Document:

Exhibit 10.7

      

       

      

      Execution Version

      

      

      CERTAIN CONFIDENTIAL INFORMATION CONTAINED IN THIS EXHIBIT, MARKED BY [***], HAS BEEN OMITTED BECAUSE INGERSOLL RAND INC. HAS DETERMINED THE INFORMATION (I) IS NOT MATERIAL AND (II) WOULD LIKELY
        CAUSE COMPETITIVE HARM TO INGERSOLL RAND INC. IF PUBLICLY DISCLOSED.

      

      

      Ingersoll-Rand plc

      170/175 Lakeview Dr.

      Airside Business Park

      Swords, Co. Dublin, Ireland

      

      

       February 29, 2020

      

      

      Gardner Denver Holdings, Inc.

      222 East Erie Street, Suite 500

      Milwaukee, Wisconsin 53202

      Attention: Andy Schiesl, General Counsel

      

      

      Ladies and Gentlemen:

      

      

      Reference is made to (i) the Separation and Distribution Agreement, dated as of April 30, 2019, by and between Ingersoll-Rand plc, a public limited company incorporated in Ireland (“Moon”), and Ingersoll-Rand
        U.S. Holdco, Inc., a Delaware corporation (“SpinCo”) (such agreement, the “Separation and Distribution Agreement”), and (ii) the Agreement and Plan of Merger, dated as of April 30, 2019, by and among Moon, SpinCo, Gardner Denver
        Holdings, Inc., a Delaware corporation (“Clover”) and Charm Merger Sub Inc., a Delaware corporation (“Merger Sub”, and together with Moon, SpinCo and Clover, the “Parties”) (such agreement, the “Merger Agreement”). 
        Capitalized terms used, but not defined, in this letter agreement shall have the meanings ascribed to such terms in the Separation and Distribution Agreement. This letter agreement is effective as of immediately prior to the Distribution Time.

       

      	1)	
              Pursuant to Section 9.11 of the Separation and Distribution Agreement, Moon, SpinCo and Clover hereby agree to the following amendments to the Separation and Distribution Agreement:

            

       

      	

            	a)	
              Section 1.1(20) (the definition of “Distribution Time”) of the Separation and Distribution Agreement is hereby amended as follows:

            

       

      	

            	i)	
              The language “12:01 a.m.” shall be deleted in its entirety and replaced with “11:59:58 p.m.”

            

       

      	

            	b)	
              Section 1.1(87) (the definition of “Transaction Documents”) of the Separation and Distribution Agreement is hereby deleted in its entirety and replaced with the following:

            

       

      
        
          

      

      	

            	i)	
              “Transaction Documents” means this Agreement, the Transition Services Agreement, the Tax Matters Agreement, the Employee Matters Agreement, the Real Estate Matters Agreement, the Intellectual Property Matters Agreement, the Trademark
                License Agreement, the Tender Agreement, the SpinCo Trademark License Agreement, the Data Protection Agreement, the Supply Agreements, the Headquarters Lease and the Transfer Documents, in each case including all annexes, exhibits,
                schedules, attachments and appendices thereto; provided that the SpinCo Trademark License Agreement and the Data Protection Agreement shall not be Transaction Documents for purposes of Sections 7.18, 8.2(e) and 8.3(e)
                of the Merger Agreement.

            

       

      	

            	c)	
              Section 1.1 of the Separation Agreement is hereby amended to add the following definitions (in alphabetical order):

            

       

      	

            	i)	
              “SpinCo Trademark License Agreement” means the SpinCo Trademark License Agreement in substantially the form attached hereto as Exhibit G, entered into or to be entered into by and among Moon and SpinCo on or immediately prior to the
                Distribution Date.

            

       

      	

            	ii)	
              “Data Protection Agreement” means the Data Protection Agreement in substantially the form attached hereto as Exhibit H, entered into or to be entered into by and among Moon and SpinCo on or immediately prior to the Distribution Date.

            

       

      	

            	d)	
              Schedule 2.2(a)(i) of the Separation and Distribution Agreement is hereby deleted in its entirety and replaced with the Schedule 2.2(a)(i) appended hereto as Exhibit A.

