Document:

hlio-ex1022_270.htm

Exhibit 10.22

 

	
Rivolta d’Adda, 20/12/2018

a mano

 

Egregio signor

dott. Matteo Arduini

c/o sede 

 

 

 

Egregio dott. Arduini,

 

come anticipatoLe oralmente, a seguito della acquisizione, da parte di Sun Hydraulics Corporation d/b/a Helios Technologies (“Helios”) del 100% del capitale sociale di Faster S.p.A. (la “Società”), Lei –   alla luce della professionalità e delle competenze, anche a livello manageriale, dimostrate nell’esercizio delle Sue attività quale Chief Financial Officer – è stato individuato quale manager chiave nell’ambito della organizzazione della Società e del Gruppo (per “Gruppo” si intende Helios Technologies Corporation e le società da quest’ultima direttamente o indirettamente controllate, ivi inclusa la Società). 

Pertanto, con la presente siamo a confermarLe le seguenti modifiche al Suo contratto di lavoro con la Società del 16 aprile 2018 (di seguito, il “Contratto”) e che saranno efficaci con decorrenza dal 1° gennaio 2019.   

 
	
 
	
Rivolta d’Adda, 20/12/2018

by hand

 

Dear Mr.

Matteo Arduini

Company’s office

 

 

 

Dear Mr. Arduini,

 

As  discussed, following the acquisition by Sun Hydraulics Corporation d/b/a Helios Technologies (“Helios”) of 100% of the corporate capital of  Faster S.p.A. (“Company”), you – considering the degree of professionalism and skills, also managerial, manifested  in carrying out your duties as Chief Financial Officer of the Company – have been identified as a key manager within the organization of the Company and of the Group (with “Group” referring to Helios Technologies Corporation and the companies it directly or indirectly controls, including the Company). Therefore, we hereby confirm the following changes to the terms and conditions of your employment contract dated 16 April 2018 (the “Contract”) which shall be effective as from 1 January 2019.

 

 

 

	
1.      Premesse

1.1    Le premesse formano parte integrante e sostanziale del presente accordo (di seguito, l’“Accordo”).

 
	
 
	
1.       Premises

1.1     The premises constitute a substantial and integrative part of this agreement (hereinafter, the “Agreement”).

 

	
2.      Decorrenza del nuovo ruolo quale dirigente e funzioni

2.1     A far data dal 1° gennaio 2019, Le sarà assegnato il ruolo di Direttore Generale e, in tale ruolo, Lei dovrà svolgere tutte le attività tipiche di un direttore generale di organizzazioni quali la nostra Società, occupandosi della direzione, gestione e coordinamento delle diverse funzioni aziendali.

2.2     Inoltre, fino a quando la Società non avrà individuato le nuove figure di vertice dell’area amministrazione e finanza e, in ogni caso, fino a nuova disposizione, Lei continuerà a svolgere ad interim le funzioni in precedenza assegnateLe quale Chief Financial Officer.

 
	
 
	
2.      Starting date of the new role as employee and responsibilities

2.1     The role of General Manager shall be assigned to you as of 1 January 2019 and, as General Manager, you shall perform all the typical activities associated with the role of a general manager of entities similar to our Company, taking on the direction, management and coordination of the various company functions. 

2.1     Moreover, for the period necessary for the Company to hire the new management of the administration and financial department and, in any case, until otherwise directed, you shall continue to perform ad interim the functions previously assigned to you as Chief Financial Officer. 

 

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2.3    Quale Direttore Generale della Società, Lei riporterà al Consiglio di Amministrazione della Società.  

 
	
 
	
2.3    As General Manager of the Company, you shall report to the Board of Directors of the Company.

 

	
3.      Cariche nell’ambito del Gruppo

3.1    Lei sarà nominato componente del Consiglio di Amministrazione della Società e il Consiglio di Amministrazione La nominerà Amministratore Delegato delegandoLe poteri generali di rappresentanza. Resta inteso che, alla cessazione della Sua carica per qualsivoglia ragione, la Società non sarà tenuta a rinominarLa, e Lei non avrà alcun diritto a essere rinominato amministratore e Amministratore Delegato.

 
	
 
	
3.      Offices within the Group

3.1    You shall be appointed as member of the Board of Directors of the Company and the Board of Directors shall appoint you as Managing Director with general powers of representation. It is understood that, upon the termination of your office for any reason whatsoever, the Company will not be obliged to reappoint you and you will not be entitled to be reappointed as member of the Board of Directors and Managing Director.   

 

	
3.2    Come previsto dalle policy di Gruppo per tutte le figure di vertice delle controllate della capogruppo Helios, società quotata in borsa negli Stati Uniti, Lei, nel 2019, sarà, altresì, nominato dalla medesima capogruppo quale proprio Section 16 officer.

 
	
 
	
3.2    As provided for by Group policies for the top managers of the subsidiaries of Helios, listed on the stock exchange in the USA, in 2019 you shall also be appointed by the parent company as a Section 16 officer of the parent company. 

 

	
3.3    Resta espressamente inteso che il Suo trattamento retributivo complessivo, così come modificato dal presente Accordo, comprende l’intero compenso a Lei dovuto per tutte le attività da Lei svolte a favore della Società e del Gruppo, ivi incluse le attività conseguenti alla Sua nomina quale amministratore e Amministratore Delegato della Società e/o di qualsivoglia altra società del Gruppo, e alla delega di qualsiasi incarico e/o potere, ivi incluso il Suo ruolo quale Section 16 officer della capogruppo. 

 
	
 
	
3.3    It is expressly understood that your overall economic treatment, as modified by this Agreement, shall include any and all consideration due to you for the activities performed in favor of the Company and the Group, including the activities carried out as director and Managing Director of the Company and/or of any other company of the Group, and in execution of any appointment or power assigned to you, including your appointment as a Section 16 officer of the parent company.   

 

	
3.4    Laddove, per ipotesi, Le fosse comunque riconosciuto un emolumento o qualsivoglia altro compenso o indennità a fronte delle cariche e/o altri incarichi a Lei conferiti, tale emolumento, compenso o indennità non sarà, in nessun caso, considerato quale parte della Sua retribuzione quale dipendente e, pertanto, non rientrerà nella base di calcolo del TFR o di qualsivoglia indennità che la Società dovesse essere tenuta a corrisponderLe alla cessazione del Suo rapporto di lavoro a norma di legge e del Contratto Collettivo Nazionale per i dirigenti di aziende produttrici di beni e servizi (“CCNL”).

 
	
 
	
3.4    Should you receive any director fee or any other consideration or indemnity for the offices or other appointments assigned to you, such director fee, consideration or indemnity shall not, in any event, be considered part of your salary as employee and therefore, will not be included in any calculation of your severance payment (TFR) or any indemnity which the Company should be obliged to pay you at the termination of your employment relationship under to the law and the National Collective Labor Agreement for manager of industrial companies (“CCNL”). 

 

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4.      Trattamento economico

4.1    A partire dalla data del 1° gennaio 2019, in aggiunta a quanto previsto al successivo articolo 5, Lei avrà diritto al seguente trattamento economico.  

 
	
 
	
4.      Economic treatment 

4.1    Beginning 1 January 2019, in addition to what provided for by article 5 below, you will be entitled to the following economic treatment. 

