee acknowledges that: (i) the Company has
encouraged Employee to consult with an attorney and/or tax advisor
of Employee’s choosing (and at Employee’s own cost and
expense) in connection with this Agreement, and (ii) Employee is
not relying upon the Company for, and the Company has not provided,
legal or tax advice to Employee in connection with this Agreement.
It is the responsibility of Employee to seek independent tax and
legal advice with regard to the tax treatment of this Agreement and
the payments and benefits that may be made or provided under this
Agreement and any other related matters. Employee acknowledges that
Employee has had a reasonable opportunity to seek and consider
advice from Employee’s counsel and tax advisors.

 

18. Counterparts.
This Agreement may be executed in any number of counterparts, each
of which shall be deemed an original, but all of which shall
constitute one instrument. The parties agree that facsimile copies
of signatures shall be deemed originals for all purposes hereof and
that a party may produce such copies, without the need to produce
original signatures, to prove the existence of this Agreement in
any proceeding brought hereunder.

 

 

[Remainder of page intentionally left blank.]

 

 

 

-11-

 

 

IN WITNESS WHEREOF, the Company and
Employee have executed and entered into this Agreement effective as
of the date first shown above. 

 

AUTOWEB,
INC.

 

By:
/s/ Jared R.
Rowe                                

Jared
R. Rowe

President and Chief
Executive Officer

 

 

EMPLOYEE

 

 

/s/
Glenn E. Fuller              
                 
     

 Glenn E.
Fuller

 

 

 

-12-

 

 

EXHIBIT A

 

SEPARATION AND RELEASE AGREEMENT

 

It is
hereby agreed by and between you, Glenn E. Fuller (for yourself,
your spouse, family, agents and attorneys) (jointly,
“You” or
“Employee”), and
AutoWeb, Inc., its predecessors, successors, affiliates, directors,
employees, shareholders, fiduciaries, insurers, employees and
agents (jointly, the “Company”), as
follows:

 

1. Separation
of Employment. You acknowledge that your employment with the
Company ended effective [_______], 201[__] (“Employment Termination Date”), and
that You will perform no further duties, functions or services for
the Company subsequent to the Employment Termination Date. You have
resigned or hereby resign from all officer and director positions
You held with the Company or any of its subsidiaries effective as
of the Employment Termination Date. This Separation and Release
Agreement (“Release”) is entered into in
connection with that certain Second Amended and Restated Severance
Benefits Agreement dated effective as of April 12, 2018 by and
between the Company and Employee (“Severance Benefits
Agreement”).

 

2. Release
Consideration. In exchange for your promises and obligations
in this Release and the Severance Benefits Agreement, including the
release of claims set forth below, if You sign and do not revoke
this Release and this Release becomes effective, the Company will
pay You the amounts, and will provide the benefits, due to You
under the Severance Benefits Agreement, minus legally required
federal, state and local payroll deductions and withholdings.
Payment of any monetary amount provided for in this Section 2 will
be made within the time periods required by the Severance Benefits
Agreement (except for payments or benefits that will be paid or
provided over time as provided therein) and, if no time is
specified, within 5 business days after this Release becomes
effective.

 

3. Acknowledgement
of Receipt of Amounts Due. You acknowledge and agree that
You have received all, and that the Company does not owe You any
additional, payments, benefits or other compensation as a result of
your employment with the Company or your separation from employment
with the Company, including, but not limited to, wages,
commissions, bonuses, vacation pay, severance pay, expenses, fees,
or other compensation or payments of any kind or nature, other than
those amounts or benefits, if any, payable or to be provided to You
after the date hereof pursuant to the Severance Benefits Agreement
after this Release becomes effective.

 

 

 

A-1

 

 

Return of Company
Property. You represent and warrant that You have returned
to the Company any and all documents, software, equipment
(including, but not limited to, computers and computer-related
items), and all other materials or other things in your possession,
custody, or control which are the property of the Company,
including, but not limited to, Company identification, keys,
computers, cell phones, and the like, wherever such items may have
been located; as well as all copies (in whatever form thereof) of
all materials relating to your employment, or obtained or created
in the course of your employment with the Company. You hereby
represent that, other than those materials You have returned to the
Company pursuant to this Section 4, You have not copied or caused
to be copied, and have not transferred or printed-out or caused to
be transferred or printed-out, any software, computer disks,
e-mails or other documents other than those documents generally
available to the public, or retained any other materials
originating with or belonging to the Company. You further represent
that You have not retained in your possession, custody or control,
any software, documents or other materials in machine or other
readable form, which are the property of the Company, originated
with the Company, or were obtained or created in the course of or
relate to your employment with the Company; provided, however, that
nothing in this Release or elsewhere shall prevent You from
retaining and utilizing copies of documents relating to Your
employment or personal benefits, entitlements and obligations
(including employment agreements, confidentiality agreements, stock
options award agreements and severance agreements); documents
relating to Your personal tax obligations; the data and entries
from Your contacts and calendar; Your personal emails; documents
constituting your work product resulting from your services as
attorney for the Company; and such other records and documents as
may reasonably be approved by the Company.

 

4. Confidentiality
and Non-Solicitation/Interference.

 

(a)   You
shall keep confidential, and shall not hereafter use or disclose to
any person, firm, corporation, governmental agency, or other
entity, in whole or in part, at any time in the future, any trade
secret, proprietary information, or confidential information of the
Company, including, but not limited to, information relating to
trade secrets, processes, methods, pricing strategies, customer
lists, marketing plans, product introductions, advertising or
promotional programs, sales, financial results, financial records
and reports, regulatory matters and compliance, and other
confidential matters, except as required by law and as necessary
for compliance purposes. These obligations are in addition to the
obligations set forth in any confidentiality or non-disclosure
agreement between You and the Company, including, without
limitation, that certain Employee Confidentiality Agreement dated
as of October 16, 2006, which shall remain binding on You after the
Employment Termination Date.

