Document:

Exhibit 10.1

 

February 24, 2015

 

 

 

 

CONFIDENTIAL

 

Mr. James V. Dyke

c/o Psychemedics Corporation

125 Nagog Park, Suite 200

Acton, MA 01720

 

Dear Jim:

 

This letter sets forth the agreements we
have made regarding your employment with Psychemedics Corporation (the “Company”).

 

		1.	If at any time after the effective date hereof and prior to the date which is five (5) years following the date hereof, your
employment is terminated by the Company without “Cause” (as
defined in paragraph 13 below), or you voluntarily terminate your employment for “Good Reason” (as defined in paragraph
13 below), in either case at the time of, or within twelve (12) months following, a “Change of Control of the Company”
(as defined in paragraph 13 below), then you will continue to be paid monthly an amount equal to your average monthly compensation
for the twelve full months preceding the date of such termination (“Termination Pay”) for a period of twelve (12) months
from the date of such termination. For purposes of the foregoing sentence, average monthly compensation shall be determined with
reference to the aggregate base salary, commission and bonus compensation, if any, earned by you during such period, including
any bonus compensation accrued for such period or any portion of such period but not paid as of the date of such termination)
provided, however, that the amount of commission and bonus compensation for a fiscal year included in Termination Pay
shall in no event exceed twenty-five percent (25%) of your base salary for such fiscal year. Your
Termination Pay will be subject to normal deductions for taxes, benefit plan contributions, other payroll deductions and any amount
due the Company as a result of cash advances. The Company agrees to continue to make health insurance available to you under such
health insurance plan as the Company has in effect for so long as you are receiving Termination Pay and so long as you contribute
such portion of the premiums for such insurance as is required of employees under such plan. You agree, however, that if you obtain
health insurance coverage through another employer while you are eligible to receive health insurance under this Agreement, the
Company shall no longer be required to make health insurance available to you under this Agreement. You agree to give the Company
at least fourteen (14) days prior written notice of the termination of your employment in the event of your voluntary termination
without Good Reason. You shall not be entitled to Termination Pay as a result of termination by reason of your death or “Disability”
(as defined in paragraph 13 below) following a Change of Control of the Company. 

 

    	 

    	 

    

Mr. James V. Dyke

February 24, 2015

Page 2

 

 

		2.	Notwithstanding any other provision of this Agreement, the Termination Pay contemplated to be paid to you under certain circumstances
set forth in this Agreement shall only be paid in consideration of the execution and delivery by you of a release reasonably satisfactory
to the Company waiving all claims you, your heirs, or legal representatives have or may have against the Company or any of its
shareholders, officers, directors, employees or agents with respect to your employment or the termination thereof, or any other
claim.

 

		3.	You acknowledge that, as the Company’s Corporate Vice President – Sales and Marketing, you are in possession of
specialized information concerning the total operations, conduct, management, and strategy of the Company, as well as proprietary
information concerning the Company’s products and services and that the applicability of your knowledge of these matters
is applicable to all geographic areas in which the Company does business. You further acknowledge that the Company has a legitimate
business interest in protecting its hair testing business from unfair competition.

 

		4.	In addition to any other confidentiality obligations you may have as an employee of the Company, you shall not, without the
prior and express written approval of the Company, either during or subsequent to the term of your employment, disclose or use
or enable another to disclose or use any secret, private or confidential information, trade secret or other proprietary knowledge
of the Company, or its subsidiaries, divisions, employees or agents. Upon termination of your employment with the Company, you
shall deliver to the Company all equipment, records and copies of records, notes, data, memoranda, prototypes, designs, customer
lists and other information which is embodied in physical media and documents belonging to the Company which are then in your possession.
You agree that all such information and documents shall be the property of the Company and that the obligations set forth in this
paragraph shall survive termination of your employment.

