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Exhibit 10.18
Amendment to the International Flavors & Fragrances Inc. Executive Severance Policy
WHEREAS, International Flavors & Fragrances Inc. (the “Company”) maintains the International Flavors & Fragrances Inc. Executive Severance Policy (the "Policy") to provide certain severance payments and benefits to designated Employees (as defined in the Policy) in the event of a termination of their employment in certain specified circumstances; and 
WHEREAS, pursuant to its authority set forth in Section 13(e) of the Policy, the Board of Directors of the Company (the “Board”) has approved the amendment of Section 9(a)(i) of the Policy to revise the terms of the restrictive covenants that apply under the Policy, with such amendments to become effective pursuant to Section 13(e) of the Policy on the sixty-first (61st) day following the date on which notice of this Amendment is provided to Employees.
NOW, THEREFORE, the Policy is hereby amended as follows, with such amendments to become effective pursuant to Section 13(e) of the Policy on the sixty-first (61st) day following the date on which notice of this Amendment is provided to Employees.
1.Section 9(a)(i) is hereby deleted in its entirety and replaced with the following:
(i)The Employee, acting directly or indirectly, shall not, during the period of the Employee’s employment and the twelve month period following the Employee’s Date of Termination, become employed by, render services for, serve as an agent or consultant to, or become a partner, member, principal, shareholder or other owner of any Competing Business (as defined in Annex II-A for Tier I Participants, and Annex II-B for Tier II Participants).
2.Annex IIA and Annex IIB in the forms attached hereto are hereby added to the Policy.
*******
IN WITNESS WHEREOF, the Company has adopted this Amendment to the Policy as of November 3, 2020.

                                                                                       ________________________________
                                                                                         BY:
                                                                                            DATE:
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ANNEX II-A
For purposes of the Policy, a “Competing Business” shall mean any individual or entity that develops, manufactures, sells, and/or distributes a product or service that competes directly or indirectly with those products or services offered by the Company during the last two (2) years of the applicable Employee’s employment with the Company.
ANNEX II-B
For purposes of the Policy, a “Competing Business” shall mean any individual or entity that develops, manufactures, sells, and/or distributes a product or service that competes directly or indirectly with those products or services offered by the Company during the last two (2) years of the applicable Employee’s employment with the Company, and: (i) which the Employee had responsibility for or worked on in the last two (2) years of employment with the Company, or (ii) where the Employee would be performing the same or similar duties that the Employee performed for the Company during the last two (2) years of employment with the Company.
In recognition of the international nature of the Company’s business, which includes the sale of its products and services globally, this restriction shall apply to each state or territory of the United States of America, and each country of the world outside of the United States of America, in which the applicable Employee was employed or had responsibility within the last two (2) years of employment with the Company.
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Exhibit 10.22
INTERNATIONAL FLAVORS & FRAGRANCES INC.
FIRST AMENDMENT TO THE AMENDED AND RESTATED INTERNATIONAL FLAVORS AND FRAGRANCES INC. DEFERRED COMPENSATION PLAN
December 31, 2020
This Amendment (the “Amendment”), dated as of December 31, 2020 hereby amends the International Flavors & Fragrances Inc. Deferred Compensation Plan, as amended and restated December 12, 2011 (the “DCP”).  Capitalized terms used herein and not defined herein have the meanings set forth in the DCP.
WHEREAS, International Flavors and Fragrances Inc. (the “Corporation”) sponsors the DCP, which is a “non-qualified deferred compensation plan” for purposes of Section 409A of the Internal Revenue Code of 1986, as amended (the “Code”);
WHEREAS, in order to maximize the deductibility of deferred compensation payable pursuant to the DCP to “covered employees” (as defined in Section 162(m) of the Code), Section 9(b) of the DCP provides that the terms of any deferral pursuant to the DCP shall be automatically modified in accordance with U.S. Treasury Regulation Section 1.409A-2(b)(7)(i) to the extent necessary to ensure that the compensation will be, at the time of settlement under the DCP, fully deductible by the Corporation;
WHEREAS, the U.S. Internal Revenue Service has recently issued final Treasury Regulations under Section 162(m) of the Code (the “Section 162(m) Regulations”) that, among other things, modify the definition of “covered employee” in a manner such that the operation of Section 9(b) of the DCP may require the passage of a significant period of time before a payment of a “covered employee’s” Deferral Account (as defined in the DCP) would be deductible and, in certain circumstances, such payment may never become deductible;
WHEREAS, the Section 162(m) Regulations also provide relief such that a non-qualified deferred compensation arrangement may be amended, in accordance with Section 409A of the Code, to remove any provision requiring a corporation to delay payment of a non-Section 162(m) grandfathered amount (as determined in accordance with the Section 162(m) Regulations) if it reasonably anticipates at the time of the scheduled payment that the deduction would not be permitted under Section 162(m) of the Code, provided such amendment is made no later than December 31, 2020; and
WHEREAS, the Committee believes it is in the best interests of the Corporation to amend Section 9(b) of the DCP to limit its application to only those Deferral Accounts (or portions thereof) that are grandfathered amounts for purposes of Section 162(m) of the Code such that any automatic modification of the terms of any deferral under the DCP shall no longer apply in respect of Deferral Accounts (or portions thereof) that are not grandfathered amounts for purposes of Section 162(m) of the Code.
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NOW THEREFORE, Section 9(b) of the DCP is hereby amended in its entirety to read as follows:

