Document:

GREAT WEST - EX-10.10

Exhibit 10.10
 
LETTER OF OFFER OF EMPLOYMENT

Revised July 11, 2014

Louis J. Mannello, Jr.

Dear Louis:

On behalf of Great-West Life & Annuity Insurance Company ("Great-West" or the "Company"), I am pleased to offer you a full-time position as Senior Vice President & Chief Financial Officer. This position will be located in Greenwood Village, Colorado and will report to Robert Reynolds, President and Chief Executive Officer, Great-West Life & Annuity Insurance Company and William Lovatt, Executive Vice-President and Chief Financial Officer, Great-West Lifeco Inc. If you accept this offer, your start date will be August 11, 2014.

COMPENSATION

Your compensation will consist of the following:

 Salary: Salary will be $415,000.00 per year, to be paid biweekly.

Initial Stock Option Grant: Subject to the terms of the Great-West Lifeco Stock Option Plan and subject to approval by the Great-West Lifeco Compensation Committee, an initial grant of Great-West Lifeco stock options with an approximate value of $225,000 on or shortly after your employment commencement date. These stock option grants will each vest at 20% per year for five years following the grant date.

Non-Qualified Deferred Compensation Plan: Eligibility to participate in the Company's Non-Qualified Deferred Compensation Plan.

Annual Bonus Program: Participation in the Company's Annual Bonus Program beginning from your date of hire. Your target and maximum reward opportunity will be based on the bonus program in effect for your employee level (the current target for your level is 75% of eligible earnings in any calendar year). Bonus payments are neither automatic nor guaranteed, are subject to approval by the Company's Compensation Committee, are contingent on a variety of factors and are determined by the Company in its sole discretion. The Annual Bonus Program is subject to change or termination at any time with or without notice. In order to be eligible to receive any annual bonus payments, you must be actively employed by Great-West and in good standing on the date that the bonus is paid.

Notwithstanding the terms and conditions set forth in the preceding paragraph, you will receive a minimum annual bonus of 75% of your eligible earnings for the 2014 calendar year. Eligible earnings are defined as the compensation paid by the Company while an employee is actively performing his/her role. Eligible earnings do not include any supplemental pay or third party pay amounts received while an employee is not actively at work. This annual bonus payment is currently scheduled to be paid no later than March 15, 2015.

 Annual PSU Program: Participation in the Company's Annual PSU Program, beginning from your date of hire, whereby an individual's annual PSU grant will be a % of base pay, depending on prior year's annual bonus performance. The current annual PSU grant for your employee level is a target of 25% and a maximum of 37.5% of base salary. PSU grants are neither automatic nor guaranteed; they are subject to the terms of the Share Unit Plan, are subject to approval by the Company's Compensation Committee, are contingent on a variety of factors and are determined by the Company in its sole discretion. Annual PSU grants are determined on or around January or February of each calendar year. The Annual PSU Program is subject to change or termination at any time with or without notice.

Subject to the terms and conditions set forth in the preceding paragraph, you will receive a PSU award of 37.5% of you eligible earnings for the 2014 calendar year. This award will be granted no later than March 15, 2015. Eligible earnings are defined as the compensation paid by the Company while an employee is actively performing his/her role. Eligible earnings do not include any supplemental pay or third party pay amounts received while an employee is not actively at work.

Annual Stock Option Program: Participation in the Company's Annual Stock Option Program, beginning from your date of hire. The number of stock options granted each year will be subject to the policy for employees at your level, currently 110% of base salary. The option grants are calculated by multiplying base salary by 110% then dividing by the converted closing average share price of the last 20 days in the year preceding the grant. Grants are determined on or around January or February of each calendar year. Stock option grants are neither automatic nor guaranteed; they are subject to the terms of the Great-West Lifeco Stock Option Plan, are subject to approval by the Great-West Lifeco Compensation Committee, are contingent on a variety of factors and are determined by the Company in its sole discretion. The Annual Stock Option Program is subject to change or termination at any time with or without notice.

Perquisite Allowance: $5,000.00 annual allowance for reimbursement of various personal expenses such as club dues and fees, financial planning services, etc. In addition a one-time club initiation reimbursement allowance of $10,000.00 will also be provided.

