Document:

EX-10.1

 EXHIBIT 10.1 
  

 
 GARRETT MOTION 

Form of Continuity Award Agreement 

[Date] 
 [First Name] [Last Name]

 Re:     Continuity Award 
 Dear
[First Name]: 
 In light of your importance to the continued success of Garrett Motion (the “Company”) and to
provide you with an incentive to remain with the Company [during the coming year] [until [date]], your Garrett employing entity will provide you with a cash incentive payment of $[●] (your “Continuity Award”), less applicable
withholdings and deductions, on [date] (the “Effective Date”), subject to the terms and conditions of this Continuity Award Agreement (this “Agreement”). 

1. Repayment on Early Termination. If you terminate your employment with the Company without Good Reason or the Company
terminates your employment for Cause (each as defined [under Section 12 below] [in the Company’s 2018 Stock Incentive Plan]) before [the first anniversary of the Effective Date] [date] (the “Retention Date”), then you must
repay the full value of your Continuity Award to the Company within 10 days of your termination of employment. This is a full recourse obligation to you. 

2. No Repayment Upon Certain Terminations. For the avoidance of doubt, you will not be required to repay your Continuity
Award if (a) your employment terminates after the Retention Date for any reason, (b) in the event of your death or termination of your employment due to your disability, or (c) your employment is terminated by the Company without
Cause or by you for Good Reason; provided that, in each case, you (or, in the event of your death, your estate) execute and cause to become effective a release of claims in a form reasonably satisfactory to the Company [within] [not earlier than one
month and one day after such termination of employment, but no later than] 60 days after such termination. 
 3. No Right
to Continued Employment. Nothing in this Agreement will confer upon you any right to continued employment with the Company (or its subsidiaries or their respective successors) or interfere in any way with the right of the Company (or its
subsidiaries or their respective successors) to terminate your employment at any time. 
 4. Settlement of Claims. In
the event that you are required to repay the Continuity Award pursuant to Section 1, the Company may offset, to the extent allowable by law, any amounts owed by the Company or its affiliates to you against the amount that you are required to
repay. 

 

 
  

 5. Other Benefits. The Continuity Award will not be taken into account
in computing the amount of any salary or compensation to determine any bonus, retirement, or other benefit under any Company benefit plan or arrangement. 

6. No Assignments; Successors. This Agreement is personal to you and you may not assign or delegate any right or
obligation under it. This Agreement will inure to the benefit of any successor to the Company. 
 7. [Restrictive
Covenants. In consideration of, among other things, your initial and/or ongoing relationship with the Company, the Continuity Award, and you being granted access to trade secrets and other confidential information of the Company and for other
good and valuable consideration, the receipt and sufficiency of which you acknowledge, you agree to comply with the obligations in Annex A to this Agreement.] 

8. [Forfeiture of Certain Awards. You acknowledge and agree that, effective on July 1, 2020, your participation in
and any outstanding awards with respect to the 2020 short-term incentive compensation plan (ICP) and the 2020 long-term incentive equity plan (LTI) will be waived, forfeited and immediately terminate without consideration. For the avoidance of
doubt, you further acknowledge and agree that you will not have grounds to terminate your employment with the Company for “Good Reason” pursuant to the severance plan of the Company in which you participate as a result of this Agreement,
including your agreement pursuant to this Section 8.] 
 9. Governing Law. This Agreement will be governed by,
and construed in accordance with, the laws of [Switzerland. The courts of Switzerland shall have exclusive jurisdiction for any dispute arising out of or in connection with this Agreement.] [the State of Delaware.] 

10. Counterparts. This Agreement may be executed in one or more counterparts, each of which shall be deemed to be an
original but all of which together shall constitute one and the same instrument. 
 11. Entire Agreement; Amendment.
This Agreement[, including Annex A hereto,] constitutes the entire agreement between you and the Company with respect to the Continuity Award and supersedes any and all prior agreements or understandings between you and the Company with respect
to the Continuity Award, whether written or oral. This Agreement may be amended or modified only by a written instrument executed by you and the Company. 

12. [Definitions. “Good Reason” and “Cause” within the meaning of this Agreement shall be defined as
follows: 
  

	 	(a)	 “Cause” means any one or more of the following: (i) conviction of a criminal offence;
(ii) gross negligence, recklessness, dishonesty, fraud, wilful wrongdoing or gross misconduct; (iii) a wilful failure without reasonable justification to comply with a reasonable written management order; or (iv) a material breach by
the employee of their duties or obligations under their contract of employment and/or Company policies. 

