Document:

glt-ex101_6.htm

 

Exhibit 10.1

 

Abwicklungsvereinbarung / Separation Agreement

 

 

 

zwischen / between 

 

Glatfelter Gernsbach GmbH, Hördener Straße 3-7, 76593 Gernsbach

(„Gesellschaft“ / „Company“),

 

und / and

 

Herrn Martin Rapp, Kelterbergstrasse 14, 76593 Gernsbach

(„Geschäftsführer“ / „Director“)

 

 

			
	
1.Die Gesellschaft und der Geschäftsführer sind sich darüber einig, dass der Anstellungsvertrag vom 2. / 21. Juni 2006 („Anstellungsvertrag“) aufgrund der Kündigung der Gesellschaft vom 27. März 2019 mit Ablauf des 30. September 2019 („Beendigungstermin“) enden wird. 
	
 
	
1.The Company and the Director agree that the service agreement dated June 2 / 21, 2006 (“Service Agreement”) will terminate with effect from September 30, 2019 (“Termination Date”) due to the Company’s termination notice of March 27, 2019. 

	
2.Die Gesellschaft zahlt an den Geschäftsführer eine Abfindung in Höhe von 676.386,84 EUR brutto, wenn der Geschäftsführer zum Beendigungstermin eine von der Gesellschaft zur Verfügung gestellte Verzichtsvereinbarung in der in Anlage A bestimmten Form („Verzichtsvereinbarung“) unterzeichnet. Die Abfindung ist als Einmalbetrag am 1. Oktober 2019 fällig, vorausgesetzt, dass der Geschäftsführer zuvor die Verzichtsvereinbarung unterzeichnet hat. Der Anspruch auf die Abfindung entsteht mit Unterzeichnung dieses Vertrages. Er ist sofort vererblich, unabhängig von der Unterzeichnung der Verzichtsvereinbarung durch den Geschäftsführer.
	
 
	
2.The Company shall pay to the Director severance in the amount of EUR 676,386.84 gross if the Director signs a release agreement provided by the Company upon the Termination Date in the form set forth on Exhibit A (“Release Agreement”). Severance shall be due in a lump sum on October 1, 2019, provided that the Director has previously signed the Release Agreement. The severance entitlement arises upon the signing of this Agreement. It is immediately inheritable, regardless of the signing of the Release Agreement by the Director.

	
3.Der Anstellungsvertrag wird vorbehaltlich der folgenden Bestimmungen bis zum Beendigungstermin ordnungsgemäß erfüllt und abgerechnet. 
	
 
	
3.Subject to the following provisions, the Service Agreement shall properly be performed and accounted for until the Termination Date. 

	
4.Bis zum Beendigungstermin wird der Geschäftsführer seine Pflichten weiter erfüllen, wie von der Gesellschaft verlangt, und auf einen nahtlosen Übergang hinarbeiten.
	
 
	
4.Until the Termination Date, the Director will continue to perform his duties as requested by the Company and will work to affect a smooth transition. 

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5.Soweit der Geschäftsführer ein Amt bei einem verbundenen Unternehmen innehat, wird die Gesellschaft sicherstellen, dass der 

Geschäftsführer spätestens mit Wirkung zum Beendigungstermin von diesem Amt abberufen wird. 
	
 
	
5.To the extent that the Director holds any office with an affiliated undertaking, the Company will ensure that the Director is recalled from such office with effect from the Termination Date at the latest.

	
6.Bis zum Beendigungstermin wird der Geschäftsführer weiter Gehalt in der derzeit geltenden Höhe und Sozialleistungen nach den Bedingungen der geltenden Leistungsordnungen erhalten.
	
 
	
6.Until the Termination Date, the Director will continue to receive salary at the rate currently in effect and benefits according to the terms of the applicable benefit plans.

	
7.Die Gesellschaft zahlt an den Geschäftsführer einen anteiligen Bonus für 2019 mit einem garantierten Zielerreichungsgrad von 94 %, basierend auf der letzten Vorausschätzung, in Höhe von 141.071,93 EUR. Der Bonus ist zum Beendigungstermin fällig.
	
 
	
7.The Company pays to the Director a prorated 2019 bonus, guaranteed at 94% of target based on last forecast, in the amount of EUR 141,071.93. The bonus shall be due upon the Termination Date.

	
8.Der Geschäftsführer hat die Gelegenheit, einen zusätzlichen Bonus im Betrag von 59.029,82 EUR zu verdienen, abhängig von der erfolgreichen Überleitung, wie in den einvernehmlich zwischen dem Geschäftsführer und dem Glatfelter CEO vereinbarten Zielen definiert. Ein etwaiger zusätzlicher Bonus ist im Februar 2020 während des jährlichen administrativen MIP-Zyklus fällig. 
	
 
	
8.The Director has the opportunity to earn an additional bonus in the amount of EUR 59,029.82, subject to successful transition as defined by goals mutually agreed between the Director and the Glatfelter CEO. Any such additional bonus shall be due in February 2020 during the annual MIP administrative cycle.

	
9.Zum Beendigungstermin noch nicht genommener Urlaub wird finanziell abgegolten.
	
 
	
9.Vacation that remains untaken upon the Termination Date shall be compensated financially.

	
10.Aktienbasierte Vergütungen des Geschäftsführers werden anteilig unverfallbar, basierend auf dem Ausscheiden des Geschäftsführers, gemäß den Bedingungen der Zuteilungsverträge und des Glatfelter Long Term Incentive Plan. Das bedeutet insbesondere:
	
 
	
10.Any equity compensation of the Director shall vest pro rata based on the Director’s retirement in accordance with the terms of the equity grant agreements and the Glatfelter Long Term Incentive Plan. This means in particular without limitation:

	
(a)Noch nicht unverfallbare Restricted Stock Units (RSUs) und Stock-Only Stock Appreciation Rights (SOSARs) werden anteilig unverfallbar.
	
 
	
(a)Unvested restricted stock units (RSUs) and stock-only stock appreciation rights (SOSARs) will vest pro rata.

	
(b)SOSARs sind bis drei Jahre nach dem 30. September 2019 oder, falls eher, bis zum Ende ihrer Laufzeit ausübbar.
	