            

       

      	

            	e)	
              Schedule 2.2(a)(ii) of the Separation and Distribution Agreement is hereby deleted in its entirety and replaced with the Schedule 2.2(a)(ii) appended hereto as Exhibit B.

            

       

      	

            	f)	
              Schedule 2.2(a)(ix) of the Separation and Distribution Agreement is hereby deleted in its entirety and replaced with the Schedule 2.2(a)(ix) appended hereto as Exhibit C.

            

       

      	

            	g)	
              Schedule 2.2(b)(i) of the Separation and Distribution Agreement is hereby deleted in its entirety and replaced with the Schedule 2.2(b)(i) appended hereto as Exhibit D.

            

       

      	

            	i)	
              [***]

            

       

      	

            	h)	
              Schedule 2.6(b)(iv) of the Separation and Distribution Agreement is hereby deleted in its entirety and replaced with the Schedule 2.6(b)(iv) appended hereto as Exhibit E.

            

       

      	

            	i)	
              Section 2.6(c) of the Separation and Distribution Agreement is hereby deleted in its entirety and replaced with the following:

            

       

      
        
          

      

      	

            	i)	
              “Any intercompany payables or receivables between the SpinCo Business and the Moon Business shall be eliminated, by discharge or otherwise, cancelled in their entirety, effective immediately prior to the Distribution Time by the member
                owing such amount (except for any such intercompany payables or receivables arising pursuant to a Transaction Document or any other Contract included in Section 2.6(b), which shall instead be settled in accordance with the terms of
                such Transaction Document or other Contract).”

            

       

      	

            	j)	
              Exhibits I and K appended hereto are hereby inserted and attached to the Separation and Distribution Agreement as Exhibit G and H thereto, respectively.

            

       

      	

            	k)	
              Section 4.1 of the Separation and Distribution Agreement is hereby amended to add the following as 4.1(e):

            

       

      	

            	i)	
              The SpinCo Contracts shall be delivered with the SpinCo Business.

            

       

      	2)	
              Clover and Moon shall cooperate with each other, negotiate in good faith and use their respective commercially reasonable efforts to:

            

       

      	

            	a)	
              [***]

            

       

      	

            	b)	
              [***]

            

       

      	

            	c)	
              enter into an agreement with respect to the following matters as soon as reasonably practicable after the Closing Date (but in any event no later than 10 Business Days following the Closing Date):

            

       

      	

            	i)	
              a tri-partite arrangement by and among a member of the Moon Group, a member of the SpinCo Group, and AIG (or an affiliate thereof) in respect of foreign insurance policies, consistent with Section 7.3 of the Separation and Distribution
                Agreement, on terms substantially consistent with those set forth on Exhibit M hereto.

            

       

      	3)	
              Pursuant to Section 10.3 of the Merger Agreement, Moon, SpinCo, Clover and Merger Sub hereby agree to the following amendments to the Merger Agreement.

            

       

      	

            	a)	
              Notwithstanding Section 2.2 of the Merger Agreement, the Closing shall take place at 11:59:59 p.m., Eastern time, on February 29, 2020.

            

       

      	

            	b)	
              Section 10.2 of the Merger Agreement is hereby amended as follows:

            

       

      	

            	i)	
              The language “if to Moon or SpinCo, to:” shall be deleted in its entirety and replaced with “if to Moon or, prior to the Effective Time, SpinCo, to:”

            

       

      	

            	ii)	
              The language “if to Clover, to:” shall be deleted in its entirety and replaced with “if to Clover or, following the Effective Time, SpinCo, to:”

            

       

      	4)	
              [***]

            

       

      
        
          

      

      	5)	
              Clover and Moon acknowledge and agree that the complete and final versions of each of the Transition Services Agreement, the Real Estate Matters Agreement, the Trademark License Agreement, the SpinCo Trademark License Agreement, the
                Supply Agreements, and the Data Protection Agreement, are attached hereto as Exhibits F-K respectively.

