Document:

EX-10.23

 Exhibit 10.23 
 June 2014 AMENDMENTS TO THE SCRIPPS FAMILY AGREEMENT 
 The E.W. Scripps Company, an Ohio
corporation, and Scripps Networks Interactive, Inc., an Ohio corporation, and the undersigned are parties to the Scripps Family Agreement dated October 15, 1992, as amended by that certain Acknowledgement executed in 1996, by the Amendments to
the Scripps Family Agreement executed in 2008 and the 2014 Amendment to the Scripps Family Agreement (as so amended, the “Family Agreement”). 
 The E.W. Scripps Company, Scripps Networks Interactive and the undersigned hereby agree to the following amendments to the Family Agreement effective as of June 21, 2014. 

 

	1.	The first sentence of Section 5(a) of the Family Agreement shall be deemed deleted and replaced with the following: 

Purchase Price. The purchase price to be paid to the Offeror for each of the Offered Shares purchased by an Optionee or the Company
shall be paid in cash or such other form of consideration as agreed upon in writing by the Offeror and such Optionee and shall be equal to the average of the Closing Market Prices (as hereinafter defined) of shares of the Class A Stock for the
15 trading days immediately preceding the date of the First Notice (the “Cash Purchase Price”). 
  

	2.	Section 5(c) of the Family Agreement shall be deemed deleted and replaced with the following: 

Deliveries at Closing. On the Closing Date, (i) the Offeror shall deliver the Offered Shares to be purchased free and clear of
all pledges, liens, security interest, encumbrances, claims or equities of others or restrictions on the transfer (other than restrictions imposed by this Agreement or by applicable law), and, if delivery is by delivery of physical certificates, the
certificates for such Offered Shares shall be duly endorsed in blank, or have appropriate, duly executed blank stock transfer powers attached, with signatures guaranteed by a commercial bank or trust company or a member firm of a national securities
exchange and all requisite stock transfer tax stamps attached or provided for, and (ii) the Optionees shall pay the Purchase Price to the Offeror, or if the Company is an Optionee and the Offeror has elected to receive Class A Stock for
all or part of the Offered Shares being purchased by the Company, the Company shall deliver to the Offeror the requisite number of shares of Class A Stock registered in the name of the Offeror. 

 

	3.	Section 9(b) of the Family Agreement shall be deemed deleted and replaced with the following: 

 Meetings Called by the Future Shareholders. The Family Council (as provided for in
the Bylaws under Section 9 of the Scripps Family Agreement, as may be amended from time-to-time) or the holders of 33% or more of the Shares may call a meeting of the Future Shareholders by sending to each Future Shareholder written notice of
such meeting at least seven (7) days prior thereto stating the time, date and place of such meeting and the purpose or purposes thereof. 
  

	4.	The first two sentences of Section 9(c) of the Family Agreement shall be deemed deleted and replaced with the following: 

Each meeting of the Future Shareholders called by the Company shall be held in Cincinnati, Ohio or at such other place within or without
the State of Ohio as may be designated by the Company and stated in the notice of such meeting. Each meeting of the Future Shareholders called by the Future Shareholders shall be held at the place designated in the notice of such meeting by the
Future Shareholders or Family Council calling such meeting. Notice of a meeting of the Future Shareholders shall be deemed sufficient for purposes of this Section 9 if delivered to each Future Shareholder a) by guaranteed overnight delivery via
Federal Express (or similar service) at the address last furnished by him or her to the Company, or b) by email to the email address last furnished by him or her to the Company. 

