Document:

hubs-ex1013_8.htm

 

Exhibit 10.13

HUBSPOT, INC. 

NON-EMPLOYEE DIRECTOR COMPENSATION POLICY 

The purpose of this Director Compensation Policy of HubSpot, Inc. (the “Company”), is to provide a total compensation package that enables the Company to attract and retain, on a long-term basis, high-caliber directors who are not employees or officers of the Company or its subsidiaries. In furtherance of the purpose stated above, all non-employee directors shall be paid compensation for services provided to the Company as set forth below: 

Cash Retainers 

Annual Retainer for Board Membership: $33,500 for general availability and participation in meetings and conference calls of the Board of Directors, to be paid quarterly in advance. 

Annual Retainer for Lead Independent Director: $17,800 to be paid quarterly, in advance.

Additional Retainers for Committee Membership to be paid quarterly, in advance: 

 

	
Audit Committee Chairperson:
	
 
	
$
	
20,000
	
  

	
Audit Committee member:
	
 
	
$
	
10,000
	
  

	
Compensation Committee Chairperson:
	
 
	
$
	
15,000
	
  

	
Compensation Committee member:
	
 
	
$
	
7,500
	
  

	
Nominating and Corporate Governance Committee Chairperson:
	
 
	
$
	
8,500
	
  

	
Nominating and Corporate Governance Committee member:
	
 
	
$
	
4,000
	
  

 

Note: Chairperson retainers are in addition to member retainers. No equity retainers shall be paid as compensation for committee membership. 

Directors shall be entitled to retain any retainer fees paid in advance with respect to the quarter in which he or she ceases to be a director or ceases to serve on a committee, as committee chair or as Lead Independent Director.

Equity Retainers 

Annual equity grants: Each non-employee member of the Board will receive an annual equity grant (the “Annual Grant”) following the annual meeting of stockholders of $200,000 of equity awards in the form of stock options and/or restricted stock units, as determined by the Compensation Committee of the Board, that vest upon the first anniversary of such grant date (or, if earlier, immediately prior to the annual meeting of stockholders that is closest to the one year anniversary), provided, however, that all vesting ceases if the director resigns from the Board of Directors or otherwise ceases to serve as a director, unless the Board of Directors determines that the circumstances warrant continuation of vesting. The number of shares issued in connection with the Annual Grant shall be based on the 30 trading day trailing average NYSE stock price as of market close on the date of grant and in the case of options, shall be based on the 30 trading day trailing average fair value (Black-Scholes value) as of the date of grant. Newly elected non-employee directors will receive a pro-rated equity grant in connection with their appointment or election to the Board. 

Acceleration of Equity Awards: All unvested equity awards held by non-employee directors will accelerate and immediately vest if the non-employee director’s service relationship ends within three months prior to or twelve months following a Sale Event (as defined in the Company’s 2014 Stock Option and Incentive Plan). 

 

 

Directors Affiliated with Company Investors: Directors affiliated with an investor in the Company (“Investor Directors”) that holds one percent or more of our capital stock are not eligible to receive cash retainer fees or equity compensation under this policy. Directors affiliated with an investor who falls below the 1% threshold will become eligible to receive cash retainer fees beginning in the calendar quarter following the date in which the Company is notified that such investors’ holdings have fallen below 1% and will become eligible to receive an annual equity grant at the next annual meeting following such date. 

Expenses 

The Company will reimburse all reasonable out-of-pocket expenses incurred by non-employee directors in attending meetings of the Board or any Committee. 

Effective Date: January 1, 2019

ADOPTED: January 29, 2019EX-10.1

 Exhibit 10.1 

Newell Brands Inc. 

2019 Long-Term Incentive Plan 

Terms and Conditions 

1.    Grants. Under the terms and provisions of the Newell Rubbermaid Inc. 2013 Incentive Plan, or any
successor plan (the “Stock Plan”), the Organizational Development & Compensation Committee (the “Committee”) of the Board of Directors of Newell Brands Inc. (the “Company”), at any time and from time to time,
may grant awards based on shares of the Company’s Common Stock, including Restricted Stock Units, to eligible employees in such amounts as the Committee shall determine. This document, referred to herein as the “LTIP”, establishes a
methodology for determining awards of Restricted Stock Units under the Stock Plan in 2019 to eligible Newell legacy employees with positions in Salary Bands 6-14 and certain eligible Jarden legacy employees as
described below (collectively the “Key Employees”). The Committee or, in the case of awards to the Chief Executive Officer, the independent members of the Board of Directors (the “Independent Directors”), intends to grant
Restricted Stock Units to Key Employees pursuant to the guidelines set forth below. The Committee has delegated to certain officers of the Company (the “Authorized Officers”) its authority to determine awards of Restricted Stock Units to
Key Employees in accordance with this LTIP other than (i) officers subject to Section 16 of the Securities Exchange Act of 1934, as amended, (ii) any employee for whom the Committee specifically approved a 2018 LTIP award, or
(iii) as may be prohibited by applicable law, regulation or rule of a stock exchange on which the Company’s stock is listed. As used herein, the term “Committee” shall include the Committee, the Independent Directors or the
Authorized Officers, as the context requires. 
 2.    Guidelines. The number of shares subject to
Restricted Stock Units granted to a Key Employee in 2019 as an LTIP award will be determined as follows: 
  

