Document:

Exhibit 10.1

 

Hasbro, Inc.

Performance Rewards Program

January 1, 2013

 

Hasbro, Inc.

Performance Rewards Program

	
1.0

	
Background

1.1               Performance Rewards Program (PRP)

	
 

	
§Establishes standard criteria to determine plan eligibility, and overall company, business area or region, and individual performance objectives.

	
 

	
 

	
 

	
§Provides the guidelines for the establishment of target awards as a percent of annual earned salary based on worldwide band level.

	
 

	
 

	
 

	
§Plan pay-out is based on a combination of company, business area or region, and individual performance.

	
 

	
 

	
 

	
§Performance objectives and goals are established to measure performance achievement and may be based on one or a combination of the following: sales (net revenues), operating margin and returns (free cash flow) for company and business area or region performance, as well as an individual component.

1.2              Purpose

Hasbro, Inc., herein referred to as "the Company", has established this plan for the purpose of providing incentive compensation to those employees who contribute significantly to the growth and success of the Company's business; to attract and retain, in the employ of the Company, individuals of outstanding ability; and to align the interests of employees with the interest of the Company's shareholders.

1.2.1        General Guideline

No employee of the Company has any legal entitlement to participate in the PRP or to receive an award under the PRP.

1.3              Scope

The Plan is applicable to all subsidiaries and divisions of the Company, including the Corporate group, on a worldwide basis.

1.3.1        Eligibility

Employees, as determined by management, whose duties and responsibilities contribute significantly to the growth and success of the Company's business, are eligible to participate in the Plan.  Eligibility will be determined by an employee's broad band in accordance with the Company's method of job evaluation as appropriate.  Eligibility to participate in the Plan does not guarantee the receipt of an award under the Plan.

Unless otherwise required by law, employees eligible for other short-term incentive plans are not eligible to participate.

1.3.2 Exclusion of Senior Management Performance Plan Participants

Notwithstanding any of the above, those executive officers of Hasbro, Inc. who are identified as participants under the Company's 2009 Senior Management Annual Performance Plan (or any successor shareholder approved bonus plan) are not eligible to participate in the PRP.  However, executive officers who are not identified as participants in the 2009 Senior Management Annual Performance Plan (or a successor plan) are eligible to participate in the Plan.

2.0              Incentive Award Levels

2.1              Target Incentive Award

Target awards are expressed as a percentage of earned salary for the plan year.  For purposes of this Plan, earned salary means all base compensation for the participant for the year in question, which base compensation shall include all base compensation amounts deferred into the Company's retirement savings plan, the Company's Non-Qualified Deferred Compensation Plan, and/or any similar successor plans for the fiscal year and excludes any bonus or other benefits, other than base compensation, for the plan year.  By design, these are the award levels that plan participants are eligible to earn when they and their applicable business units perform as expected (i.e., achieve their goals and objectives).  Incentive target awards are determined by salary band and vary by country.

2.2              Maximum Incentive Award

Under this incentive plan the maximum award for employees below band WW80 is 200% of the target award.  The maximum award for employees in band WW80 or above is 300% of the target award.

3.0              Measures of Performance for 2013

	3.1	Establishing Company and Business Area or Region Performance Targets

In the first quarter of the plan year, the Company's senior management establishes the level of target performance for the year associated with each of the Company and business area or region performance metrics.  Those target levels are reviewed and approved by the Company's President and Chief Executive Officer and by the Compensation Committee of the Company's Board of Directors (the "Compensation Committee").

3.2             Overall Company Performance

Each PRP formula award contains a performance component related to overall Hasbro company performance.  For 2013, the Company component is measured by Sales, Operating Margin, and Returns.  Overall Company performance is determined by individually assessing performance against goal for each metric, applying the acceleration/deceleration scale, weighting each metric and summing the total.   The weighting and definition of the overall Company measures are:

  

	
Measure

	
Definition

	
% of Company Measure

	
Sales (net revenues)

	
Third Party Gross Sales (after returns) less Sales Allowances plus Third Party Royalty Income

	
40%

	
Operating Margin

	
Operating Profit divided by Net Revenues

	
40%

	
Returns (Free Cash Flow)

	
Net cash provided by operating activities – Capital Expenditures

	
20%

 

Each metric, before the acceleration/deceleration scale is applied, must achieve a threshold performance of 80% or no award is payable under the metric that did not achieve threshold performance.

