Document:

Exhibit

November 6, 2017
Dear Dave,
Congratulations! It is my pleasure to confirm your promotion to Group President, Outdoor Products, reporting to me. Effective, November 20, 2017, your annual base salary will increase from $400,000 to $440,000 per year, paid biweekly. You will also move from a Band 16 to a Band 17 in our executive compensation structure. As a result, your target annual incentive will increase from 55% to 65% of base salary, with a maximum payout of up to 130% of base salary. Annual incentive payments are not guaranteed and will be based on fiscal year end results of Vista Outdoor, as well as your personal performance. Your annual incentive payment for Fiscal Year 2018 will be prorated based on the number of days under each incentive target during the fiscal year. Your paid time off and benefits will remain the same.
As a Band 17 executive, you will continue to be eligible to participate Vista Outdoor’s long term (equity) incentive plan as a part of your annual compensation package, with your target incentive increasing from 100% to 110% of your base salary beginning in Fiscal Year 2019. The timing, amount, form and terms of your annual equity grants are determined by the Management Development and Compensation Committee of our Board of Directors, in its sole discretion. Your award will be subject to the applicable terms and conditions of the Vista Outdoor long term incentive plan, your award agreement and the other materials provided to you through E*Trade Financial, our stock plan administrator, at the time you accept your grants.  

Below is a chart that summarizes the compensation changes described above in this letter: 
	
				
	Compensation Type
	Current
	New
	% Incr.

	Base
	$400,000
	$440,000
	10%

	Target Bonus $
	$220,000 (55%)
	$286,000 (65%)
	30%

	LTI $
	$400,000 (100%)
	$484,000 (110%)
	21%

	Total Direct Compensation
	$1,020,000
	$1,210,000
	19%

Additionally, you will receive a one-time, cash award totaling $500,000 (Cash Award), which will be paid in a lump sum on the second anniversary of your acceptance this agreement. The period between your acceptance of the Cash Award and the second anniversary of such acceptance is referred to in this letter as the “Award Period.” The award will be subject to applicable withholdings and deductions and paid to you on a regular payroll date within 30 days of such anniversary date. 

Payment of the Cash Award is subject to your continued employment, in good standing, with Vista Outdoor on the payment date. If your employment is terminated by Vista Outdoor without Cause, then you will be eligible only for a pro-rated payment of the Cash Award, based on the number of days you were actively employed by Vista Outdoor during the Award Period. Any such pro-rated payment will be made to you on a regular payroll date within 30 days following such termination. For purposes of this letter, “Cause” means: (i) your failure to 

perform your duties of employment; (ii) your engaging in any act of dishonesty, wrongdoing or moral turpitude or violation of Vista Outdoor’s Code of Conduct or other applicable company policy or rule; (iii) your breach of your duty of loyalty; or (iv) your failure to comply with any confidentiality, non‐solicitation or non‐compete agreement with Vista Outdoor or other obligations you have to protect Vista Outdoor or Vista Outdoor customer trade secrets or confidential or proprietary information. If you are terminated for Cause before the Cash Award payment date, then you will forfeit the entire Cash Award.

The terms of this employment offer do not constitute an employment agreement; your pay and benefits will follow Vista Outdoor’s compensation and benefits programs which are subject to change. Vista Outdoor reserves the right, in its discretion, to modify or terminate its compensation and benefits programs at any time, including without limitation adjusting any bonus or equity targets, grants or payouts for performance or other reasons.  

Dave, we are truly excited to extend this promotion to you and look forward to the continued contributions you will make at Vista Outdoor. To confirm acceptance of this promotion, please sign, date and return to me.     

Sincerely,
 
/s/ Chris Metz

Chris Metz
Chief Executive Officer

Accepted:

	
			
	/s/ David Allen
	/
	11/7/2017

	David Allen
	 
	DateExhibit

November 6, 2017
Dear Jason,
Congratulations! It is my pleasure to confirm your promotion to President, Ammunition, effective November 20, 2017, reporting to me. The position is located in Anoka, MN and this offer is contingent upon your relocation to the area as soon as possible. To help you transition to your new home, we are offering you our Home Owner Relocation Package. The attached program summary and repayment agreement describe the details of the relocation program. Your base salary, incentives and benefits will remain the same.
Additionally, you will receive a one-time, cash award totaling $250,000 (Cash Award), which will be paid in a lump sum on the second anniversary of your acceptance this agreement. The period between your acceptance of the Cash Award and the second anniversary of such acceptance is referred to in this letter as the “Award Period.” The award will be subject to applicable withholdings and deductions and paid to you on a regular payroll date within 30 days of such anniversary date. 

