Document:

Exhibit 10.3

 

 

Amendment No. 4 to Lois K. Zabrocky’s
Employment Agreement

 

This Amendment No. 4
(the “Amendment”), dated as of April 4, 2018 (the “Effective Date”), is between International
Seaways, Inc. (the “Company”) and Lois K. Zabrocky (the “Executive”).

 

WHEREAS, Overseas
Shipholding Group, Inc. (“OSG”) and the Executive previously entered into an employment agreement, dated September
29, 2014 and as amended as of March 30, 2016, August 3, 2016 and November 7, 2016 (the “Employment Agreement”).

 

WHEREAS, the Employment
Agreement was assigned to the Company on November 30, 2016 in connection with the spin-off of the Company from OSG (the “Assignment”).

 

WHEREAS, pursuant
to Section 13(g) of the Employment Agreement, following the Assignment, references to “the Company” in the Employment
Agreement constitute a reference to the Company (rather than to OSG).

 

WHEREAS, the Company
and the Executive wish to amend the Employment Agreement in accordance with Section 13(c) thereof.

 

NOW, THEREFORE,
in consideration of the premises and mutual covenants herein and for other good and valuable consideration, conditioned and effective
upon the occurrence of the Closing and the Assignment, the parties agree as follows:

 

		1.	Section 3(a) is hereby amended by replacing “$525,000” with “$600,000”.

 

		2.	Except as provided herein, the terms and conditions of the Employment Agreement shall remain in full force and effect and shall
be binding on INSW in the same manner and to the same extent as on the Company if no assignment to INSW had taken place.

 

		3.	This Amendment may be executed in any number of counterparts, each of which when so executed and delivered shall be an original,
but all of which shall constitute one and the same instrument.

 

[Signature Page Follows]

 

     

     

    

 

 

IN WITNESS WHEREOF,
the parties have executed this Amendment to the Employment Agreement as of the date first written above.

 

	 	Lois K. Zabrocky
	 	 	 
	 	/s/ Lois K. Zabrocky	 
	 	 	 
	 	 	 
	 	International Seaways, Inc.
	 	 	 
	 	/s/ Douglas Wheat	 
	 	Name:	 
	 	 	 
	 	Chairman of the Board	 
	 	Title:	 

 

 

Signature Page to Amendment No. 4

 

    	 	2Exhibit

April 17, 2012

Mr. Bilal Muhsin
40 Parker
Irvine, CA 92618

Dear Bilal:

I am pleased to confirm your promotion to the position of Vice President of Engineering, Instruments and Systems reporting to Anand Sampath, Executive Vice President, Engineering.  The effective date of this promotion is April 2, 2012.

Your new annual salary will be $240,000 paid bi-weekly at a rate of $9,230.76 per pay period.  You will be eligible to participate in Masimo’s Bonus Plan for up to 30% of your salary based on Company and individual objectives being met and will be paid per the rules of the Masimo Bonus Plan.

It will be recommended to the Board to issue your an option to purchase an additional 10,000 shares of Common Stock, vesting 20% per year over five years and exercisable at fair market value at the time the option is granted.

Employment with Masimo is “at-will” and not for a specific term.  This means that either you or the Company is free to terminate your employment relationship at any time with or without reason or advanced notice.

This letter sets forth all the terms of our offer and it supersedes all prior offers, agreements and discussions, whether written or oral.  The terms of this offer cannot be modified or amended by any supervisor or by any action of Masimo except in written agreement signed by an officer of the Company.

Please acknowledge your acceptance of this offer by signing below and returning this letter to Human Resources.

We wish your continued success in this new opportunity, and we appreciate your dedication to our mission!