 

    	 

    	 

    

Mr. James V. Dyke

February 24, 2015

Page 3

 

 

		5.	You agree that, In addition to any other covenant not to compete with the Company following termination of your employment,
if you or the Company shall terminate your employment in such a manner as to entitle you to Termination Pay under paragraph 1,
above, you shall not, for so long as you are entitled to receive such Termination Pay:

 

(a)            directly
or indirectly own, manage, operate or control, or participate in the ownership, management, operation or control of, or become
associated in any capacity with any business enterprise, firm, corporation or company related to the field of testing for the detection
of drug use, which is in competition with the business of the Company, or directly or indirectly accept employment with or render
services on behalf of a competitor of the Company, or any other third party, in any capacity which may reasonably be considered
to be useful to the competitor or such other third party to become a competitor, without receiving the Company’s prior written
approval; or

 

(b)            induce
or attempt to induce any employee, officer, consultant, or agent of the Company to leave the employ thereof or in any way interfere
with the relationship between the Company and any employee, officer, consultant, or agent thereof; hire directly or through another
entity any person who was an employee of the Company at any time during the six (6) months prior to the date such person is to
be so hired; or induce or attempt to induce any customer, client, supplier, licensee, or other business relation of the Company
to cease doing business with the Company or in any way interfere with the relationship between any such customer, client, supplier,
licensee, or business relation and the Company (including, without limitation, making any negative statements or communications
concerning the Company).

 

		6.	You agree that your obligations under paragraphs 4 and 5 are special, unique, and extraordinary and that any breach by you
of such obligations shall be deemed material, and shall be deemed to cause irreparable injury not properly compensable by damages
in an action at law, and the rights and remedies of the Company under paragraphs 4 and 5 may, therefore, be enforced both at law
and in equity, by injunction or otherwise. For purposes of paragraphs 4 and 5, the term “Company” shall include any and
all subsidiaries or divisions of the Company.

 

    	 

    	 

    

Mr. James V. Dyke

February 24, 2015

Page 4

 

 

		7.	The five year period set forth in paragraph 1 above may be extended only with the mutual written agreement of the parties.

 

		8.	If at any time a controversy between you and the Company arises as to the meaning or operation of this Agreement, such controversy
shall be submitted to arbitration by either party in Boston, Massachusetts, before an arbitrator to be named by the President of
the Boston Branch of the American Arbitration Association, provided however, that the Company shall also have the rights set forth
in paragraph 6 above. Such arbitration proceedings shall be conducted in accordance with the rules and procedures then in effect
of the American Arbitration Association. The decision of the arbitrator shall be binding upon the parties and judgment on any award
made by the arbitrator may be entered in any court having jurisdiction thereof. The costs of the arbitrator shall be borne equally
by you and the Company. Each party will bear his or its own legal costs.

 

		9.	This Agreement shall be governed by and interpreted in accordance with the laws of the Commonwealth of Massachusetts without
reference to principles of conflict of laws.

 

		10.	This Agreement, together with your offer letter dated the date hereof,
contains the entire agreement of the parties in respect of this transaction and supersedes any prior agreement or understanding
relating to your employment by the Company, other than any existing nondisclosure or confidentiality agreements you may
have with the Company. No amendment or modification of any provision of
this Agreement will be valid unless in writing signed by both parties. Any waiver must be in writing and signed by you or an authorized
officer of the Company, as the case may be.

 

		11.	This Agreement shall be binding upon and inure to the benefit of:

(a) the Company, and any successors or assigns of the
Company, whether by way of a merger or consolidation, or liquidation of the Company, or by way of the Company selling all or substantially
all of the assets and business of the Company to a successor entity; and, subject to the Company’s right to terminate your employment
at any time, the Company agrees to require any successor entity to expressly assume or unconditionally guarantee the Company’s
obligations under this Agreement (unless such obligations are assumed by operation of law); and (b) you and your heirs, executors
and administrators.

 

    	 

    	 

    

Mr. James V. Dyke

February 24, 2015

Page 5

 

 

		12.	Any notice or other communication required hereunder shall be in writing, shall be deemed to have been given and received when
delivered in person, or, if mailed, shall be deemed to have been given when deposited in the United States mail, first class, registered
or certified, return receipt requested, with proper postage prepaid, and shall be deemed to have been received on the third business
day thereafter, and shall be addressed as follows:

 

If to
the Company, addressed to:

 

Psychemedics Corporation

125 Nagog Park, Suite 200

Acton, MA 01720

Attn: Chief Executive Officer

 

If to
you, addressed to:

 

James V. Dyke

c/o Psychemedics Corporation

125 Nagog Park, Suite 200

Acton, MA 01720

 

or such
other address as to which any party hereto may have notified the other in writing.