For example:

If sales is achieved at 100% of target (which results in 100% payout based on the acceleration/deceleration scale) and operating margin is achieved at 85% of target (which results in at 70% payout) but returns does not reach threshold performance, then overall Company performance will only pay out on sales and operating margin.  The aggregate weighted payout would be:

(100% x 40%) + (70% x 40%) + (0% x 20%) = 68%

Corporate payout would be 68%.

3.3              Individual Performance

Individual performance will be determined by the participant's supervisor and approved by the Division/Subsidiary senior executive or Corporate functional head, where appropriate.  It will be based upon actual job performance consistent with goals/objectives outlined during performance reviews for the plan year.

3.4              Business Area or Region Performance

Each business area or region, as determined under this program, will assess performance based on Sales and Operating Margin specific to the business area or region.  Unlike the Company component where an individual metric's failure to reach the threshold performance of 80% does not impact another individual metric's ability to reach the threshold performance and payout, for the business area or region component, the individual performance of each metric must meet a minimum threshold performance of 80%, before the acceleration/deceleration scale is applied, or no award is payable for the business area or region component. The weighting and definition of the business area or region component are:

	
Measure

	
Definition

	
% of Company Measure

	
Sales (net revenues) Growth

	
Third Party Gross Sales (after returns) less Sales Allowances plus Third Party Royalty income

	
50%

	
 

Operating Margin

	
 

Operating Profit divided by Net Revenues

	
50%

Those jobs, which are corporate in nature will comprise the "Corporate" business area or region and the performance for this component will be based on overall Company performance as described in section 3.2, rather than the business area or region measures outlined above in this Section 3.4.

	3.4.1	Bonus formula metrics for employees in bands WW70 and below are used to assess performance at the overall Company level, business area or region level (where applicable), and individual level.

A portion of all PRP formulas will have metrics tied to Corporate performance and individual performance.  The weighting of the Corporate component may be 1/3 or 2/3 (in the case of employees in the "Corporate" business area or region) of the formula metric and the individual component will be weighted 1/3 of the formula metric. Similarly, the business area or region component will be 1/3 of the formula metric and used in formulas where appropriate.

Bonus formula metrics are subject to review annually by the CEO.

	3.4.2	Bonus formula metrics for WW80 employees are based on the employee's role and will be comprised of either 100% overall company performance with a personal performance modifier (see note below) or be based on 40% overall company performance and 60% business area or region performance with a personal performance modifier (see note below).

*Definition of the personal performance modifier: Individual Management Business Objectives (MBOs) are set before the end of Q1 of the plan year. These are established between the WW80 employee and the CEO and/or COO.  Performance is reviewed annually - if MBO's are exceeded, pay out can be up to 150% of formula bonus; if MBO's are met, pay out can be up to 100% of formula bonus; if MBO's are not met, pay out can be reduced to 0% of formula. Maximum bonus may not exceed 300% of the target.

 

	
4.0

	
Development of Formula Incentive Award

At the end of the fiscal year, the overall Company and each business area or region's actual performance for each financial component of the formula portion of the bonus awards will be calculated (based on the Company's and each business area or region's performance as of year-end) and approved by the Chief Financial Officer, ("CFO").  Each metric of the business area or region (net revenue and operating margin) must individually achieve a minimum performance of 80% against target to qualify for business area or region component payout.  If one metric achieves 80% or higher, and the other metric does not, the business area or region component payout will be 0%.  An acceleration/deceleration scale will then be applied to each individual metric as follows to develop the payout for each metric:

	
Performance %

	
 

	
Payout Scale %

	
 

	
< 80%

	
 

	
0%

	
Minimum performance 80%

	
80%

	
 

	
60%

	
For every 1% below target, 2% decrease in award

	
100%

	
 

	
100%

	
Target performance = 100% payout

	
105%

	
 

	
115%

	
For every 1% above 100%, 3% increase in award

	
111%

	
 

	
134%

	
For every 1% above 110%, 4% increase in award

	
127%+

	
 

	
200%

	
Maximum payout

	
 

	
 

	
 

	
 

In contrast, for the Company component, the 80% threshold is applied to each metric before the acceleration/deceleration scale is applied.  Each metric must then achieve a threshold performance of 80% or no award is payable under the metric that did not achieve the threshold performance.

The payout attributable to each metric will then be weighted and added to arrive at the overall formula payout.

