Document:

Exhibit 10.1

 

			412 Mt. Kemble Ave, Ste 110C

 Morristown,

NJ 07960, USA

		    +1 973-461-5200

            +1-973-496-9126

        

www.majesco.com

 

 

Date: April 4, 2019

 

Mr. Wayne Locke

68 Rockledge Drive,

Livingston, NJ 07039

 

Dear Mr. Locke,

 

We are pleased to
offer you the position of Chief Financial Officer for MAJESCO.

 

Your start date will be on or before April 8, 2019. You
will report to Mr. Adam Elster, CEO.

 

		1.	Compensation and Benefits

 

		a.	Base Salary: Your base salary will be $290,000
per annum (Two Hundred Ninety Thousand only), payable to you on a semi- monthly basis.

 

		b.	Annual Cash Bonus: In addition, you will be
entitled to an annual cash bonus up to 50% of your base salary. Annual cash bonus is paid annually based on annual corporate
targets.

 

		2.	Interim draw against
Annual Cash Bonus: After completion of 6 months of your employment with Majesco, a payment of $ 36,250 calculated at
25% of your annual bonus ($ 145, 000) will be paid to you as an interim draw. This interim draw will then be adjusted from your
final annual bonus payable at the end of the year.

 

		3.	Sign-On Restricted Stock Units: You will be granted an award
of 45,000 Restricted Stock Units (“RSUs”) under the Majesco equity incentive plan effective your joining date or as
soon thereafter as reasonably practicable. These RSU will vest equally over the 3 years.

 

		a.	Notice Period: The employment which is “at
will”, is subject to termination by the Company at any time Without Cause with two (2) weeks’ notice or with Cause.
If you decide to terminate the employment, you shall provide the Company with two (2) weeks prior notice exclusive of any vacation
time accrued and will return to Majesco, all Majesco’s property. This at-will employment relationship cannot be changed
except in a written format signed by the CEO of Majesco

 

		4.	Severance: In the event that your employment with the Company is terminated at any time
by the Company Without Cause (solely as determined by the Company), you will be entitled to receive a lump sum payment on the 60th
day following termination equal to six (6) months’ base salary and the prorated portion of annual bonus as severance, subject
to execution of a release of all claims reasonably satisfactory to the Company.

 

     

    

    

 

 

		5.	Severance and Change of Control

 

		a.	In the event that your employment with the Company
is terminated at any time by the Company for a reason defined as Change in Control and for resignation as a Good Reason as a consequence
of Change of Control as defined in this Section 5.a.:

 

		i.	Severance: You will be entitled to receive a lump
sum payment on the 60th day following termination equal to six (6) months Base Salary and the prorated portion of annual bonus
as severance.

 

		ii.	Acceleration Upon Change of Control: In the event that your employment is terminated
Without Cause and in connection with a Change of Control transaction, or as resignation for a Good Reason as a consequence of a
Change of Control, 100% of your then outstanding unvested Equity Awards will immediately vest.

 

		b.	Definitions:

 

		i.	Cause means termination of employment by Company
to (i) your conviction of, or plea of nolo contendre with respect to: (1) any felony, (2) any act of fraud or embezzlement against
the Company or its affiliates, (3) any act of moral turpitude, or (4) any conduct tending to bring the Company or its affiliates
into substantial public disgrace or disrepute, (ii) the commission by you of any act or omission involving fraud with respect
to the Company or its affiliates or in connection with any relationship between the Company or its affiliates on the one hand
and any customer or supplier thereof on the other hand, (iii) use by you of illegal drugs or repetitive abuse of other drugs or
repetitive excessive consumption of alcohol interfering with the performance of your duties, (iv) the gross negligence or willful
misconduct of you in the performance of your duties with respect to the Company or its affiliates, (v) the material breach of
this Offer Letter or any other confidentiality agreement or agreement with respect to your employment, between you and the Company
or its affiliates, which breach is not cured after the Company gives you notice, (vi) your failure to follow the lawful directives
of the Company or its affiliates after the Company gives you notice of such performance deficiency, or (vii) your failure to observe
the material policies of the Company or its affiliates applicable to you and communicated to you in writing and your failure to
cure after the Company gives you notice of such failure.

 

		ii.	Change of Control means (i) a dissolution or liquidation
of the Company, (ii) a merger or consolidation in which the Company is not the surviving corporation (other than a merger or consolidation
with a wholly owned subsidiary, (iii) the sale of substantially all of the assets of the Company.

 

		iii.	Good Reason means a material change in your primary
role & responsibilities (excluding ‘change(s) in your reporting relationship/hierarchy).

 

		iv.	Without Cause means termination of employment
by the Company for reasons other than Cause.

 

     

    

    

 

 

In addition, you will be entitled to the
following benefits offered by MAJESCO per the rules of the company and consistent with the package offered to other MAJESCO staff:

 

		·	Medical, Dental and Vision Health Insurance

		·	Life, Accidental Death and Dismemberment

		·	Short-term and Long-term Disability Insurance

		·	Fifteen days earned paid vacation per year plus holidays

		·	In addition, Majesco provides a completely employer
paid insurance protection under Life and AD&D which is 1.5 X times the base salary and up to $ 500,000.