 

		13.	Definitions.

 

(a) “Cause”
shall mean: (i) theft or embezzlement, or attempted theft or embezzlement, by you of money or property of the Company, your perpetration
or attempted perpetration of fraud, or your participation in a fraud or attempted fraud upon the Company; (ii) your unauthorized
appropriation of, or attempt to misappropriate, any tangible or intangible assets or property of the Company, or your appropriation
of, or attempt to appropriate, a business opportunity of the Company, including but not limited to attempting to secure or securing
any profit for yourself or any of your family members or personal associates in connection with any transaction entered into on
behalf of the Company; (iii) any act or acts of disloyalty, misconduct, or moral turpitude by you, including but not limited to
violation of the Company’s sexual harassment or non-harassment policy, any of which the Board of Directors of the Company
determines in good faith has been or is likely to be materially injurious to the interest, property, operations, business, or
reputation of the Company, or its directors, employees or shareholders; (iv) any act or omission constituting gross negligence
in connection with the performance of your duties on behalf of the Company which is materially injurious to the interest, property,
operations, business, or reputation of the Company; (v) your conviction of a crime other than minor traffic violations or other
similar minor offenses (including pleading guilty or entering a plea of no contest), or your indictment for a felony or its equivalent,
or your being charged with a violent crime, a crime involving moral turpitude, or any other crime for which imprisonment is a
possible punishment; (vi) your willful refusal or material failure (other than by reason of Disability) to carry out reasonable
and lawful instructions and directives from the Board of Directors and your failure to cure or correct such refusal or failure
within ten (10) days after receiving written notice from the Board of Directors describing such refusal or failure; or (vii) the
material breach by you of your obligations under paragraphs 4 or 5 hereof or under any other confidentiality, non-compete, non-solicitation,
non-disparagement or similar agreement with the Company.

 

    	 

    	 

    

Mr. James V. Dyke

February 24, 2015

Page 6

 

 

(b) “Change
in Control of the Company” shall mean

            

(i)
any person or group as defined in Rule 13d-3 under the Securities Exchange Act of 1934 (the “Exchange Act”) shall
own more than 30% of the then outstanding shares of the outstanding Common Stock of the Company; or

 

(ii)
the consummation of a reorganization, merger or consolidation or sale or disposition of all or substantially all of the assets
of the Company (a “Business Combination”), unless, in each case following such Business Combination, (A) all or substantially
all of the individuals and entities who were the beneficial owners of the Common Stock of the Company immediately before the consummation
of such Business Combination beneficially own, directly or indirectly, more than 50% of, respectively, the then outstanding shares
of common stock and the combined voting power of the then outstanding voting securities entitled to vote generally in the election
of directors, as the case may be, of the corporation resulting from such Business Combination (including, without limitation,
a corporation that as a result of the transaction owns the Company or all or substantially all of the assets of the Company either
directly or indirectly through one or more subsidiaries) in substantially the same proportions as their ownership, immediately
prior to such Business Combination, of the Common Stock of the Company; and (B) no person or group (as defined in Section 13(d)
of the Exchange Act) of the Company or the corporation resulting from the Business Combination) beneficially owns, directly or
indirectly, more than 30% of the then outstanding shares of the common stock of the corporation resulting from the Business Combination
or of the combined voting power of the then outstanding voting securities of the corporation; or

 

    	 

    	 

    

Mr. James V. Dyke

February 24, 2015

Page 7

 

 

(iii) Individuals who, as of the date of this
Agreement, constitute the Board of Directors of the Company (the “Incumbent Board”) cease for any reason to constitute
at least a majority of the Board of Directors of the Company, provided, however, that any individual’s becoming a director after
the date of this Agreement whose election, or nomination for election by the stockholders of the Company, was approved by a vote
of at least a majority of the directors then comprising the Incumbent Board will be considered as though the individual were a
member of the Incumbent Board, but excluding, for this purpose, any individual whose initial assumption of office occurs as a result
of an actual or threatened election contest with respect to the election or removal of directors or other actual or threatened
solicitation of proxies or consents by or on behalf of a Person other than the Board.