Separation Payment: Should Great-West involuntarily terminate your employment without Cause within two years of your employment commencement date, you will be entitled to a lump-sum separation payment from Great-West of $996,000 to be paid within 70 days following your involuntary termination of employment, provided you sign a separation and release agreement in the form provided by Great-West no later than the 60th day following your termination of employment, and you do not revoke such agreement. For the purposes of the preceding sentence, “Cause" shall include: conduct constituting a felony or other crime involving dishonesty, theft or an act of financial wrongdoing; dishonest or fraudulent conduct; a significant violation or repeated violations of the Company's Code of Business Conduct and Ethics or any other Company policy; prolonged or significantly substandard performance of job duties; or conduct which is materially injurious to the Company, monetarily or otherwise, in each case as determined by Great-West in its sole discretion.

Active Employment Requirement: Except for the Separation Payment described in the previous paragraph, no compensation of any kind shall be payable to you if you are not actively employed by Company on the date such compensation is paid, as determined by Company in its sole discretion.

BENEFITS

 Benefits: You are eligible to participate in the Company's benefit plans. Benefit enrollment
details will be provided by Human Resources as part of your new hire orientation. If you have
additional questions please contact the Chelle Dillabough at 303-737-4545. You will have 31
days from your date of hire to enroll for benefits. Prior to your start date, you will receive an
email notification regarding new hire paperwork to be completed online and returned to the
Human Resources Department.

 Paid Annual Leave: Your initial accrual rate will be two days per month. beginning on your
date of hire. In addition you will receive two days per year as floating holidays.

 Indemnification: Great-West indemnifies its employees in accordance with its bylaws.

RELOCATION

You are eligible for a Relocation Package, a brief summary of which is enclosed. When you are ready to relocate, the full policy will be provided to you and arrangements will be coordinated through the Company's Human Resources Department. Should you leave Great-West voluntarily or are involuntarily terminated for Cause, as defined in the Separation Payment section above, prior to your two (2) year anniversary date with Great-West, you must refund the entire amount of Relocation
benefits and payments made to you by Great-West.

CONTINGENT OFFER

This offer is contingent upon Great-West Compensation Committee approval and Great-West receiving satisfactory results of a drug screening test, background check, and employment and education verification, as well as satisfactory proof of eligibility to work in the United States. The drug screening test must be completed no later than 48 hours from the time in which the eScreen Passport email is initiated to you. If you are unable to visit a drug testing location within this timeframe, please contact Suzanne Sanchez at 303-737-1655.

Remember that your employment with Great-West is considered to be at-will and may be terminated by you or the Company at any time. Also, continued employment is contingent on your compliance with any applicable registration or licensing requirements.

If you wish to accept this offer, please sign and return it to Suzanne Sanchez within five business days. We look forward to you joining the Great-West team. Should you have any questions, please contact Suzanne Sanchez at 303·737-1655.

Sincerely,

	
				
	 
	 
	 
	 

	/S/
	Robert L. Reynolds
	 
	 

	 
	Robert L. Reynolds
	 
	 

	 
	President and Chief Executive Officer
	 
	 

	 
	Great-West Life & Annuity Insurance Company
	 
	 

	 
	 
	 
	 

	/S/
	William Lovatt
	 
	 

	 
	William Lovatt
	 
	 

	 
	Executive Vice President & Chief Financial Officer
	 
	 

	 
	Great-West Lifeco, Inc.
	 
	 

Accepted:

	
					
	 
	 
	 
	 
	 

	/s/
	Louis J. Mannello, Jr.
	 
	Date:
	July 23, 2014

	 
	Louis J. Mannello, Jr.NREI II - 09.30.2014 EX  10.5

Exhibit 10.5

FIRST AMENDMENT TO LETTER AGREEMENT

FIRST AMENDMENT TO LETTER AGREEMENT, dated as of September 25, 2014 (this “Amendment”), by and among DB LOAN NT-II, LLC, a Delaware limited liability company (“Master Seller”), and DEUTSCHE BANK AG, CAYMAN ISLANDS BRANCH, a branch of a foreign banking institution (“Buyer”), and is agreed to and acknowledged by NORTHSTAR REAL ESTATE INCOME II, INC., a Maryland corporation, and NORTHSTAR REAL ESTATE INCOME OPERATING PARTNERSHIP II, LP, a Delaware limited partnership (collectively, “Guarantor”), and DB LOAN MEMBER NT-II, LLC, a Delaware limited liability company (“Member”). Capitalized terms used but not otherwise defined herein shall have the respective meanings given to them in the Repurchase Agreement (as hereinafter defined).

