Document:

EX-10.13

 Exhibit 10.13 

 
 

 
  

			
		
	Date of Employment	  	We anticipate that you will begin employment before May 15, 2016.
		
	Base Salary	  	Your starting annual salary will be US $470,000 payable bi-weekly. You will be eligible for an annual merit increase based on benchmarks and company merit increase guidelines, effective date
April 1, 2017.
		
	Annual Bonus	  	You will be eligible to participate in our Management Incentive Compensation Plan (MIP) with a target of 70% of your base salary. The actual MIP payout is based on the achievement of Colfax financial performance against pre-set threshold, target, and maximum and your individual performance factor of up to 1.5 times the financial factor. The maximum payout is 250% of target. Your 2016 MIP award will be guaranteed to be a minimum of
a full year target award.
		
	Equity Awards	  	You will be provided an up-front equity award of $2,050,000. The grant date will be the first day of the month after your start date or the nearest non blackout date after your hire.
		
		  	In consideration of your buyout, $1,150,000 of the $2,050,000 will be granted as restricted stock units with 50% vesting three years after the grant date and the remaining 50% vesting four years after the grant date.
		
		  	The remaining $900,000 of the $2,050,000 represents your 2016 annual grant. This annual grant portion will vest as follows: 25% as stock options to be vested 33 1/3% each year on the
1st—3rd anniversaries of grant, 25% as restricted stock units to be vested 33 1/3% each year on the 2nd through the 4th anniversaries of grant, and 25% as performance-based restricted stock units to be vested 50% each year on the 3rd and 4th anniversaries of grant. The performance metric for your PRSU grant is $1.76 EPS. The metric is achieved when adjusted EPS within any four
consecutive quarters in the performance period meets or exceeds $1.76. The performance period begins in the second quarter of 2016 and ends on the last full quarter in 2018. If the performance metric is achieved within the performance period, you
are eligible to vest in all of the units according to the vesting schedule. If the performance metric is not met within the performance period, all the units will be forfeited.

  
 Colfax Corporation 

420 National Business Parkway, 5th Floor 

Annapolis Junction, MD 20701 
 t:
301-323-9000 f: 301-323-9001 
 Colfaxcorp.com 

			
		
		  	The strike price of the stock options will be determined by the Fair Market Value of Colfax Corporation common stock on the effective date of the grant, which is the first business day after you start with Colfax unless it is a
blackout period for Colfax stock; and then it is the first business day after the blackout period is lifted. Options are valued based on Black Scholes model prepared by management. Specific number of performance-based restricted stock, time-based
restricted stock units and stock options will be determined near, or on, the effective grant date.
		
		  	In addition, you will be eligible for future annual equity grants starting in 2017 based on your position and performance in accordance with our equity guidelines. The current target for your position is 1.9x to 2.5x of salary.
Annual equity awards are currently delivered in 50% stock options and 50% performance-based restricted stock units. The terms and conditions of equity awards will be in accordance with the Colfax’s 2008 Omnibus Incentive Plan or successor
plan.
		
	401(k)	  	You will have the opportunity to participate in the Colfax 401(k) Savings Plan with matching contributions. Colfax matches 100% of the first 4% that you contribute, and these matching contributions vest immediately. In addition, at
its discretion, Colfax will make non-elective contributions of 2% into your account. These non-elective contributions vest over five years.
		
	NQ Deferred Comp	  	You will have the opportunity to defer up to 50% of base salary and 75% of your annual bonus in the nonqualified deferred compensation plan. The plan offers up to 6% matching contributions on base and bonus earnings over the IRS
401(k) maximums.
		
	Transition Bonus	  	You will receive a transition bonus of US $1,300,000 with $250,000 of this amount payable within 30 days of your start date, $330,000 payable on your 1st year anniversary and
$330,000 payable on your 2nd year anniversary and $130,000 payable on each of your 3rd,
4th, and 5th year anniversaries. If you resign from the company within the first 3 years of employment, you are required to reimburse the
company based on how much was paid and the percent of the three years that you were employed based on a monthly pro rata basis. In the event of a change in control or your involuntary termination not for cause, any remainder of this $1,300,000
payment will be payable to you upon consummation of a change in control business transaction or upon your involuntary not for cause separation from Colfax Corporation.