	
							
	Sincerely,
	 
	 
	 
	 
	 
	 

	 
	 
	 
	 
	 
	 
	 

	/s/ TRACY MILLER
	 
	 
	 
	April 30, 2012
	 
	 

	Manager, Human Resources
	 
	 
	 
	Date
	 
	 

	 
	 
	 
	 
	 
	 
	 

	 
	 
	 
	 
	 
	 
	 

	 
	 
	 
	 
	 
	 
	 

	Offer Acceptance:
	 
	 
	 
	 
	 
	 

	 
	 
	 
	 
	 
	 
	 

	/s/ BILAL MUHSIN
	 
	 
	 
	May 1, 2012
	 
	 

	Bilal Muhsin
	 
	 
	 
	DateExhibit

December 15, 2017

Tao Levy    
52 Discovery
Irvine, CA 92618

Dear Tao:

It is with great pleasure that we extend this formal offer to you to join Masimo as Executive Vice President, Business Development, reporting to Joe Kiani, Chairman and CEO.  You will be assigned to our Irvine office located at 52 Discovery, Irvine, California 92618. If you accept this offer, we would like you to begin on Wednesday, January 3, 2018.

The purpose of this letter is to offer you employment with Masimo on the terms and conditions set forth below:
    
	
		
	Annual Salary:
	You will be paid a bi-weekly salary of $12,500, which equates to $325,000 annually.

	Bonus Potential:
	You will be eligible to receive a bonus of up to 50% of your salary (subject to increase not to exceed 100% of your base salary), depending on Company, department, and individual performance, in accordance with the Company’s Bonus Plan.  Your eligibility for a bonus will begin for fiscal year 2018 (for a potential bonus payable in 2019).  Under the Bonus Plan, employees must be employed on the bonus payment date in order to receive their bonus. 

	Benefits:
	You will be eligible for health/dental and other insurance coverage, participation in the Company’s 401(k) plan, and paid vacation, holiday and sick leave.  These benefits will be provided in accordance with applicable plan documents or Company policy.  Insurance coverage will begin the first day of the first month after your employment begins.

	Relocation
	You agree to relocate your residence from New York to Orange County within 6 months of your start date.  The Company will reimburse you up to $20,000 towards relocation costs in accordance with our Company relocation guidelines and agreement. 

You will be eligible to receive equity awards under Masimo’s Equity Incentive Plan as determined by the Board of Directors.  If you accept this employment offer, it will be recommended that the Board grant you an option to purchase 25,000 shares of Common Stock, vesting 20% per year over five years with an exercise price equal to the fair market value of Common Stock at the time the option is granted.  In addition, Masimo will provide you a sign on bonus of $50,000, subject to applicable taxes and withholdings, payable on the first Company payroll date after you begin your employment with Masimo.  If you voluntarily terminate your employment with Masimo within the first 12 months, you will be required to repay the $50,000 sign on bonus within 30 days after your employment ends.
This offer is contingent upon you (1) signing and returning the Masimo Employee Confidentiality Agreement, (2) successfully passing the Company’s background check, reference check and drug screening processes, (3) confirming in writing that you are not under any contractual or legal restrictions with a previous employer that may impair your ability to perform your duties for Masimo, and (4) providing proof of identity and legal authorization to work in the United States.  You are encouraged to discuss any of the attached documents with your own advisor to the extent you desire.
Employment with Masimo is “at will” and not for a specific term, meaning that either you or the Company may terminate the employment relationship at any time, with or without notice and with or without cause. In addition, this means that Masimo may change the terms and conditions of employment, including without limitation, pay, benefits, title, duties and location of anything, with or without notice and with or without cause.