 

The position is currently based in Morristown,
NJ. 

The position may also require frequent
travel. This may include travel to India and other countries outside the United States of America.

  

Terms of employment

 

This offer is conditioned on your signing
this offer letter and Majesco’s Non-Disclosure Agreement.  This offer is also based on (i) a satisfactory background
investigation and reference check; and (ii) satisfactory proof of your legal right to work in the United States. 

 

This offer is contingent upon compliance
with Form I-9 completion timelines and confirmation of employment authorization by E-Verify.

 

The terms and conditions of your employment
will be governed by applicable Majesco policies, including but not limited to our Employee Handbook and Information Security Policy
and procedures. By accepting employment with Majesco, you have consented to Majesco’s limited use of your personal information
for the purposes of fulfilling certain aspects of the employer-employee relationship, such as hiring, administering benefits, payment,
and ensuring the health and safety of its employees.

 

The employment terms in this letter supersede
any other agreements or promises made to you by anyone, whether oral or written.

 

This letter shall be governed by and construed
in accordance with the laws of the State of New Jersey.

 

Please return a signed acceptance of this
letter within two (2) business days as indication that you find the offer acceptable. We look forward to your joining the Majesco
team. Please sign below so we may begin the process of indoctrinating you to Majesco.

 

Sincerely,

 

	Adam Elster	Accepted 	/s/ Wayne Locke

 

	CEO	Date 	4/4/19Exhibit

Exhibit10.1

	
					
	 

April 5, 2019

Ms. Lori Ryerkerk

Dear Lori:

On behalf of Celanese, I am pleased to confirm our offer for the position of Chief Executive Officer and President of Celanese Corporation. You will be required to devote your full time and attention to this position, and you will be required to relinquish any other employment other than non-executive Board positions. Your position will be based in Irving, TX and is expected to commence no later than May 1, 2019.

Base Salary (delineated in USD) 
Your base salary will be $950,000 per year and will be payable on a bi-weekly basis in accordance with the Company’s normal payroll practice.

Annual Bonus
As the CEO, you will be eligible to participate in the Company’s annual executive incentive plan. Our bonus plan uses both financial and non-financial measures and your personal performance to determine your actual bonus payout each year. For 2019, your annual bonus opportunity at target will be 100% of your eligible wages (the “Target”), with a “Stretch” opportunity for business performance of up to 200% of your eligible wages.  A personal performance modifier also allows for an additional adjustment between 0% and 150% of your planned bonus payout to reflect your individual performance relative to your annual objectives.  Accordingly, the absolute maximum payout for the annual bonus would be 300% of your eligible earnings.

For 2019, you will be eligible for a pro-rata bonus, based on actual Company and individual performance. You must be employed by Celanese at the time, in general, such bonus payments are made in March of the following year, to remain eligible to receive the bonus payout.

Long-Term Incentive Awards 
Celanese currently delivers Long-Term Incentive (LTI) compensation to select employees through annual grants of equity awards. Annual LTI awards are planned to occur in the first quarter of each calendar year.  Each year, the Compensation and Management Development Committee of the Board of Directors evaluates the level of awards and the mix among various stock-based vehicles. As CEO, your target LTI grant value will be $3,000,000. For the 2019 compensation cycle, you will be granted a $3,000,000 award per the current LTI plan design for Executive Officers that includes 70% Performance-Based Restricted Stock Units (Performance-Based RSUs) and 30% Time-vesting Restricted Stock Units (Time-vesting RSUs).

Initial Equity Award 
Celanese believes that an executive’s interests should be aligned with shareholder interests, in part through equity ownership in the Company. As a result, you will receive an equity award as part of your initial offer package.  Your initial equity award will consist of the following:
Time-vesting Restricted Stock Units (Time-vesting RSUs): You will receive an award of Time-vesting RSUs having a grant date fair value equal to $2,000,000 that will vest 50% each year on the first two anniversaries of the grant date. Once vested, the after-tax portion of these shares will be required to be held until the CEO stock ownership guideline has been met, as described later in this document.
The Compensation Committee will approve this award, subject to your acceptance of this letter, with the grant date to be the later of your start date or May 1, 2019. The complete terms of your initial award will be included in an award agreement sent to you after the grant date. You will be required to sign an appropriate award agreement and the Celanese LTI Claw-back agreement in order to receive the award.

Sign-on Bonuses
You will receive a one-time Sign-on Bonus cash payment in the amount of $35,000 less applicable deductions, which is payable through our normal payroll process within thirty (30) days of your start date.  Should you voluntarily end your employment with Celanese for any reason within two (2) years of your start date, Celanese reserves the right to seek full repayment of the Sign-on Bonus.