 

	5.	Section 9(e) of the Family Agreement shall be deemed deleted and replaced with the following: 

Chairperson and Secretary of Meetings. The Future Shareholders shall elect a chairperson and secretary at the Futures Shareholders
meeting called prior to the 2015 annual meeting of the Company. The chairperson shall serve a term of three (3) years. The secretary elected at the 2015 annual meeting shall serve a term of one year. Starting with the term beginning with the
2016 annual meeting, the secretary shall serve a term of three (3) years. Thereafter, election of a chairperson and secretary shall be conducted at each Future Shareholders meeting called prior to the annual meeting of the company in which the
term of the currently serving chairperson and secretary ends. Election shall be by the vote of the holders of a majority of the Shares present at such meeting or represented thereat by proxy. The Family Council may fill any vacancy that may occur in
the office of chairperson or secretary by electing a successor to hold office until the next succeeding meeting of the Future Shareholders. The chairperson and secretary shall have such duties as prescribed in the Bylaws under Section Nine of the
Scripps Family Agreement as may be amended from time-to-time. 
  

	6.	The first sentence of Section 9(k) of the Family Agreement shall be deemed deleted in its entirety. 

 

	7.	Section 12(c) of the Family Agreement shall be deemed deleted and replaced with the following: 

  
 2 

 Form of Ownership. Each Future Shareholder shall hold his, her or its Shares of
record in his, her or its name and not in the name of a broker or other nominee. Notwithstanding the preceding, Shares may be held in the name of Miramar Fiduciary Corporation, as nominee for the Future Shareholder. Miramar Fiduciary Corporation
will keep accurate records recording the beneficial owner of any such Shares held in its name as nominee and shall provide such information to the Company upon the Company’s request. 

 

	8.	Section 19 of the Family Agreement shall be deemed deleted and replaced with the following: 

Notices. All notices required to be given under the terms of this Agreement or that any of the parties desires to give hereunder
shall be in writing and sent by guaranteed overnight delivery via Federal Express or similar service or by email, addressed as follows: 
 if to any Future Shareholder, addressed to such Future Shareholder at such Future Shareholder’s address on the signature pages of this Agreement; and 

if to The E.W. Scripps Company, addressed to: 
 The E.W. Scripps Company 
 312 Walnut Street 

2800 Scripps Center 
 Cincinnati, OH 45202 
 Attention: Corporate Secretary 

Julie.McGehee@scripps.com 
 if to Scripps Networks Interactive, Inc., addressed to: 
 Scripps Networks
Interactive, Inc. 
 9721 Sherrill Boulevard 
 Knoxville, TN 37932 
 Attention: Corporate Secretary 

MTalbott@scrippsnetworks.com 
 Any Future Shareholder or the Company, by notice in writing mailed or emailed to the others, may change the name and address to which notices and other communications hereunder shall be mailed. Each new
Future Shareholder, upon executing this Agreement, shall indicate his, her or its address on the signature pages of this Agreement. 
 For the purposes of this Agreement, receipt of each notice given hereunder shall be deemed to have occurred on the third day after such notice has been sent as required herein. 

  
 3 

 Except as amended hereby, the Family Agreement remains in full force and effect. These Amendments have been
executed by each party to the Family Agreement in counterpart. 
  

			
	THE E.W. SCRIPPS COMPANY
		
	by:	 	  

	name:	 	  

	title:	 	  

	
	SCRIPPS NETWORKS INTERACTIVE, INC.
		
	by:	 	  

	name:	 	  

	title:	 	  

	
	SHAREHOLDER
	  

	name:	 	  

	address:	 	  

	  

	email address:                        
                                         
          

  
 4Exhibit 10.23 Raymond Lewis Offer Letter, dated August 29, 2013

EXHIBIT 10.23

August 29, 2013
Mr. Raymond Lewis 16527 Segars Lane
Huntersville, NC 28078
Dear Ray:
I am pleased to present you with an offer of employment to join Allegion as Senior Vice President, Human Resources & Communications reporting directly to me. Your employment with Allegion and in this role will begin on the day that the residential security and commercial security businesses are successfully spun-off from Ingersoll Rand ("Transaction Date") and Allegion is formed as a new standalone publicly traded company. This position will be located in Carmel, Indiana and you will be required to relocate to within one year after the transaction occurs. In addition, you will become an Officer of Allegion. I look forward to your acceptance of this offer and becoming a part of the Allegion leadership team.
The compensation, benefits and other aspects of your offer are outlined below and will become effective
on the Transaction Date:
		
	1.
	Your base salary will be set at an annual rate of $300,000 (Three Hundred Thousand U.S. dollars)

		
	2.
	which will be paid bi-weekly. You will be eligible for merit increase consideration during the

annual merit increase cycle. You will continue to earn a base salary at your current rate through
the Transaction Date.
		