  
 -2- 

 

 
  

	 	(b)	 “Good Reason” means any one or more of the following: (i) a material change in the
employee’s position, duties and/or responsibilities; (ii) a reduction in the employee’s base salary of 25% or more; (iii) the permanent elimination of the employee’s position; (iv) a material change in the geographic
location at which the employee must perform their duties; (v) any action by the Company that, under applicable law, constitutes constructive discharge. Notwithstanding the foregoing, Good Reason shall not be deemed to have occurred unless the
employee provides written notice to the Company identifying the event or omission constituting the reason for a Good Reason termination within ninety (90) days following the first occurrence of such event or omission. Within thirty
(30) days after such notice has been provided, the Company shall have the opportunity, but shall have no obligation, to cure such event or conditions that give rise to a Good Reason termination. If the Company fails to cure the events or
conditions giving rise to the employee’s Good Reason termination by the end of the thirty (30) day cure period, the employee’s employment shall be terminated effective as of the expiration of such thirty (30) day cure period
unless the employee has withdrawn such Good Reason termination notice.] 

 [Signature Page Follows]

  
 -3- 

 

 
  

 We thank you for the service you have rendered in the past and look forward to your continued
contribution to the success of the Company. Please acknowledge your acceptance of the terms of this letter and return it to me as soon as possible but no later than [date]. 

 

	
	Very truly yours,
	
	          

	[Name]
	[Title]

  

			
	Acknowledged and agreed:
	
	         

	Name:	 	
	Title:	 	
	Date:	 	         

 

 
  

 [Annex A 

Post-Termination Restrictions 
 Reference
is made to the Continuity Award Agreement (the “Agreement”) between you and Garrett Motion (the “Company”). In consideration of the Agreement and your receipt of the Continuity Award, you hereby acknowledge and
agree to comply with the obligations set forth in this Annex A upon the termination of your employment for any reason, including any termination of employment that results in your repayment of all or part of the Continuity Award as set forth in
Section 1 of the Agreement. 
  

	1.1	 The following definitions apply for the restrictions set out in the remainder of this Annex A; provided
that any terms not otherwise defined herein have the meanings set forth in the Agreement: 

  

	 	(a)	 “Capacity” means acting as agent, consultant, director, employee, owner, partner, shareholder
or in any other capacity (whether directly or otherwise and/or whether acting on your own behalf or in conjunction with any firm, company or person). 

  

	 	(b)	 “Group Company” means Garrett Motion Inc. and all companies which are for the time being
either a Holding Company or a Subsidiary Company of either Garrett Motion Inc. or any such Holding Company (and “Subsidiary Company” and “Holding Company” shall have the meanings ascribed to them by art. 5 para. 1
of the Swiss Ordinance on Merger Control). For the avoidance of doubt, reference to the “Group” shall be taken to mean Garrett Motion Inc., any Subsidiary Company, any Holding Company and/or any company within the Garrett Motion
corporate group. 

  

	 	(c)	 “Relevant Period” means the 24 month period prior to the your last actual date of work while
employed by the Company. 

  

	 	(d)	 “Restricted Business” means (a) the commercialization (including but not limited to
development, design, marketing, manufacturing, importing, selling, renting, or otherwise placing into commerce) of turbocharging technology and automotive software products and services; and/or (b) any other business activity which any Group
Company may be engaged in during the Relevant Period, in either case with which you were involved in to a material extent during your employment with the Company in the Relevant Period. 

 

	 	(e)	 “Restricted Customer” means any firm, company or person who, during the Relevant
Period, was a customer (or prospective customer) of any member of the Group and with whom you had contact with or about whom you became aware or informed of during your employment with the Company. 

 

	 	(f)	 “Restricted Partner” means any firm, company or person who, during the Relevant Period, was a
client or business partner (or prospective client or business partner) of any member of the Group and with whom you had contact with or about whom you became aware or informed of during your employment with the Company. 

  
 A-1 

 

 
  

	 	(g)	 “Restricted Person” means anyone employed or engaged by any member of the Group and with whom
you dealt with in the course of your employment in the Relevant Period (but excluding any employee employed in an administrative, clerical, manual or secretarial capacity); and 

 

	 	(h)	 “Territory” means (noting the seniority and global nature of your role): (a) all jurisdictions
across the globe in which any member of the Group have business operations; and/or (b) all jurisdictions globally where, during the Relevant Period, any member of the Group undertook Restricted Business and in respect of which during the
Relevant Period you were involved or for which you had management responsibility. 