            

       

      	6)	
              Except as expressly set forth herein, this letter agreement shall not alter, modify, amend, or in any way affect any of the terms, conditions, obligations, covenants, or agreements contained in the Separation and Distribution Agreement,
                the Merger Agreement, or any other Transaction Document (as defined in the Merger Agreement), all of which shall continue in full force and effect, and shall not, by implication or otherwise, limit, impair, constitute a waiver of, or
                otherwise affect the rights and remedies of the parties to the Separation and Distribution Agreement, the Merger Agreement or any other Transaction Document.

            

       

      	7)	
              The provisions of Sections 10.2 (Notices), 10.3 (Amendments and Waivers) (without regard to cross references therein to any other Section), 10.4 (Governing Law; Jurisdiction; Waiver of Jury Trial), 10.5 (Assignment; Parties in Interest;
                Non-Parties) (without regard to cross references therein to any other Section), 10.6 (Captions; Counterparts), 10.8 (Severability) and 10.9 (Specific Performance) of the Merger Agreement shall apply to this letter agreement, mutatis mutandis.

            

       

      
        
          

      

      

      
        	 	
                Sincerely,

              
	 	 	 
	 	
                INGERSOLL-RAND PLC

              
	 	 	 
	 	
                By:

              	 	
                /s/ Sara W. Brown

              
	 	
                Name:

              	
                Sara W. Brown

              
	 	
                Title:

              	
                Assistant Secretary

              
	 	 	 
	 	
                INGERSOLL-RAND U.S. HOLDCO, INC.

              
	 	 	 
	 	
                By:

              	 	
                /s/ Sara W. Brown

              
	 	
                Name:

              	
                Sara W. Brown

              
	 	
                Title:

              	
                Assistant Secretary

              

      

       

      
        [Signature Page to Omnibus Side Letter]

         

        

      

      
        
          

      

      	
              ACCEPTED AND AGREED:

            	 
	 	 	 
	
              GARDNER DENVER HOLDINGS, INC.

            	 
	 	 	 

      	
              By:

            	
              /s/ Andy Schiesl

            	 

      	 	 	 
	
              Name:

            	
              Andy Schiesl

            	 
	
              Title:

            	
              General Counsel

            	 
	 	 	 
	
              CHARM MERGER SUB INC.

            	 
	 	 	 

      	
              By:

            	 	 

      	 	 	 
	
              Name:

            	 	 
	
              Title:

            	 	 

       

      [Signature Page to Omnibus Side Letter]Exhibit 10.8

    

    

    
      Ingersoll-Rand plc

      170/175 Lakeview Dr.

      Airside Business Park

      Swords, Co. Dublin, Ireland

       

      July 11th, 2019

       

      Gardner Denver Holdings, Inc.

      222 East Erie Street, Suite 500

      Milwaukee, Wisconsin 53202

      Attention: Andy Schiesl, General Counsel

       

      Ladies and Gentlemen:

       

      We refer to the Separation and Distribution Agreement, dated as of April 30, 2019, by and between Ingersoll-Rand plc, a public limited company incorporated in Ireland ("Ingersoll-Rand"),
        and Gardner Denver Holdings, Inc., a Delaware corporation ("Gardner") (such agreement, the "SDA"). Each capitalized term used and not defined herein shall have the meaning ascribed thereto in the SDA.

       

      Ingersoll-Rand and Gardner hereby agree to the following amendments to the form of Employee Matters Agreement (the "EMA") attached to the SDA as Exhibit C.

       

      
        	 	
                (a)

              	
                Section 3.01(a) of the EMA is amended to increase the maximum Group 4 Employee headcount to 521 and to adjust the maximum headcounts and labor costs on the subgroups of Group 4 Employees. Accordingly, the
                  penultimate and ultimate sentences of Section 3.01(a) of the EMA are amended to read in their entirety as follows:

              

      

       