Compliance with Code Section 162(m). It is the intent of the Company that any compensation (including any award) (x) that is considered a “grandfathered amount” (as defined in U.S. Treasury Regulation Section 1.162-33(g)) and (y) deferred under the Plan by a person who is, with respect to the year of payout, determined by the Administrator likely to be a “covered employee” within the meaning of Code Section 162(m) and regulations thereunder shall not, as a result of deferral hereunder, become compensation with respect to which the Company would not be entitled to a tax deduction under Code Section 162(m). Accordingly, unless otherwise determined by the Administrator (with respect to Grandfathered Deferrals), if any payment in settlement of all or a portion of a Deferral Account that is considered a “grandfathered amount” (as defined in U.S. Treasury Regulation Section 1.162-33(g)) would be subject to a loss of deductibility by the Company at the a time of scheduled settlement hereunder, the terms of such deferral shall be automatically modified to the extent necessary to ensure that the compensation will be, at the time of settlement hereunder, fully deductible by the Company. Any such modification to delay the settlement date of a 409A Deferral not settled in 2007 or earlier must conform to the requirements of Treasury Regulation § 1.409A-2(b)(7)(i).
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IN WITNESS WHEREOF, the undersigned is an officer of the Corporation who has been duly authorized by the Board of Directors of the Corporation to execute and deliver this Amendment for and on behalf of the Corporation as of this 31st day of December, 2020.

International Flavors & Fragrances Inc. 

By:                                                                  
Name:  
Title:
[Signature Page to the First Amendment to the Amended and Restated International Flavors and Fragrances Inc. Deferred Compensation Plan]boh-ex101_9.htm

 

Exhibit 10.1

BANK OF HAWAII CORPORATION
2014 STOCK AND INCENTIVE PLAN

RESTRICTED STOCK GRANT AGREEMENT (Service-based)

This Restricted Stock Grant Agreement ("Agreement") dated ###GRANT_DATE### ("Grant Date"), between Bank of Hawaii Corporation, a Delaware corporation ("Company"), with its registered office at 130 Merchant Street, Honolulu, Hawaii 96813, and ###PARTICIPANT_NAME### ("Grantee"), an executive of the Company or subsidiary of the Company who as of the Grant Date is an Eligible Person under the Bank of Hawaii Corporation 2014 Stock and Incentive Plan ("Plan").

1.Grant of Restricted Shares.  Pursuant to the Plan, and effective as of the Grant Date, the Human Resources and Compensation Committee of the Company's Board of Directors ("Committee") has granted to Grantee ###TOTAL AWARDS### shares of Restricted Stock ("Restricted Shares"), which are reflected as one or more amounts listed in the Vest Quantity column of the Vest Schedule below.

