Document:

Exhibit

                

Exhibit10.38
EMPLOYMENT AGREEMENT
THIS AGREEMENT (the “Agreement”) is made and entered into on the ___ day of _____ 20__ (the “Effective Date”), by and between JELD-WEN Holding, Inc., a Delaware corporation (the “Company”) and ____________ (the “Executive”).
1.Term of Employment; Duties.  (1)  As used herein, the phrase “Term of Employment” shall mean the period commencing on the Effective Date and ending on the date of termination of Executive’s employment in accordance with any one of Sections 5(a) through 5(e) below.
(a)    The Company hereby agrees to employ Executive as its __________________ for the Term of Employment, and Executive agrees to serve in these capacities with the duties and responsibilities customary to such positions in a company of the size and nature of the Company, protecting, encouraging and promoting the interests of the Company, and performing such other duties consistent with the offices held by Executive as may be reasonably assigned to him from time to time by the Chief Executive Officer (“CEO”) or Board of Directors of the Company (the “Board”).  During the Term of Employment, Executive shall report solely and directly to the CEO.  
(b)    Executive shall devote all of Executive’s business time and attention to Executive’s duties on the Company’s behalf except for sick leave, vacations and approved leaves of absence; provided, however, that nothing shall preclude Executive from (i) managing Executive’s personal investments and affairs and (ii) participating as a member of the board of directors or similar governing body of no more than one (1) for-profit company which is not a direct competitor of the Company and approved by the Board in writing prior to Executive commencing service therewith and such not-for-profit companies or institutions as do not interfere with the performance of Executive’s duties; provided that in each case, Executive shall not engage in activities inconsistent with the Company’s ethics codes and other conflicts of interest policies in effect from time to time or which materially interfere with or adversely affect the performance of Executive’s duties under this Agreement.
2.    Compensation.  (1)  Base Salary.  The Company agrees to pay to Executive as a salary during the Term of Employment the sum of $__________ per year, payable in accordance with the normal payroll practices of the Company in the United States as in effect from time to time.  The Board shall review, and may adjust in its sole discretion, such base salary no less often than annually.  Executive’s annual base salary rate, as in effect from time to time, is hereinafter referred to as the “Base Salary.”
(a)    Annual Bonuses.  During the Term of Employment, Executive shall participate in the Company’s annual Management Incentive Plan or any successor plan (the “MIP”), on terms and conditions that are appropriate to Executive’s positions and responsibilities at the 

                

                

Company and are no less favorable than those applying to other senior executive officers of the Company.  Executive’s target annual bonus under the MIP in respect of each Fiscal Year shall be _____% of Base Salary and Executive’s maximum annual bonus shall be ____% of Base Salary. The Board shall review, and may adjust in its sole discretion, such bonus targets each year when it sets target bonuses for the MIP.  Any annual bonus paid to Executive shall be in addition to the Base Salary and to any and all other benefits to which Executive is entitled as provided in this Agreement.  Except as in accordance with any deferral election made by Executive pursuant to any deferred compensation plan maintained by the Company, payment of annual bonuses shall be made at the same time that other senior executive officers of the Company receive their annual bonuses.
(b)    Long-Term Incentive Programs.  Executive shall participate in the Company’s 2017 Omnibus Equity Plan or any successor plan and other long-term incentive compensation plans generally available to other senior executive officers of the Company from time to time on terms and conditions that are appropriate to Executive’s positions and responsibilities at the Company and are no less favorable than those generally applicable to such other senior executive officers.  
3.    Employee Benefit Programs.  During the Term of Employment, Executive shall be entitled to participate in all employee retirement, savings and welfare benefit plans and programs made available to the Company’s executive officers, as such plans may be in effect from time to time and on terms and conditions that are no less favorable than those generally applicable to other senior executive officers to the extent not duplicative of benefits provided by this Agreement.
4.    Perquisites, Vacations, and Reimbursement of Expenses.  During the Term of Employment:
(a)    The Company shall furnish Executive with, and Executive shall be allowed full use of, office facilities, secretarial and clerical assistance and other Company property and services commensurate with Executive’s position and of at least comparable quality, nature and extent to those made available to other senior executive officers of the Company from time to time;
(b)    Executive shall be allowed a minimum of _______ (__) weeks annual vacation and leaves of absence (“PTO”) with pay on a basis no less favorable than that applicable to other senior executive officers of the Company. PTO shall not be accrued, and any unused PTO shall be forfeited; and
(c)    The Company shall reimburse Executive for reasonable business expenses incurred by Executive in the performance of Executive’s duties hereunder, such reimbursements to be effected in accordance with normal Company reimbursement procedures in effect from time to time.

                

                

5.    Termination of Employment.
(a)    Termination Due to Death.  In the event that Executive’s employment is terminated due to Executive’s death, the Company’s payment obligations under this Agreement shall terminate, except that Executive’s estate or Executive’s beneficiaries, as the case may be, shall be entitled to the following:
(1)    (i) the Base Salary through the date of termination, (ii) any earned but unpaid portion of Executive’s annual bonus provided for in Section 2(b) for the Fiscal Year preceding the year of termination, (iii) reimbursement for any unreimbursed business expenses properly incurred by Executive pursuant to this Agreement or in accordance with Company policy prior to the date of Executive’s termination, and (iv) such employee benefits, if any, to which Executive may be entitled under the employee benefit plans of the Company according to their terms (the amounts described in clauses (i) through (iv) of this Section 5(a)(1), reduced (but not below zero) by any amounts owed by Executive to the Company, being referred to as the “Accrued Rights”);
(2)    a pro rata annual bonus provided for in Section 2(b) for the Fiscal Year in which Executive’s death occurs, based on the Company’s actual performance for the entire Fiscal Year, prorated for the number of calendar months during the Fiscal Year that Executive was employed prior to such termination (rounded up to the next whole month), payable at the time annual bonuses are paid for such Fiscal Year to executives of the Company generally (a “Pro Rata Bonus”); and
(3)    except as otherwise provided in Section 2, Executive’s outstanding stock options, restricted stock, performance share units, and restricted stock units (“Stock Awards”) shall be administered in accordance with the terms of the written agreements setting forth the terms of each such Stock Award.
A reduction to any amounts required to be provided or paid pursuant to Section 5(a)(1) that are subject to Section 409A shall not be effective until the amounts payable or provided to Executive under this Agreement sought to be reduced would otherwise have been paid to Executive pursuant to the terms of this Agreement.
(b)    Termination due to Disability.
(1)    If, as a result of Executive’s incapacity due to physical or mental illness, accident or other incapacity (as determined by the Board in good faith, after consideration of such medical opinion and advice as may be available to the Board from medical doctors selected by Executive or by the Board or both separately or jointly), Executive shall have been absent from Executive’s duties with the Company on a full-time basis for six consecutive months and, within 30 days after written notice of termination thereafter given by the Company, Executive shall not have returned to the full-time performance of Executive’s duties, the Company or Executive may terminate Executive’s employment for “Disability”.

                

                

(2)    In the event that Executive’s employment is terminated due to Disability, Executive shall be entitled to the following benefits:
(i)    the Accrued Rights;
(ii)    a Pro Rata Bonus for the Fiscal Year in which Executive’s termination occurs; and
(iii)    except as otherwise provided in Section 2, Executive’s outstanding Stock Awards shall be administered in accordance with the terms of the written agreements setting forth the terms of each such Stock Award.
(c)    Termination by the Company for Cause.
(1)    The Company shall have the right to terminate Executive’s employment at any time for Cause in accordance with this Section 5(c).

                

                

(2)    For purposes of this Agreement, “Cause” shall mean: (i) the conviction or entry of a plea of guilty or nolo contendere to (A) any felony or (B) any crime (whether or not a felony) involving moral turpitude, fraud, theft, breach of trust or other similar acts, whether under the laws of the United States or any state thereof or any similar foreign law to which the person may be subject; (ii) being engaged or having engaged in conduct constituting breach of fiduciary duty, dishonesty, willful misconduct or material neglect relating to the Company or any of its subsidiaries or the performance of a person’s duties; (iii) appropriation (or an overt act attempting appropriation) of a material business opportunity of the Company or any of its subsidiaries; (iv) misappropriation (or an overt act attempting misappropriation) of any funds of the Company or any of its subsidiaries; (v) the willful failure to (A) follow a reasonable and lawful directive of the Company or any of its subsidiaries at which a person is employed or provides services, or the Board of Directors or (B) comply with any written rules, regulations, policies or procedures of the Company or a subsidiary at which a person is employed or to which he or she provides services which, if not complied with, would reasonably be expected to have more than a de minimis adverse effect on the business or financial condition of the Company; (vi) willful and knowing material violation of any (I) material rules or regulations of any governmental or regulatory body that are material to the business of the Company or (II) U.S. securities laws; provided that for the avoidance of doubt, a violation shall not be considered as willful or knowing where Executive has acted in a manner consistent with specific advice of outside counsel to the Company; (vii) failure to cooperate, if requested by the Board, with any investigation or inquiry by the Company, the Securities Exchange Commission or another governmental body into Executive’s or the Company’s business practices, whether internal or external, including, but not limited to, Executive’s refusal to be deposed or to provide testimony at any trial or inquiry; (viii) violation of a person’s employment, consulting, separation or similar agreement with the Company or any non-disclosure, non-solicitation or non-competition covenant in any other agreement to which the person is subject; (ix) deliberate and continued failure to perform material duties to the Company or any of its subsidiaries; or (x) violation of the Company’s Code of Business Conduct and Ethics, as it may be amended from time to time.
(3)    No termination of Executive’s employment by the Company for Cause pursuant to this Section 5(c) shall be effective unless the provisions of this Section 5(c)(3) shall have been complied with and unless a majority of the members of the Board have duly voted to approve such termination.  Executive shall be given written notice by the Board of its intention to terminate him for Cause, which notice (A) shall state in detail the particular circumstances that constitute the grounds on which the proposed termination for Cause is based and (B) shall be given no later than ninety (90) days (or sixty (60) days on or after a Change in Control) after the first meeting of the Board at which the Board became aware of the occurrence of the event giving rise to such grounds.  For purposes of this agreement, “Change in Control” shall have the meaning ascribed to it in the 2017 Omnibus Equity Plan. Executive shall have 30 days after receiving such notice in which to cure such grounds, to the extent curable, as determined by the Board in good faith.  If Executive fails to cure such grounds within such 30-day period, Executive’s employment with the Company shall thereupon be terminated for Cause.  If the Board determines in good faith 

                

                

that the grounds are not curable, Executive’s employment with the Company shall be terminated for Cause upon Executive’s receipt of written notice from the Board.
(4)    In the event the Company terminates Executive’s employment for Cause pursuant to this Section 5(c), Executive shall be entitled to the Accrued Rights.  Executive’s outstanding Stock Awards shall be administered in accordance with the terms of the written agreements setting forth the terms of each such Stock Award.
(d)    Termination Without Cause or for Good Reason.
(1)    In the event of a Termination without Cause or Resignation for Good Reason (a “Qualifying Termination”), Executive shall be entitled to 30 days’ notice, following which Executive shall receive the Accrued Rights and, subject to (X) Executive’s continued compliance with the provisions of Sections 10, 11, 12 and 13 hereof, and (Y) in the case of a Qualifying Termination which occurs prior to a Change in Control (a “Non-CIC Qualifying Termination”), Executive’s execution and non-revocation of a release of claims substantially in the form attached hereto as Annex A, with such changes as may be required by changes in applicable law (a “Release”) pursuant to Section 5(d)(4), the following:
(i)    (A) in the event of a Non-CIC Qualifying Termination, a Pro Rata Bonus for the Fiscal Year in which such termination occurs, at the time annual bonuses are paid for such Fiscal Year to executives of the Company generally; or (B) in the event of a Qualifying Termination which occurs on or after a Change in Control (a “CIC Qualifying Termination”), a pro rata annual bonus for the Fiscal Year in which such termination occurs, based on Executive’s target annual bonus for such Fiscal Year, prorated for the number of calendar months during the Fiscal Year that Executive was employed prior to such termination (rounded up to the next whole month), payable (I) in the event of a CIC Qualifying Termination which occurs two (2) years or less following a Change in Control, as soon as practicable following Executive’s termination of employment, and (II) in the event of a CIC Qualifying Termination which occurs more than two (2) years following a Change in Control, at the time annual bonuses are paid for such Fiscal Year to executives of the Company generally;
(ii)    a severance payment in an amount equal to the sum of (A) and (B), (or, in the event of a CIC Qualifying Termination, an amount equal to two times the sum of (A) and (B)), where (A) is the Base Salary, as in effect immediately prior to the delivery of notice of termination or, for a termination for Good Reason, as in effect immediately prior to the event giving rise to Good Reason, and (B)(1) in the event of a Non-CIC Qualifying Termination, is Executive’s target annual bonus provided for in Section 2(b) of this Agreement for the Fiscal Year in which such termination occurs or, for a termination for Good Reason, Executive’s target annual bonus as in effect immediately prior to the event giving rise to Good Reason, or (2) in the event of a CIC Qualifying Termination, is the average annual short-term incentive compensation bonus (including any bonus or portion thereof that has been earned but deferred, annualized for any fiscal year during which the Participant was employed for less than twelve (12) full months), the Participant received from the Company or any of its affiliates during (i) the three (3) full fiscal years 

                

                

of the Company immediately preceding the Change in Control (or such fewer number of fiscal years during which Executive was employed), or (ii) the three (3) full fiscal years of the Company immediately preceding the Date of Termination (or such fewer number of fiscal years during which Executive was employed), if greater, payable (I) in the event of a Non-CIC Qualifying Termination or in the event of a CIC Qualifying Termination which occurs more than two (2) years following a Change in Control, in twelve (12) equal monthly installments following Executive’s termination or (II) in the event of a CIC Qualifying Termination which occurs on or within two (2) years following a Change in Control, in a single lump sum not later than ten (10) days following Executive’s termination of employment; 
(iii)    in the event of a CIC Qualifying Termination, all Stock Options, RSUs or similar equity incentives shall fully and immediately vest upon termination and all PSUs or similar equity incentives shall vest at target levels prorated for the number of years of service in the applicable performance period prior to termination (rounded up to the next full year) upon termination. In the event of a Non-CIC Qualifying Termination, all equity awards shall be treated in accordance with the applicable agreements;
(iv)    if Executive elects to continue coverage under the Company’s medical, dental, and/or vision insurance plans pursuant to COBRA following termination of employment, the Company shall pay Executive’s COBRA premiums or otherwise provide continuing coverage for a period of twelve (12) months following termination in the event of a Non-CIC Qualifying Termination and twenty-four (24) months following termination in the event of a CIC Qualifying Termination and timely report the COBRA premiums as taxable income to Executive in a manner necessary for Executive to not incur penalty taxes on such benefits pursuant to Section 409A; and
(v)    Company will provide Executive with outplacement services not to exceed $10,000 in total value.
(2)    For purposes of this Agreement, “Change in Control” shall mean the occurrence of any of the following:
(i)    An acquisition (other than directly from the Company) of any voting securities of the Company (the “Voting Securities”) by any Person, immediately after which such Person first acquires “Beneficial Ownership” (within the meaning of Rule 13d-3 promulgated under the Exchange Act) of fifty percent (50%) or more of the  combined voting power of the Company’s then-outstanding Voting Securities; provided, however, that in determining whether a Change in Control has occurred pursuant to this section, the acquisition of Voting Securities in a Non-Control Acquisition (as hereinafter defined) shall not constitute a Change in Control.  A “Non-Control Acquisition” shall mean an acquisition by (i) an employee benefit plan (or a trust forming a part thereof) maintained by (A) the Company or (B) any corporation or other Person the majority of the voting power, voting equity securities or equity interest of which is owned, directly or indirectly, by the Company (for purposes of this definition, a “Related Entity”), (ii) the Company 

