<SEC-DOCUMENT>0000950142-12-000017.txt : 20120105
<SEC-HEADER>0000950142-12-000017.hdr.sgml : 20120105
<ACCEPTANCE-DATETIME>20120104185625
ACCESSION NUMBER:		0000950142-12-000017
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20120104
ITEM INFORMATION:		Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers: Compensatory Arrangements of Certain Officers
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20120105
DATE AS OF CHANGE:		20120104

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			HARBINGER GROUP INC.
		CENTRAL INDEX KEY:			0000109177
		STANDARD INDUSTRIAL CLASSIFICATION:	MISCELLANEOUS ELECTRICAL MACHINERY, EQUIPMENT & SUPPLIES [3690]
		IRS NUMBER:				741339132
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			0930

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-04219
		FILM NUMBER:		12508408

	BUSINESS ADDRESS:	
		STREET 1:		450 PARK AVENUE
		STREET 2:		27TH FLOOR
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10022
		BUSINESS PHONE:		347 840 8677

	MAIL ADDRESS:	
		STREET 1:		450 PARK AVENUE
		STREET 2:		27TH FLOOR
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10022

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	ZAPATA CORP
		DATE OF NAME CHANGE:	19920703

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	ZAPATA NORNESS INC
		DATE OF NAME CHANGE:	19720314

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	ZAPATA OFF SHORE CO
		DATE OF NAME CHANGE:	19690115
</SEC-HEADER>
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<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 54pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt">On January 4, 2012, Harbinger Group Inc., a Delaware corporation (the &#8220;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; TEXT-DECORATION: underline">Company</font><font style="DISPLAY: inline; FONT-SIZE: 10pt">&#8221;), and Mr. Richard Hagerup entered into an employment agreement&#160;(the &#8220;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; TEXT-DECORATION: underline">Employment Agreement</font><font style="DISPLAY: inline; FONT-SIZE: 10pt">&#8221;) effective as of December 1, 2011, pursuant to which the term of Mr. Hagerup's employment as the Interim Chief Accounting Officer of the Company was extended to June 1, 2012 or until Mr. Hagerup resigns or is removed from such position.&#160;Concurrently with execution of the Employment Agreement, Mr. Hagerup was re-appointed as the Interim Chief Accounting Officer of Zap.Com Corporation, a subsidiary of the Company (&#8220;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; TEXT-DECORATION: underline">Zap.com</font><font style="DISPLAY: inline; FONT-SIZE: 10pt">&#8221;)</font>.</font></div>

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<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 54pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Mr. Hagerup has been the Interim Chief Accounting Officer of the Company and Zap.com since December 1, 2010.&#160;&#160;From January 12, 2010&#160;until December 1, 2010,&#160;Mr.&#160;Hagerup served as the contract controller of the Company. From April&#160;1980 to April&#160;2008, Mr.&#160;Hagerup held various accounting and financial reporting positions with Triarc Companies, Inc. (&#8220;<font style="TEXT-DECORATION: underline">Triarc</font>&#8221;) <font style="DISPLAY: inline">(now The Wendy&#8217;s Company) </font>and its affiliates, last serving as Controller of Triarc.&#160;&#160;During the time of Mr.&#160;Hagerup&#8217;s employment, Triarc was a holding company listed on the New York Stock Exchange that held controlling financial interests in various other companies, including Arby&#8217;s Restaurant Group, Inc. (the franchisor of the Arby&#8217;s restaurant system). The Wendy&#8217;s Company is not an affiliate of the Company.</font></div>

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<td valign="top" width="3%" style="TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"><a href="eh1200107_ex1001.htm">10.1</a></font></td>
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<TYPE>EX-10.1
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<DESCRIPTION>EXHIBIT 10.1
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<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 72pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 10pt">This TEMPORARY EMPLOYMENT AGREEMENT (&#8220;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Agreement</font>&#8221;) is dated as of January 4, 2012, by and between Harbinger Group Inc. (the &#8220;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Company</font>&#8221;) and Richard Hagerup (&#8220;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Employee</font>&#8221;) (each a &#8220;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Party</font>&#8221; and together, the &#8220;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Parties</font>&#8221;).</font></div>