 

(b)  
Unless required by applicable law, rule, regulation or order or to
enforce this Agreement, Employee shall not disclose the existence
of the Severance Benefits Agreement or this Release or the
underlying terms to any third party, including without limitation,
any former, present or future employee of the Company, other than
to Employee’s immediate family who have a need to know such
matters or to Employee’s tax or legal advisors who have a
need to know such matters. If Employee does disclose this Release,
the Severance Benefits Agreement or any of their respective terms
to any of Employee’s immediate family or tax or legal
advisors, then Employee will inform them that they also must keep
the existence of this Release, the Severance Benefits Agreement and
their respective terms confidential. The Company may disclose the
existence or terms of this Release, the Severance Benefits
Agreement and their respective terms and may file this Release and
the Severance Benefits Agreement as exhibits to its public filings
if it is required to do so under applicable law, rule, regulation
or order. In the event the Company shall publicly disclose the
existence or terms of this Agreement, or file this Agreement with
any public filings, the provisions of this Section 5(b) shall
terminate and shall no longer restrict Employee from disclosing the
existence or terms of Severance Benefits Agreement or this
Release.

 

 

A-2

 

 

(c)
   For a period of one (1) year immediately following
this Release becoming effective, You agree that You will not
interfere with Company’s business by soliciting an employee
to leave Company’s employ, or by inducing a consultant or
vendor to sever its relationship with Company. You may not, at any
time, use the Company’s trade secrets to solicit business
from any source, including the Company’s customers or
clients. This Section 5(c) is not intended to, and shall not,
prevent You from lawful competition with the Company. You represent
and warrant that You have not engaged in any of the foregoing
activities prior to the effective date of this
Release.

 

5. Nondisparagement.
You agree that neither You nor anyone acting on your behalf or at
your direction will disparage, denigrate, defame, criticize, impugn
or otherwise damage or assail the reputation or integrity of the
Company publicly or privately to any third party, including without
limitation (i) to any current or former employee, officer,
director, contractor, supplier, customer, or client of the Company;
(ii) any prospective or actual purchaser of the equity interests of
the Company or its business or assets; or (iii) to any person or
entity in the automotive industry, automotive marketing,
advertising or other services, or the automotive
press.

 

6. Unconditional
General Release of Claims.

 

(a)   In
consideration for the payment and benefits provided for in Section
2, and notwithstanding the provisions of Section 1542 of the Civil
Code of California, You unconditionally release and forever
discharge the Company, and the Company’s current, former, and
future controlling shareholders, subsidiaries, affiliates, related
companies, predecessor companies, divisions, directors, trustees,
officers, employees, agents, attorneys, successors, and assigns
(and the current, former, and future controlling shareholders,
directors, trustees, officers, employees, agents, and attorneys of
any such subsidiaries, affiliates, related companies, predecessor
companies, and divisions) (all of the foregoing released persons or
entities being referred to herein as “Releasees”), from any and all
claims, complaints, demands, actions, suits, causes of action,
obligations, damages and liabilities of whatever kind or nature,
whether known or unknown, based on any act, omission, event,
occurrence, or nonoccurrence from the beginning of time to the date
of execution of this Release, including, but not limited to, claims
that arise out of or in any way relate to your employment or your
separation from employment with the Company.

 

(b)  
You acknowledge and agree that the foregoing unconditional and
general release includes, but is not limited to, (i) any claims for
salary, bonuses, commissions, equity, compensation (except as
specified in this Agreement), wages, penalties, premiums, severance
pay, vacation pay or any benefits under the Employee Retirement
Income Security Act of 1974, as amended; (ii) any claims of
harassment, retaliation or discrimination; (iii) any claims
based on any federal, state or governmental constitution, statute,
regulation or ordinance, including, without limitation, Title VII
of the Civil Rights Act of 1964, the Civil Rights Act of 1991, the
Age Discrimination in Employment Act, the Americans With
Disabilities Act, Section 1981 of the Civil Rights Act of 1866, the
California Fair Employment and Housing Act, the California Family
Rights Act, the Family and Medical Leave Act, the California
Constitution, the California Labor Code, the California Industrial
Welfare Commission Wage Orders, the California Government Code, the
Worker Adjustment and Retraining Notification Act; (iv)
whistleblower claims, claims of breach of implied or express
contract, breach of promise, misrepresentation, negligence, fraud,
estoppel, defamation, infliction of emotional distress, violation
of public policy, wrongful or constructive discharge, or any other
employment-related tort, and any claims for costs, fees, or other
expenses, including attorneys’ fees; and (v) any other aspect
of your employment or the termination of your
employment.

 

 

 

 

A-3

 

 

(c)  
For the purpose of implementing a full and complete release, You
expressly acknowledge and agree that this Release resolves all
claims You may have against the Company and the Releasees as of the
date of this Release, including but limited to claims that You did
not know or suspect to exist in your favor at the time of the
execution of this Release. You expressly waive any and all rights
which You may have under the provisions of Section 1542 of the
California Civil Code or any similar state or federal statute.
Section 1542 provides as follows:

 

“A general
release does not extend to claims which the creditor does not know
or suspect to exist in his or her favor at the time of executing
the release, which if known by him or her must have materially
affected his or her settlement with the debtor.”

 

(d)  
This Release will not waive the Employee’s rights to
indemnification under the Company’s certificate of
incorporation or by-laws or, if applicable, any written agreement
between the Company and the Employee, or under applicable
law.

 

(e)  
You hereby certify that
You have not experienced a job-related illness or injury for which
You have not already filed a claim.

 

(f)  
This general release does not waive or release rights or claims
arising after You sign this Release.

 

7. Covenant
Not to Sue. A
“covenant not to sue” is a promise not to sue in court.
This covenant differs from a general release of claims in that,
besides waiving and releasing the claims covered by this Release,
You represent and warrant that You have not filed, and agree that
You will not file, or cause to be filed or maintained, any judicial
complaint, lawsuit or demand for arbitration involving any claims
You have released in this Release, and You agree to withdraw any
judicial complaints, lawsuits or demands for arbitration You have
filed, or were filed on your behalf, prior to the effective date of
this Release. Still, You may sue to enforce this Release. You agree
if You breach this covenant, then You must pay the legal expenses
incurred by incurred by any Releasee in defending against your
suit, including reasonable attorneys’ fees, or, at the
Company’s option, return everything paid to You under this
Agreement. In that event, the Company shall be excused from making
any further payments or continuing any other benefits otherwise
owed to You under paragraph 2 of this Agreement. Furthermore, You
give up all rights to individual damages in connection with any
administrative or court proceeding with respect to your employment
with or termination of employment from, the Company. You also agree
that if You are awarded money damages, You will assign your right
and interest to such money damages (i) in connection with an
administrative charge, to the relevant administrative agency; and
(ii) in connection with a lawsuit or demand for arbitration, to the
Company.