Restrictions During Period of Restriction.  The Restricted Shares shall be subject to forfeiture by Grantee and subject to the restrictions on transfer specified in the Plan and this Agreement until the "Period of Restriction" terminates as to such Restricted Shares.  The Restricted Shares shall vest in Grantee upon termination of the Period of Restriction (to the extent that the Restricted Shares have not previously been forfeited).  For purposes of this Agreement, the term "Period of Restriction" shall mean the period that commences on the Grant Date and terminates on the applicable Vest Date shown in the Vest Schedule, after the certification of achievement of service objective (or other termination dates based on the certain terminations of employment by Grantee) as described below in this Section 1.      

###VEST_SCHEDULE_TABLE###  

  

		
	
Vest Schedule - Restricted Stock Award

	
Vest Date
	
Vest Quantity

	
February 21, 2022
	
X,XXX

	
February 20, 2023
	
 

	
February 19, 2024
	
X,XXX

 

 

a.Period of Restriction.  For purposes of this Agreement and with respect to the Restricted Shares granted under this Agreement, the term "Period of Restriction" shall mean the period that commences on the Grant Date and terminates following achievement of the service objective as described below.

4820-2930-1281.2

 

i.Service Objective.  The Period of Restriction shall terminate with respect to a Vest Quantity of Restricted Shares specified in the Vest Schedule above on the corresponding Vest Date specified in the Vest Schedule with respect to that Vest Quantity of Restricted Shares, provided that Grantee remains in continuous service as an Employee through that Vest Date.

ii.Company's Determinations. The Company's People Services shall certify whether the service objective described above in this Section 1.a has been satisfied on the Vest Date specified in the Vest Schedule above.  In the event that the People Services has not done so, it shall make such determination as soon thereafter as possible and, if the satisfaction of the service objective has been certified, the Restricted Shares shall vest at the time of the making of such certification.

b.Termination of Period of Restriction Upon Certain Terminations of Employment.  The Period of Restriction shall terminate in connection with certain terminations of Grantee’s employment with the Company and its subsidiaries as described in this Section 1.b.  Specifically, the Period of Restriction for all of the Restricted Shares shall terminate (to the extent that the Period of Restriction has not previously terminated or the Restricted Shares have not previously been forfeited) upon the occurrence of any of the following: (i) the death of Grantee; (ii) the Grantee ceasing to be an Employee due to "disability" within the meaning of that term under Section 409A of the Internal Revenue Code of 1986, as amended ("Code") and the regulations promulgated thereunder; or (iii) upon or after the occurrence of a "Change in Control" (within the meaning of Section 2.5 of the Bank of Hawaii Corporation Change-in-Control Retention Plan, restatement effective December 17, 2009 ("Change-in-Control Plan")) either (A) Grantee's employment with the Company and its subsidiaries is terminated by the Company without "Cause" (within the meaning of Section 2.4 of the Change-in-Control Plan) or (B) Grantee terminates employment with the Company and its subsidiaries for "Good Reason" (within the meaning of Section 2.16 of the Change-In-Control Plan).

c.Forfeiture of Unvested Restricted Shares.  The Restricted Shares that remain unvested and unforfeited shall be forfeited and transferred to the Company upon Grantee's ceasing to be an Employee for any reason, whether voluntary or involuntary (except as provided in the above Section 1.b of this Agreement). Grantee's employment shall not be treated as terminated in the case of a transfer of employment within the Company and its Affiliates or in the case of sick leave or other approved leaves of absence. Grantee shall receive no payment for the Restricted Shares that are forfeited.

d.Transfer Restriction.  During the Period of Restriction, the Restricted Shares shall not be subject to claims of Grantee's creditors and may not, in any way, be sold, transferred, pledged, assigned, alienated, or encumbered.

 

 

 

 

 

 

 

 

 

 

 

 

2.

