Document:

Ex. 10.1 - Amendment to Employement Agreement - Baan

Exhibit 10.1

AMENDMENT TO EMPLOYMENT AGREEMENT

THIS AMENDMENT No. 3 (the “Amendment”) to the employment agreement, dated as of June 1, 2010, as amended (the “Agreement”), by and among Aleris Switzerland GmbH, a Swiss limited liability company (together with its successors and assigns, the “Company”), Roeland Baan (also known legally as Roelof IJ. Baan, the “Executive”), and for purposes of acknowledging Section 2 only, Aleris Corporation, a Delaware corporation (formerly known as Aleris Holding Company) (together with its successors and assigns, the “Parent”, and together with the Company, “Aleris”).
WHEREAS,  as of the Effective Date (as defined therein) of the Agreement,  the Executive served the Company as Executive Vice President and Chief Executive Officer, Aleris Europe and was responsible for all business and operational activities for the European region;
WHEREAS, to better support Aleris’s operating structure and growth strategy and objectives, the Executive continued to serve the Company while his position, duties and responsibilities changed from time to time.  From 2011 through 2013, the Executive served as Executive Vice President and Chief Executive Officer, Global Rolled and Extruded Products and was responsible for all business and operational activities with respect to the Global Rolled and Extruded Products business unit.  From 2013 to the date hereof, the Executive serves as Executive Vice President and Chief Executive Officer, Europe and Asia Pacific and is responsible for all business and operational activities for the European and Asia Pacific regions;
WHEREAS, to better support Aleris’s Asia Pacific growth strategy and objectives, Aleris and the Executive desire to change the current position of the Executive to Executive Vice President and Chief Executive Officer, Rolled Products Asia Pacific where Executive will be responsible for all business and operational activities with respect to the Asia Pacific region;
WHEREAS, the Executive desires to accept the proposed change of his position and to consent to such change of position and assignment of altered  duties and responsibilities for all purposes of the Agreement, in particular, also Section 3(c)(ii) of the Agreement;
WHEREAS, the parties desire to amend the Agreement to acknowledge the change of the Executive's position and the thereto related duties and responsibilities; and
NOW, THEREFORE, for good and valuable consideration, the parties agree as follows:
		
	1.
	Amendment.

The first sentence of Section 1 (a) of the Agreement is hereby deleted in its entirety and replaced by the following provision:
“The Company hereby agrees to continue to employ the Executive.  Effective as of the date of Amendment No. 3 to the Agreement, the Executive shall be employed by the Company as Executive Vice President and Chief Executive Officer, Rolled Products Asia Pacific.  In addition, the Executive will have management authority over the Company’s global aerospace commercial business and the Company’s global research and development function.  The Executive hereby agrees to be employed in such position and to serve the Company in 

1/1

such capacity during the Employment Period (as defined in Section 3 hereof) upon the terms and conditions set out in this Agreement.”
		
	2.
	Consent.

The Executive hereby explicitly consents to his new position and the assignment of altered duties and responsibilities and for all purposes of the Agreement.  For the avoidance of doubt, the Executive confirms that this consent qualifies as his valid written consent in accordance with Section 3 (c) (ii) of the Agreement.
		
	3.
	Other. 

Except as amended hereby, the Agreement shall remain in force and effect.
		
	4.
	Effective Date.

This Amendment shall be effective and binding on the parties as of the date hereof. 

[Signatures on next page]

2/2

IN WITNESS WHEREOF, the parties have executed this Amendment as of the last date written below.

	
			
	 
	 
	 

	 
	 
	EXECUTIVE

	 
	 

	 
	 
	 

	 
	 
	/s/ Roeland Baan

	 
	 
	Roeland Baan

	 
	 
	 

	 
	 
	Date:  October 28, 2014

	 
	 
	 

	 
	 
	 

	 
	 
	ALERIS SWITZERLAND GMBH

	 
	 
	 

	 
	 
	 

	 
	 
	/s/ Christopher R. Clegg

	 
	 
	Christopher R. Clegg

	 
	 
	Managing Director

	 
	 
	 

	 
	 
	Date: October 30, 2014

ACKNOWLEDGED as to Section 2 only as of the date first written above.
	
			
	 
	 
	 

	ALERIS CORPORATION
	 
	 

	 
	 

	 
	 
	 

	/s/ Christopher R. Clegg
	 
	 

	Christopher R. Clegg
	 
	 

	Executive Vice President,

	 
	 

	General Counsel & Secretary 

	 
	 

	 
	 
	 

	Date: October 30, 2014
	 
	 

3/3Exhibit 10.10

 

Summary of Fluor Corporation Non-Management Director Compensation

 

Cash Compensation

 

	
Annual Retainer:
    	
 
    	
$
    	
 
    	
115,000
    	
 
    
	
Annual Committee Chair Retainer:
    	
 
    	
 
    	
 
    
	
Audit Committee Chair:
    	
 
    	
$
    	
 
    	
20,000
    	
 
    
	
Organization and Compensation Committee Chair:
    	
 
    	
$
    	
 
    	
15,000
    	
 
    
	
Governance Committee Chair:
    	
 
    	
$
    	
 
    	
15,000
    	
 
    
	
Lead Independent Director Retainer:
    	
 
    	
$
    	
 
    	
30,000
    	
 
    

 

Retainers are paid quarterly in cash and can be deferred at the director’s election under the Fluor Corporation 409A Deferred Directors’ Fees Program (the “Deferred Fees Program”). Effective January 1, 2013, directors no longer receive a 25% premium on the deferred amount deemed invested in company stock via the deferred compensation program.