 

8. Cooperation
With Company. You agree to assist and cooperate (including,
but not limited to, providing information to the Company and/or
testifying truthfully in a proceeding) in the investigation and
handling of any internal investigation, governmental matter, or
actual or threatened court action, arbitration, administrative
proceeding, or other claim involving any matter that arose during
the period of your employment.  You shall be reimbursed for
reasonable expenses actually incurred in the course of rendering
such assistance and cooperation. Your agreement to assist and
cooperate shall not affect in any way the content of information or
testimony provided by You.

 

 

 

A-4

 

 

9. No
Reemployment. You
acknowledge and agree that the Company has no obligation to employ
You or offer You employment in the future and You shall have no
recourse against the Company if it refuses to employ You or offer
You employment. If You do seek re-employment, then this Release
shall constitute sufficient cause for the Company to refuse to
re-employ You. Notwithstanding the foregoing, the Company has the
right to offer to re-employ You in the future if, in its sole
discretion, it chooses to do so.

 

10. No
Admission of Liability. This Release does not constitute an
admission that the Company or any other Releasee has violated any
law, rule, regulation, contractual right or any other duty or
obligation.

 

11. Severability.
Should any provision of this Release be declared or be determined
by any court or arbitrator to be illegal or invalid, the validity
of the remaining parts, terms, or provisions shall not be affected,
and said illegal or invalid part, term, or provision shall be
deemed not to be part of this Release.

 

12. Governing
Law. This Release is made and entered into in the State of
California and shall in all respects be interpreted, enforced, and
governed under the law of that state, without reference to conflict
of law provisions thereof.

 

13. Interpretation.
The language of all parts in this Release shall be construed as a
whole, according to fair meaning, and not strictly for or against
any party. The captions and headings contained in this Agreement
are for convenience only and shall not control the meaning, effect,
or construction of this Agreement.

 

14. Knowing
and Voluntary Agreement. You have carefully reviewed this
Release and understand the terms and conditions it contains. By
entering into this Release, You are giving up potentially valuable
legal rights. You specifically acknowledge that You are waiving and
releasing any rights You may have under the ADEA. You acknowledge
that the consideration given for this waiver and release is in
addition to anything of value to which You were already entitled.
You acknowledge that You are signing this Release knowingly and
voluntarily and intend to be bound legally by its
terms.

 

15. Entire
Agreement. You hereby acknowledge that no promise or
inducement has been offered to You, except as expressly stated in
this Release and in the Severance Benefits Agreement, and You are
relying upon none. This Release and the Severance Benefits
Agreement represent the entire agreement between You and the
Company with respect to the subject matter hereof, and supersede
any other written or oral understandings between the parties
pertaining to the subject matter hereof and may only be amended or
modified with the prior written consent of You and the
Company.

 

16. Arbitration.
Any controversy or claim arising out or, or related to, this
Release Agreement, or the breach thereof, shall be governed by the
terms of the Arbitration Agreement (as defined in the Severance
Benefits Agreement).

 

 

 

A-5

 

 

17. Protected
Rights.

 

  (a)  
An
individual may not be held criminally or civilly liable under any
federal or state trade secret law for the disclosure of a trade
secret that: (a) is made (i) in confidence to a federal, state, or
local government official, either directly or indirectly, or to an
attorney; and (ii) solely for the purpose of reporting or
investigating a suspected violation of law; or (b) is made in a
complaint or other document that is filed under seal in a lawsuit
or other proceeding. Further, an individual who files a lawsuit for
retaliation by an employer for reporting a suspected violation of
law may disclose the employer’s trade secrets to the attorney
and use the trade secret information in the court proceeding if the
individual: (a) files any document containing the trade secret
under seal; and (b) does not disclose the trade secret, except
pursuant to court order.

 

  (b)  
Employee
understands that nothing contained in your Confidentiality
Agreement limits Employee’s ability to file a charge or
complaint with the Equal Employment Opportunity Commission, the
National Labor Relations Board, the Occupational Safety and Health
Administration, the Securities and Exchange Commission or any other
federal, state or local governmental agency or commission
(“Government Agencies”). Employee further understands
that this Agreement does not limit Employee’s ability to
communicate with any Government Agencies or otherwise participate
in any investigation or proceeding that may be conducted by any
Government Agency, including providing documents or other
information, without notice to Company. This Agreement does not
limit Employee’s right to receive an award for information
provided to any Government Agencies.

 

18. Period
for Review and Consideration/Revocation Rights.

 

[Alternative 1 for
Section 18 if Employee is age 40 or over at time of separation from
employment, separation from employment is NOT in connection with a
group separation, and ADEA Claims are being
released]

 

You
understand that You have twenty-one (21) days after this Release
has been delivered to You by the Company to decide whether to sign
this Release, although You may sign this Release at any time within
the twenty-one (21) day period. If You do sign it, You also
understand that You will have an additional seven (7) days after
the date You deliver this signed Release to the Company and to
change your mind and revoke this Release, in which case a written
notice of revocation must be delivered to the Company’s Chief
Legal Officer, AutoWeb, Inc., 18872 MacArthur Blvd. Suite 200,
Irvine, California 92612-1400, on or before the seventh (7th) day
after your delivery of this signed Release to the Company (or on
the next business day if the seventh calendar day is not a business
day). You understand that this Release will not become effective or
enforceable until after that seven (7) day period has passed. If
You revoke this Release, this Release shall not be effective or
enforceable as to any rights You may have under this Release. In
the event that You revoke this Release, You will not be entitled to
the payments and benefits specified in Paragraph 2.

 

 

 

A-6

 

 

[Alternative
2 for Section 18 if Employee is age 40 or over at time of
separation from employment, separation from employment IS in
connection with a group termination, and ADEA Claims are being
released]

 

 
(a)  
You understand that You have forty-five (45) days after this
Release has been delivered to You by the Company to decide whether
to sign this Release, although You may sign this Release at any
time within the forty-five (45) day period. If You do sign it, You
also understand that You will have an additional seven
(7) days after You sign
to change your mind and revoke the Agreement, in which case a
written notice of revocation must be delivered to the
Company’s Chief Legal Officer, AutoWeb, Inc., 18872 MacArthur
Blvd. Suite 200, Irvine, California 92612-1400, on or before the
seventh (7th) day after your delivery of this signed Release to the
Company (or on the next business day if the seventh calendar day is
not a business day). You understand that this Release will not
become effective or enforceable until after that seven (7) day
period has passed. If You revoke this Release, this Release shall
not be effective or enforceable as to any rights You may have under
this Release. In the event that You revoke this Release, You will
not be entitled to the payments and benefits specified in Paragraph
2.