 

	
4.2    La retribuzione annua lorda a Lei spettante sarà pari a Euro 220.000, suddivisa in tredici mensilità, comprensiva della somma di Euro 50.000 lordi a titolo di corrispettivo per il patto di non concorrenza allegato al Contratto (di seguito, il “PNC”), come modificato ai sensi del successivo articolo 7. Il superminimo, che costituisce parte della Sua retribuzione, continuerà ad assorbire, nei limiti dello stesso e nella misura massima consentita, ogni e qualsiasi aumento salariale previsto dal CCNL in vigore e successive modifiche. Restano valide, anche per incrementi del superminimo a fronte di aumenti ad personam della Sua retribuzione, le previsioni precedenti circa l’assorbimento del superminimo. 

 
	
 
	
4.2    Your annual gross base salary will be equal to Euro 220,000, payable in 13 monthly instalments of equal amount, which includes the gross sum on Euro 50,000 as consideration for the non-competition agreement attached to the Contract (hereinafter, the “NCA”), as modified by article 7 below. The difference in your salary between the minimum legal wage and that which you shall receive (a.k.a. superminimum) shall continue to absorb, to the maximum extent allowed, any future increase provided for by the CCNL and amendments hereto. The provisions above regarding the absorption of the superminimum shall also apply to increases of the superminimum arising from ad personam increases of your salary.  

 

	
4.3    In aggiunta alla retribuzione annua lorda, Lei potrà ottenere una retribuzione variabile ai sensi del piano di incentivazione aziendale, c.d. Short Term Incentive Plan (di seguito definito “STIP”), il cui target bonus sarà pari al 30% della Sua retribuzione annua lorda di cui al precedente articolo 4.2 (di seguito, il “Target Bonus”). Sulla base della performance della Società e del raggiungimento di determinati obiettivi, l’ammontare della retribuzione variabile a Lei eventualmente spettante potrà essere compreso tra 0 e 150% del Target Bonus (pertanto, l’ammontare totale della retribuzione variabile potrà raggiungere la misura massima del 45% della Sua retribuzione annua lorda). Il pagamento della retribuzione variabile, se spettante e nella misura effettivamente dovuta, sarà effettuato entro il 15 marzo dell’anno successivo a quello di riferimento (o in qualsiasi altro momento antecedente, così come eventualmente stabilito dal compensation committee del consiglio di amministrazione di Helios)a condizione che Lei sia in forza alla Società al momento del pagamento e che non sia in corso alcun periodo di preavviso per dimissioni. 

 
	
 
	
4.3    In addition to the gross base salary, you will be eligible to earn variable compensation under the Company’s short term incentive plan (“STIP”) with a target bonus of thirty (30%) of your annual gross base salary as per article 4.2 above.   Depending on the Company’s performance and achievement of certain targets, your bonus payout can range between 0-150% of target under the plan (for clarity, the total maximum payout could be 45% of your annual gross base salary). The variable salary, if due and payable, shall be paid within March 15th of the year following the one of reference (or such earlier time as may be determined by the compensation committee of the Helios board) on condition that you will be employed by the Company on the payment date and that, at that date, no notice period arising from your resignation be pending. 

 

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4.4    Quale persona chiave all’interno del Gruppo, Lei parteciperà al c.d. Long Term Incentive Plan (di seguito definito “LTIP”) nel contesto del quale, come specificato nel relativo regolamento che racchiude tutti i termini e condizioni applicabili, Le saranno assegnate restricted stock della capogruppo quotata Helios ai termini e condizioni specificati nel medesimo LTIP e il cui valore complessivo sarà nella misura massima del 50% della Sua retribuzione annua lorda di cui al precedente articolo 4.2 (“LTIP Target”). Nell’ambito del LTIP, Lei potrà ottenere fino a 1.50 volte il suddetto LTIP Target nel caso di raggiungimento o superamento di determinati parametri di performance, secondo i termini e condizioni di cui al medesimo LTIP, in relazione alla parte di restricted stock la cui maturazione è determinata sulla base della performance. La maturazione delle restricted stock a Lei assegnate potrà essere legata alla performance o al decorso del tempo, secondo la quanto sarà determinato dal compensation committee del Consiglio di Amministrazione di Helios. Resta sin d’ora espressamente inteso che qualsivoglia valore o vantaggio in Suo favore derivante dal LTIP non sarà, in nessun caso, considerato quale parte della Sua retribuzione e, pertanto, non rientrerà nella base di calcolo del TFR o di qualsivoglia indennità che la Società dovesse essere tenuta a corrisponderLe alla cessazione del Suo rapporto di lavoro a norma di legge e del CCNL. 

 
	
 
	
4.4    As key manager within the Group, you shall participate in the so-called Long Term Incentive Plan (“LTIP”) in the context of which, as specified in the relevant regulation which includes all the applicable terms and conditions, you will receive a restricted stock award of the listed parent company, Helios, under the terms and conditions of the LTIP, whose overall value will be equal to a maximum of 50% of your annual gross salary as per article 4.2 (“LTIP Target”).  Under the LTIP, you will have the ability to earn up to 1.50 times the LTIP Target  in the case of achievement or exceedance of certain performance metrics under the terms and conditions of the LTIP on the portion of the award that is performance based vesting. The vesting of the restricted stock award may be performance or time based and the allocation of the vesting will be determined by the compensation committee of the Helios board of directors. It is understood that all and any values or advantages in your favor arising from the LTIP shall not, in any event, be considered part of your salary as employee and, therefore, will not be included in any calculation of your severance payment (TFR) or any indemnity which the Company should be obliged to pay you at the termination of your employment relationship under to the law and the CCNL.

 

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4.5    Il trattamento economico di cui agli articoli 4.2, 4.3 e 4.4 che precedono sostituisce integralmente quello previsto dal Contratto, dal PNC, dal piano di retention in data 2 maggio 2018 (di seguito, il “Piano di Retention”) e dal Restricted Stock Grants del 13 febbraio e del 2 maggio 2018 (di seguito, “Stock Grants”). Pertanto, a partire dal 1° gennaio 2019 non troveranno più applicazione e cesseranno, quindi, di avere qualsivoglia efficacia, le seguenti disposizioni: (i) art. 4 del Contratto, anche per quanto concerne l’aumento retributivo ivi previsto a partire da aprile 2019; (ii) art. 5 del Contratto, per quanto attiene alla somma di Euro 60.000 lordi da corrisponderLe, eventualmente, con il cedolino di aprile 2019; (iii) art. 6 del Contratto, relativo alla retribuzione variabile; (iv) artt. 4 e 5 del PNC (come meglio precisato al successivo articolo 7); (v) Piano di Retention; e (vi) Stock Grants. 

         Lei riconosce espressamente e dichiara che il trattamento economico complessivo di cui al presente articolo 4 rappresenta un trattamento di miglior favore e, a partire dal 1° gennaio 2019, sostituisce integralmente il trattamento originariamente convenuto e attualmente in essere. Lei dichiara, altresì, di essere pienamente soddisfatto dell’accordo raggiunto e oggi sottoscritto, rinunciando pertanto a sollevare qualsiasi eccezione o contestazione al riguardo. 
	
