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  Exhibit 10.1    
    

 
 

  AMENDMENT
  TO
  EMPLOYMENT AGREEMENT    
    

        This Amendment is made and entered into this 5th day of July, 2016 by and between Nortek, Inc. (the "Company") and
Michael J. Clarke (the "Executive"): 

 
 

  RECITALS    
    

	1.
	The
Executive and the Company entered into that certain Employment Agreement dated December 16, 2011 (the "Agreement").

	2.
	Melrose
Industries PLC ("Parent"), Nevada Corp., a wholly-owned subsidiary of Parent ("Acquisition Sub"), and the Company are expected to enter into
that certain Agreement and Plan of Merger pursuant to which, among other things, Acquisition Sub will be merged with and into the Company, with the Company surviving as a wholly-owned subsidiary of
Parent (the "Acquisition");

	3.
	The
Executive and the Company desire to amend the Agreement as provided herein to address the consequences of the Executive's termination of employment
within the first twelve months following the Closing (as defined in the Merger Agreement) of the Acquisition. 

        NOW
THEREFORE, in consideration of the foregoing recitals, and of the promises, covenants, terms and conditions contained herein, the parties hereto agree as
follows: 

	A.
	Section 5(e)
of the Agreement is hereby amended to include the following at the end thereof: 

"Notwithstanding
anything to the contrary in this subsection (e), during the six-month period immediately following the closing of the Acquisition (as hereinafter defined), "Good Reason" shall
not be deemed to have occurred due to any change in the Executive's authority, duties or responsibilities solely as a result of the Company no longer being a publicly-traded company or the ultimate
parent entity in an affiliated group that includes the Company. 

"Acquisition" shall mean the consummation of the transactions contemplated by that certain Agreement and Plan of Merger to be entered into by and among
Melrose Industries PLC ("Parent"), Nevada Corp., a wholly-owned subsidiary of Parent ("Acquisition Sub"), and the Company pursuant to which, among other things, Acquisition Sub will be merged
with and into the Company, with the Company surviving as a wholly-owned subsidiary of Parent.  

	B.
	Notwithstanding
anything to the contrary contained in the Agreement, if the Executive terminates his employment with the Company, for any reason or no reason
at all, during the period commencing on the day six months after the Closing and ending on the day twelve months after the Closing (the "Special Severance Period"), such termination shall be treated
as if the Company had terminated the Executive other than for Cause under Section 5(d) of the Agreement and the Executive shall have the right to receive the termination benefits set forth in
Section 5(d) of the Agreement.

	C.
	The
Release of Claims referred to in Section 5(e) of the Agreement shall be in the form attached hereto as  Exhibit A.

	D.
	If
the Closing does not occur within one year of the date of this Amendment, the terms of this Amendment will have no further effect. 

        This
Amendment shall be governed by the laws of the State of Rhode Island and Providence Plantations. 

        Except
as expressly amended by this Amendment, the Agreement shall remain in effect and continue in accordance with its terms. 

        IN
WITNESS WHEREOF, the undersigned have duly executed this Amendment as of July 5, 2016. 

 

							
	NORTEK, INC.	 	 
	
 By:	
 	
/s/ KEVIN W. DONNELLY

 	
 	
 
	 	 	Name:	 	Kevin W. Donnelly	 	 
	 	 	Title:	 	Senior Vice President, General Counsel & Secretary	 	 
	
EXECUTIVE	
 	
 
	

/s/ MICHAEL J. CLARKE

 	
 	
 

 

 

 
 

  Exhibit A
  
    GENERAL MUTUAL RELEASE AGREEMENT    
    

        This GENERAL MUTUAL RELEASE AGREEMENT (this "Agreement") made this        day
of                        , 201[    ] (the "Effective Date"),
between Nortek, Inc. (the
"Company"), and Michael J. Clarke (the "Executive"). 

 
 

