Document:

Employment Agreement--Samuel F. Thomas

 Exhibit 10.12 
  
 EMPLOYMENT AGREEMENT 
  

This Employment Agreement (this “Agreement”) is made and entered into effective as of October 6, 2003, by and between CHART INDUSTRIES, INC.,
a Delaware corporation (the “Company”), and SAMUEL F. THOMAS (“Executive”). 
  
 WHEREAS, the Company desires to employ Executive in the position of President and Chief Executive Officer of the Company, and Executive desires to accept
such employment, on the terms and subject to the conditions hereinafter set forth; and 
  
 WHEREAS, Executive has valuable knowledge and experience relating to the Company’s businesses and the industries in which it operates, and the parties desire to provide for his services to the Company on the
terms set forth herein. 
  
 NOW, THEREFORE, in consideration of
the respective covenants and agreements of the parties herein contained, the Company and Executive agree as follows: 
  
 1. Term of Employment. The Company hereby agrees to continue to employ Executive, and Executive hereby agrees to continue to serve the Company, on
the terms and conditions set forth herein for the period commencing as of the date hereof and expiring on October 6, 2004 (the “Employment Period”). The Employment Period shall automatically be extended on October 6 of each year for a
period of one year from such date unless, not later than August 6 of such year, the Company or Executive has given notice to the other party that it or he, as the case may be, does not wish to have the Employment Period extended. Any and all such
extensions shall be included in the defined term Employment Period. In any case, the Employment Period may be terminated earlier under the terms and conditions set forth herein. 
  
 2. Position and Duties. Executive shall serve as President and Chief Executive Officer of the Company and report to
the Board of Directors of the Company. Executive shall have responsibility for the general management and operation of the Company and the performance of such other executive services and duties as shall be reasonably assigned to and requested of
him by, and subject to the direction and supervision of, the Board of Directors of the Company. Executive shall devote substantially all his working time and efforts to the business and affairs of the Company and serve the Company in its business
and perform his duties to the best of his ability. 
  
 3.
Compensation. 
  
 (a) Salary. During the Employment
Period, Executive shall receive a base salary at the rate of Four Hundred Thousand Dollars ($400,000) per year (the “Base Salary Amount”). Executive’s salary may be adjusted, although any such adjustment shall be at the sole
discretion of the Board of Directors of the Company or any duly authorized Committee thereof. Notwithstanding the foregoing, in no event shall Executive’s salary be adjusted below the Base Salary Amount. Such salary shall be payable in
accordance with the normal policies of the Company for payment of its senior executives. 

 (b) Benefits Generally. During the Employment Period, Executive shall be eligible to participate
in all welfare and benefit plans which are maintained or established by the Company for its senior executives generally (subject, however, to all of the terms and conditions thereof, including any eligibility requirements therefor), including but
not limited to: (i) the Company’s cash incentive compensation plan (the “Bonus Plan”); (ii) the Company’s 2003 Stock Option and Incentive Plan (the “Option Plan”); (iii) medical, dental and vision insurance coverage;
(iv) life insurance coverage; (v) 401(k) Retirement Plan; and (vi) four weeks of paid vacation to be taken at such time or times as are chosen by Executive. Notwithstanding the foregoing, during the Employment Period Executive shall not be entitled
to participate in the Company’s Severance Benefit Plan or any such successor plan. For purposes of this Agreement, no benefit shall be considered to have accrued as of any date under any welfare or benefit plan referred to in this Section 3(b)
if such benefit remains subject to a discretionary determination under the terms of such plan as of such date. 
  
 (c) Bonus Plan. During the Employment Period, Executive shall be eligible for a performance bonus under the Bonus Plan each fiscal year (or pro
rated portion thereof) with a target level range of 0% to 100% of Executive’s base salary (pro rated for partial years), based on the Company’s performance against specific criteria to be established annually by the Board of Directors of
the Company or any duly authorized Committee thereof. 
  
 (d)
Option Grants. Initially, Executive shall be granted options to purchase 203,701 shares of Common Stock of the Company, par value $.01 per share (“Common Stock”), which shall have an exercise price of $13.89 per share and become
exercisable in four equal annual installments, with 25% of the grant becoming exercisable on October 6, 2004 and an additional 25% becoming exercisable on each of the three following anniversaries of such date (the “Initial Options”). The
Initial Options shall be subject to the terms of the Option Plan, including an option agreement, and such restrictions on transfer of the underlying shares and other restrictions as the Board of Directors of the Company or any Committee thereof may
impose in connection with the grant, and the Initial Options shall become immediately and fully exercisable upon the occurrence of a Change in Control (as defined in the Option Plan) during the Employment Period. Any option grants in addition to the
Initial Options, and the terms of any such grants, shall be at the sole discretion of the Board of Directors of the Company or any duly authorized Committee thereof. 
  
 (e) Stock Purchase. Executive shall be offered the opportunity to purchase directly from the Company 28,797 shares of
Common Stock at a price of $13.89 per share in accordance with the mutually agreeable terms and conditions set forth in a definitive stock purchase agreement to be entered into between the Company and Executive, such terms and conditions to include
restrictions on transfer of such shares; provided, however, that such purchase must be completed by Executive no later than February 28, 2004. 
  