 

(c) “Disability”
shall mean your inability because of physical or mental incapacity to perform your usual duties at the Company for a period of
one hundred eighty (180) days in any consecutive twelve (12) month period.

 

(d) “Good
Reason” shall mean: (i) reduction in your base salary below $238,703 or such higher base salary as is in effect immediately
prior to such reduction; or (ii) a material decrease in your duties or responsibilities.

 

    	 

    	 

    

Mr. James V. Dyke

February 24, 2015

Page 8

 

 

		14.	Section 409A.

 

(a) Anything in this Agreement
to the contrary notwithstanding, if at the time of your separation from service within the meaning of Section 409A of the Internal
Revenue Code of 1986, as amended, and the regulations thereunder (the “Code”), following a Change in Control as defined
in paragraph 13(b) above, you are a “specified employee” within the meaning of Section 409A(a)(2)(B)(i) of the Code,
then to the extent any payment or benefit that you become entitled to under this Agreement would be considered deferred compensation
subject to the twenty percent (20%) additional tax imposed pursuant to Section 409A(a) of the Code as a result of the application
of Section 409A(a)(2)(B)(i) of the Code, such payment shall not be payable and such benefit shall not be provided until the date
that is the earlier of (i) six (6) months and one (1) day after your separation from service, or (ii) your death.

 

(b) This Agreement is intended
to be in compliance with the provisions of Section 409A of the Code. To the extent that any provision of this Agreement is ambiguous
as to its compliance with Section 409A of the Code, the provision shall be read in such a manner so that all payments hereunder
comply with said Section. The parties agree that this Agreement may be amended, as reasonably requested by either party, and as
may be necessary to fully comply with Section 409A of the Code and all related rules and regulations in order to preserve the payments
and benefits provided hereunder without additional cost to either party.

 

(c) Solely for the purposes of
Section 409A of the Code, each installment payment of Termination Pay shall be considered a separate payment.

 

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

 

    	 

    	 

    

Mr. James V. Dyke

February 24, 2015

Page 9

 

 

If this letter correctly sets forth our
understanding and agreement, please indicate your acceptance by signing both copies of this letter and returning one copy.

 

	 	 	Very truly yours,
	 	 	 
	 	 	PSYCHEMEDICS CORPORATION
	 	 	 
	 	 	 
	 	 	By: 	/s/ Raymond C. Kubacki
	 	 	 	Raymond C. Kubacki
Chairman and Chief Executive Officer
	 	 	 	 
		 	 	 
	 	 	 	 
	Agreed to: February 24, 2015	 	 	 
	 	 	 	 
	 	 	 	 
	/s/ James V. Dyke	 	 	 
	James V. DykeACE-12.31.2014-Ex 10.68

Exhibit 10.68

For Awards for Swiss Executive Management
Restricted Stock Award Terms  
under the
ACE Limited 2004 Long-Term Incentive Plan

The Participant has been granted a Restricted Stock Award by ACE Limited (the “Company”) under the ACE Limited 2004 Long-Term Incentive Plan (the “Plan”).  The Restricted Stock Award shall be subject to the following Restricted Stock Award Terms:
1.Terms of Award.  The following words and phrases used in these Restricted Stock Award Terms shall have the meanings set forth in this paragraph 1:

		
	(a)
	The “Participant” is the individual recipient of the Restricted Stock Award on the specified Grant Date.

		
	(b)
	The “Grant Date” is (Insert Date).

		
	(c)
	The number of “Covered Shares” shall be that number of shares of Stock awarded to the Participant on the Grant Date as reflected in the corporate records and shown in the Record-Keeping System in the Participant’s individual account records.