RECITALS

WHEREAS, Master Seller and Buyer are parties to that certain Master Repurchase Agreement, dated as of July 2, 2014 (as amended, modified and/or restated, the “Repurchase Agreement”), between Master Seller and Buyer; 

WHEREAS, Master Seller and Buyer entered into that certain Letter Agreement, dated as of July 2, 2014 (as amended, modified and/or restated, the “Letter Agreement”), between Master Seller and Buyer, which Letter Agreement sets forth certain fees, pricing information and other terms and conditions in connection with the Transactions under the Repurchase Agreement;

WHEREAS, Guarantor guaranteed the obligations of Seller under the Repurchase Agreement and the other Transaction Documents pursuant to that certain Limited Guaranty, dated as of July 2, 2014 (as amended, modified and/or restated, the “Sponsor Guaranty”), from Guarantor to Buyer; 
    
WHEREAS, Member guaranteed the obligations of Seller under the Repurchase Agreement and the other Transaction Documents pursuant to that certain Member Guaranty, dated as of July 2, 2014 (as amended, modified and/or restated, the “Member Guaranty”), from Member to Buyer; and

WHEREAS, Master Seller, on behalf of itself and each Series Seller that is a party to a Transaction under the Repurchase Agreement as of the date hereof, and Buyer wish to amend and modify the Letter Agreement upon the terms and conditions hereinafter set forth.

NOW THEREFORE, in consideration of the premises and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, Master Seller, on behalf of itself and each Series Seller that is a party to a Transaction under the Repurchase Agreement as of the date hereof (collectively, “Seller”) and Buyer hereby agree that the Letter Agreement shall be amended and modified as follows:

1.Amendments to the Letter Agreement.  (a)  The following defined term in the Letter Agreement is hereby deleted in its entirety and replaced with the following:
“’Maximum Amount’    shall mean, as of any date, the lesser of (i) $200,000,000 and (ii) the product of (A) the then-current Total Equity of NS Income II (each of such terms as defined in the Guaranty) as of such date multiplied by (B) two-thirds (2/3), as such amount may be reduced by Seller pursuant to Section 4(b).
(b)    Section 2(c) of the Letter Agreement is hereby amended by deleting the words “the Maximum Amount” in clause (i) thereof and replacing same with “$200,000,000”.

(c)    Section 4(b) of the Letter Agreement is hereby amended by deleting “$50,000,000” and replacing same with “$100,000,000.”  

2.    Amendment of Transaction Documents.  From and after the date hereof, all references in the Letter Agreement to “this Letter Agreement” and all references in the other Transaction Documents to “the Letter Agreement” shall be deemed to refer to the Letter Agreement as amended and modified by this Amendment and as same may be further amended, modified and/or restated.  
3.    Additional Structuring Fee.  In consideration for the increase in the Maximum Amount hereunder, Seller shall be required to pay Buyer an additional structuring fee in the amount of $250,000 on the date hereof.  
4.    Due Authority.    Master Seller, on behalf of itself and each Series Seller that is a party to a Transaction under the Repurchase Agreement as of the date hereof, hereby represents and warrants to Buyer that, as of the date hereof, (i) it has the power to execute, deliver and perform its respective obligations under this Amendment, (ii) this Amendment has been duly executed and delivered by it for good and valuable consideration, and constitutes its legal, valid and binding obligation enforceable against it in accordance with its terms subject to bankruptcy, insolvency, and other limitations on creditors’ rights generally and to equitable principles, and (iii) neither the execution and delivery of this Amendment, nor the consummation by it of the transactions contemplated by this Amendment, nor compliance by it with the terms, conditions and provisions of this Amendment will conflict with or result in a breach of any of the terms, conditions or provisions of (A) its organizational documents, (B) any contractual obligation to which it is now a party or the rights under which have been assigned to it or the obligations under which have been assumed by it or to which its assets are subject or constitute a default thereunder, or result thereunder in the creation or imposition of any lien upon any of it’s assets, other than pursuant to this Amendment, (C) any judgment or order, writ, injunction, decree or demand of any court applicable to it, or (D) any applicable Requirement of Law, in the case of clauses (B)-(D) above, to the extent that such conflict or breach is reasonably likely to result in a Material Adverse Effect.
5.    Counterparts. This Amendment may be executed by each of the parties hereto in any number of separate counterparts, each of which shall be an original and all of which taken together shall constitute one and the same instrument. Delivery of an executed counterpart of a signature page to this Amendment in Portable Document Format (PDF) or by facsimile transmission shall be effective as delivery of a manually executed original counterpart thereof.