 
	
(b)SOSARs are exercisable for three years following the September 30, 2019 or until the end of their term, if sooner.

	
(c)Noch nicht unverfallbare Performance Share Units (PSUs), die zum 30. September 2019 ein Jahr gehalten wurden, werden anteilig unverfallbar, basierend auf der Erreichung der Performance-Ziele.
	
 
	
(c)Unvested performance share units (PSUs) that have been held for one year upon the September 30, 2019 will vest pro rata, based on achievement of performance goals.

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11.Art. 13 des Anstellungsvertrages (Confidentiality and Return of Property) bleibt unberührt.
	
 
	
11.Art. 13 of the Service Agreement (Confidentiality and Return of Property) shall remain unaffected.

	
12.Der Geschäftsführer wird keine Aktivitäten ausüben oder Erklärungen abgeben, die die Gesellschaft herabsetzen oder sich negativ auf die Gesellschaft oder mit ihr verbundene Unternehmen oder Funktionsträger, Organe oder Mitarbeiter der Gesellschaft oder mit ihr verbundener Unternehmen auswirken. Diese Bestimmung umfasst insbesondere Internetkommentare unter einem Alias-Namen sowie anonyme Medienkontakte.
	
 
	
12.The Director shall not engage in any activities or make any statements that disparage or reflect negatively on the Company or its affiliates, or officers, directors, or employees of the Company or its affiliates. This provision shall include, but not be limited to, Internet postings under an alias, as well as anonymous media contacts.

	
13.Soweit Art. 14 des Anstellungsvertrages auf Zeiten nach dem Beendigungstermin anzuwenden ist, wird er durch die folgenden Bestimmungen ersetzt:
	
 
	
13.To the extent that Art. 14 of the Service Agreement applies to periods following the Termination Date, it shall be replaced with the following provisions:

	
(a)Der Geschäftsführer ist verpflichtet, während eines Zeitraums von 17 Monaten  nach dem Beendigungstermin (der „Verbotszeitraum“) nicht für ein Unternehmen tätig zu werden, welches unmittelbar oder mittelbar mit der Gesellschaft in den Produktkategorien der Composite Fibers Business Unit in Wettbewerb steht oder mit einem solchen Wettbewerbsunternehmen verbunden ist. Diese Wettbewerbsbeschränkung erstreckt sich auch auf die Errichtung, den Erwerb und die unmittelbare oder mittelbare Beteiligung an einem Wettbewerbsunternehmen. Sie gilt auch zugunsten der mit der Gesellschaft verbundenen Unternehmen.
	
 
	
(a)The Director shall be obliged for a period of 17 months following the Termination Date (the “Restricted Period”) not to become active for an undertaking which directly or indirectly competes with the Company in the product categories within the Composite Fibers Business Unit or that is affiliated with such competing undertaking. This restrictive covenant extends also to the establishment, the acquisition and the indirect or direct participation in a competing undertaking. It also applies in favor of the undertakings affiliated with the Company. 

	
(b)Während des Verbotszeitraums darf der Geschäftsführer weder unmittelbar noch mittelbar eine Person werben, rekrutieren oder zu überreden versuchen, ihr Arbeits- bzw. Dienstverhältnis mit der Gesellschaft oder einem mit ihr verbundenen Unternehmen zu beenden, und der Geschäftsführer darf mit solchen Personen auch keinen Kontakt haben, um über die Beendigung ihres Arbeits- bzw. Dienstverhältnisses mit der Gesellschaft oder einem mit ihr verbundenen Unternehmen zu sprechen oder sie dabei zu unterstützen, selbst wenn solche Personen den Kontakt initiieren.
	
 
	
(b)During the Restricted Period, the Director shall neither directly nor indirectly solicit, recruit or attempt to persuade any person to leave his or her employment or service with the Company or any of its affiliates, nor shall the Director have any contact with such persons for the purpose of discussing or aiding their departure or termination from employment or service with the Company or any of its affiliates, even if such persons initiate the contact.

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(c)Die Entschädigung für die Wettbewerbsbeschränkungen nach vorstehenden Buchstaben (a) und (b) ist in der Abfindung nach Ziffer 2 enthalten. Erhält der Geschäftsführer keine Abfindung, weil er die Verzichtsvereinbarung nicht unterzeichnet, erhält er nur eine Karenzentschädigung in Höhe von 50 % seines letzten monatlichen Brutto-Grundgehalts (Art. 4 des Anstellungsvertrages) für jeden Monat des Verbotszeitraums. Der Geschäftsführer erhält jedoch keine solche Karenzentschädigung, wenn die Unterzeichnung der Verzichtsvereinbarung aufgrund des Todes des Geschäftsführers unterbleibt.
	
 
	
(c)The compensation for the restrictive covenants at lit. (a) and (b) above is included in the severance under clause 2 above. If the Director does not receive severance because he fails to sign the Release Agreement he shall receive only compensation in the amount of 50% of his last monthly gross base salary (Art. 4 of the Service Agreement) for each month of the Restricted Period. However, the Director shall not receive such compensation if the failure to sign the Release Agreement is due to the Director’s death. 

	
(d)Soweit in diesem Vertrag nicht anders bestimmt, gelten für diese Wettbewerbsbeschränkungen die §§ 74 ff. des Handelsgesetzbuchs, mit Ausnahme von § 74c.
	
 
	
(d)Unless provided for otherwise in this Agreement, Sections 74 ss. of the Commercial Code, with the exception of Section 74c, shall apply to these restrictive covenants.

	
(e)Verletzt der Geschäftsführer eine der Wettbewerbsbeschränkungen nach vorstehenden Buchstaben (a) und (b), ist die Gesellschaft berechtigt, die Zahlung einer Vertragsstrafe  in Höhe des letzten monatlichen Brutto-Grundgehalts für jeden angefangenen Monat der Dauer einer solchen Verletzung verlangen, höchstens jedoch  ein monatliches Brutto-Grundgehalt pro Kalendermonat. Das Recht, weiteren Schaden geltend zu machen, bleibt unberührt.
	