Other words and phrases used in these Restricted Stock Award Terms are defined pursuant to paragraph 9 or elsewhere in these Restricted Stock Award Terms.
2.Restricted Period.  Subject to the limitations of these Restricted Stock Award Terms, the “Restricted Period” for each Installment of Covered Shares of the Restricted Stock Award shall begin on the Grant Date and end as described in the following schedule (but only if the Date of Termination has not occurred before the end of the Restricted Period):
	
		
	INSTALLMENT
	RESTRICTED PERIOD 
WILL END ON:

	1/4 of Covered Shares
	One-year anniversary of the Grant Date

	1/4 of Covered Shares
	Two-year anniversary of the Grant Date

	1/4 of Covered Shares
	Three-year anniversary of the Grant Date

	1/4 of Covered Shares
	Four-year anniversary of the Grant Date 

The Restricted Period shall end prior to the date specified in the foregoing schedule to the extent set forth below:
		
	(a)
	For Installments as to which the Restricted Period has not ended prior to the Date of Termination, the Restricted Period for such Installments shall end upon the Participant’s Date of Termination, if the Date of Termination occurs by reason of the Participant’s death.

		
	(b)
	For Installments as to which the Restricted Period has not ended prior to the Date of Termination, the Restricted Period for such Installments shall end upon the Participant’s Date of Termination, if the Date of Termination occurs by reason of the Participant’s Long-Term Disability.

		
	(c)
	For Installments as to which the Restricted Period has not ended prior to the Date of Termination, if the Date of Termination occurs by reason of the Participant’s Qualifying Termination, vesting shall continue pursuant to the Vesting Schedule following the Date of Termination as though the Participant continued to be employed through the two-year anniversary of the Participant’s Date of Termination, subject to the Participant not engaging in any Competitive Activity during such two-year period and subject to the Participant signing and not revoking a general release and waiver of all claims against the Company and such release becoming effective no later than the sixty-day anniversary of the Date of Termination.  If such release is not effective within such sixty-day period or in the event that the Participant engages in a Competitive Activity prior to the last day of the Restricted Period for any Installment, the Participant shall immediately forfeit any unvested Installments.

		
	(d)
	If the Participant’s Date of Termination is a Change in Control Date of Termination, then, for Installments, if any, as to which the Restricted Period has not ended prior to the Participant’s Date of Termination, the Restricted Period will end on the Change in Control Date of Termination; provided that if the Participant’s Change in Control Date of 

Termination occurs within the 180-day period immediately preceding the date of a Change in Control, then the Restricted Period for all unvested Installments held by the Participant on the Date of Termination will end, and those Installments will vest on the date of a Change in Control.

3.Transfer and Forfeiture of Shares.  Except as otherwise determined by the Committee in its sole discretion and subject to subparagraphs 2(c) and 2(d), the Participant shall forfeit the Installments of the Covered Shares as of the Participant’s Date of Termination, if such Date of Termination occurs prior to the end of the Restricted Period which applies to those Installments.  If the Participant’s Date of Termination has not occurred prior to the last day of the Restricted Period with respect to any Installment of the Covered Shares, then, at the end of such Restricted Period, that Installment of Covered Shares shall be transferred to the Participant free of all restrictions.

4.Withholding.  All deliveries and distributions under these Restricted Stock Award Terms are subject to withholding of all applicable taxes.  At the election of the Participant, and subject to such rules and limitations as may be established by the Committee from time to time, such withholding obligations may be satisfied through the surrender of shares of Stock which the Participant already owns, or to which the Participant is otherwise entitled under the Plan; provided, however, that such shares may be used to satisfy not more than the Company’s minimum statutory withholding obligation (based on minimum statutory withholding rates for Federal and state tax purposes, including payroll taxes, that are applicable to such supplemental taxable income).

5.Transferability.  Except as otherwise provided by the Committee, the Restricted Stock Award may not be sold, assigned, transferred, pledged or otherwise encumbered during the Restricted Period.