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<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 72pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 10pt">WHEREAS, the Parties wish to establish the terms of the Employee&#8217;s temporary at-will employment with the Company as set forth in this Agreement.</font></div>

<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 72pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 10pt">NOW THEREFORE, in consideration of the promises and mutual considerations herein and for other good and valuable consideration, the Parties agree as follows:</font></div>

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<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 72pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 10pt">1.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Termination of Other Agreements</font><font style="DISPLAY: inline">.&#160;&#160;All agreements by and between the Company and Employee, or between the Company and any third party with respect to Employee, if any, are hereby terminated and superseded and replaced in their entirety by this Agreement.</font></font></div>

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<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 72pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 10pt">3.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Title; Duties; Hours of Work</font><font style="DISPLAY: inline">.&#160;&#160;Employee&#8217;s title will be Interim Chief Accounting Officer, subject to any necessary corporate approvals, or such other title as the Company may determine from time to time.&#160;&#160;During Employee&#8217;s employment, Employee will devote substantially all of Employee&#8217;s full working time and attention to the performance of Employee&#8217;s duties and to the promotion of the business interests of the Company and its affiliates.&#160;&#160;Without limiting the foregoing, </font>Employee shall perform such hours of work as are necessary to fulfill his job function as determined by the Company, including abiding by the Company&#8217;s formal hours of work from 8:30 AM to 5:30 PM, Eastern Time, Monday through Friday, subject to modification based on the Company&#8217;s business needs in its sole discretion.</font></div>

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<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 72pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 10pt">4.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Principal Location of Employment</font><font style="DISPLAY: inline">.&#160;&#160;Employee&#8217;s principal location of employment shall be </font><font style="DISPLAY: inline">at such locations as designated from time to time by the Company.</font></font></div>

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<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 72pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 10pt">7.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Representations and Warranties</font><font style="DISPLAY: inline">.&#160;&#160;Employee represents and warrants that Employee is not a party to or subject to any restrictive covenants, legal restrictions or other agreements in favor of any entity or person which would in any way preclude, inhibit, impair or limit Employee&#8217;s ability to perform Employee&#8217;s obligations under this Agreement, including, but not limited to, non-competition agreements, non-solicitation agreements or confidentiality agreements, and Employee&#8217;s employment with the Company does not violate the terms of any agreement to which Employee is a party.&#160;&#160;Employee </font></font></div>

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<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 72pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 10pt">&#160;</font></div>

<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 10pt"><font style="DISPLAY: inline">further represents and warrants that Employee will not bring to the Company, without prior written permission or license, any data, information, programs, models or intellectual property that either belongs to any other person or firm or as to which Employee&#8217;s use or possession is restricted.</font></font></div>

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<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 72pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 10pt">8.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Employment Relationship</font><font style="DISPLAY: inline">.&#160;&#160;Employee&#8217;s employment is temporary and &#8220;at will.&#8221;&#160;&#160;This Agreement is not a contract of employment for any specific period of time, and Employee&#8217;s employment may be terminated by Employee or by the Company at any time for any reason or no reason whatsoever, provided, however, that if the Company terminates Employee&#8217;s employment other than for Cause (as defined below) with less than 30 days&#8217; notice, the Company shall continue to pay the Employee&#8217;s salary through the 30-day period (the &#8220;</font><font style="DISPLAY: inline; TEXT-DECORATION: underline">Notice Period</font><font style="DISPLAY: inline">&#8221;).&#160;&#160;For purposes of this Agreement, the term &#8220;</font><font style="DISPLAY: inline; TEXT-DECORATION: underline">Cause</font><font style="DISPLAY: inline">&#8221; shall mean (as determined by the Company in good faith) that Employee has (i) engaged in conduct amounting to fraud or dishonesty against the Company or any affiliate; (ii) engaged in unethical conduct related to his services under this Agreement; (iii) committed a violation of a securities law, rule or regulation of the United States, any state or subdivision therein, or any other applicable jurisdiction, or of the Company&#8217;s compliance policies and procedures; (iv) acted in a negligent manner or committed willful misconduct in the performance of his duties hereunder; (v) been under the influence of drugs or alcohol while on the premises of the Company or its affiliates; or (vi) committed a breach or violation of the terms of this Agreement or otherwise failed to perform the services hereunder in accordance with the terms of this Agreement.</font></font></div>