 
	
(e)If the Director breaches any of the restrictive covenants at lit. (a) and (b) above the Company shall be entitled to a contractual penalty in the amount of his last monthly gross base salary (Art. 4 of the Service Agreement) for each month commenced of the duration of such breach, limited however to a maximum of one monthly gross base salary per calendar month. The right to claim further damage remains unaffected. 

	
14.Während des Verbotszeitraums erstattet die Gesellschaft dem Geschäftsführer die monatlichen Kosten der Krankenversicherung, soweit diese monatlichen Kosten die Zahlungen der Gesellschaft an den Geschäftsführer für die Krankenversicherung nach Art. 9 des Anstellungsvertrages für September 2019 übersteigen.
	
 
	
14.During the Restricted Period the Company shall reimburse the Director for the monthly cost of obtaining health insurance to the extent that such monthly cost exceeds the payments for health insurance made by the Company to the Director under Art. 9 of the Service Agreement for September 2019.

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15.Die Gesellschaft zahlt einen Betrag von höchstens 26.315,79 EUR (ausschließlich USt.) für Outplacement-Dienstleistungen einer Outplacement-Agentur nach Wahl des Geschäftsführers. The Rechnung der Outplacement-Agentur muss an die Gesellschaft gestellt werden. Anstelle einer Zahlung der Gesellschaft für Outplacement-Dienstleistungen kann der Geschäftsführer die Zahlung eines 

Brutto-Einmalbetrages in derselben Höhe wählen.
	
 
	
15.The Company shall pay an amount not to exceed EUR 26,315.79 (exclusive of VAT) for outplacement services at an outplacement agency to be selected by the Director. The outplacement agency’s invoice for the outplacement services shall be made out to the Company. In lieu of a Company payment for outplacement services, the Director may elect payment of a gross cash lump sum in the same amount.

	
16.Ab seinem 60. Geburtstag kann der Geschäftsführer vorzeitige Altersleistungen nach Maßgabe des Altersversorgungsvertrages vom 31. Januar / 5. Februar 2008 in Anspruch nehmen. 
	
 
	
16.From his 60th birthday, the Director will be entitled to receive early retirement benefits in accordance with the Retirement Pension Contract dated January 31 / February 5, 2008. 

	
17.Die Parteien sind verpflichtet, über Existenz und Inhalt dieser Vereinbarung Stillschweigen zu bewahren, soweit weder eine gesetzliche Offenbarungspflicht besteht noch die Geltendmachung von Rechtsansprüchen eine Offenlegung dieser Vereinbarung gegenüber Behörden, Gerichten oder gesetzlich zur Verschwiegenheit verpflichteten Berufsträgern erfordert. 
	
 
	
17.The parties shall be obliged to keep confidential the existence and the contents of this Agreement unless either a statutory disclosure obligation exists or the assertion of legal claims requires the disclosure of this Agreement to authorities, courts or professionals subject to statutory confidentiality obligations. 

	
18.Etwaige sonstige Arbeits- und/oder Anstellungsverhältnisse zwischen dem Geschäftsführer einerseits und der Gesellschaft bzw. einem mit ihr verbundenen Unternehmen andererseits enden ebenfalls zum Beendigungstermin. Der Geschäftsführer wird alle Ämter als Funktionsträger und/oder Geschäftsführer der Gesellschaft und der mit ihr verbundenen Unternehmen mit Wirkung zum Beendigungstermin niederlegen und verpflichtet sich, diejenigen die Amtsniederlegungen bestätigenden Schreiben zu unterzeichnen, welche die Gesellschaft verlangt. 
	
 
	
18.Any other employment and/or service agreements between the Director on the one hand and the Company or any of its affiliates on the other hand shall also terminate upon the Termination Date. The Director shall resign from all positions as an officer and/or director of the Company and its affiliates as of the Termination Date and agrees to sign such letters confirming such resignations as the Company may require. 

	
19.Der Geschäftsführer wird jedem angemessenen Verlangen der Gesellschaft entsprechen, an der Vorbereitung auf einen bevorstehenden, gegenwärtigen oder drohenden Rechtsstreit, der die Gesellschaft oder ein mit ihr verbundenes Unternehmen betrifft, der Beantwortung eines solchen Rechtsstreits, der Verfolgung eines solchen Rechtstreits bzw. der Verteidigung in einem solchen Rechtsstreit mitzuwirken. Gegen Vorlage geeigneter Unterlagen erstattet die Gesellschaft dem Geschäftsführer alle angemessenen Auslagen, die dem Geschäftsführer aufgrund einer solchen Zusammenarbeit entstehen.
	
 
	
19.The Director shall cooperate with any reasonable request of the Company to participate in the preparation for, response to, prosecution of and/or defense of any pending, actual, or threatened litigation involving the Company or its affiliates.  Upon submission of appropriate documentation, the Company will reimburse the Director for all reasonable out-of-pocket expenses that the Director may incur as a result of such cooperation.

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20.Diese Vereinbarung ist vollständig; mündliche Nebenabreden sind nicht getroffen worden. Änderungen und Ergänzungen dieser Vereinbarung bedürfen zu ihrer Wirksamkeit der Schriftform. Dies gilt auch für die Aufhebung des Schriftformerfordernisses. § 305b BGB bleibt 

unberührt.
	
 
	
20.This Agreement is complete; oral side agreements have not been made. Modifications and amendments to this Agreement must be in writing in order to be valid. This shall apply also to the cancellation of the written form requirement. Section 305b of the Civil Code shall remain unaffected.

	
21.Sollte eine Bestimmung dieser Vereinbarung ganz oder teilweise rechtsunwirksam sein oder werden, so wird die Gültigkeit der übrigen Bestimmungen dieser Vereinbarung dadurch nicht berührt. Die unwirksame Bestimmung ist durch diejenige wirksame Bestimmung zu ersetzen, die dem wirtschaftlichen Zweck der ursprünglich vereinbarten Regelung so nahe wie möglich kommt. 
	
 
	
21.Should any provision of this Agreement be or become invalid in full or in part, this shall not affect the validity of the remaining provisions of this Agreement. The invalid provision shall be replaced with that valid provision which comes as close as possible to what the parties wanted the originally agreed provision to achieve commercially. 