  
 Colfax Corporation 

420 National Business Parkway, 5th Floor 

Annapolis Junction, MD 20701 
 t:
301-323-9000 f: 301-323-9001 
 Colfaxcorp.com 

			
		
	Relocation	  	You will eligible for Colfax’s relocation managed by our relocation vendor, Lexicon. You have two years from your hire date to complete your relocation, unless an exception is approved. Part of your relocation is taxable and
part of it is non-taxable in accordance with IRS guidelines. It is important to note that for Officers, Colfax does not provide loans per our policy and we only gross up the temporary living component of
relocation. Additionally, if you resign from the company within the first 2 years of employment, you are required to reimburse the company for amounts paid on your behalf at a rate of 100% of the total costs paid by the company within one year and
50% of total costs after that up to end of year two.
		
	Health Benefits	  	You and your family will be eligible to participate in the health & welfare benefits including medical, dental, vision, short and long term disability, life and accidental death and dismemberment insurance.
		
	Vacation & Holidays	  	You will eligible for five weeks of vacation, plus three floating holidays and any company-paid holidays.
		
	Severance	  	You are eligible for the Colfax Executive Officer Severance Plan (the “Severance Plan”). The Severance Plan is applicable to all involuntary termination scenarios except for cause including change in control, restructuring
and performance. Additionally, our equity award agreements will confirm the terms of how equity is treated in a change in control.

 Shyam, we also want to confirm that your employment is “at will”. This means that your employment is for no definite
period of time, and either you or the company may terminate your employment at any time, with or without cause or notice. In accordance with Colfax policy, this offer is contingent upon acceptance of the confidentiality agreement and code of
conduct. You agree that during your employment, and for two years after termination of your employment, you will not directly or indirectly, for yourself or on behalf of any other person, partnership, company, corporation, or other entity, solicit,
induce, recruit, encourage, or otherwise endeavor to cause or attempt to cause any employee or consultant of Colfax, or any independent contractor providing services to Colfax, to terminate his or her relationship with Colfax. You agree that the
harm caused to Colfax by violation of this provision would amount to irreparable harm justifying entry of a temporary restraining order and/or a preliminary injunction and an award of attorney fees to Colfax. 

 

					
	Sincerely,	 	            	  	ACKNOWLEGED & ACCEPTED:
			
	 /s/ Matthew L. Trerotola
	 		  	 /s/ Shyam Kambeyanda

	Matthew L. Trerotola 
President and Chief Executive Officer 
Colfax Corporation	 		  	Shyam Kambeyanda

 CC: Lynn H. Clark, SVP Human Resources 

  
 Colfax Corporation 

420 National Business Parkway, 5th Floor 

Annapolis Junction, MD 20701 
 t:
301-323-9000 f: 301-323-9001 
 Colfaxcorp.comEX-10.14

 Exhibit 10.14 

 
 

 
 April 26, 2019 

Mr. Kevin Johnson 
 Via Email 

Strictly private and confidential 
 Dear Kevin, 

Congratulations! We are very pleased to extend you an employment offer for the position of Vice President and Chief Financial Officer, ESAB, reporting to
Shyam Kambeyanda, President ESAB and Senior Vice President, Colfax Corporation. 
 We look forward to having you as a part of our team, adding your skills,
experiences and talent to ESAB. Below you will find the specific terms of our offer. 
  

			
		
	Date of Employment	  	We anticipate that you will begin your new role effective May 13, 2019.
		
	Base Salary	  	Your starting annual salary will be US $318,000 payable semi-monthly. You will be eligible for annual merit increases, beginning in 2020, consistent with our annual merit cycle, based on benchmarks and company merit increase
guidelines.
		