 
	
4.5    The economic treatment provided for articles 4.2, 4.3 and 4.4 above entirely supersedes and replaces the economic treatment under the Contract, the NCA, the Retention plan dated 2 May 2018, (hereinafter, the “Retention Plan”) and the restricted stock grants of 13 February and 2 May 2018 (hereinafter, the “Stock Grants”). Therefore, effective from 1 January 2019, will no longer apply and will therefore ceases to be effective the following provisions: (i) art. 4 of the Contact, also with respect to the salary increase set forth therein effective from April 2019; (ii) art. 5 of the Contract, with respect to the amount of Euro 60,000 gross possibly due to you with the pay-slip of April 2019; (iii) art. 6 of the Contract, concerning variable pay; (iv) articles 4 and 5 of the NCA (as better specified under article 7 below); (v) the Retention Plan; and (vi) the Stock Grants. You hereby expressly acknowledge and declare that the overall economic treatment provided for in this article 4 is a more favorable treatment than the current one and, as from 1 January 2019, it shall entirely supersede and replace the treatment originally agreed and currently in force. You hereby declare to be fully satisfied of the agreement reached and hereby executed, waiving therefore any exception and/or claim in this regard.

 

	
5.      Fringe Benefits 

5.1    Lei potrà continuare ad usare, anche a fini personali, l’autovettura aziendale di categoria A (secondo la classificazione prevista dalle policy aziendali in vigore) attualmente assegnataLe dalla Società quale fringe benefit. 

 
	
 
	
5.      Fringe benefits 

5.1    You shall continue to use, for both business and private purposes, a category A company car, in accordance with the classification provided for by the company policies in force, currently assigned to you as fringe benefit. 

 

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5.2    Inoltre, Le confermiamo che la Società Le metterà a disposizione un alloggio, ad uso abitativo, il cui costo annuo complessivo non potrà essere superiore a Euro 9.000 (qualsiasi ulteriore spesa o costo per l’appartamento sarà a Suo carico). Resta inteso che, considerata l’importanza della Sua presenza presso gli uffici della Società alla luce del Suo nuovo ruolo, Lei si impegna a cercare un appartamento nelle vicinanze della sede della Società. Il valore economico del fringe benefit in parola, determinato secondo le disposizione dell’art. 51, DPR n. 917/96, sarà assoggettato al trattamento fiscale e previdenziale di legge. 

 
	
 
	
5.2    Moreover, as set forth by the Contract, we hereby confirm that the Company will bear the cost for an apartment up to a maximum annual amount of Euro 9,000 (any additional expense or cost will be borne by you). It is understood that, considering the importance of your presence at the Company offices in light of your new role, you will search an apartment close to Company office. The economic value of the fringe benefit of the apartment, calculated according to the provisions of art. 51 of the Presidential Decree no. 917/96, shall be subjected to the fiscal and social security treatments set forth by the laws.

 

	
6.      Sede di lavoro

6.1    La Sua sede di lavoro continuerà ad essere presso gli uffici della Società, attualmente siti in Rivolta d’Adda (CR), Via Ludovico Ariosto n. 7, fermo restando il diritto della Società di assegnarLe una diversa sede nel rispetto dell’art. 2103 cod. civ. e delle applicabili disposizioni del CCNL.

 
	
 
	
6.      Working place 

6.1    Your place of work will continue to be at the Company’s premises currently located in  Rivolta d’Adda (CR), at Via Ludovico Ariosto no. 7, without prejudice to the Company’s right to relocate you to a different location in compliance with art. 2103 of the Italian civil code and the applicable provisions of the CCNL.

 

	
6.2    Viaggiare in Italia e all’estero, anche per lunghi periodi, farà espressamente parte della Sua attività quale Direttore Generale della Società. In tale prospettiva, pertanto, Lei avrà diritto esclusivamente al rimborso delle spese ragionevoli di viaggio, vitto e alloggio effettivamente sostenute a fronte della presentazione dei relativi giustificativi, atteso che la Sua retribuzione comprende anche il corrispettivo per tale attività.   

 
	
 
	
6.2    Travelling in Italy and abroad, even for long periods, will be part of your activities as General Manager of the Company. In this perspective, you shall exclusively be entitled to be reimbursed all travel, food and accommodation expenses, effectively incurred, provided that you present the appropriate tax receipts, since your salary also includes such obligation. 

 

	
7.      Patto di non concorrenza

7.1    Tenuto conto del Suo nuovo ruolo all’interno della Società e del Gruppo e delle responsabilità e attività connesse a tale ruolo, si rendono necessarie le seguenti modifiche e integrazioni al PNC in termini di corrispettivo per gli obblighi da Lei assunti.

 
	
 
	
7.      Non-competition agreement

7.1    Considering your new role and responsibilities within the Company and the Group and your responsibilities related to and arising from this role, the following amendments and integrations to the NCA are necessary with regard to consideration for the obligations you have undertaken.

 

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7.2    Pertanto, gli artt. 4 e 5 del PNC sono sostituiti dalle seguenti disposizioni:

          A fronte degli impegni da Lei assunti con il presente patto di non concorrenza, Lei riceverà un importo annuo annuo lordo di Euro 50.000, che sarà corrisposto in 13 rate mensili di pari importo, in uno con la Sua retribuzione mensile lorda. Resta espressamente inteso che, al momento della cessazione del Suo rapporto di lavoro con la Società, l’importo totale di quanto da Lei percepito a titolo di corrispettivo per gli obblighi di non concorrenza non potrà essere inferiore, per ciascun anno di durata degli obblighi di non concorrenza,  al 50% della Sua ultima retribuzione fissa annua lorda, determinata escludendo il corrispettivo annuo a Lei pagato per gli obblighi di cui al patto di non concorrenza. Laddove, dunque, l’importo complessivamente erogatoLe a titolo di corrispettivo per il patto di non concrrenza risulti inferiore, su base annua, al 50% della Sua ultima retribuzione fissa annua lorda,  la Società Le corrisponderà la differenza in rate trimestrali posticipate di pari importo nel corso dei 3 anni di durata del patto di non concorrenza. 
	
 
	
7.2    Therefore, articles 4 and 5 of the NCA are replaced by the following provisions: 

         As consideration for the covenants under this NCA, you will receive an annual gross amount of Euro 50,000 paid in 13 equal monthly instalments of equal amount together with your monthly gross salary. It is expressly understood that, upon the termination of your employment relationship with the Company, the total amount already paid to you as consideration for the non-competition obligations shall not be lower, for each year of duration of the non-competition obligations, than 50% of your last fixed gross annual salary, determined excluding the annual consideration paid to you for the non-compete covenants. Therefore, should the overall amount paid to you as consideration for the non-competition obligations undertook by you be lower, on an annual basis, than 50%  of your last fixed gross annual salary, the Company will pay you the difference in quarterly instalments of equal amount in arrears during the 3-year period of duration of the NCA. 

 

 

	
7.3    Lei riconosce espressamente e concorda che le restrizioni previste nel PNC, così come modificato, limiteranno la possibilità di essere assunto quale dipendente di una società concorrente o comunque di sottoscrivere un contratto di lavoro; tuttavia, Lei riconosce di aver concordato un corrispettivo equo e adeguato per giustificare tali restrizioni che, in ogni caso (data la Sua formazione, competenza e abilità), come dai Lei stesso espressamente riconosciuto, non Le impediscono di esplicare adeguatamente le Sue capacità professionali e, quindi, di svolgere altre attività lavorative.