	
22.Im Zweifel hat die deutsche Fassung dieser Vereinbarung Vorrang vor der englischen Fassung.
	
 
	
22.In case of doubt, the German version of this Agreement shall prevail over the English version.

 

 

 

 

 

23 April 2019, Gernsbach/s/ Raphael Gutwein_____

Ort, Datum/ City, DateGlatfelter Gernsbach GmbH, 

vertreten durch/represented by 

Glatfelter Luxembourg S.à.r.l.

vertreten durch/represented by 

Name: Raphael Gutwein

Title: (*)

 

 

 

 

23 April 2019, Gernsbach/s/ Martin Rapp__________ 

Ort, Datum/ City, DateMartin Rapp

 

 

 

 

 

 

 

 

 

* Power of Attorney

 

Page 6 of 9

 

Exhibit A

 

Verzichtsvereinbarung / Release Agreement

 

zwischen / between 

 

Glatfelter Gernsbach GmbH, Hördener Straße 3-7, 76593 Gernsbach

 („Gesellschaft“ / „Company“),

 

und / and

 

Herrn Martin Rapp, Kelterbergstrasse 14, 76593 Gernsbach

 („Geschäftsführer“ / „Director“)

 

 

 

			
	
1.Die Gesellschaft und der Geschäftsführer sind Parteien einer Abwicklungsvereinbarung vom [Datum] („Abwicklungsvereinbarung“), nach der das Anstellungsverhältnis des Geschäftsführers mit der Gesellschaft zum 30. September 2019 geendet hat.
	
 
	
1.The Company and the Director are parties to a Separation Agreement dated [date] (“Separation Agreement”) pursuant to which the Director’s service agreement with the Company terminated with effect from September 30, 2019. 

	
2.Die Parteien sind verpflichtet, über Existenz und Inhalt dieser Vereinbarung Stillschweigen zu bewahren, soweit weder eine gesetzliche Offenbarungspflicht besteht noch die Geltendmachung von Rechtsansprüchen eine Offenlegung dieser Vereinbarung gegenüber Behörden, Gerichten oder gesetzlich zur Verschwiegenheit verpflichteten Berufsträgern erfordert. 
	
 
	
2.The parties shall be obliged to keep confidential the existence and the contents of this Agreement unless either a statutory disclosure obligation exists or the assertion of legal claims requires the disclosure of this Agreement to authorities, courts or professionals subject to statutory confidentiality obligations.

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3.Mit Ausnahme der in dieser Vereinbarung und der Abwicklungsvereinbarung genannten Ansprüche sind mit Unterzeichnung dieser Vereinbarung sämtliche Ansprüche des Geschäftsführers gegen die Gesellschaft aus und im Zusammenhang mit dem Anstellungsverhältnis und seiner Beendigung – gleich aus welchem Rechtsgrund, ob bekannt oder unbekannt – erledigt. Die Geltendmachung weiterer Ansprüche – gleich aus welchem Rechtsgrund – ist ausgeschlossen. Der Geschäftsführer verpflichtet sich, solche Ansprüche auch nicht gegen mit der Gesellschaft verbundene Unternehmen oder Funktionsträger, Organe oder Mitarbeiter der Gesellschaft oder der mit ihr verbundenen Unternehmen geltend zu machen. Die vorstehenden Sätze gelten nicht für Ansprüche aus unerlaubter Handlung aufgrund von Vorsatz oder grober Fahrlässigkeit und vorsätzlicher Vertragsverletzung, unverfallbare Anwartschaften aus betrieblicher 

Altersversorgung, Ansprüche aus Regelungen, die (auch) nach Beendigung des Anstellungsverhältnisses gelten, Ansprüche auf den gesetzlichen Mindestlohn sowie Schadensersatzansprüche der in § 309 Nr. 7 BGB bestimmten Art. 
	
 
	
3.Save for the claims mentioned in this Agreement and in the Separation Agreement, all claims of the Director vis-à-vis the Company from and in connection with the service agreement and its termination – regardless of the legal basis and whether known or unknown – shall be deemed settled upon the signing of this Agreement. No further claims – regardless of the legal basis – can be asserted. The Director agrees to refrain from asserting such claims against affiliates of the Company or officers, directors, or employees of the Company and its affiliates. The foregoing sentences shall not apply to tort claims based on willful conduct or gross negligence and claims for willful breach of contract, vested company pension entitlements, claims under provisions that apply (also) following the termination of the service agreement, claims to statutory minimum wage, and claims for damages of the nature outlined in Section 309 no. 7 of the Civil Code. 

	
Umgekehrt sind, mit Ausnahme der in dieser Vereinbarung und der Abwicklungsvereinbarung genannten Ansprüche, mit Unterzeichnung dieser Vereinbarung sämtliche Ansprüche der Gesellschaft gegen den Geschäftsführer aus und im Zusammenhang mit dem Anstellungsverhältnis und seiner Beendigung – gleich aus welchem Rechtsgrund, ob bekannt oder unbekannt – erledigt, ausgenommen die vorsätzliche bzw. grob fahrlässige Verletzung anwendbarer Rechts- oder regulatorischer Vorschriften oder des Glatfelter Code of Business Conduct sowie Ansprüche aufgrund vorsätzlichen Fehlverhaltens oder grober Fahrlässigkeit. Es wird klargestellt, dass die Bestimmungen der Glatfelter Clawback Policy gemäß ihren Bestimmungen unabhängig von dieser Bestimmung in Kraft bleiben.
	
 
	
Conversely, save for the claims mentioned in this Agreement and in the Separation Agreement, upon the signing of this Agreement, all claims of the Company against the Director from and in connection with the service agreement and its termination are released – regardless of the legal grounds and whether known or unknown – , except for willful or grossly negligent violations of applicable law or regulations or the Glatfelter Code of Business Conduct or claims due to willful misconduct or gross negligence. For avoidance of doubt, the terms of Glatfelter’s Clawback Policy remain in effect in accordance with its terms, regardless of this provision. 

	
4.Diese Vereinbarung ist vollständig; mündliche Nebenabreden sind nicht getroffen worden. Änderungen und Ergänzungen dieser Vereinbarung bedürfen zu ihrer Wirksamkeit der Schriftform. Dies gilt auch für die Aufhebung des Schriftformerfordernisses. 
	