                

                

or any Related Entity or (iii) any Person in connection with a Non-Control Transaction (as hereinafter defined);
(ii)    The individuals who, as of the Effective Date of this Plan, are members of the Board (the “Incumbent Board”) cease for any reason to constitute at least a majority of the members of the Board; provided, however, that if the election, or nomination for election by the Company’s common stockholders, of any new director was approved by a vote of at least two-thirds of the Incumbent Board, such new director shall, for purposes of this Plan, be considered as a member of the Incumbent Board; provided further, however, that no individual shall be considered a member of the Incumbent Board if such individual initially assumed office as a result of either an actual or threatened solicitation of proxies or consents by or on behalf of a Person other than the Board (a “Proxy Contest”) including by reason of any agreement intended to avoid or settle any Proxy Contest; 
(iii)    The consummation of:
(a)    A merger, consolidation or reorganization (x) with or into the Company or (y) in which securities of the Company are issued (a “Merger”), unless such Merger is a Non-Control Transaction.  A “Non-Control Transaction” shall mean a Merger in which:
(i)    the stockholders of the Company immediately before such Merger own directly or indirectly immediately following such Merger at least a majority of the combined voting power of the outstanding voting securities of (1) the corporation resulting from such Merger (the “Surviving Corporation”), if fifty percent (50%) or more of the combined voting power of the then outstanding voting securities of the Surviving Corporation is not Beneficially Owned, directly or indirectly, by another Person (a “Parent Corporation”), or (2) if there is one or more than one Parent Corporation, the ultimate Parent Corporation; 
(ii)    the individuals who were members of the Board immediately prior to the execution of the agreement providing for such Merger constitute at least a majority of the members of the board of directors of (1) the Surviving Corporation, if there is no Parent Corporation, or (2) if there is one or more than one Parent Corporation, the ultimate Parent Corporation; and 
(iii)    no Person other than (1) the Company or another corporation that is a party to the agreement of Merger, (2) any Related Entity, (3) any employee benefit plan (or any trust forming a part thereof) that, immediately prior to the Merger, was maintained by the Company or any Related Entity or (4) any Person 

                

                

who, immediately prior to the Merger, had Beneficial Ownership of Voting Securities representing more than fifty percent (50%) of the combined voting power of the Company’s then-outstanding Voting Securities, has Beneficial Ownership, directly or indirectly, of fifty percent (50%) or more of the combined voting power of the outstanding voting securities of (x) the Surviving Corporation, if there is no Parent Corporation, or (y) if there is one or more than one Parent Corporation, the ultimate Parent Corporation;
(iv)    The sale or other disposition of all or substantially all of the assets of the Company and its Subsidiaries taken as a whole to any Person (other than (x) a transfer to a Related Entity or (y) the distribution to the Company’s stockholders of the stock of a Related Entity or any other assets).
Notwithstanding the foregoing, a Change in Control shall not be deemed to occur solely because any Person (the “Subject Person”) acquired Beneficial Ownership of more than the permitted amount of the then outstanding Voting Securities as a result of the acquisition of Voting Securities by the Company which, by reducing the number of Voting Securities then outstanding, increases the proportional number of shares Beneficially Owned by the Subject Person; provided that if a Change in Control would occur (but for the operation of this sentence) as a result of the acquisition of Voting Securities by the Company and, after such acquisition by the Company, the Subject Person becomes the Beneficial Owner of any additional Voting Securities and such Beneficial Ownership increases the percentage of the then outstanding Voting Securities Beneficially Owned by the Subject Person, then a Change in Control shall occur.
(3)    For purpose of this Agreement, “Good Reason” shall mean the occurrence of any of the following subsequent to the Effective Date of this Agreement without Executive’s consent:
(i)    Prior to a Change in Control, (A) the removal of ___________________________; (B) the assignment to Executive of duties that are materially inconsistent with, or that materially impair Executive’s ability to perform, the duties customarily assigned to an Executive Vice President, General Counsel and Chief Compliance Officer of a corporation of the size and nature of the Company; or a change in the reporting structure so that Executive reports to someone other than the CEO or is subject to the direct or indirect authority or control of a person or entity other than the CEO or the Board; (C) any material breach by the Company of this Agreement; (D) conduct by the Company that would cause Executive to commit fraudulent acts or would expose Executive to criminal liability; (E) the Company failing to obtain the assumption in writing of its obligation to perform this Agreement by any successor to all or substantially all of the Company’s business or assets; (F) a relocation of Executive’s principal place of employment to any place which is more than 50 miles from the Company’s corporate headquarters as of the Effective Date; (G) a decrease in Executive’s Base Salary below the Base Salary in effect on the Effective Date, other than an across the board reduction in base salary applicable in like 

                

                

proportions to all senior executive officers; or (H) a decrease in Executive’s target annual bonus percentage or maximum annual bonus percentage under the MIP below those in effect on the Effective Date, other than an across the board reduction of percentages or elimination of the MIP in like proportions to all senior executive officers.
(ii)    On or after a Change in Control, in addition to anything described in Section 5(d)(3)(i), (A) a substantial change in the nature, or diminution in the status of Executive’s duties or position from those in effect immediately prior to the Change in Control (which will be presumed to have occurred if, immediately following such Change in Control, the Company or its successor is not publicly traded and, if the ultimate parent of the Company is publicly traded, Executive is not ___________________________________ of such ultimate parent); (B) a material reduction by the Company of Executive’s Base Salary as in effect on the date of a Change in Control or as in effect thereafter if such Base Salary has been increased and such increase was approved prior to the Change in Control; (C) a reduction by the Company in the overall value of benefits provided to Executive (including profit sharing, retirement, health, medical, dental, disability, insurance, and similar benefits, to the extent provided by the Company prior to any such reduction), as in effect on the date of Change in Control or as in effect thereafter if such benefits have been increased and such increase was approved prior to the Change in Control; (D) a failure to continue in effect any MIP, stock option or other equity-based or non-equity based incentive compensation plan in effect immediately prior to the Change in Control, or a reduction in Executive’s participation in any such plan, unless Executive is afforded the opportunity to participate in an alternative incentive compensation plan of reasonably equivalent value; (E) a failure to provide Executive the same number of PTO days per year available to him prior to the Change in Control; (F) relocation of Executive’s principal place of employment to any place more than fifty (50) miles from Executive’s previous principal place of employment; (G) any material breach by the Company of any provision of this Agreement or any equity award agreement; (H) conduct by the Company, against Executive’s volition, that would cause Executive to commit fraudulent acts or would expose Executive to criminal liability or (I) any failure by the Company to obtain the assumption of this Agreement by any successor or assign of the Company; provided, that for purposes of clauses (B) through (E) above, “Good Reason” shall not exist (1) if the aggregate value of all salary, benefits, incentive compensation arrangements, perquisites and other compensation is reasonably equivalent to the aggregate value of salary, benefits, incentive compensation arrangements, perquisites and other compensation as in effect immediately prior to the Change in Control, or as in effect thereafter if the aggregate value of such items has been increased and such increase was approved prior to the Change in Control, or (2) if the reduction in aggregate value is due to the application of Company or Executive performance against the applicable performance targets, in each case applying standards reasonably equivalent to those utilized by the Company prior to the Change in Control.
(4)    No termination of Executive’s employment by Executive for Good Reason pursuant to Section (5)(d)(3)(i) shall be effective unless the provisions of this Section 5(d)(4) shall have been complied with.  Executive shall give written notice to the Company of Executive’s intention to terminate Executive’s employment for Good Reason, which notice shall (i) state in 

                

                

detail the particular circumstances that constitute the grounds on which the proposed termination for Good Reason is based and (ii) be given no later than ninety (90) days after the first occurrence of such circumstances.  The Company shall have thirty (30) days after receiving such notice in which to cure such grounds.  If the Company fails to cure such grounds within such thirty (30)-day period, Executive’s employment with the Company shall thereupon terminate for Good Reason.
(5)    This Section 5(d)(5) shall apply only in the event of a Non-CIC Qualifying Termination.  The Company shall furnish to Executive within five (5) business days following such termination a Release and Executive must return the Release and it must have become irrevocable before the sixtieth (60th) day after Executive’s termination before any payments or benefits may be provided.  If the Release is timely provided and is irrevocable on or before the sixtieth (60th) day following Executive’s termination of employment, the benefits and amounts described in Section 5(d)(1) shall commence to be provided (and provided retroactively to the extent that the payment or benefit would otherwise have been provided but for the requirement of the Release) two (2) business days after the Release is irrevocable but in any event not later than the sixtieth (60th) day after termination of Executive’s employment; provided that if the sixty (60) day period following the termination of Executive’s employment expires in the calendar year following the calendar year of Executive’s termination of employment, payments and benefits shall not commence earlier than the calendar year following termination of Executive’s employment.  If the Company fails to furnish the form of Release timely to Executive, no Release shall be required and Executive shall be treated as if Executive had timely executed and submitted the Release and such Release had become irrevocable on the tenth (10th) day after termination of Executive’s employment.  If Executive fails to submit the Release timely enough so that it is irrevocable on or before the sixtieth (60th) day following termination of employment and the Company has complied with its obligation to furnish the form of Release to Executive within five (5) business days following Executive’s termination of employment, then Executive shall not be entitled to receive any benefits under Section 5(d)(1) other than the Accrued Rights.
(e)    Voluntary Termination.  Executive shall have the right to terminate Executive’s employment with the Company in a voluntary termination at any time upon thirty days’ notice.  A voluntary termination shall mean a termination of employment by Executive on Executive’s own initiative, other than a termination due to Disability or for Good Reason.  Executive’s voluntary termination shall have the same consequences as provided in Section 5(c) for a termination for Cause.
(f)    Reduction of Certain Payments.
(1)    Anything in this Agreement to the contrary notwithstanding, in the event that the receipt of all payments or distributions by the Company in the nature of compensation to or for Executive’s benefit, whether paid or payable pursuant to this Agreement or otherwise (a “Payment”), would subject Executive to the excise tax under Section 4999 of the Code, the accounting firm which audited the Company prior to the corporate transaction which results in the application of such excise tax (the “Accounting Firm”) shall determine whether to reduce any of 

                

                

the Payments paid or payable pursuant to this Agreement (the “Agreement Payments”) to the Reduced Amount (as defined below).  The Agreement Payments shall be reduced to the Reduced Amount only if the Accounting Firm determines that Executive would have a greater Net After-Tax Receipt (as defined below) of aggregate Payments if Executive’s Agreement Payments were reduced to the Reduced Amount.  If such a determination is not made by the Accounting Firm, Executive shall receive all Agreement Payments to which Executive is entitled under this Agreement.
(2)    If the Accounting Firm determines that aggregate Agreement Payments should be reduced to the Reduced Amount, the Company shall promptly give Executive notice to that effect and a copy of the detailed calculation thereof.  All determinations made by the Accounting Firm under this Section 5(f) shall be made as soon as reasonably practicable and in no event later than sixty (60) days following the date of termination or such earlier date as requested by the Company and the Executive.  For purposes of reducing the Agreement Payments to the Reduced Amount, only amounts payable under this Agreement (and no other Payments) shall be reduced.  All fees and expenses of the Accounting Firm shall be borne solely by the Company.
(3)    As a result of the uncertainty in the application of Section 4999 of the Code at the time of the initial determination by the Accounting Firm hereunder, it is possible that amounts will have been paid or distributed by the Company to or for the benefit of Executive pursuant to this Agreement which should not have been so paid or distributed (the “Overpayment”) or that additional amounts which will have not been paid or distributed by the Company to or for the benefit of Executive pursuant to this Agreement could have been so paid or distributed (the “Underpayment”), in each case, consistent with the calculation of the Reduced Amount hereunder.  In the event that the Accounting Firm, based upon the assertion of a deficiency by the Internal Revenue Service against either the Company or Executive which the Accounting Firm believes has a high probability of success, determines that an Overpayment has been made, Executive shall pay any such Overpayment to the Company together with interest at the applicable federal rate provided for in Section 7872(f)(2) of the Code; provided, however, that no amount shall be payable by Executive to the Company if and to the extent such payment would not either reduce the amount on which Executive is subject to tax under Section 1 and Section 4999 of the Code or generate a refund of such taxes.  In the event that the Accounting Firm, based upon controlling precedent or substantial authority, determines that an Underpayment has occurred, any such Underpayment shall be paid promptly (and in no event later than sixty (60) days following the date on which the Underpayment is determined) by the Company to or for the benefit of Executive together with interest at the applicable federal rate provided for in Section 7872(f)(2) of the Code.
(4)    For purposes hereof, the following terms have the meanings set forth below:  (i)  “Reduced Amount” shall mean the greatest amount of Payments that can be paid that would not result in the imposition of the excise tax under Section 4999 of the Code if the Accounting Firm determines to reduce Payments pursuant to this Section 5(g) and (ii) “Net After-Tax Receipt” shall mean the present value (as determined in accordance with Sections 280G(b)(2)(A)(ii) and 280G(d)(4) of the Code) of a Payment net of all taxes imposed on Executive with respect thereto under Sections 1 and 4999 of the Code and under applicable state and local laws, determined by 

                