  

	1.2	 In order to protect the Group’s legitimate proprietary interests, confidential information and its
businesses and employees, including but not limited to, the Company’s business methods, business systems, strategic plans, plans for acquisition or disposition of products, expansion plans, financial status and plans, financial data, customer
lists and data, and personnel information to which you have had access to as a result of your employment with the Company, and noting the seniority and global nature of your role, you expressly covenant with Garrett Motion Inc. (for itself and as
trustee and agent for each Group Company) that you shall not: 

  

	 	(a)	 for a period of 12 months after the termination of your employment, be involved in any Capacity with any
business concern in the Territory which is (or intends to be) in competition, whether directly or otherwise, with any Restricted Business; 

  

	 	(b)	 for a period of 12 months after the termination of your employment, solicit or endeavour to entice away from
any member of the Group, the business or custom of a Restricted Customer or Restricted Person with a view to providing goods or services to that Restricted Customer or Restricted Person in competition with any Restricted Business;

  

	 	(c)	 for a period of 12 months after the termination of your employment, deal or otherwise be involved with the
provision of goods or services to (or otherwise have any business dealings with) any Restricted Customer or Restricted Person in the course of any business concern which is in competition with any Restricted Business; and/or 

 

	 	(d)	 for a period of 12 months after the termination of your employment, in the course of any business concern which
is in competition with any Restricted Business, offer to employ or engage or otherwise endeavour to entice away from any member of the Group, any Restricted Person (whether or not such person would be in breach of contract as a result of such
employment or engagement). 

  

	1.3	 None of the restrictions in clause 1.2 above shall prevent you from holding an investment by way of shares or
other securities of not more than 5% of the total issued share capital of any company, whether or not it is listed or dealt in on a recognized stock exchange. 

 

	1.4	 The periods for which the restrictions in clause 1.2 apply shall be reduced by any period that you spend on
garden leave (in accordance with the terms of your employment agreement or the policies of the Company, as applicable) immediately before the termination of your employment. 

  
 A-2 

 

 
  

	1.5	 If you receive an offer to be involved in a business concern in any Capacity during your employment with the
Company, or before the expiry of the last of the covenants in clause 1.2, you shall give the person making the offer to you a copy of this Annex A and shall tell the Company the identity of that person as soon as possible after receiving such offer.

  

	1.6	 You confirm that you have entered into the restrictions in clause 1.2 with the Company having been given
sufficient time to properly consider the content and implications for you. Further, you warrant and represent your experience and capabilities are such that the restrictions contained in clause 1.2 will not, upon the termination of your employment
with the Company (for whatever reason), prevent you from obtaining employment or otherwise earning a reasonable living. 

  

	1.7	 Each of the restrictions set out in clause 1.2 are intended to be separate and severable. If any of the
restrictions themselves shall be held to be void but would otherwise be valid if part of their wording were deleted or amended, such restriction shall apply with such deletion or amendment as may be necessary to make it valid or effective.

  

	1.8	 If your employment is transferred to any firm, company, person or entity other than another Group Company (the
“New Employer”) pursuant to art. 333 of the Swiss Code of Obligations, you agree that this clause 1 will apply to the benefit of such New Employer. 

 

	1.9	 Noting the seniority and global nature of your role, you understand that a violation of the obligations under
this Annex A is likely to cause serious damage to any member of the Group. Therefore, upon any breach of your obligations under this Annex A, you agree that you shall pay to the Company an amount equal to your last annual gross basic salary as a
contractual penalty. However, you also warrant that the payment of such contractual penalty shall not relieve you from your obligations. The Company’s right to claim damages is expressly reserved. Furthermore, the Company shall in any event be
entitled to seek judicial enforcement of your obligations. 

  

	1.10	 You further agree that a remedy at law for any breach or threatened breach of the provisions of this Annex A
would be inadequate and therefore agree that the Company shall be entitled to injunctive relief in case of any such breach or threatened breach. You acknowledge and agree that the Company may apply to any court of law or equity of competent
jurisdiction for specific performance and/or injunctive relief in order to enforce or prevent any violation of the provisions of this Annex A, and that money damages would not be an adequate remedy for such breach. You acknowledge and agree that a
violation of this clause would cause irreparable harm to the Company and covenant that you will not assert in any proceeding that a violation or further violation of this Annex A: (i) will not result in irreparable harm to the Company; or
(ii) could be remedied adequately at law. The Company’s right to injunctive relief shall be cumulative and in addition to any other remedies available at law or equity. In the event that a court determines that you have breached or
threatened to breach this Annex A, you agree to reimburse the Company for all attorneys’ fees and costs incurred in enforcing its terms. However, nothing contained herein shall be construed as prohibiting the Company from pursuing any other
remedies available for any such breach or threatened breach against you or your new employer, which may also include, but not be limited to, contract damages, lost profits and punitive damages.] 