 
	
4.This Agreement is complete; oral side agreements have not been made. Modifications and amendments to this Agreement must be in writing in order to be valid. This shall apply also to the cancellation of the written form requirement.

	
5.Sollte eine Bestimmung dieser Vereinbarung ganz oder teilweise rechtsunwirksam sein oder werden, so wird die Gültigkeit der übrigen Bestimmungen dieser Vereinbarung dadurch nicht berührt. Die unwirksame Bestimmung ist durch diejenige wirksame Bestimmung zu ersetzen, die dem wirtschaftlichen Zweck der ursprünglich vereinbarten Regelung so nahe wie möglich kommt. 
	
 
	
5.Should any provision of this Agreement be or become invalid in full or in part, this shall not affect the validity of the remaining provisions of this Agreement. The invalid provision shall be replaced with that valid provision which comes as close as possible to what the parties wanted the originally agreed provision to achieve commercially. 

	
6.Im Zweifel hat die deutsche Fassung dieser Vereinbarung Vorrang vor der englischen Fassung.
	
 
	
6.In case of doubt, the German version of this Agreement shall prevail over the English version.

 

 

 

Page 8 of 9

 

 

23 April 2019, Gernsbach/s/ Raphael Gutwein

Ort, Datum/ City, DateGlatfelter Gernsbach GmbH, 

vertreten durch/represented by 

Glatfelter Luxembourg S.à.r.l.

vertreten durch/represented by 

Name: Raphael Gutwein

Title: (*)

 

 

 

 

23 April 2019, Gernsbach/s/ Martin Rapp _____________

Ort, Datum/ City, DateMartin Rapp

 

 

 

 

 

 

* Power of Attorney

 

 

Page 9 of 9Exhibit

Exhibit 10.1
Executive Form

AMN HEALTHCARE 
EQUITY PLAN 
PERFORMANCE RESTRICTED STOCK UNIT AGREEMENT
(ADJUSTED EBITDA MARGIN)
THIS PERFORMANCE RESTRICTED STOCK UNIT AGREEMENT (the “Agreement”), made this ___________ ___, 2019, by and between AMN Healthcare Services, Inc. (the “Company”), a Delaware corporation, and ___________________ (the “Grantee”).
W I T N E S S E T H:
WHEREAS, the Company sponsors the AMN Healthcare 2017 Equity Plan, (as may be amended from time to time, the “Plan”), and desires to afford the Grantee the opportunity to share in the appreciation of the Company’s common stock, par value $.01 per share (“Stock”), thereunder, thereby strengthening the Grantee’s commitment to the welfare of the Company and Affiliates and promoting an identity of interest between stockholders and the Grantee.
NOW THEREFORE, in consideration of the covenants and agreements herein contained, the parties hereto hereby agree as follows:
1.    Definitions.
The following definitions shall be applicable throughout the Agreement.  Where capitalized terms are used but not defined herein, their meaning shall be that set forth in the Plan (unless the context indicates otherwise).
(a)    “Adjusted EBITDA” means for the Company and its wholly owned Subsidiaries on a consolidated basis, net income (loss) plus interest expense (net of interest income), income taxes, depreciation and amortization, acquisition related costs, stock-based compensation expense, integration expenses, debt refinancing and other corporate reorganizational costs, incentive awards recorded in its financial books and records, including long-term incentive awards and annual incentive awards, extraordinary legal costs (including damages, settlements and attorney’s fees), changes in GAAP treatment of revenue/expenses, discontinued operations, goodwill and other identified intangible asset impairments and expenses resulting from severance arrangements with terminated employees, and net income (loss) from discontinued operations, net of tax, and the impact of any additional extraordinary items that may be identified by the Committee in its sole discretion.
(b)    “Adjusted EBITDA Margin” means for the Company and its wholly owned Subsidiaries on a consolidated basis, Adjusted EBITDA divided by gross revenue, expressed as a percentage.
(c)    “Affiliate” means (i) any entity that directly or indirectly is controlled by, or is under common control with, the Company and (ii) any entity in which the Company has a significant equity interest, in either case, as determined by the Committee.

Page 1 of 10

Exhibit 10.1
Executive Form

(d)    “Cause” means (i) the definition of “cause” provided in the employment or severance agreement in effect between the Grantee and the Company or any Affiliate or (ii) if no such agreement exists, then the occurrence of any of the following, as determined by the Company in its reasonable discretion: (A) Grantee’s failure to perform in any material respect his or her duties as an employee of the Company, (B) violation of the Company’s Code of Business Conduct, Code of Ethics for Senior Financial Officers and Principal Executive Officer (if applicable), and/or Securities Trading Policy, (C) the engaging by the Grantee in willful misconduct or gross negligence which is injurious to the Company or any of its Affiliates, monetarily or otherwise, (D) the commission by Grantee of an act of fraud or embezzlement against the Company or any of its Affiliates, (E) the conviction of the Grantee of a crime which constitutes a felony or any lesser crime that involves Company property or a pleading of guilty or nolo contendere with respect to a crime which constitutes a felony or any lesser crime that involves Company property, or (F) violation of any of the restrictive covenants in Section 9 hereof.
(e)    “Change in Control” means:
(i)    the acquisition by any individual, entity or group (within the meaning of Section 13(d)(3) or 14(d)(2) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”)) (a “Person”) of beneficial ownership (within the meaning of Rule 13d‐3 promulgated under the Exchange Act) of a majority of the combined voting power of the then outstanding voting securities of the Company entitled to vote generally in the election of directors;
(ii)    the sale of all or substantially all of the business or assets of the Company; or
(iii)    the consummation of a merger, consolidation or similar form of corporate transaction involving the Company that requires the approval of the Company’s stockholders, whether for such transaction or the issuance of securities in the transaction (a “Business Combination”), if immediately following such Business Combination: (A) a Person is or becomes the beneficial owner, directly or indirectly, of a majority of the combined voting power of the outstanding voting securities eligible to elect directors of the Parent Corporation (or, if there is no Parent Corporation, the Surviving Corporation), or (B) the Company’s stockholders prior to the Business Combination thereafter cease to beneficially own, directly or indirectly, a majority of the combined voting power of the outstanding voting securities eligible to elect directors of the Parent Corporation (or, if there is no Parent Corporation, the Surviving Corporation), counting for this purpose only voting securities of the Parent Corporation (or, if there is no Parent Corporation, the Surviving Corporation) received by such stockholders in connection with the Business Combination. “Surviving Corporation” shall mean the corporation resulting from a Business Combination, and “Parent Corporation” shall mean the ultimate parent corporation that directly or indirectly has beneficial ownership of a majority of the combined voting power of the then outstanding voting securities of the Surviving Corporation entitled to vote generally in the election of directors.
(f)    “Change in Control Termination” means the occurrence of either of the following events during the Protection Period: (i) the Company’s termination of the Grantee’s Service without Cause (other than due to death or Disability) or (ii) the Grantee’s termination of his or her Service with Good Reason at a time when the Grantee could not have been terminated for Cause.