 

 
(b)  
You acknowledge that You have received the group information of
employees included in the Company’s ____________ group
termination program, the eligibility factors for participation in
the program, and the time limits for participation in the program.
You also acknowledge that You have received lists of the ages and
job titles of employees eligible or selected for the program and
employees not eligible or selected for the group termination
program. This information is set forth on Appendix A attached
hereto and incorporated herein by reference.

 

19. Advice
of Attorney and Tax Advisor. Employee acknowledges that: (i)
the Company has advised Employee to consult with an attorney and/or
tax advisor of Employee’s choosing (and at Employee’s
own cost and expense) before executing this Release, and (ii)
Employee is not relying upon the Company for, and the Company has
not provided, legal or tax advice to Employee in connection with
this Release. It is the responsibility of Employee to seek
independent tax and legal advice with regard to the tax treatment
of this Release and the payments and benefits that may be made or
provided under this Release and any other related matters. Employee
acknowledges that Employee has had a reasonable opportunity to seek
and consider advice from Employee’s attorney and tax
advisors.

 

 

PLEASE
READ CAREFULLY. THIS RELEASE INCLUDES A GENERAL RELEASE OF ALL
CLAIMS, KNOWN AND UNKNOWN. YOU MAY NOT MAKE ANY CHANGES TO THE
TERMS OF THIS RELEASE THAT ARE NOT AGREED UPON BY THE COMPANY IN
WRITING. ANY CHANGES SHALL CONSTITUTE A REJECTION OF THIS RELEASE
BY EMPLOYEE.

 

 

	
 Dated:_____________,
20__

	
 _____________________________________

	
 

	
 Glenn E.
Fuller

	
 

	
 

	
 Dated:_____________, 20__

	
 AutoWeb
Inc.

	
 

	
 

	
 

	
 By: 
__________________________________

	
 

	
 (Officer
Name)

	
 

	
 (Title)

	
 

	
 

	
 

	
 

 

 

 

A-7Exhibit

Exhibit 10.2

AMENDED AND RESTATED CARBONITE, INC.
EXECUTIVE SEVERANCE PLAN
(Effective Date May 1, 2018)
		
	1.
	PURPOSE

Carbonite, Inc. (the “Company”) considers it essential to the best interests of its stockholders to promote and preserve the continuous employment of key management personnel.  The Compensation Committee (the “Committee”) of the Board of Directors of the Company (the “Board”) recognizes that the possibility of a Change of Control (as defined in Section 3(c) hereof) exists and that such possibility, and the uncertainty and questions that it may raise among management, may result in the departure or distraction of key management personnel to the detriment of the Company and its stockholders. Therefore, the Committee has determined that this Amended and Restated Executive Severance Plan (the “Plan”) should be adopted to reinforce and encourage the continued attention and dedication of certain key members of management who are designated as participants by the Committee, in its sole discretion, to participate in the Plan (each, a “Covered Executive,” and collectively, the “Covered Executives”). Nothing in this Plan shall be construed as creating an express or implied contract of employment and, except as otherwise agreed in writing between the Covered Executive and the Company or any of its subsidiaries (“Subsidiaries”), the Covered Executive shall not have any right to be retained in the employ of the Company or any of its Subsidiaries.  This Plan is intended to provide benefits to a group of employees of the Company and its Subsidiaries that constitutes a “select group of management or highly compensated employees” within the meaning of Department of Labor Regulation §2520.104-24.
		
	2.
	ELIGIBILITY REQUIREMENTS

A Covered Executive is eligible for benefits under this Plan if he or she meets the following requirements:
(a)The Covered Executive must have completed at least one year of continuous service, based on the Covered Executives’ most recent hire date;
(b)The Covered Executives’ Terminating Event must be on or after the effective date of this Plan; and
(c)The Covered Executive must execute (and not revoke) a release and waiver substantially in the form attached hereto as Exhibit A (the “Release”).
The Covered Executives as of the date hereof are set forth on Exhibit B hereto.  Such Exhibit may be revised from time to time by the Committee; provided however that no individual may be removed from status as a Covered Executive during the one year period commencing upon the occurrence of a Change of Control.
		
	3.
	TERMINATION EVENT

A “Terminating Event” shall mean the termination of employment of a Covered Executive in connection with any of the events provided in Section 3(a) or 3(b) below.
(a)Termination by the Company. Termination by the Company of a Covered Executives’ employment for any reason other than for (i) Cause (as defined below) or (ii) the death or disability (as 