  
 A-3Exhibit

EXHIBIT 10.1
NIKE, Inc. 
Executive Performance Sharing Plan
(as amended as of June 17, 2020) 
This is the Executive Performance Sharing Plan of NIKE, Inc. for the payment of incentive compensation to designated employees. 
Section 1. Definitions. The following terms have the following meanings: 
Board: The Board of Directors of the Company. 
Committee: The Compensation Committee of the Board. 
Company: NIKE, Inc. 
Exchange Act: The Securities Exchange Act of 1934, as amended.
Executive Officer: The meaning ascribed to this term by Rule 3b-7 promulgated under the Exchange Act. 
Performance Target: An objectively determinable level of performance as selected by the Committee to measure performance of the Company or any subsidiary, division, or other unit of the Company for the Year based on one or more performance measures, which may be adjusted by the Committee in its sole discretion. Performance measures may include, but are not limited to, the following: net income, net income before taxes, operating income, earnings before interest and taxes, revenues, return on sales, return on equity, earnings per share, or total shareholder return. 
Plan: The Executive Performance Sharing Plan of the Company. 
Section 409A: Section 409A of the Internal Revenue Code of 1986, as amended, and all regulations, interpretations, and administrative guidance issued thereunder.
Target Award: An amount of cash compensation to be paid to a Plan participant based on achievement of a particular Performance Target level established by the Committee, expressed as a percentage of the participant’s base salary (as determined in accordance with guidelines established by the Committee). 
Year: The fiscal year of the Company. 
Section 2. Objective. The objective of the Plan is to recognize and reward on an annual basis the Company’s Executive Officers or other individuals who are otherwise designated by the Committee as Plan participants for their contributions to the overall profitability and performance of the Company. 
Section 3. Administration. The Plan shall be administered by the Committee. Subject to the provisions of the Plan, the Committee will have full authority to interpret the Plan, to establish and amend rules and regulations relating to it, to determine the terms and provisions for making awards and to make all other determinations necessary or advisable for the administration of the Plan. 
Section 4. Participation. Participation in the Plan shall be limited to individuals who are designated as Executive Officers of the Company or who are otherwise designated by the Committee as Plan participants. 
Section 5. Determination of the Performance Targets and Awards. The Committee shall determine, in its sole discretion, the Performance Targets and Target Award opportunities for each participant as soon as administratively practicable following the beginning of each Year. The Committee may establish (a) several Performance Target levels for each participant, each corresponding to a different Target Award opportunity, and (b) different Performance Targets and Target Award opportunities for each Plan participant. The Committee may establish other restrictions on payment under a Target Award, including, but not limited to, a continued employment requirement, in addition to satisfaction of the relevant Performance Target. The Committee may also establish other subjective or objective goals, including, but not limited to, individual Performance Targets, which it deems appropriate for determining an award. The Committee shall not establish a Target Award opportunity under the Plan for any participant such that the maximum amount payable pursuant to such award exceeds $10 million. 
Section 6. Determination of Plan Awards. As soon as administratively practicable following the conclusion of the Year, the Committee shall determine the attainment of the Performance Targets for the Year, the satisfaction of any other material 