                

applying the highest marginal rate under Section 1 of the Code and under state and local laws which applied to Executive’s taxable income for the immediately preceding taxable year, or such other rate(s) as Executive certifies, in Executive’s sole discretion, as likely to apply to him in the relevant tax year(s).
6.    Indemnification and Insurance.  (1)  The Company and Executive acknowledge that they shall, as soon as reasonably practicable after the Effective Date, enter into an Indemnification Agreement, substantially in the form attached hereto as Annex B, which agreement shall not be affected by this Agreement.
(a)    The Company agrees that Executive shall be covered as a named insured under the Company’s Directors’ and Officers’ liability insurance as applicable from time to time to the Company’s senior executive officers on terms and conditions that are no less favorable than those applying to such other senior executive officers.
7.    No Mitigation; No Offset.  In the event of a termination of Executive’s employment for any reason, Executive shall not be required to seek other employment or to mitigate any of the Company’s obligations under this Agreement, and except as otherwise provided in this Agreement, no amount payable under Section 5 shall be reduced by (a) any claim the Company may assert against Executive or (b) any compensation or benefits earned by Executive as a result of employment by another employer, self-employment or from any other source after such termination of employment with the Company.
8.    Designated Beneficiary.  In the event of the death of Executive while in the employ of the Company, or at any time thereafter during which amounts remain payable to Executive under Section 5 above, such payments shall thereafter be made to such person or persons as Executive may specifically designate (successively or contingently) to receive payments under this Agreement following Executive’s death by filing a written beneficiary designation with the Company during Executive’s lifetime.  Any change in the beneficiary designation shall be in such form as may be reasonably prescribed by the Company and may be amended from time to time or may be revoked by Executive pursuant to written instruments filed with the Company during Executive’s lifetime.  Beneficiaries designated by Executive may be any natural or legal person or persons, including a fiduciary, such as a trustee of a trust, or the legal representative of an estate.  Unless otherwise provided by the beneficiary designation filed by Executive, if all of the persons so designated die before Executive on the occurrence of a contingency not contemplated in such beneficiary designation, or if Executive shall have failed to provide such beneficiary designation, then the amount payable under this Agreement shall be paid to Executive’s estate.
9.    Ethics.  During the Term of Employment, Executive shall be subject to the Company’s Code of Business Conduct and Ethics and related policies (the “Policies”), as the Policies may be updated from time to time, which Policies are set forth on the Corporate Governance page of the Company’s website.  If for any reason an arbitrator, subject to judicial review as provided by law, or a court should determine that any provision of the Policies is unreasonable in scope or otherwise 

                

                

unenforceable, such provision shall be deemed modified and fully enforceable as so modified to the extent the arbitrator and any reviewing court determines what would be reasonable and enforceable under the circumstances.
10.    Confidential Information, Return of Property, Developments.  (1)  Executive covenants and agrees that, except to the extent the use or disclosure of any Confidential Information is required to carry out Executive’s assigned duties with the Company, during the Term and thereafter: (i) Executive shall keep strictly confidential and not disclose to any person not employed by the Company any Confidential Information; and (ii) Executive shall not use or refer to any Confidential Information.  However, this provision shall not preclude Executive from: (x) the use or disclosure of information known generally to the public (other than information known generally to the public as a result of Executive’s violation of this Section), (y) any disclosure required by law or court order so long as Executive provides the Company prompt written notice of any such potential disclosure and reasonably cooperates with the Company to prevent or limit such disclosure to the extent lawful, or (z) communicating with a government office, official or agency.  “Confidential Information” means confidential, proprietary or business information related to the Company’s business that is or was furnished to, obtained by, or created by Executive during Executive’s employment with the Company.  Confidential Information includes by way of illustration, but is not limited to, such information relating to the Company’s: (A) customers and suppliers, including customer lists, supplier lists, contact information, contractual terms, prices, and billing histories; (B) finances, financial statements, balance sheets, forecasts, profit margins and cost analyses; (C) plans and projections for new and developing business opportunities and for maintaining existing business; and (D)  operating methods, business processes and techniques, services, products, prices, costs, service performance, and operating results.  For the avoidance of doubt, this provision in no way limits Executive’s obligations or the Company’s rights under applicable trade secrets statutes.
(a)    All property, documents, data, and Confidential Information prepared or collected by Executive as part of Executive’s employment with the Company, in whatever form, are and shall remain the property of the Company.  Executive agrees that Executive shall return upon the Company’s request at any time (and, in any event, before Executive’s employment with the Company ends) all documents, data, Confidential Information, and other property belonging to the Company in Executive’s possession or control, regardless of how stored or maintained and including all originals, copies and compilations.
(b)    Executive hereby assigns and agrees in the future to assign to the Company Executive’s full right, title and interest in all Developments (as defined below).  In addition, all copyrightable works that Executive has created or creates in the course of or related to Executive’s employment with the Company shall be considered “work made for hire” and shall be owned exclusively by the Company. “Developments” means any invention, formula, process, development, design, innovation or improvement made, conceived or first reduced to practice by Executive, solely or jointly with others, during Executive’s employment with the Company and that was developed 

                

                

using the equipment, supplies, facilities or trade secret information of the Company or that relates at the time of conception or reduction to practice to: (i) the business of the Company, or (ii) any work performed by Executive for the Company.
11.    Noncompete.  (a)  During the Restricted Period (as defined below), Executive shall not: (i) engage in Competitive Activity (as defined below) within or with respect to the Prohibited Territory (as defined below); or (ii) assist any entity or person to engage in Competitive Activity within or with respect to the Prohibited Territory, whether as an owner, financing source, consultant, employee or otherwise.  In interpreting the foregoing, Executive agrees, for example, that Executive communicating about a project located within the Prohibited Territory (whether such communication is by telephone, e-mail, or otherwise) would constitute Executive engaging in activity “within or with respect to the Prohibited Territory” regardless of where Executive may be physically located at the time of that communication.
(a)    The “Restricted Period” means: (i) the Term; and (ii) the 24-month period following the last day of the Term (the “Separation Date”).
(b)    “Competitive Activity” means competing against the Company by: (i) engaging in work for a competitor of the Company that is the same as or substantially similar to the work Executive performed on behalf of the Company; and/or (ii) engaging in an aspect of the Restricted Business (as defined below) that Executive was involved with on behalf of the Company.  Notwithstanding the preceding, passively owning less than 3% of a public company shall not constitute by itself Competitive Activity or assisting others to engage in Competitive Activity.
(c)    The “Restricted Business” means: (i) the business engaged in by the Company as of the Separation Date; and (ii) the business of the manufacture, sale and/or distribution of doors and/or windows.
(d)    “Prohibited Territory” means: (i) Executive’s geographic areas of responsibility for the Company at any point during the 6 months prior to the Separation Date; (ii) the area within 100 miles from Executive’s primary office location(s) for the Company at any point during the 6 months prior to the Separation Date; and (iii) the continental United States.  As a senior executive with the Company, Executive agrees that Executive’s duties and responsibilities for the Company extend to the entire area of the Company’s operations and that the Company does business throughout the United States.
12.    Non-Interference Agreement.  (a) During the Restricted Period, Executive shall not: (i) solicit, encourage, or cause any Restricted Client (as defined below) not to do business with or to reduce any part of its business with the Company; (ii) market, sell or provide to any Restricted Client any services or products that are competitive with or a substitute for the Company’s services or products; (iii) solicit, encourage, or cause any supplier of capital, goods or services to the Company not to do business with or to reduce any part of its business with the Company; (iv) make any disparaging comments about the Company or its business, services, officers, managers, directors 

                

                

or employees, whether in writing, verbally, or on any online forum; (v) assist or encourage anyone else to engage in any of the conduct prohibited by this Section; or (vi) allow any of Executive’s family members or any entity controlled by Executive to engage in any of the conduct prohibited by this Section.
(a)    “Restricted Client” means: (i) any Company customer or client with whom Executive had business contact or communications at any time during the 12 months prior to the Separation Date; (ii) any Company customer or client for whom Executive supervised or assisted with the Company’s dealings at any time during the 12 months prior to the Separation Date; (iii) any Company customer or client about whom Executive received Confidential Information at any time during the 12 months prior to the Separation Date; and (iv) any prospective Company customer or client with whom Executive had business contact or communications at any time during the 6 months prior to the Separation Date.  As a senior executive with the Company, Executive agrees that Executive will receive confidential and trade secret information from the Company that would allow Executive to unfairly compete for business from any Company client such that the restrictions in this Section are necessary and reasonable.
13.    Non-Raiding.  During the Restricted Period, Executive shall not, directly or indirectly: (a) hire or engage or attempt to hire or engage for employment or as an independent contractor any Restricted Employee; or (b) solicit or encourage any Restricted Employee to leave the Company.  “Restricted Employee” means: (i) each Company employee; and (ii) any person who was employed by the Company at any time during the then previous 12 months.
14.    Reasonableness.  Executive has carefully read and considered the provisions of this Agreement and, having done so, agrees that the restrictions set forth herein are fair, reasonable, and necessary to protect the Company’s legitimate business interests, its goodwill with its clients, suppliers and employees, and its confidential and trade secret information.  In addition, Executive acknowledges and agrees that the foregoing restrictions do not unreasonably restrict Executive with respect to earning a living should Executive’s employment with the Company end.  As such, Executive agrees not to contest the general validity or enforceability of this Agreement in any forum.  The post-Term covenants in this Agreement shall survive the last day of the Term and shall be in addition to any restrictions imposed upon Executive by statute, at common law, or other written agreements.  Executive agrees that the Company may share the terms of this Agreement with any business with which Executive becomes associated while any of the post-Term restrictions in this Agreement remain in effect.
15.    Remedies.  Executive acknowledges and agrees that Executive’s breach of this Agreement would result in irreparable damage and continuing injury to the Company.  Therefore, in the event of any breach or threatened breach of this Agreement, the Company shall be entitled to an injunction enjoining Executive from committing any violation or threatened violation of this Agreement, without limiting the Company’s other remedies.  The Company shall not be required to post a bond to obtain such an injunction.  If the Company is successful in any litigation to enforce this Agreement, then Executive agrees that the Company shall be entitled to the reasonable attorneys’ 

                

                

fees it incurred in connection with such enforcement.  In addition, if Executive breaches this Agreement, then (a) Executive will stop earning severance pay under this Agreement and such payments will stop; and (b) Employee agrees to repay any severance pay already paid under this Agreement beyond $2,000.  Any such forfeiture and/or repayment of Severance Pay shall in no way impair Employee’s obligations to comply with this Agreement, the effectiveness of the Release, or the Company’s right to injunctive relief and damages for the breach.
16.    Certain Affiliates.  The “Company” as used in Section 11 (Non-Compete), Section 12 (Non-Interference) and Section 13 (Non-Raiding) shall mean: (a) the Company as defined above and (b) any Company affiliate with or for whom Executive performed services or had responsibilities any time during the last 12 months of the Term.  The “Company” as used in Section 10 (Confidential Information, Return of Property, Developments) shall mean the Company and its affiliates.
17.    Notices.  For purposes of this Agreement, notices and all other communications provided for in the Agreement shall be in writing and shall be deemed to have been duly given when delivered or mailed by United States registered mail, return receipt requested, postage prepaid, or delivered by private courier, as follows:  if to the Company — JELD-WEN Holding, Inc., 440 S. Church Street, Suite 400, Charlotte, NC 28202 (or such other address indicated from time to time as the worldwide corporate headquarters of JELD-WEN Holding, Inc. on its website or in its annual proxy statement) Attention:  General Counsel; and if to Executive to the address of Executive as it appears in the records of the Company.  Notice may also be given at such other address as either party may have furnished to the other in writing in accordance herewith, except that notices of change of address shall be effective only upon receipt.
18.    Miscellaneous.  This Agreement shall also be subject to the following miscellaneous provisions:
(a)    The Company represents and warrants to Executive that it has the authorization, power and right to deliver, execute and fully perform its obligations under this Agreement in accordance with its terms.
(b)    This Agreement contains a complete statement of all the agreements between the parties with respect to Executive’s employment by the Company, supersedes all prior and existing negotiations and agreements between them concerning the subject matter thereof and can only be changed or modified pursuant to a written instrument duly executed by each of the parties hereto and stating an intention to change or modify this Agreement.  For the avoidance of doubt, the payments due under this Agreement upon termination apply in lieu of, and not in addition to, any severance policy or practice of the Company. No waiver by either party of any breach by the other party of any condition or provision contained in this Agreement to be performed by such other party shall be deemed a waiver of a similar or dissimilar condition or provision at the same or any prior or subsequent time.  Any waiver must be in writing and signed by Executive or an authorized officer of the Company, as the case may be.

                

                

(c)    The provisions of this Agreement are severable and in the event that a court of competent jurisdiction determines that any provision of this Agreement is in violation of any law or public policy, in whole or in part, only the portions of this Agreement that violate such law or public policy shall be stricken.  All portions of this Agreement that do not violate any statute or public policy shall not be affected thereby and shall continue in full force and effect.  Moreover, if any of the provisions contained in this Agreement are determined by a court of competent jurisdiction to be excessively broad as to duration, activity, geographic application or subject, it shall be construed, by limiting or reducing it to the extent legally permitted, so as to be enforceable to the extent compatible with then applicable law.
(d)    This Agreement shall be governed by and construed in accordance with North Carolina law, without regard to the choice of law principles of any jurisdiction.  Each party further agrees that any litigation under this Agreement shall occur exclusively in a state or federal court in Mecklenburg County, North Carolina and in no other venue.  As such, each party irrevocably consents to the jurisdiction of and venue in the courts in Mecklenburg County, North Carolina for all disputes with respect to this Agreement.  Executive agrees to service of process in any such dispute via FedEx to Executive’s home address, without limiting other service methods allowed by applicable law.  The parties agree that the terms in this Section are material to this Agreement, and that they will not challenge the enforceability of this Section in any forum.
(e)    All compensation payable hereunder shall be subject to such withholding taxes as may be required by law.
(f)    This Agreement shall be binding upon and inure to the benefit of the successors and assigns of the Company.  No rights or obligations of the Company under this Agreement may be assigned or transferred by the Company except that such rights or obligations may be assigned or transferred pursuant to a merger or consolidation in which the Company is not the continuing entity, or the sale or liquidation of all or substantially all of the assets of the Company, provided that the assignee or transferee is the successor to all or substantially all of the assets of the Company and such assignee or transferee assumes the liabilities, obligations and duties of the Company, as contained in this Agreement, either contractually or as a matter of law.  The Company further agrees that, in the event of a sale of assets or liquidation as described in the preceding sentence, it shall take commercially reasonable action in order to cause such assignee or transferee to expressly assume the liabilities, obligations and duties of the Company hereunder.  Except as expressly provided herein, Executive may not sell, transfer, assign, or pledge any of Executive’s rights or obligations pursuant to this Agreement.
(g)    The rights of Executive hereunder shall be in addition to any rights Executive may otherwise have under any Company sponsored stock incentive plans or any grants or award agreements issued thereunder.  The provisions of this Agreement shall not in any way abrogate Executive’s rights under such stock incentive plans and underlying grants or award agreements.