determined by the Committee under the Company’s or any applicable Subsidiary’s then existing long-term disability coverage) of such Covered Executive.
For purposes of this Plan, the term “Cause” shall mean (except as set forth below) dismissal by the Company of the Covered Executive as a result of (i) the commission of any act by the Covered Executive constituting financial dishonesty against the Company (which act would be chargeable as a crime under applicable law); (ii) the Covered Executive engaging in any other act of fraud, intentional misrepresentation, moral turpitude, illegality or harassment; (iii) unauthorized use or disclosure by a Covered Executive of any proprietary information or trade secrets of the Company or any other party to whom the Covered Executive owes an obligation of nondisclosure as a result of his or her relationship with the Company; (iv) the repeated failure by the Covered Executive to follow the directives of the chief executive officer of the Company or the Board; or (v) any material misconduct, violation of the Company’s policies, or willful and deliberate non-performance of duty by the Covered Executive in connection with the business affairs of the Company.  Notwithstanding the foregoing, during the 12 month period immediately following a Change of Control, “Cause” shall mean instead (i) the willful and continued failure by the Covered Executive (other than any such failure resulting from the employee’s incapacity due to physical or mental illness) to perform substantially the duties and responsibilities of the employee’s position after a written demand for substantial performance is delivered to the Covered Executive by the Company, which demand specifically identifies the manner in which the Company believes that the Covered Executive has not substantially performed such duties or responsibilities and provides the Covered Executive with a cure period of at least thirty days; (ii) the conviction of the Covered Executive by a court of competent jurisdiction for felony criminal conduct; or (iii) the willful engaging by the Covered Executive in fraud or dishonesty which is demonstrably and materially injurious to the Company or its reputation, monetarily or otherwise.  No act, or failure to act, on the Covered Executive’s part shall be deemed “willful” unless committed or omitted by the Covered Executive in bad faith and without reasonable belief that the Covered Executive’s act or failure to act was in, or not opposed to, the best interest of the Company.
(b)Termination by the Covered Executive for Good Reason. Termination by a Covered Executive of his or her employment with the Company and its Subsidiaries for Good Reason, occurring within 12 months following a Change of Control (as defined herein).
For purposes of this Plan, the term “Good Reason” shall mean that the Covered Executive has complied with the Good Reason Process (as defined below) following the occurrence of any of the following events: (i) a material diminution in the Covered Executive’s responsibilities, authority or duties; (ii) a material diminution in the Covered Executive’s base salary or annual bonus opportunity; (iii) a relocation of more than 25 miles of the office at which the Covered Executive provides services to the Company, or (iv) any failure by the Company to obtain the written assumption of this Plan by any successor to the Company. Notwithstanding the terms of any employment or similar agreement with the Company to which the Covered Executive is a party that contains a different definition of “good reason” (or other similar term), this definition shall be applicable to the Covered Executive for purposes of this Plan and not such other definition. “Good Reason Process” means that (A) the Covered Executive reasonably determines in good faith that a Good Reason condition has occurred; (B) the Covered Executive notifies the Company in writing of the first occurrence of the Good Reason condition within 60 days of the first occurrence of such condition; (C) the Company is provided with a period of 30 days following such notice (the “Cure Period”) to remedy the condition; (D) notwithstanding such efforts, the Good Reason condition continues to exist; and (E) the Covered Executive terminates his or her employment within 60 days after the end of the Cure Period. If the Company cures the Good Reason condition during the Cure Period, Good Reason shall be deemed not to have occurred.

(c)Change of Control. For purposes of this Plan, a “Change of Control” shall mean any of the following: 
(i)a transaction or series of transactions (other than an offering of the Company’s Common Stock to the general public through a registration statement filed with the Securities and Exchange Commission) whereby any “person” or related “group” of “persons” (as such terms are used in Sections 13(d) and 14(d)(2) of the Securities Exchange Act of 1934, as amended (the “Exchange Act’)) (other than the Company, any of its subsidiaries, an employee benefit plan maintained by the Company or any of its subsidiaries or a “person” that, prior to such transaction, directly or indirectly controls, is controlled by, or is under common control with, the Company) directly or indirectly acquires beneficial ownership (within the meaning of Rule 13d-3 under the Exchange Act) of securities of the Company possessing more than 50% of the total combined voting power of the Company’s securities outstanding immediately after such acquisition; or 

(ii)during any period of two consecutive years, individuals who, at the beginning of such period, constitute the Company’s Board of Directors (the “Board”) together with any new director(s) (other than a director designated by a person who shall have entered into an agreement with the Company to effect a transaction described in Section 3(c)(i) or Section 3(c)(iii)) whose election by the Board or nomination for election by the Company’s stockholders was approved by a vote of at least two-thirds of the directors then still in office who either were directors at the beginning of the two-year period or whose election or nomination for election was previously so approved, cease for any reason to constitute a majority thereof; or 

(iii)the consummation by the Company (whether directly involving the Company or indirectly involving the Company through one or more intermediaries) of (x) a merger, consolidation, reorganization, or business combination or (y) a sale or other disposition of all or substantially all of the Company’s assets in any single transaction or series of related transactions, in each case other than a transaction: (A) that results in the Company’s voting securities outstanding immediately before the transaction continuing to represent (either by remaining outstanding or by being converted into voting securities of the Company or the person that, as a result of the transaction, controls, directly or indirectly, the Company or owns, directly or indirectly, all or substantially all of the Company’s assets or otherwise succeeds to the business of the Company (the Company or such person, the “Successor Entity”)) directly or indirectly, at least a majority of the combined voting power of the Successor Entity’s outstanding voting securities immediately after the transaction, and (B) after which no person or group beneficially owns voting securities representing 50% or more of the combined voting power of the Successor Entity; provided, however, that no person or group shall be treated for purposes of this Section 3(c)(iii)(B) as beneficially owning 50% or more of combined voting power of the Successor Entity solely as a result of the voting power held in the Company prior to the consummation of the transaction; or 

(iv)the Company’s shareholders approve a liquidation or dissolution of the Company.

A Terminating Event shall not be deemed to have occurred pursuant to this Section 3 solely as a result of the Covered Executive being an employee of any direct or indirect successor to the business or assets of the Company and its Subsidiaries, rather than continuing as an employee of the Company or its Subsidiary following a Change of Control.

		
	4.
	TERMINATION BENEFITS

(a)Except as provided in Section 4(c) below, in the event of a Terminating Event pursuant to Section 3(a), with respect to such Covered Executive:

(i)the Company shall pay to the Covered Executive an amount equal to half of the Covered Executives’ annual base salary in effect immediately prior to the Terminating Event, payable in cash, in one lump-sum payment within sixty (60) days following the Date of Termination (as defined in Section 10(b) below); and

(ii)in the event that the Covered Executive timely elects to continue health, vision and/or dental coverage pursuant to the Consolidated Omnibus Budget Reconciliation Act of 1985 (“COBRA”), the Company will pay a lump sum payment equal to six times the Company’s portion of the Covered Executives’ monthly premium payments for each such coverage elected by the Covered Executive for the Covered Executive and his or her eligible dependents, if applicable.

(b)Except as provided in Section 4(c) below, in the event that a Terminating Event occurs within 12 months after a Change of Control with respect to such Covered Executive:

(i)the Company shall pay to the Covered Executive an amount equal to the sum of (A) the Covered Executives’ annual base salary in effect immediately prior to the Terminating Event (or the Covered Executives’ annual base salary in effect immediately prior to the Change of Control, if higher) and (B) the Covered Executives’ total target bonus as if it had been achieved at 100% for the fiscal year in which the Change of Control occurred, payable in cash, in one lump-sum payment within sixty (60) days following the Date of Termination; and

(ii)in the event that the Covered Executive timely elects to continue health, vision and/or dental coverage pursuant to COBRA, the Company will pay, a lump sum equal to eighteen times the Company’s portion of the Covered Executives’ monthly premium payments for each such coverage elected by the Covered Executive for the Covered Executive and his or her eligible dependents, if applicable.