Illustrative examples of the development of a formula payout for a business area or region component are as follows:

If business area or region revenue is achieved at 90% of target (which results in an 80% payout based on the acceleration/deceleration scale) and operating margin is at 65% (which is below 80% threshold), the business unit will not pay out.   

or

If business area or region revenue is achieved at 90% target (which results in an 80% payout), and operating margin is achieved at 85% target (which results in a 70% payout) the aggregate weighted payout is:

                        (80% x 50%) + (70% x 50%) = 75% business unit payout

Once all of the business areas or regions have calculated the formula incentive awards, the award pools by business areas or regions are developed.  These business area/region award pools, combined with the formula incentive award at the corporate level, will equal the aggregate of the formula incentive awards for all eligible employees in the Company, including the budgeted individual performance component for all eligible employees.

4.1           Formula Award

The formula incentive award is a calculation of an award based on the actual performance achieved by the overall Company, and each of its applicable business area or region, as well as the budgeted individual performance percentage to be applied across the Company as a whole.

Business area or region incentive pool dollars are derived from the aggregate of the formula awards within the business area or region.

	4.2	Formula Pool

The Company calculates, based on the Company's performance through the end of the year, the performance at the corporate level, and for each business area or region at the business area or region level, against the applicable performance targets.  The Company also calculates, based on the Company's and its business area or region's performance, the targeted total pool to be used for the year for rewarding individual performances across the Company as a whole.  Those pools as established (composed of the pools for the Company's performance, the performance of each of the Company's business area or region, and for the total individual performances across the Company) are aggregated.  Collectively these amounts constitute one aggregate formula pool (referred to hereafter as the "Formula Pool"), based on performance as of the end of the year, which the Company will pay out to all participants in the PRP collectively for performance during the year.

Although the Chief Executive Officer of the Company and the Compensation Committee reserve the right to alter the Formula Pool after year end, but prior to the actual payment of awards to participants in the PRP, it is expected that such discretion will only be exercised in rare or extreme circumstances, and that generally the entire Formula Pool, as it has been computed, will be paid (absent any affirmative exercise of this discretion) out to the participants in the PRP collectively following the closing of the year in question.

	4.3	Additional Individual Performance Awards in Excess of the Formula Award

Following the end of the year, but prior to the payment of all awards under the PRP with respect to the completed fiscal year, management of the Company may determine to add additional funding to the plan to cover individual performance awards for some employees or officers in excess of the amounts used to compute the Formula Pool.  To the extent such determinations are made they are subject to the approval of the appropriate management of the Company.  Collectively any amounts set aside to reward individual performances and personal performance multipliers across the Company beyond the aggregate amount reflected in the Formula Pool will hereafter be referred to as the "Additional Individual Performance Pool".  The aggregate amount of the Additional Individual Performance Pool is subject to the approval of both the Chief Executive Officer and the Compensation Committee.

4.4              Total Awards under the PRP

The aggregate of all payouts under the PRP shall consist of the sum of the Formula Pool and the Additional Individual Performance Pool.  In addition to the procedures set forth above, any performance awards recommended under the PRP which exceed one times a participant's base salary must be reviewed and approved by the Company's Chief Executive Officer.

4.5              Management Review

Payment of any award to an employee is subject to management's review.

	
§

	
For purposes of the PRP, management has the ability to review the proposed payout of any award under the PRP to an eligible plan participant and to determine whether such proposed payout should be adjusted.   In completing this review, management has the option of providing a zero value payout to the employee regardless of Company, business area, regional or individual performance.  For participants that do not receive an award or that receive a reduced award, the portion of such person's potential award that might have been reflected in the Formula Pool will remain in the Formula Pool and be allocated to other plan participants in the manner determined by management.

5.0              Removals, Transfers, Terminations, Promotions and Hiring Eligibility

Except to the extent applicable legal requirements mandate a different result for a Plan participant, the following scenarios will be dealt with under the Plan in the manner set forth below.

	5.1	
Participants whose employment with the Company is terminated because of retirement or disability:

 

	
 

	
§After the close of the plan year, but prior to the actual distribution of awards for such year, may be awarded an incentive award for the plan year at the discretion of the Chief Human Resources Officer.  For any such participant who is not given an incentive award, the portion of such person's potential award that might have been reflected in the Formula Pool will remain in the Formula Pool and be allocated to other plan participants in the manner determined by management.