	 	(a)	 For 2019 LTIP awards the Committee will determine: 

 

	 	(i)	 For each Key Employee identified by the Committee to receive an award, an award value, which may be expressed
as a dollar value or as percentage of the Key Employee’s base salary rate as in effect on January 31, 2019, which value will be based on the Key Employee’s Salary Band for legacy Newell employees and consistent with prior awards with
respect to legacy Jarden employees (the “Base Value”). The Committee may adjust the Base Value for any Key Employee based on individual performance or other factors deemed relevant by the Committee. 

 

	 	(ii)	 A comparator group of companies for purposes of determining the Company’s relative Total Shareholder
Return (“TSR”) for the performance period (the “TSR Comparator Group”) 

  
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	 	(iii)	 Performance Goals for purposes of determining the Company’s performance with respect to the cumulative
“Free Cash Flow” of the Company for the three-year performance period beginning as of January 1, 2019. 

  

	 	(b)	 Of the Base Value determined for each such Key Employee for the year: 

 

	 	(i)	 Time-Based Restricted Stock Units. The Committee intends to authorize a Time-Based Restricted Stock Unit
grant to each Key Employee for a number of shares of Common Stock determined by dividing the following percentage of the applicable Base Value established for such Key Employee by the Fair Market Value of a share of Common Stock on the date of grant
of the award: 

  

					
	 Salary Bands 11 through 15
	  	 	0-30	% 
	 Salary Bands 9 and 10 (and legacy Jarden Division CEOs)
	  	 	40	% 
	 Salary Bands 7 and 8 (and legacy Jarden VPs and SVPs identified by the Committee)
	  	 	50	% 
	 Salary Band 6 (and legacy Jarden directors identified by the Committee)
	  	 	100	% 

  

	 	(ii)	 Performance-Based Restricted Stock Units. The Committee intends to authorize a Performance-Based
Restricted Stock Unit grant to each Key Employee for a number of shares of Common Stock determined by dividing the following percentage of the applicable Base Value established for such Key Employee by the Fair Market Value of a share of Common
Stock on the date of grant: 

  

					
	 Salary Bands 11 through 15
	  	 	70-100	% 
	 Salary Bands 9 and 10 (and legacy Jarden Division CEOs)
	  	 	60	% 
	 Salary Bands 7 and 8 (and legacy Jarden VPs and SVPs identified by the Committee)
	  	 	50	% 
	 Salary Band 6 (and legacy Jarden directors identified by the Committee)
	  	 	0	% 

 The Committee may adjust the relative percentages of Time-Based and Performance-Based Restricted Stock Units in
individual cases based on such factors as it deems appropriate. Each Performance-Based Restricted Stock Unit grant will be subject to the performance analysis described in Exhibit A attached hereto). 

  
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 3.    Vesting. Each Performance-Based Restricted
Stock Unit grant will be subject to a three-year cliff vesting schedule ending on the third anniversary of the date of grant, subject to achievement of the applicable performance measures and continued employment. Each Time-Based Restricted Stock
Unit grant will vest ratably in one-third increments on each of the first, second and third anniversaries of the date of grant subject to continued employment. 

4.    Restricted Stock Unit Agreements. Each Restricted Stock Unit grant awarded pursuant to this LTIP
will be evidenced by a Restricted Stock Unit Agreement in accordance with Section 4.3 of the Stock Plan, which will specify the number of shares subject to the award, the vesting schedule, the payment provisions, including dividend or dividend
equivalent payment provisions, if any, and such other provisions as the Committee determines including, without limitation, provisions regarding continued employment with the Company, restrictions based upon the achievement of specific performance
goals, time-based restrictions on vesting following the attainment of specific performance goals, and/or restrictions under applicable federal or state securities laws. 

5.    Amendment or Termination of LTIP. The Committee reserves the right to amend or terminate the LTIP at any time,
retroactively or otherwise. No such amendment or termination will affect any outstanding Restricted Unit Award, which will be governed by the terms of the applicable Restricted Stock Unit Agreement. 