6.Dividends.  The Participant shall not be prevented from receiving dividends and distributions paid on the Covered Shares of Restricted Stock merely because those shares are subject to the restrictions imposed by these Restricted Stock Award Terms and the Plan; provided, however, that no dividends or distributions shall be payable to or for the benefit of the Participant with respect to record dates for such dividends or distributions for any Covered Shares occurring on or after the date, if any, on which the Participant has forfeited those shares.

7.Voting.  The Participant shall not be prevented from voting the Restricted Stock Award merely because those shares are subject to the restrictions imposed by these Restricted Stock Award Terms and the Plan; provided, however, that the Participant shall not be entitled to vote Covered Shares with respect to record dates for any Covered Shares occurring on or after the date, if any, on which the Participant has forfeited those shares.

8.Deposit of Restricted Stock Award.  Each certificate issued in respect of the Covered Shares awarded under these Restricted Stock Award Terms shall be registered in the name of the Participant and shall be deposited in a bank designated by the Committee.

9.Definitions.  For purposes of these Restricted Stock Award Terms, words and phrases shall be defined as follows:

		
	(a)
	Cause.  The term “Cause” shall mean - unless otherwise defined in an employment agreement between the Participant and the Company or Subsidiary - the occurrence of any of the following:

(i)a conviction of the Participant with respect to a (x) felony or (y) a misdemeanor involving moral 
turpitude; or

(ii)willful misconduct or gross negligence by the Participant resulting, in either case, in harm to the Company or any Subsidiary; or

(iii)failure by the Participant to carry out the lawful and reasonable directions of the Board or the Participant’s immediate supervisor, as the case may be; or

(iv)refusal to cooperate or non-cooperation by the Participant with any governmental regulatory authority; or

(v)fraud, embezzlement, theft or dishonesty by the Participant against the Company or any Subsidiary or a material violation by the Participant of a policy or procedure of the Company, resulting, in any case, in harm to the Company or any Subsidiary.

		
	(b)
	Change in Control.  The term “Change in Control” shall be defined as set forth in the Plan.

		
	(c)
	Change in Control Date of Termination. The term “Change in Control Date of Termination” means the Participant’s Date of Termination that occurs because the Company and/or any of the Related Companies terminates the Participant’s employment with the Company and/or the Related Companies without Cause (other than due to death, a Long-Term Disability or a retirement) or because the Participant terminates his or her employment for Good Reason, provided that such termination in accordance with this subparagraph (9)(c) occurs during the period commencing on the 180th day immediately preceding a Change in Control date and ending on the two year anniversary of such Change in Control date.

		
	(d)
	Competitive Activity.  The term “Competitive Activity” means the Participant’s: (i) engagement in an activity - whether as an employee, consultant, principal, member, agent, officer, director, partner or shareholder (except as a less than 1% shareholder of a publicly traded company) - that is competitive with any business of the Company or any Subsidiary conducted by the Company or such Subsidiary during the Participant’s employment with the Company or the two-year period following the Date of Termination; (ii) solicitation of any client and/or customer of the Company or any affiliate with respect to an activity prohibited by subparagraph (c)(i); (iii) solicitation or employment of any employee of the Company or any affiliate for the purpose of causing such employee to terminate his or her employment with the Company or such affiliate; or (iv) failure to keep confidential all Company trade secrets, proprietary and confidential information.

		
	(e)
	Date of Termination.  A Participant’s “Date of Termination” means, with respect to an employee, the date on which the Participant’s employment with the Company and Related Companies terminates for any reason, and with respect to a Director, the date immediately following the last day on which the Participant serves as a Director; provided that a Date of Termination shall not be deemed to occur by reason of a Participant’s transfer of employment between the Company and a Related Company or between two Related Companies; further provided that a Date of Termination shall not be deemed to occur by reason of a Participant’s cessation of service as a Director if immediately following such cessation of service the Participant becomes or continues to be employed by the Company or a Related Company, nor by reason of a Participant’s termination of employment with the Company or a Related Company if immediately following such termination of employment the Participant becomes or continues to be a Director; and further provided that a Participant’s employment shall not be considered terminated while the Participant is on a leave of absence from the Company or a Related Company approved by the Participant’s employer.

		
	(f)
	Director.  The term “Director” means a member of the Board, who may or may not be an employee of the Company or a Related Company.