Page 2 of 10

Exhibit 10.1
Executive Form

(g)    “Credited Service” means the performance of Service on a substantially full time basis for a continuous twelve-month period.  For this purpose, substantially full time basis shall mean that the employee or consultant provides regular and recurring services to the Company of at least 32 hours each week. The taking of approved paid time off or legally mandated leave, such as FMLA, does not interrupt this period of Credited Service.  Notwithstanding the foregoing, the Committee may treat periods of less than full time employment, in whole or in part, as Credited Service in its sole discretion.
(h)    “Disabled” has the meaning set forth in Section 13(c)(ii) of the Plan.
(i)    “Good Reason” means (i) the definition of “good reason” provided in the employment or severance agreement in effect between the Grantee and the Company or any Affiliate or (ii) if no such agreement exists, then the occurrence of either of the following without the Grantee’s express written consent: (A) a material reduction in the Grantee’s base salary compared to the base salary in effect on the date immediately prior to the beginning of the Protection Period or (B) relocation of the Grantee’s principal place of employment to a place more than 50 miles from its location as of the date immediately prior to the beginning of the Protection Period.
(j)    “Grant Date” means ___________ ___, 2019, which is the date the Committee authorized this PRSU grant.
(k)    “NQDC Plan” means the Company’s 2005 Amended and Restated Executive Nonqualified Excess Plan, as may be amended from time to time. 
(l)    “Performance Period” means January 1, 2021 through December 31, 2021.
(m)    “Performance Restricted Stock Unit(s)” or “PRSU(s)” means the performance restricted stock units granted under Section 2.
(n)    “Protection Period” means the period beginning on the date that is six (6) months before the effective date of a Change in Control and ending on the second anniversary of the effective date of the Change in Control.
(o)    “Retirement” means termination of an employee’s Service (other than for Cause or due to a Change in Control Termination) on or after attainment of age 55 with at least 15 full years of aggregate Service.  For clarity, only twelve (12) months of continuous Service shall count as a full year of Service for purposes of determining if an employee is eligible for Retirement.
(p)    “Service” means the performance of services for the Company (or any Affiliate) by a person in the capacity of an officer or other employee or key person (including consultants).
(q)    “Vesting Date” means the date on which the Grantee has performed three full periods of Credited Service the first period of which shall commence on the Grant Date.
2.    Grant of Performance Restricted Stock Units.  Subject to the terms and conditions set forth herein, the Company hereby grants to the Grantee ______ (the “Target Number”) PRSUs.  The Committee will determine the number of PRSUs at the end of the Performance Period (“Actual PRSUs”) in accordance with the Adjusted EBITDA Margin Table attached hereto as Schedule 

Page 3 of 10

Exhibit 10.1
Executive Form

I (the “Adjusted EBITDA Margin Table”), which Actual PRSUs will be subject to additional time-based vesting.  The number of Actual PRSUs may be greater or fewer than the Target Number.
3.    Vesting Schedule.  Except as otherwise set forth in this Agreement or in the Plan, the Actual PRSUs (as determined in accordance with the Adjusted EBITDA Margin Table) shall vest on the Vesting Date.  All PRSUs that do not become Actual PRSUs shall be cancelled and be null and void on the date the Committee calculates the Adjusted EBITDA Margin for the Performance Period, which shall occur within sixty (60) days of the end of the Performance Period (the “Calculation Date”).
4.    Settlement and Deferral of PRSUs.  
(a)    Each vested Actual PRSU entitles the Grantee to receive one share of Stock on the “Settlement Date,” which shall be the later of (i) the Vesting Date (or the Calculation Date, if later than the Vesting Date), and (ii) the end of the deferral period specified by the Grantee.  The deferral period shall be no less than four (4) years and five (5) days from the Grant Date.  Such deferral election shall be made within 30 days of the Grant Date.  Any deferral of the PRSUs shall be subject to the NQDC Plan and the applicable deferral election form.
(b)    Shares of Stock underlying the vested Actual PRSUs shall be issued and delivered to the Grantee in accordance with paragraph (a) and upon compliance to the satisfaction of the Committee with all requirements under applicable laws or regulations in connection with such issuance and with the requirements hereof and of the Plan.  The determination of the Committee as to such compliance shall be final and binding on the Grantee.  The shares of Stock delivered to the Grantee pursuant to this Section 4 shall be free and clear of all liens, fully paid and non-assessable. In no event shall fractional shares of Stock be issued.
(c)    Until such time as shares of Stock have been issued to the Grantee pursuant to paragraph (b) above, and except as set forth in Section 5 below regarding dividend equivalents, the Grantee shall not have any rights as a holder of the shares of Stock underlying this Grant including but not limited to voting rights.
(d)    The Grantee may be required to pay to the Company or any Affiliate, and the Company or any Affiliate shall have the right and is hereby authorized to withhold from any shares of Stock or other property deliverable in respect of a vested Actual PRSU or from any compensation or other amounts owing to the Grantee the amount (in cash, Stock or other property) of any required tax withholding and payroll taxes in respect of such Actual PRSUs vesting or settlement and to take such other action as may be necessary in the opinion of the Company to satisfy all obligations for the payment of such taxes.
(e)    Without limiting the generality of clause (d) above, in the Committee’s sole discretion the Grantee may satisfy, in whole or in part, the foregoing withholding liability by having the Company withhold from the number of shares of Stock otherwise issuable pursuant to the settlement of vested Actual PRSUs a number of shares with a Fair Market Value equal to such withholding liability.
5.    Dividend Equivalents.  If on any date the Company shall pay any cash dividend on shares of Stock of the Company, the number of Actual PRSUs credited to the Grantee 