 (f) Expenses. The Company shall reimburse Executive for reasonable direct expenses incurred by him on behalf of the Company in the performance of
his duties during the Employment Period. Such reimbursement shall include the reimbursement (in accordance with the terms of the Company’s Relocation Reimbursement Policy, but without a cap on the amount of reasonable expenses) of all
reasonable out-of-pocket moving expenses incurred by Executive in connection with the commencement of his employment in the Cleveland, Ohio area or any 
  

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 future employment transfer at Executive’s option, or if required by the Company to relocate, to any Company
location. Executive shall furnish the Company with such documentation as is requested by the Company in order for it to comply with the Code and regulations thereunder in connection with the proper deduction of such expenses. 
  
 4. Termination of Employment. 
  
 (a) Events of Termination. The Employment Period shall terminate
immediately upon the occurrence of any of the following events: (i) the death of Executive; (ii) the expiration of the 30th calendar day (the “Disability Effective Date”) after the Company gives Executive written notice of its election to
terminate Executive’s employment upon the Disability of Executive, if before the expiration of such 30-day period Executive has not returned to the performance of his duties hereunder on a full-time basis; (iii) voluntary termination by
Executive of his employment with the Company; (iv) the Company’s discharge of Executive for Good Cause; or (v) the Company’s discharge of Executive at any time other than for Good Cause or Disability, for any reason or no reason. For
purposes of Section 5, expiration of the Employment Period upon a notice of the Company under Section 1 that it does not wish to extend the Employment Period shall be deemed a termination other than for Good Cause or Disability pursuant to Section
4(a)(v) and expiration of the Employment Period upon a notice of Executive under Section 1 that he does not wish to extend the Employment Period shall be deemed a resignation of Executive pursuant to Section 4(a)(iii). 
  
 (b) Notice of Termination. Any termination by the Company for Good
Cause shall be communicated by Notice of Termination to the other party hereto given in accordance with Section 10. For purposes of this Agreement, a “Notice of Termination” means a written notice which (i) indicates the specific
termination provision in this Agreement relied upon, (ii) sets forth in reasonable detail the facts and circumstances claimed to provide a basis for termination of Executive’s employment under the provision so indicated and (iii) specifies the
Date of Termination (as defined below). The failure by the Company to set forth in the Notice of Termination any fact or circumstance which contributes to a showing of Good Cause shall not waive any right of the Company hereunder or preclude the
Company from asserting such fact or circumstance in enforcing the Company’s rights hereunder. 
  
 (c) Date of Termination. “Date of Termination” means (i) if Executive’s employment is terminated by the Company for Good Cause, the
date of termination of employment that is set forth in the Notice of Termination (which shall not be earlier than the date on which such notice is given), (ii) if Executive’s employment is terminated by the Company other than for Good Cause or
Disability, or Executive resigns, the date on which the Company or Executive notifies Executive or the Company, respectively, of such termination, or such later date as may be specified by the terminating party in such notice, and (iii) if
Executive’s employment is terminated by reason of death or Disability, the date of death of Executive or the Disability Effective Date, as the case may be. 
  

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 5. Obligations of the Company upon Termination. 
  
 (a) Discharge Other than for Good Cause or Disability. Executive
shall be entitled to the severance benefits specified in this Section 5(a) if, during the Employment Period, the Company terminates Executive’s employment under Section 4(a)(v) other than for Good Cause or Disability. In any such case:

  
 (i) In lieu of further base salary or bonus payments, the
Company shall pay to Executive the amounts determined under clauses (A) and (B) below at the times specified in such clauses: 
  

	 	(A)	Executive’s incremental base salary at the rate then in effect through the Date of Termination, to the extent not previously paid, which shall be paid in a lump sum in cash
within 30 calendar days after the Date of Termination; and 

  

	 	(B)	an amount equal to Executive’s annual base salary at the rate then in effect, which shall be paid in twelve equal monthly installments commencing 30 calendar days after the
Date of Termination. 

  
 For purposes of this Section 5(a)(i), any
amounts of compensation deferred by Executive under a deferral plan of the Company or any of its Affiliates shall be deemed to have been paid on the date of deferral, and all such deferred amounts shall be payable as governed by the terms of the
applicable deferral plan, except that no such amounts shall be forfeited under the terms of the applicable deferral plan as a result of Executive’s termination of employment; and 
  
 (ii) Executive shall be entitled to receive any other benefits provided for in Section 3(b) which have accrued up to and
including the Date of Termination, subject to the terms and conditions of the welfare and benefit plans referenced in Section 3(b), and reimbursement of reasonable expenses incurred up to and including the Date of Termination under the terms of
Section 3(f). After the Date of Termination, Executive shall no longer be eligible to participate in any of the welfare or benefit plans referenced in Section 3(b), except to the extent and on the terms that participation in any such plan by former
employees is expressly permitted by the terms of such plan. 
  
 (b) Death or Disability. Executive shall be entitled to the severance benefits specified in this Section 5(b) if, during the Employment Period, Executive’s employment with the Company terminates as a result of Executive’s
death or Disability under Section 4(a)(i) or 4(a)(ii). In either such case, Executive shall be entitled to payment of incremental base salary only for the remainder of the month in which such termination occurs and thereafter such salary shall end
and cease to be payable. In addition, in any such case, Executive shall be entitled to receive any benefits provided for in Section 3(b) which have accrued up to and including the Date of Termination, subject to the terms and conditions of the
welfare and benefit plans referenced in Section 3(b), and reimbursement of reasonable expenses incurred up to and including the Date of Termination under the terms of Section 3(f). After the Date of Termination, Executive shall no longer be eligible
to participate in any of the welfare or benefit plans referenced in Section 3(b), except to the extent and on the terms that participation in any such plan by former employees is expressly permitted by the terms of such plan. 
  