                

                

(h)    The respective rights and obligations of the parties hereunder shall survive any termination of Executive’s employment to the extent necessary to the intended preservation of such rights and obligations.
(i)    The headings of the sections contained in this Agreement are for convenience only and shall not be deemed to control or affect the meaning or construction of any provision of this Agreement.
(j)    Each of the parties agrees to execute, acknowledge, deliver and perform, and cause to be executed, acknowledged, delivered and performed, at any time and from time to time, as the case may be, all such further acts, deeds, assignments, transfers, conveyances, powers of attorney and assurances as may be reasonably necessary to carry out the provisions or intent of this Agreement.
(k)    This Agreement may be executed in two or more counterparts each of which shall be legally binding and enforceable.
(l)    Without limiting any rights which the Company otherwise has or obligations to which Executive is otherwise subject pursuant to any compensation clawback policy adopted by the Company from time to time, Executive hereby acknowledges and agrees that, notwithstanding any provision of this Agreement to the contrary, Executive will be subject to any legally mandatory policy relating to the recovery of compensation, to the extent that the Company is required to adopt and/or implement such policy pursuant to applicable law, whether pursuant to the Sarbanes-Oxley Act of 2002, the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 or otherwise.
19.    Section 409A.  (1)  Each payment under this Agreement is intended to be a separate payment which is compliant with or excepted from Section 409A, including, but not limited to, by compliance with the short-term deferral exception as specified in Treasury Regulation § 1.409A-1(b)(4) and the involuntary separation pay exception within the meaning of Treasury Regulation § 1.409A-1(b)(9)(iii), and the provisions of this Agreement will be administered, interpreted and construed accordingly (or disregarded to the extent such provision cannot be so administered, interpreted or construed).
(a)    In the event that Executive is a “specified employee” (within the meaning of Section 409A and with such classification to be determined in accordance with the methodology established by the Company), amounts and benefits payable or to be provided under this Agreement that are deferred compensation (within the meaning of Section 409A) that would otherwise be paid or provided on account of Executive’s “separation from service” (as defined in Section 409A) during the six-month period immediately following such separation from service (the “Delayed Severance”) shall instead be paid, with interest (other than in respect of any payments for the vesting of Stock Awards) accrued at a per annum rate equal to the prime rate for large banks, as published in the Wall Street Journal on Executive’s separation from service for the period beginning on (but excluding) the date such payment would have been made but for Section 409A of the Code through (and including) the date of payment, on the earlier of (i) Executive’s death or (ii) the first business 

                

                

day after the date that is six months following such separation from service; provided, however, in the event of a CIC Qualifying Termination, the Delayed Severance shall, on or as soon as practicable following Executive’s separation from service, be contributed into a rabbi trust established by the Company or the successor thereto.
(b)    All reimbursements or provisions of in-kind benefits pursuant to this Agreement shall be made in accordance with Treasury Regulation § 1.409A-3(i)(1)(iv) such that the reimbursement or provision will be deemed payable at a specified time or on a fixed schedule relative to a permissible payment event.  Specifically, (i) the amount reimbursed or in-kind benefits provided under this Agreement during Executive’s taxable year may not affect the amounts reimbursed or provided in any other taxable year (except that total reimbursements may be limited by a lifetime maximum under a group health plan), (ii) the reimbursement of an eligible expense shall be made on or before the last day of Executive’s taxable year following the taxable year in which the expense was incurred, (iii) in the event that the provision of in-kind benefits requires the Company to impute income to Executive, the Company shall timely impute such income to Executive under applicable tax rules for the appropriate taxable year, and (iv) the right to reimbursements or provisions of in-kind benefits is not subject to liquidation or exchange for other benefit.
IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the ___ day of August, 2017.

	
			
	EXECUTIVE
   
Name:   
	 
	JELD-WEN HOLDING, INC.
   
Name:   
Title:   

ANNEX A 
 
RELEASE OF CLAIMS
Executive hereby irrevocably, fully and finally releases JELD-WEN Holding, Inc., a Delaware corporation (the “Company”), its parent, subsidiaries, affiliates, directors, officers, agents and employees (“Releasees”) from all causes of action, claims, suits, demands or other obligations or liabilities, whether known or unknown, suspected or unsuspected, that Executive ever had or now has as of the time that Executive signs this release which relate to Executive’s hiring, Executive’s employment with the Company, the termination of Executive’s employment with the Company and claims asserted in shareholder derivative actions or shareholder class actions against the Company and its officers and Board, to the extent those derivative or class actions relate to the period during which Executive was employed by the Company.  The claims released include, but are not limited to, any claims arising from or related to Executive’s employment with the Company, such as claims arising under (as amended) Title VII of the Civil Rights Act of 1964, the Civil Rights Act of 1991, the Age Discrimination in Employment Act of 1974, the Americans with Disabilities Act, the Equal Pay Act, the Fair Labor Standards Act, the California Fair Employment and Housing Act, the California Labor Code, the Employee Retirement Income and Security Act of 1974 (“ERISA”) (except for any vested right Executive has to benefits under an ERISA plan), the state and federal Worker Adjustment and Retraining Notification Act, and the California Business and Professions Code; any other local, state, federal, or foreign law governing employment; and the common law of contract and tort.  In no event, however, shall any claims, causes of action, suits, demands or other obligations or liabilities be released pursuant to the foregoing if and to the extent they relate to:
(i)    claims for workers’ compensation benefits under any of the Company’s workers’ compensation insurance policies or funds;
(ii)    claims related to Executive’s COBRA rights;
(iii)    claims for indemnification from the Company to which Executive is or may become entitled, including but not limited to claims submitted to an insurance company providing the Company with directors and officers liability insurance; and
(iv)    any claims for benefits under any employee benefit plans of the Company that become due or owing at any time following Executive’s termination of employment, including, but not limited to, any ERISA plans, deferred compensation plans or equity plans.
Executive represents and warrants that Executive has not filed any claim, charge or complaint against any of the Releasees.
Executive intends that this release of claims cover all claims, whether or not known to Executive.  Executive further recognizes the risk that, subsequent to the execution of this release, Executive may incur loss, damage or injury which Executive attributes to the claims encompassed by this release.  Executive expressly assumes this risk by signing this release and voluntarily and specifically waives any rights conferred by California Civil Code section 1542 which provides as follows:
A general release does not extend to claims which the creditor does not know or suspect to exist in Executive’s or her favor which if known by him or her must have materially affected his or her settlement with the debtor.
Executive also hereby waives any rights under the laws of the Commonwealth of Virginia, the State of New York, or any other jurisdiction which Executive may otherwise possess that are comparable to those set forth under California Civil Code section 1542.
Executive represents and warrants that there has been no assignment or other transfer of any interest in any claim by Executive that is covered by this release.
Executive acknowledges that Executive has been given at least 21 days in which to review and consider this release, although Executive is free to execute this release at any time within that 21-day period.  Executive acknowledges that Executive has been advised to consult with an attorney about this release.  Executive also acknowledges Executive’s understanding that if Executive signs this release, Executive will have an additional 7 days from the date that Executive signs this release to revoke that acceptance, which Executive may effect by means of a written notice sent to the General Counsel of the Company at the Company’s corporate headquarters.  If this 7-day period expires without a timely revocation, Executive acknowledges and agrees that this release will become final and effective on the eighth day following the date of Executive’s signature, which eighth day will be the effective date of this release.
Executive acknowledges and agrees that Executive’s execution of this release is supported by independent and adequate consideration in the form of payments and/or benefits from the Company to which Executive would not have become entitled if Executive had not signed this release.
IN WITNESS WHEREOF, Executive has duly executed this release as of the day and year set forth below.
EXECUTIVE
    

Date:      

ANNEX B
FORM INDEMNIFICATION AGREEMENT
INDEMNIFICATION AGREEMENT
[Standard Form]

SCHEDULE OF MATERIAL DIFFERENCE
TO FORM OF EMPLOYMENT AGREEMENT FOR EXECUTIVE OFFICERS (AND FORMER EXECUTIVE OFFICERS)

	
					
	Executive
(Former Executive)
	Laura W. Doerre
	John Linker
	Mark A. Beck
	L. Brooks Mallard

	Executive’s Title
Sections 1(b) and 5(d)(3)(i)
	Executive Vice President, General Counsel and Chief Compliance Officer
	Executive Vice President and Chief Financial Officer
	Former President and Chief Executive Officer
	Former Executive Vice President and Chief Financial Officer

	Executive’s Base Salary 
Section 2(a)
	$500,000
	$450,000
	$875,000
	$505,000

	Executive’s MIP Target / Maximum Section 2(b)
	75% and 150%
	75% and 150%
	125% and 250%
	75% and 150%

	Vacation and PTO
Section 4(b)
	Five (5)
	Five (5)
	Seven (7)
	Five (5)

	
		
	 
	Other Differences in Mark A. Beck’s Employment Agreement 
from the Form Agreement

	Revised last sentence of Section 1(b) to refer to Board and addition of sentence to that section
	During the Term of Employment, Executive shall report solely and directly to the Board.  While he remains an employee of the Company, Executive shall be nominated for re-election to the Board at the conclusion of each term of his service as a director.  Executive shall resign from the Board, and from the board of directors or similar governing body of any affiliate of the Company, upon termination of employment.

	Addition of Section 4(d)
	Executive and his immediate family members will be entitled to use of the Company’s aircraft for personal use (including use by the Executive’s son even if not accompanied by the Executive), with the value of such aircraft usage not to exceed $150,000 per annum.

	Section 5(d)(3)(i)(B) – reporting to Board rather than to CEO
	or a change in the reporting structure so that Executive reports to someone other than the Board or is subject to the direct or indirect authority or control of a person or entity other than the Board;Exhibit

                                                                                        

Exhibit 10.39
DATED    FEBRUARY 1, 2018
		
	(1)
	JELD-WEN UK LIMITED

		
	(2)
	PETER MAXWELL

SERVICE AGREEMENT

 
EME_ACTIVE-556866770.2-999947-20654

CONTENTS
CLAUSE
1PARTIES    3
2INTERPRETATION    3
3APPOINTMENT OF THE EXECUTIVE    4
4DUTIES OF THE EXECUTIVE    6
5WORKING HOURS    10
6REMUNERATION AND EXPENSES    11
7PENSION AND INSURANCES    14
8HOLIDAYS    15
9SICKNESS AND MEDICAL EXAMINATION    15
10CONFIDENTIALITY    17
11INTELLECTUAL PROPERTY    21
12DIRECTORSHIP    22
13TERMINATION    23
14PAYMENT IN LIEU OF NOTICE    26
15GARDEN LEAVE AND SUSPENSION    27
16RECONSTRUCTION OR AMALGAMATION    28
17COMPETITION    29
18DATA PROTECTION    32
19DISCIPLINARY AND GRIEVANCE PROCEDURES    33
20NOTIFICATION    33
21CHANGES TO TERMS OF EMPLOYMENT    34
22NOTICES    34
23GOVERNING LAW    34
24SEPARATE AND SEVERAL CLAUSES    35
25SUPERSESSION OF PREVIOUS AGREEMENTS    35
26THIRD PARTY RIGHTS    35
27MULTIPLE COPIES    36
28SUPPLEMENTAL    36

PAGE 2
    

SERVICE AGREEMENT dated                                               2017 
BETWEEN:

		
	1
	PARTIES

		
	(1)
	JELD-WEN UK Limited whose registered office is at Retford Road, Woodhouse Mill, Sheffield, South Yorkshire, S13 9WH  (company registration number 00499622) (the “Company”); and

		
	(2)
	Peter Maxwell of The Wellhouse, Stratford Upon Avon, Warwickshire, CV37 0QR (the “Executive”).  

WHEREAS:
		
	A.
	The Company wishes to appoint the Executive as President of the Company.

		
	B.
	JELD-WEN Holding, Inc., a Delaware corporation (“JELD-WEN Holding”) wishes to appoint the Executive as its Executive Vice President and President, Europe.

		
	C.
	JELD-WEN Holding, the Company and the Executive have agreed that, to enable the Executive to fulfil his role as President of the Company and Executive Vice President and President, Europe of JELD-WEN Holding, he shall be employed by the Company with the principal duty of discharging those roles under the direction and supervision of the Board and the Chief Executive Officer of JELD-WEN Holding (the “CEO”). 

		
	2
	INTERPRETATION

		
	2.1
	In this Agreement, unless the context otherwise requires:

“the Board” means the board of directors of the Company for the time being;
“Cause” has the meaning given in Schedule 1 of this Agreement;
“Change in Control” has the meaning given in Schedule 1 of this Agreement;
“CIC Qualifying Termination” means a Qualifying Termination which occurs on or after a Change in Control; 
“the Commencement Date” means February 1, 2018; 
“Group” means the Company, any holding company and any subsidiary company (from time to time) of the Company (wherever incorporated or established) and any subsidiary of any such holding company, and “Group Company” shall be construed accordingly.  The expressions “holding company” and “subsidiary” in relation to a company mean a "holding company" and "subsidiary" as defined in section 1159 of the Companies Act 2006 and a company shall be treated, for the purposes only of the membership requirement contained in subsections 1159(1)(b) and (c), as a member of another company even if its shares in that other company are registered in the name of (a) another person (or its nominee), whether by way of security or in connection with the taking of security, or (b) its nominee; and
“Non-CIC Qualifying Termination” means a Qualifying Termination which occurs prior to a Change in Control;
“Qualifying Termination” means termination of your employment by the Company other than where (i) the Company terminates your employment pursuant to clause 13.1 of this Agreement; or (ii) the Company terminates your employment by reason of Cause (or in circumstances involving Cause). 
		
	2.2
	Any reference to a statutory provision is a reference to that provision as for the time being re-enacted, amended, modified or extended.

		
	2.3
	The headings in this Agreement are for convenience only and shall not affect its interpretation.

		
	2.4
	References to the employment of the Executive are to his employment by the Company whether or not during the continuance of this Agreement.

		
	2.5
	A ‘person’ shall include any company, corporation, firm, partnership, joint venture, unincorporated association, organisation or trust (in each case whether or not having separate legal personality) and references to any of the same shall include a reference to each of them.

		
	2.6
	The masculine gender shall include the feminine and neuter and the single shall include the plural and vice versa.

		
	2.7
	‘Writing’ or ‘written’ shall include any means of visible reproduction.

		
	3
	APPOINTMENT OF THE EXECUTIVE

		
	3.1
	The Company shall employ the Executive and the Executive shall serve the Company as President of the Company and as Executive Vice President and President, Europe of JELD-WEN Holding, or in such other related capacity as the Company or JELD-WEN Holding shall direct.  In addition to the duties which these positions normally entail (including those set out at clause 4 of this Agreement), the Executive shall also carry out such other duties as the Company may require him to perform from time to time.  The Company may at any time remove from, add to or otherwise vary any of the Executive’s duties. 