	
 

	
 

	
 

	
§After the beginning, but prior to the close of the plan year, no award shall be granted unless authorized at the discretion of the Chief Human Resources Officer.

5.2              Participants whose employment with the Company is terminated because of death:

 

	
 

	
§After the close of the plan year, but prior to the actual distribution of awards for such year, shall be awarded an incentive award for the plan year.  Such payment will be made to the deceased employee's estate or designated beneficiary.

	
 

	
 

	
 

	
§After the beginning, but prior to the close of the plan year, no award shall be granted unless authorized at the discretion of the Chief Human Resources Officer.  Any such payments will be made to the deceased employee's estate or designated beneficiary.

	
5.3

	
Participants who resign for any reason after the close of the plan year but prior to the distribution of awards for such year will not receive an incentive award.  For any such participant, the portion of such person's potential award that might have been reflected in the Formula Pool will remain in the Formula Pool and be allocated to other plan participants in the manner determined by management.

	
5.4

	
Participants who are discharged from the employ of the Company or any an offense involving breach of the fiduciary duty owed by the individual to the Company will not be entitled to an award for any plan year.  For any such participant, the portion of such person's potential award that might have been reflected in the Formula Pool will remain in the Formula Pool and be allocated to other plan participants in the manner determined by management.

	5.5	Participants who are discharged from the employ of the Company or any of its subsidiaries due to any reason other than the ones enumerated above, including, without limitation, participants who are discharged due to job elimination:

	
 

	
§After the close of the plan year, but prior to the actual distribution of awards for such year, may be awarded an incentive award for the plan year.  No award shall be granted unless authorized at the discretion of the Chief Human Resources Officer.  For any such participant who is not given an incentive award, the portion of such person's potential award that might have been reflected in the Formula Pool will remain in the Formula Pool and be allocated to other plan participants in the manner determined by management.

	
 

	
 

	
 

	
§After the beginning, but prior to the close of the plan year, the participant is no longer eligible for that year.  However, a discretionary award may be granted by the Chief Human Resources Officer.

	
 

	
 

	5.6	
Participants under statutory or contractual notices as may be required by applicable law:

 

	
 

	
§On December 31st of the plan year, may be awarded an incentive award for the plan year.  Except as may be required by applicable laws, no award shall be granted unless authorized at the discretion of the Chief Human Resources Officer.  For any such participant who is not given an incentive award, the portion of such person's potential award that might have been reflected in the Formula Pool will remain in the Formula Pool and be allocated to other plan participants in the manner determined by management.

	
 

	
 

	
 

	
§Which ends prior to the close of the plan year shall not be eligible for an incentive award for that plan year.  However, a discretionary award may be granted by the Chief Human Resources Officer.

	5.7	Participants transferred during the plan year from one division of the Company to another will be eligible to receive an award (subject to achievement of the requisite organizational and individual performance) through the division in which he or she is employed at the end of the plan year, but the award amount may be based on the performance made in each division in which the individual was employed during the year.

	5.8	Employees hired during the plan year must be actively employed on or before October 1st of the plan year to participate in the bonus for that plan year.  Awards will be made based upon the employee's earned salary during the period of their employment with the Company during the plan year.

	5.9	The eligibility for an award and plan status of employees who remain employed with the Company during the plan year but whose change in employment status through promotion or reclassification affects their level of participation:

	
 

	
§Prior to October 1st of the plan year, will participate at the level consistent with the promotion or reclassification.

	
 

	
§After October 1st but prior to the close of the plan year, will participate at the level consistent with their classification prior to the promotion or reclassification.

	5.10	The eligibility for an award and plan status of employees who remain employed with the Company during the plan year but whose change in employment status through demotion affects their level of participation will be determined by the Chief Human Resources Officer.

6.0              Administration of the Plan

6.1              Amendments to the Plan (Contingency Clause)

The Chief Executive Officer and the Compensation Committee of the Board of Directors reserve the right to interpret, amend, modify, or terminate the Plan in accordance with changing conditions at any time in their sole discretion.

6.2              Incentive Award Distribution

Incentive awards, when payable, shall be paid as near to the close of the company's fiscal year as may be feasible.  In furtherance of the preceding sentence, any incentive awards under the Plan will be paid no later than the date allowable to insure tax deductibility in the year of accrual, which in the case of the United States is March 15, 2014.  Participants in the Plan must be employed at the time of award distribution in order to receive bonus payments, except as provided in Section 5.0.