6.    Non-US Employees. Key Employees who reside outside the United States
(other than such employees residing in Argentina and Venezuela and, if applicable, members of the Newell Brands Management Committee) will receive cash–based Time-Based Restricted Stock Units and Performance-Based Stock Units under the 2015
Newell Rubbermaid Inc. International Incentive Plan. 
 7.    Capitalized Terms. Capitalized
terms used but not defined herein shall have the meanings assigned to such terms pursuant to the Stock Plan. 

  
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 EXHIBIT A 

Performance Criteria Applicable to 

Performance-Based RSUs 
  

	1.	 Following the completion of the applicable three-year performance period, the Committee will determine the
extent to which each of the Performance Goals described below have been achieved. Each payout percentage calculated in accordance with Section 2 and Section 3 of this Exhibit A shall be multiplied by one-half, and the resulting sum of the two payout percentages (to two decimal places) shall determine the adjusted number of Restricted Stock Units, and thus the number of shares of Common Stock or cash equivalents,
to be issued upon vesting pursuant to each Key Employee’s Performance-Based Restricted Stock Unit grant. 

  

	2.	 Relative Total Shareholder Return 

 

	 	a.	 The Performance-Based RSUs covered by the Award will be subject to analysis with respect to the following Total
Shareholder Return (“TSR”) Comparator Group members:1 

  

			
	 Avery Dennison Corporation
 Brother
Industries
 The Clorox Company
 Church & Dwight Co.,
Inc.
 Colgate-Palmolive Company
 Coty Inc.

Domtar Corporation
 Dorel Industries Inc.

AB Electrolux
 Fortune Brands Home & Security Inc.

General Mills
 Hasbro, Inc.
	  	 Henkel AG & Co. KGaA
 Kimberly-Clark
Corporation
 Koninklijke Philips N.V.
 Mattel, Inc.

Reckitt Benckiser Group plc
 SEB SA

Societe BIC SA
 Spectrum Brands Holdings, Inc.

Tupperware Brands
 VF Corporation

Whirlpool Corporation

  

	 	b.	 The Company’s ranking (in the range of highest to lowest) in the TSR Comparator Group at the end of the
performance period beginning January 1, 2019, and ending December 31, 2021, will be determined by the Committee based on the TSR for the Performance Period for the Company and each of the members in 

 

	1 	 Any companies that are in the TSR Comparator Group at the beginning of the performance period that no longer
exist at the end of the three-year performance period, (e.g., through merger, buyout, spin-off, or similar transaction), or otherwise change their structure or business such that they are no longer reasonably
comparable to the Company, shall be disregarded by the Committee in the Committee’s calculation of the appropriate interpolated percentage. 

  
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the TSR Comparator Group as calculated below (with the highest number ranked first and the lowest number ranked last): 

 

	 	c.	 TSR is calculated as follows and then expressed as a percentage: 

(Ending Average Market Value – Beginning Average Market Value) + Cumulative Annual Dividends 

Beginning Average Market Value 

“Average Market Value” means the simple average of the daily stock prices at close for each trading day during the applicable period
beginning or ending on the specified date for which such closing price is reported by the Nasdaq Stock Exchange or other authoritative source the Committee may determine. 

“Beginning Average Market Value” means the Average Market Value for the ninety (90) days ending December 31, 2018. 

“Cumulative Annual Dividends” mean the cumulative dividends and other distributions with respect to a share of the Common Stock the
record date for which occurs within the Performance Period. 
 “Ending Average Market Value” means the Average Market Value for
the last ninety (90) days of the Performance Period. 
 “Performance Period” means the period beginning January 1, 2019
and ending December 31, 2021. 
  

	 	d.	 The payout percentage applicable to the TSR analysis under the Award will be multiplied by an
interpolated percentage (using straight-line interpolation) attributable to the Company’s ranking in the TSR Comparator Group as set forth below. 

  

	 	e.	 The TSR Comparator Group member with the highest ranking will have a percentage of 200%, and the member with
the lowest ranking in the TSR Comparator Group will have a percentage of 0%. However, in the event the Company’s ranking in the TSR Comparator Group is in the bottom quartile of the TSR Comparator Group at the end of the three-year performance
period (i.e., December 31, 2020), the payout percentage will be zero regardless of the interpolated percentage. TSR Comparator Group members between the highest ranking and lowest ranking will have interpolated percentages.