Payment of the Cash Award is subject to your continued employment, in good standing, with Vista Outdoor on the payment date. If your employment is terminated by Vista Outdoor without Cause, then you will be eligible only for a pro-rated payment of the Cash Award, based on the number of days you were actively employed by Vista Outdoor during the Award Period. Any such pro-rated payment will be made to you on a regular payroll date within 30 days following such termination. For purposes of this letter, “Cause” means: (i) your failure to perform your duties of employment; (ii) your engaging in any act of dishonesty, wrongdoing or moral turpitude or violation of Vista Outdoor’s Code of Conduct or other applicable company policy or rule; (iii) your breach of your duty of loyalty; or (iv) your failure to comply with any confidentiality, non‐solicitation or non‐compete agreement with Vista Outdoor or other obligations you have to protect Vista Outdoor or Vista Outdoor customer trade secrets or confidential or proprietary information. If you are terminated for Cause before the Cash Award payment date, then you will forfeit the entire Cash Award.

The terms of this employment offer do not constitute an employment agreement; your pay and benefits will follow Vista Outdoor’s compensation and benefits programs which are subject to change. Vista Outdoor reserves the right, in its discretion, to modify or terminate its compensation and benefits programs at any time, including without limitation adjusting any bonus or equity targets, grants or payouts for performance or other reasons.  

Jason, we are truly excited to extend this promotion to you and look forward to the continued contributions you will make at Vista Outdoor. To confirm acceptance of this promotion, please sign, date and return to me.     

Sincerely,
 
/s/ Chris Metz

Chris Metz
Chief Executive Officer

Accepted:

	
			
	/s/ Jason Vanderbrink
	/
	11/7/2017

	Jason Vanderbrink
	 
	DateExhibit 10.01

 

 

2018 DIRECTOR COMPENSATION POLICY

Effective as of January 1, 2018

 

PURPOSE:                                The Director Compensation Policy (“Policy”) establishes meeting fees that the Federal Home Loan Bank of New York (“FHLBNY”) will pay to the Board of Directors (collectively, the “Board”; each member individually or severally, the “Directors”) of the FHLBNY and also sets forth the types of Director expenses that may be reimbursed.  The activities referred to in this Policy are those as to which the Board believes Director attendance is necessary and appropriate and which may be compensated.  The Policy has been prepared in accordance with Section 7 of the Federal Home Loan Bank Act (“Bank Act”) and the regulations of the Federal Housing Finance Agency (“FHFA”) regarding Director compensation and expenses.

 

I.                                  2018 DIRECTOR FEES

 

A.                        Board Chairman

 

The maximum fee opportunity for 2018 for the Chair of the Board shall be $127,500.

 

B.                        Board Vice Chairman

 

The maximum fee opportunity for 2018 for the Vice Chair of the Board shall be $112,500.

 

C.                        Committee Chairs

 

The maximum fee opportunity for 2018 for a Director serving as a Committee Chair shall be $112,500; however, such Director shall not receive any additional fee opportunity if he or she serves as Chair of more than one Committee.  The Board Chair and Board Vice Chair shall not receive any additional fee opportunity for serving as a Chair of one or more Board Committees.

 

D.                        Other Directors

 

The maximum fee opportunity for 2018 for Directors other than the Chair, the Vice Chair, and the Committee Chairs shall be $102,500.

 

E.                        Payments and Attendance

 

Each Director shall be paid an amount equal to approximately one-eighth of such Director’s maximum fee opportunity as described above for each Board meeting that is attended by said Director in 2018.  This formulation is based on nine scheduled Board meetings in 2018.  In addition, although attendance is expected at all Board meetings as per the FHLBNY’s Corporate Governance Guidelines, this formulation allows for one absence.  Such fees are to be paid on a quarterly basis in arrears.

 

FEDERAL HOME LOAN BANK OF NEW YORK · 101 PARK AVENUE · NEW YORK, NY 10178 · T: 212.681.6000 · WWW.FHLBNY.COM

 

 

Attendance at meetings by telephonic means shall be deemed acceptable for purposes of receiving compensation.

 

Directors may, in their sole discretion, elect to not receive meeting fees by notifying the Corporate Secretary.

 

F.                         Payments and Performance

 

Payments to Directors may be reduced in the sole judgment of the Board Chair if the Chair determines such director’s Board performance to be significantly deficient.  The Board’s Corporate Governance and External Affairs Committee is authorized to, by a majority vote, make similar decisions pertaining to the performance of the Board Chair.