		
	3.2
	The employment of the Executive under this Agreement shall begin on the Commencement Date.  The Executive's period of continuous employment with the Company began on 16 September 2015.  

		
	3.3
	Without prejudice to any other term of this Agreement providing for earlier termination, the Executive’s employment under this Agreement shall continue until this Agreement shall be terminated by either party giving to the other not less than twelve (12) months’ written notice of termination.

		
	3.4
	The Executive warrants that by entering into this Agreement and performing his obligations under it, he will not be in breach of any terms or obligations under any previous or other agreement relating to his employment with any third party.   The Executive hereby undertakes to indemnify and hold harmless the Company and any Group Company against all claims, costs, damages, liabilities and expense which the Company or any Group Company may incur in connection with any claim that he is or was not so at liberty.   

		
	3.5
	The Executive’s employment with the Company is subject to and conditional upon his being entitled to be lawfully employed by the Company in the UK and the Executive providing evidence, satisfactory to the Company, of the same.  The Executive will not be permitted to commence employment unless and until he has done this to the Company’s satisfaction.  The Executive agrees to immediately notify the Company about any change to his entitlement to work for the Company in the UK, including, but not limited to, the cessation of such entitlement.  If the Executive’s lawful employment in the UK is subject to the Company making an application for a visa, permission or any other approval in respect of the same, it is a condition of the Executive’s employment that he cooperates with any such application and provides the Company with any information, assistance and documents as the Company may specify.

		
	3.6
	Should the Executive:

(a)    cease, or appear in the Company’s belief to have ceased, to be entitled to be lawfully employed by the Company in the UK; 
(b)    fail to provide upon request documents to demonstrate that he is entitled to be lawfully employed by the Company in the UK; or 
(c)    not provide the Company with such information, assistance or documents as it may specify in relation to any application relating to the Executive’s lawful employment in the UK, 
the Company may terminate the Executive’s employment without notice and without compensation or payment in lieu of notice.  
		
	3.7
	The Company shall be entitled from time to time and at its sole and absolute discretion to appoint another person to act jointly with the Executive, including without limitation in circumstances where the Executive is suspended (whether pursuant to clause 13.4 of this Agreement or otherwise) or at any time after either party has served notice to terminate the Executive’s employment or otherwise purports to do so.

		
	3.8
	The Executive shall comply with any rules, policies and procedures set out in the Company’s staff handbook and JELD-WEN Holding’s Code of Business Conduct and Ethics, copies of which have been given to the Executive. The staff handbook and JELD-WEN Holding’s Code of Business Conduct and Ethics do not form part of the Executive’s contract of employment with the Company, and the Company and/or JELD-WEN Holding may amend them at any time. To the extent that there is any conflict between the terms of this Agreement, the staff handbook and JELD-WEN Holding’s Code of Business Conduct and Ethics, this Agreement shall prevail.

		
	4
	DUTIES OF THE EXECUTIVE

		
	4.1
	In the capacity specified in clause 3.1 the Executive shall during the continuance of this Agreement:

(a)    hold such offices as a director or secretary or officer in the Company or any other Group Company as the Board may from time to time require;
(b)    if the Board so requests, immediately resign without claim for compensation from any office held in the Company or any other Group Company, and the Executive hereby appoints the Company or any Group Company to be his attorney in his name and on his behalf to sign, execute or do any instrument or act and generally to use his name for the purpose of giving to the Company or any Group Company or any of its or their nominees the full benefit of the provisions of this clause 4.1;
(c)    not to do anything that would cause him to be disqualified from holding any office;
(d)    abide by any statutory, fiduciary or common-law duties to the Company and any other Group Company of which he is a director or an officer;
(e)    faithfully, diligently and competently exercise and carry out to the best of his ability all such powers and duties in relation to the Company and its business and the respective businesses of any other Group Company, as may from time to time be conferred on him or vested in him by the Board together with such person or persons as the Company or Board may appoint to act jointly with him;  
(f)    shall obey the reasonable and lawful directions by or under the authority of the Board and/or the CEO from time to time; 
(g)    use all reasonable endeavours to promote and further the business and interests of the Company and any other Group Company;
(h)    subject as hereinafter provided unless prevented by incapacity, illness or injury or with the prior agreement of the Board, devote, during normal working hours and such additional times as provided for at clause 5 below, the whole of his time, attention and skill to his duties and to the furtherance of the businesses and interests of the Company and the other Group Companies;
(i)    in pursuance of his duties hereunder perform without additional remuneration such services for any other Group Company as the Board may from time to time require;
(j)    serve the Company and/or any other Group Company at its principal place of business at [Retford Road, Woodhouse Mill, Sheffield, South Yorkshire, S13 9WH] or at such other place or places as the Board shall reasonably determine provided that the Executive shall not be permanently posted outside the United Kingdom without his prior consent not to be unreasonably withheld or delayed; 
(k)    undertake such travel both within the United Kingdom and abroad as the Board may require for the proper performance of his duties; 
(l)    report his own wrongdoing and any wrongdoing or proposed wrongdoing of any other employee or director of the Company or any other Group Company (including without limitation any bribery or corruption) to the Board immediately on becoming aware of it.
(m)    comply with the Articles of Association (or equivalent in any relevant jurisdiction) of the Company and any other Group Company of which he is a director; and
(n)    comply with all requirements, recommendations or regulations, as amended from time to time, of all regulatory authorities (whether in the United Kingdom, the United States of America or any other jurisdiction) relevant to the Company or any other Group Company and any code of practice issued by the Company or any other Group Company (as amended from time to time) relating to dealing in the securities of the Company or any other Group Company.
		
	4.2
	The Executive shall be familiar with and shall comply in all respects with:

(a)    the Criminal Justice Act 1993, the Financial Services and Markets Act 2000, the Companies Act 2006 and the Bribery Act 2010;
(b)    all legal requirements as to the disclosure of inside information; and
(c)    the Company's anti-corruption and bribery policies and any related procedures,
in so far as the same are applicable to the Executive’s employment hereunder and/or as they may apply to the Company, any other Group Company, the trading of the shares and/or stock of the Company and/or any other Group Company, and/or the trading of any instruments or investments that are related to and/or connected with the Company and/or any other Group Company.
		
	4.3
	The Executive shall at all times comply with, abide by and accept:

(a)    any code that relates to pay and/or bonuses as may be issued from time to time by any regulator (whether in the United Kingdom, the United States of America or any other jurisdiction) and/or pursuant to any act of Parliament;
(b)    the requirements or directions of any regulator (whether in the United Kingdom, the United States of America or any other jurisdiction);
(c)    any remuneration code or policy of the Company or any other Group Company as may exist from time to time; 
(d)    JELD-WEN Holding’s Code of Business Conduct and Ethics;
(e)    the provisions of the Company’s, or any Group Company’s, securities or share dealing code/policy and any such other code/policy which sets out the terms for dealings in the publicly traded or quoted securities US Securities laws; and/or
(f)    the Company and/or any other Group Company’s determination or interpretation in respect of any of the matters mentioned in this clause 4.3.
		
	4.4
	The Executive shall at all times comply with every applicable regulation of any stock exchange anywhere in the world on which the Company’s and/or any other Group Company’s shares and/or stock are listed and/or traded.

		
	4.5
	The Executive shall at all times:

(a)    consent to the Company or any other Group Company inspecting any electronic equipment used by the Executive, and to monitoring and recording any use that he makes of the Company's or any other Group Company’s electronic communications and information technology systems for the purpose of ensuring that the Company's rules (and those of any other Group Company) are being complied with and for legitimate business purposes; and
(b)    comply with any electronic communication systems policy that the Company may issue from time to time.
		
	4.6
	The Executive shall not at any time during the continuance of his employment under this Agreement do anything which may in the opinion of the Board bring the Company and/or any other Group Company into disrepute or harm the goodwill or the reputation of any Group Company and in particular but without limitation, the Executive will not make any untrue, misleading or disparaging statement in relation to the Company or any other Group Company (or any of its or their employees or officers).

		
	4.7
	The Executive shall not after the termination of this Agreement represent himself as being employed by or connected with the Company or any other Group Company.

		
	4.8
	The Executive shall not at any time during the continuance of his employment under this Agreement, without the previous written consent of the Board, either as principal, employee or agent, carry on or be engaged, concerned or interested either directly or indirectly in any other trade, profession, business or occupation (including any public or private activity which in the reasonable opinion of the Board may interfere with the proper performance of his duties) or hold any directorship or other office in any company or other body whether incorporated or unincorporated.  

		
	4.9
	Without prejudice to the generality of clause 4.8, the Executive shall not during the continuance of his employment under this Agreement introduce to any other person, firm or corporation, business of a kind in which the Company or any other Group Company is for the time being engaged or capable of becoming engaged or with which the Company or any other Group Company is able to deal in the course of the business for the time being carried on or planned by the Board to be carried on, and he shall not have any financial benefit from contracts made by the Company or any other Group Company with any third party (including but not limited to any supplier to any Group Company) without the prior written consent of the Board.

		
	4.10
	The Executive shall at all times give to the Board and to the Company’s auditors for the time being all such information, explanations, data and assistance as they may require in connection with the Company’s (or any other Group Company’s) business.

		
	4.11
	During the continuance of the Executive’s employment under this Agreement, the Executive shall not hold any shares, securities or have any interest of any kind in any company (other than the Company or any other Group Company) or other business organisation, save that the Executive may hold not more than three per cent of the issued shares or other securities of any class of any one company which is not a competitor of the Company or any other Group Company, where such shares or other securities are listed or dealt in on a recognised investment exchange in the United Kingdom or elsewhere, and are to be held by the Executive for investment purposes only. 

		
	4.12
	The Executive shall avoid situations where his personal interests conflict with the interests of the Company or any other Group Company or any of its or their customers.  If the Executive believes that any such conflict of interest may exist he shall disclose the same to the Board without delay.  The Executive shall not, without the consent of the CEO, accept any gift or favour of whatever kind from any customer or supplier of the Company or any other Group Company or any prospective customer or supplier of the Company or any other Group Company with a value or cumulative value in excess of £50.

		
	5
	WORKING HOURS

		
	5.1
	The Executive’s normal working hours shall be 9.00am to 5.30pm Monday to Friday together with such additional hours as are reasonable and necessary for the proper performance of his duties (it being anticipated that the performance of his duties may require the Executive to work outside the Company’s normal business hours).  The Executive acknowledges that he has no entitlement to additional remuneration for such further hours worked in excess of his normal working hours.

		
	5.2
	The Executive acknowledges and accepts that he may be required to work in excess of 48 hours per week and hereby agrees that the 48-hour upper limit on average weekly working time contained in paragraph 4(1) of the Working Time Regulations 1998 shall not apply to his employment hereunder unless the Executive gives to the Board not less than 3 months’ notice in writing that such limit shall apply. 

		
	6
	REMUNERATION AND EXPENSES

		
	6.1
	During the continuance of the Executive’s employment under this Agreement the Company shall pay to the Executive, as remuneration for his services hereunder, a salary at the rate of £246,400 (two hundred and forty-six thousand four hundred pounds) per annum as from the Commencement Date.      

		
	6.2
	The Executive’s salary shall be:

(a)    payable by equal monthly instalments in arrears on or around the 28th day of each month (or such other time as determined by the Company) by credit transfer direct into his nominated bank account; 
(b)     paid subject to such deductions as the Company may make for income tax, employee’s National Insurance contributions and any other taxes, social security contributions and withholdings as the Company may deduct;
(c)    deemed to accrue from day to day; 
(d)    reviewed by the Board at least once in each calendar year every April, with no guarantee that the Executive’s salary will be changed following any such review; and 
(e)    inclusive of any fees to which the Executive may be entitled as a director of the Company or any other Group Company.
		
	6.3
	The Executive shall be entitled to be reimbursed the amount of £10,000 per annum for the use of his own car provided that the Executive:

(a)    holds a current full driving licence,
(b)    insures such car used for business use in such manner as the Board shall reasonably determine,
(c)    provides copies of the relevant insurance certificate to the Board on an annual basis and immediately upon request.  Failure to deliver such copy certificates or failure to obtain such insurance may result in summary dismissal, with or without payment of notice in lieu of salary.
		
	6.4
	The Executive shall immediately inform the Board if he is disqualified from driving and shall immediately cease to be entitled to receive the allowance under clause 6.3. 

		
	6.5
	Any payment made to the Executive under this clause shall be payable together with and in the same manner as the salary in accordance with clause 6.2. The car allowance shall not be treated as part of the Executive’s basic salary for any purpose and shall not be pensionable.

		
	6.6
	The Executive shall be entitled to be reimbursed in respect of any fuel costs incurred whilst carrying out his duties under this Agreement at HMRC’s approved rates as amended from time to time, subject to the Executive providing the Company with receipts or other evidence satisfactory to the Company that the Executive has properly incurred such cost.

		
	6.7
	The Executive shall continue to be entitled to participate in the JELD-WEN Holding annual Management Incentive Plan or any successor plan (the “MIP”) on the terms and conditions of the MIP which may be amended by JELD-WEN Holding in its absolute discretion from time to time.  At the date of this Agreement, the Executive’s target annual bonus under the MIP in respect of each fiscal year of JELD-WEN Holding is 60% of the salary set out in Clause 6.1 (as reviewed from time to time) and the Executive’s maximum annual bonus is 120% of this salary.  The Board of Directors of JELD-WEN Holding shall review, and may adjust in its sole discretion, such bonus targets each year when it sets target bonuses for the MIP.  Any annual bonus paid to the Executive shall be in addition to the salary and to any and all other benefits to which the Executive is entitled under this Agreement.  The Executive’s entitlement to participate in and rights under the MIP remain at all times subject to the terms and conditions of the MIP as in force from time to time.

		
	6.8
	The Executive shall be entitled to participate in JELD-WEN Holding’s 2017 Omnibus Equity Plan (the “Omnibus Plan”) or any successor plan.  The Executive’s rights under and entitlement to participate in any long-term incentive plans under this clause 6.8 remain at all times subject to the terms and conditions of that long-term incentive plan as in force from time to time (and which may be amended by the Company and/or JELD-WEN Holding in their absolute discretion at any time).

		
	6.9
	Except as otherwise provided in the applicable plan or award agreement, to be eligible for any payment or award under the MIP, the Omnibus Plan or any other plan in which the Executive participates, the Executive must have remained in employment with the Company under this Agreement for the entire duration of the reference period (as determined by the Company and/or the Group Company) in respect of which the payment or award is assessed (the “Reference Period”) and must not have been under notice of termination (whether given by the Company or by the Executive) at any point during the Reference Period.  

		
	6.10
	Except as otherwise provided in the applicable plan or award agreement, the Executive shall not receive payment of any payment or award under the MIP, the Omnibus Plan or any other plan in which the Executive participates if he is no longer in employment with the Company on the date appointed by the Company and/or any Group Company for the payment of any such payment or award.  