	3.
	This position is "incentive eligible," which means you will participate in the Allegion Annual Incentive Plan ("AlP") which will be designed and approved prior to the Transaction Date. Your annual opportunity is targeted at 60% of your base salary or $180,000. The actual award that you may receive can range from 0% to 200% of the targeted amount depending upon your performance and the performance of Allegion.

Using the metrics assigned to Industrial Technologies employees, you will continue to participate in the Ingersoll Rand 2013 Annual Incentive Matrix ("AIM") program at your current compensation level through the Transaction Date. Your Ingersoll Rand AIM target would be prorated at your current 50% target opportunity for the period from January 1, 2013 to the Transaction Date and a 60% target from the Transaction Date through December 31, 2013. The financial metrics used to determine your 2013 AIM award will be the Corporate and Industrial Technologies Sector fmancial metrics for the entire performance year.
		
	4.
	You will be eligible to receive annual equity awards under the Allegion Incentive Stock Plan

("ISP") as administered by the Allegion Compensation Committee of the Board ("Committee").  
Your annual opportunity has a targeted value of $250,000 and the number of stock options,
Restricted Stock Units ("RSUs"), and/or Performance Share Units ("PSUs") granted will be based
on the Fair Market Value ("FMV") of Allegion's ordinary shares on the date the Committee
approves the award. The mix of equity awards, the terms, and the design of the Performance

Share Program ("PSP") is intended to be similar in nature as provided to Ingersoll Rand plan participants, however, the final design will be determined by the Committee. The PSP will measure performance over a three-year period, therefore, the award granted to you in 2014 would be settled in early 2017 (based on performance during the 2014 to 2016 measurement period). Your first grant of stock options, RSUs, and/or PSUs is expected to occur within 90 days of the Transaction Date. Annual equity grants are contingent on and variable with your sustained performance and demonstrated leadership potential.
4.    When you consider each of the above items, your Total Annual Direct Compensation ("TDC")
target is $730,000 which, as a result of this promotion, is an increase of 39.8% as compared to your current Ingersoll Rand target TDC.
5.    In consideration of the Ingersoll Rand PSU grants that will be prorated on the Transaction Date, you will receive two additional Allegion PSU grants which are expected to occur within 90 days of the Transaction Date. The target number of PSUs awarded will be based on the FMV of Allegion's ordinary shares on the date the Committee approves the award:
		
	a.
	The first grant will be based on 2014 performance and will have a target value of $41,667 (16.7% of your $250,000 projected annual equity award target). The actual number of PSUs earned will be based on metrics established by the Committee and will be settled in early 2015.

		
	b.
	The second grant will be based on performance during the 2014 to 2015 measurement period and will have a target value of $83,333 (33.3% of your $250,000 projected annual equity award target). The actual number of PSUs earned will be based on metrics established by the Committee and will be settled in early 2016.

6.    You will be eligible to participate in all applicable benefit programs offered to Allegion salaried
employees in accordance with the terms and conditions of those programs including qualified and non-qualified 401k and pension plans. Please note that your medical, dental and life insurance coverage with Allegion will commence on January 1, 2014, however, you will continue to be covered under the Ingersoll Rand plans through December 31, 2013.
7.    You will be eligible to participate in the following programs offered to Officers of Allegion:
		
	a.
	Deferred Compensation Plan: You will be eligible to participate in a deferred compensation plan that will be established for Allegion.

		
	b.
	Financial Counseling: You will be eligible for a tax, estate, and financial planning services allowance up to $11,000 in your first (and last) year and $9,000 per year thereafter. The cost for these services is imputed to your annual income.

		
	c.
	Executive Health Program: You will be eligible to participate in an executive physical examination program that will be established for Allegion in an amount not to exceed $1,500 annually. The cost for these services is imputed to your annual income.