 

 
	
 
	
7.3    You expressly acknowledge and agree that the restrictions under the NCA will limit the possibility to be hired as employee by, or, in any case, to work for, a company in competition with the Company; however, you acknowledge that the consideration agreed is congruous and justifies such restrictions, which (considering you skills, competence and ability) in any case will not prevent you from adequately performing your professional skills and, therefore, from carrying out other working activities.

 

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8.      Disposizioni finali 

8.1    Continueranno a trovare applicazione i termini e le condizioni di cui al Contratto attualmente in essere per tutto quanto qui non espressamente disciplinato e, dunque, con esclusione degli artt. 3, 4, 5, 6 del Contratto, artt. 4 e 5 del PNC, Piano di Retention e Stock Grants, i quali saranno integralmente sostituiti dalle disposizioni dell’Accordo.

 
	
 
	
8.      Final Provisions

8.1    The terms and conditions of the Contract currently in force shall continue to apply in relation to the matters which are not expressly governed by this Agreement, therefore with the exclusion of articles 3, 4, 5, 6 of the Contract, articles 4 and 5 of the NCA, Retention Plan and Stock Grants, which shall be entirely replaced by the terms and conditions of this Agreement.  

 

	
8.2    Lei prende atto e, per quanto occorrer possa, acconsente e accetta che la Sua nomina quale Section 16 officer di Helios, di cui al precedente articolo 3.2, nonché l’assegnazione a Suo favore delle restricted stock ai sensi del LTIP di cui al precedente articolo 4.4. implicano la necessità di adempiere agli obblighi di pubblicazione alla SEC previsti dalla normativa applicabile alla capogruppo Helios quale società quotata, tra i quali vi è l’obbligo di rendere pubblici i termini e le condizioni economiche del Suo rapporto di lavoro con la Società. Tutto ciò presuppone il trasferimento dei Suoi dati personali ad altre società del Gruppo e, in particolare, a Helios con sede negli Stati Uniti. Con la sottoscrizione del presente Accordo, quindi, Lei acconsente espressamente al trasferimento dei Suoi dati all’estero.

 
	
 
	
8.2    You hereby expressly acknowledge, accept and agree that your appointment as a Section 16 officer of Helios, as per article 3.2 above, as well as the restricted stock grants under the LTIP as per article 4.4 above require the compliance with the SEC filing and publication obligations set forth by the rules applicable to the parent company Helios as listed company, which include the obligation to make public the terms and the economic conditions of your employment relationship with the Company. This presupposes the transfer of your personal data to other companies of the Group and, specifically, to Helios in the Unites States. Therefore, by signing this Agreement, you expressly agree to the transfer abroad of your personal data.  

 

	
8.3     Resta inteso che l’Accordo è redatto in lingua italiana e tradotto in inglese. In caso di difformità tra il testo italiano e quello inglese, la versione italiana prevarrà.

 
	
 
	
8.3     This Agreement is drafted in Italian and translated into English. In case of conflict between the Italian and the English versions, the Italian version shall prevail. 

 

	
Cordiali saluti.

 

______________________

 

Faster S.p.A.

 
	
 
	
Sincerely yours,

 

_____________________

 

Faster S.p.A.

 

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Per ricevuta e integrale e incondizionata accettazione: 

 

Luogo:  Rivolta d’Adda

 

Data: 20/12/2018

 

Matteo Arduini: ________________

 

 
	
 
	
 

 

For receipt and integral and unconditioned acceptance: 

 

Place:  Rivolta d’Adda

 

Date:  20/12/2018

 

Matteo Arduini: ________________

 

	
 

Io sottoscritto, Matteo Arduini

 

            □  acconsento

 

            □  non acconsento

 

al trasferimento dei miei dati personale all’estero, come indicato all’articolo 8.2 del presente Accordo.

 

 

Luogo: Rivolta d’Adda

 

Data: 20/12/2018

 

Matteo Arduini: ________________

 
	
 
	
 

I, the undersigned Matteo Arduini

 

            □  accept

 

            □  do not accept

 

the transfer of my personal data abroad, as per article 8.2 of this Agreement.

 

 

 

Place: Rivolta d’Adda

 

Date: 20/12/2018

 

Matteo Arduini: ________________

 

 

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By hand

 

Dear Mr.

Matteo Arduini

Company’s office

 

 

Rivolta D’Adda, 28th February 2020

 

 

Dear Mr. Arduini,

 

We are pleased to inform you that - based on your performance and commitment during year 2019 - with effect from January 2020, you will be granted an increase of your annual gross base salary of € 17.400,00 (a.k.a superminimum).

We also inform you that - with effect from January 2020 - the annual amount for the non-competition agreement in place with the company (referred to in point 7.2 of the employment contract of 20/12/2018):

	
(i)
	
will be increased by € 4,600.00 gross and will therefore amount to € 54,600.00 gross;

	
(ii)
	
will be paid in 4 equal instalments of equal amount.

The Target Bonus of the so-called "Short-Term Incentive plan" (STIP, referred to in point 4.3) will continue to be equal to 30% of the gross annual economic treatment (article 4.2), while the amount, based on the Company's performance, can be included between 0 and 200% of the target Bonus.

You will continue to participate in the so-called "Long-term incentive plan" (LTIP, referred to in point 4.4 of the employment contract of 20/12/2018) whose overall value will be increased incrementally by 25% to account for a new compensation element; specificaly, nonqualified stock options (“SO”).  

For 2020 your total LTI award will also be rebalanced to: (a) time based restricted stock units (RSUs) that vest ratably over a three year period and which make up 25% of the LTIP award; (b) nonqualified stock options that vest ratably over a three year time period and which make up 25% of the LTIP award; and (c) performance based restricted stock units (PRSUs) that cliff vest after the completion of a three performance period (i.e., 2020-2022) and which make up 50% of the LTIP award.   

As part of the LTIP, you can obtain up to 2 times the aforementioned LTIP Target on the performance-based restricted stock unit portion of the LTI award, in the event of reaching or exceeding the established performance 

10

 

 

 

 

parameters assigned.  The PRSUs will be calculated based upon achievement of metrics that will be communicated in a separate Award Agreement.

It is understood that any and all LTIP awards are made pursuant to the Helios Technologies 2019 Equity Incentive Plan and each award is further subject to the terms and conditions of the accompanying Award Agreement at the time of grant of the RSU and the Stock Options.

The foregoing provisions and the aforementioned documents ("Helios Technologies 2019 Equity Incentive Plan" and "Award Agreement") replace art. 4.4. of the employment contract 12/20/2018 and any other regulation relating to LTIP award. 

It is understood that all and any values or advantages in your favor arising from the LTIP shall not, in any event, be considered part of your salary as employee and, therefore, will not be included in any calculation of your severance payment (TFR) or any indemnity which the Company should be obliged to pay you at the termination of your employment relationship under to the law and the CCNL.

For the rest, the regulatory and economic conditions of your employment contract and related accessory agreements remain unchanged.

This communication is drafted in Italian and translated into English. In case of conflict between the Italian and the English versions, the Italian version shall prevail.

By asking you to return the attached copy of this letter signed, we send you my best wishes for a successful job.

Best regards.

 

	
President of the Board of Directors

	
Faster S.r.l.