		
	6.11
	For the avoidance of doubt, the Executive’s rights under and entitlement to any payment or award under the MIP, the Omnibus Plan or any other plan, remains at all times subject to the terms and conditions and/or rules of the applicable plan or award agreement. 

		
	6.12
	In the event of a CIC Qualifying Termination, all Stock Options, restricted stock units (“RSUs”) or similar equity incentives shall fully and immediately vest upon termination of Executive’s employment and all Performance Stock Units (“PSUs”) or similar equity incentives shall vest at prorated target levels upon termination. In the event of a Non-CIC Qualifying Termination, all equity awards shall be treated in accordance with the rules of the applicable plan or award agreement.

		
	6.13
	Any payment or award paid under the MIP, the Omnibus Plan or any other plan will not be pensionable.

		
	6.14
	The Company shall reimburse the Executive for all reasonable travelling, hotel and other out-of-pocket expenses which he may properly incur in the carrying out of his duties and which the Company may approve.  The Executive’s entitlement to reimbursement of any expense in accordance with this clause 6.12 shall be conditional upon the Executive providing the Company with receipts or other evidence satisfactory to the Company that the Executive has properly incurred that expense.

		
	6.15
	The Executive hereby authorises the Company to deduct from his salary, or any other sums due to him from the Company or any other Group Company, any sums due from the Executive to the Company or any other Group Company, including without limitation any overpayment of salary or accrued holiday pay.

		
	6.16
	The Company shall be entitled to perform any of its obligations under this clause 6 either by itself or through any other Group Company.

		
	7
	PENSION AND INSURANCES

		
	7.1
	The Executive has indicated to the Company that he has already reached his maximum lifetime allowance.  The Executive therefore confirms that he does not intend to participate in the JELD-WEN UK Retirement Plan (the “Pension Scheme”).  On this basis and because the Executive is, at the date of this Agreement, a statutory director of the Company, the Company is exercising its discretion not to automatically enrol the Executive in the Pension Scheme or any other pension scheme. 

		
	7.2
	The Executive shall be entitled to participate in the following:

(a)    the Company's private medical insurance scheme (for the benefit of the Executive, his spouse or civil partner and dependents);
(b)    the Company's life assurance scheme; and
(c)    the Company's permanent health insurance scheme,
at such rates of benefits as may from time to time be determined by the Company in accordance with and subject always to the terms of the relevant scheme for the time being in force and as amended from time to time. 
		
	7.3
	The Company may at any time withdraw any such private health insurance cover, permanent health insurance/disability or group life assurance arrangements or similar cover without providing any replacement for them.  The Executive acknowledges that as the benefits are insured arrangements, the payment of any benefit is subject to the discretion of the insurers and subject to the terms and conditions of the respective scheme.  The Company has no obligation to assist the Executive in the advancement of any claim he may make, nor any obligation to make any payment to the Executive should the insurer refuse to pay for whatever reason.

		
	7.4
	The Executive’s activities as a director of the Company, as an officer of JELD-WEN Holding and as an officer of any other Group Company will be covered by Directors' and Officers' Liability Insurance to the same level and extent as such cover is in force and available to other such directors.

		
	7.5
	The Executive’s eligibility to participate in or receive benefits from any insurance or other benefits scheme shall not prejudice the Company’s ability to terminate the Executive’s employment and/or this Agreement.

		
	7.6
	The Company shall be entitled to perform any of its obligations under this clause 7  either by itself or through any other Group Company.

		
	8
	HOLIDAYS

		
	8.1
	The Company’s holiday year runs from 1 January to 31 December each year.  The Executive shall be entitled to 33 days’ paid holiday (which includes the normal public and Bank holidays in England and Wales) in each holiday year to be taken at such times as the Board may approve.  

		
	8.2
	Holiday is only to be taken on days convenient to the Company, and must be notified in advance to the Board.

		
	8.3
	The Executive shall only be entitled to carry forward any unused holiday entitlement from any holiday year to any subsequent holiday year with the prior written permission and at the sole discretion of the Board.

		
	8.4
	If the Executive’s employment shall terminate before he has taken his full accrued entitlement to holidays for that year, he shall be entitled to accrued holiday pay of one day’s salary (calculated at a daily rate of 1/260ths of the Executive’s annual salary) for each complete day of such entitlement not taken and accrued due at such termination (his accrued entitlement to holidays being deemed for this purpose to accrue from day to day).  

		
	8.5
	If the employment of the Executive shall terminate and the Executive has taken more holidays than his accrued entitlement for the holiday year in which such termination occurs, the Company shall be entitled to make a commensurate deduction from any final payment (whether of salary, expenses or otherwise) to be made to the Executive.

		
	8.6
	If either party gives notice to terminate the Executive’s employment, the Board may require the Executive to take any accrued but unused holiday entitlement during the notice period (whether or not the Executive is suspended or on a period of garden leave in accordance with clause 15).

		
	9
	SICKNESS AND MEDICAL EXAMINATION

		
	9.1
	If the Executive shall at any time be incapacitated or prevented by sickness, injury, accident or any other circumstances beyond his control (hereinafter referred to as “incapacity”) from carrying out in full his duties under this Agreement, he shall follow the sickness absence reporting procedure contained in the Company’s rules for the notification and verification of sickness absence.

		
	9.2
	Subject to the Executive complying with the requirements of clause 9.1, the Executive may be entitled to Company sick pay in accordance with the terms of the Company’s Sick Policy which shall satisfy any entitlement of the Executive to receive Statutory Sick Pay (“SSP”) from the Company during that period.  Thereafter, during any further period of incapacity, the Executive shall be entitled to such SSP as the Company is obliged by law to pay to him from time to time.  Save as provided for herein, the Executive shall have no entitlement to sick pay other than SSP.  

		
	9.3
	The Board may at any time and at its sole discretion require the Executive to:

(a)    provide evidence satisfactory to the Board of any incapacity of the Executive;
(b)    provide the Company with medical evidence of his fitness to return to work after any period of absence from work due to incapacity; and
(c)    from time to time to undergo a medical examination by a medical practitioner nominated by the Company, the Company bearing the cost of any such examination and being entitled to full disclosure of the results thereof.  The Executive agrees to consent to such an examination when requested by the Company.
		
	9.4
	If the Executive suffers from incapacity which is or appears to be occasioned by actionable negligence, nuisance or breach of a statutory duty by or on behalf of a third party in respect of which damages are or may be recoverable, the Executive shall:

(a)    forthwith notify the Board of that fact and of any claim, compromise settlement or judgment made or awarded in connection therewith and shall give to the Board all such particulars of such matters as the Board may reasonably require;
(b)    use all reasonable endeavours to recover (by way of settlement or otherwise) damages for loss of earnings over the period for which salary has been or shall be paid to the Executive, keeping the Company informed of the commencement, progress and outcome of any such claim; and 
(c)    shall refund to the Company such sum as the Board may determine, such sum not to exceed:
		
	(i)
	the amount of damages recovered by him under such compromise, settlement or judgment less any costs in or in connection with or under such claim, compromise, settlement or judgment borne by the Executive; or

		
	(ii)
	the aggregate of any remuneration paid to him in respect of the period of incapacity, less an amount equivalent to any SSP which the Company was obliged by law to pay to the Executive.

		
	10
	CONFIDENTIALITY

		
	10.1
	In this Agreement unless the context otherwise requires, “Confidential Information” means any:

(a)    trade secret or confidential or secret information concerning the business development, affairs, future plans, business methods, connections, operations, accounts, finances, organisation, processes, policies or practices, designs, dealings, business, trading, management systems, maturing new business opportunities or know-how of or relating to the Company and/or to any other Group Company and/or any of its or their suppliers, agents, distributors, clients or customers; 
(b)    confidential computer software, computer-related know-how, passwords, computer programmes, specifications, object codes, source codes, network designs, business processes, business logic, inventions, improvements and /or modifications relating to or belonging to the Company and/or any other Group Company;
(c)    details of the Company’s or any other Group Company’s financial projections or projects, prices and price lists, pricing strategy or policies, advertising, marketing or development plans, product development plans or strategies, fee levels, commissions and commission structures, discount structures, advertising and promotional material, market share and pricing statistics, marketing surveys and plans, market research reports and their interpretation, sales targets and statistics, sales techniques; 
(d)    confidential research, report or development undertaken by or for the Company or any other Group Company;
(e)    secret or confidential information concerning the Company’s and/or any other Group Company’s actual or potential clients or customers or suppliers or any other person with which the Company or any other Group Company has dealings, including but not limited to client, customer, supplier or other lists, lists and details of contracts or proposed contracts, and details of relationships or arrangements or terms of business with, or knowledge of the needs or the requirements of, such persons;
(f)    secret or confidential details of or information regarding the nature or origin of any services provided, marketed, sold or obtained by the Company or any other Group Company;
(g)    details of or information regarding the Company’s or any other Group Company’s development or staffing plans; 
(h)    information of a personal or otherwise of a confidential nature relating to fellow employees, directors or officers of and/or consultants to, the Company and/or any other Group Company;
(i)    confidential information concerning, or details of, any competitive business pitches, and/or target details;
(j)    details of or information regarding the nature and origin of any goods and/or services provided, marketed or sold, obtained or brokered by the Company or any other Group Company;
(k)    documents or information marked as confidential or which have been supplied to the Executive in confidence or which the Executive has been informed are confidential or which the Executive might reasonably be aware are confidential; and
(l)    documents or information which have been given to the Company or any other Group Company in confidence by any customer, supplier or other person 
whether such information is in oral, written or any other form.
		
	10.2
	The Executive shall not either during the continuance of his employment or at any time after its termination (without limitation in time):

(a)    use, divulge or reveal to any person, firm or corporation, any Confidential Information which may come to his knowledge during his employment;
(b)    use or attempt to use any Confidential Information for his own purposes or for any purposes other than the purposes of the Company or any other Group Company or in any manner which may injure or cause loss either directly or indirectly to the Company or any other Group Company or its business or may be likely so to do; or
(c)    cause or bring about (including through any failure to exercise reasonable care and diligence) any unauthorised disclosure of any Confidential Information that he shall come to know or have received or obtained at any time (before or after the date of this Agreement). 
		
	10.3
	The Executive shall at all times during the continuance of his employment or at any time after its termination (without limitation in time):

(a)    use best endeavours to prevent the disclosure of any Confidential Information; and
(b)    keep with complete secrecy all Confidential Information entrusted to him.
		
	10.4
	This clause 10 shall not apply to information which:

(a)    is used or disclosed in the proper performance of the Executive’s duties or with the prior written consent of the Company;
(b)    is or comes to be into the public domain (except as a result of a breach of the Executive’s obligations under clause 10.2); 
(c)    is ordered to be disclosed by a court of competent jurisdiction or otherwise required to be disclosed by law; or
(d)    constitutes a protected disclosure within the meaning of section 43A of the Employment Rights Act 1996.
		
	10.5
	The Executive shall promptly disclose to the Company any information which comes into his possession which affects adversely or may affect adversely the Company or the business of the Company or any other Group Company.  Such information shall include (but shall not be limited to):

(a)    the plans of any employee or worker to leave the Company or any other Group Company (whether alone or in concert with other employees);
(b)    the plans of any employee or worker (whether alone or in concert with other employees) to join a competitor or to establish a business in competition with the Company or any other Group Company;
(c)    any steps taken by the employee or worker to implement either of such plans; and
(d)    the misuse by any employee or worker of any Confidential Information belonging to the Company or any other Group Company.
		
	10.6
	All notes, memoranda, records, lists of customers and suppliers and employees, correspondence, documents, discs and tapes, digital memory and data storage devices, computer software, computer programmes, computer operating systems, computers, laptops, tablet computers, mobile phones, PDAs, other portable electronic devices, data listing, codes, and other documents and material whatsoever (whether made or created by the Executive or otherwise and whether or not containing Confidential Information) relating to the business of the Company or any other Group Company (and any copies of the same):

(a)    shall be and remain at all times during the period of the Executive’s employment and after its termination the property of the Company or any other Group Company (as the case may be); 
(b)    shall be handed over and delivered by the Executive to the Company (or to such other Group Company as the case may require) immediately on demand and in any event on the termination of the Executive’s employment (whether or not requested by the Company); and
(c)    shall be destroyed by the Executive on request by the Company;
and, immediately on demand and in any event on the termination of his employment (whether or not requested by the Company), the Executive will provide to the Company a statement that the Executive has complied with the requirements in clauses 10.6(b) and 10.6(c).
		
	10.7
	This clause 10 shall continue to apply after the termination of the Executive’s employment hereunder (whether terminated lawfully or not) without limit in time. 

		
	11
	INTELLECTUAL PROPERTY

		
	11.1
	In this Agreement “Intellectual Property Right” means a formula, process, invention, utility model, trade mark, service mark, business name, copyright, design right, patent, know-how, trade secret and any other intellectual property right of any nature whatsoever throughout the world (whether registered or unregistered and including all applications and rights to apply for the same) which is invented, developed, created or acquired by the Executive (whether alone or jointly with any other person) during the course of his duties during his employment hereunder and/or relates to or is useful in connection with the business or any product or service of any Group Company.

		
	11.2
	Subject to the provisions of the Patents Act 1977, the Registered Designs Act 1949 and the Copyright Designs and Patents Act 1988, the entire interest of the Executive in any Intellectual Property Right above, shall, as between the Executive and the Company, become the property of the Company as absolute beneficial owner without any payment to the Executive for it.

		
	11.3
	The Executive shall promptly communicate in confidence to the Company full particulars of any Intellectual Property Right and the Executive shall not use, disclose to any person or exploit any Intellectual Property Right belonging to the Company or any other Group Company without the prior written consent of the Company and shall, at the request and expense of the Company, prepare and execute such instruments and do such other acts and things as may be necessary or desirable to enable the Company or any other Group Company or its or their nominee to obtain and maintain protection of any Intellectual Property Right vested in the Company or any other Group Company in such parts of the world as may be specified by the Company or its nominee and to enable the Company or any other Group Company to exploit any Intellectual Property Right vested in the Company or any other Group Company to best advantage.

		
	11.4
	The Executive hereby irrevocably:

(a)    appoints the Company to be his attorney in his name and on his behalf to sign, execute or do any instrument or act and generally to use his name for the purpose of giving to the Company or its nominee the full benefit of the provisions of this clause 11; and
(b)    unconditionally waives any and all of his moral rights (conferred by Chapter IV of the Copyright Designs and Patents Act 1988). 
		
	11.5
	The obligations of the Executive under this clause 11 shall continue to apply after the termination of his employment hereunder (whether terminated lawfully or not). Each of those obligations is enforceable independently of each of the others and its validity shall not be affected if any of the others is unenforceable to any extent.

