Document:

Exhibit

	
			
	
	The Mosaic Company
Atria Corporate Center – E490
3033 Campus Drive
Plymouth, MN 55441
www.mosaicco.com

	Tel 763-577-2700
Fax 763-559-2860

March 7, 2018

Anthony T. Brausen
6485 Virginia Drive
Excelsior, MN 55331

CONFIDENTIAL

Dear Tony,

As you know, effective January 31, 2018 you were appointed to serve as the Senior Vice President – Finance and interim Chief Financial Officer of The Mosaic Company until Mosaic has selected a permanent Chief Financial Officer or until your earlier death, resignation or removal, and you have indicated your willingness to then serve as a Senior Advisor to Mosaic, initially assisting in the transition of responsibilities to the new chief financial officer and thereafter supporting that individual in an advisory capacity through your anticipated retirement date effective July 5, 2019, provided that if the “Transition Period” (as defined below) ends after July 5, 2018, your anticipated retirement date will be effective one year following the final day of the Transition Period. 

This letter confirms the following employment conditions regarding your employment from today’s date through your anticipated retirement date (that period being referred to as the “Employment Period”), provided that nothing in this letter guarantees you continued employment with Mosaic or otherwise limits Mosaic’s right to terminate your employment at any time and for any reason:

Base Compensation
Your base compensation will continue to be paid semi-monthly at an annual rate of $460,000 for the duration of this employment period, provided you remain a full-time salaried employee.

Additional Interim CFO and Transition Period Compensation
Effective February 1, 2018 and continuing through the end of the Transition Period (as defined below), you will receive additional compensation at a monthly rate of $25,000 (the “Additional Compensation).  The Transition Period will commence on the date a permanent Chief Financial Officer is appointed by the Board of Directors and will continue for a period of one month, subject to extension by one or more months by mutual agreement of you and the President and Chief Executive Officer (following consultation with the new Chief Financial Officer), in each case provided you remain a full-time salaried employee.  The Additional Compensation will not be considered base compensation for purposes of your existing Senior Management Severance and Change in Control Agreement or for purposes of any other agreement or arrangement between you and Mosaic.

After the Transition Period and through your retirement date, you will receive only the base compensation as described above, and no Additional Compensation.  

Anthony T. Brausen
March 7, 2018
Page 2 of 3

MIP Incentive Target
You will continue to be eligible to participate in Mosaic’s MIP, in accordance with its terms, at your current target bonus opportunity of 50%. The MIP formula will be tied to the Corporate business unit.  The MIP for each year is subject to approval by the Committee.  Per the current year plan, certain retirees are eligible to receive a prorated payout with respect to the year in which they retire.  Under these terms, you would be eligible for a prorated MIP for the partial 2019 year.  

Long Term Equity Compensation
Provided you remain a full-time salaried employee, you will be recommended for: (1) a long-term incentive award valued at $650,000 under Mosaic’s long-term incentive program (“LTIP”), subject to the approval of the Compensation Committee of Mosaic’s Board of Directors (the “Committee”), in 2018, and (2) a long-term incentive award valued at $500,000 under the LTIP, subject to the Committee’s approval, in 2019.

Benefit Programs
You will remain eligible for standard employee benefits applicable to U.S. salaried employees, as amended or modified in the future.

Executive Benefits and Perquisites
In addition to the standard employee benefits, you will continue to be eligible for applicable executive benefits and perquisites in accordance with their terms. These executive benefits currently include: the deferred compensation plan, executive life and disability coverage, financial planning allowance, and the executive physical program. 

Severance Agreement
You will not be severance eligible at the end of the Employment Period.

No Guarantee of Employment; Prior Agreements Superseded
Nothing in this letter guarantees you continued employment with Mosaic or otherwise limits Mosaic’s right to terminate your employment at any time and for any reason.  This letter supersedes all prior agreements and understandings, oral and written, between you and Mosaic, except for your existing Senior Management Severance and Change in Control Agreement. 

