Document:

Exhibit
10.2

 

THIS
NOTE HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”). THIS NOTE HAS BEEN ACQUIRED
FOR INVESTMENT ONLY AND MAY NOT BE SOLD, TRANSFERRED OR ASSIGNED IN THE ABSENCE OF REGISTRATION OF THE RESALE THEREOF UNDER THE SECURITIES
ACT OR AN OPINION OF COUNSEL REASONABLY SATISFACTORY IN FORM, SCOPE AND SUBSTANCE TO THE COMPANY THAT SUCH REGISTRATION IS NOT REQUIRED.

 

PROMISSORY
NOTE

 

	Principal
    Amount: $1,500,000	Dated
    as of August 26, 2022

 

Abri
SPAC 2, Inc., a Delaware corporation (the “Maker”), promises to pay to the order of Abri Ventures 2, LLC or its registered
assigns or successors in interest (the “Payee”) the principal sum of up to One Million, Five Hundred Thousand Dollars
($1,500,000) in lawful money of the United States of America, on the terms and conditions described below. All payments on
this promissory note (the “Note”) shall be made by check or wire transfer of immediately available funds or as otherwise
determined by the Maker to such account as the Payee may from time to time designate by written notice in accordance with the provisions
of this Note.

 

		1.	Principal.
                                            The principal balance of this Note shall be payable promptly after the date on which
                                            the Maker consummates an initial business combination (a “Business Combination”)
                                            with a target business (as described in its registration statement declared effective on
                                            May 12, 2022 (the “Registration Statement”)). In the event that a Business
                                            Combination does not close prior to May 12, 2023 (or up to November 12, 2023, if the period
                                            of time to consummate a business combination is extended, as described in more detail in
                                            the Registration Statement), this Note shall be deemed to be terminated and no amounts
                                            will thereafter be due from Maker to Payee under the terms hereof. The principal balance
                                            may not be prepaid without the consent of the Payee.

 

		2.	Conversion
                                            Rights. The Payee has the right, but not the obligation, to convert this Note, in whole
                                            or in part, into private units (the “Units”) of the Maker, as described
                                            in the Registration Statement, as may be amended, by providing the Maker with written
                                            notice of its intention to convert this note at least one business day prior to the closing
                                            of a Business Combination. The number of Units to be received by the Payee in connection
                                            with such conversion shall be an amount determined by dividing (x) the sum of the outstanding
                                            principal amount payable to such Payee by (y) $10.00.

 

		(a)	Fractional
                                            Shares. No fractional Units will be issued upon conversion of this Note. In lieu of any
                                            fractional Units to which Payee would otherwise be entitled, Maker will pay to Payee in cash
                                            the amount of the unconverted principal balance of this note that would otherwise be converted
                                            into such fractional share.

 

		(b)	Effect
                                            of Conversion. If the Maker timely receives notice of the Payee’s intention to
                                            convert this note at least one business day prior to the closing of a Business Combination,
                                            this Note shall be deemed to be converted on the date the Business Combination closes. At
                                            its expense, the Maker will, as soon as practicable after receiving this Note for cancellation
                                            after the closing of a Business Combination (assuming receipt of timely notice of conversion),
                                            issue and deliver to Payee, at Payee’s address set forth on the signature page hereto
                                            or such other address requested by Payee, a certificate or certificates for the number of
                                            Units to which Payee is entitled upon such conversion (bearing such legends as are customary
                                            pursuant to applicable state and federal securities laws), including a check payable to Payee
                                            for any cash amounts payable as a result of any fractional shares as described herein.

 

    

     

    

 

		3.	Interest.
                                            No interest shall accrue on the unpaid principal balance of this Note.

 

		4.	Drawdown
                                            Requests. Maker and Payee agree that Maker may request up to One Million, Five Hundred
                                            Thousand Dollars ($1,500,000) for costs reasonably related to Maker operating as a public
                                            company, and in connection the search for and consummating a Business Combination. The principal
                                            of this Note may be drawn down from time to time prior to the consummation of a Business
                                            Combination, upon written request from Maker to Payee (each, a “Drawdown Request”).
                                            Each Drawdown Request must state the amount to be drawn down, and must not be an amount less
                                            than Ten Thousand Dollars ($10,000) unless agreed upon by Maker and Payee. Payee shall fund
                                            each Drawdown Request no later than five (5) business days after receipt of a Drawdown Request;
                                            provided, however, that the maximum amount of drawdowns collectively under this Note is One
                                            Million, Five Hundred Thousand Dollars ($1,500,000). Once an amount is drawn down under this
                                            Note, it shall not be available for future Drawdown Requests even if prepaid. No fees, payments
                                            or other amounts shall be due to Payee in connection with, or as a result of, any Drawdown
                                            Request by Maker. Notwithstanding the foregoing, all payments shall be applied first to payment
                                            in full of any costs incurred in the collection of any sum due under this Note, including
                                            (without limitation) reasonable attorneys’ fees, and then to the reduction of the unpaid
                                            principal balance of this Note.