This letter set forth the material terms of our offer of employment, and supersedes all prior offers, agreements and discussions about employment that you may have had with any employee of the Company, whether written or oral.  The “at-will” nature of your employment cannot be modified or amended by any supervisor or by any action of Masimo other than any modification or amendment in writing signed by both you and the CEO.
Please confirm your acceptance of this offer and agreement to the terms of this letter by signing below and returning the signed original to me.  If we have not received your signed acceptance by December 20, 2017, this offer will be withdrawn. 
If you have any questions about our employment offer, please feel free to contact me.
We look forward to having you join our Team.
Sincerely,
	
					
	/s/ JOE KIANI
	 
	 
	December 15, 2017
	 

	Joe Kiani
	 
	 
	Date
	 

	Chairman and CEO
	 
	 
	 
	 

	 
	 
	 
	 
	 

	 
	 
	 
	 
	 

	Accepted and agreed:
	 
	 
	 
	 

	 
	 
	 
	 
	 

	/s/ TAO LEVY
	 
	 
	December 20, 2017
	 

	Tao Levy
	 
	 
	DateExhibit

MASIMO CORPORATION 

AMENDED AND RESTATED
2007 SEVERANCE PROTECTION PLAN

Participation Agreement for 

Bilal Mushin

Page 1 of 5

                                
March 26, 2018

Personal & Confidential

Bilal Mushin
Executive Vice President, Engineering, Marketing and Regulatory Affairs
Masimo Corporation
52 Discovery
Irvine, California 92618

		
	Re:
	Masimo Corporation Amended and Restated 2007 Severance Protection Plan -Participation Agreement 

Dear Bilal Mushin: 
This letter relates to the Amended and Restated 2007 Severance Protection Plan (the “Plan”) that we, Masimo Corporation (the “Company”), have adopted.
Through this letter, you are being offered the opportunity to become a Participant (a term defined in the Plan) in the Plan and, thereby, to be eligible to receive the basic, change in control and voluntary severance benefits described below.  A copy of the Plan is attached to this letter and incorporated herein by reference.  You should read the Plan carefully and become comfortable with its terms and conditions, and those set forth below.
If you choose to sign below, you will be establishing a Participation Agreement, within the meaning of the Plan, and as limited by the terms of this Participation Agreement; and, you will thereby be acknowledging and agreeing to the following provisions: 
  
(a)  that you have received and reviewed a copy of the Plan; 

(b)  that terms not defined in this  Participation Agreement, but beginning with initial capital letters, shall have the meanings assigned to them in the Plan;

(c)  that your participation in the Plan requires that you agree irrevocably and voluntarily to the terms of the Plan and the terms set forth below; and

(d) that you have had the opportunity to carefully evaluate this opportunity, and desire to participate in the Plan according to the terms and conditions set forth herein.
Subject to the foregoing, we invite you to become a Participant in the Plan.  Your participation in the Plan will be effective upon your signing the Participation Agreement and returning it to the Company within thirty (30) days of your receipt of the Participation Agreement.

Page 2 of 5

NOW, THEREFORE, you and the Company (hereinafter referred to as the “parties”) hereby AGREE as follows:

1.    If while the Plan and this Participation Agreement are in effect, you become entitled to a Basic Severance Benefit in accordance with Sections 2 and 4 of the Plan, then: 

		
	a)
	your Basic Severance Benefit shall equal  your annual salary (“Base Salary”) determined at the highest rate in effect during the one-year period before the date of your Covered Termination.

		
	b)
	You and your COBRA qualifying beneficiaries will be entitled to COBRA continuation coverage at the Company’s expense for a period of twelve (12) months after your Covered Termination. Thereafter, you will be entitled to continuation coverage at your own expense and only to the extent it is legally required under applicable federal or state law, notably COBRA. In addition, the Company shall make life insurance coverage over the first twelve months following your covered termination available for purchase by you.

		
	c)
	Notwithstanding the foregoing, if you commence new employment during the time that you are receiving any Basic Severance Benefit, any income or benefits that you receive from such new subsequent employment will offset and reduce (on a dollar for dollar basis) your Basic Severance Benefits payable from the date such new employment commences. 