 

Equity Compensation

 

Each non-management director receives an annual grant of restricted stock and restricted units with a total market value of $135,000. The grant is made on the date of the annual meeting of shareholders. Restrictions on annual grants vest immediately on the first anniversary of the date of grant. Beginning at the annual meeting in 2015, directors will receive their stock grant entirely in restricted units and will be able to defer such units at their election under the Deferred Fees Program.

 

Other Information

 

Fluor Corporation reimburses non-management directors for their travel and related expenses in connection with attending Board meetings and Board-related activities. Directors also receive life insurance ($75,000 in coverage) and business travel accident insurance ($250,000 in coverage). Directors’ charitable contributions that meet the guidelines of the Company’s employee charitable matching gift program are eligible for matching funds from the Company in an amount up to $5,000 per year.EXHIBIT 4.01

 

EXECUTION VERSION

 

SECOND SUPPLEMENTAL INDENTURE

 

dated as of August 25, 2014

 

among

 

FLEXTRONICS INTERNATIONAL LTD.

 

The Guarantor Party Hereto

 

and

 

U.S. BANK NATIONAL ASSOCIATION,

 

as Trustee

 

 

4.625% Notes due 2020

 

5.000% Notes due 2023

 

 

THIS SECOND SUPPLEMENTAL INDENTURE (this “Supplemental Indenture”), entered into as of August 25, 2014, among Flextronics International Ltd., a Singapore company acting through its Bermuda branch (the “Company”), Flextronics International Tecnologia Ltda., a company formed under the laws of the Federative Republic of Brazil (the “Subsidiary Guarantor”), and U.S. Bank National Association, as trustee (the “Trustee”).

 

RECITALS

 

WHEREAS, the Company, the Guarantors party thereto and the Trustee entered into the Indenture, dated as of February 20, 2013 (as amended and supplemented, the “Indenture”), relating to the Company’s 4.625% Notes due 2020 and 5.000% Notes due 2023 (the “Notes”); and

 

WHEREAS, as a condition to the Trustee entering into the Indenture and the purchase of the Notes by the Holders, the Company agreed pursuant to the Indenture to cause Subsidiaries to provide Guaranties in certain circumstances.

 

AGREEMENT

 

NOW, THEREFORE, in consideration of the premises and mutual covenants herein contained and intending to be legally bound, the parties to this Supplemental Indenture hereby agree as follows:

 

Section 1.  Capitalized terms used herein and not otherwise defined herein are used as defined in the Indenture.

 

Section 2.  The Subsidiary Guarantor, by its execution of this Supplemental Indenture, agrees to be a Guarantor under the Indenture and to be bound by the terms of the Indenture applicable to Guarantors, including, but not limited to, Article 10 thereof.

 

Section 3.  This Supplemental Indenture shall be governed by and construed in accordance with the laws of the State of New York.

 

Section 4.  This Supplemental Indenture may be signed in various counterparts which together will constitute one and the same instrument.

 

Section 5.  This Supplemental Indenture is an amendment supplemental to the Indenture and the Indenture and this Supplemental Indenture will henceforth be read together.

 

Section 6.  The Trustee shall not be responsible in any manner whatsoever for or in respect of the validity or sufficiency of this Supplemental Indenture, the Subsidiary Guarantee or for or in respect of the recitals contained herein, all of which recitals are made by the Subsidiary Guarantor and the Company.

 

[Remainder of page intentionally left blank]

 

 

IN WITNESS WHEREOF, the parties hereto have caused this Supplemental Indenture to be duly executed as of the date first above written.

 

	
 
    	
FLEXTRONICS INTERNATIONAL LTD.,
    
	
 
    	
as Issuer
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/ Manny Marimuthu
    
	
 
    	
 
    	
Name:
    	
Manny Marimuthu
    
	
 
    	
 
    	
Title:
    	
Authorized Signatory
    

 

 

	
 
    	
FLEXTRONICS INTERNATIONAL
    
	
 
    	
TECNOLOGIA LTDA., as Guarantor
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/ Flávio Magalhães
    
	
 
    	
 
    	
Name:
    	
Flávio Magalhães
    
	
 
    	
 
    	
Title:
    	
Manager
    

 

 

	
 
    	
U.S. BANK NATIONAL ASSOCIATION,
    
	
 
    	
as Trustee
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/ Paula Oswald
    
	
 
    	
 
    	
Name:
    	
Paula Oswald
    
	
 
    	
 
    	
Title:
    	
Vice President
    

 

[Signature Page to Second Supplemental Indenture to Flextronics International Ltd. 2013 Indenture]

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