 

		5.	Application
                                            of Payments. All payments shall be applied first to payment in full of any costs incurred
                                            in the collection of any sum due under this Note, including (without limitation) reasonable
                                            attorney’s fees, then to the payment in full of any late charges and finally to the
                                            reduction of the unpaid principal balance of this Note.

 

		6.	Events
                                            of Default. The following shall constitute an event of default (“Event of Default”):

 

		(a)	Failure
                                            to Make Required Payments. Failure by Maker to pay the principal of this Note within
                                            five (5) business days following the date when due.

 

		(b)	Voluntary
                                            Liquidation, Etc. The commencement by Maker of a proceeding relating to its bankruptcy,
                                            insolvency, reorganization, rehabilitation or other similar action, or the consent by it
                                            to the appointment of, or taking possession by, a receiver, liquidator, assignee, trustee,
                                            custodian, sequestrator (or other similar official) for Maker or for any substantial part
                                            of its property, or the making by it of any assignment for the benefit of creditors, or the
                                            failure of Maker generally to pay its debts as such debts become due, or the taking of corporate
                                            action by Maker in furtherance of any of the foregoing.

 

		(c)	Involuntary
                                            Bankruptcy, Etc. The entry of a decree or order for relief by a court having jurisdiction
                                            in the premises in respect of maker in an involuntary case under any applicable bankruptcy,
                                            insolvency or similar law, for the appointing of a receiver, liquidator, assignee, custodian,
                                            trustee, sequestrator (or similar official) for Maker or for any substantial part of its
                                            property, or ordering the winding-up or liquidation of the affairs of Maker, and the continuance
                                            of any such decree or order unstayed and in effect for a period of 60 consecutive days.

 

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		7.	Remedies.

 

		(a)	Upon
                                            the occurrence of an Event of Default specified in Section 5(a) hereof, Payee may, by written
                                            notice to Maker, declare this Note to be due immediately and payable, whereupon the unpaid
                                            principal amount of this Note, and all other amounts payable hereunder, shall become immediately
                                            due and payable without presentment, demand, protest or other notice of any kind, all of
                                            which are hereby expressly waived, anything contained herein or in the documents evidencing
                                            the same to the contrary notwithstanding.

 

		(b)	Upon
                                            the occurrence of an Event of Default specified in Sections 5(b) and 5(c), the unpaid principal
                                            balance of this Note, and all other sums payable with regard to this Note, shall automatically
                                            and immediately become due and payable, in all cases without any action on the part of Payee.

 

		8.	Waivers.
                                            Maker and all endorsers and guarantors of, and sureties for, this Note waive presentment
                                            for payment, demand, notice of dishonor, protest, and notice of protest with regard to the
                                            Note, all errors, defects and imperfections in any proceedings instituted by Payee under
                                            the terms of this Note, and all benefits that might accrue to Maker by virtue of any present
                                            or future laws exempting any property, real or personal, or any part of the proceeds arising
                                            from any sale of any such property, from attachment, levy or sale under execution, or providing
                                            for any stay of execution, exemption from civil process, or extension of time for payment;
                                            and Maker agrees that any real estate that may be levied upon pursuant to a judgment obtained
                                            by virtue hereof, on any writ of execution issued hereon, may be sold upon any such writ
                                            in whole or in part in any order desired by Payee.

 

		9.	Unconditional
                                            Liability. Maker hereby waives all notices in connection with the delivery, acceptance,
                                            performance, default, or enforcement of the payment of this Note, and agrees that its liability
                                            shall be unconditional, without regard to the liability of any other party, and shall not
                                            be affected in any manner by any indulgence, extension of time, renewal, waiver or modification
                                            granted or consented to by Payee, and consents to any and all extensions of time, renewals,
                                            waivers, or modifications that may be granted by Payee with respect to the payment or other
                                            provisions of this Note, and agrees that additional makers, endorsers, guarantors, or sureties
                                            may become parties hereto without notice to Maker or affecting Maker’s liability hereunder.