No individual has the rights to receive an award until it has been approved and distributed in accordance with the provisions of this plan.

6.3             Non-Assignment of Awards

Participants eligible to receive incentive awards shall not have any right to pledge, assign, or otherwise dispose of any unpaid or projected awards.

6.4            Deferral of Awards

	
 

	
Participants eligible to defer incentive awards through the Deferred Compensation Program (DCP) may elect to do so during the annual DCP enrollment.

 

6.5       Clawback of Awards

	
 

	
All incentive compensation awarded under the Plan is subject to the Hasbro, Inc. Clawback Policy adopted by the Board of Directors and as may be amended from time to time. By accepting an award under the Plan, a participant agrees that all incentive compensation to which the participant is or becomes entitled to shall be subject to the terms of the Hasbro, Inc. Clawback Policy.Exhibit 10.2

March 4, 2013

Wiebe Tinga

Ramstraat 2A

3501 HH

Utrecht

Netherlands

Dear Wiebe,

Further to recent discussions, we would like to confirm the extension of your international assignment with Hasbro, Inc.  under the terms of the current International Assignment Policy.  Through this assignment, you will continue to be seconded from the Netherlands to Hasbro U.S. (80%) and Hasbro SA (20%) and will remain an employee of Hasbro International.  Your individual needs as an employee on international assignment have been considered and are outlined below:

	
Position Title:

	
 

	
EVP, Chief Commercial Officer

	
 

	
 

	
 

	
Position Band Level:

	
 

	
WW 90

	
 

	
 

	
 

	
Home Country Location:

	
 

	
Netherlands

	
 

	
 

	
 

	
Host Country Location:

	
 

	
Rhode Island, USA

	
 

	
 

	
 

	
Family Size (including employee):

	
 

	
2

	
 

	
 

	
 

	
Effective Dates:

	
 

	
February 6, 2013 to December 31, 2015

Effect of this letter:

This letter is not a contract of employment, but instead serves as a description of current Hasbro policies and practices applicable to your international assignment.  The terms and conditions of the move are subject to alteration and revision in accordance with any changes to the International Assignment Policy or Hasbro's Tax Protection Policy.

Base salary:

Your base salary will be EUR 420,000 (US$525,000).  You will remain on Netherlands payroll.

Bonus:

You will be eligible to participate in the Hasbro, Inc.  Performance Rewards Program.  Your current "target" bonus is 70% of your earned base salary.

The Company reserves the right to modify the terms of any bonus program, including the termination of the program and the discretion to pay any bonus to you.

Long Term Incentives:

You will be eligible to participate in Hasbro's discretionary long-term incentive program to the extent awards are made under this program.  Your current "target" award under the program is 175% of base salary.

Your actual award is subject to discretion of the CEO and Hasbro's Compensation Committee of the Board of Directors.

Tax Protection:

Your taxes will be accounted for in accordance with the Hasbro Tax Protection policy.  You will be tax protected to the US for federal, state and social security taxes on your worldwide income.  Hypothetical taxes at US rates will be withheld by Hasbro Netherlands to facilitate the payment of host country taxes.

The service of an outside accounting firm will be used to prepare your tax returns, at company cost for years where there is a dual country tax obligation related to compensation from active employment.

You are solely responsible for complying with worldwide personal income tax laws relating to your employment with Hasbro and its subsidiaries.  The Company will not reimburse any interest and penalties arising from the failure to comply with these laws or positions taken on your personal income tax returns.

Tax Responsibility:

Under your tax protection arrangement, you will be responsible for all US taxes related to 100% of your personal and Hasbro employment income including US Federal, State(s) and social security taxes.  Hasbro is responsible for the incremental social taxes, related to your secondment to Hasbro SA for 20% of your income.

Any taxes incurred on both personal and company income post termination (and not related to trailing employment payments) by you or your partner are not tax protected and are your sole responsibility.

Swiss Pension

Any pension earned from the secondment to Hasbro SA is payable to you.  Any taxes on any pension benefit received are your sole responsibility and not tax protected.

Pension & Welfare Benefits:

Medical coverage will continue to be provided under the International health plan managed by the Hasbro UK office.

Company pension and life insurance will continue per the Netherlands local policies.