           1.    Release.     

        a.     In
consideration of the payments and benefits to be provided by the Company pursuant to the Employment Agreement dated December 16, 2011, as amended by the
Amendment of Employment Agreement dated July     , 2016 by and between the Company and the Executive (the "Employment Agreement"), the
Executive waives any claims he may have for employment by the Company and agrees not to seek such employment or reemployment by the Company in the future. Further, in consideration of the benefits to
be provided by the Company pursuant to the Employment Agreement, the Executive, on behalf of himself and his heirs, executors, devisees, successors and assigns, knowingly and voluntarily releases,
remises, and forever discharges the Company and its parents, subsidiaries or affiliates, together with each of their current and former principals, officers, directors, shareholders, agents,
representatives and employees, and each of their respective heirs, executors, successors and assigns (collectively, the "Company Releasees"), from any
and all debts, demands, actions, causes of action, accounts, covenants, contracts, agreements, claims, damages, omissions, promises, and any and all claims and liabilities whatsoever, of every name
and nature, known or unknown, suspected or unsuspected, both in law and equity ("Claims"), which the Executive ever had, now has, or may hereafter claim
to have against the Company Releasees by reason of any matter or cause whatsoever arising from the beginning of time to the time he signs this Agreement. Such release shall apply to any Claim of any
type, including, without limitation, any and all Claims of any type that the Executive may have arising under the common law, under Title VII of the Civil Rights Act of 1964, the Civil Rights Act of
1991, the Older Workers Benefit Protection Act, the Americans With Disabilities Act of 1967, the Family and Medical Leave Act of 1993, the Employee Retirement Income Security Act of 1974, and the
Sarbanes-Oxley Act of 2002, each as amended, and any other federal, state or local statutes, regulations, ordinances or common law, or under any policy, agreement, contract, understanding or promise,
written or oral, formal or informal, between any of the Company Releasees and the Executive, and shall further apply, without limitation, to any and all Claims in connection with, related to or
arising out of the Executive's employment relationship, or the termination of his employment, with the Company. 

        b.     In
consideration of the benefits to be provided to the Company pursuant to the Employment Agreement and under this Agreement, the Company knowingly and voluntarily
releases, remises, and forever discharges the Executive from any and all Claims which the Company ever had, now has, or may hereafter claim to have against the Executive by reason of any matter or
cause whatsoever arising from the beginning of time to the time he signs this Agreement. With the exceptions specifically set forth below, such release shall apply to any Claim of any type, including,
without limitation, any and all Claims of any type that the Company has under the common law and any other federal, state or local statutes, regulations, ordinances or other law, or under any policy,
agreement, contract, understanding or promise, written or oral, formal or informal, between the Executive and the Company, and shall further apply, without limitation, to any and all Claims in
connection with, related to or arising out of the Executive's employment relationship, or the termination of his employment, with the Company. Notwithstanding the foregoing, the Company does not
release the Executive from any claims or rights that it may have pursuant to or in respect of (i) this Agreement and the Company's right to enforce the terms of this Agreement, or
(ii) the Executive's having committed any act of fraud, breach of the duty of loyalty, dishonesty, malfeasance, embezzlement, any criminal act or any other act of willful misconduct, or
(iii) any claims the release of which is barred by law or statute. 

Executive
represents and warrants that: (i) Executive's Certifications under Section 1350, Chapter 63 Title 18, United States Code filed in connection with the Company's Annual
Report on Form 10-K 

 

were
accurate as of the filing date of the Form 10-K; and (ii) Executive to his knowledge has not breached any of his fiduciary obligations to the Company or its stockholders. 

The
Company represents and warrants that as of the date of this agreement it has no knowledge of any facts which would indicate that the Executive has committed any act of fraud, breach of the duty of
loyalty, dishonesty, malfeasance, embezzlement, any criminal act or any other act of willful misconduct. To induce the Company to agree to this Agreement, the Executive hereby represents that, to the
best of his knowledge, there is no basis on which the Company could assert a claim of any type against the Executive. For the avoidance of doubt, the foregoing release of claims made by the Company
does not apply to claims that arise after the date this Agreement is executed. 

        c.     For
the avoidance of doubt, this Agreement does not in any way modify Sections 7, 8, 9, 10 or 11 of the Employment Agreement, and the Executive hereby reaffirms
his obligations, and the Company's rights, under Sections 7, 8, 9, 10 or 11 of the Employment Agreement. 

        d.     In
consideration of the promises of the Company set forth in the Employment Agreement, the Executive hereby releases and discharges the Company Releasees from any and all
Claims that the Executive may have against the Company Releasees arising under the Age Discrimination Employment Act of 1967, as amended, and the applicable rules and regulations promulgated
thereunder ("ADEA"). The Executive acknowledges that he understands that the ADEA is a federal statute that prohibits discrimination on the basis of age
in employment, benefits and benefit plans. The Executive also understands that, by signing this Agreement, he is waiving all Claims against any and all of the Company Releasees. 

        e.     This
General Release shall not apply to any rights to indemnification from the Company that the Executive may have, any rights to continuing directors' and officers'
liability insurance, or any benefit to which the Executive is entitled under any tax qualified retirement plan of the Company or its affiliates, COBRA continuation coverage benefits, or vested
benefits under other benefit plans of the Company or its affiliates. 