		
	11.6
	The Executive hereby agrees to enter into appropriate undertakings of a similar scope and duration to the undertakings set out in this clause directly with any other Group Company if required to do so by the Company.

		
	12
	DIRECTORSHIP

		
	12.1
	Except with the prior approval of the Board, or as provided in the articles of association (or equivalent in any relevant jurisdiction) of the Company or any other Group Company of which he is a director, the Executive shall not resign as a director of the Company or any other Group Company.

		
	12.2
	If during his employment the Executive ceases to be a director of the Company or any other Group Company (otherwise than by reason of his death, resignation or disqualification in accordance with the articles of association (or equivalent in any relevant jurisdiction) of the Company or the relevant Group Company, as amended from time to time, or by statute or court order) the Executive’s employment shall continue as an employee only and the terms of this Agreement (other than those relating to the holding of the office of director) shall continue in full force and effect and the Executive shall have no claims in respect of such cessation of office.

		
	13
	TERMINATION

		
	13.1
	The Company may (without prejudice to and in addition to any other remedy) immediately terminate this Agreement and the Executive’s employment without prior notice or payment in lieu of notice if the Executive:

(a)    is disqualified from acting as a director of the Company and/or as an officer of JELD-WEN Holding and/or as an officer of any other Group Company;
(b)    resigns as a director or as an officer from the Company or any other Group Company without the prior written approval of the Board or otherwise in contravention of the relevant articles of association (or equivalent in any relevant jurisdiction); 
(c)    fails or ceases to meet the requirements, recommendations or regulations of any regulatory body whose consent is required to enable the Executive to undertake all or any of his duties hereunder; 
(d)    is guilty of a breach of the rules or regulations as amended from time to time of any regulatory authorities (whether in the United Kingdom, the United States of America or any other jurisdiction) relevant to the Company or any other Group Company or any code of practice issued by the Company or any other Group Company (as amended from time to time) relating to the dealing in the securities of the Company or any other Group Company;
(e)    is guilty of gross misconduct (which shall include (but not be limited to) conduct which, in the opinion of the Board and/or the CEO and/or the board of directors of JELD-WEN Holding for the time being, does or may result in a breakdown in trust and confidence between the Executive and the Company, and/or does or may seriously prejudice the Company’s business or reputation or that of any Group Company, and/or does or may irreparably damage the working relationship between the Executive and the Company);
(f)    commits any act or fraud or dishonesty;
(g)    misconducts himself (including outside the course of his employment) in such a manner that in the reasonable opinion of the Board the interests of the Company or of any one or more of the other Group Companies are or are likely to be prejudicially affected; 
(h)    commits any serious or persistent breach of, or persistently fails to observe, any of the terms, conditions or stipulations contained in this Agreement; 
(i)    neglects or refuses to perform all or any of his duties under this Agreement or is guilty of serious or persistent negligence or incompetence;  
(j)    has breached or failed to observe or has otherwise not met his obligations under clause 10 of this Agreement (confidentiality);
(k)    becomes bankrupt or applies for a receiving order or has a receiving order made against him or enters into any arrangement or composition with his creditors;
(l)    becomes of unsound mind or a patient within the meaning of any United Kingdom legislation relating to mental health; or
(m)    is convicted of any criminal offence (other than an offence under the Road Traffic Acts for which a penalty of imprisonment is not imposed).
		
	13.2
	Any delay by the Company in exercising such right to terminate shall not constitute a waiver thereof.

		
	13.3
	Upon the termination of this Agreement under clause 13.1, the Executive shall be paid his basic salary accrued to the date of termination, together with any entitlement to be paid for accrued but untaken holidays at the date of termination (as provided for in clause 8.4), but he shall not be entitled to any other payment or compensation whatsoever in respect of such termination.

		
	13.4
	If the Company believes that circumstances have arisen in which the Company may have the right to terminate the Executive’s employment under clause 13.1, the Company shall be entitled at its discretion and without prejudice to its other rights under this Agreement to suspend the Executive on full salary and contractual benefits for such reasonable period as the Company may deem appropriate, for the purpose of investigating the circumstances which have given rise to such belief.  

		
	13.5
	On the termination of the Executive’s employment for any reason and howsoever arising: 

(a)    the Executive shall immediately resign, without any claim for compensation, from any directorships he may hold in the Company or any other Group Company, and/or from any position which he holds as a trustee in relation to the business of the Company and/or any other Group Company, and/or from membership of any organisation and any office in any other company acquired by reasons of or in connection with the Executive’s employment, and the Executive hereby appoints the Company to be his attorney in his name and on his behalf to sign, execute or do any instrument or act and generally to use his name for the purpose of giving to the Company or its nominee the full benefit of the provisions of this clause 13.5(a); 
(b)    the Executive shall transfer without payment to the Company or any nominee of the Company any shareholdings or other securities held by him in the Company or any other Group Company as a nominee or trustee for the Company or any other Group Company and deliver to the Company the related certificates;
(c)    in accordance with and without prejudice to clause 6.15, the Company shall be entitled to deduct from any monies then due or thereafter becoming due from the Company or any other Group Company to the Executive any monies which may then be due or thereafter become due from the Executive to the Company or any other Group Company;
(d)    any provision of this Agreement which is expressed to have effect after its termination shall nevertheless continue in force in accordance with its terms; and
(e)    the Executive shall immediately comply with the provisions of clause 10.6(b).
		
	13.6
	The Executive hereby irrevocably appoints the Company to be his attorney to execute and do any such instrument or thing and generally to use his name for the purpose of giving the Company or its nominee the full benefit of clauses 13.5(a) and 13.5(b).

		
	13.7
	After the termination of his employment under this Agreement, the Executive shall, on request, render such assistance and perform such tasks and functions as the Company may reasonably require for its business to assist the Company and/or any Group Company to deal properly, efficiently and cost-effectively with any matters in connection with the affairs of the Company and/or any other Group Company and in respect of which the Executive has particular knowledge and expertise by reason of his employment under this Agreement.  

		
	14
	PAYMENT IN LIEU OF NOTICE

		
	14.1
	Without prejudice to clause 13.1 above, where notice is given to terminate the Executive’s employment by either party or if either the Executive or the Company otherwise purports to terminate the Executive's employment the Company may (at the sole and absolute discretion of the Board) terminate the employment at any time and with immediate effect by notifying the Executive that:

(a)    the Company is exercising its right under this Agreement to make a payment in lieu of notice; and
(b)    that it will make within 28 days a payment in lieu of the notice period (or, if applicable, the remainder of the notice period) to the Executive (or that it will make the first instalment of such a payment to the Executive within that time).  
		
	14.2
	Any payment in lieu of notice will be calculated by reference to the Executive’s basic salary only (as at the date of the termination) for the duration of notice period (or remainder of the notice period as the case may be).

		
	14.3
	The Company may pay any payment in lieu of notice as one lump sum or in instalments over the period until the expiry, if it had been served, of the notice period.  Such payments will be subject to income tax and national insurance contributions.

		
	14.4
	For the avoidance of doubt:

(a)    if the Company terminates the Executive’s employment in breach of this Agreement, any entitlement to damages for breach of contract will be assessed on the normal common law principles (including the Executive’s obligation to mitigate his loss); and
(b)    the right of the Company to terminate the Executive’s employment in accordance with clause 14.1 does not give rise to any right for the Executive to receive any payment in lieu of notice as a lump sum, but shall not prejudice the Executive’s right to receive the monies due for the notice period.
		
	14.5
	The Executive’s eligibility to participate in or receive any payment or award under the MIP, the Omnibus Plan or any other plan or benefits scheme in which the Executive participates shall not prejudice the Company’s ability to terminate the Executive’s employment and/or this Agreement by making a payment in lieu of notice in accordance with this clause 14.

		
	15
	GARDEN LEAVE AND SUSPENSION

		
	15.1
	Notwithstanding any other provision of this Agreement:

(a)    if notice is given by either party to terminate the employment of the Executive in accordance with clause 3; 
(b)    if the Executive seeks to or indicates an intention to resign as an employee of the Company or any other Group Company or terminate his employment without notice; 
(c)    during any period in which the Company is carrying out an investigation into any alleged acts or defaults of the Executive; or
(d)    in circumstances where it is suspected that the Executive is in breach of any legal or regulatory requirement which affects or in the reasonable opinion of the Board may affect his employment,
the Company shall not be under any obligation to provide the Executive with any work and may at any time and at its absolute discretion suspend the Executive.
		
	15.2
	Throughout such period of suspension:

(a)    the Executive’s salary and other contractual benefits shall continue to be paid or provided by the Company in the usual way subject always to the terms of any benefit arrangement;
(b)    the Executive shall, in addition to the duties of fidelity, confidence and good faith to which he is subject by law, continue to comply with his obligations under this Agreement, including but not limited to clauses 4.2 to 4.12 inclusive, and shall observe all obligations of confidentiality arising under the provisions of this Agreement;  
(c)    the Company shall be entitled to exclude the Executive from all or any premises of the Company and/or any other Group Company;
(d)    the Executive shall not have any contact or communication with any client, prospective client, customer, prospective customer, employee, officer, director, agent or consultant of the Company or any other Group Company except with the prior written consent of the Board and apart from with such persons as may be nominated by the Board;
(e)    the Company shall be entitled to require the Executive to perform work at home in relation to matters of which he has knowledge or which fall within his competence;  
(f)    the Executive shall keep the Board informed of his whereabouts (except in periods taken as holiday) so that he can be called upon to perform any appropriate duties as requested by the Board;
(g)    the Executive shall be required to take any accrued or accruing holiday (without being required to notify the Company as to which days are required to be taken as holiday, provided the Executive remains contactable on his mobile telephone, the telephone number of which shall have been supplied to the Company), and this clause is notice to the Executive pursuant to Regulation 15(3) of the Working Time Regulations 1998 that holiday is to be taken during this period;  
(h)    the Company shall be entitled to alter the Executive’s duties, compatible with the Executive’s seniority and position;
(i)    the Executive shall refer to the Company forthwith and without delay any communications in whatever form received by him from any client or customer of the Company or any other Group Company; and
(j)    if the Board so requires, comply with his obligations under clause 13.5 (obligations on termination).

		
	16
	RECONSTRUCTION OR AMALGAMATION

If before the expiration of this Agreement the employment of the Executive hereunder shall be terminated by reason of the cessation of business by the Company or the winding up of the Company for the purpose of reconstruction or amalgamation, and he shall be offered employment with any concern or undertaking resulting from such reconstruction or amalgamation on terms and conditions not less favourable than the terms of this Agreement, then the Executive shall have no claim against the Company or any other Group Company in respect of the determination of his employment hereunder.

		
	17
	COMPETITION

		
	17.1
	For the purposes of this clause 17 :

(a)    “Customer” means any person, firm, company or any other legal entity who shall have been within the period of twelve months immediately prior to the Termination Date a client or customer of or in the habit of dealing with the Company or any other Group Company and:
		
	(i)
	with whom or which, during such period the Executive (or any employee of the Company reporting directly to the Executive) had contact in the course of his employment; and/or

		
	(ii)
	in relation to whom or which the Executive by reason of his employment with the Company is in possession of any trade secrets or Confidential Information. 

(b)    “Confidential Information” has the meaning set out in clause 10.1 of this Agreement;
(c)    “Prospective Customer” means any person, firm, company or any other legal entity with whom the Company or any other Group Company, during the twelve months prior to the Termination Date, shall have had negotiations or discussions for the supply or provision of goods or services supplied or provided by the Company or any other Group Company and:
		
	(i)
	with whom or which, during such period the Executive (or any employee of the Company reporting directly to the Executive) had contact during the course of such negotiations or discussions; and/or

		
	(ii)
	in relation to whom the Executive by reason of his employment with the Company is in possession of any trade secrets or Confidential Information.

		
	(d)
	“Relevant Person” means any person with whom the Executive had dealings during the twelve months immediately preceding the Termination Date and who on the Termination Date was a Director or an employee of the Company or other Group Company engaged in a senior, managerial or technical capacity;

(e)     “Restricted Business” means the business or activities carried on by the Company or any other Group Company at the Termination Date in which the Executive has been directly concerned at any time during the twelve months prior to the Termination Date;
(f)    “Restricted Period” means the period of twelve months following the Termination Date, and in each case less any period immediately prior to the Termination Date that the Executive may have been required to spend on garden leave pursuant to clause 15 of this Agreement); and 
(g)     “Restrictions” means the restrictions contained within this clause 17 (including without limitation the definitions contained in clause 17.1);
(h)    “Termination Date” means the date upon which the Executive’s employment pursuant to this Agreement shall terminate for whatever reason.
		
	17.2
	During the Restricted Period, the Executive shall not, without the Company’s prior written consent, directly or indirectly:

(a)    set up on his own behalf or otherwise control any business engaged in, or which is intended to be engaged in, any business which is in competition with the Restricted Business;
(b)    take up any employment in or consultancy with or render services to or otherwise be engaged, interested or concerned in (whether as principal, servant, agent, employee, consultant or otherwise) any business which is in competition with the Restricted Business;
(c)    whether on his own account or for or on behalf of any other person, firm, company or any other legal entity, in competition with the Restricted Business:
		
	(i)
	solicit or entice away from the Company or any other Group Company (or seek or endeavour to do so) the custom or business of any Customer;

		
	(ii)
	solicit or entice away from the Company or any other Group Company (or seek or endeavour to do so) the custom or business of any Prospective Customer;

		
	(iii)
	do any business with, accept orders from, or have any business dealings with any Customer;

		
	(iv)
	do any business with, accept orders from, or have any business dealings with any Prospective Customer;

(d)    solicit, employ or attempt to employ, engage or attempt to engage, induce or attempt to induce to cease working for or providing services to the Company or any other Group Company any Relevant Person, whether or not any such person would thereby commit a breach of contract, or in any way interfere with the relationship between the Company or any other Group Company and any such individual.
		
	17.3
	The Executive acknowledges and agrees that:

(a)    he has had the opportunity to take independent legal advice on the Restrictions;  
(b)    the Restrictions are considered by the parties to be reasonable in all the circumstances;
(c)    the duration and extent of each of the Restrictions are no greater than necessary for the protection of the Company’s legitimate commercial interests and/or those of any Group Company;
(d)    if any of the Restrictions by itself, or taken together with any of the others, is found to be void or unenforceable but would be valid if some part of it were deleted, such Restriction shall apply with such modification as may be necessary to make it valid and effective; and
(e)    the Restrictions are separate and severable and enforceable as such, so that if any Restriction is determined as being unenforceable in whole or in part for any reason, that shall not affect the enforceability of any of the remaining Restrictions or, in the case of part of a Restriction being unenforceable, of the remainder of that Restriction.
		