	
Signed for acceptance

	
 

	
____________________________

 

11

 

 

 

 

 

 

	
	
By hand

 

Dear Mr.

Matteo Arduini

Company’s office

 

Rivolta D’Adda, December 16th 2020

 

 

Dear Mr. Arduini,

 

We are pleased to inform you that - based on your performance and commitment during year 2020 - with effect from January 2021, you will be granted an increase of your annual gross base salary of € 19.000,00 (a.k.a superminimum).

We also inform you that - with effect from January 2021 - the annual amount for the non-competition agreement in place with the company(referred to in point 7.2 of the employment contract of 20/12/2018):

	
(iii)
	
will be increased by € 5,200.00 gross and will therefore amount to € 59,800.00 gross;

	
(iv)
	
will be paid in 4 equal instalments of equal amount.

The Target Bonus of the so-called "Short-Term Incentive plan" (STIP, referred to in point 4.3) will be equal to 40% of the gross annual economic treatment (article 4.2), while the amount, based on the Company's performance, can be included between 0 and 200% of the target Bonus.

You will continue to participate in the so-called "Long-term incentive plan" (LTIP, referred to in point 4.4 of the employment contract of 20/12/2018) whose overall value will be equal to 70% of the gross annual economic treatment (article 4.2).  

For 2021 your total LTI award will also be rebalanced to: (a) time based restricted stock units (RSUs) that vest ratably over a three year period and which make up 25% of the LTIP award; (b) incentive stock options (SO) that vest ratably over a three year time period and which make up 25% of the LTIP award; and (c) performance based restricted stock units (PRSUs) that cliff vest after the completion of a three performance period (i.e., 2021-2023) and which make up 50% of the LTIP award.   

As part of the LTIP, you can obtain up to 2 times the aforementioned LTIP Target on the performance-based restricted stock unit portion of the LTI award, in the event of reaching or exceeding the established performance 

12

 

 

 

 

parameters assigned.  The PRSUs will be calculated based upon achievement of metrics that will be communicated in a separate Award Agreement.

It is understood that any and all LTIP awards are made pursuant to the Helios Technologies 2019 Equity Incentive Plan and each award is further subject to the terms and conditions of the accompanying Award Agreement at the time of grant of the RSU and the Stock Options.

The foregoing provisions and the aforementioned documents ("Helios Technologies 2019 Equity Incentive Plan" and "Award Agreement") replace art. 4.4. of the employment contract 12/20/2018 and any other regulation relating to LTIP award. 

It is understood that all and any values or advantages in your favor arising from the STIP and the LTIP shall not, in any event, be considered part of your salary as employee and, therefore, will not be included in any calculation of your severance payment (TFR) or any indemnity which the Company should be obliged to pay you at the termination of your employment relationship under to the law and the CCNL.

For the rest, the regulatory and economic conditions of your employment contract and related accessory agreements remain unchanged.

This communication is drafted in Italian and translated into English. In case of conflict between the Italian and the English versions, the Italian version shall prevail.

By asking you to return the attached copy of this letter signed, we send you my best wishes for a successful job.

Best regards.

	
President of the Board of Directors

	
Faster S.r.l.

	
Signed for acceptance

	
 

	
____________________________

 

13cc-ex101_241.htm

EXHIBIT 10.1

 

AGREEMENT AND RELEASE

 

This Settlement Agreement and Release ("Release" or “Agreement”) is made and entered into this 1st day of March, 2021 by and between and The Chemours Company (“Chemours” or "Employer" or “Company”) and E. Bryan Snell ("Employee"), in connection with Employee's Special Assignment and separation of employment with Employer, effective July 2, 2021 (the “Separation Date”). 

 

 

In consideration of the mutual promises and releases contained herein and other good and valuable consideration as set forth herein, it is hereby agreed as follows:

 

	
 
	
1.
	
In full and final settlement of any claims and demands for relief which may be asserted by Employee against Employer, its predecessors, successors and assigns, and the Employer’s directors, officers, agents, attorneys and representatives, and in exchange for the promises and obligations of the Employee as set forth in this Release, and particularly the obligations described in Paragraphs 2 and 3, Employer will make the following lump sum payments and consulting arrangements to Employee:

 

	
 
	
a.
	
Retain Employee as an employee until July 2, 2021. During this time, Employee agrees to perform work as requested including knowledge transfer to Ed Sparks, and to be on Special Assignment from March 1, 2021 through July 2, 2021 taking direction from Ed Sparks;

	
 
	
b.
	
Retain Employee as a Consultant as outlined in the attached Exhibit B, for $18,333.33 per month at no more than 4 days per month from July 3, 2021 through December 31, 2021. 

	
 
	
c.
	
Make cash payments totaling $600,000 in two installments as follows: a cash payment of $300,000 to be made on or before January 31, 2022 and a cash payment of $300,000 on or before January 31, 2023. 

	
 
	
d.
	
Any payments under this Section shall be subject to applicable federal, state, or local withholding, taxes, or other deductions or withholdings required by law or Employer’s Employee Welfare Benefits Plan, if any, and shall be payable in accordance with Employer’s ordinary payroll practices. Employee will be separately notified of Employee’s rights to benefits continuation pursuant to COBRA and entirely responsible for timely signing up, paying premiums and meeting associated deadlines for the COBRA option.

	
 
	
2.
	
NON-COMPETE AGREEMENT. Employee agrees that for the period of July 2, 2021 until January 31, 2023, Employee will not accept employment and will not engage in activities which are entirely or in part the same as, or similar to, activities in which he engaged as Senior Vice President with the Company for any person, company or entity in connection with products or services (existing or planned) that are entirely or in part the same as, similar to, or competitive with, any products or services (existing or planned) of the Company at any time during the twenty four (24) months preceding termination of employment.  In particular, Employee agrees to refrain from entering into an employment or consulting relationship with 

 

EXHIBIT 10.1

	
 
		
DuPont or Corteva, or the following direct competitors of Chemours:  Tronox, Venator, Lomon Billons, Kronos, Ineos, Honeywell, Arkema, or Solvay.

	
 
	
3.
	
NON-SOLICITATION. For a period of two years following the termination of Employee’s employment and consulting agreement, Employee will not hire, recruit, solicit or induce any employee of the Company who possesses confidential information of the Company to terminate his or her employment with the Company and/or to seek employment with her new or prospective employer.

 

	
 
	
4.
	
Unless Employee first obtains Chemours’ written consent, Employee will not disclose or use at any time any trade secret, technical or nontechnical confidential information, or confidential business information of Chemours of which he became or becomes aware either before or after Employee’s departure from Chemours, except where such disclosure is required by law.

 

	
 
	
5.
	
Employee agrees to sign and comply with the Certificate of Compliance attached hereto as Exhibit A and made a part hereof regarding the return of Company information.

	
 
	
6.
	
 No Additional Benefits. Other than those payments and benefits described in this Agreement and the Consulting Agreement attached as Exhibit B, which shall be paid subject to the terms and conditions of this Agreement, Employee acknowledges and agrees that Employee is not entitled to any additional payments or benefits in connection with termination of Employee’s employment with Employer, including without limitation, the accrual of any additional benefits. 

	
 
	
7.
	