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 (c) Discharge for Good Cause or Resignation. If Executive’s employment with the Company is
terminated by Executive on a voluntary basis under Section 4(a)(iii) or is terminated by the Company for Good Cause under Section 4(a)(iv), Executive shall be entitled to (i) payment of incremental base salary only through the Date of Termination
and thereafter such salary shall end and cease to be payable, (ii) receive any benefits provided for in Section 3(b) which have accrued up to and including the Date of Termination, subject to the terms and conditions of the welfare and benefit plans
referenced in Section 3(b), and (iii) reimbursement of reasonable expenses incurred up to and including the Date of Termination under the terms of Section 3(f). After the Date of Termination, Executive shall no longer be eligible to participate in
any of the welfare or benefit plans referenced in Section 3(b), except to the extent and on the terms that participation in any such plan by former employees is expressly permitted by the terms of such plan. 
  
 (d) No Further Obligations. Except as expressly set forth in this
Section 5, Executive shall not be entitled to any other payments or benefits under this Agreement as a result of the termination of Executive’s employment. 
  

6. Full Settlement. The Company’s obligation to make the payments provided for in this Agreement and otherwise to perform its obligations
hereunder shall not be affected by any set-off, counterclaim, recoupment, defense or other claim, right or action which the Company may have against Executive or others. In no event shall Executive be obligated to seek other employment or take any
other action by way of mitigation of the amounts payable to Executive under any of the provisions of this Agreement. 
  
 7. Indemnification. The Company shall indemnify Executive and his representatives, successors and estate against claims arising in connection with
Executive’s status as a director, officer, employee or agent of the Company, in accordance with the Company’s Certificate of Incorporation, By-Laws and indemnity agreements and policies for its directors and executive officers, subject to
applicable law. 
  
 8. Restrictive Covenants. 

 
 (a) Non-Competition. While employed by the Company and for a
period of one year after ceasing to be so employed, Executive shall not, directly or indirectly, own, manage, operate, control or participate in the ownership, management, operation or control of, or be connected as an officer, employee, partner or
director with, or have any financial interest in, any business which is in substantial competition with any business conducted by the Chart Group, in any area where such business is being conducted at the time of such termination. Passive ownership
for investment purposes of 5% or less of the voting stock of any corporation which is required to file periodic reports with the Securities and Exchange Commission under the Exchange Act shall not constitute a violation hereof. 
  
 (b) Non-Solicitation. Executive shall not directly or indirectly, at
any time while employed by the Company and for a period of one year after ceasing to be so employed, solicit or induce or attempt to solicit or induce any customer, employee or sales representative of the Chart Group to terminate his, her or its
customer, employment, or representation relationship with the Chart Group or in any way directly or indirectly interfere with such a relationship. 
  

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 (c) Confidentiality. 
  
 (i) Executive shall keep in strict confidence, and shall not, directly or indirectly, at any time while employed by the
Company or after ceasing to be so employed, disclose, furnish, publish, disseminate, make available or, except in the course of performing his duties of employment hereunder, use any Confidential Information. Executive specifically acknowledges that
all Confidential Information, in whatever media or form maintained and whether compiled by the Chart Group or Executive, derives independent economic value from not being readily known to or ascertainable by proper means by others who can obtain
economic value from its disclosure or use, that reasonable efforts have been made by the Chart Group to maintain the secrecy of such information, that such information is the sole property of the Chart Group and that any disclosure or use of such
information by Executive while employed by the Company (except in the course of performing his duties and obligations hereunder) or after ceasing to be so employed shall constitute a misappropriation of the Chart Group’s trade secrets.

  
 (ii) Notwithstanding the provisions of Section 8(c)(i),
Executive may disclose to any and all persons, without limitation of any kind, the tax treatment and any facts that may be relevant to the tax structure of the employment or other transactions contemplated by this Agreement, other than any
information for which nondisclosure is reasonably necessary in order to comply with applicable federal or state securities laws, and except that, with respect to any document or other information that in either case contains information concerning
the tax treatment or tax structure of such transactions as well as other information, this Section 8(c)(ii) shall apply only to such portions of the document or similar item that is relevant to an understanding of such tax treatment or tax
structure. 
  
 9. Binding Agreement; Successors. This
Agreement shall inure to the benefit of and be binding upon Executive’s personal or legal representatives, executors, administrators, successors, heirs, distributees, devisees and legatees. If Executive should die while any amounts would still
be payable to him hereunder, all such amounts, unless otherwise provided herein, shall be paid in accordance with the terms of this Agreement to Executive’s spouse, or if is spouse does not survive him, to Executive’s estate. This
Agreement shall inure to the benefit of and be binding upon the successors and assigns of the Company, including, without limitation, any person acquiring directly or indirectly all or substantially all of the assets of the Company, whether by
merger, consolidation, sale or otherwise (and such successor shall thereafter be deemed the “Company” for the purposes of this Agreement). The Company shall require any such successor to assume and agree to perform this Agreement.