Anthony T. Brausen
March 7, 2018
Page 3 of 3

Acknowledgement and Agreement
Tony, we appreciate your contributions to the CFO organization. Please indicate your acknowledgement of this letter and agreement with its terms, and return to me by Friday, March 9, 2018.

Please let me know if you have any questions.

	
					
	Sincerely,
	 
	 
	 
	 

	/s/ Kimberly Bors
	 
	 
	 
	 

	Senior Vice President - Human Resources
	 
	 

	 
	 
	 
	 
	 

	 
	 
	 
	 
	 

	ACKNOWLEDGED AND AGREED:
	 
	 
	 

	 
	 
	 
	 
	 

	/s/ Anthony T. Brausen
	 
	3/8/2018
	 

	Anthony T. Brausen
	 
	DateExhibit 1018 Amendment No 2 to Loan Documents

		

			Exhibit 10.18

		

		
			AMENDMENT NO. 2 TO LOAN DOCUMENTS
		

		
			Rocky Brands, Inc., an Ohio corporation (“Parent”), Lehigh Outfitters, LLC, a Delaware limited liability company (“Lehigh”), Lifestyle Footwear, Inc., a Delaware corporation (“Lifestyle”), Rocky Brands US, LLC, a Delaware limited liability company formerly known as Rocky Brands Wholesale LLC and successor by merger to Creative Recreation, LLC and Creative Recreation Retail, LLC (“Rocky US”), Rocky Brands International, LLC, an Ohio limited liability company and successor by merger to Creative Recreation International, LLC (“Rocky International”), and Rocky Brands Canada, Inc., a corporation formed under the laws of the Province of Nova Scotia and a continuation of a corporation formed under the laws of the Province of Ontario (“Rocky Canada”) (Parent, Lehigh, Lifestyle, Rocky US, Rocky International, and Rocky Canada, collectively, the “Borrowers” and individually a “Borrower”), the Lenders listed on the signatures pages hereto, including U.S. Bank National Association (collectively, the “Lenders” and individually a “Lender”) and PNC Bank, National Association, as a Lender and as Agent for the Lenders (“PNC”) (PNC, in such capacity, the “Agent”), agree as follows effective as of December 21, 2017 (the “Effective Date”): 
		

			
	
			
				 1.
			

			
	
			
			Recitals.

			
	
			
				 1.1
			

			
	
			
			As of December 19, 2014, Borrowers, Lenders, and Agent, entered into an Amended and Restated Revolving Credit, Term Loan, Guaranty, and Security Agreement (as amended, extended, modified, or restated, the “Loan Agreement”).  Capitalized terms used herein and not otherwise defined will have the meanings given such terms in the Loan Agreement as amended.  The Loan Agreement, the Other Documents, and all related loan and/or security documents are referred to herein as the “Loan Documents”.  

			
	
			
				 1.2
			

			
	
			
			The Loan Documents were amended by Amendment No. 1 to Loan Documents dated as of January 22, 2016 to extend the Borrowing Period.

			
	
			
				 1.3
			

			
	
			
			Borrowers have requested that Agent and Lenders amend the Loan Documents to change the calculation of EBITDA Adjustment.  Agent and Lenders have agreed to do so on the terms and subject to the conditions set forth herein.  

			
	
			
				 2.
			

			
	
			
			Amendment.

			
	
			
				 2.1
			

			
	
			
			The definition of “EBITDA Adjustment” set forth in Section 1.2 of the Loan Agreement is amended and restated by the following:

		
			“EBITDA Adjustment” means the lesser of (a) $1,000,000, and (b) the amount of the non-recurring transaction expenses incurred in connection with the sale of assets by certain of the Borrowers to Creative Recreation, Inc. on November 22, 2017 and related transactions, to the extent such expenses have been included as expenses in the determination of net income, have not been capitalized, and have been paid in cash prior to, or within 180 days after the closing thereof.    
		

			
	
			
				 3.
			