Employee, on behalf of himself and his heirs, successors and assigns, agrees that, in the event incurs any tax liability resulting from any payments described herein, he shall be solely responsible for such taxes and shall indemnify and hold Employer harmless from such taxes, interest and penalties.

	
 
	
8.
	
Duty of Cooperation. Employee agrees to reasonably cooperate with Employer and to provide all information and sign any corporate records and instruments that Employer may reasonably request with respect to any matter involving Employee’s employment relationship with Employer, the work Employee has performed, or present or former employees of Employer, including but not limited to any litigation with respect to such matters. 

	
 
	
9.
	
Acknowledgement No Claim for Wages or Compensation or FMLA leave. Except for any payment referenced in Section 1 above, Employee acknowledges that Employee has been paid in full all compensation and benefits due to Employee as of the date of Employee’s signature on this Agreement including, but not limited to, having received all wages, overtime, meal and rest break pay, salary, expense reimbursement, penalty, bonus or other compensation of any kind which Employee is due or to which Employee believes Employee may be entitled. To the extent permitted by law, Employee waives any claim for wages, salary, reimbursement, penalty, bonus or other compensation earned or accrued through the date Employee signs this Agreement. Employee further warrants that, if applicable, Employee has exercised without interference all leave rights available to Employee under the Family and Medical Leave Act.

Page 2 of 7

Release and Agreement – EBSnell 1March2021

 

EXHIBIT 10.1

	
 
	
10.
	
Age Discrimination Release Notification. This Agreement includes a release of all charges and claims under the Age Discrimination in Employment Act (“ADEA”) and, therefore, pursuant to 29 U.S.C. § 626(f), Employee acknowledges that:

	
 
	
(a)
	
Employee is releasing claims Employee may have under the ADEA; 

	
 
	
(b)
	
Employee has read and fully understands the terms of this Agreement; 

	
 
	
(c)
	
Employee has agreed to execute this Agreement knowingly and voluntarily;

	
 
	
(d)
	
As with any legal document, Employee is advised to consult with an attorney of Employee’s own choosing and to discuss all aspects of this Agreement with an attorney of Employee’s own choosing before signing this Agreement;

	
 
	
(e)
	
Employee is releasing only those claims arising prior to the date of the effectiveness of this release;

	
 
	
(f)
	
Employee may sign at any time, but acknowledges that Employee has twenty-one (21) days in which to consider this release of claims under the ADEA, which Employee acknowledges to be a reasonable and sufficient period of time for review, deliberation, and negotiation; 

	
 
	
(g)
	
Employee has full knowledge of the implications of such settlement and release of claims; and 

	
 
	
(h)
	
Employee may revoke Employee’s release of claims under the ADEA for a period of seven (7) days from the date of Employee’s execution of the Agreement by delivering a written notice of revocation to Employer, to Susan Kelliher, Senior Vice President, People, Environment, Safety & Health, 1007 Market Street, Wilmington DE 19898 or Susan.Kelliher@chemours.com.

	
 
	
(i) 
	
This Agreement is not effective until the revocation period has passed.

 

	
 
	
10.
	
Unconditional General Release. Except as specifically provided elsewhere in this Agreement, in consideration of the benefits to Employee in this Agreement, the adequacy of which is hereby acknowledged, and as a material inducement to Employee to enter into this Agreement, Employee agrees for Employee’s heirs and personal or legal representatives, that by Employee’s signature, Employee is forever giving up and waiving any claims, whether known or unknown, Employee ever has had or may have against Employer, for any personal or monetary relief that is based, in whole or in part, on conduct that occurred by Employer on or before the date Employee signs this Agreement. Employee represents and warrants that Employee has no suits, claims, charges, complaints except as specifically provided elsewhere in this Agreement, in consideration of the benefits to Employee in this Agreement, the adequacy of which is hereby acknowledged, and as a material inducement to Employee to enter into this Agreement, Employee agrees for Employee’s heirs and personal or legal representatives, that by Employee’s signature, Employee is forever giving up and waiving any claims, whether known or unknown, Employee ever has had or may have against Employer, for any personal or monetary relief that 

Page 3 of 7

Release and Agreement – EBSnell 1March2021

 

EXHIBIT 10.1

	
 
		
is based, in whole or in part, on conduct that occurred by Employer on or before the date Employee signs this Agreement.

	
 
	
11.
	
By waiving and giving up such claims Employee understands that Employee is releasing Employer from any liability or obligation for any expense, damage, or loss Employee did or might claim based on, among other things, the following: (a) Employee’s employment with Employer or the termination of that employment; (b) any Employer policy, practice, contract, agreement, promise, publication, or other communication; (c) any tort or personal injury; (d) any policies, practices, laws or agreements governing the payment of wages, commissions or other compensation; (e) any laws governing employment discrimination, including, but not limited to, Title VII of the Civil Rights Act of 1964; Sections 1981 through 1988 of Title 42 of the United States Code; The Employee Retirement Income Security Act of 1974 ("ERISA") (except for any vested benefits under any tax qualified benefit plan); The Immigration Reform and Control Act; The Americans with Disabilities Act of 1990; The Age Discrimination in Employment Act of 1967 (“ADEA”);The Worker Adjustment and Retraining Notification Act; The Fair Credit Reporting Act; The Family and Medical Leave Act; The Genetic Information Nondiscrimination Act; The Equal Pay Act; The Sarbanes-Oxley Act retaliation provisions; The False Claims Act retaliation provisions; The Dodd-Frank Wall Street Reform and Consumer Protection Act retaliation provisions; The Older Worker Benefit Protection Act; and any similar federal, state, or local law or ordinance; (f) any claim of retaliation based on any federal, state, or local law or ordinance; (g) any laws or agreements that provide for punitive, exemplary or statutory damages; (h) any implied contract, covenant of good faith and fair dealing, or violation of public policy or claims that Employee was fraudulently induced to enter into this Agreement; interference with business opportunity or contracts, negligence, misrepresentation, fraud, detrimental reliance, personal injury, assault, battery, defamation, false light, invasion of privacy, infliction of emotional distress, retaliation, constructive discharge, or wrongful discharge; (i) any other federal, state or local law or ordinance relating to employment or benefits associated with employment; and (j) any laws or agreements that provide for payment of attorneys’ fees, costs or expenses.

	
 
	
12.
	
Claims Not Waived and Cooperation with Governmental Entities. This Agreement does not waive any claim for breach of this Agreement or claims that Employee may have that by law cannot be waived or released. Employee is not waiving any rights he may have to: (a) his own vested or accrued employee benefits under Employer’s health, welfare, or retirement plans as of July 1, 2021; (b) benefits and/or the right to seek benefits under applicable workers’ compensation and/or unemployment compensation statutes; (c) any bounty that may be recoverable as a result of participating in the Securities and Exchange Commission’s whistleblower program, or any other bounty program for which recovery cannot be waived as a matter of law; (d) pursue claims which by law cannot be waived by signing this Agreement; (e) enforce this Agreement; and/or (f) challenge the validity of this Agreement. Further, notwithstanding any other provision of this Agreement (including the non-disparagement provision and confidentiality provision), Employee may file a charge, or cooperate with any government agency (including but not limited to the Equal Employment Opportunity Commission (“EEOC”)) for claims not covered in this release, although this Agreement does prohibit Employee from obtaining any personal or monetary relief for Employee based on such a charge or based on Employee’s providing information to or cooperating with the EEOC or any other governmental agency or demands of any kind whatsoever currently pending against Chemours with any local, state, or federal court or any governmental, administrative, investigative, civil rights or other agency or board.  

