Document:

ATU 10-K 08.31.2013 EX 10.10 (c)

Exhibit 10.10(c)

AMENDMENT TO
ACTUANT CORPORATION
CHANGE IN CONTROL AGREEMENT
FOR
DAVID L. SCHEER
This Amendment is made as of July 23, 2013 (the “Effective Date”) between Actuant Corporation (the “Corporation”), a Wisconsin corporation and David L. Scheer (the “Executive”).
WHEREAS the Corporation and the Executive wish to amend the Change in Control Agreement between the Corporation and the Executive dated April 30, 2012 (the “Agreement”);
THEREFORE, the Corporation and the Executive hereby amend the Agreement as follows:
1.Section 2(a)(iv) of the Agreement is hereby amended to replace the period at the end thereof with a semicolon and to insert “or” after the semicolon.
2.    Section 2(a) of the Agreement is hereby amended by adding at the end thereof the following:
(v) the date that any one person or more than one person acting as a group (as defined in paragraph (i)(5)(v)(B) of Treasury Regulation Section 1. 409A-3(i)(5)) that is not an affiliate of the Corporation acquires ownership of a majority of the business operations of the Electrical Segment of the Corporation, whether by way of purchase of stock or assets, merger or consolidation or otherwise.
3.    Except as set forth above, the Agreement remains unchanged and in full force and effect.
IN WITNESS WHEREOF, the parties hereto have executed this Agreement on the date first above written.
	
		
	EXECUTIVE:

/s/ David L. Scheer            
David L. Scheer
	ACTUANT CORPORATION

By:   /s/ Sherri Grissom         

Title:   Executive VP – Human Resources   

DM_US 43532322-1.065322.0010ATU 10-K 08.31.2013 EX 10.12

Exhibit 10.12

CONFIDENTIAL TREATMENT REQUESTED FOR PORTIONS OF THIS DOCUMENT.  PORTIONS FOR WHICH CONFIDENTIAL TREATMENT IS REQUESTED HAVE BEEN MARKED WITH THREE ASTERISKS [* * *] AND A FOOTNOTE INDICATING “CONFIDENTIAL TREATMENT REQUESTED.” MATERIAL OMITTED HAS BEEN FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMISSION.

Mr. David L. Scheer

Dear David,
Actuant Corporation (“Actuant”) appreciates your leadership and professionalism during the process for the proposed sale of its Electrical Segment (the “Sale”).  In recognition of your continuing efforts and cooperation, Actuant has developed the arrangements described in this letter.
1.Retention Bonus.  Actuant will pay you the amount of $262,500 within five business days after the day of the completion of the Sale (the “Closing Date”) provided that you have continued as an employee of Actuant to the Closing Date.  In addition, Actuant will pay you the amount of $87,500 within five days after the 180th day following the Closing Date, provided that you have continued as an employee of the acquiror in the Sale.  In the event that your employment by such acquiror is terminated by the acquiror prior to such 180th day other than as a result of your misconduct or other good cause, Actuant will pay you this amount within five business days of notice of such termination.
2.    Business Performance Bonus.  You will be eligible for a bonus based on the performance of the Electrical segment relative to its financial forecast for fiscal year 2013 as set forth in this paragraph 2, provided that you have continued as an employee of Actuant to the Closing Date (the “Performance Bonus”).  Promptly following the completion of the Sale, Actuant will calculate the earnings before interest, taxes, depreciation and amortization of the Electrical Segment for the period September 2012 - August 31, 2013, on an as reported basis and consistent with Actuant’s practices (“EBITDA”). The amount of Performance Bonus which Actuant will pay to you will be determined as follows:

	
			
	If EBITDA is:
	 
	then Performance Bonus Amount is:

	[* * *]
	 
	   $ 0

	[* * *]
	 
	   $ 62,500   (25%)

	[* * *]
	 
	   $125,000  (50%)

	[* * *]
	 
	   $187,500  (75%)

	[* * *]
	 
	   $250,000  (100%)

	*Amounts will be interpolated between performance levels
	 
	 