		
	(g)
	Forfeiture Payment.  The term “Forfeiture Payment” means the pre-tax proceeds from sales or other transfers, if any, of the number of shares of Stock that became vested on the Date of Termination or during the Restrictive Covenant Period pursuant to this Agreement and that the Participant has sold or otherwise transferred prior to the date of repayment required pursuant to subparagraph 15(b).  For purposes of this definition, pre-tax proceeds for any shares of Stock that were transferred by the Participant in a transaction other than a sale on the New York Stock Exchange means the Fair Market Value of such shares on the New York Stock Exchange as of the date of such transaction.

		
	(h)
	Forfeiture Shares.  The term “Forfeiture Shares” means the number of shares of Stock that became vested on the Date of Termination or during the Restrictive Covenant Period pursuant to this Agreement and that remain held by the Participant as of the date of repayment required pursuant to subparagraph 15(b).  It is the Participant’s responsibility to ensure that the shares of Stock delivered as Forfeiture Shares are the shares of Stock delivered previously pursuant to this Agreement. In the absence of Company records or written documentation from Participant’s broker demonstrating this fact, the Participant must deliver to the Company the Forfeiture Payment determined as of the date that such shares of Stock delivered pursuant to this Agreement are transferred from Participant’s stock account or otherwise become indistinguishable from other shares of Stock that the Participant may hold.

		
	(i)
	Good Reason.  The term “Good Reason” shall mean - unless otherwise defined in an in-force employment agreement between the Participant and the Company or Subsidiary - the occurrence of any of the following within the 60-day period preceding a Date of Termination without the Participant’s prior written consent:

(i)a material adverse diminution of the Participant’s titles, authority, duties or responsibilities, or the assignment to the Participant of titles, authority, duties or responsibilities that are materially inconsistent with his or her titles, authority, duties and/or responsibilities in a manner materially adverse to the Participant; or

(ii)a reduction in the Participant’s base salary or annual bonus opportunity (other than any reduction applicable to all similarly situated Executives generally); or

(iii)a failure of the Company to obtain the assumption in writing of its obligations under the Plan by any successor to all or substantially all of the assets of the Company within 45 days after a merger, consolidation, sale or similar transaction that qualifies as a Change in Control.

		
	(j)
	Long-Term Disability.  A Participant shall be considered to have a “Long-Term Disability” if the Participant is determined to be eligible for long-term disability benefits under the long-term disability plan in which the Participant participates and which is sponsored by the Company or a Related Company; or if the Participant does not participate in a long-term disability plan sponsored by the Company or a Related Company, then the Participant shall be considered to have a “Long-Term Disability” if the Committee determines, under standards comparable to those of the Company’s long-term disability plan, that the Participant would be eligible for long-term disability benefits if he or she participated in such plan.

		
	(k)
	Plan Definitions.  Except where the context clearly implies or indicates the contrary, a word, term, or phrase used in the Plan is similarly used in these Restricted Stock Award Terms.

		
	(l)
	Qualifying Termination.  The term “Qualifying Termination” means the Participant’s Date of Termination that occurs because the Company and/or any of the Related Companies terminates the Participant’s employment with the Company and/or the Related Companies without Cause.  For the avoidance of doubt, the termination of the Participant’s employment due to death or Long-Term Disability, or a voluntary termination of the Participant’s employment by the Participant for any reason (including Good Reason or retirement) shall not constitute a Qualifying Termination for purposes of this Agreement.

		
	(m)
	Restrictive Covenant Period.  The term “Restrictive Covenant Period” means the twenty-four month period following a Date of Termination due to a Qualifying Termination.