      "The aggregate number of Group 4 Employees that may be set forth on Schedule  3.01(a), and the aggregate number of Group 4 Employees who actually become SpinCo Employees, as measured at the
        Effective Time (without regard to the actual date of such Group 4 Employee's transfer to the Destination Employer (as defined below), if applicable), shall not exceed the lesser of 521 and that number of Employees having an aggregate labor cost
        (calculated for purposes of this sentence and the immediately following sentence as the cost of both

      compensation and benefits for each such Group 4 Employee (but excluding equity or equity-based compensation) and set forth in file 1.8.1 (Transferring Corporate Costs) in the Moon online data room)
        no greater than $39,389,173. In addition, with respect to each of the following categories of Group 4 Employees, no more than the following number may be set forth on Schedule 3.01(a) or may actually become SpinCo Employees, as measured at
        the Effective Time (without regard to the actual date of such Group 4 Employee's transfer to the Destination Employer, if applicable): (1) for engineering and technology, product management, innovation, and strategy Employees, the lesser of 179 and
        that number of Employees having an aggregate labor cost no greater than $5,789,754, (2) for IT, infrastructure, applications, security, and field support Employees, the lesser of 130 and that number of Employees having an aggregate labor cost no
        greater than $14,110,633, and (3) for all other Group 4 Employees, the lesser of 212 and that number of Employees having an aggregate labor cost no greater than $19,404,520, in each case as such number may be increased by an amount not to exceed
        7.5%, and in all events subject to the aggregate cap on the number of Group 4 Employees set forth in the immediately preceding sentence of this Section 3.01(a)."

       

      

      
        

        
          

        

      

      

      
        	 	
                (b)

              	
                Section 4.04(a) of the EMA is amended so that the total adjusted Moon PSUs held by Former SpinCo Employees will not be prorated based on the number of days elapsed during the applicable performance period
                  through the Distribution Date because such Former SpinCo Employees' Moon PSUs were previously prorated at or about their date of termination. Accordingly, the first sentence of Section 4.04(a) of the EMA is amended to read in its entirety
                  as follows:

              

      

       

      "The number of shares of Moon Common Stock underlying each Moon PSU held by a Moon Group Employee or Former Moon Group Employee, or by a SpinCo Employee or Former SpinCo Employee,
        in either case immediately prior to the Distribution Time, shall be adjusted by dividing such number of shares by the Moon Ratio, with the result rounded up to the extent that it includes a fractional share; the number of such adjusted Moon PSUs
        held by a SpinCo Employee shall then be prorated based on the number of days elapsed during the applicable performance period through the Distribution Date, and if the resulting product includes a fractional share, the number of shares underlying
        any Moon PSU shall be rounded up to the nearest whole share."

       

      Except as expressly set forth herein, this letter agreement shall not alter, modify, amend, or in any way affect any of the terms, conditions, obligations, covenants, or agreements
        contained in the SDA, the EMA, or any other Transaction Document, all of which shall continue in full force and effect, and shall not, by implication or otherwise, limit, impair, constitute a waiver of, or otherwise affect the rights and remedies
        of the parties to the SDA, the EMA, or any other Transaction Document.

       

      This letter agreement may not be amended or any provision hereof waived or modified except by an instrument in writing signed by Ingersoll-Rand and Gardner, and may be executed in any number of
        counterparts, each of which shall be an original and all of which, when taken together, will constitute one and the same instrument. Delivery of an executed counterpart of a signature page of this letter agreement by facsimile transmission shall be
        effective as delivery of a manually executed counterpart of this letter agreement. Article IX of the SDA is incorporated herein by reference, mutatis mutandis.

       

      Please confirm your understanding and agreement with the foregoing by signing and dating the enclosed copy of this letter and returning it to us.

       

      

      
        

        
          

        

      

      	 	
              Sincerely,

            
	 	 
	 	
              INGERSOLL-RAND PLC

              

            
	 	
              

              

            
	 	By: 	/s/ David C. Butow
	 	
              Name: David C. Butow

            
	 	
              Title: Vice President and General Counsel,

            
	 	
              Climate Segment

            

      

      

      
        

        
          

        

      

      ACCEPTED AND AGREED:

       

      
        	GARDNER DENVER HOLDINGS, INC.

      

       

      

      
        	
                By:

              	/s/ Andy Schiesl

                	 

      

       
        	Name:	Andy Schiesl

                

        	 Title:	General Counsel

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