Document:

thrm-ex1011_303.htm

Exhibit 10.11

 

gentherm

 

January 29, 2020

          

Matt Fisch

 

 

Dear Matt:

 

I am very pleased to confirm our job offer to you for the position of Senior Vice President and Chief Technical Officer with Gentherm, Inc. In this position, you will be part of Gentherm’ s Executive Committee and report to Phil Eyler, President and CEO effective April 6, 2020.  Your starting semi-monthly base salary will be $17,291.67 (annually $415,000). As a salaried exempt associate, you will be paid semi-monthly according to the Company’s regular payroll procedures. 

Additionally, you will be eligible for Gentherm’s North America annual bonus program targeted at 50% of your salary. Bonus is assessed by individual goals and company performance and is determined by a combination of EBITDA and Revenue, subject to approval by the Compensation Committee of the Gentherm Board of Directors. Bonus is paid annually after a review of each 12-month objectives. 

Equity:  Subject to approval by the Compensation Committee of the Board of Directors, you would receive an equity compensation grant commensurate with your position. Typically, equity grants are awarded by the Compensation Committee in approximately March each year.

Sign-On Grant:  On the first date of your employment, equity having a grant date value of $250,000 would be awarded (the “Sign-On Equity Grant”).  This amount, divided by Gentherm’s 10-trading day average stock price ending on such date, will determine the number of restricted stock units (RSUs) that you will receive. These grants vest over 3 years. 

Sign-On Bonus: You will be entitled to receive a signing and retention bonus totaling $125,000, to be paid with your first paycheck. This bonus must be repaid if you voluntarily terminate your employment within the first year. You will receive a second bonus totaling $125,000 on the anniversary of your hire date.  This bonus must be repaid if you voluntarily terminate your employment within the second year. 

Paid Time Off:  You are eligible to accrue 6.67 hours per semi-monthly pay cycle, which is equivalent to 4 weeks of vacation per year. For your first year, you are eligible for 120.06 accrued hours. Additionally, you are eligible for 5 paid sick days a year.  For your first year, you are eligible for 5 sick days. Please refer to the enclosed benefit guide for details.  

Car Allowance:  $1500 monthly car allowance

Long Term Disability: In addition to our standard Long-Term Disability plan, you are entitled to an individual executive plan, paid for by Gentherm which covers 60% of your base salary, minus the group coverage (60% of base up to $8000/month), up to an additional $6000/month.

 

 

 

Relocation:  A Tier 1 relocation benefit package will be provided to assist you with your move to your new location.  The relocation policy details and repayment agreement are attached for your review and acceptance.

The following are highlights of our benefits and are detailed in the enclosed Employee Benefit Guide:

 

		
	
Medical
	
Dental

	
Vision
	
Life & Accident

Insurance

	
Disability Insurance
	
Retirement Planning

 

Please note that this offer is contingent upon the following: 

 

•Satisfactory completion of the drug screen and background verification.  All of these tests must have a satisfactory result in order to pass the pre-employment process. If any of the above return to us with an unacceptable result, we will rescind our offer of employment. The pre-employment drug test must be taken within five (5) days of accepting our offer.  The necessary paperwork will be sent to you for you to bring with you to the lab.  

 

•Satisfactory completion of I-9 Employment Eligibility/Verification within your first three (3) days of employment by providing the documentation required by law to verify your present eligibility to work in the United States.  Please see the enclosed Form I-9 instructions so that you can bring the correct documents with you. Under federal law, we are not permitted to allow you to work unless and until the documentation required by the I-9 Employment Eligibility/Verification is supplied to us. This offer does not constitute an offer to sponsor you for a visa or for permanent residency.  

 

•Signing the various Company documents which will be sent to you during your onboarding process.

 

Matt, we are looking forward to having you at Gentherm and welcome you to the team!  Please feel free to contact me with any questions.  

 

Sincerely,

 

 

/s/Barbara Runyon 

 

Senior Vice President and Chief Human Resources Officer  

 

Enclosures

 

 

 

 

To indicate your acceptance of this offer, please sign below and return the signed offer letter, by email to Barbara.runyon@gentherm.com  Please note that this offer expires on January 31, 2020.  

 

Please be advised that this offer does not constitute or imply a contract of employment. Your signature indicates acknowledgement that if employed, your employment is to be “at will” which means that either the Company or you may terminate your employment at any time, with or without cause and/or notice. 

 

 

	
/s/Matt Fisch
	
 
	
February 5, 2020

	
Signature
	
 
	
DateDocument

Exhibit 10.31

NEW LENDER SUPPLEMENT

SUPPLEMENT, dated as of November 22, 2021, to the Second Amended and Restated Credit Agreement, dated as of May 5, 2014, as amended by the First Amendment dated as of June 1, 2015, by the Second Amendment dated as of May 27, 2016, by the Third Amendment dated as of May 2, 2017, by the Fourth Amendment dated as of May 2, 2018, by the Fifth Amendment dated as of May 3, 2019, by the Sixth Amendment and Extension Agreement, dated as of April 29, 2021, and as further amended, supplemented or otherwise modified from time to time (the “Credit Agreement”) among AIR LEASE CORPORATION, a Delaware corporation (the “Borrower”), the several banks and other financial institutions or entities from time to time parties thereto (the “Lenders”), and JPMORGAN CHASE BANK, N.A., as administrative agent (the “Administrative Agent”).