Retirement
You will be eligible for retirement once you have reached the age of 65 and have at least 10 years of service with the Company per company policy. Your long-term incentive award agreements will include retirement provisions that will include the following vesting provisions: (1) A prorated number of PRSUs, based on time worked and plan earnings schedule, will vest, subject to adjustment for the achievement of performance metrics, on the original grant vesting schedule. (2) A prorated number of time-vested RSUs, based on time worked, will vest on the original grant vesting schedule.

Change in Control Agreement
You will be eligible to receive change in control benefits as described in the Change in Control agreement that will be issued to you upon hire. Generally, the cash provision is equal to two (2) times the sum of (i) your then current annualized based salary; and (ii) the higher of (x) your Target Bonus in effect on the last day of the Fiscal Year that ended immediately prior to the year in which the Termination Date occurs, or (y) the average of the cash bonuses paid by the Company to you for the three Fiscal Years preceding the Termination Date. Your long-term incentive awards are governed by the terms and conditions of the applicable individual award agreements.

Your change in control agreement will include a “best-net” provision that states the Company will cut back change in control payments to the safe harbor limit only if you would receive a greater after-tax benefit than if the excise tax were paid by you on any excess parachute payment. You will not be entitled to any tax gross-up.

Please note that these benefits are paid only if there is a change in control and the covered executive is terminated (i.e. “double-trigger”). The protection period of the termination covers two years following a change in control or following the first public announcement of a potential change in control transaction.

Stock Ownership Guidelines
In order to align our executives’ interests with those of our shareholders, Celanese expects senior leaders to maintain equity ownership in the Company commensurate with their position. You will be subject to stock ownership guidelines applicable to your position as in effect from time to time. The current CEO stock ownership guideline is equal to a value of 6 times your annual base salary and you will have five (5) years to meet the guideline. In computing compliance with our stock ownership guidelines, sixty percent (60%) of the value of any unvested Restricted Stock Unit awards (time- or performance-vested) granted to you that vest during the next year, as well as one hundred percent (100%) of any Celanese stock that you beneficially own in your various Company and individual accounts, will be included.

Employee Benefits
During your employment, you will be entitled to participate in the Company’s employee benefit plans as in effect from time to time, on the same basis as those benefits that are generally made available to other employees of the Company.  We offer medical and dental coverage, group life insurance (1 times annual base pay), and a retirement savings plan that includes company contributions of up to 11% (comprised of 401(k) matching contributions of 100% on the first 6% of the employee’s contributions plus a 5% company retirement contribution), subject to IRS code restrictions.

Additionally, you will be eligible to participate in the Celanese Annual Executive Physical Program including an annual physical. 

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Relocation Assistance
Celanese will assist in your relocation to the Dallas area under the provisions of our relocation policy for new employees in effect at that time. Generally, this policy provides for the shipment of household goods, home sale and purchase assistance (for homeowners) and a lump-sum payment to assist with various miscellaneous expenses associated with your relocation. The home sale and purchase assistance can be utilized for up to one (1) year after you relocate to the Dallas area. Details of our relocation policy will be provided to you under separate cover.

Should you voluntarily end your employment with Celanese for any reason within two (2) years of your start date, Celanese will seek full repayment of any relocation assistance provided to you.

Restrictive Covenant Agreement (RCA)
As a condition of your employment, you will be required to execute a Restrictive Covenant Agreement (the “RCA”) with the Company regarding protection and non-disclosure of confidential information and non-competition, non-solicitation and no hire.  A copy of this agreement will be provided to you under separate cover.

Background Check & Drug Screen
This offer of employment is contingent upon the satisfactory completion of a third-party background check and pre-employment examination including tests for substance abuse.  If both tests are not satisfactorily completed, the offer will be rescinded. It is noted that the background check has already been satisfactorily completed

Employment Verification
As required by law, we will need to verify and document your identity and eligibility for employment in the United States.  You can find a complete list of acceptable documents at http://www.uscis.gov/files/form/i-9.pdf.  Please bring appropriate documentation on your start date.  Do not complete the form in advance; you must complete it on your first day of employment. 

Terms & Conditions of Employment
This offer letter constitutes the full terms and conditions of your employment with the Company. It supersedes any other oral or written promises that may have been made to you.

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Lori, we are most enthusiastic about your joining the team. If these provisions are agreeable to you, please sign the copy of this letter and return it to Shannon Jurecka in the self-addressed envelope no sooner than __________ , 2019.

Sincerely,

Mark Rohr                        Kathryn Hill
Chairman                        Celanese Compensation Committee Chair

	
					
	 

Acknowledgment of Offer: 
(Please check one) 
	
						
	þ
	 
	I accept the above described offer of employment with Celanese and understand that my employment status will be considered at-will and may be terminated at any time for any reason. Upon acceptance of this offer, I agree to keep the terms and conditions of this agreement confidential. 

	 
	 
	 

	o
	 
	I decline your offer of employment.

	
					
	Signature:
	/s/ Lori J. Ryerkerk
	 
	Date:
	5 April 2019

	 
	 
	 
	 
	 

Anticipated Start Date: May 1, 2019    

Review and approved:

_____________        Shannon Jurecka, SVP, Human Resources

_____________        Lynne Puckett, SVP & General Counsel

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