Document:

WYN-EX10.1_2015.6.30-Q2

Exhibit 10.1

AMENDMENT NO. 5
TO
EMPLOYMENT AGREEMENT
AMENDMENT, dated May 14, 2015 (“Amendment”), made to the Employment Agreement dated as of the Effective Date, as amended by Amendment No. 1 thereto effective as of December 31, 2008, Amendment No. 2 thereto effective as of November 19, 2009, Amendment No. 3 thereto effective as of December 31, 2012 and Amendment No. 4 thereto effective as of May 16, 2013 (as amended, the “Employment Agreement”), by and between Wyndham Worldwide Corporation, a Delaware corporation (the “Company”), and Stephen P. Holmes (the “Executive”).  
WHEREAS, the Company and the Executive have previously entered into the Employment Agreement and desire to amend the Employment Agreement as set forth below.
NOW, THEREFORE, effective as of the date first written above, the Employment Agreement is hereby amended as follows:
1. The first paragraph of Section III of the Employment Agreement is hereby amended and restated in its entirety as follows: 
“The period of the Executive’s employment under this Agreement (the “Period of Employment”), which began on the Effective Date and was extended, pursuant to the terms of the Employment Agreement, to July 31, 2015, shall continue, upon the same terms and conditions as amended from time to time, for a period of two years commencing on August 1, 2015 and ending on July 31, 2017, subject to earlier termination as provided in this Agreement. No later than 180 days prior to the expiration of the Period of Employment, the Company and the Executive will commence a good faith negotiation regarding extending the Period of Employment; provided, that, subject to Section VII(c)(ii) below, neither party hereto shall have any obligation hereunder or otherwise to consummate any such extension or any new agreement relating to the Executive’s employment with the Company.”
    
2. The last sentence of Section IV(e) of the Employment Agreement is hereby amended by adding the following proviso at the end of that sentence: 
“;  provided that, to the extent such benefits to be provided under this subsection (e) constitute health and medical benefits subject to Section 105 of the Code, the Company will satisfy its obligation under this subsection (e) with respect to such health and medical benefits by providing directly to the Executive an amount equal to (i) the then applicable annual COBRA premium rate amount for such health and medical benefit coverage, minus (ii) the then applicable active Company employee contribution amount for such Company-sponsored health and medical benefit coverage; such amount to be payable to the Executive as of January 1 of each year that such continuing coverage is applicable under this subsection (e) to the Executive or his then surviving dependent spouse (but not later than the plan year in which the Executive reaches, or would have reached had he survived, the age set forth above in this subsection (e)).  In the event that following the Executive’s separation from employment with the Company the health and medical benefit coverage under this subsection (e) is then to be secondary to Medicare or any other government-sponsored medical insurance plan or other company’s medical 

insurance plan, then the amount under the foregoing clause (i) will be reasonably reduced by the Company to reflect such other primary coverage.”

Except as provided herein all terms and conditions set forth in the Employment Agreement shall remain in full force and effect.  From and after the date hereof, all references to the Employment Agreement shall mean the Employment Agreement as amended hereby. 

IN WITNESS WHEREOF, the undersigned has caused this Amendment to be executed this 14th day of May, 2015.

EXECUTIVE

/s/ Stephen P. Holmes                  
Stephen P. Holmes

WYNDHAM WORLDWIDE CORPORATION 

 
By:  /s/ Mary R. Falvey                 
    Name:    Mary R. Falvey 
    Title:    Executive Vice President and
Chief Human Resources OfficerEX-10.1

 Exhibit 10.1 
  

 
 July 22, 2015 
 Robert
B. Aiken, Jr. 
 714 Washington Ave. 
 Wilmette, IL 60091 

Dear Bob: 
 I am pleased to offer you the position of President
and Chief Executive Officer of Essendant Inc. (formerly United Stationers Inc.) and its wholly-owned subsidiaries Essendant Co. and Essendant Management Services LLC (collectively, the “Company”), effective as of the date hereof. In this
position, you will report to the Board of Directors (the “Board”) of Essendant Inc. and be the senior leader of the Company. The Board, the Senior Leadership Team and I are excited at the prospect of working with you to take the Company to
the next level of success. 
 The specifics of the offer are outlined below and shall reflect the continuation of the compensation and benefits provided to
you under the letter agreement with you dated June 4, 2015, except as otherwise provided herein: 
 Base Pay 

Your annual base salary will be $800,000, less applicable tax withholdings, paid semi-monthly. 