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<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 72pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 10pt">9.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Travel Expenses</font>.&#160;&#160;The Company will reimburse Employee for all actual, reasonable and direct travel expenses incurred by Employee in the performance of his duties, including travel to New York, New York from Miami, Florida.</font></div>

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<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 72pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 10pt">10.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Termination</font><font style="DISPLAY: inline">.&#160;&#160;Upon termination of Employee&#8217;s employment with the Company for any reason or for no reason, Employee&#8217;s rights to receive compensation shall cease, except for any accrued but unpaid Base Pay and, if the Company terminates Employee&#8217;s employment without Cause and upon less than 30 days&#8217; notice, Base Pay through the Notice Period.</font></font></div>

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<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 72pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 10pt">11.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Confidential Information</font><font style="DISPLAY: inline">.&#160;&#160;Employee acknowledges that during Employee&#8217;s employment Employee will have access to certain Confidential Information (as defined below) belonging to the Company, its affiliates, and/or other entities affiliated with Philip A. Falcone,&#160;&#160;which derives value from being not generally known to the public or to other persons or entities who can obtain value from its disclosure or use.&#160;&#160;Accordingly, Employee agrees to maintain the confidentiality of all such Confidential Information, whether obtained by him before or after the date of this Agreement, and to hold all such information in a fiduciary capacity solely for the benefit of the Company and its affiliates.&#160;&#160;&#8220;</font><font style="DISPLAY: inline; TEXT-DECORATION: underline">Confidential Information</font><font style="DISPLAY: inline">&#8221; means non-public information concerning the operations, systems, services, personnel, financial affairs and investment and trading philosophies, strategies and techniques and performance record and statistics of the Company and/or its affiliates, computer software, forms, contracts, agreements, literature or other documents designed, developed or written by, for, with or on behalf of the Company, its affiliates or any of their respective clients or investors, client and investor contact lists, and the identity of any clients or investors of the Company or its affiliates or other information about such clients, investors or their investments.</font></font></div>

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<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 72pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 10pt">12.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Company Property</font><font style="DISPLAY: inline">.&#160;&#160;Employee acknowledges that all Company equipment (including computers, PDAs, mobile telephones and software), and originals and copies of materials, records, documents, files and memoranda (including materials maintained electronically), generated by Employee or coming into Employee&#8217;s possession or under Employee&#8217;s control in the course of Employee&#8217;s employment, whether before or after the date of this Agreement, including but not limited to Confidential Information, are the sole property of the Company and its affiliates (&#8220;</font><font style="DISPLAY: inline; TEXT-DECORATION: underline">Company Property</font><font style="DISPLAY: inline">&#8221;).&#160;&#160;Upon the termination of Employee&#8217;s employment for any reason or for no reason, or upon the request of the Company at any time, Employee will promptly deliver all Company Property to the Company.&#160;&#160;At no time will Employee remove or cause to be removed from the premises of the Company any Company Property, including but not limited to any computer data related to the foregoing, except in furtherance of Employee&#8217;s duties to the Company.</font></font></div>

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<div style="TEXT-ALIGN: justify; TEXT-INDENT: 72pt"><font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 10pt">13.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="FONT-STYLE: normal; TEXT-DECORATION: underline">Non-Disparagement</font>.&#160;&#160;During Employee&#8217;s employment with the Company and thereafter,&#160;Employee agrees not to make, publish or communicate at any time to any person or entity, including, but not limited to, customers, clients and investors of the Company, its affiliates, or Philip A. Falcone or any entity affiliated with Philip A. Falcone, any Disparaging (defined below) remarks, comments or statements concerning the Company, its affiliates, Philip A. Falcone or any of Philip A. Falcone&#8217;s family members or any entity affiliated with Philip A. Falcone, or any of their respective present and former members, partners, directors, officers, employees or agents.&#160; &#8220;<font style="TEXT-DECORATION: underline">Disparaging</font>&#8221; remarks, comments or statements are those that impugn the character, honesty, integrity, morality, business acumen or abilities of the subject individual or entity.&#160;&#160;This provision does not apply to truthful statements made to a government or regulatory agency or to truthful testimony or pleadings in an arbitration, lawsuit or other judicial or administrative proceeding.</font></div>

