Document:

EX-10.2

 Exhibit 10.2 
  

 
 Exhibit B 

Anthony DiSilvestro 
 7 College Avenue 

Haverford, PA 19041 
 Re:    The Mattel, Inc.
Executive Severance Plan B 
 Dear Anthony: 

This letter agreement (“Letter Agreement”) relates to the Mattel, Inc. Executive Severance Plan B (the
“Plan”). 
 Through this Letter Agreement, you are being offered the opportunity to become a participant in the Plan
(a “Participant”), and thereby to be eligible to receive the severance benefits set forth therein. The day you start employment with Mattel (anticipated to be June 29, 2020) shall be your “Eligibility
Date” for purposes of the Plan. Terms used in this Letter Agreement, but not otherwise defined, will have the meaning set forth in the Plan. 

A copy of the Plan is attached to this Letter Agreement. You should read it carefully and become comfortable with its terms and conditions,
and those set forth below. 
 By signing below, you will be acknowledging and agreeing to the following provisions: 

 

	 	a.	 that you have received and reviewed a copy of the Plan; 

 

	 	b.	 that participation in the Plan requires that you agree irrevocably and voluntarily to the terms of the Plan
(including, without limitation, the covenants set forth in Section 7 of the Plan) and the terms set forth below; and 

  

	 	c.	 that you have had the opportunity to carefully evaluate this opportunity, and desire to participate in the Plan
according to the terms and conditions set forth herein. 

 Subject to the foregoing, we invite you to become a Participant
in the Plan. 
 NOW, THEREFORE, you and Mattel (hereinafter referred to as “the parties”) hereby AGREE as follows: 

1.    As a condition of receiving the Severance Benefit (other than the Accrued Amounts and Other Benefits), you must
(a) execute and accept the terms and conditions of, and the effectiveness of, a General Release of All Claims (the “Release”) in substantially the form attached hereto as Exhibit A (which form may be modified by Mattel
to the extent Mattel determines in good faith that any such modification is necessary to make it valid and encompassing under applicable law) and such Release must become irrevocable within fifty- five (55) days following your Date of
Termination, (b) comply with the covenants set forth in Section 7 of the Plan and (c) promptly resign from any position as an officer, director or fiduciary of any Mattel-related entity. 

2.    In consideration of becoming eligible to receive the Severance Benefits provided under the terms and conditions of
the Plan, you agree to waive any and all rights, benefits, and privileges to severance benefits that you might otherwise be entitled to receive under any other plan or arrangement. 

3.    You understand that the waiver set forth in Section 2 above is irrevocable for so long as this Letter Agreement
is in effect, and that this Letter Agreement and the Plan set forth the entire agreement between the parties with respect to any subject matter covered herein. 

 4.    This Letter Agreement shall terminate, and your status as a
Participant in the Plan shall end, on the first to occur of – 
  

	 	a.	 your termination of employment for a reason other than a “Covered Termination” as defined in
Section 2(e) of the Plan, and 

  

	 	b.	 the first anniversary of your Eligibility Date; provided that commencing on the first day of the first month
following the month in which your Eligibility Date occurs and on the first day of each month thereafter (the most recent of such dates is hereinafter referred to as the “Renewal Date”), your participation in the Plan shall be
automatically extended so as to terminate one year from such Renewal Date, unless at least 90 days prior to any Renewal Date (including prior to your Eligibility Date) Mattel shall give notice to you that your participation in the Plan shall not be
so extended beyond the first anniversary of such Renewal Date. Accordingly, you shall retain your status as a Participant for at least 15 months following any notice from Mattel that your participation in the Plan is not being extended.

 5.    Notwithstanding anything herein to the contrary, if a Change of Control occurs while you are
a Participant in the Plan, in no event will your status as a Participant in the Plan end prior to the end of the twenty-four (24) month period beginning on a Change of Control regardless of when any written notification is given to you
terminating your participation in the Plan (including any written notification given prior to such Change of Control) in accordance with Section 4(b). 

6.    Your participation in the Plan shall continue in effect following any Covered Termination that occurs while you are
a Participant in the Plan with respect to all rights and obligations accruing as a result of such termination. 

7.    You recognize and agree that your execution of this Letter Agreement results in your enrollment and participation in
the Plan, that you agree to be bound by the terms and conditions of the Plan and this Letter Agreement, and that you understand that this Letter Agreement may not be amended or modified except pursuant to Section 12 of the Plan. 