			
	
			
			Representations, Warranties and Covenants.  To induce Agent and Lenders to enter into this Amendment No. 2 to Loan Documents (this “Amendment”), each Borrower represents, warrants, and covenants, as applicable, as follows:

			
	
			
				 3.1
			

			
	
			
			Representations and Warranties.  The representations and warranties of Borrowers contained in the Loan Documents are deemed to have been made again on and as of the Effective Date, except to the extent that such representations and warranties were expressly limited to an earlier date.

		 

 

			
	
			
				 3.2
			

			
	
			
			No Defaults.  After giving effect to this Amendment, no Event of Default or Default exists on the Effective Date.

			
	
			
				 3.3
			

			
	
			
			No Claims.  Each Borrower represents and warrants that, to its knowledge, it has no claims, counterclaims, setoffs, actions or causes of actions, damages or liabilities of any kind or nature whatsoever whether at law or in equity, in contract or in tort, existing as of the Effective Date, other than any reconciliations or manifest error in calculation (collectively, “Claims”) against Agent or Lenders, their direct or indirect parent corporations or any direct or indirect Affiliates of such parent corporations, or the administrators, successors or assigns of any of them (collectively, “Lender Parties”) that directly or indirectly arise out of, are based upon or are in any manner connected with any Prior Related Event.  As an inducement to Agent and Lenders to enter into this Amendment, each Borrower on behalf of itself, and all of its respective successors and assigns hereby knowingly and voluntarily releases and discharges all Lender Parties from any and all Claims, whether known or unknown in existence as of the Effective Date, that directly or indirectly arise out of, are based upon or are in any manner connected with any Prior Related Event.  As used herein, the term “Prior Related Event” means any transaction, event, circumstance, action, failure to act, occurrence of any sort or type, whether known or unknown, which occurred, existed, was taken, permitted or begun at any time prior to the Effective Date or occurred, existed, was taken, was permitted or begun in accordance with, pursuant to or by virtue of any of the terms of the Loan Documents or any documents executed in connection with the Loan Documents or which was related to or connected in any manner, directly or indirectly to the extension of credit represented by the Loan Documents.

			
	
			
				 3.4
			

			
	
			
			Authorization.  This Amendment and the related documents have been duly authorized by each Borrower.   Each Borrower has the full right, power and authority to enter into this Amendment and perform its respective obligations hereunder.

			
	
			
				 3.5
			

			
	
			
			No Misrepresentations.  No information or material submitted to Agent in connection with this Amendment contains any material misstatement or misrepresentation nor omits to state any material fact or circumstance necessary to make the statements herein or therein not misleading.

			
	
			
				 3.6
			

			
	
			
			No Conflicts.  The execution and delivery of this Amendment and all deliveries required hereunder, and the performance by each Borrower of its obligations hereunder do not and will not conflict with any provision of law or the organizational documents of Borrowers or of any other material agreement binding upon Borrowers.

			
	
			
				 3.7
			

			
	
			
			Enforceability.  This Amendment and each of the related documents is a legal and valid and binding obligation of Borrowers, enforceable against Borrowers in accordance with its terms,  except as such enforceability may be limited by any applicable bankruptcy, insolvency, moratorium or similar laws affecting creditors’ rights generally.

			
	
			
				 3.8
			

			
	
			
			Ratification.  Except as expressly modified herein, the Loan Agreement, as amended, is and remain in full force and effect.  The Loan Documents are hereby ratified and confirmed as the continuing obligation of Borrowers.  

			
	
			
				 4.
			

			
	
			
			Conditions Precedent.  The closing of this Amendment is subject to the following conditions precedent:

			
	
			
				 4.1
			

			
	
			
			Fees and Expenses.  Borrowers will pay to Agent all reasonable and documented attorneys’ fees and expenses of Agent incurred in connection with this Amendment.

		 

		

			 

		

		

			-  2  -

		

 

			
	
			
				 4.2
			

			
	
			
			Other.  All corporate and other proceedings, and all documents, instruments and other legal matters in connection with this Amendment and the related documentation shall be satisfactory in form and substance to Agent and its counsel.