 

		10.	Notices.
                                            Any notice called for hereunder shall be deemed properly given if (i) sent by certified
                                            mail, return receipt requested, (ii) personally delivered, (iii) dispatched by any form of
                                            private or governmental express mail or delivery service providing receipted delivery or
                                            (iv) sent by facsimile or (v) to the following addresses or to such other address as either
                                            party may designate by notice in accordance with this Section:

 

If
to Maker:

Abri
SPAC 2, Inc.

40
Main Street, #1009

Newark,
DE 19711

Attn: Jeffrey Tirman

 

If
to Payee:

Abri
Ventures 2, LLC

40
Main Street, #1009

Newark,
DE 19711 Attn: Jeffrey Tirman

 

 

Notice
shall be deemed given on the earlier of (i) actual receipt by the receiving party, (ii) the date shown on a facsimile transmission confirmation,
(iii) the date reflected on a signed delivery receipt, or (iv) two (2) Business Days following tender of delivery or dispatch by express
mail or delivery service.

 

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		11.	Construction.
                                            THIS NOTE SHALL BE CONSTRUED AND ENFORCED IN ACCORDANCE WITH THE LAWS OF NEW YORK, WITHOUT
                                            REGARD TO CONFLICT OF LAW PROVISIONS THEREOF.

 

		12.	Jurisdiction.
                                            The courts of New York have exclusive jurisdiction to settle any dispute arising out
                                            of or in connection with this agreement (including a dispute relating to any non-contractual
                                            obligations arising out of or in connection with this agreement) and the parties submit to
                                            the exclusive jurisdiction of the courts of New York.

 

		13.	Severability.
                                            Any provision contained in this Note which is prohibited or unenforceable in any jurisdiction
                                            shall, as to such jurisdiction, be ineffective to the extent of such prohibition or unenforceability
                                            without invalidating the remaining provisions hereof, and any such prohibition or unenforceability
                                            in any jurisdiction shall not invalidate or render unenforceable such provision in any other
                                            jurisdiction.

 

		14.	Trust
                                            Waiver. Payee has read the Registration Statement and understands that Maker may
                                            establish trust account as described in the Registration Statement (the “Trust
                                            Account”), in an amount to be determined for the benefit of the public stockholders
                                            and the underwriters of Maker’s initial public offering (the “Underwriters”)
                                            pursuant to an investment management trust agreement, between the Maker and Continental Stock
                                            Transfer & Trust Company (a copy of which was filed as an exhibit to the Registration
                                            Statement, the “Trust Agreement”) to be executed in connection with a
                                            public offering and that, except for certain exceptions described in the Registration Statement,
                                            Maker may disburse monies from the Trust Account only for the purposes set forth in the Trust
                                            Agreement.

 

Notwithstanding
anything herein to the contrary, Payee hereby agrees that he, she or it does not have any right, title, interest or claim of any kind
in or to any monies in the Trust Account and hereby agrees that, he, she or it will not seek recourse against the Trust Account for any
claim it may have in the future as a result of, or arising out of, any negotiations, contracts or agreements with the Maker; provided
that (a) nothing herein shall serve to limit or prohibit Payee’s right to pursue a claim against the Maker for legal relief against
monies or other assets held outside the Trust Account, for specific performance or other equitable relief in connection with the consummation
of the transactions contemplated hereby (including a claim against the Maker to specifically perform its obligations under this Note)
so long as such claim would not affect the Maker’s ability to fulfill its obligation to effectuate any redemption, and (b) nothing
herein shall serve to limit or prohibit any claims that Payee may have in the future against the Maker’s assets or funds that are
not held in the Trust Account (including any funds that have been released from the Trust Account upon completion of the Business Combination
and any assets that have been purchased or acquired with any such funds).

 

		15.	Amendment;
                                            Waiver. Any amendment hereto or waiver of any provision hereof may be made with, and
                                            only with, the written consent of the Maker and the Payee.

 

		16.	Assignment.
                                            No assignment or transfer of this Note or any rights or obligations hereunder may be
                                            made by any party hereto (by operation of law or otherwise) without the prior written consent
                                            of the other party hereto and any attempted assignment without the required consent shall
                                            be void.

 

		17.	Further
                                            Assurance. The Maker shall, at its own cost and expense, execute and do (or procure to
                                            be executed and done by any other necessary party) all such deeds, documents, acts and things
                                            as the Payee may from time to time require as may be necessary to give full effect to this
                                            Promissory Note.

 

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IN
WITNESS WHEREOF, Maker, intending to be legally bound hereby, has caused this Note to be duly executed on the day and year first above
written.