	17.4
	Any benefit given or deemed to be given by the Executive to any Group Company under the terms of this clause is received and held on trust by the Company for the relevant Group Company. The Executive hereby agrees to enter into appropriate restrictive covenants of a similar scope and duration to the Restrictions directly with any other Group Company if required to do so by the Company.

		
	18
	DATA PROTECTION

		
	18.1
	The Executive consents to the Company or any other Group Company holding and processing “personal data” (as defined in the Data Protection Act 1998) concerning him in order to properly fulfil its obligations to him under this Agreement and as otherwise required or permitted by law in relation to his employment in accordance with that Act. Such processing shall principally be for legal, personnel, administrative and payroll purposes.

		
	18.2
	The Executive accepts and acknowledges that, if required at any time to work on behalf of the Company or any other Group Company overseas, the Company or any other Group Company may need to pass personal data concerning him to the person, firm or company with whom he is working anywhere in the world and he hereby expressly consents to the Company and any other Group Company doing so.

		
	18.3
	The Executive further consents to the Company and any other Group Company processing any “sensitive personal data” (as defined in the Data Protection Act 1998) relating to him, including, as appropriate:

(a)    information about the Executive’s physical or mental health or condition in order to monitor sick leave and take decisions as to fitness for work (including any medical report made by a medical practitioner nominated by the Company pursuant to clause 9.3(c));
(b)    the Executive’s racial or ethnic origin or religious or similar information in order to monitor compliance with equal opportunities legislation; and
(c)    information relating to any criminal proceedings in which the Executive may have been involved for insurance purposes and in order to comply with legal requirements and obligations to third parties.
		
	18.4
	The Executive acknowledges that the Company and any other Group Company may make any information to which this clause 18 relates available to individuals or companies who provide products or services to the Company or any other Group Company (such as advisers and payroll administrators), regulatory authorities, potential or future employers, governmental or quasi-governmental organisations and potential purchasers of the Company, any other Coup Company or the business in which the Executive is employed.

		
	19
	DISCIPLINARY AND GRIEVANCE PROCEDURES

The disciplinary and grievance procedures relating to the Executive’s employment are available from the Company’s HR Department.  The procedures may be varied, removed or disapplied by the Company at any time and shall not have contractual effect.

		
	20
	NOTIFICATION

		
	20.1
	The Executive is required to notify the Company in writing of any changes in his personal circumstances which shall be of relevance to the Company as his employer, including, but not limited to, any change of address or telephone numbers.

		
	20.2
	The Executive must notify the Company in the event that he is prosecuted for any offence (other than a minor motoring offence which does not involves a sentence of imprisonment), and must keep the Company informed as to the progress and outcome of any prosecution.  This information will be kept strictly confidential by the Company until such time it may enter the public domain (other than through a breach of this clause by the Company).

		
	20.3
	The Executive must notify the Company immediately in the event of his becoming aware of any leak or misuse of Confidential Information (as defined in clause 10) by any employee, agent or officer of the Company or any other Group Company.

		
	21
	CHANGES TO TERMS OF EMPLOYMENT

The Company reserves the right to make reasonable changes to any of the Executive’s terms and conditions of employment and will notify him in writing of such changes at the earliest opportunity.

		
	22
	NOTICES

		
	22.1
	Any notice to be given under this Agreement shall be in writing.  Notices may be given by personal delivery, post or email addressed to the other party:

(a)    in the case of a notice to be given to the Executive, to him at his last known place of residence or email address; and 
(b)    in the case of a notice to be given to the Company, to it at its registered office for the time being.
		
	22.2
	Any notice given in accordance with clause 22.1 above shall be deemed to have been received:

(a)    if delivered by hand, at the time the notice is left at the relevant address or given to the addressee (whichever is the earlier); 
(b)    in the case of delivery by post, on the second business day after posting; and
(c)    in the case of email, at the time of confirmation of successful transmission.
		
	22.3
	Proof that the notice was properly addressed and (in the case of email) transmitted and (in the case of service by post) pre-paid and posted shall be sufficient evidence of service (unless, in the case of email, the sender has been sent or received notification that the transmission was unsuccessful).

		
	23
	GOVERNING LAW

This Agreement shall be interpreted and enforced in accordance with the laws of England and Wales and the parties hereto submit to the exclusive jurisdiction of Courts of England and Wales.

		
	24
	SEPARATE AND SEVERAL CLAUSES

The parties agree that each of the clauses and sub-clauses of this Agreement shall be separate and severable and enforceable as such.  If any clause and/or sub-clause is determined as being unenforceable in whole or in part for any reason, that shall not affect the enforceability of the remaining clauses or sub-clauses or, in the case of part of any clause or sub-clause being unenforceable, the remainder of that clause or sub-clause.

		
	25
	SUPERSESSION OF PREVIOUS AGREEMENTS

		
	25.1
	Subject to clause 25.3, this Agreement supersedes and is in substitution for any subsisting agreements between the Company and the Executive (whether of an employment nature or otherwise) and all such subsisting agreements shall be deemed to have been terminated by mutual consent with effect from the Commencement Date.

		
	25.2
	This Agreement supersedes and is in substitution for the Management Transition Agreement dated 23 December 2015 and made between JELD-WEN, Inc. and the Executive (the “MTA”) and the MTA shall be deemed to have been terminated by mutual consent with effect from the Commencement Date. 

		
	25.3
	For the avoidance of doubt, nothing in this Agreement shall affect the Executive’s existing grant of JELD-WEN stock options or restricted stock units (the “Stock Awards”) which have been awarded to the Executive from time to time prior to the date of this Agreement.  The Executive’s entitlement in respect of the Stock Awards or any other equity awards shall at all times remain subject to the plan, contract or any other agreement governing the grant or treatment of the Stock Awards or other equity awards as amended from time to time.

		
	26
	THIRD PARTY RIGHTS

		
	26.1
	Without prejudice to clause 26.2, JELD-WEN Holding may enforce the terms of this Agreement directly against the Executive pursuant to the Contracts (Rights of Third Parties) Act 1999.

		
	26.2
	Save as expressly provided for in clause 26.1, no term of this Agreement shall be enforceable by any person who is not a party to it either under the Contracts (Rights of Third Parties) Act 1999 or otherwise.

		
	27
	MULTIPLE COPIES

		
	27.1
	This Agreement may be executed by any number of counterparts each in the like form, all of which taken together shall constitute one and the same document and any party may execute this Agreement by signing any one or more of such counterparts.

		
	28
	SUPPLEMENTAL

		
	28.1
	The following provisions shall have effect for the purposes of the Employment Rights Act 1996 as amended: 

(a)    there is no current requirement for the Executive to work outside the United Kingdom for any consecutive period in excess of one month; and
(b)    there are no collective agreements currently in force which affect directly or indirectly the terms and conditions of the Executive’s employment.

This document has been executed as a deed and is delivered and takes effect on the date stated at the beginning of it.

Executed as a deed by JELD-WEN UK Limited acting by Mark Beck , a director and Tim Craven, [a director OR its secretary]:

	
		
	...................................................

[Mark Beck
Director

	................................................... 

Tim Craven
[Director OR Secretary]

Signed as a deed by Peter Maxwell in the presence of ____________________:
	
		
	

...................................................
Peter Maxwell

	

...................................................
Witness
Name:
Occupation:
Address:

SCHEDULE 1 – CHANGE IN CONTROL
For purposes of this Agreement, “Cause” shall mean: 
(i) the conviction or entry of a plea of guilty or nolo contendere to (A) any felony or (B) any crime (whether or not a felony) involving moral turpitude, fraud, theft, breach of trust or other similar acts, whether under the laws of the United States or any state thereof or under the laws of the United Kingdom or any similar foreign law to which the person may be subject; (ii) being engaged or having engaged in conduct constituting breach of fiduciary duty, dishonesty, willful misconduct or material neglect relating to the Company or JELD-WEN Holding or any of its or their subsidiaries or the performance of a person’s duties; (iii) appropriation (or an overt act attempting appropriation) of a material business opportunity of the Company or JELD-WEN Holding or any of its or their subsidiaries; (iv) misappropriation (or an overt act attempting misappropriation) of any funds of the Company or JELD-WEN Holding or any of its or their subsidiaries; (v) the willful failure to (A) follow a reasonable and lawful directive of the Company or JELD-WEN Holding or any of its or their subsidiaries at which a person is employed or provides services, or the Board of Directors of the Company or JELD-WEN Holding or (B) comply with any written rules, regulations, policies or procedures of the Company or JELD-WEN Holding or a subsidiary at which a person is employed or to which he or she provides services which, if not complied with, would reasonably be expected to have more than a de minimis adverse effect on the business or financial condition of the Company or JELD-WEN Holding; (vi) willful and knowing material violation of any (I) material rules or regulations of any governmental or regulatory body that are material to the business of the Company or JELD-WEN Holding or (II) U.S. securities laws; provided that for the avoidance of doubt, a violation shall not be considered as willful or knowing where Executive has acted in a manner consistent with specific advice of outside counsel to JELD-WEN Holding; (vii) failure to cooperate, if requested by the Board of the Company or JELD-WEN Holding, with any investigation or inquiry by the Company or JELD-WEN Holding, the Securities Exchange Commission or another governmental body into Executive’s or the Company’s or JELD-WEN Holding’s business practices, whether internal or external, including, but not limited to, Executive’s refusal to be deposed or to provide testimony at any trial or inquiry; (viii) violation of a person’s employment, consulting, separation or similar agreement with the Company or any non-disclosure, non-solicitation or non-competition covenant in any other agreement to which the person is subject; (ix) deliberate and continued failure to perform material duties to the Company or JELD-WEN Holding or any of its of their subsidiaries; or (x) violation of the Company’s or or JELD-WEN Holding’s Code of Business Conduct and Ethics, as it may be amended from time to time.

For purposes of this Agreement, “Change in Control” shall mean the occurrence of any of the following:
(i)An acquisition (other than directly from the Corporation) of any voting securities of the JELD-WEN Holding(the “Voting Securities”) by any Person, immediately after which such Person first acquires “Beneficial Ownership” (within the meaning of Rule 13d-3 promulgated under the Exchange Act) of fifty percent (50%) or more of the  combined voting power of the JELD-WEN Holding’s then-outstanding Voting Securities; provided, however, that in determining whether a Change in Control has occurred pursuant to this section, the acquisition of Voting Securities in a Non-Control Acquisition (as hereinafter defined) shall not constitute a Change in Control.  A “Non-Control Acquisition” shall mean an acquisition by (i) an employee benefit plan (or a trust forming a part thereof) maintained by (A) the JELD-WEN Holding or (B) any corporation or other Person the majority of the voting power, voting equity securities or equity interest of which is owned, directly or indirectly, by the JELD-WEN Holding (for purposes of this definition, a “Related Entity”), (ii) the JELD-WEN Holding or any Related Entity or (iii) any Person in connection with a Non-Control Transaction (as hereinafter defined);
(ii)    The individuals who, as of the Effective Date of this Agreement, are members of the Board of JELD-WEN Holding (the “Incumbent Board”) cease for any reason to constitute at least a majority of the members of the Board of JELD-WEN Holding; provided, however, that if the election, or nomination for election by the JELD-WEN Holding’s common stockholders, of any new director was approved by a vote of at least two-thirds of the Incumbent Board, such new director shall, for purposes of this Agreement, be considered as a member of the Incumbent Board; provided further, however, that no individual shall be considered a member of the Incumbent Board if such individual initially assumed office as a result of either an actual or threatened solicitation of proxies or consents by or on behalf of a Person other than the Board (a “Proxy Contest”) including by reason of any agreement intended to avoid or settle any Proxy Contest; 
(iii)    The consummation of:
(a)    A merger, consolidation or reorganization (x) with or into the JELD-WEN Holding or (y) in which securities of the JELD-WEN Holding are issued (a “Merger”), unless such Merger is a Non-Control Transaction.  A “Non-Control Transaction” shall mean a Merger in which:
(i)    the stockholders of the JELD-WEN Holding immediately before such Merger own directly or indirectly immediately following such Merger at least a majority of the combined voting power of the outstanding voting securities of (1) the corporation resulting from such Merger (the “Surviving Corporation”), if fifty percent (50%) or more of the combined voting power of the then outstanding voting securities of the Surviving Corporation is not Beneficially Owned, directly or indirectly, by another Person (a “Parent Corporation”), or (2) if there is one or more than one Parent Corporation, the ultimate Parent Corporation; 
(ii)    the individuals who were members of the Board of JELD-WEN Holding immediately prior to the execution of the agreement providing for such Merger constitute at least a majority of the members of the board of directors of (1) the Surviving Corporation, if there is no Parent Corporation, or (2) if there is one or more than one Parent Corporation, the ultimate Parent Corporation; and 
(iii)    no Person other than (1) the JELD-WEN Holding or another corporation that is a party to the agreement of Merger, (2) any Related Entity, (3) any employee benefit plan (or any trust forming a part thereof) that, immediately prior to the Merger, was maintained by the JELD-WEN Holding or any Related Entity or (4) any Person who, immediately prior to the Merger, had Beneficial Ownership of Voting Securities representing more than fifty percent (50%) of the combined voting power of the JELD-WEN Holding’s then-outstanding Voting Securities, has Beneficial Ownership, directly or indirectly, of fifty percent (50%) or more of the combined voting power of the outstanding voting securities of (x) the Surviving Corporation, if there is no Parent Corporation, or (y) if there is one or more than one Parent Corporation, the ultimate Parent Corporation;
(iv)    The sale or other disposition of all or substantially all of the assets of the JELD-WEN Holding and its Subsidiaries taken as a whole to any Person (other than (x) a transfer to a Related Entity or (y) the distribution to the JELD-WEN Holding’s stockholders of the stock of a Related Entity or any other assets).
Notwithstanding the foregoing, a Change in Control shall not be deemed to occur solely because any Person (the “Subject Person”) acquired Beneficial Ownership of more than the permitted amount of the then outstanding Voting Securities as a result of the acquisition of Voting Securities by the JELD-WEN Holding which, by reducing the number of Voting Securities then outstanding, increases the proportional number of shares Beneficially Owned by the Subject Person; provided that if a Change in Control would occur (but for the operation of this sentence) as a result of the acquisition of Voting Securities by the JELD-WEN Holding and, after such acquisition by the JELD-WEN Holding, the Subject Person becomes the Beneficial Owner of any additional Voting Securities and such Beneficial Ownership increases the percentage of the then outstanding Voting Securities Beneficially Owned by the Subject Person, then a Change in Control shall occur.
For purposes of this Schedule 1, “Person” shall include any company, corporation, firm, partnership, joint venture, unincorporated association, organisation or trust (in each case whether or not having separate legal personality) and references to any of the same shall include a reference to each of them.

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