3.    Additional Performance Bonus.  You will be eligible for an additional performance bonus based on the performance of the Electrical Segment as reflected in the cash proceeds received by Actuant from the Sale on the Closing Date [net of retained liabilities of the Electrical Segment and Sale-related expenses] (the “Sale Proceeds”) as set forth in this paragraph 3 (the “Sale Bonus”), provided that you have continued as an employee of Actuant to the Closing Date.  The amount of this Additional Performance Bonus which Actuant will pay to you will be determined as follows:
 
	
			
	If the Sales Proceeds are:
	 
	then the Sale Bonus Amount is:

	[* * *]
	 
	$0

	[* * *]
	 
	$100,000

	[* * *]
	 
	$150,000

	[* * *]
	 
	$200,000

	[* * *]
	 
	$250,000

	[* * *]
	 
	$300,000

	[* * *]
	 
	$350,000

	[* * *]
	 
	$400,000

	[* * *]
	 
	$450,000

	[* * *]
	 
	$500,000

	*Amounts will be interpolated between performance targets
	 
	 

4.    Bonus Payments.  Any Performance Bonus and Additional Performance Bonus to which you become entitled hereunder will be payable as follows:  (i) 75% of such amount within five business days after the Closing Date and 25% of such amount within 5 days after the 180th day following the Closing Date, provided that you have continued as an employee of the acquiror in the Sale.  In the event that your employment by such acquiror is terminated by the acquiror prior to such 180th day other than as a result of your misconduct or other good cause, Actuant will pay you this amount within five business days of notice of such termination.
5.    Actuant Equity Awards.  If so approved by the Compensation Committee of the Board of Directors of Actuant, on the Closing Date, Actuant will accelerate the vesting of any Actuant stock options and restricted stock units that you own, provided that you have continued as an employee of Actuant to the Closing Date.  

* * * Confidential Treatment Requested

6.    Change in Control Agreement.  The Change in Control Agreement between you and Actuant, dated April 30, 2012, remains in effect, subject to the Amendment in Attachment A hereto.  None of the Retention Bonus, Performance Bonus or Sale Bonus will be included in “salary”, “annual bonus” or “annual incentive compensation” for purposes of Section 2(c) of the Change in Control Agreement.
7.    Withholding.  Actuant may withhold from any amounts payable hereunder such federal, state, local or foreign taxes as shall be required pursuant to any applicable law or regulation.
8.    Miscellaneous.  Nothing in this letter shall be deemed to modify your “at will” employment by Actuant or that your employment may be terminated by Actuant at any time.

Please acknowledge your understanding of and agreement to the terms of this letter.
	
						
	 
	 
	 
	 
	ACTUANT CORPORATION

	 
	 
	 
	 
	 
	 

	 
	 
	 
	By:
	/s/ Mark Goldstein
	 

	Acknowledged and Agreed:
	 
	 
	 
	 

	 
	 
	 
	 
	 
	 

	/s/ David L. Scheer
	 
	 
	 
	 
	 

	David L. Scheer
	 
	 
	 
	 
	 

	 
	 
	 
	 
	 
	 

	 
	 
	 
	 
	 
	 

	 
	 
	 
	 
	 
	 

Attachment A
Amendment to Actuant Corporation Change in Control Agreement for David L. Scheer
(see attached)ATU 10-K 08.31.2013 EX 10.13

	
	
	Exhibit 10.13

[Actuant Letterhead]
May 13, 2013

Mr. Guus Boel
[address]

		
	Subject:
	     Consulting Services Agreement

Dear Guus,
As we have discussed, Actuant Corporation ("Company") is excited to engage your services as a consultant following your retirement from the Company and the Board of Directors. The following, which is subject to your agreement, sets forth our proposed agreement (“Agreement”): 
	
		
	Services
	Subject to the terms and conditions set forth below, the Company will engage you to provide consulting services (“Services”) for the benefit of the Company in the areas of (i) Supply European Leader Coordination, (ii) Targeted Executive Coaching, (iii) Continued LEAD Insight, and (iv) Strategic Insight and Feedback.  In performing the Services, you will (i) interact with the Company’s Chief Executive Officer and select business leaders via phone, internet and select one-on-one meetings on an as-needed basis, and (ii) participate in up to four (4) annual trips to the United States for meetings or site visits as deemed necessary by prior agreement between the parties.  In addition, you may possibly participate in due diligence reviews and site visits in Europe.