  
 A-2 

	 	
For example, if the initial TSR Comparator Group has 24 companies (including the Company) at the beginning of the performance period and 5 of the companies have been merged out of existence or
are no longer comparable by the end of the performance period, the interpolated percentages will be based on where the Company ranks among the remaining 19 companies as follows: 

 

					
	 Rank

(Highest to Lowest)
	 	 Percentage
	 	 Percentage

	 1st
	 	200%	 	200%
	 2nd
	 	188.9%	 	188.9%
	 3rd
	 	177.8%	 	177.8%
	 4th
	 	166.7%	 	166.7%
	 5th
	 	155.6%	 	155.6%
	 6th
	 	144.4%	 	144.4%
	 7th
	 	133.3%	 	133.3%
	 8th
	 	122.2%	 	122.2%
	 9th
	 	111.1%	 	111.1%
	 10th
	 	100.0%	 	100.0%
	 11th
	 	88.9%	 	88.9%
	 12th
	 	77.8%	 	77.8%
	 13th
	 	66.7%	 	66.7%
	 14th
	 	55.6%	 	55.6%
	 15th
	 	44.5%	 	22.252
	 16th
	 	33.4%	 	0%
	 17th
	 	22.3%	 	0%
	 18th
	 	11.2%	 	0%
	 19th
	 	0%	 	0%

  

	3.	 Free Cash Flow 

  

	 	a.	 Free Cash Flow shall be measured on a cumulative basis over the entire three-year performance period. The
payout percentage for the Free Cash Flow targets shall be as follows: 

  

					
	 Payout Level
	  	
Cumulative Free Cash Flow
over Performance Period
	  	 Payout Percentage

	 Threshold
	  	$450 million	  	0%
		  	$625 million	  	50%
	 Target
	  	$800 million	  	100%
		  	$1.1 billion	  	150%
	 Maximum
	  	$1.5 billion	  	200%

  
  

	2 	 In the event that the cutoff for the bottom quartile occurs between ranks (e.g., between 15th and 16th in the example above) the zero payout percentage will not apply to the higher rank with the percentage determined by interpolation
between 0% and 44.5% (22.25% in the example above). 

  
 A-3 

	 	b.	 For any actual performance figure which falls between two defined payment thresholds, the payout with respect
to such performance criteria shall be determined by straight-line interpolation. 

  

	 	c.	 “Free Cash Flow” means operating cash flow for the total Company (including discontinued operations),
as reported by the Company, less capital expenditures, subject only to the adjustments described below. Free Cash Flow shall exclude the impact of all cash costs related to the extinguishment of debt; debt and equity related financing costs; cash
tax payments associated with the sale of a business unit or line of business; cash expenditures associated with the acquisition, or divestiture of business units or lines of business, including retention related deal payments and all cash costs
associated with appraisal rights proceedings; and other significant cash costs that have had or are likely to have a significant impact on Free Cash Flow for the period in which the item is recognized, are not indicative of the Company’s core
operating results and affect the comparability of underlying results from period to period, as determined by the Committee. Free Cash Flow shall include disposal proceeds for ordinary course and restructuring related asset sales. Free Cash Flow
shall include operating cash flow and capital expenditures attributable to Rexair, U.S. Playing Cards, Process Solutions, Mapa/Spontex and Commercial & Consumer Solutions (each, a “Held-For-Sale Business”). 

  

	 	d.	 Upon the divestiture of a business unit or line of business, other than a Held-For-Sale Business, Free Cash Flow targets shall be adjusted to exclude the estimated results for the divested business unit or line for the period following the divestiture, to reflect the negative
impact of any unabsorbed overhead (net of transition service fee recovery) resulting during the period following the divestiture, and to reflect the impact of any use of net proceeds from the divestiture for debt repayment. Upon the acquisition of a
business unit or line of business, Free Cash Flow targets will be adjusted to reflect the anticipated impact of the transaction during the performance period in accordance with management estimates as communicated to the Board of Directors (or a
committee thereof) in support of the acquisition approval request, including any related interest expense or financing cost. 

  

	 	e.	 The Free Cash Flow targets described above are based on the assumption that each of the Held-for-Sale Businesses is divested in accordance with the schedule reflected in the Company’s annual budget for 2019. In the event that any Held-For-Sale Business is not divested during the three-year performance period, or is divested on a date later than the date assumed in such 2019 budget, the Free Cash Flow targets will be adjusted to include the
budgeted and/or estimated results for such Held-for-Sale Business for the period of time between the actual and planned divestiture dates (or period-end, as applicable), and to reflect the impact of any related delay in the planned use of net proceeds from the divestiture for debt repayment. In the event that any Held-For-Sale Business is divested on a date earlier than the date assumed in such 2019 budget, the Free 

  
 A-4 

	 	
Cash Flow targets will be adjusted to exclude the budgeted results for such Held-for-Sale Business for the period
of time between the actual and planned divestiture dates, and to reflect the impact of any related acceleration in the planned use of net proceeds for debt repayment. 

  
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