Page 4 of 10

Exhibit 10.1
Executive Form

pursuant to the Adjusted EBITDA Margin Table shall, as of such date (or as of the Calculation Date if such dividend occurs before the Calculation Date), be increased by an amount determined by the following formula:
W = (X multiplied by Y) divided by Z, where:
W = the number of additional PRSUs to be credited to the Grantee on such dividend payment date;
X = the aggregate number of PRSUs (whether vested or unvested) credited to the Grantee as of the record date of the dividend (or the Calculation Date, as applicable);
Y = the cash dividend per share amount; and 
Z = the Fair Market Value per share of Stock (as determined under the Plan) on the dividend payment date.
For the avoidance of doubt, no dividend equivalents shall be credited to PRSUs prior to the determination of the number of Actual PRSUs. 
6.    Termination of Service.
(a)    Except as provided below, if the Grantee’s Service terminates for any reason prior to the Settlement Date, then all unvested PRSUs (or all unvested Actual PRSUs, as applicable) shall be forfeited.
(b)    If the Grantee’s Service terminates due to Retirement at any time after 6 (six) months from the Grant Date but before the Settlement Date, then the Grantee shall continue to vest in all of the Grantee’s unvested PRSUs (or all unvested Actual PRSUs, as applicable) according to the terms of this Agreement as though the Grantee’s Service had not terminated.  For clarity, the Grantee’s Actual PRSUs shall be determined at the end of the Performance Period according to the Adjusted EBITDA Margin Table based on actual performance, and such Actual PRSUs shall be settled at the time specified in Section 4 hereof.
(c)    If the Grantee’s Service terminates due to a Change in Control Termination after the Grant Date but before the end of the Performance Period, then on the date of the Grantee’s termination (or, if later, on the effective date of the Change in Control), 100% of the Target Number of PRSUs shall become immediately vested, be considered Actual PRSUs and settled according to Section 4 hereof.  If the Grantee’s Service terminates due to a Change in Control Termination after the end of the Performance Period but before the Settlement Date, then on the date of the Grantee’s termination (or, if later, on the effective date of the Change in Control), all of the Grantee’s Actual PRSUs shall become immediately vested and settled according to Section 4 hereof.
(d)    In the event of the Grantee’s death or if the Committee’s determines, in its sole discretion, that the Grantee has become Disabled, in each case, after the Grant Date and prior to the end of the Performance Period), 100% of the Target Number of PRSUs shall become immediately vested, be considered Actual PRSUs and, regardless of the Grantee’s deferral election, the Company, as soon as reasonably practicable, shall issue shares of Stock to the Grantee (or the Grantee’s 

Page 5 of 10

Exhibit 10.1
Executive Form

designated beneficiary or estate executor in the event of the Grantee’s death) with respect to the Target Number of PRSUs.  In the event the Grantee dies or becomes Disabled (as determined by the Committee in its sole discretion) on or after the end of the Performance Period and prior to (or on) the Settlement Date, the Grantee shall be entitled to receive shares of Stock underlying all vested Actual PRSUs, and regardless of the Grantee’s deferral election, the Company, as soon as reasonably practicable, shall issue the applicable number of shares of Stock to the Grantee (or the Grantee’s designated beneficiary or estate executor in the event of the Grantee’s death).
(e)    If the Grantee’s employment is terminated due to a reason specified in (b)-(d) above but, after such termination, the Committee determines that it would have had Cause to terminate the Grantee’s Service if all the relevant facts had been known to the Committee as of the date of the Grantee’s termination, then all PRSUs and Actual PRSUs shall immediately be forfeited and cancelled, whether or not vested, as of the date of the Committee’s determination.  
7.    Company; Grantee.
(a)    The term “Company” as used in this Agreement with reference to employment shall include the Company, its Subsidiaries and its Affiliates, as appropriate.
(b)    Whenever the word “Grantee” is used in any provision of this Agreement under circumstances where the provision should logically be construed to apply to the beneficiaries, the executors, the administrators, or the person or persons to whom the PRSUs may be transferred by will or by the laws of descent and distribution, the word “Grantee” shall be deemed to include such person or persons.
8.    Non-Transferability.  The PRSUs granted herein are not transferable by the Grantee other than to a designated beneficiary upon death, by will or the laws of descent and distribution, to a trust solely for the benefit of the Grantee or his/her immediate family or, in the case of the PRSUs being held by such a trust, by the trustee.
9.    Forfeiture for Violation of Restrictive Covenants.
(a)    Non-Compete.  The Grantee agrees that during the term of the Grantee’s employment and for a period of two years thereafter (the “Coverage Period”) the Grantee will not engage in, consult with, participate in, hold a position as shareholder, director, officer, consultant, employee, partner or investor, or otherwise assist any business entity (i) in any State of the United States of America or (ii) in any other country in which the Company (which, for the avoidance of doubt, includes for all purposes of this Section 9 any and all of its divisions, Affiliates or Subsidiaries) has business activities, in either case, that is engaged in (A) any activities that are competitive with the business of providing (I) healthcare or other personnel on a temporary or permanent placement basis to hospitals, healthcare facilities, healthcare provider practice groups or other entities, (II) clinical workforce management services, or (III) healthcare workforce technology platforms, or (B) any other business in which the Company is then engaged, in each case, including any and all business activities reasonably related thereto.