  

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 10. Notice. All notices, requests and other communications under this Agreement shall be in
writing and shall be deemed to have been duly given (a) when hand delivered, (b) one business day after being sent by recognized overnight delivery service, or (c) three business days after being sent by registered or certified mail, return receipt
requested, postage prepaid, and in each case addressed as follows (or addressed as otherwise specified by notice under this Section): 
  

					
	 (i)
	  	 If to the Company, to:

		
	 	  	 Chart Industries, Inc.

	 	  	 5885 Landerbrook Drive

	 	  	 Suite 205

	 	  	 Cleveland, Ohio 44124

	 	  	 Attention:
	 	 Chief Financial Officer and
 Compensation Committee of
the Board of Directors

		
	 	  	 With a copy to:

		
	 	  	 Calfee, Halter & Griswold LLP

	 	  	 1400 McDonald Investment Center

	 	  	 800 Superior Avenue

	 	  	 Cleveland, Ohio 44114

	 	  	 Attention:
	 	 Thomas F. McKee

		
	 (ii)
	  	 If to Executive, to:

		
	 	  	 Samuel F. Thomas

	 	  	 115 Gill Road

	 	  	 Haddonfield, New Jersey 08033

  
 11.
Withholding. The Company may withhold from any amounts payable under or in connection with this Agreement all federal, state, local and other taxes as may be required to be withheld by the Company under applicable law or governmental
regulation or ruling. 
  
 12. Amendments; Waivers. No
provision of this Agreement may be modified, waived or discharged unless such waiver, modification or discharge is agreed to in writing, and is signed by Executive and an officer of the Company specifically designated by the Board of Directors of
the Company or its Compensation Committee to execute such writing. No waiver by either party hereto at any time of any breach by the other party hereto of, or compliance with, any condition or provision of this Agreement to be performed by such
other party shall be deemed a waiver of similar or dissimilar provisions or conditions at the same or at any prior or subsequent time. 
  
 13. Governing Law. The validity, interpretation, construction and performance of this Agreement shall be governed by the laws of the State of Ohio,
without giving effect to the conflict of law principles of such State. 
  
 14. Equitable Relief. Executive and the Company acknowledge and agree that the covenants contained in Section 8 are of a special nature and that any breach, violation or evasion by Executive of the terms of Section 8 will result in
immediate and irreparable injury and harm to the Company, for which there is no adequate remedy at law, and will cause damage to the Company in amounts difficult to ascertain. Accordingly, the Company shall be entitled to the remedy of injunction,
as well as to all other legal or equitable remedies to which the Company may be entitled (including, without limitation, the right to seek monetary damages), for any breach, violation or evasion by Executive of the terms of Section 8. 
  

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 15. Validity. The invalidity or unenforceability of any provision or provisions of this Agreement
shall not affect the validity or enforceability of any other provision of this Agreement, which shall remain in full force and effect. In the event that any provision of Section 8 is found by a court of competent jurisdiction to be invalid or
unenforceable as against public policy, such court shall exercise its discretion in reforming such provision to the end that Executive shall be subject to such restrictions and obligations as are reasonable under the circumstances and enforceable by
the Company. 
  
 16. Counterparts. This Agreement may be
executed in one or more counterparts, each of which shall be deemed to be an original but all of which together shall constitute one and the same instrument. 
  
 17. Headings; Definitions. The headings contained herein are for reference purposes only and shall not in any way affect the meaning or
interpretation of this Agreement. Certain capitalized terms used in this Agreement are defined on Schedule A attached hereto. 
  
 18. No Assignment. This Agreement may not be assigned by either party without the prior written consent of the other party, except as provided in
Section 9. 
  
 19. Entire Agreement; No Other Arrangements.
This Agreement contains the entire agreement between the parties with respect to the employment of Executive and supersedes any and all other agreements, either oral or in writing, with respect to the employment of Executive. Executive acknowledges
that, in executing this Agreement, he has not relied on any representations not set forth in this Agreement. Executive represents that his employment by the Company will not violate any other agreement by which Executive is bound. 
  
 IN WITNESS WHEREOF, the parties have executed this Agreement as of the date
first above written. 
  

			
	 CHART INDUSTRIES, INC.

		
	 By:
	 	 /s/    MICHAEL F. BIEHL

	 Name:
	 	 Michael F. Biehl

	 Title:
	 	 Chief Financial Officer and Treasurer

	
	 /s/    SAMUEL F. THOMAS

	 SAMUEL F. THOMAS

	 (“Executive”)

  

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 Schedule A 
  
 Certain Definitions 
  
 As used in this Agreement, the following capitalized terms shall have the following meanings: 
  
 “Affiliate” of a specified entity means an entity that
directly, or indirectly through one or more intermediaries, controls, or is controlled by, or is under common control with, the entity specified. 
  
 “Chart Group” means, collectively, the Company and each group, division and Subsidiary of the Company. 
  
 “Code” means the Internal Revenue Code of 1986, as amended
from time to time. 
  
 “Confidential
Information” means confidential business information of the Chart Group and its customers and vendors, without limitation as to when or how Executive may have acquired such information. Such Confidential Information shall include, without
limitation, the Chart Group’s manufacturing, selling and servicing methods and business techniques, customer, vendor and product information, product development plans, internal financial statements, sales and distribution information, business
plans and opportunities, corporate alliances, processes and techniques, and other information concerning the Chart Group’s actual or anticipated business or products, or which is received in confidence by or for the Chart Group from any other
person. 
  