Management Incentive Plan 
 As a key member of the
management team, you are eligible to participate in the Essendant Inc. and Subsidiaries Management Cash Incentive Plan for Section 16 officers (“MIP”), under the Essendant Inc. 2015 Long-Term Incentive Plan (“LTIP”), which
provides you with the opportunity to earn a cash award after year-end, if a set of predetermined goals are achieved. Your target incentive award is 125% of your base salary. The MIP currently allows for a maximum payout of 200% of your target award,
based on performance against total Company MIP metrics. If an award is earned, payments are typically made during the first quarter of the subsequent year. Your 2015 MIP payout shall be pro-rated from your hire date of May 4, 2015 to the end of
the year or your earlier termination. 
 Awards are subject to approval by the Human Resources Committee (the “Committee”) of the Board. 

Long-Term Incentive Plan 
 As a key member of the
management team, you are also eligible to participate in the equity awards provisions of the “LTIP”. As of September 1, 2015, you will receive an award of restricted stock of Essendant Inc. having an economic value (based on the
closing price of Essendant Inc. common stock on the date of grant) equal to $1,500,000. Such award will vest in three annual installments, provided that Essendant Inc.’s cumulative earnings per share for the four calendar quarters immediately
preceding an applicable annual vesting date exceed $0.50 per share. This award shall be made pursuant to the then current form of Restricted Stock Award Agreement for Section 16 officers as approved by the Committee. Commencing in 

  
 One Parkway North
Boulevard, Suite 100, Deerfield, IL 60015 O 847 627 7000  

 
2016, the targeted annual economic value of your LTIP equity awards is 300% of your base salary. The equity grants have historically been awarded as follows: 

 

	 	¡	Restricted Stock is awarded in September, is designed to deliver 40% of the targeted annual economic value of your LTIP awards, and vests in three annual installments, subject to achieving at least $0.50 EPS during the
four quarters preceding each annual vesting date. 

	 	¡	Restricted Stock Units are awarded in March, are designed to deliver 60% of the targeted annual economic value of your LTIP awards, and vest on the third anniversary of the grant date based on Company achievement of
cumulative performance goals approved by the Committee for the three-year period, with a maximum potential vesting of 200% of the Units awarded. 

Officer Perquisite 
 You are eligible for a yearly
perquisite allowance of $24,000, less applicable tax withholdings, paid semi-monthly, effective on your date of hire. 
 Benefit Programs 

The Company Employee Benefit Program includes: 
  

	 ̈	Health Benefits—Medical, dental, vision, EAP and Flexible Spending Accounts; 

  

	 ̈	Financial Security Benefits: 401(k), Deferred Compensation, Employee Stock Purchase Program, Short and Long Term disability income insurance, life insurance and accidental death and dismemberment insurance.

 Please refer to the summary and rate sheet for more details. 

Paid Time Off 
 You will be eligible for 26 days of Paid
Time Off annually which will be pro-rated based on your hire date for the first year of service with the Company. Paid time off accrues each pay period. You are eligible to accrue PTO 30 days after your hire date. In addition, we offer 10 holidays
annually based on your hire date. 
 Executive Employment Agreement 

You are also entitled to the severance, change of control and other benefits provided under the attached form of Executive Employment Agreement. In the event
of any inconsistency between the terms of your Executive Employment Agreement and the terms hereof, the terms hereof shall control. 
 Offer Acceptance

 Upon accepting this offer, you represent and agree to the following: 1) you have no current employment contract, covenant not to compete, restrictive
covenants, confidentiality agreement, or any other kind of agreement with any previous employer that would preclude you from accepting this offer or otherwise limit your activities on behalf of the Company; and 2) you will not bring with you any
trade secrets or other confidential or proprietary information of your previous employer. 

 To accept the terms of this offer, we ask that you please sign and return this letter. A second copy is provided
for your records. While this letter is intended to outline the terms of your employment, neither the terms of this offer letter, nor your acceptance, constitutes an employment contract or an assurance of future employment for any fixed period of
time. The Company is an at-will employer, which means your employment is for no definite period of time and can be terminated, at any time, with or without cause, and with or without notice, by you or the Company. 

We believe you can make a meaningful contribution to our Company and look forward to working with you. If you have any questions, please contact me or Carole
Tomko, SVP Human Resources. Please return a signed copy of this letter to me indicating your understanding and acceptance. 
 Congratulations and welcome to
Essendant. 
 Sincerely, 
 /s/ Charles K. Crovitz 

Charles K. Crovitz 
 Chairman of the Board 

 
 Accepted and agreed: 

 

					
			
	/s/ Robert B. Aiken, Jr.	 	Date:	 	July 22, 2015
	Robert B. Aiken, Jr.

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00247-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00247-of-00352.parquet"}]]