(c)Notwithstanding the foregoing, in the event that any Covered Executive is a party to any employment agreement, offer letter or similar agreement with the Company (an “Employment Agreement”) on the date the Covered Executive commences participation under this Plan that would also provide for severance payments or benefits upon a Terminating Event, then the Covered Executive shall be entitled to receive either (i) the payments and benefits described in Section 4(a) or 4(b), above, or (ii) such severance payments and benefits described in the Covered Executives’ Employment Agreement, whichever amount is greater in the aggregate, and subject to Section 8 of the Plan.  In consideration of the opportunity to receive any payment or benefit under this Plan and as a condition of a Covered Executives’ participation hereunder, any such Employment Agreement shall be deemed amended (and any payments or benefits shall be deemed to be waived by the Covered Executive) to the extent necessary to effect the provisions of this Section 4(c).

		
	5.
	RELEASE AND GENERAL RULES

To be eligible to receive the separation pay and benefits pursuant to Section 4 under this Plan, a Covered Executive must, within the period specified in the Release (which shall not exceed forty-five (45) days following the Date of Termination), execute the Release and return it to the Company. The Release must be voluntarily executed by the Covered Executive, and the Covered Executive must not revoke such Release within any applicable revocation period that may be required by law from time to time. Payments and benefits to the Covered Executive under Section 4 (“Termination Benefits”) will not be paid or begin 

until the day after the last day on which the Covered Executive may revoke the signed Release submitted to the Company. 
Upon termination, a Covered Executive must return all Company property that is in the Covered Executives’ possession, custody or control. Company property includes, but is not limited to, all keys, credit cards, computers, and other items or equipment provided to the Employee for use during employment, together with all written and recorded materials, documents, computer discs or memory cards, plans, records, notes, files, drawings or papers, and any copies thereof, relating to the affairs of the Company and its Subsidiaries and their affiliates, including in particular all notes and records relating to customers of the Company.
		
	6.
	ADDITIONAL LIMITATIONS

Unless a more favorable treatment is provided in an Employment Agreement of a Covered Executive (and notwithstanding any other provision in any compensation plan), in the event that that any payment or distribution by the Company or any of its Subsidiaries or their affiliates to or for the benefit of the Covered Executive (whether paid or payable or distributed or distributable pursuant to the terms of this Plan or otherwise) (all such payments and benefits, including the payments and benefits payable to the Covered Executive pursuant to Section 4 hereof (“Total Termination Benefits”))  (i) constitute “parachute payments” within the meaning of Section 280G of the Internal Revenue Code of 1986, as amended (the “Code”), or any comparable successor provisions, and (ii) but for this Section 6 would be subject to the excise tax imposed by Section 4999 of the Code, or any comparable successor provisions (the “Excise Tax”), then the Covered Executive’s Total Termination Benefits shall be either (i) provided to the Covered Executive in full, or (b) provided to Covered Executive as to such lesser extent which would result in no portion of such benefits being subject to the Excise Tax, whichever of the foregoing amounts, when taking into account applicable federal, state, local and foreign income and employment taxes, the Excise Tax, and any other applicable taxes, results in the receipt by the Covered Executive, on an after-tax basis, of the greatest amount of benefits, notwithstanding that all or some portion of such benefits may be taxable under the Excise Tax and the Covered Executive shall have no right to Total Termination Benefits in excess of the amount so determined.  Any determination required under this Section 6 shall be made in writing in good faith by a nationally recognized accounting firm selected by the Company (the “Accountants”).  In the event of a reduction of benefits hereunder, the Termination Payments shall be reduced in the following order: (1) cash payments not subject to Section 409A of the Code; (2) cash payments subject to Section 409A of the Code; (3) equity-based payments and acceleration; and (4) non-cash forms of benefits. To the extent any payment is to be made over time (e.g., in installments, etc.), then the payments shall be reduced in reverse chronological order. For purposes of making the calculations required by this Section 6, the Accountants may make reasonable assumptions and approximations concerning applicable taxes and may rely on reasonable, good faith interpretations concerning the application of the Code, and other applicable legal authority.  The Company shall bear the cost of all fees the Accountants charge in connection with any calculations contemplated by this Section 6.
		
	7.
	ADMINISTRATION OF PLAN; CLAIMS PROCEDURES

(a)General.  Except as specifically provided herein, the Plan shall be administered by the Committee. The Committee may delegate any administrative duties, including, without limitation, duties with respect to the processing, review, investigation, approval and payment of severance benefits, to designated individuals or committees.  The Committee shall be the “Administrator” and a “named fiduciary” under the Plan for purposes of ERISA.

(b)Interpretations.  The Committee shall have the duty and authority to interpret and construe, in its sole discretion, the terms of the Plan in regard to all questions of eligibility, the status and rights of Covered Executives, and the manner, time and amount of any payment under the Plan.  The Committee or its representative shall decide any issues arising under this Plan, and the decision of the Committee shall be binding and conclusive on the Covered Executives and the Company; provided however that in the event of a dispute regarding payments or benefits hereunder arising in connection with a Terminating Event occurring during the 12 month period immediately following a Change of Control, such decisions shall be subject to de novo review under Section 10(d) hereof.

(c)Filing a Claim. It is not normally necessary to file a claim in order to receive benefits under this Plan; however, if a Covered Executive (the “Claimant”) feels he or she has been improperly denied severance benefits, any claim for payment of severance benefits shall be signed, dated and submitted to the Chief Financial Officer, as set forth in Section 15.  The Committee shall then evaluate the claim and notify the Claimant of the approval or disapproval in accordance with the provisions of this Plan not later than 90 days after the Company’s receipt of such claim unless special circumstances require an extension of time for processing the claims.  If such an extension of time for processing is required, written notice of the extension shall be furnished to the Claimant prior to the termination of the initial 90 day period which shall specify the special circumstances requiring an extension and the date by which a final decision will be reached (which date shall not be later than 180 days after the date on which the claim was filed).  If the Claimant does not provide all the necessary information for the Committee to process the claim, the Committee may request additional information and set deadlines for the Claimant to provide that information.

(d)Notice of Initial Determination.  The Claimant shall be given a written notice in which the Claimant shall be advised as to whether the claim is granted or denied, in whole or in part. If a claim is denied, in whole or in part, the Claimant shall be given written notice which shall contain (i) the specific reasons for the denial, (ii) specific references to pertinent Plan provisions on which the denial is based, (iii) a description of any additional material or information necessary to perfect the claim and an explanation of why such material or information is necessary and (iv) an explanation of this Plan’s appeal procedures, which shall also include a statement of the Claimant’s right to bring a civil action under Section 502(a) of ERISA following a denial of the claim upon review.