 “Disability” means the inability of
Executive for a continuous period of six months to perform the essential functions of his position hereunder on an active full-time basis with or without reasonable accommodations by reason of a disability condition. A certificate from a physician
acceptable to both the Company and Executive to the effect that Executive is or has been disabled and incapable of performing the essential functions of his position with or without reasonable accommodations for the Company as previously performed
shall be conclusive of the fact that Executive is incapable of performing such services and is, or has been, disabled for the purposes of this Agreement. The Company and Executive acknowledge and agree that the essential functions of
Executive’s position are unique and critical to the Company and that a disability condition that causes Executive to be unable to perform the essential functions of his position under the circumstances described above will constitute an undue
hardship on the Company. 
  
 “Exchange Act”
means the Securities Exchange Act of 1934, as amended, and the rules and regulations thereunder, as such law, rules and regulations may be amended from time to time. 

 “Good Cause” means a determination by the Board of Directors (without the participation
of Executive) of the Company, pursuant to the exercise of its business judgment, that any one of the following events has occurred and not been cured by Executive within 30 calendar days after the Company first gave Executive written notice thereof:

  
 (a) Executive has been indicted by a state or
federal grand jury of committing a felony; 
  
 (b) the Board receives proof satisfactory to it of the commission by Executive of theft or embezzlement from the Company, or any other crime against the Company; 
  
 (c) Executive has materially breached the provisions of Section 8 or any other material provision of this
Agreement; or 
  
 (d) Executive’s
failure, refusal or inability to perform his services and duties to the Company as set forth in Section 2, any act of gross negligence, corporate waste, disloyalty, dishonesty or unfaithfulness to the Company which adversely affects the business of
the Company, or any other act or course of conduct which could reasonably be expected to have an adverse affect on the business of the Company such as, by way of example only, intentionally causing the Company to violate federal, state or local
environmental, labor, antitrust, or other similar laws, or sexual or other illegal harassment of employees. 
  
 “Subsidiary” means 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. 
  

 A-2Agreement of Separation--Arthur S. Holmes

 EX 10.13 
  
 AGREEMENT OF SEPARATION, RELEASE, AND NONCOMPETITION 
  

THIS AGREEMENT OF SEPARATION, RELEASE, AND NONCOMPETITION (“Agreement”), is made and entered into by and between CHART INDUSTRIES,
INC., a Delaware corporation (the “Company”) and ARTHUR S. HOLMES (“Executive”) with an Effective Date as defined herein. 
  
 W I T N E S S E T H: 
  
 WHEREAS, pursuant to an Employment Agreement dated November 13, 2001 (“the Employment Agreement”), Executive has been employed by the
Company as its Chairman and Chief Executive Officer; and 
  
 WHEREAS, as a result of the Company’s recent bankruptcy and reorganization, Executive desires to resign from his employment, and the Company desires to accept said resignation; and  
  
 WHEREAS, the Company and Executive wish to resolve all matters and
issues between them arising from or relating to Executive’s employment by the Company. 
  
 NOW, THEREFORE, in consideration of the mutual promises and covenants contained herein, Executive and the Company hereby agree as follows: 
  
 ARTICLE I — CONSIDERATION 
  
 Section 1.1. Resignation. Executive, through his signature below, voluntarily resigns from his position as Chairman
and Chief Executive Officer of the Company effective September 15, 2003, and further resigns from his employment with the Company effective November 28, 2003 (“Date of Resignation”). The Company, through its execution below, hereby
consents to and accepts Executive’s resignation. The parties hereby acknowledge and agree that Executive’s resignation hereunder shall be deemed a voluntary termination by Executive with Good Reason, as that term is defined in the
Employment Agreement, and the Company further waives the requirement of fifteen (15) calendar days written notice of same from Executive. Executive’s employment records with the Company will reflect the voluntary nature of the cessation of his
employment, and the Company and Executive each expressly acknowledge that he has not been “discharged” or “terminated” by the Company, constructively or otherwise. The parties acknowledge and agree that Executive serves as a
director of the Company pursuant to the terms of the Company’s Amended Joint Prepackaged Reorganization Plan, dated September 3, 2003 (the “Plan of Reorganization”), and that Executive’s resignations from his position as Chairman
and Chief Executive Officer and from his employment with the Company shall not be construed as a resignation from service as a director of the Company. 
  

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 Section 1.2. Separation Pay. Upon the Effective Date of this Agreement as defined in §4.7
hereof, the Company will make payment to Executive in the lump sum amount of Six Hundred Twenty Four Thousand Six Hundred Ninety Six Dollars and Fifty Eight Cents ($624,696.58) less applicable payroll taxes and withholdings (the “Separation
Payment”). 
  
 Section 1.3. Restrictive Covenants.
Upon the Effective Date of this Agreement as defined in §4.7 hereof, and as consideration for Executive’s agreements set forth in Article III of this Agreement, the Company will make payment to Executive in the lump sum amount of Five
Hundred Fourteen Thousand Dollars ($514,000.00) (the “Restrictive Covenants Payment”). The Company shall not withhold any amounts from the Restrictive Covenants Payment, and Executive shall assume responsibility for the payment of any of
Executive’s portion of taxes and withholdings incurred in connection with the Restrictive Covenants Payment, including interest and penalties with respect to both the Company’s and Executive’s portions in the event that Executive
fails to include the amount in income and pay the income tax thereon. The parties further agree that the Company may issue or file a Form 1099 or other notice to the Internal Revenue Service regarding the Restrictive Covenants Payment. 