 
 

          2.    Consultation with Attorney; Voluntary Agreement.     The Company advises the Executive to consult with
an attorney of his choosing prior to signing this Agreement. The Executive understands and agrees that he has
the right and has been given the opportunity to review this Agreement and, specifically, the Mutual General Release in Section 1 above, with an
attorney. The Executive also understands and agrees that he is under no obligation to consent to the General Release set forth in Section 1
above. The Executive acknowledges and agrees that the payments to be made to the Executive pursuant to the Employment Agreement are sufficient consideration to require him to abide with his
obligations under this Agreement, including but not limited to the General Release set forth in Section 1. The Executive represents that he has
read this Agreement, including the General Release set forth in Section 1, and understands its terms and that he enters into this Agreement
freely, voluntarily, and without coercion. 

 
 

           3.    Effective Date; Revocation.     The Executive acknowledges and represents that he has been given at
least twenty-one (21) days during which to review and consider the provisions of this
Agreement and, specifically, the General Release set forth in Section 1 above. The Executive further acknowledges and represents that he has been
advised by the Company that he has the right to revoke this Agreement for a period of seven (7) days after signing it. The Executive acknowledges and agrees that, if he wishes to revoke this
Agreement, he must do so in a writing, signed by him and received by the Company no later than 5:00 p.m. Eastern Time on the seventh (7th) day of the revocation period. If no such
revocation occurs, the General Release and this Agreement shall become effective on the eighth (8th) day following his execution of this Agreement. 

2

 

 
 

           4.    Severability.     In the event that any one or more of the provisions of this Agreement are held to be
invalid, illegal or unenforceable, the validity, legality and enforceability
of the remainder of this Agreement shall not in any way be affected or impaired thereby. 

 
 

          5.    Waiver.     No waiver by any party of any breach by any other party of any condition or provision of
this Agreement to be performed by such other party shall be deemed a
waiver of any other provision or condition at the time or at any prior or subsequent time. 

 
 

           6.    Governing Law.     This Agreement shall be governed by Federal law and the laws of the State of Rhode
Island without reference to its choice of law rules. 

 
 

          7.    Counterparts.     This Agreement may be executed in counterparts, each of which shall be deemed an
original but all of which together shall constitute one and the same instrument. 

[SIGNATURE
PAGE FOLLOWS] 

3

 

        IN
WITNESS WHEREOF, the parties hereto have executed this Agreement as of the dates set forth below. 

 

							
	 	 	NORTEK, INC.
	

 	
 	
By:	
 	
 

 
	 	 	 	 	Name	 	 
	 	 	 	 	Title	 	 
	

 	
 	
 EXECUTIVE
	

 	
 	
By:	
 	
  

  Michael J. Clarke

 

 4

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Exhibit 10.1

AMENDMENT TO EMPLOYMENT AGREEMENT

RECITALS

Exhibit A GENERAL MUTUAL RELEASE AGREEMENT

1. Release.

2. Consultation with Attorney; Voluntary Agreement.

3. Effective Date; Revocation.

4. Severability.

5. Waiver.

6. Governing Law.

7. Counterparts.QuickLinks
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  Exhibit 10.2    
    

Form
of Participation Letter—Deal Performance Bonus Program 

                        ,
2016 

CONFIDENTIAL  

[PARTICIPANT
NAME] 

Dear
[NAME]: 

        On
behalf of Nortek, Inc. (the "Company"), I am pleased to inform you about a deal performance bonus opportunity in the event that
the Company experiences a Change of Control (as defined in the Company's 2009 Omnibus Incentive Plan) before December 31, 2016. Your contributions have been important to the success of the
Company, and the Compensation Committee of the Company's Board of Directors (the "Committee") has determined that your continued active involvement will
be valuable. Accordingly, you may be eligible for a bonus payment (the "CoC Performance Bonus"), subject to the terms and conditions below. 

 
 

          1.    Eligibility.     You will become entitled to receive a CoC Performance Bonus in the event that
(i) a Change of Control occurs before December 31, 2016, and
(ii) you remain continuously employed with the Company until six months following the closing of such Change of Control (the "Retention Date").
However, if on or following the closing of the Change of Control but prior to the Retention Date, your employment is terminated by the Company without Cause (as defined in the Company's 2009 Omnibus
Incentive Plan) or by you for Good Reason (as defined below), you will still be entitled to receive the Retention Bonus. You will not be entitled to receive any portion of the Retention Bonus if your
employment is terminated for any other reason prior to the Retention Date. 