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6.    GOVERNING LAW. THIS AMENDMENT SHALL BE GOVERNED BY THE LAWS OF THE STATE OF NEW YORK WITHOUT GIVING EFFECT TO THE CONFLICT OF LAW PRINCIPLES THEREOF.
7.    Reaffirmation of Guaranty and Member Guaranty.  Guarantor acknowledges the amendments and modifications of the Letter Agreement pursuant to this Amendment and hereby ratifies and reaffirms all of the terms, covenants and conditions of the Sponsor Guaranty and agrees that the Sponsor Guaranty remains unmodified and in full force and effect and enforceable in accordance with its terms.  Member acknowledges the amendments and modifications of the Letter Agreement pursuant to this Amendment and hereby ratifies and reaffirms all of the terms, covenants and conditions of the Member Guaranty and agrees that the Member Guaranty remains unmodified and in full force and effect and enforceable in accordance with its terms.
8.    Repurchase Agreement and Transaction Documents in Full Force and Effect.  Except as expressly amended hereby, Master Seller, on behalf of itself and each Series Seller that is a party to a Transaction under the Repurchase Agreement as of the date hereof, Guarantor and Member acknowledge and agree that all of the terms, covenants and conditions of the Repurchase Agreement and the other Transaction Documents remain unmodified and in full force and effect and are hereby ratified and confirmed in all respects.

[NO FURTHER TEXT ON THIS PAGE]

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IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be duly executed and delivered as of the day and year first above written.

	
		
	 
	BUYER:

	 
	DEUTSCHE BANK AG, CAYMAN ISLANDS BRANCH

	 
	

By:____/s/ Christine Belbusti______________

	 
	      Name: Christine Belbusti
      Title:   Director

	 
	

By:____/s/ Dean Aotani __________________

	 
	      Name:   Dean Aotani
      Title:   Managing Director

	
		
	 
	MASTER SELLER: 

	 
	DB LOAN NT-II, LLC, 

	 
	By:      DB Loan Member NT-II, LLC, its sole member

By:      NorthStar Real Estate Income Operating Partnership II, LP, its sole member

By:      NorthStar Real Estate Income II, Inc., its general partner

By: ____/s/ Ronald J. Lieberman ______

	 
	Name: Ronald J. Lieberman
Title:  Executive Vice President, General Counsel & Secretary

[SIGNATURES CONTINUE ON FOLLOWING PAGE]

AGREED TO AND ACKNOWLEDGED BY: 

GUARANTOR:

NORTHSTAR REAL ESTATE INCOME II, INC.,  
a Maryland corporation 

By:____/s/ Ronald J. Lieberman _______________
Name:  Ronald J. Lieberman
Title:   Executive Vice President, General Counsel & Secretary

NORTHSTAR REAL ESTATE INCOME 
OPERATING PARTNERSHIP II, LP,  
a Delaware limited partnership

  By:  NorthStar Real Estate Income II, Inc., a Maryland 
         corporation, its general partner 

  By:____/s/ Ronald J. Lieberman _______________
Name:  Ronald J. Lieberman
       Title:   Executive Vice President, General Counsel & Secretary

MEMBER:

DB LOAN MEMBER NT-II, LLC 

By:  NorthStar Real Estate Income Operating  
               Partnership II, LP, its sole member

 By:  NorthStar Real Estate Income II, Inc.,
                   its general partner

  By:____/s/ Ronald J. Lieberman _______________
 Name:  Ronald J. Lieberman
        Title:   Executive Vice President, General Counsel & Secretary

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