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<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 72pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 10pt">14.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Intellectual Property</font>.&#160;&#160;Employee agrees that Employee&#8217;s work on and contributions to documents, software and other expressions in tangible media are within the scope of Employee&#8217;s employment with the Company and are &#8220;work made for hire&#8221; as that phrase is used in United States copyright laws.&#160;&#160;Employee agrees to grant, assign and transfer to the Company all of Employee&#8217;s right, title and interest in any inventions or material for which a copyright or patent may be obtained including without limitation, any newly created software, process, design, technique, product, application, development or improvement, whether patentable or copyrightable or not, which Employee conceives, makes or contributes to in any way during Employee&#8217;s employment with the Company, <font style="DISPLAY: inline">whether before or after the date of this Agreement, </font>including but not limited to those which result from work begun or performed or ideas conceived while Employee is in the employ of the Company, <font style="DISPLAY: inline">whether before or after the date of this Agreement</font>.&#160;&#160;Employee agrees to cooperate fully with the Company in its efforts to obtain patents or copyrights for such inventions, materials, documents and expressions.</font></div>

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<div style="TEXT-ALIGN: justify; TEXT-INDENT: 72pt"><font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 10pt">15.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="TEXT-DECORATION: underline">Remedy for Breach</font>.&#160;&#160;Employee hereby acknowledges that the provisions of Paragraphs 11 through 14 are reasonable, valid and necessary for the protection of the Company and its affiliates.&#160;&#160;Employee further acknowledges that the Company and its affiliates will be irreparably harmed if such covenants are not specifically enforced.&#160;&#160;Accordingly, Employee and the Company agree that, in addition to any other relief to which the Company and its affiliates may be entitled, including claims for damages, the Company and its affiliates shall be entitled to seek injunctive relief (without the requirement of any bond or other security) from a court of competent jurisdiction for the purpose of restraining an actual or threatened breach of the covenants in Paragraphs 11 through 14.</font></div>

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<div style="TEXT-ALIGN: justify; TEXT-INDENT: 72pt"><font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 10pt">16.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="TEXT-DECORATION: underline">Governing Law; Arbitration</font>.&#160;The Parties agree that any dispute, controversy or claim between the Parties arising out of, relating to or concerning Employee&#8217;s employment with the Company, termination of such employment, or this Agreement shall be finally settled by arbitration in New York, New York before and in accordance with the Employment Arbitration Rules and Mediation Procedures of the American Arbitration Association (the &#8220;<font style="TEXT-DECORATION: underline">AAA</font>&#8221;) before a single arbitrator.&#160;&#160;The arbitrator shall not have the authority to modify or change any of the terms of this Agreement.&#160;&#160;The arbitrator may award interim relief and grant specific performance in addition to monetary damages.&#160;&#160;The arbitrator&#8217;s award shall be final and binding upon all Parties and judgment upon the award may be entered in any court of competent jurisdiction in any state of the United States.&#160;&#160;Each Party shall bear its own costs and expenses incurred in connection with any such arbitration proceeding or a government agency, to the fullest extent permitted by applicable law.&#160;&#160;For purposes of any actions or proceedings ancillary to the arbitration referenced above, the Parties agree to submit to the exclusive jurisdiction of the state and federal courts sitting in New York County.&#160;&#160;Notwithstanding the foregoing, (a) the Company shall have the right to seek and obtain interim injunctive relief, pending a final judgment confirming a final arbitration award, from a court of competent jurisdiction to enforce Paragraphs 11 through 14 of this Agreement; and (b) if a court of competent jurisdiction determines that a Party&#8217;s claim is not arbitrable, then the Parties waive their right, if any, to a trial by jury of any such claim.&#160;This Agreement will be governed by and construed in accordance with the laws of the State of New York applicable to agreements made and/or to be performed in that State, without regard to any choice of law provisions thereof, except to the extent that the Federal Arbitration Act (&#8220;<font style="TEXT-DECORATION: underline">FAA</font>&#8221;) applies to an arbitration pursuant to this Paragraph 16, in which case the FAA shall apply.</font></div>