 
 Section 1.4. Group Insurance Coverage. For the period continuing
through January 30, 2006, the Company shall continue to provide to Executive, or cause to be provided to him, group health, dental, vision, and group life insurance benefits at the same level and to the same extent such benefits were provided to him
immediately prior to the Date of Resignation. If at any time between the Date of Resignation and January 30, 2006, the Company is not able to continue to provide to Executive group health, dental, vision, or group life insurance benefits as
described in the preceding sentence, then the Company shall reimburse Executive for his costs in purchasing health, dental, vision, or life insurance coverage providing at least equivalent coverage, with such reimbursement to be in an amount which,
after taxes on the receipt of such reimbursement, shall equal such cost to Executive. At the conclusion of the period continuing through January 30, 2006, Executive shall be entitled to continuation of coverage under the Company’s health
insurance plan at his own expense pursuant to any rights he may have under the federal Consolidated Omnibus Budget Reconciliation Act, as amended (“COBRA”), part VI of Subtitle B of Title I of the Employee Retirement Income Security Act of
1974 (“ERISA”), as amended; Internal Revenue Code §4980(B)(f). 
  
 Section 1.5. Deemed Bonus Amount for 2003. Upon the Effective Date of this Agreement as defined in §4.7 hereof, the Company will make payment to Executive in the lump sum amount of One Hundred Fifty Nine
Thousand Four Hundred Forty Four Dollars and Forty Four Cents ($159,444.44), less applicable payroll taxes and withholdings, which sum represents Executive’s proportionate share of the $175,000 Deemed Bonus Amount for 2003 through the Effective
Date (the “Bonus Payment”). 
  
 Section 1.6.
D&O Liability Coverage and Indemnification. For a period of six (6) years following the Date of Resignation, the Company will maintain Directors & Officers Liability Insurance (“tail”) coverage for Executive to insure
against claims arising out of his service as a Director or Officer of the Company prior to September 15, 2003. As to Executive’s continued service on the Company’s Board of Directors, the Company will maintain customary Directors &
Officers Liability Insurance coverage for Executive to insure against claims arising out of his service on the Company’s Board of Directors, and such coverage shall be at least equivalent to the coverage provided to other directors. The Company
further agrees to defend 
  

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 and indemnify Executive against any claims arising out of his employment by the Company, as provided in § 8 of the
Employment Agreement and by the Indemnification Agreement between Executive and the Company dated August 1, 2002. 
  
 Section 1.7. Company-Provided Business Equipment. For the period beginning on the Date of Resignation and continuing through January 30, 2006,
Executive may continue to possess and use the laptop computer and related accessories, cell phones, and home office phone provided by the Company, on the same basis as such equipment was provided by the Company prior to the Date of Resignation.

  
 Section 1.8. Consultant’s and Attorney’s
Fees. The Company will pay Executive’s reasonable and actual consultant’s and attorney’s fees and expenses in connection with this Agreement, including those of Stout/Resius/Ross Inc., Ernst & Young, and Baker & Hostetler
LLP, in an aggregate amount not to exceed Fifty Thousand Dollars ($50,000.00), with such payments to be made within a reasonable time after presentment of invoices for said fees to the Company. 
  
 Section 1.9. Automobile Use. The Company will continue to provide
Executive with continued possession and use of the automobile leased by the Company and assigned to Executive as of the Date of Resignation, and Executive shall have use of such automobile through January 30, 2006, provided that Executive reimburses
the Company for the lease payments by submitting to the Company on a monthly basis payments in the amount of Seven Hundred Three Dollars and Thirty-Two Cents ($703.32). Executive’s monthly payments for the automobile shall be due to the Company
on or before the fifth calendar day of each month. In the event that Executive fails to make any monthly payment to the Company within ten (10) calendar days of the due date for such payment, then the Company shall provide written notice to
Executive, at his last known address, of such failure. If payment is not received within ten (10) calendar days from the date of said written notice, then the Company shall have the right to take possession of the automobile. Executive shall return
such automobile to the Company in good condition, reasonable wear and tear excepted, on or before January 30, 2006. From the Effective Date of this Agreement through January 30, 2006, Executive shall be responsible for maintaining insurance coverage
on the automobile with the same coverages and policy limits as existed as of the Date of Resignation, and name the Company as a named insured. From the Effective Date of this Agreement and continuing through January 30, 2006, Executive shall be
solely responsible for any damages or claims of, or losses incurred by, Executive or third parties as result of Executive’s use or possession of such automobile, the Company shall bear no responsibility or liability for any such damages,
claims, or losses, and Executive agrees to indemnify and hold harmless the Company against and from any such damages, claims, or losses asserted against the Company. 
  
 Section 1.10. Adequacy of Consideration. Executive hereby agrees and acknowledges that the payments and benefits
described in §§1.1 through §1.9 of this Agreement are over and above any entitlements, severance or otherwise, that he may have by reason of his separation from employment with the Company, and that such payments and amounts
constitute adequate consideration for all of Executive’s covenants and obligations set forth herein, including, but not limited to, the Release of Claims set forth in Article II of this Agreement and the Restrictive Covenants set forth in
Article III of this Agreement. 
  

