EIN 114909 CONFID! SETTLEMENT. 3E AGREEMENT This Confidential Settlement end Release Agreement (“Agreement”) is entered into and made effective this 13th day of July, 2018 (“Effective Date”) by and between the Public Safety Personnel Retirement System, the Arizona PSPRS Trust, the Elected Officials’ Retirement Plan, the Corrections Officer Retirement Plan, the Public Safety Personnel Defined Contribution Retirement Plan, the Public Safety Personnel Defined Contribution Retirement Plan Disability Program, the Elected Officials? Defined Contribution Retirement System, the Elected Officials’ Defined Contribution Retirement System Disability Program the Public Safety Cancer Insurance Policy Program and all of their employees, officers, trustees, administrators, attorneys, agents, members, successors and assigns (collectively, “PSPRS”) and Shan Chen (“Employee”) (individually, each a “Party” and collectively, the “Parties”). L RECITALS: A. WHEREAS, Employee has been employed by PSPRS as its Sr. Portfolio. ‘Trader Manager since March 19, 2007, B. _ WHEREAS, as part of his compensation package as Sr. Portfolio Trader Manager of PSPRS, Employee was subject to and a beneficiary of PSPRS Investment Department Incentive Compensation Program (the “Bonus Program”); C. | WHEREAS the Bonus Program specified that Employee would be compensated for certain over performance of the PSPRS’ portfolio for the period ending June 30, 2013; D. WHEREAS, on September 24, 2013, prior to payment by PSPRS of amounts owed Employee tnder the Bonus Program for the period ending June 30, 2013, PSPRS retroactively suspended the Bonus Program, such that the amounts payable to Employee by PSPRS under the Bonus Program for the period ending June 30, 2013 were never paid; E. WHEREAS, in recognition of the sums owed Employee under the Bonus Program, PSPRS wishes to pay such sums to Employee, plus additional amounts to compensate Employee for delay in payment and any claims the Employee may have against PSPRS; and, BR WHEREAS, the Parties have elected to enter into this Agreement to resolve all claims or issues that have arisen to date between them relating to Employee’s employment by PSPRS, including claims by Employee for sums ‘owed him in connection with the Bonus Program,NOW THEREFORE, THE PARTIES HEREBY AGREE, AS FOLLOWS: IL AGREEMENT: In consideration of the mutual covenants and conditions contained herein, the receipt and sufficiency of which is hereby acknowledged, Employee and PSPRS hereby stipalate and agree as follows: A. Employee’s Waiver and Release of Claims and Rights. Employes acknowledges, wacrants and agrees to irrevocably release and discharge PSPRS from and against all existing or known claims, rights, charges, damages and actions of every kind, known or unknown, whenever they arose, which he may have against PSPRS as of the Effective Date of this Agreement, including those arising out of or related to Employee's employment with PSPRS and all bonus payments owed Employee under the Bonus Program, including but not limited to any claim, right, charge or action arising under any federal, state or local discrimination statutes, including but not limited to, Title VII of the Civil Rights Act of 1964, the Reconstruction Era Civil Rights ‘Act, the Equal Pay Act, the Americans with Disabilities Act, the Family Medical Leave ‘Act, the Fair Labor Standards Act, the WARN Act, the Arizona Civil Rights Act, the ‘Arizona Employment Protection Act, the Age Discrimination in Employment Act of 1967 (the “ADEA”), the Older Workers Benefit Protection Act of 1990 (the “OWBPA”) and under any other provision or theory of law, either statutory or common lav, including but not limited to, breach of contract, breach of the covenant of good faith and fair dealing or arising in tort. Without limiting the generality of the foregoing, it is understood and agreed that this Agreement constitutes a full and final release by the Employee covering all known, unknown, anticipated and unanticipated injuries, debts, claims or damages to Employee ‘which have arisen, or may have arisen, which Employee may have against PSPRS as of the Effective Date of this Agreement, including those in connection with Employee's employment by PSPRS, as well as those injuries, debts, claims or damages not known or disclosed which have arisen, or may have arisen, from said employment relationship and from any injuries, debts, claims or damages not known ar disclosed that have arisen, or may have arisen from the Bonus Program. B. PSPRS’ Waiver and Release of Clams and Rights. PSPRS acknowledges, warrants and agrees to irrevocably release and discharge Employee from and against all existing or known claims, rights, charges, damages and actions of every kind, known or unknown, whenever they arose, which it may have against Employee as of the Effective Date of this Agreement, including those arising out of or related to Employee's employment with PSPRS. Without limiting the generality of the foregoing, it is understood and agreed that this Agreement constitutes a full and final release by PSPRS covering all known, Page 2 of 10 4915-4756.6850.1unknown, anticipated and unanticipated injuries, debts, claims or damages to PSPRS which have arisen, or may have arisen, which PSPRS may have against Employee as of the Effective Date of this Agreement, including those in connection with Employee's ‘employment by PSPRS, as well as those injuries, debts, claims or damages not known of disclosed which have arisen, or may have arisen, from said employment relationship. C. EMPLOYEE’s Waiver and Release of Claims and Rights Under the ADEA. In exccuting this Agreement, Employee knowingly and voluntarily acknowledges, ‘warrants and agrees to irrevocably waive, release and discharge PSPRS from and against all claims, rights, charges, damages and actions of every kind, known or unknown, asising under the ADEA and OWBPA which arose on or before the Effective Date of this Agreement, and further arising out of or related to Employee's employment with PSPRS and payments due under the Bonus Program. With respect to his release of ADEA claims, the Employee is aware of and understands the following: 1, He has the right to consult an attomey before signing this Agreement; 2, He received this Agreement on July 13,2018 and bas twenty-one (21) days to review and consider his release of any ADEA claim, To the extent Employee takes less than 21 days to review and sign the Agreement, he does s0 voluntarily, waives the 21 day review period and acknowledges that he requires no additional time to review this Agreement; 3. He has seven (7) days after signing this Agreement to revoke this Agreement after signing it by delivering the revocation before the end of the seventh day, in writing to Jared Smout, clo PSPRS, 3010 B. Camelback Ré., Suite 200, Phoenix, Az 85016. The release will not be effective as to any claim until the eighth day following Employee's execution of this Agreement; 4. Employee acknowledges and agrees that if he revokes the Agreement, ‘none of its provisions shall be effective or enforceable against PSPRS and all obligations of PSPRS under this Agreement shall be null and voids and, 5. The $1,000 payment identified and received under paragraph ILB. of this Agreement is specifically to release any and all claims under the ADEA. D. _ EMPLOYEE’s Representations. ‘The Employee represents, warrants and agrees that: 1, He has read and understands this Agreement; 2. He voluntarily executes this Agreement without being pressured or influenced by any statement or representation of any person acting on behalf of PSPRS;, 3. He has full and complete legal capacity to enter into this Agreement; Page 3 of 10 4015-4760.0068.1