10.Heirs and Successors.  These Restricted Stock Award Terms shall be binding upon, and inure to the benefit of, the Company and its successors and assigns, and upon any person acquiring, whether by merger, consolidation, purchase of assets or otherwise, all or substantially all of the Company’s assets and business.  If any benefits deliverable to the Participant under these Restricted Stock Award Terms have not been delivered at the time of the Participant’s death, such benefits shall be delivered to the Designated Beneficiary, in accordance with the provisions of these Restricted Stock Award Terms and the Plan.  The “Designated Beneficiary” shall be the beneficiary or beneficiaries designated by the Participant in a writing filed with the Committee in such form and at such time as the Committee shall require.  If a deceased Participant fails to designate a beneficiary, or if the Designated Beneficiary does not survive the Participant, any rights that would have been exercisable by the Participant and any benefits distributable to the Participant shall be distributed to the legal representative of the estate of the Participant.  If a deceased Participant designates a beneficiary and the Designated Beneficiary survives the Participant but dies before the complete distribution of benefits to the Designated Beneficiary under these Restricted Stock Award Terms, then any benefits distributable to the Designated Beneficiary shall be distributed to the legal representative of the estate of the Designated Beneficiary.

11.Administration.  The authority to manage and control the operation and administration of these Restricted Stock Award Terms shall be vested in the Committee, and the Committee shall have all powers with respect to these Restricted Stock Award Terms as it has with respect to the Plan.  Any interpretation of these Restricted Stock Award Terms by the Committee and any decision made by it with respect to these Restricted Stock Award Terms are final and binding on all persons.

12.Plan and Corporate Records Govern.  Notwithstanding anything in these Restricted Stock Award Terms to the contrary, these Restricted Stock Award Terms shall be subject to the terms of the Plan, a copy of which may be obtained by the Participant from the office of the Secretary of the Company; and these Restricted Stock Award Terms are subject to all interpretations, amendments, rules and regulations promulgated by the Committee from time to time pursuant to the Plan.  Notwithstanding anything in the Restricted Stock Award Terms to the contrary, in the event of any discrepancies between the corporate records regarding this award and the Record-Keeping System, the corporate records shall control.

13.Not An Employment Contract.  The Restricted Stock Award will not confer on the Participant any right with respect to continuance of employment or other service with the Company or any Related Company, nor will it interfere in any way with any right the Company or any Related Company would otherwise have to terminate or modify the terms of such Participant’s employment or other service at any time.

14.Notices.  Any written notices provided for in these Restricted Stock Award Terms or the Plan shall be in writing and shall be deemed sufficiently given if either hand delivered or if sent by fax or overnight courier, or by postage paid first class mail.  Notices sent by mail shall be deemed received three business days after mailing but in no event later than the date of actual receipt.  Notices shall be directed, if to the Participant, at the Participant’s address indicated by the Company’s records, or if to the Company, at the Company’s principal executive office.

15.Competitive Activity.

(a)The Committee may cancel, rescind, suspend, withhold or otherwise limit or restrict the Restricted Stock Award at any time if the Participant engages in any "Competitive Activity".

(b)Immediately prior to the vesting of the shares of Stock pursuant to this Agreement, the Participant shall certify, to the extent required by the Committee, in a manner acceptable to the Committee, that the Participant is not engaging and has not engaged in any Competitive Activity.  In the event a Participant has engaged in any Competitive Activity during the Restrictive Covenant Period, then the Participant shall be required to transfer the Forfeiture Shares to the Company and, if applicable, pay the Forfeiture Payment to the Company, in such manner and on such terms and conditions as may be required by the Committee, and the Company shall be entitled to set-off such amounts against any amount owed to the Participant by the Company and/or Subsidiary.

16.Fractional Shares.  In lieu of issuing a fraction of a share, resulting from an adjustment of the Restricted Stock Award pursuant to paragraph 5.2(f) of the Plan or otherwise, the Company will be entitled to pay to the Participant an amount equal to the fair market value of such fractional share.

17.Amendment.  These Restricted Stock Award Terms may be amended in accordance with the provisions of the Plan, and may otherwise be amended by written agreement of the Participant and the Company without the consent of any other person.

IN WITNESS WHEREOF, the Company has caused these presents to be executed in its name and on its behalf, all as of the Grant Date.
ACE LIMITED

By:    ______________________________________    
Its:    ______________________________________

I hereby agree to all the terms, restrictions and conditions set forth in the Agreement:

______________________________________
Participant

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00241-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00241-of-00352.parquet"}]]