 3 

 ARTICLE II — RELEASE OF CLAIMS 
  
 Section 2.1. Executive’s Release. In consideration of the
promises and agreements set forth herein, Executive does hereby for himself and for his heirs, executors, successors and assigns, release and forever discharge the Company, its parent company(ies), subsidiaries, divisions, and affiliated businesses,
direct or indirect, if any, together with its and their respective officers, directors, shareholders, management, representatives, agents, Executives, successors, assigns, and attorneys, both known and unknown, in both their personal and agency
capacities (collectively, “the Company Entities”) of and from any and all claims, demands, damages, actions or causes of action, suits, claims, charges, complaints, contracts, whether oral or written, express or implied and promises, at
law or in equity, of whatsoever kind or nature, including but not limited to any alleged violation of any state or federal anti-discrimination statutes or regulations, including but not limited to Title VII of The Civil Rights Act of 1964 as
amended, ERISA, The Americans With Disabilities Act, the Age Discrimination in Employment Act, the Older Workers Benefit Protection Act, breach of any express or implied contract or promise, wrongful discharge, violation of public policy, or
tort, all demands for attorney’s fees, back pay, holiday pay, vacation pay, bonus, group insurance, any claims for reinstatement, all Executive benefits and claims for money, out of pocket expenses, any claims for emotional distress,
degradation, humiliation, that Executive might now have or may subsequently have, whether known or unknown, suspected or unsuspected, by reason of any matter or thing, arising out of or in any way connected with, directly or indirectly, any acts or
omissions of the Company or any of its directors, officers, shareholders, employees and/or agents arising out of Executive’s employment and termination from employment which have occurred prior to the Effective Date of this Agreement,
except those matters specifically set forth herein, and except for any health, welfare, pension or retirement benefits which may have vested on Executive’s behalf, if any, and except for any claims arising out of
Executive’s status as a shareholder or director of the Company. 
  
 Section 2.2. Older Workers Benefit Protection Act (“OWBPA”). Executive recognizes and understands that, by executing this Agreement, he shall be releasing the Company Entities from any claims that he now has, may have, or
subsequently may have under the Age Discrimination in Employment Act of 1967, 29 U.S.C. §§621, et seq., as amended, by reason of any matter or thing arising out of, or in any way connected with, directly or indirectly, any
acts or omissions which have occurred prior to and including the Effective Date of this Agreement. In other words, Executive will have none of the legal rights against the aforementioned that he would otherwise have under the Age Discrimination in
Employment Act of 1967, 29 U.S.C. §§621, et seq., as amended, by his signing this Agreement. 
  
 Section 2.3. Consideration Period. The Company hereby notifies Executive of his right to consult with his chosen legal counsel before signing this
Agreement. The Company shall afford, and Executive acknowledges receiving, not less than twenty-one (21) calendar days in which to consider this Agreement to ensure that Executive’s execution of this Agreement is knowing and voluntary. In
signing below, Executive expressly acknowledges that he has been afforded the opportunity to take at least twenty-one (21) days to consider this Agreement and that his execution of same is with full knowledge of the consequences thereof and is of
his own free will. 
  

 4 

 Notwithstanding the fact that the Company has allowed Executive twenty-one (21) days to consider this
Agreement, Executive may elect to execute this Agreement prior to the end of such 21-day period. If Executive elects to execute this Agreement prior to the end of such 21-day period, then by his signature below, Executive represents that his
decision to accept this shortening of the time was knowing and voluntary and was not induced by fraud, misrepresentation, or any threat to withdraw or alter the benefits provided by the Company herein, or by the Company providing different terms to
any similarly-situated Executive executing this Agreement prior to end of such 21-day consideration period. 
  
 Section 2.4. Revocation Period. Both the Company and Executive agree and recognize that, for a period of seven (7) calendar days following
Executive’s execution of this Agreement, Executive may revoke this Agreement by providing written notice revoking the same, within this seven (7) day period, delivered by hand or by certified mail, addressed to Mark Ludwig, Chart Industries,
Inc., 5885 Landerbrook Drive, Suite 205, Mayfield Heights, Ohio 44124, delivered or postmarked within such seven (7) day period. In the event Executive so revokes this Agreement, each party will receive only those entitlements and/or benefits that
he/it would have received regardless of this Agreement. 
  
 Section 2.5. Acknowledgments. Executive acknowledges that Executive has carefully read and fully understands all of the provisions of this Agreement, that Executive has not relied on any representations of the Company or any of its
representatives, directors, officers, Executives and/or agents to induce Executive to enter into this Agreement, other than as specifically set forth herein and that Executive is fully competent to enter into this Agreement and has not been
pressured, coerced or otherwise unduly influenced to enter into this Agreement and that Executive has voluntarily entered into this Agreement of Executive’s own free will. 
  
 ARTICLE III — OTHER OBLIGATIONS OF EXECUTIVE 
  
 Section 3.1. Restrictive Covenants. Executive expressly re-affirms and re-acknowledges his agreement to the covenants
regarding non-competition, non-solicitation, and confidentiality contained in §9 of the Employment Agreement, acknowledges and agrees that said covenants, and the provisions of the Employment Agreement relating to enforcement of said covenants,
survive Executive’s resignation from employment, and further acknowledges and agrees that the geographic scope of the covenant regarding non-competition set forth in § 9(a) of the Employment Agreement shall be anywhere in the world. The
parties acknowledge and agree that Executive’s obligations under the covenants regarding non-competition, non-solicitation, and confidentiality shall commence on the Date of Resignation as defined in §1.1 of this Agreement. 
  