2.    If while the Plan and this Participation Agreement are in effect, you become entitled to a Change in Control Severance Benefit in accordance with Sections 3 and 4 of the Plan, then you will receive whichever of the following is applicable, but not both of them.

a) If your employment terminates on the date of a Change in Control specifically because your current job (taking into account your division level) was not offered to you on the date of such Change in Control, your Change in Control Severance Benefit shall equal the sum of (i) your Base Salary, and (ii) one times the average annual bonus over the last three years (“Average Bonus”).  In addition, you will receive the welfare benefits described under Section 1.b) above.  

		
	b)
	If you experience a Covered Termination on or after a Change in Control for a reason other than as set forth in preceding paragraph 2.a), then your Change in Control Severance Benefit shall equal the sum of (i) two times your Base Salary, and (ii) one times your Average Bonus. 

		
	c)
	You and your COBRA qualifying beneficiaries will be entitled to COBRA continuation coverage at the Company’s expense for a period of 12 months following the date of your Covered Termination. Thereafter, you will be entitled to continuation coverage at your own expense and only to the extent it is legally required under applicable federal or state law, notably COBRA. In addition, the Company shall provide you with Company paid life insurance for the first 12 months following your Covered Termination.

Page 3 of 5

2. As a condition of receiving any Severance Benefits pursuant to the Plan and this Participation Agreement, you must sign all relevant documents listed in Section 4 of the Plan.
3. In consideration of becoming eligible to receive the Severance Benefits provided under the terms and conditions of the Plan and this Participation Agreement, you agree to waive any and all rights, benefits, and privileges to severance benefits that you might otherwise be entitled to receive under any other oral or written plan, employment agreement or arrangement.
4. You understand that the waiver set forth in Section 3 above is irrevocable, and that this Participation Agreement and the Plan set forth the entire agreement between us with respect to any subject matter covered herein.

5. Subject to Section 12(b) of the Plan, this Participation Agreement shall terminate, and your status as a “Participant” in the Plan shall end, on the first to occur of:

		
	a)
	your termination of employment other than pursuant to a “Covered Termination” as defined in Section 2(d)(i) of the Plan; or 

		
	b)
	the Sponsor’s termination of the Plan before you become entitled to Severance Benefits as the result of a termination of your employment, including a Covered Termination.

6. If while the Plan and this Participation Agreement are in effect, you acknowledge that if you decide to voluntarily resign, you will give the Company six (6) months notice.
7. As a condition for receiving benefits under the Plan and this Participation Agreement, you agree that the Committee may reduce your Plan benefits to avoid triggering any “excess parachute payments” under Section 280G of the Code.  
8. If any provision of the Plan, or of this Participation Agreement, is determined to be unlawful, invalid or unenforceable, such provision shall be deemed severed from the Plan or this Participation Agreement, respectively, but every other provision of the Plan or of this Participation Agreement shall remain in full force and effect.  In substitution for any provision of the Plan or this Participation Agreement being held unlawful, invalid or unenforceable, there shall be substituted a provision of similar import reflecting the original intent of the parties hereto to the fullest extent permissible under law.
 
9. You recognize and agree that your execution of this Participation Agreement results in your enrollment and participation in the Plan, that you agree to be bound by the terms and conditions of the Plan and this Participation Agreement, and that you understand that this Participation Agreement may not be amended or modified except pursuant to Section 12 of the Plan.

Page 4 of 5

	
						
	Dated:
	March 26, 2018
	 
	MASIMO CORPORATION:
	 

	 
	 
	 
	 
	 
	 

	 
	 
	 
	 
	 
	 

	 
	 
	 
	 
	/s/ JOE KIANI
	 

	 
	 
	 
	 
	Joe Kiani
	 

	 
	 
	 
	 
	Chairman and CEO
	 

	 
	 
	 
	 
	 
	 

	 
	 
	 
	 
	 
	 

	ACCEPTED AND AGREED TO as of March 16, 2018.
	 

	 
	 
	 
	 
	 
	 

	/s/ BILAL MUHSIN
	 
	 
	 
	 

	Bilal Muhsin
	 
	 
	 
	 

Page 5 of 5

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