Page 4 of 7

Release and Agreement – EBSnell 1March2021

 

EXHIBIT 10.1

	
 
	
13.
	
Non-Admission. Employee understands and agrees that Employer expressly denies any liability or any wrongdoing in connection with Employee’s separation from employment or in connection with any dispute Employee may have with or about Employer. Employee further understands and agrees that Employer expressly denies any responsibility for any injury or loss Employee has or may allege.

	
 
	
14.
	
Section 409A. Notwithstanding anything to the contrary in this Agreement, no portion of the benefits or payments to be made under this Agreement will be payable until Employee has a “separation from service” from Employer within the meaning of Section 409A of the Internal Revenue Code (the “Code”). For purposes of the application of Section 409A of the Code, each payment in a series of payments will be deemed a separate payment. Anything to the contrary in this Agreement notwithstanding, all benefits or payments provided by Employer to Employee that would be deemed to constitute “nonqualified deferred compensation” within the meaning of Section 409A of the Code are intended to comply with Section 409A of the Code. Notwithstanding anything in this Agreement to the contrary, distributions may only be made under this Agreement upon an event and in a manner permitted by Section 409A of the Code or an applicable exemption.

	
 
	
15.
	
Severability. If any portion or clause of this Agreement is void or deemed unenforceable for any reason, the unenforceable portion or clause shall be deemed severed from the remaining portions of this Agreement, which shall otherwise remain in full force.

	
 
	
16.
	
No Assignment of Claims Released. Employee represents that Employee has not assigned, given or sold any portion of any claim represented to be released in this Agreement to anyone else.

	
 
	
17.
	
Governing Law and Venue. This Agreement shall be interpreted in accordance with the laws of the State of Delaware. Any dispute or controversy related to, or arising from, this Agreement shall be brought exclusively in the state or federal court located in New Castle County, Delaware.  Employee submits to personal jurisdiction in these courts.  

	
 
	
18.
	
DTSA Notification. Under the federal Defend Trade Secrets Act of 2016, Employee shall not be held criminally or civilly liable under any federal or state trade secret law for the disclosure of a trade secret that: (a) is made (i) in confidence to a federal, state, or local government official, either directly or indirectly, or to an attorney; and (ii) solely for the purpose of reporting or investigating a suspected violation of law; or (b) is made to Employee’s attorney in relation to a lawsuit for retaliation against Employee for reporting a suspected violation of law; or (c) is made in a complaint or other document filed in a lawsuit or other proceeding, if such filing is made under seal.

	
 
	
19.
	
Effect of Agreement. Each of the Parties to this Agreement represents and warrants to the other that, except for the obligations contained in this Agreement, the Consulting Agreement and the Certificate of Compliance, there are no other obligations of any kind between the parties. Employee agrees that in executing this Agreement Employee does not rely upon and has not relied upon any representation or statement not set forth in this Agreement with regard to the subject matter, basis or effect of this Agreement. Employee represents that Employee has carefully read the Agreement, that Employee has been fully and fairly advised as to its terms and that Employee executes this Agreement as Employee’s own free act and deed.

Page 5 of 7

Release and Agreement – EBSnell 1March2021

 

EXHIBIT 10.1

	
 
		

	
 
	
20.
	
This Agreement is binding upon and its benefits accrue to the parties hereto and their respective successors, executors, administrators, and permitted assigns. 

	
 
	
21.
	
Employee expressly agrees that this consideration is adequate to support this Agreement. For the avoidance of doubt, if Employee revokes or does not timely return the executed Agreement, Employee shall not be entitled to the payments and benefits set forth in this Agreement.

IN WITNESS WHEREOF, the parties hereto, have executed this Agreement on the date(s) set forth below, intending to be legally bound hereby.

 

 

_/s/ E. Bryan Snell__________________________

E. Bryan Snell

 

Date: _March 2, 2021__________

 

 

 

FOR: The Chemours Company

 

 

_/s/ Susan Kelliher__________________________

 

 

Date: _March 2, 2021___________

 

 

 

Page 6 of 7

Release and Agreement – EBSnell 1March2021

 

EXHIBIT 10.1

  

EXHIBIT “A”

 

THE CHEMOURS COMPANY

Certificate of Compliance

 

This to certify that in connection with the termination of my employment with The Chemours Company, I do not have in my possession, nor have I have failed to return, any records, documents, laboratory notebooks, data, specifications, materials, drawings, blueprints, reproductions, sketches, notes, reports, proposals, customer lists, computer software (including source or object code listings therefor), documentation accompanying computer software, flow charts, data structures, data files, algorithms, programs structures and logic, prototypes and like items or copies of the foregoing or any other documents, materials or written or computerized information belonging to The Chemours Company or to any of its subsidiaries, joint ventures, or affiliated companies, or to their clients, customers, or licensees.

 

I further state that I have been advised that I am obligated to preserve in confidence and not use for my own benefit or for the benefit of any third party (including any future employer or client) any and all confidential and proprietary company information that I learned about during my employment with the company, including any such information relating to trade secrets; research initiatives and projects; manufacturing and research processes and methods; experimental and test results; computer software and code; data or information relating to company’s products or services; mailing lists; cost and pricing information; lists of customers or prospective customers; marketing or strategy information; competitive intelligence; employee compensation information; and including any such confidential or proprietary information pertaining to any of company’s subsidiaries, joint ventures, suppliers, customers, consultants or licensees. I understand that this Certificate of Compliance is not to be construed as a substitute for my Employment Agreement and that to the extent that I have obligations under such an agreement, I hereby state and affirm that I intend to comply with those obligations.

 

 

ACKNOWLEDGED AND AGREED this ______ day of ______, 2021 

 

 

 

 

____________________________________________________________

 

E. Bryan Snell

 

 

 

 

 

Page 7 of 7

Release and Agreement – EBSnell 1March2021

 

EXHIBIT 10.1

 

EXHIBIT B to the AGREEMENT and RELEASE: Consulting Agreement for Private Consulting Activities

 

 

 

The Chemours Company FC, LLC (hereinafter "COMPANY") and E. Bryan Snell (hereinafter "CONSULTANT") agree that CONSULTANT will advise COMPANY on matters relating to his previous role as President, Chemours Titanium Technologies according to the following terms and conditions (“this Agreement”):

 

	
1.
	
Consulting Services. CONSULTANT's responsibilities shall include, without limitation, the following activities (hereinafter collectively referred to as "Services"):  Advice, counsel, assistance and/or advocacy with Titanium Technologies issues as requested by Ed Sparks.  

 

CONSULTANT shall perform the Services only upon COMPANY's request and after the scope of the Services has been approved by COMPANY.  The Services may be performed via telephone and digitally and may include meetings with personnel and other consultants at times and locations to be mutually agreed upon. 

 

	
2.
	
Compensation.  In consideration for CONSULTANT's services hereunder, COMPANY shall pay CONSULTANT as follows:  

 

	
 
	
a.
	
$18,333.33 per month for up to a maximum of 4 days per month

	
 
	
b.
	