 

	 	Abri SPAC 2, Inc.
	 	 
	 	By:	/s/ Jeffrey Tirman
	 	Name: 	Jeffrey Tirman
	 	Title:	Chief Executive Officer

 

	Accepted and Agreed:	 
	 	 
	ABRI VENTURES 2, LLC	 
	 	 	 
	By:	/s/ Jeffrey Tirman	 
	Name: 	Jeffrey Tirman	 
	Title:  	Manager	 

 

 

5Document

EXHIBIT 10.6

BRADY CORPORATION
CHANGE OF CONTROL AGREEMENT

AGREEMENT, made as of April 6, 2020, between Brady Corporation, a Wisconsin corporation, (“Corporation”) and Andrew T. Gorman (“Executive”).
WHEREAS, the Executive is now serving as an executive of the Corporation in a position of importance and responsibility; and
WHEREAS, the Executive possesses intimate knowledge of the business and affairs of the Corporation and its policies, markets and financial and human resources, and the Executive has acquired certain confidential information and data with respect to the Corporation; and
WHEREAS, the Corporation wishes to continue to receive the benefit of the Executive’s knowledge and experience and, as an inducement for continued service, is willing to offer the Executive certain payments due to severance as a result of change of control as set forth herein;
NOW, THEREFORE, in consideration of the mutual promises and covenants set forth herein, the Executive and Corporation agree as follows:
SECTION 1.DEFINITIONS.
(a)Change of Control.  For purposes of this Agreement, a “Change of Control” shall occur if and when any person or group of persons (as defined in Section 13(d)(3) of the Securities and Exchange Act of 1934) other than the members of the family of William H. Brady, Jr. and their descendants, or trusts for their benefit, and the William H. Brady, Jr. Family Trust, collectively, directly or indirectly controls in excess of 50% of the voting common stock of the Corporation.
(b)Termination Due to Change of Control.  A “Termination Due to Change of Control” shall occur if within the 24-month period beginning with the date a Change of Control occurs (i) the Executive’s employment with the Corporation is involuntarily terminated (other than by reason of death, disability or Cause) or (ii) the Executive’s employment with the Corporation is voluntarily terminated by the Executive subsequent to (A) any reduction in the total of the Executive’s annual base salary (exclusive of fringe benefits) and the Executive’s target bonus in comparison with the Executive’s annual base salary and target bonus immediately prior to the date the Change of Control occurs, (B) a significant diminution in the responsibilities or authority of the Executive in comparison with the Executive’s responsibility and authority immediately prior to the date the Change of Control occurs, or (C) the imposition of a requirement by the Corporation that the Executive relocate to a principal work location more than 50 miles from the Executive’s principal work location immediately prior to the date the Change of Control occurs.
(c)“Cause” means (i) the Executive’s willful and continued failure to substantially perform the Executive’s duties with the Corporation (other than any such failure resulting from physical or mental incapacity) after written demand for performance is given to the Executive by the Corporation which specifically identifies the manner in which the Corporation believes the Executive has not substantially performed and a reasonable time to cure has transpired, (ii) the Executive’s conviction of (or plea of nolo contendere for the commission of) a felony, or (iii) the Executive’s commission of an act of dishonesty or of any willful act of misconduct which results in or could reasonably be expected to result in significant injury (monetarily or otherwise) to the Corporation, as determined in good faith by the Board of Directors of the Corporation.
(d)“Beneficiary” means any one or more primary or secondary beneficiaries designated in writing by the Executive on a form provided by the Corporation to receive any benefits which may become payable under this Agreement on or after the Executive’s death.  The Executive shall have the right to name, change or revoke the Executive’s designation of a Beneficiary on a form provided by the Corporation.  The designation on file 