W I T N E S S E T H:

WHEREAS, the Credit Agreement provides in Section 2.1(c) thereof that any bank, financial institution or other entity may become a party to the Credit Agreement with the consent of the Borrower and the Administrative Agent (which consent of the Administrative Agent shall not be unreasonably withheld) by executing and delivering to the Borrower and the Administrative Agent a supplement to the Credit Agreement in substantially the form of this Supplement; and

WHEREAS, the undersigned now desires to become a party to the Credit Agreement;

NOW, THEREFORE, the undersigned hereby agrees as follows:

1.  The undersigned agrees to be bound by the provisions of the Credit Agreement, and agrees that it shall, on the date this Supplement is accepted by the Borrower and the Administrative Agent (or on such other date as may be agreed upon among the undersigned, the Borrower and the Administrative Agent), become a Lender for all purposes of the Credit Agreement to the same extent as if originally a party thereto, with a Commitment of $175,000,000.

2.  The undersigned (a) represents and warrants that it is legally authorized to enter into this Supplement; (b) confirms that it has received a copy of the Credit Agreement, together with copies of the financial statements most recently delivered pursuant to Sections 6.1(a) and (b) thereof and such other documents and information as it has deemed appropriate to make its own credit analysis and decision to enter into this Supplement; (c) agrees that it has made and will, independently and without reliance upon the Administrative Agent or any other Lender and based on such documents and information as it shall deem appropriate at the time, continue to make its own credit decisions in taking or not taking action under the Credit Agreement or any instrument or document furnished pursuant hereto or thereto; (d) appoints and authorizes the Administrative Agent to take such action as agent on its behalf and to exercise such powers and discretion under the Credit Agreement or any instrument or document furnished pursuant hereto or thereto as are delegated to the Administrative Agent by the terms thereof, together with such powers as are incidental thereto; and (e) agrees that it will be bound by the provisions of the Credit Agreement and will perform in accordance with its terms all the obligations which by the terms of the Credit Agreement are required to be performed by it as a Lender including, without limitation, if it is organized under the laws of a jurisdiction outside the United States, its obligation pursuant to Section 2.15(e) of the Credit Agreement.

3.  The undersigned hereby confirms and agrees that the Termination Date in respect of its Commitment is May 5, 2025.

4.  The address for notices for the undersigned for the purposes of the Credit Agreement is as follows:

Scotiabank (Ireland) Designated Activity Company
IFSC House, IFSC
Dublin 1, D01 R2P9
Ireland
Attention: Michael Weinberg / Maxime Comeau
Telephone: +353 (1) 790 2037 / +353 (1) 790 2147
Email: michael.weinberg@scotiabank.ie / maxime.comeau@scotiabank.ie
			
	

5.  Terms defined in the Credit Agreement shall have their defined meanings when used herein.  

6. Any signature to this Supplement may be delivered by facsimile, electronic mail (including pdf), DocuSign or any electronic signature complying with the U.S. federal ESIGN Act of 2000 or the New York Electronic Signature and Records Act or other transmission method and any counterpart so delivered shall be deemed to have been duly and validly delivered and be valid and effective for all purposes to the fullest extent permitted by applicable law.  For the avoidance of doubt, the foregoing also applies to any amendment, extension or renewal of this Supplement.

			
	

IN WITNESS WHEREOF, the undersigned has caused this Supplement to be executed and delivered by a duly authorized officer on the date first above written.

																		
	

		SCOTIABANK (IRELAND) DESIGNATED ACTIVITY COMPANY

						
						
						
						
				By:	/s/ Michael Weinberg

					Name:  Michael Weinberg

					Title:   Associate Director

						
						
						
						
				By:	/s/ Maxime Comeau
					Name:  Maxime Comeau

					Title:   Managing Director

			
	

[Signature Page to Scotiabank New Lender Supplement]
        

												
	Accepted and agreed to as of 
the date first written above:
		
				
	AIR LEASE CORPORATION

				
				
	By:
	/s/ Gregory B. Willis 
		
		Name: Gregory B. Willis
		
		Title: Executive Vice President and  

		 Chief Financial Officer

[Signature Page to Scotiabank New Lender Supplement]
			
	

															
	Accepted and agreed to as of 
the date first written above:
			
					
	JPMORGAN CHASE BANK, N.A. as Administrative Agent

					
					
	By:
	/s/ Cristina Caviness
			
		Name: Cristina Caviness
			
		Title: Executive Director
	

[Signature Page to Scotiabank New Lender Supplement]

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