terms of the awards and the calculation of the awards, in each case, in its sole discretion. Awards shall be paid in cash as soon as practicable following such determination. 
Section 7. Termination of Employment. The terms and conditions applicable to a Target Award may provide that in the event of a participant’s termination of employment for any reason during a Year, the Plan participant (or his or her beneficiary) may receive, at the time provided in Section 6 or such other time or times as the Committee may determine in its sole discretion, all or any portion of the Target Award or the award to which the participant would otherwise have been entitled. 
Section 8. Clawback Policy. Unless otherwise provided at the time of establishing a Target Award, all awards under the Plan shall be subject to (a) any applicable securities, tax and stock exchange laws, rules, regulations and requirements relating to the recoupment or clawback of incentive compensation, (b) the NIKE, Inc. Policy for Recoupment of Incentive Compensation as approved by the Committee and in effect at the time the Target Award is established, (c) such other policy for clawback or recoupment of incentive compensation as may subsequently be approved from time to time by the Committee and (d) any clawback or recoupment provisions set forth in any agreement or notice evidencing the participant’s Target Award. By acceptance of any payment under the Plan, a participant expressly agrees to repay to the Company any amount that may be required to be repaid pursuant to any applicable policy, agreement or legal requirement. 
Section 9. Section 409A.
(a) All Target Awards made under the Plan that are intended to be “deferred compensation” subject to Section 409A will be interpreted, administered and construed to comply with Section 409A, and all Target Awards made under the Plan that are intended to be exempt from Section 409A will be interpreted, administered and construed to comply with and preserve such exemption. The Board and the Committee will have full authority to give effect to the intent of the foregoing sentence. 
(b) Without limiting the generality of Section 9(a) with respect to any Target Award made under the Plan that is intended to be “deferred compensation” subject to Section 409A: 
(i) any payment due upon a participant’s termination of employment will be paid only upon such participant’s separation from service from the Company within the meaning of Section 409A;
(ii) any payment due upon a change in control of the Company will be paid only if such change in control constitutes a “change in ownership” or “change in effective control” within the meaning of Section 409A, and in the event that such change in control does not constitute a “change in the ownership” or “change in the effective control” within the meaning of Section 409A, such award will vest upon the change in control and any payment will be delayed until the first compliant date under Section 409A;
(iii) any payment to be made with respect to any Target Award (or any other payment under this Plan) that would be subject to the limitations in Section 409A(a)(2)(B) of the Internal Revenue Code of 1986, as amended, will be delayed until six months after the participant’s separation from service (or earlier death) in accordance with the requirements of Section 409A; and
(iv) each payment in respect of any Target Award will be treated as a separate payment or delivery for purposes of Section 409A.
Section 10. Miscellaneous. 
(a) Amendment and Termination of the Plan. The Committee may amend, modify or terminate the Plan at any time and from time to time. Notwithstanding the foregoing, no such amendment, modification or termination shall adversely affect the payment of Target Awards previously established without the Plan participant’s consent. 
(b) No Assignment. Except as otherwise required by applicable law, no interest, benefit, payment, claim or right of any participant under the Plan shall be subject in any manner to any claims of any creditor of any participant or beneficiary, nor to alienation by anticipation, sale, transfer, assignment, bankruptcy, pledge, attachment, charge or encumbrance of any kind, and any attempt to take any such action shall be null and void. 
(c) No Rights to Employment. Nothing contained in the Plan shall give any person the right to be retained in the employment of the Company or any of its subsidiaries. The Company reserves the right to terminate a Plan participant at any time for any reason notwithstanding the existence of the Plan. 
(d) Beneficiary Designation. The Committee shall establish such procedures as it deems necessary for a Plan participant to designate a beneficiary to whom any amounts would be payable in the event of a Plan participant’s death. 

(e) Plan Unfunded. The entire cost of the Plan shall be paid from the general assets of the Company. The rights of any person to receive benefits under the Plan shall be only those of a general unsecured creditor, and neither the Company nor the Board nor the Committee shall be responsible for the adequacy of the general assets of the Company to meet and discharge Plan liabilities, nor shall the Company be required to reserve or otherwise set aside funds for the payment of its obligations hereunder.
(f) Other Payments or Awards. Nothing contained in the Plan shall be deemed in any way to limit or restrict the Company from making any award or payment to any person under any other plan, arrangement or understanding, whether now existing or hereafter in effect.
(g) Tax Withholding. The Company shall have the right to deduct from all cash payments made to a participant under the Plan or, if deemed necessary by the Company, from wages or other cash compensation paid to the participant by the Company and/or a subsidiary, any applicable taxes (including, but not limited to, social contributions or similar payments) required to be withheld with respect to such payments.
(h) Severability. If any provision of this Plan is found to be unenforceable, the remainder of the Plan shall continue in full force and effect without regard to such unenforceable provision and shall be applied as though the unenforceable provision was not contained in the Plan.
(i) Choice of Law and Venue. The Plan, all awards granted thereunder and all determinations made and actions taken pursuant thereto, to the extent not otherwise governed by the laws of the United States, shall be governed by the laws of the State of Oregon, without giving effect to the conflict of laws principles thereof. For purposes of litigating any dispute that arises under the Plan, all awards granted thereunder and all determinations made and actions taken pursuant thereto, the parties hereby submit to and consent to the jurisdiction of, and agree that such litigation shall be conducted in, the courts of Washington County, Oregon or the United States District Court for the District of Oregon, where this Agreement is made and/or to be performed.

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