(e)Right to Appeal. If a claim for payment of severance benefits made in accordance with the procedures specified in this Plan is denied, in whole or in part, the Claimant shall have the right to request that the Committee review the denial, provided that the Claimant files a written request for review with the Committee within 60 days after the date on which the Claimant received written notification of the denial.  The Claimant may review or receive copies, upon request and free of charge, of any documents, records or other information “relevant” (within the meaning of Department of Labor Regulation 2560.503-1(m)(8)) to the Claimant’s claim.  The Claimant may also submit written comments, documents, records and other information relating to his or her claim.

(f)Review of Appeal.  In deciding a Claimant’s appeal, the Committee shall take into account all comments, documents, records and other information submitted by the Claimant relating to the claim, without regard to whether such information was submitted or considered in the initial review of the claim.  If the Claimant does not provide all the necessary information for the Committee to decide the appeal, the Committee may request additional information and set deadlines for the Claimant to provide that information.  Within 60 days after a request for review is received, the review shall be made and the Claimant shall be advised in writing of the decision on review, unless special circumstances require an extension of time for processing the review, in which case the Claimant shall be given a written 

notification within such initial 60 day period specifying the reasons for the extension and when such review shall be completed (provided that such review shall be completed within 120 days after the date on which the request for review was filed).

(g)Notice of Appeal Determination.  The decision on review shall be forwarded to the Claimant in writing and, in the case of a denial, shall include (i) specific reasons for the decision, (ii) specific references to the pertinent Plan provisions upon which the decision is based, (iii) a statement that the Claimant is entitled to receive, upon request and free of charge, reasonable access to, and copies of, all documents, records or other information relevant to the Claimant’s claim and (iv) a statement of the Claimant’s right to bring a civil action under Section 502(a) of ERISA following a wholly or partially denied claim for benefits.  The Committee’s decision on review shall be final and binding on all persons for all purposes; provided however that in the event of a dispute regarding payments or benefits hereunder arising in connection with a Terminating Event occurring during the 12 month period immediately following a Change of Control, such decisions shall be subject to de novo review under Section 10(d) hereof.  If a Claimant shall fail to file a request for review in accordance with the procedures herein outlined, such Claimant shall have no right to review and shall have no right to bring an action in any court, and the denial of the claim shall become final and binding on all persons for all purposes.  Any notice and decisions by the Committee under this Section 7 may be furnished electronically in accordance with Department of Labor Regulation 2520.104b-1(c)(i), (iii) and (iv).8.

(h)In the event of a dispute regarding Termination Benefits with respect to a Terminating Event occurring during the one year period immediately following a Change of Control, the Company shall reimburse the applicable Covered Executive for reasonable legal fees incurred in connection with such dispute.

		
	8.
	SECTION 409A

(a)The payments under this Plan are designated as separate payments for purposes of the short-term deferral rule under Treasury Regulation Section 1.409A-1(b)(4), the exemption for involuntary terminations under separation pay plans under Treasury Regulation Section 1.409A- 1(b)(9)(iii), and the exemption for medical expense reimbursements under Treasury Regulation Section 1.409A-1(b)(9)(v)(B).  As a result, (A) payments that are made on or before the 15th day of the third month of the calendar year following the year that includes the date of the Covered Executive’s termination of employment, (B) any additional payments that are made on or before the last day of the second calendar year following the year of the Covered Executive’s termination of employment and do not exceed the lesser of two times the Covered Executive’s annual rate of pay in the year prior to his or her termination or two times the limit under Section 401(a)(17) of the Code then in effect, and (C) continued medical expense reimbursements during the applicable COBRA period, are exempt from the requirements of Section 409A of the Code.

(b)Notwithstanding any other provision in this Plan, to the extent any payments made or contemplated hereunder constitute nonqualified deferred compensation, within the meaning of Section 409A, then (i) each such payment which is conditioned upon the Covered Executive’s execution of a release and which is to be paid or provided during a designated period that begins in one taxable year and ends in a second taxable year, shall be paid or provided in the later of the two taxable years and (ii) if the Covered Executive is a specified employee (within the meaning of Section 409A of the Code) as of the date of the Covered Executive’s separation from service, each such payment that is payable upon the Covered Executive’s separation from service and would have been paid prior to the six-month anniversary of Executive’s separation from service, shall be delayed until the earlier to occur of (A) the six months and one day following the Covered Executive’s separation from service or (B) the date of the Covered 

Executive’s death.  Any such delayed cash payment shall earn interest at an annual rate equal to the applicable federal short-term rate published by the Internal Revenue Service for the month in which the date of separation from service occurs, from such date of separation from service until the payment. Notwithstanding anything herein to the contrary, if and to the extent that amounts payable under this Plan are deemed, for purposes of Section 409A of the Code, to be in substitution of amounts previously payable under another arrangement with respect to the Covered Executive, such payments hereunder will be made at the same time(s) and in the same form(s) as such amounts would have been payable under the other arrangement, to the extent required to comply with Section 409A of the Code.

(c)All in-kind benefits provided and expenses eligible for reimbursement under this Plan shall be provided by the Company or incurred by Covered Executives during the time periods set forth in this Plan. All reimbursements shall be paid as soon as administratively practicable, but in no event shall any reimbursement be paid after the last day of the taxable year following the taxable year in which the expense was incurred. The amount of in-kind benefits provided or reimbursable expenses incurred in one taxable year shall not affect the in-kind benefits to be provided or the expenses eligible for reimbursement in any other taxable year. Such right to reimbursement or in-kind benefits is not subject to liquidation or exchange for another benefit.

(d)To the extent that any payment or benefit described in this Plan constitutes “non- qualified deferred compensation” under Section 409A of the Code, and to the extent that such payment or benefit is payable upon a Covered Executives’ termination of employment, then such payments or benefits shall be payable only upon such Covered Executives’ “separation from service.” The determination of whether and when a separation from service has occurred shall be made in accordance with the presumptions set forth in Treasury Regulation Section 1.409A-1(h).

(e)The Company makes no representation or warranty and shall have no liability to any Covered Executive or to any other person if any provisions of this Plan are determined to constitute deferred compensation subject to Section 409A of the Code but do not satisfy an exemption from, or the conditions of, such Section.