Old age pension can be continued on a voluntary basis.  However, under this agreement, both parties agree the old age pension will not be continued as the cost to continue is not in relation to the ultimate pensionable benefit.

Disability is covered by the US-NL Totalization Agreement and periods of coverage under the US social security system can be used to obtain Dutch disability benefits should this be necessary.

Unemployment coverage will be maintained on a voluntary basis.  Hasbro will be responsible for making these payments on your behalf and you will not be required to reimburse the company for these contributions.  The approximate annual cost of this benefit will vary from year to year, however the cost based on 2013 rates is EUR 1300.

Your original service date of October 12, 1987 will be used for benefits purposes.

Vacation:

You will receive entitlement under your home country vacation policy. You will follow the local US and Rhode Island statutory and company holiday policy while on assignment.

TERMINATION OF EMPLOYMENT

Notice Period

Either party may terminate this agreement with three months written notice, except that the Company reserves the privilege to terminate without notice for cause.

Termination for Cause

If your employment is terminated for cause, Hasbro will not cover any repatriation costs. For the purposes of this Letter of Assignment, a termination for cause may constitute any one or more of the following actions:

	
(i)

	
the commission of any act by you involving fraud, embezzlement or a criminal offence under the Criminal Code of the USA or other applicable statutes;

	
(ii)

	
the commission of any action by you constituting financial dishonesty against Hasbro, Inc or any of its subsidiaries or affiliates;

	
(iii)

	
the commission of any act involving the following (A) bringing the Hasbro, Inc. or any of its subsidiaries or affiliates into public disrepute or disgrace, or (B) causing material harm to the customer relations, operations or business prospects for Hasbro, Inc. or any of its subsidiaries or affiliates;

	
(iv)

	
neglect of job duties as determined by Hasbro, Inc.;

	
(v)

	
any violation of the company's Code of Corporate Conduct deemed to be a terminable offence.

The above list should not be taken as exhaustive.

Involuntary Termination

During your assignment, if your employment is involuntarily terminated by Hasbro for reasons other than cause, Hasbro will pay for the most direct economy class airfare for you and your partner to return to the point of origin in The Netherlands.  In addition, Hasbro will provide for the shipping and transportation of all personal effects to the extent covered under the International Assignment Policy. These expenses will be paid for repatriating you and your partner provided you return to your point of origin as defined in this letter within 30 days of termination.

In the event of such termination, eligibility for severance pay and benefits will be handled in accordance with Hasbro Netherlands policy and legislation in effect at that time.

Repatriation:

Upon completion of your international assignment, Hasbro will transport you and your partner back to your home country.  The above provision does not apply if you should voluntarily resign from Hasbro employment while on assignment or if your employment is terminated for cause.

Upon repatriation, the Company will provide for the shipping and transportation of all personal effects to the extent covered under the International Assignment Policy.

Expatriation Tax:

As a US green card holder you may be assessed a US exit tax in the event that you rescind your green card and leave the US following your termination of employment.  In the event that you choose to rescind your green card, you will be solely responsible for any exit taxes levied upon you or your partner.

 

This offer is contingent upon your ability to maintain an appropriate visa, foreign government entry document, and / or work permit.  Hasbro will reimburse the cost of passport, visa, and other required documentation for you and your accompanying partner in accordance with the company's International Assignment Policy.

This letter highlights the major elements of our offer.  Please contact the Human Resource organization or me if you have questions on anything pertaining to this assignment

These items do not create a contract of employment but simply seek to confirm the conditions that pertain to your international assignment.  During your assignment, you will continue to be an employee of Hasbro, Netherlands under the terms and conditions of your original employment with Hasbro, Netherlands.

We look forward to receiving confirmation of your acceptance of these terms.  Please sign and return this letter to Jason Mendelsohn, keeping a copy for your own files.

Approved:

/s/ Brian Goldner                                                                                                                                                  

Brian Goldner                                                                                                        Date

President & CEO

/s/ Dolph Johnson                                                                                            March 8, 2013                

Dolph Johnson                                                                                             Date

Chief Human Resources Officer

Accepted:

I have read this agreement and have acknowledged it to be consistent with my understanding of the terms of the assignment.

/s/ Wiebe Tinga                                                                                                  March 11, 2013     

Wiebe Tinga                                                                                                            Date

EVP, Chief Commercial Officer

CC:

Cheryl Kennedy

Olly Grant-Adamson

Alison Martin

Jason Mendelsohn

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