Pre-approved, reasonable out-of-pocket expenses (upon presentation of appropriate receipts) incurred by CONSULTANT, including all travel, food and lodging, in connection with the Services provided hereunder.

 

Payment shall be made within sixty days (60) days of receipt of an invoice of itemized services and submission of appropriate vouchers and receipts as may be reasonably necessary to substantiate CONSULTANT's out-of-pocket expenses. Any reimbursements that constitute deferred compensation for purposes of Section 409A of the Internal Revenue Code shall be provided in a manner that complies with Treasury Regulation Section 1.409A-3(i)(1)(iv). Accordingly, (i) such reimbursements will be made not later than the last day of the calendar year after the calendar year in which the expenses were incurred, (ii) any right to such reimbursements will not be subject to liquidation or exchange for another benefit, and (iii) the amount of the expenses eligible for reimbursement during any taxable year will not affect the amount of expenses eligible for reimbursement in any other taxable year.  COMPANY and CONSULTANT anticipate that the average level of services provided by CONSUTLANT pursuant to this Agreement will not be more than 20% of the average level of services CONSULTANT provided to COMPANY while employed by COMPANY. 

 

CONSULTANT shall not be paid and is not entitled to employee benefits, vacation, holiday or sick time during the term of Agreement.  In the event of premature termination of the Agreement COMPANY shall pay CONSULTANT for the Services performed and expenses incurred through the date of termination.  

 

	
3.
	
Term and Termination.  This Agreement shall be effective upon full execution of this Agreement and continue for a period of six months beginning July3, 2021 through December 31, 2021, to be extended at COMPANY’s discretion on a month-to-month basis, not to exceed 24 months.

 

Either party may terminate this Agreement with or without cause at any time after the initial 6 month commitment, but CONSULTANT understand he continues to be bound by the terms of his Agreement and Release (which includes this Consulting Agreement as Exhibit B) and agrees to refrain from entering into an employment or consulting relationship with and competitor, including DuPont or Corteva, or the following direct competitors of Chemours:  Tronox, Venator, Lomon Billons, Kronos, Ineos, Honeywell, Arkema, or Solvay until after January 31, 2023.  Termination or expiration of this Agreement shall not affect any rights or obligations which have accrued prior thereto or in connection therewith. Any written agreements altering the term and/or conditions of this agreement must be reviewed and approved in advance by the Senior Vice 

 

EXHIBIT 10.1

President, People Team and EHS&S Susan Kelliher.

 

 

	
4.
	
Confidential Information

 

	
4a.
	
With respect to any Company information shared with CONSULTANT pursuant to this agreement, or information of a technical or business information of a proprietary or confidential nature which CONSULTANT may consult or obtain from COMPANY under this Agreement, or which is developed by CONSULTANT as a result of CONSULTANT's Services hereunder (all of such information being referred to hereinafter as "Company Information"), it is understood that until the Company Information in question has been disclosed by COMPANY to the public generally or until COMPANY grants CONSULTANT specific written approval to deal otherwise with Company Information, CONSULTANT will:

 

	
 
	
i)
	
treat and maintain all Company Information as confidential;

 

	
 
	
ii)
	
not use any Company Information except as and to the extent necessary for the aforesaid consulting tasks; and

 

	
 
	
iii)
	
not disclose any Company Information to any third party without prior written approval from COMPANY: and

 

	
 
	
iv)
	
Upon a conclusion of this Agreement CONSULTANT shall promptly return all Confidential Information.

 

	
4b.
	
Consultant’s obligations set forth in this Section 4 shall not apply with respect to any portion of the Company Information that is required to be disclosed in response to a valid order by a court or other governmental body, or as otherwise required by law.

 

	
5. 
	
Computer Access.  If CONSULTANT will be provided access to COMPANY’s computer systems, CONSULTANT shall execute and comply with the "Chemours Electronic Access Agreement" or other appropriate agreement.

 

	
6.
	
Privacy.  If any personal information (i.e., information that can reveal the identity of a person) will be transferred to or processed by CONSULTANT, CONSULTANT shall execute and comply with COMPANY’s "Data Transfer Agreement".  Any personal information provided by one Party to the other may only be used in connection with this Agreement and may not be used for direct marketing or transferred to any third party.

 

	
7.
	
Records Retention and Audits.  CONSULTANT shall maintain, in secure locations (to prevent destruction and unauthorized access) and in accordance with Generally Accepted Accounting Principles and Practices and statutory requirements, records sufficient to document all charges.  Upon notice from COMPANY, CONSULTANT shall provide COMPANY (and its accountants and auditors) with access to such records (except for records regarding CONSULTANT’S internal costs) to determine if the charges are accurate according to this Agreement and to otherwise audit compliance with this Agreement

 

	
8.
	
Compliance.  In the performance of the Services hereunder, CONSULTANT shall comply with all applicable federal, state and local laws, regulations and guidelines.  CONSULTANT shall also comply with COMPANY's polices and Code of Conduct when performing duties for COMPANY.

 

	
9.
	
Independent Contractor.  CONSULTANT's status under this Agreement is that of an independent contractor.  CONSULTANT shall not be deemed an employee, agent, partner or joint venturer of COMPANY for any purpose whatsoever, and CONSULTANT shall have no authority to bind or act on behalf of COMPANY.  This Agreement shall not entitle CONSULTANT to participate in any benefit plan or program 

 

EXHIBIT 10.1

		
of COMPANY.  CONSULTANT shall be responsible for, and agrees to comply with, obligations under federal and state tax laws for payment of income and, if applicable, self-employment tax.

 

	
10.
	
Assignment.  CONSULTANT may not assign this Agreement or any interest herein, or delegate any of its duties hereunder, to any third party without COMPANY's prior written consent, which consent is within COMPANY's sole discretion to grant or withhold.  Any attempted assignment or delegation without such consent shall be null and void. 

 

	
11. 
	
Indemnification.  The D&O Indemnification Agreement most recently signed at the time of this consulting agreement between E Bryan Snell and Chemours, is incorporated by reference herein, and shall apply to Services specifically requested and authorized under this Agreement.

 

	
12.
	
Liability. (a) Except as provided in clause (b):  (i) neither Party shall be liable to the other Party under this Agreement for any indirect, incidental, special, consequential or punitive damages; and (ii) the aggregate liability of either Party to the other Party for damages under this Agreement shall not exceed $250,000 or the aggregate charges under this Agreement, whichever is greater.

(b)The limitations of liability in clause (a) shall not apply to:  (i) breach of the "Confidential Information" Section by CONSULTANT or the obligations of either Party pursuant to the "Indemnification" Section.

 

	
13.
	
Entire Agreement.  This Agreement contains the entire understanding of the parties with respect to the consulting matters herein contained.  This agreement may be modified only by written agreement signed by the parties.

 

	
14.
	
Choice of Law.  This Agreement shall be governed by and construed in accordance with the laws of the State of Delaware without regard to its conflicts of laws rules. Each Party consents to the exclusive jurisdiction of, and service of process by, the United States District Court for Delaware or the state courts of Delaware with respect to this Agreement.

 

 

 

 

For: The Chemours Company

 

 

By:  _/s/ Susan Kelliher_____________________ Date:  _March 2, 2021_

 

 

 

E. Bryan Snell

 

 

By:  _/s/ E. Bryan Snell_____________________ Date:  _March 2, 2021_

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