	Term and Termination
	The term of this Agreement will begin on February 1, 2014 and terminate on August 1, 2014.  Thereafter, this Agreement will automatically renew for successive terms of six-months each (each, a “Renewal Term”), unless either party gives written notice of termination to the other party at least sixty (60) days prior to the expiration of the then-current term.  Notwithstanding the foregoing, either party may terminate this Agreement during any Renewal Term by giving the other party at least sixty (60) days prior written notice.

	Compensation
	As compensation for performing the Services, the Company will pay you $25,000 USD per calendar quarter (“Quarterly Fee”) and reimburse you for reasonably incurred travel and expenses.  To receive payment, you will submit your travel expenses, supporting documentation, and an invoice for your Quarterly Fee to the Company on a quarterly basis.

	Bonuses
	You will not be eligible for any bonus payments from the Company during the term of this Agreement and acknowledge that you will not receive any bonus payment from the Company for the period of September 1, 2013 through February 2, 2014.

	Reports and Access
	During the term of this Agreement, you will be authorized to (i) use any email address provided to you by the Company, (ii) electronically access such files and servers of the Company which are necessary for you to furnish the Services, (iii) receive administrative support in the areas of expense reporting, document preparation, and travel planning, (iv) participate in select leadership meetings, and (v) receive Company reports and strategic plan information.

N86 W12500 Westbrook Crossing  |  Menomonee Falls, WI  53051  |  P:  262-293-1506  |  F:  262-293-7039

	
		
	Computer
	During the term of this Agreement, you will have use of a computer which is provided by the Company.  Upon termination of this Agreement, you will promptly return the computer to the Company.

	Non-Competition
	During the term of this Agreement, you agree to not accept employment with, provide services to, or otherwise engage in any work or business activity for any company that is a competitor or direct or indirect customer of the Company insofar as such employment, services, work or business may involve or be closely related to the Services, or where any third party which competes with the Company might be benefited by the Services rendered or information gained by you under this Agreement.

	Independent Contractor
	Both parties acknowledge the following:
•   You will have complete control of the means, manner, and the method by which you perform the Services and the times at which the Services will be performed, including determining your work and travel schedule.
•   Subject to the Non-Competition restrictions set forth above, you are free to perform services for any other entity or business and are not required to devote your full time and energy to the performance of the Services.
•   This Agreement will not be understood or construed to indicate any relationship between you and the Company other than that of an independent contractor.
•   As an independent contractor, you will not be eligible to participate in any Company sponsored pension, retirement, health, welfare, or benefit plans.
•   You will be responsible for payment of business and/or self-employment taxes, if any, and the Company will not be responsible for reimbursement of your business and/or self-employment tax liability with respect to the Services performed under this Agreement.  

	Effects of Termination
	Upon termination of this Agreement, (i) the Company will pay you for the Services you have performed as of the effective date of the termination, (ii) you will promptly return to the Company all documents, information, and papers, which you develop or come to possess during the performance of the Services that relate to or are part of the Company’s business matters, and (iii) you will promptly stop using Company email and accessing any Company files and servers.

	Applicable Law
	This Agreement will be governed by the laws of the State of Wisconsin.

	Entire Agreement
	This Agreement contains the entire understanding of the parties and may be modified only by the mutual written consent of the parties.

If you are in agreement with all of the terms set forth above, please sign both copies of this Agreement where indicated below and return one copy to me at your earliest convenience.
	
			
	Sincerely,    
	 
	Agreed to this __17__ day of May, 2013

	 
	 
	 

	/s/ Mark Goldstein
	 
	/s/ Guus Boel

	Mark Goldstein
	 
	Guus Boel

	Chief Operating Officer
	 
	 

N86 W12500 Westbrook Crossing  |  Menomonee Falls, WI  53051  |  P:  262-293-1506  |  F:  262-293-7039

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