8.    You will be eligible for paid vacation, which in your case, is four (4) weeks. Vacation days will
be earned and accrued on a monthly basis each calendar year.
9.    You will participate in the Allegion Change in Control Plan ("CIC Plan"), which provides
economic security in the form of cash payments to the participant and enhanced coverage under

certain benefit plans in the event of a loss of job caused by the sale of all or a substantial part of Allegion (in accordance with the CIC Plan). Your severance payment under the CIC Plan will be equal to 2.0 times your base salary plus your annual incentive target. No excise tax gross-ups will be provided, however, your CIC related cash severance benefit will be adjusted to provide you with the greater after-tax benefit between:
		
	a.
	Cash severance payments paid in full, with you being responsible for all taxes incurred, or

		
	b.
	Cash severance payments reduced to avoid triggering excise taxes.

Furthermore, under the terms of the stock awards, in the event of a change in control, unvested stock options (if applicable) and Restricted Stock Units (if applicable) would vest in full and outstanding Performance Share Units (if applicable) would vest on a pro-rated basis at target award levels.
You will be provided with a copy of the CIC Plan within 30 days of your acceptance of this offer.
		
	1.
	You will be eligible for Allegion Relocation Program to Carmel, Indiana.

		
	2.
	Based on your role in Allegion, you are restricted from transactions involving ordinary shares of Company stock (exercising options, moving in or out of ordinary shares held in company plans, or buying or selling ordinary shares on the open market) except during designated window periods. Furthermore, you will be required to comply with the Allegion stock ownership requirements, which is $1,000,000 for your role. You will have 5 years from the Transaction Date to reach this ownership level (at a rate of 20% per year).

This offer is contingent upon your acceptance of the Non-Compete and Proprietary Information agreements attached hereto. To accept this offer, please sign as indicated under the Candidate Acceptance section below. In addition, sign the Non-Compete and Proprietary Information Agreements and return all of these materials to Jeff Blair, Vice President of Total Rewards, Ingersoll Rand.
Subject to the confirmation of the transaction, this letter will be a contractual obligation of Allegion effective on the Transaction Date. Nothing in this letter alters your at-will employment status with Allegion. In addition, nothing in this letter prevents Allegion from changing or modifying plans, benefit designs, or compensation on a going forward basis. Allegion may also require you to sign documents e.g., non-compete, other documents as part of its on-boarding process. Any compensation or benefits payable pursuant to this offer will be subject to applicable claw-back policies of Allegion as in effect from time to time.
Ray, we all believe that you will make a significant contribution to Allegion and I look forward to you accepting this offer. If you have any questions about this offer, please feel free to call Marcia Avedon at 704-655-5821 or Jeff Blair at 704-655-4347. For any other questions, please feel free to contact me at 317-810-3330.
Sincerely,
David Petratis
Chairman, President and Chief Executive Officer of Allegion

cc:     Marcia Avedon
 Jeff Blair
Attachments: 
•Proprietary Agreement
•Non-Compete Agreement
Conditions of Offer: 
This offer is contingent upon the following:
		
	1.
	Understanding and agreement that your employment is to be "at will." This means that you or Allegion, for any reason or no reason, may terminate employment and that nothing in this offer is intended to create a contract of employment for any period of time.

		
	2.
	Understanding, agreeing, signing and returning the Non-Compete and Proprietary Information agreements.

CANDIDATE ACCEPTANCE
I accept your offer of employment with Allegion as Senior Vice President, Human Resources & Communications and agree to the conditions herein and in the offer letter.
	
			
	/s/ Raymond Lewis
	 
	8/29/2013

	Mr. Raymond Lewis
	 
	Date

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