 5 

 Section 3.2. Transition. Executive agrees to make himself available to answer questions concerning
business concerns, operations, pending legal concerns and/or litigation, and other special assistance as reasonably may be required by the Company, through and including March 15, 2004, provided, however, that Executive’s obligations hereunder
shall not exceed eight (8) hours per month unless mutually agreed otherwise, and provided further that Executive shall be entitled to reimbursement of expenses reasonably incurred by him in his performance of his obligations under this § 3.2.

  
 Section 3.3. Company Property. Except as otherwise
provided in §§ 1.7 and 1.9 of this Agreement, on or before the Date of Resignation, Executive shall return all tangible personal property belonging to the Company, including, but not limited to, all keys, business equipment, and computer
software and/or hardware. 
  
 Section 3.4. Permitted
Disclosure. Notwithstanding the provisions of §9 of the Employment Agreement regarding confidentiality, as re-affirmed and re-acknowledged in §3.1 of this Agreement, Executive may disclose to any and all persons, without limitation of
any kind, the tax treatment and any facts that may be relevant to the tax structure of the separation from employment or other transactions contemplated by this Agreement, other than any information for which nondisclosure is reasonably necessary in
order to comply with applicable federal or state securities laws, and except that, with respect to any document or other information that in either case contains information concerning the tax treatment or tax structure of such transactions as well
as other information, this §3.4 shall apply only to such portions of the document or similar item that is relevant to an understanding of such tax treatment or tax structure. 
  
 ARTICLE IV — MISCELLANEOUS PROVISIONS 
  
 Section 4.1. Entire Agreement. Except as provided in the Indemnification Agreement between Executive and the Company
dated August 1, 2002, and except for certain releases provided to Executive by the Company in Article XIV, §H of the Company’s Plan of Reorganization, and except as provided in §3.1 of this Agreement, this Agreement contains the
entire agreement between the parties hereto and replaces any prior agreements, contracts and/or promises, whether written or oral, with respect to the subject matters included herein. This Agreement may not be changed orally, but only in writing,
signed by each of the parties hereto. 
  
 Section 4.2.
Warranty/Representation. Executive and the Company each warrant and represent that, prior to and including the Effective Date of this Agreement, no claim, demand, cause of action, or obligation which is subject to this Agreement has been
assigned or transferred to any other person or entity, and no other person or entity has or has had any interest in any such claims, demands, causes of action or obligations, and that each has the sole right to execute this Agreement. 
  
 Section 4.3. Invalidity. The parties to this Agreement agree that the
invalidity or unenforceability of any one (1) provision or part of this Agreement shall not render any other provision(s) or part(s) hereof invalid or unenforceable and that such other provision(s) or part(s) shall remain in full force and effect.

  

 6 

 Section 4.4. No Assignment. This Agreement is personal in nature and shall not be assigned by
Executive. All payments and benefits provided Executive herein shall be made to his estate in the event of his death prior to his receipt thereof. 
  
 Section 4.5. Originals. Two (2) copies of this Agreement shall be executed as “originals” so that both Executive and the Company may
possess an “original” fully executed document. The parties hereto expressly agree and recognize that each of these fully executed “originals” shall be binding and enforceable as an original document representing the agreements
set forth herein. 
  
 Section 4.6. Governing Law. This
Agreement shall be governed under the laws of the State of Ohio. 
  
 Section 4.7. Effective Date. This Agreement shall become effective only upon (a) execution of this Agreement by Executive after the expiration of the twenty-one (21) day consideration period described in §2.3 of this Agreement,
unless such consideration period is shortened as provided in §2.3 of this Agreement; and (b) the expiration of the seven (7) day period for revocation of this Agreement by Executive described in §2.4 of this Agreement. 
  
 CAUTION TO EXECUTIVE: READ BEFORE SIGNING. THIS DOCUMENT CONTAINS A RELEASE OF ALL CLAIMS
AGAINST THE COMPANY ENTITIES PRIOR TO THE EFFECTIVE DATE OF THIS AGREEMENT. 
  
 IN WITNESS WHEREOF, Executive and the Company agree as set forth above: 
  

					
	 DATE OF RECEIPT BY EXECUTIVE
	 	 	 	 SIGNATURE OF EXECUTIVE

	 	 	 	 	 ACKNOWLEDGING DATE OF RECEIPT:

			
	 December 16, 2003

	 	 	 	 /s/    Arthur S. Holmes

			
	 	 	 	 	 RECEIPT WITNESSED BY:

			
	 	 	 	 	 /s/    Christine H. Holmes

			
	 DATE OF EXECUTION BY EXECUTIVE:
	 	 	 	 AGREED TO AND ACCEPTED BY:

			
	 December 17, 2003

	 	 	 	 /s/    Arthur S. Holmes

	 	 	 	 	 ARTHUR S. HOLMES

			
	 	 	 	 	 EXECUTION WITNESSED BY:

			
	 	 	 	 	 /s/    Christine H. Holmes

  

 7 

							
	 DATE OF EXECUTION BY COMPANY:
	  	 	 	 AGREED TO AND ACCEPTED BY

	 	  	 	 	 CHART INDUSTRIES, INC.

			
	 December 22, 2003

	  	 	 	 BY: /s/    Michael F. Biell

	 	  	 	 	 TITLE: CFO & Treasurer

			
	 	  	 	 	 EXECUTION WITNESSED BY:

			
	 	  	 	 	 /s/    Mark Ludwig

  

 8

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