 

G.                 Fees Pertaining to Leadership Roles Relating to the Council of Home Loan Banks

 

In addition to the above compensation, a Director who serves as Chair of the Council of Federal Home Loan Banks or who serves as Chair of the Chair/Vice Chair Committee of the Council of Federal Home Loan Banks will receive a $10,000 stipend per year of service.  The stipend will be paid through quarterly payments of $2,500.

 

II.                             2018 DIRECTOR EXPENSES

 

A.                        General Reimbursement Principles

 

1.                    Directors may be reimbursed for reasonable travel, subsistence and other related expenses incurred in connection with the performance of their official duties only as specified in the FHLBNY’s current policy covering the reimbursement of travel and other business-related items incurred by Directors.  However, under no circumstances shall Directors be reimbursed for gift or entertainment expenses.  (The principles in this Section II pertaining to permitted reimbursements shall also apply to those expenses paid for directly by the Bank to vendors and allocated to individuals in accordance with FHFA directives or guidance which may be issued from time to time.)

 

B.                        Board and Board Committee Meetings

 

1.                    Reimbursement of reasonable expenses may be provided to Directors in connection with attendance at Board and Committee meetings as established herein.

 

C.                        Stockholders’ Meetings

 

1.                    Reimbursement of reasonable expenses incurred by Directors attending FHLBNY stockholders’ meetings is permitted.

 

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D.                        Industry Meetings

 

1.                    Reimbursement of Independent Directors’ expenses incurred while attending industry meetings or annual conventions of trade associations on a national level is permitted provided that a specific objective has been identified and that attendance has been specifically pre-approved by the Board of Directors.  Independent Directors attending industry events on behalf of the FHLBNY should register and identify themselves as Directors of the FHLBNY.

 

2.                    Reimbursement of Member Directors’ expenses incurred while in attendance at industry meetings or annual conventions of trade associations on a national level is not permissible, unless such attendance is incidental to a FHLBNY Board or Committee meeting.

 

E.                        Meetings Called by the Federal Housing Finance Agency

 

1.                    Reimbursement of reasonable expenses may be provided to all Directors participating in any meetings called by the FHFA.

 

F.                         Other Bank System Meetings

 

1.                    Reimbursement of reasonable expenses may be provided to all Directors who are invited to attend meetings of Federal Home Loan Bank System committees; Federal Home Loan Bank System director orientation meetings; and meetings of the Council of Federal Home Loan Banks and Council committees (e.g., the Chair/Vice Chair Committee).

 

G.                       Expenses of Spouses/Guests

 

1.                    Expenses incurred by a Director’s spouse/guest while accompanying the Director to a meeting will not be reimbursed.

 

III.                        PROCEDURES AND ADMINISTRATIVE MATTERS

 

A.                        Directors’ requests for reimbursement should be submitted to the Office of the Corporate Secretary within 90 days of incurring the reimbursable item(s).

 

B.                        Payment for and reimbursement of allowable business expenses of the Directors will require the approval of the Corporate Secretary or such officers designated by the Corporate Secretary.

 

C.                        Meetings of the Board and Committees thereof should usually be held within the district served by the FHLBNY.  Under no circumstances shall such meetings be held in any location that is not within the district without prior approval of the Board.  FHFA regulations prohibit any meetings of the Board of Directors (including committee, planning, or other business meetings) to be held outside the United States or its possessions and territories.

 

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IV.                         METHODOLOGY

 

In determining the appropriate and reasonable fee opportunities available to FHLBNY Directors for 2018 as described herein, the Board has taken into consideration the following factors:

 

·                              the desire to attract and retain highly qualified and skilled individuals in order to help guide a complex and highly-regulated financial institution that is subject to a variety of financial, reputational and other risks;

 

·                              the highly competitive environment for talent in the New York City metropolitan area — a center of world finance in which stock exchanges, securities companies and other sophisticated financial institutions are located;

 

·                              the demands of the Director position, including the time and effort that Directors must devote to FHLBNY and Board business — demands that have grown over the past several years;

 

·                              the overall performance of the FHLBNY, an institution that is a Federal Home Loan Bank System leader, a strong financial performer, a reliable source of liquidity for its customers, and a provider of a consistent dividend — and an institution which wishes to maintain this performance;

 

·                              information pertaining to compensation opportunities available to directors of other Federal Home Loan Banks; and

 

·                              director compensation surveys performed over time by outside compensation consulting firm McLagan, most recently in 2017 — surveys which have provided the Directors with the ability to compare Director compensation opportunities with compensation opportunities available at other institutions.

 

The Board will review the issue of appropriate and reasonable Director fee opportunities on an annual basis.

 

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