	Annual Cash Bonus	  	You will be eligible to participate in our Management Incentive Compensation Plan (MIP) with a target of 50% of your base salary. The actual MIP payout is based on the achievement of ESAB financial performance against pre-set thresholds, targets, and maximums. The maximum payout is 250% of target. Your 2019 MIP award will be prorated based on your start date with ESAB and transition from your current role.
		
	Equity Awards	  	 You will be eligible for annual equity grants starting in February 2020 based on your position and performance in accordance with our equity
guidelines. The current target for your position is 60% of your base salary. Your award can be more or less than this target depending on your performance and company affordability. Annual equity awards are currently delivered in 50% stock options
and 50% restricted stock units. Annual equity awards vest 33 1/3% each year on the 1st, 2nd and
3rd anniversaries of the grant.
 The terms and conditions of equity awards will be in accordance with
Colfax’s 2016 Omnibus Incentive Plan or successor plan.

			
		
	401(k)	  	You will continue to have the opportunity to participate in the Colfax 401(k) Savings Plan with matching contributions. Colfax matches 100% of the first 4% that you contribute, and these matching contributions vest immediately. In
addition, at its discretion, Colfax will make non-elective contributions of 2% into your account. These non-elective contributions vest over five years.
		
	NQ Deferred Comp	  	You will continue to have the opportunity to defer up to 50% of base salary and 75% of your annual bonus in the nonqualified deferred compensation plan. The plan offers up to 4% matching contributions and a company discretionary 2%
contribution on base and bonus earnings over the IRS 401(k) maximums.
		
	Retirement	  	Contingent on your pre-tax participation and contributions in the 401K and Nonqualified Deferred Compensation Program, the company will provide a pretax contribution equal to or greater than
$19,000 per year. You will be required to contribute pretax amounts to your accounts in both plans of approximately 5% of base salary in total.
		
	Relocation Benefits	  	You will be eligible for ESAB’s domestic relocation program managed by our relocation vendor, Lexicon, and in accordance with ESAB’s relocation policy. This relocation benefit pertains to your move from Wilmington, DE to
Maryland, or such location that allows you to operate out of ESAB’s Annapolis Junction, MD office. You are required to complete this relocation on or before May 13, 2021. In the event you choose to terminate the employment relationship
with the company prior to the expiration of two (2) years after the effective date of your relocation, you shall repay to the Company a pro-rata share of the relocation expenses.
		
	Repatriation	  	ESAB agrees to pay the full cost of moving you, your wife, and children, and your normal household belongings to Australia in the event that your employment is involuntarily terminated by ESAB while you are in this VP, CFO
role.

  
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	Health Benefits	  	You and your family will continue to be eligible to participate in health & welfare benefits including medical, dental, vision, short and long term disability, life and accidental death and dismemberment
insurance.
		
	Tax Prep./Equalization	  	While you are in this role, ESAB will provide company paid tax preparation, and tax equalization will be paid by ESAB for you and your spouse’s earnings in the Australian Superannuation Fund.
		
	Vacation	  	You are eligible for 4 weeks of paid vacation per year and company holidays (approximately 10 days)
		
	Car Allowance	  	As per your prior Colfax agreement, your monthly car allowance will be discontinued upon your start date in this role. However, to assist in this transition, ESAB will pay you a lump sum equal to 50% of your previous annual
allowance ($6,000 gross). This payment will be made within approximately 30 days from your start date.

 Kevin, we also want to confirm that your employment is “at will”. This means that your employment is for no definite
period of time, and either you or the company may terminate your employment at any time, with or without cause or notice. 
 We look forward to
having you join ESAB. It will be an excellent opportunity to work together to take the business to the next level of growth and success! 
  

					
	Sincerely,	 		 	ACKNOWLEGED & ACCEPTED:
			
	/s/ Shyam Kambeyanda	 		 	/s/ Kevin Johnson
                                         
       Date: 4/26/19
	  
	 		 	  

	Shyam Kambeyanda 
President ESAB and SVP 
Colfax Corporation	 		 	Kevin Johnson

  
 3

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