SEC Contract Filing

Filing Date: 2015-09-18

Document Content:
<DOCUMENT>
<TYPE>EX-10.3
<SEQUENCE>4
<FILENAME>exhibit1038-k91815.htm
<DESCRIPTION>EXHIBIT 10.3
<TEXT>
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<a name="sea41a0ac06d14edd93a03d33525f28a4"></a><div><div style="line-height:120%;text-align:right;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">Exhibit 10.3</font></div></div><br><div style="line-height:174%;padding-bottom:16px;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><div style="line-height:120%;padding-bottom:16px;padding-top:16px;text-align:center;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;font-weight:bold;">Non-Competition and Non-Disparagement Agreement</font></div><div style="line-height:140%;padding-bottom:16px;padding-top:16px;text-align:left;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">This Non-Competition and Non-Disparagement Agreement (this &#8220;Agreement&#8221;) is entered into by and between FirstEnergy Corp., an Ohio Corporation (the &#8220;Company&#8221;), and Charles E. Jones (the &#8220;Employee&#8221;) as of September 15, 2015.</font></div><div style="line-height:140%;padding-bottom:20px;padding-top:16px;text-align:justify;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">In consideration of the Employee's employment by the Company, which the Employee acknowledges to be good and valuable consideration for his obligations hereunder, the Company and the Employee hereby agree as follows:</font></div><div style="line-height:140%;padding-left:0px;text-align:left;text-indent:48px;"><font style="text-align:left;font-family:inherit;font-size:12pt;padding-right:48px;">1.</font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">Definitions</font><font style="font-family:inherit;font-size:12pt;">. The capitalized terms used in this agreement that are not otherwise defined shall have the following meanings:</font></div><div style="line-height:140%;text-align:justify;padding-left:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><div style="line-height:140%;text-align:justify;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">&#8220;Affiliate&#8221; shall mean, as of any date, any corporation or business organization that would be treated as a single employer with the Company under Section 414(b) or (c) of the Code.</font></div><div style="line-height:140%;text-align:justify;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><div style="line-height:140%;text-align:justify;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">&#8220;Change in Control&#8221; shall have the same meaning ascribed to it in either (i) the FirstEnergy Corp. Change in Control Severance Plan (adopted in 2011), as may be amended from time to time, or (ii) the FirstEnergy Corp. 2017 Change in Control Severance Plan, as may be amended from time to time, based on whichever plan is in effect as of the date the event purported to be a &#8220;Change in Control&#8221; occurs.</font></div><div style="line-height:140%;text-align:justify;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><div style="line-height:140%;text-align:justify;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">&#8220;Code&#8221; shall mean the Internal Revenue Code of 1986, as amended, and any regulations promulgated thereunder.</font></div><div style="line-height:140%;text-align:justify;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><div style="line-height:140%;text-align:justify;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">&#8220;Customer&#8221; shall mean any person, firm, association, corporation or other entity to which the Company, an Affiliate or any Subsidiary sells, has sold or reasonably intends to sell the products, supplies or services of the Company, an Affiliate or any Subsidiary within the twenty-four (24) month period immediately preceding the date of the Employee&#8217;s termination of employment.</font></div><div style="line-height:140%;text-align:justify;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><div style="line-height:140%;text-align:justify;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">&#8220;Subsidiary&#8221; shall mean a corporation, company or other entity (a) more than 50 percent of whose outstanding shares or securities (representing the right to vote for the election of directors or other managing authority) are, or (b) which does not have outstanding shares or securities (as may be the case in a partnership, joint venture or unincorporated association), but more than 50 percent of whose ownership interest representing the right generally to make decisions for such other entity is, now or hereafter, owned or controlled, directly or indirectly, by the Company.</font></div><div style="line-height:140%;text-align:justify;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><div style="line-height:140%;padding-left:0px;text-align:justify;text-indent:72px;"><font style="text-align:justify;font-family:inherit;font-size:12pt;padding-right:24px;">2.</font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">Non-Competition and Other Restrictive Covenants</font><font style="font-family:inherit;font-size:12pt;">. If, following a Change in Control of the Company, the Employee incurs a termination of employment for any reason, then (i) with respe