		
	9.
	WITHHOLDING

All payments made by the Company under this Plan shall be net of any tax or other amounts required to be withheld by the Company or its Subsidiaries under applicable law.
		
	10.
	NOTICE AND DATE OF TERMINATION; DISPUTE RESOLUTION; ETC.

(a)Notice of Termination. Any purported termination of a Covered Executives employment (other than by reason of death) shall be communicated by written Notice of Termination from the Company to a Covered Executive or vice versa in accordance with this Section 10. For purposes of this Plan, a “Notice of Termination” shall mean a notice which shall indicate the specific termination provision in this Plan relied upon and the Date of Termination, provided that in the event of a Notice of Termination due to Good Reason or for Cause during the 12 month period immediately following a Change of Control, if the Company or the Covered Executive cures the Good Reason or Cause condition, as the case may be, within thirty (30) days (the “Cure Period”), the Good Reason or Cause event shall be deemed not to have occurred. 

(b)Date of Termination. “Date of Termination,” shall mean: (i) if a Covered Executive’s employment is terminated due to his or her death, the date of his or her death; (ii) if a Covered Executive’s 

employment is terminated on account of the Covered Executive’s disability or by the Company for Cause, the date on which Notice of Termination is given (or following the expiration of the Cure Period, if applicable); (iii) if a Covered Executive’s employment is terminated by the Company without Cause, the date specified in the Notice of Termination; (iv) if a Covered Executive’s employment is terminated by such Covered Executive without Good Reason, 30 days after the date on which a Notice of Termination is given, and (v) if a Covered Executive’s employment is terminated by such Covered Executive with Good Reason, the date on which a Notice of Termination is given after the end of the Cure Period (but in any event no later than 90 days after the initial existence of the condition constituting Good Reason). Notwithstanding the foregoing, in the event that a Covered Executive gives a Notice of Termination to the Company, the Company may unilaterally accelerate the Date of Termination and such acceleration shall not result in a termination by the Company for purposes of this Plan.

(c)No Mitigation. The Covered Executives are not required to seek other employment or to attempt in any way to reduce any amounts payable to the Covered Executive by the Company under this Plan. Further, the amount of any payment provided for in this Plan shall not be reduced by any compensation earned by a Covered Executive as the result of employment by another employer, by retirement benefits, by offset against any amount claimed to be owed by a Covered Executive to the Company or its Subsidiaries, or otherwise.

(d)Arbitration of Disputes. Any controversy or claim arising out of or relating to this Plan or the breach thereof or otherwise arising out of a Covered Executives employment or the termination of that employment (including, without limitation, any claims of unlawful employment discrimination whether based on age or otherwise) shall, to the fullest extent permitted by law, be settled by arbitration before a single arbitrator in any forum and form agreed upon by the parties or, in the absence of such an agreement, under the auspices of JAMS in Boston, Massachusetts in accordance with JAMS Streamlined Arbitration Rules and Procedures, or JAMS International Arbitration Rules, if the matter is deemed “international” within the meaning of that term as defined in the JAMS International Arbitration Rules. In the event that any person or entity other than a Covered Executive is a party to such controversy or claim, such controversy or claim shall be submitted to arbitration subject to such other person or entity’s agreement. Judgment upon the award rendered by the arbitrator may be entered in any court having jurisdiction thereof. This Section 10(d) shall be specifically enforceable. Notwithstanding the foregoing, this Section 10(d) shall not preclude the Company or its Subsidiaries or a Covered Executive from pursuing a court action for the sole purpose of obtaining a temporary restraining order or a preliminary injunction in circumstances in which such relief is appropriate; provided that any other relief shall be pursued through an arbitration proceeding pursuant to this Section 10(d).

		
	11.
	BENEFITS AND BURDENS

This Plan shall inure to the benefit of and be binding upon the Company and the Covered Executives, their respective successors, executors, administrators, heirs and permitted assigns. In the event of a Covered Executives death after a Terminating Event but prior to the completion by the Company of all payments and benefits due such Covered Executive under this Plan, the Company shall continue such payments and/or benefits to the Covered Executives beneficiary designated in writing to the Company prior to his or her death (or to his estate, if the Covered Executive fails to make such designation).
		
	12.
	SUCCESSOR OF THE COMPANY

The Company shall require any successor (whether direct or indirect, by purchase, merger, consolidation or otherwise) to all or substantially all of the business or assets of the Company expressly to assume and 

agree to perform this Plan to the same extent that the Company would be required to perform it if no succession had taken place. Failure of the Company to obtain an assumption of this Plan at or prior to the effectiveness of any succession shall be a material breach of this Plan.
		
	13.
	ENFORCEABILITY

If any portion or provision of this Plan shall to any extent be declared illegal or unenforceable by a court of competent jurisdiction, then the remainder of this Plan, or the application of such portion or provision in circumstances other than those as to which it is so declared illegal or unenforceable, shall not be affected thereby, and each portion and provision of this Plan shall be valid and enforceable to the fullest extent permitted by law.
		
	14.
	WAIVER

No waiver of any provision hereof shall be effective unless made in writing and signed by the waiving party. The failure by any person to require the performance of any term or obligation of this Plan, or the waiver by any person of any breach of this Plan, shall not prevent any subsequent enforcement of such term or obligation or be deemed a waiver of any subsequent breach.
		
	15.
	NOTICES

Any notices, requests, demands, and other communications provided for by this Plan shall be sufficient if in writing and delivered in person or sent by registered or certified mail, postage prepaid, to a Covered Executive at the last address the Covered Executive has filed in writing with the Company, or to the Company at its main office, directed to the attention of the Secretary of the Company.
		
	16.
	EFFECT ON OTHER PLANS

Nothing in this Plan shall be construed to limit the rights of the Covered Executives under the Company or any Subsidiary’s benefit plans, programs or policies.
		
	17.
	AMENDMENT OR TERMINATION OF PLAN

This Plan shall take effect on the date it is adopted by the Committee.  The Company may amend or terminate this Plan at any time or from time to time; provided, however, that no such amendment shall, without the written consent of the affected Covered Executive, in any material adverse way affect the rights of such Covered Executive, and no termination of the Plan shall be made without the written consent of the Covered Executives.
		
	18.
	GOVERNING LAW

This Plan shall be construed under and be governed in all respects by the laws of the Commonwealth of Massachusetts.

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