 

			
	Dated: June 19, 2020	  	     Mattel, Inc.

  

	
	 /s/ Ynon Kreiz

	By: Ynon Kreiz
	Title: Chairman and Chief Executive Officer

 ACCEPTED AND AGREED TO this 19th day of June, 2020. 

 

	
	 Anthony DiSilvestro

	Your Name (printed)
	
	 /s/ Anthony DiSilvestro

	Your Signature

  

  
 2 

 EXHIBIT A TO PARTICIPATION LETTER AGREEMENT 

GENERAL RELEASE 
 OF ALL
CLAIMS 
 1.    For valuable consideration, the receipt and adequacy of which are hereby acknowledged, the
undersigned (the “Participant”) does hereby on behalf of the Participant and the Participant’s successors, assigns, heirs and any and all other persons claiming through the Participant, if any, and each of them, forever
relieve, release, and discharge Mattel, Inc. (“Mattel”) and its respective predecessors, successors, assigns, owners, attorneys, representatives, affiliates, Mattel corporations, subsidiaries (whether or not wholly-owned),
divisions, partners and their officers, directors, agents, employees, servants, executors, administrators, accountants, investigators, insurers, and any and all other related individuals and entities, if any, and each of them (collectively, the
“Released Parties”), in any and all capacities from any and all claims, debts, liabilities, demands, obligations, liens, promises, acts, agreements, costs and expenses (including, but not limited to attorneys’ fees),
damages, actions and causes of action, of whatever kind or nature, including, without limiting the generality of the foregoing, any claims arising out of, based upon, or relating to the hire, employment, remuneration (including salary; bonus;
incentive or other compensation; vacation, sick leave or medical insurance benefits; or other benefits) or termination of the Participant’s employment with Mattel. 

2.    This release (“Release”) includes a release of all known and unknown claims the Participant
may have as of the time of signing this Agreement against any Released Parties including, but not limited to, all claims under the Federal Age Discrimination in Employment Act (“ADEA”), as amended by the Older Workers Benefit Protection
Act (“OWBPA”), Worker Adjustment & Retraining Notification Act (the WARN Act), the Family and Medical Leave Act (FMLA), Title VII of the Civil Rights Act of 1964, Sections 1981 and 1983 of the Civil Rights Act of 1866, the
Americans With Disabilities Act (ADA), the Employee Retirement Income Security Act of 1974 (ERISA), and all claims based upon or related to discrimination, harassment, retaliation, defamation, breach of a contract or covenant, fraud, negligence,
breach of duty, privacy, copyright, trademark or patent infringement, trade secrets, unfair competition, termination of the employment relationship, tort claims, common law claims, equitable claims, and any and all claims for violation of any
federal, state, local, municipal, or other governmental law, statute, regulation, or ordinance. 
 This Release does not include: (i) any claims
that the law does not permit the Participant to release by private agreement (including unemployment and workers’ compensation benefits); (ii) vested benefits (except already validly denied benefits) under any employee-benefit plan governed by
ERISA; (iii) any right to be indemnified by the Company (including, without limitation, the Participant’s rights under Section 2802 of the California Labor Code); (iv) Participant’s right to enforce the Participant Letter
Agreement and this Release. 
 3.    Notwithstanding any other provision of this Release, this Release does not apply to
any rights or claims which arise after the execution of this Release. 
 4.    This Release covers both claims that the
Participant knows about and those the Participant may not know about. The Participant expressly waives all rights afforded by any statute (such as Section 1542 of the Civil Code of the State of California) which limits the effect of a release
with respect to unknown claims. The Participant understands the significance of the Participant’s release of unknown claims and the Participant’s waiver of statutory protection against a release of unknown claims (such as under
Section 1542). Section 1542 of the Civil Code of the State of California states as follows: 
 “A general
release does not extend to claims that the creditor or releasing party does not know or suspect to exist in his or her favor at the time of executing the release and that, if known by him or her, would have materially affected his or her settlement
with the debtor or released party.” 
 Notwithstanding the provisions of Section 1542, the Participant expressly acknowledges that
this Release is intended to include both claims that the Participant knows about and those the Participant does not know or suspect to exist. 