For
purposes of the CoC Performance Bonus, "Good Reason" shall mean (i) a material reduction of your compensation (including annual cash and
equity incentive award opportunities) in the aggregate or (ii) a relocation of the principal location where you perform services by 50 miles or more; provided, that neither of the foregoing
events will constitute Good Reason unless (A) you have given the Company written notice setting forth the conduct of the Company that is alleged to constitute Good Reason within 30 days
following the first occurrence of such event, and (B) you have provided the Company at least 60 days following the date on which such notice is provided to cure such conduct and the
Company has failed to do so. For the avoidance of doubt, the foregoing definition of Good Reason shall control for purposes of the CoC Performance Bonus, notwithstanding any "good reason" definition
that may be provided in an employment or other individual agreement between you and the Company. 

 
 

           2.    Amount; Determination.     

        (a)   If
you become entitled to the CoC Performance Bonus pursuant to Section 1 above, the amount of your CoC Performance Bonus will be equal to 50% of your annual base
salary as of the date of this letter ("2016 Salary"). However, the amount of your CoC Performance Bonus may be increased, up to 100% of your 2016
Salary, for maximum achievement of applicable performance measures, in the discretion of the Committee. 

        (b)   The
Committee (as of immediately prior to the Change of Control) will determine whether and to what extent the applicable performance measures have been achieved, as of
the Change of Control, and determine the actual amount of the CoC Performance Bonus payable to you. 

 
 

           3.    Timing/Form of Payment.     

        (a)   If
you become entitled to the CoC Performance Bonus pursuant to this award letter, the CoC Performance Bonus will be paid to you in a cash lump sum payment within
30 days following, as 

applicable
(i) the Retention Date or (ii) the earlier date of termination of employment by the Company without Cause or by you for Good Reason as described in Section 1. 

 
 

           4.    Amendment; Termination.     The Company reserves the right in its sole and absolute discretion, to
amend, modify, or terminate this award letter for any reason, at any time; provided, that
no such amendment or termination will be effective without your consent. In the event that a Change of Control has not occurred prior to December 31, 2016, this award letter will terminate
without further obligation of any party. 

 
 

           5.    Confidentiality.     As a condition of your eligibility to receive a CoC Performance Bonus, you agree
not to disclose or discuss the contents of this letter with any person, including
any employee of the Company or its subsidiaries, other than the Company's Chief Human Resources Officer, the Company's Human Resources Director of Corporate, the members of your immediate family, your
counsel and your accounting or financial advisors, and agree to instruct your immediate family members, counsel and accounting or financial advisors to do the same. 

 
 

           6.    Successors and Assigns.     This award letter will be binding upon the Company and its successors and
assigns, whether as a result of a Change of Control or otherwise. 

 
 

          7.    Withholding.     The Company will be authorized to withhold from the payment of any CoC Performance
Bonus that may become payable hereunder, the amount of any applicable federal,
state and local taxes required to be withheld pursuant to any applicable law or regulation. 

 
 

           8.    Section 409A.     Any and all payments under this Agreement are intended to comply with or be
exempt from Section 409A of the Internal Revenue Code and, accordingly, to the
maximum extent permitted, this Agreement will be interpreted to be exempt from Section 409A or in compliance therewith, as applicable. Nothing contained herein will constitute any
representation or warranty by the Company regarding compliance with Section 409A. 

 
 

           9.    No Right to Employment or Other Benefits.     This award letter will not be construed as giving you
the right to be retained in the employ of, or in any other relationship to, the Company. 

 
 

          10.    No Trust Fund.     This award letter will not be construed to create a trust or separate fund of any
kind or a fiduciary relationship between the Company and you or any other
person. To the extent that you acquire the right to receive payments from the Company or any of its affiliates under this award letter, such right will be no greater than the right of any unsecured
general creditor of the Company. 

 
 

           11.    Other Plans.     Any CoC Performance Bonus that may become payable to you hereunder will not be taken
into account in computing your salary or other compensation for purposes of
determining any benefits or compensation payable to you or your beneficiaries or estate under (i) any retirement, life insurance or other benefit arrangement of the Company or (ii) any
other agreement between you and the Company. 

 
 

           12.    Governing Law.     The validity, construction, and effect of this award letter will be determined in
accordance with the laws of the State of Delaware (without reference to its
conflicts of laws provisions). 

 

					
	 	 	Sincerely,
	

 	
 	
Name:	
 	
 
	 	 	 	 	

  
	

 	
 	
Title:	
 	
 
	 	 	 	 	

  

 

 

QuickLinks

Exhibit 10.2

1. Eligibility.

2. Amount; Determination.

3. Timing/Form of Payment.

4. Amendment; Termination.

5. Confidentiality.

6. Successors and Assigns.

7. Withholding.

8. Section 409A.

9. No Right to Employment or Other Benefits.

10. No Trust Fund.

11. Other Plans.

12. Governing Law.

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