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<div style="TEXT-ALIGN: justify; TEXT-INDENT: 72pt"><font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 10pt">17.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="TEXT-DECORATION: underline">Confidentiality of this Agreement</font>.&#160;&#160;The terms of this Agreement and the offer of employment set forth herein are strictly confidential and may not be disclosed by Employee to any third party, other than Employee&#8217;s spouse, attorney and/or accountant, or a government agency, without the written consent of the Company.</font></div>

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<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 72pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 10pt">18.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Miscellaneous</font><font style="DISPLAY: inline">.</font></font></div>

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<div style="TEXT-ALIGN: justify; TEXT-INDENT: 108pt"><font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 10pt">a.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;This Agreement contains the entire understanding of the Parties and supersedes all prior agreements, written or oral, with respect thereto.&#160;&#160;This Agreement may be modified only in a document signed by an officer of the Company.&#160;&#160;The failure of the Company to insist upon strict adherence to any term of this Agreement on any occasion shall not be considered a waiver thereof or deprive the Company of the right thereafter to insist upon strict adherence to that term or any other term of this Agreement.</font></div>

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<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 108pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 10pt">b.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;This Agreement, and the rights and obligations hereunder, may not be assigned by the Company or the Employee without written consent signed by the other Party; <font style="TEXT-DECORATION: underline">provided</font> <font style="TEXT-DECORATION: underline">that</font> the Company may assign the Agreement to (x) any affiliate of the Company, or any successor that continues the business of the Company or (y) any entity that leases the services of the Employee pursuant to an agreement with the Company.</font></div>

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<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 108pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 10pt">c.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="DISPLAY: inline">If any provision of this Agreement is determined to be unenforceable, the remainder of this Agreement shall not be adversely affected thereby.</font></font></div>

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<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 108pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 10pt">d.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="DISPLAY: inline">In executing this Agreement, Employee represents that Employee has not relied on any representation or statement not set forth herein, and Employee expressly disavows any such representations or statements.</font></font></div>

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<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 108pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 10pt">e.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="DISPLAY: inline">Paragraphs 11 through 18&#160;</font><font style="DISPLAY: inline">of this Agreement shall survive the termination of Employee&#8217;s employment with the Company.</font></font></div>

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<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 108pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 10pt">f.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="DISPLAY: inline">The headings in this Agreement are included for convenience of</font><font style="DISPLAY: inline"> reference only and shall not affect the interpretation of this </font><font style="DISPLAY: inline">Agreement</font><font style="DISPLAY: inline">.</font></font></div>

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<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 108pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 10pt">g.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="DISPLAY: inline">This Agreement may be executed in counterparts, each of which shall be deemed an original but all of which shall constitute one and the same instrument.</font></font></div>

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<td colspan="2" valign="top" width="3%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">/s/&#160;Richard Hagerup</font></td>
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<td colspan="2" valign="top" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Dated:&#160;<font style="FONT-FAMILY: arial; FONT-SIZE: 10pt; TEXT-DECORATION: underline">January 4, 2012</font></font></td>
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<td align="left" nowrap valign="top" width="35%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">/s/&#160;Francis T. McCarron</font></td>
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<td colspan="2" valign="top" width="35%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Title:&#160;&#160;&#160; Executive Vice President and Chief Financial Officer</font></td>
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<td colspan="2" valign="top" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Dated:&#160;<font style="FONT-FAMILY: arial; FONT-SIZE: 10pt; TEXT-DECORATION: underline">January 4, 2012</font></font></td>
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