 5.    The Participant hereby represents and warrants that he or she has
not filed, initiated, or prosecuted (or caused to be filed, initiated, or prosecuted) any lawsuit, complaint, charge, action, compliance review, investigation, or proceeding with respect to any claim this Release purports to waive, and the
Participant covenants never to do so in the future, whether as a named plaintiff, class member, or otherwise. The Participant understands that this Release does not prevent him/her from communicating directly with, cooperating with, or providing
information to any government or regulatory entity (such as the U.S. Equal Employment Opportunity Commission (EEOC), National Labor Relations Board (NLRB), U.S. Department of Labor (DOL), U.S. Securities and Exchange Commission (SEC)), and/or state
or local analogues, subject to any obligation Participant may have to take steps to protect confidential information from public disclosure. Further, the Participant understands that this Release does not prevent him/her from filing, cooperating
with, or participating before the Equal Employment Opportunity Commission or any state or local fair employment practices agency. Provided however, that the Participant acknowledges that he/she releases any right to personally seek reinstatement,
damages, remedies, or other relief as to any claim that the Participant released by signing this Release, as the Participant has waived any right the Participant might have had to any of those things to the extent such release is not prohibited by
law. 
 If the Participant is ever awarded or recovers any amount as to a claim the Participant purported to waive in this Release, the
Participant agrees that the amount of the award or recovery shall be reduced by the amounts he or she was paid under this Plan, increased appropriately for the time value of money, using an interest rate of 10% per annum. The Participant covenants
to never directly or indirectly make a claim against any Released Party under California Business & Professions Code Section 17200 or under any other unfair competition law of any jurisdiction, whether as a named plaintiff, class
member, or otherwise. 
 6.    The provisions of this Release are severable, and if any part of it is found to be
unenforceable, the other paragraphs shall remain fully valid and enforceable. This Release shall be construed in accordance with its fair meaning and in accordance with the laws of the State of California, without regard to conflicts of laws
principles thereof. 
 7.    The Participant is strongly encouraged to consult with an attorney before signing this
Release. The Participant acknowledges that the Participant has been advised of this right to consult an attorney and the Participant understands that whether to do so is the Participant’s decision. The Participant acknowledges that Mattel has
advised the Participant that the Participant has twenty-one (21) days in which to consider whether the Participant should sign this Release and has advised the Participant that if the Participant signs
this Release, the Participant has seven (7) days following the date on which the Participant signs the Release to revoke it and that the Release will not be effective until after this seven-day period had
lapsed. In order to revoke the Release, Participant must deliver a signed notice of revocation to the Chief People Officer at 333 Continental Blvd. El Segundo, CA, 90245, no later than the end of the seventh calendar day after the day on which the
Participant signed this Release. If Participant revokes this Release, it will not go into effect and Participant will not receive any payments or benefits that are contingent on Participant’s agreement to this Release. 

PLEASE READ THIS AGREEMENT CAREFULLY. IT CONTAINS A RELEASE OF ALL KNOWN AND UNKNOWN CLAIMS. 

 

					
	Date:	 	  
	 	
		 	Mattel, Inc.	 	
		 		 	
	Date:	 	  
	 	
		 	[Participant]EX-10.3

 Exhibit 10.3 
  

 
  
  

June 22, 2020 
 Joseph Euteneuer 

c/o Mattel, Inc. 
 333 Continental Boulevard 

El Segundo, CA 90245 
 Dear Joe, 

This letter (“Letter Agreement”) memorializes our discussions with respect to your upcoming separation of employment (the
“Separation”) with Mattel, Inc. (the “Company”) the later of (i) the day of, and after the filing of, the Company’s Form 10-Q for the second quarter of fiscal year 2020, or (ii) your anticipated
termination date, August 3, 2020 (the “Termination Date”), including with respect to your employment through the Termination Date and with respect to the application of certain terms of the Mattel, Inc. Executive Severance Plan
B (the “Plan”) and the participation letter relating to the Plan, dated September 25, 2017, between you and the Company (the “Participation Letter”). This Letter Agreement also serves as notice of termination
pursuant to Section 15 of the Plan; and, you specifically agree and acknowledge to waive the requirement in Section 2(f) that the Termination Date be no more than fifteen (15) days after the actual receipt of the notice of
termination. This Letter Agreement, the Plan, and the Participation Letter constitute the full understanding of you and the Company with respect to the Separation and your entitlement to severance pay or benefits from the Company and its affiliates.