 

2.Issuance of Shares; Registration; Withholding Taxes.  Restricted Shares shall be issued in Grantee's name, shall bear the restrictive legends as are required or deemed advisable by the Company under the provisions of any applicable law, and shall be held by the Company until all restrictions lapse or such Shares are forfeited as provided herein.  Upon the lapsing of all restrictions with respect to a portion of the Restricted Shares, the Company shall deliver to the Grantee (or, if applicable, to the Grantee's legal representatives, beneficiaries or heirs) those Shares that vested upon the lapsing of restrictions through the Direct Registration System or Electronic Share Transfer.  The Shares as to which all restrictions have lapsed shall be free of the restrictive legends referred to in this Section 2 above.  The Company may postpone the issuance or delivery of the Shares until (a) the completion of registration or other qualification of such Shares or transaction under any state or federal law, rule or regulation, or any listing on any securities exchange, as the Company shall determine to be necessary or desirable; (b) the receipt by the Company of such written representations or other documentation as the Company deems necessary to establish compliance with all applicable laws, rules and regulations, including applicable federal and state securities laws and listing requirements, if any; and (c) the payment to the Company of any amount required by the Company to satisfy any federal, state or other governmental withholding tax requirements related to the issuance or delivery of the Shares.  Grantee shall comply with any and all legal requirements relating to Grantee's resale or other disposition of any Shares acquired under this Agreement.

3.Share Adjustments.  The number and kind of Restricted Shares or other property subject to this Agreement shall be subject to adjustment in accordance with Section 13 of the Plan.

4.Rights as Shareholder.  Unless otherwise provided herein, Grantee shall be entitled to all of the rights of a shareholder with respect to the Restricted Shares, including the right to vote such Shares and to receive dividends and other distributions (not including share adjustments as described in Section 4 above) payable with respect to such Shares from and after the Grant Date.  Grantee's rights as a shareholder shall terminate with respect to any Restricted Shares forfeited by Grantee.

5.Employment Rights.  Neither the Plan nor the granting of the Restricted Shares shall be a contract of employment of Grantee by the Company or any of its subsidiaries.  Grantee may be discharged from employment at any time by the employing Company or subsidiary, subject to any employment contract that may otherwise apply to Grantee.

6.Amendment.  This Agreement may be amended by the Committee at any time based on its determination that the amendment is necessary or advisable in light of any addition to, or change in, the Code or regulations issued thereunder or any federal or state securities law or other law or regulation, or the Plan, or based on any discretionary authority of the Committee under the Plan.  Unless necessary or advisable due to a change in law, any amendment to this Agreement which has a material adverse effect on the interest of Grantee under this Agreement shall be adopted only with the consent of Grantee.

7.Section 83(b) Election.  Grantee shall promptly deliver to the Company a copy of any election filed by Grantee in respect of the Restricted Shares pursuant to Code Section 83(b).

8.Notices.  Any notice or other communication made in connection with this Agreement shall be deemed duly given when delivered in person or mailed by certified or registered mail, return receipt requested, to Grantee at Grantee's address shown on Company records or such other address designated by Grantee by similar notice, or to the Company at its principal office, to the attention of the Corporate Secretary of the Company.  Furthermore, such notice or other communication shall be deemed duly given when transmitted electronically to Grantee at Grantee's electronic mail address shown on Company records or, to the extent that Grantee is an active employee, through the Company's intranet.

3.

 

9.Plan Governs.  The Restricted Shares evidenced by this Agreement are subject to the terms and conditions of the Plan and this Agreement.  In case of any conflict between the provisions of the Plan and the provisions of this Agreement, the provisions of the Plan shall control.  Capitalized terms used in this Agreement and not defined herein shall have the meaning assigned in the Plan unless the context indicates otherwise.

10.Miscellaneous.  This Agreement shall bind and benefit Grantee, the heirs, distributees and personal representative of Grantee, and the Company and its successors and assigns.  This Agreement may be signed in counterparts, each of which shall be deemed an original, and such counterparts together shall constitute one and the same instrument.

BY ACCEPTING THE RESTRICTED SHARES GRANTED UNDER THIS RESTRICTED STOCK GRANT AGREEMENT, GRANTEE AGREES TO ALL OF THE TERMS AND CONDITIONS DESCRIBED IN THIS AGREEMENT AND THE PLAN.

IN WITNESS WHEREOF, the Company has caused this Agreement to be signed on its behalf by the undersigned, thereunto duly authorized, effective as of the Grant Date.

		
	
 
	
BANK OF HAWAII CORPORATION

       
By 

___________________________________
      PATRICK M. McGUIRK
      Its Senior Executive Vice President
"Company"
Agreed and Accepted:

###ACCEPTANCE_DATE###
______________________________________

###PARTICIPANT_NAME### "Grantee"

 

4.

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