Page 6 of 10

Exhibit 10.1
Executive Form

(b)    Non-Solicit.  The Grantee agrees that during the Coverage Period, the Grantee shall not solicit, attempt to solicit or endeavor to entice away from the Company any person who, at any time during the term of the Grantee’s employment was a healthcare professional (including a healthcare executive) of the Company, or an employee, customer, permanent placement candidate, client or supplier of the Company.
(c)    Confidential and Proprietary Information.  The Grantee agrees that the Grantee will not, at any time make use of or divulge to any other person, firm or corporation any confidential or proprietary information concerning the business or policies of the Company (which includes, for the avoidance of doubt, any and all of its divisions, Affiliates or Subsidiaries).  For purposes of this Agreement, any confidential information shall constitute any information designated as confidential or proprietary by the Company or otherwise known by the Grantee to be confidential or proprietary information including, without limitation, customer information.  The Grantee acknowledges and agrees that for purposes of this Agreement, “customer information” includes without limitation, customer lists, all lists of professional personnel, names, addresses, phone numbers, contact persons, preferences, pricing arrangements, requirements and practices.  The Grantee’s obligation under this Section 9(c) shall not apply to any information that (i) is known publicly; (ii) is in the public domain or hereafter enters the public domain without the fault of the Grantee; or (iii) is hereafter disclosed to the Grantee by a third party not under an obligation of confidence to the Company.  The Grantee agrees not to remove from the premises of the Company, except as an employee of the Company in pursuit of the business of the Company or except as specifically permitted in writing by the Company, any document or other object containing or reflecting any such confidential or proprietary information.  The Grantee recognizes that all such information, whether developed by the Grantee or by someone else, will be the sole exclusive property of the Company.  Upon termination of employment, the Grantee shall forthwith deliver to the Company all such confidential or proprietary information, including without limitation all lists of customers, pricing methods, financial structures, correspondence, accounts, records and any other documents, computer disks, computer programs, software, laptops, modems or property made or held by the Grantee or under the Grantee’s control in relation to the business or affairs of the Company, and no copy of any such confidential or proprietary information shall be retained by the Grantee.
(d)    Forfeiture for Violations.  If the Grantee shall at any time violate the provisions of Section 9(a), (b), or (c), the Grantee shall immediately forfeit his/her Actual PRSUs (whether vested or unvested) and any issuance of shares of Stock that occurs after (or within six (6) months before) any such violation shall be void ab initio.
(e)    Additional Agreement.  For the avoidance of doubt, this Section 9 shall be in addition to and shall not supersede (or be superseded by) any other agreements related to the subject matter of this Section 9 contained in any confidentiality agreement, noncompetition agreement or any other agreement between the Grantee and the Company.

Page 7 of 10

Exhibit 10.1
Executive Form

10.    Rights as Stockholder.  The Grantee or a transferee of the Actual PRSUs shall have no rights as a stockholder with respect to any share of Stock covered by the Actual PRSUs until the Grantee shall have become the holder of record of such share of Stock and no adjustment shall be made for dividends or distributions or other rights in respect of such share of Stock for which the record date is prior to the date upon which Grantee shall become the holder of record thereof.
11.    Successor.  The obligations of the Company under this Agreement shall be binding upon any successor corporation or organization resulting from the merger, consolidation or other reorganization of the Company, or upon any successor corporation or organization succeeding to substantially all of the assets and business of the Company.  The Company agrees that it will make appropriate provisions for the preservation of the Grantee’s rights under this Agreement in any agreement or plan that it may enter into or adopt to effect any such merger, consolidation, reorganization or transfer of assets.
12.    Notice.  Every notice or other communication relating to this Agreement shall be in writing, and shall be mailed to or delivered to the party for whom it is intended at such address as may from time to time be designated by it in a notice mailed or delivered to the other party as herein provided, provided that, unless and until some other address be so designated, all notices or communications by the Grantee to the Company shall be mailed or delivered to the Company at its principal executive office, and all notices or communications by the Company to the Grantee may be given to the Grantee personally or may be mailed to the Grantee at the Grantee’s address as recorded in the records of the Company.
13.    No Right to Continued Employment.  This Agreement shall not be construed as giving the Grantee the right to be retained in the employ or service of the Company, a Subsidiary or an Affiliate.  Further, the Company or an Affiliate may at any time dismiss the Grantee or discontinue any consulting relationship, free from any liability or any claim under this Agreement, except as otherwise expressly provided herein.
14.    Binding Effect.  Subject to Section 8 hereof, this Agreement shall be binding upon the heirs, executors, administrators and successors of the parties hereto.
15.    Amendment of Agreement.  The Committee may, to the extent consistent with the terms of this Agreement, waive any conditions or rights under, amend any terms of, or alter, suspend, discontinue, cancel or terminate, any portion of the PRSUs heretofore granted, prospectively or retroactively; provided that any such waiver, amendment, alteration, suspension, discontinuance, cancellation or termination that would adversely impair the rights of the Grantee in respect of any PRSUs already granted shall not to that extent be effective without the consent of the Grantee.
16.    PRSUs Subject to Plan and NQDC Plan.  By entering into this Agreement, the Grantee agrees and acknowledges that the Grantee has received and read a copy of the Plan and a copy of the NQDC Plan.  The PRSUs are subject to the terms of Plan, and the NQDC Plan if the PRSUs are deferred under the NQDC Plan.  The terms and provisions of the plans as they may be amended from time to time are hereby incorporated herein by reference.  In the event of a conflict between any term or provision contained herein and a term or provision of either the Plan or the NQDC Plan, the applicable terms and provisions of the applicable plan will govern and prevail.

Page 8 of 10

Exhibit 10.1
Executive Form

17.    Governing Law.  This Agreement shall be construed and interpreted in accordance with the internal laws of the State of Delaware without regard to the principles of conflicts of law thereof, or principles of conflicts of laws of any other jurisdiction that could cause the application of the laws of any jurisdiction other than the State of Delaware.
IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the day and year first above written.
AMN HEALTHCARE SERVICES, INC.
		
	By: 
	         
Name:    Susan R. Salka 
Title:    President and CEO

GRANTEE
		
	By: 
	 
Name:    

Page 9 of 10

Exhibit 10.1
Executive Form

SCHEDULE I
Adjusted EBITDA Margin Table
Actual PRSUs as defined in this Agreement shall be determined by the Committee in accordance with the table below based on the Adjusted EBITDA Margin generated during the Performance Period:

Page 10 of 10

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