 Service through the Termination Date. At this time, it is expected that you will remain in your role as the Company’s Chief
Financial Officer, reporting to the Chief Executive Officer through the Termination Date (such period of time, the “Transition Period”). We provide this information so that you and the Company can work towards a smooth
transition; however, you acknowledge and agree that: (i) the Plan and your Participation Letter remain in full effect through your Termination Date; (ii) nothing in this Letter Agreement alters or changes the
at-will employment relationship that exists between you and the Company; and (iii) the length of the Transition Period is subject to change as determined by the Company. 

Resignation from All Positions. You agree to tender your resignation from any and all positions you occupy as an officer of the Company
or of any direct or indirect subsidiary of the Company no later than the Termination Date by signing the resignation letter in the form of Exhibit A to this Letter Agreement and returning it to me. 

Severance Payments and Benefits under the Plan. For purposes of the Plan, the Separation is currently deemed a “Covered
Termination” (as defined in Section 2(e) of the Plan). This will remain the case unless you commit an act that constitutes grounds for termination for Cause (as defined in the Plan) between the date you sign the agreement and the
Termination Date. Accordingly, in connection with the Separation, you will be entitled to the severance payments and benefits set forth in Section 3(b) (the “Severance Benefits”), so long as: (i) your employment is not terminated
for any reason other than a Covered Termination (for the avoidance of doubt, if you resign without good reason prior to the end of the Transition Period or if your employment is terminated for Cause (as defined in the Plan) you will not be eligible
to receive the Severance Benefits under the Plan); (ii) following the Termination Date, you execute a release in substantially the form attached as Exhibit A to the Participation Letter (the “Release”); (iii) the executed Release
becomes irrevocable within 55 days of the Termination Date; and (iv) you comply with the covenants set forth in Section 7 of the Plan. You agree and acknowledge that the Plan, your Participation Letter, the Release, and the Compensation
Recovery Policy (effective September 25, 2017) remain in full effect and that this Letter Agreement shall 

 
not interfere with or restrict the right of the Company to discharge you for Cause (as defined in the Plan) and you acknowledge and agree that if your employment terminates for any reason other
than a Covered Termination, you will not be eligible to receive the Severance Benefits under the Plan. The Termination Date shall be the “Date of Termination” for all purposes of the Plan. 

Full Agreement. This Letter Agreement, the Plan, the Participation Letter, the Release, the Compensation Recovery Policy, and the 2017
Employee Confidentiality and Inventions Agreement, dated September 26, 2017, by and between you and the Company (collectively, the “Agreements”) constitute the full understanding of you and the Company with respect to the
Separation. Without limiting the generality of the foregoing, you expressly acknowledge and agree that except as specifically set forth in the Agreements, you are not entitled to receive any severance pay or benefits from the Company and its
affiliates. 
 Governing Law. This Letter Agreement shall be governed by and construed in accordance with the laws of the State of
California, without reference to principles of conflict of laws. The dispute resolution provisions of the Plan shall apply to this Letter Agreement. 

Miscellaneous. This Letter Agreement may be amended, modified or changed only by a written instrument executed by you and the Company.
The captions of this Letter Agreement are not part of the provisions hereof and shall have no force or effect. This Letter Agreement may be executed in counterparts, each of which shall be deemed to be an original and all of which together shall
constitute one and the same instrument. 
 You have been and remain a valuable part of the business. We are counting on your help through this transition.
Please feel free to reach out to Amy Thompson with any questions. 
  

			
	Sincerely,
	
	Mattel, Inc.
		
	By:	 	 /s/ Ynon Kreiz

		 	Ynon Kreiz
		 	Chief Executive Officer

  

	
	 Acknowledged and Agreed:
  

/s/ Joseph Euteneuer

	Joseph Euteneuer

 Exhibit A 

Date:
                                         
            
 Mattel, Inc. 

333 Continental Boulevard 
 El Segundo, California 90245 

Re:    Resignation from director and/or officer positions with Mattel and its subsidiaries 

Ladies and Gentlemen: 
 I hereby resign from any position I
occupy as an officer of Mattel, Inc. and/or as a director or officer of any direct or indirect subsidiary of Mattel, Inc., effective as of the Termination Date. 
  

	
	 Very truly yours,

	
	 Signature:
                                         
                 

	
	 Name:

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