with the Corporation at the time of the Executive’s death shall be controlling.  Should the Executive fail to make a valid Beneficiary designation or leave no named Beneficiary surviving, any benefits due shall be paid to the Executive’s spouse, if living; or if not living, then to the Executive’s estate.
(e)“Code” means the Internal Revenue Code of 1986, as amended.
SECTION 2.PAYMENTS UPON TERMINATION DUE TO CHANGE OF CONTROL.
(a)Following Termination Due to Change of Control, the Executive shall be paid an amount equal to two times the annual base salary paid the Executive by the Corporation in effect immediately prior to the date the Change of Control occurs, and the average bonus payment received in the three years immediately prior to the date the Change of Control occurs.  Such amount shall be paid in 24 monthly installments beginning on the 15th day of the month following the month in which the Executive’s employment with the Corporation terminates.
(b)If the scheduled payments under paragraph (a) above would result in disallowance of any portion of the Corporation’s deduction therefore under Section 162(m) of the Code, the payments called for under paragraph (a) shall be limited to the amount which is deductible, with the balance to be paid during the first taxable year in which the Corporation reasonably anticipates that the deduction of such payment is not barred by Section 162(m).  However, in such event, the Corporation shall pay the Executive on a quarterly basis an amount of interest based on the prime rate recomputed each quarter on the unpaid scheduled payments.
(c)It is intended that (A) each payment or installment of payments provided under this Section 2 is a separate “payment” for purposes of Code Section 409A and (B) that the payments satisfy, to the greatest extent possible, the exemptions from the application of Code Section 409A, including those provided under Treasury Regulations 1.409A-1(b)(4) (regarding short-term deferrals), 1.409A-1(b)(9)(iii) (regarding the two-times, two year exception), and 1.409A-1(b)(9)(v) (regarding reimbursements and other separation pay).  Notwithstanding anything to the contrary in this Agreement, if the Corporation determines that on the Termination Due to Change of Control the Executive is a “specified employee” (as such term is defined under Treasury Regulation 1.409A-1(i)(1)) of the Corporation and that any payments to be provided to Executive are or may become subject to the additional tax under Code Section 409A(a)(1)(B) or any other taxes or penalties imposed under Code Section 409A (“Section 409A Taxes”), then such payments shall be delayed until the date that is six (6) months after the Termination Due to Change of Control.  Any delayed payments shall be made in a lump sum on the first day of the seventh month following the Termination Due to Change of Control, or such earlier date that, as determined by the Corporation, is sufficient to avoid the imposition of any Section 409A Taxes on Executive.
SECTION 3.EXCISE TAX, ATTORNEY FEES.
(a)If the payments under Section 2 in combination with any other payments which the Executive has the right to receive from the Corporation (the “Total Payments”) would result in the Executive incurring an excise tax as a result of Section 280(G) of the Code, the Executive will be solely responsible for such excise tax.
(b)If the Executive is required to file a lawsuit to enforce the Executive’s rights under this Agreement and the Executive prevails in such lawsuit, the Corporation will reimburse the Executive for attorney fees incurred up to a maximum of $25,000.00.
SECTION 4.DEATH AFTER THE EXECUTIVE HAS BEGUN RECEIVING PAYMENTS.
Should the Executive die after Termination Due to Change of Control, but before receiving all payments due the Executive hereunder, any remaining payments due shall be made to the Executive’s Beneficiary.
SECTION 5.CONFIDENTIAL INFORMATION AGREEMENT.
The Executive has obligations under one or more separate confidential information agreements which continue beyond the Executive’s termination of employment.  The payments to be made hereunder are conditioned upon the Executive’s compliance with the terms of such confidential information agreements.  The payments made hereunder shall be reduced by any payments the Corporation makes to the Executive under any confidential 

information agreement.  In the event the Executive violates the provisions of a confidential information agreement, no further payments shall be due hereunder and the Executive shall be obligated to repay all previous payments received hereunder.
SECTION 6.MISCELLANEOUS.
(a)Non-Assignability.  This Agreement is personal to the Executive and, without the prior written consent of the Corporation, shall not be assignable by the Executive otherwise than by will or the laws of descent and distribution.  This Agreement shall inure to the benefit of and be binding upon the Corporation and its successors and assigns as well as its parents, subsidiaries, and affiliates, and shall also be enforceable by the Executive’s legal representatives.
(b)Successors.  The Corporation shall require any successor (whether direct or indirect, by purchase, merger, consolidation or otherwise) to all or substantially all of the business and/or assets of the Corporation expressly to assume and agree to perform this Agreement in the same manner and to the same extent that the Corporation would have been required to perform it if no such succession had taken place.  As used in this Agreement, “Corporation” shall mean both the Corporation as defined above and any such successor that assumes and agrees to perform this Agreement, by operation of law or otherwise.
(c)Governing Law and Forum.  This Agreement shall be governed by, and construed in accordance with, the laws of the State of Wisconsin, without reference to principles of conflict of laws, to the extent not preempted by federal law.  Any and all disputes between the parties regarding this Agreement shall be resolved solely by and exclusively in the state or federal courts of Wisconsin and the parties hereby consent to jurisdiction in that forum.  
(d)Notices.  All notices and other communications under this Agreement shall be in writing and shall be given by hand delivery to the other party or by registered or certified mail, return receipt requested, postage prepaid, addressed as follows:
 									