			
	
			
				 4.3
			

			
	
			
			The representations and warranties of Borrowers in Section 4 herein will be true.

			
	
			
				 5.
			

			
	
			
			General.

			
	
			
				 5.1
			

			
	
			
			This Amendment is an “Other Document” as defined in the Loan Agreement.

			
	
			
				 5.2
			

			
	
			
			Except as expressly provided herein, nothing contained herein will be construed as waiving any Default or Event of Default under the Loan Documents or will affect or impair any right, power or remedy of Agent or Lenders under or with respect to the Loan Documents, as amended, or any agreement or instrument guaranteeing, securing or otherwise relating to any of the Advances.

			
	
			
				 5.3
			

			
	
			
			All representations and warranties made by Borrowers herein will survive the execution and delivery of this Amendment.

			
	
			
				 5.4
			

			
	
			
			This Amendment will be binding upon and inure to the benefit of Borrowers, Agent, and Lenders and their respective successors and assigns.

			
	
			
				 5.5
			

			
	
			
			This Amendment will in all respects be governed and construed in accordance with the laws of the State of Ohio.

			
	
			
				 5.6
			

			
	
			
			This Amendment and the documents and instruments to be executed hereunder constitute the entire agreement among the parties with respect to the subject matter hereof and shall not be amended, modified or terminated except by a writing signed by the party to be charged therewith.

			
	
			
				 5.7
			

			
	
			
			Each Borrower agrees to execute such other instruments and documents and provide Agent with such further assurances as Agent may reasonably request to more fully carry out the intent of this Amendment.

			
	
			
				 5.8
			

			
	
			
			This Amendment may be executed in a number of identical counterparts.  If so, each such counterpart shall collectively constitute one agreement.  Any signature delivered by a party by facsimile transmission or other electronic means shall be deemed to be an original signature hereto.

			
	
			
				 5.9
			

			
	
			
			No provision of this Amendment is intended or shall be construed to be for the benefit of any third party.

			
	
			
				 5.10
			

			
	
			
			EACH PARTY HERETO  HEREBY EXPRESSLY WAIVES ANY RIGHT TO TRIAL BY JURY OF ANY CLAIM, DEMAND, ACTION OR CAUSE OF ACTION ARISING UNDER THIS AMENDMENT OR ANY OTHER INSTRUMENT, DOCUMENT OR AGREEMENT EXECUTED OR DELIVERED IN CONNECTION HEREWITH.

		
			Signature Page Follows
		

		

		

		 

		

			 

		

		

			-  3  -

		

 

		
		

		
			Signature Page to Amendment No. 2 to Loan Documents
		

		
			Executed as of the Effective Date
		

		
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						Rocky Brands, Inc.,

				
	
					
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						Lehigh Outfitters, LLC,

				
	
					
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						Lifestyle Footwear, Inc.,

				
	
					
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						Rocky Brands US, LLC,

				
	
					
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						Rocky Brands International, LLC,

				
	
					
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						Rocky Brands Canada, Inc.,

				
	
					
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						as Borrowers

				
	
					
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						By:

					
					
						/s/ Tom Robertson

				
	
					
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						Tom Robertson

				
	
					
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						Chief Financial Officer of each Borrower

				

		
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			-  4  -

		

 

		Signature Page to Amendment No. 2 to Loan Documents
		

			
					
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						PNC Bank, National Association,

				
	
					
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						as Agent and a Lender

				
	
					
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						By:

					
					
						/s/ Christopher Tully

				
	
					
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						Christopher Tully

				
	
					
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						Vice President

				

		
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			-  5  -

		

 

		Signature Page to Amendment No. 2 to Loan Documents
		

			
					
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						U.S. Bank National Association,

				
	
					
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						as a Lender

				
	
					
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						By:

					
					
						/s/ Gary Yakel

				
	
					
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						Gary Yakel

				
	
					
						﻿

					
					
						 

					
					
						Vice President

				

		
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			-  6  -

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