	If to the Executive:		Andrew Gorman
			6555 West Good Hope Road
			Milwaukee, Wisconsin 53223
			
	If to the Corporation:		Brady Corporation
			6555 West Good Hope Road
			Milwaukee, Wisconsin 53223
			Attention: CEO

or to such other address as either party furnishes to the other in writing in accordance with this paragraph.  Notices and communications shall be effective when actually received by the addressee.
(e)Construction.  The invalidity or unenforceability of any provision of this Agreement shall not affect the validity or enforceability of any other provision of this Agreement.  If any provision of this Agreement shall be held invalid or unenforceable in part, the remaining portion of such provision, together with all other provisions of this Agreement, shall remain valid and enforceable and continue in full force and effect to the fullest extent consistent with law.  The captions of this Agreement are not part of the provisions hereof and shall have no force or effect.
(f)No Guarantee of Employment.  Nothing contained in this Agreement shall give the Executive the right to be retained in the employment of the Corporation or affect the right of the Corporation to dismiss the Executive.
(g)Amendment; Entire Agreement.  This Agreement may not be amended or modified except by a written agreement executed by the parties hereto or their respective successors and legal representatives.  This 

Agreement contains the entire agreement between the parties on the subjects covered and replaces all prior writings, proposals, specifications or other oral or written materials relating thereto.
(h)Impact on Other Plans.  No amounts paid to the Executive under this Agreement will be taken into account as “wages”, “salary”, “base pay” or any other type of compensation when determining the amount of any payment or allocation, or for any other purpose, under any other qualified or nonqualified plan or agreement of the Corporation, except as otherwise may be specifically provided by such plan or agreement.
(i)Other Agreements.  This Agreement supersedes any other severance arrangement or Change of Control Agreement between the Corporation and the Executive.  This Agreement does not confer any payments or benefits other than the payments described in Sections 2 and 3 hereof.
(j)Withholding.  To the extent required by law, the Corporation shall withhold any taxes required to be withheld with respect to this Agreement by the federal, state or local government from payments made hereunder or from other amounts paid to the Executive by the Corporation.
(k)Facility of Payment.  If the Executive or, if applicable, the Executive’s Beneficiary, is under legal disability, the Corporation may direct that payments be made to a relative of such person for the benefit of such person, without the intervention of any legal guardian or conservator, or to any legal guardian or conservator of such person.  Any such distribution shall constitute a full discharge with respect to the Corporation and the Corporation shall not be required to see to the application of any distribution so made.
SECTION 7.CLAIMS PROCEDURE.
(a)Claim Review.  If the Executive or the Executive’s Beneficiary (a “Claimant”) believes that he or she has been denied all or a portion of a benefit under this Agreement, he or she may file a written claim for benefits with the Corporation.  The Corporation shall review the claim and notify the Claimant of the Corporation’s decision within 60 days of receipt of such claim, unless the Claimant receives written notice prior to the end of the 60-day period stating that special circumstances require an extension of the time for decision.  The Corporation’s decision shall be in writing, sent by mail to the Claimant’s last known address, and if a denial of the claim, must contain the specific reasons for the denial, reference to pertinent provisions of this Agreement on which the denial is based, a designation of any additional material necessary to perfect the claim, and an explanation of the claim review procedure.
(b)Appeal Procedure to the Board.  A Claimant is entitled to request a review of any denial by the full Board by written request to the Chair of the Board within 60 days of receipt of the denial.  Absent a request for review within the 60-day period, the claim will be deemed to be conclusively denied.  The Board shall afford the Claimant the opportunity to review all pertinent documents and submit issues and comments in writing and shall render a review decision in writing, all within 60 days after receipt of a request for review (provided that, in special circumstances the Board may extend the time for decision by not more than 60 days upon written notice to the Claimant.)  The Board’s review decision shall contain specific reasons for the decision and reference to the pertinent provisions of this Agreement.

IN WITNESS WHEREOF, the Executive has signed this Agreement and, pursuant to the authorization of the Board, the Corporation has caused this Agreement to be signed, all as of the date first set forth above.

									
	 	 	
			/s/ ANDREW T. GORMAN
		 	Andrew T. Gorman
			General Counsel and Corporate Secretary
			
			
			BRADY CORPORATION
			
		 	
		By:	/s/ J. MICHAEL NAUMAN
			J. Michael Nauman
		 	President and Chief Executive Officer

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