Document:

Exhibit 10.2

 

EXECUTION VERSION

 

AMENDMENT NO. 1

TO

CREDIT AGREEMENT

 

THIS AMENDMENT NO. 1 TO CREDIT AGREEMENT (this “Amendment”) is made as of May 3, 2017, by and among VIRTUSA CORPORATION, a Delaware corporation (the “Borrower”), JPMORGAN CHASE BANK, N.A. as the Administrative Agent (the “Administrative Agent”), and Lenders constituting Required Lenders as of the date hereof.  Unless otherwise defined herein, capitalized terms used herein shall have the meanings ascribed to them in the Credit Agreement described below.

 

WITNESSETH:

 

WHEREAS, the Borrower, the Lenders from time to time party thereto, and the Administrative Agent are parties to that certain Credit Agreement dated as of February 25, 2016 (as amended, modified, restated or otherwise supplemented from time to time, the “Credit Agreement”);

 

WHEREAS, the Borrower has requested that the Lenders and the Administrative Agent agree to amend certain provisions of the Credit Agreement in order to, among other things, permit the Borrower to issue certain shares of convertible preferred stock and pay certain dividends with respect to such convertible preferred stock;

 

WHEREAS, Section 9.02(b) of the Credit Agreement permits amendment of the Credit Agreement with the consent of the Borrower and the Administrative Agent with the consent of the Required Lenders; and

 

WHEREAS, subject to the satisfaction of the conditions set forth herein, the Administrative Agent and the Lenders signatory hereto constituting Required Lenders are willing to agree to amend certain provisions of the Credit Agreement, all on the terms and subject to the conditions set forth in this Amendment.

 

NOW, THEREFORE, in consideration of the premises set forth herein (which are incorporated herein as though fully set forth below, by this reference thereto) and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, each of the undersigned agrees as follows:

 

1.                                      Acknowledgments, Affirmations and Representations and Warranties.

 

Each Loan Party acknowledges, affirms, represents and warrants that:

 

(i)                                     The Borrower has the corporate power and authority to enter into, and has taken all necessary corporate action to authorize, this Amendment and the transactions contemplated hereby.

 

(ii)                                  Each Guarantor has the corporate and/or company power and authority to enter into, and has taken all necessary corporate or company action to authorize, this Amendment and the transactions contemplated hereby.

 

 

(iii)                               No consent, approval, authorization or order of, or filing, registration or qualification with, any court or governmental authority or third party is required in connection with the execution, delivery or performance by each Loan Party of this Amendment.

 

(iv)                              All representations and warranties contained in the Credit Agreement and the other Loan Documents are true and correct in all material respects (or, with respect to representations and warranties already qualified by concepts of materiality, in all respects) on and as of the date hereof (except for representations and warranties that expressly speak as of a specific date, then on and as of such specific date).

 

(v)                                 No Default or Event of Default exists under the Credit Agreement or any of the other Loan Documents.

 

2.                                      Amendments to Credit Agreement and other Loan Documents.

 

a.                                      Amendments to Section 1.01 of the Credit Agreement (Defined Terms).  Section 1.01 of the Credit Agreement is hereby amended as follows:

 

(i)                                     New Defined Terms.  The following new defined terms are added and inserted in Section 1.01 of the Credit Agreement, in appropriate alphabetical order, to read as follows:

 

““Certificate of Designations” means (i) with respect to the Series A Preferred Stock, the Series A Certificate of Designations, and (ii) with respect to the Series A-1 Preferred Stock, the Series A-1 Certificate of Designations.

 

““Investment Agreement” means that certain Investment Agreement dated on or about May 3, 2017, by and among the Borrower and Orogen, as the same may be amended, supplemented or otherwise modified from time to time in a manner not materially adverse to the Lenders.”

 

““Orogen” means Orogen Viper LLC, a Delaware limited liability company.”

 

““Orogen Series A Preferred Stock” means, collectively, the Series A Preferred Stock and the Series A-1 Preferred Stock (including, for the avoidance of doubt, any Series A Preferred Stock issued upon conversion of any Series A-1 Preferred Stock pursuant to the applicable Certificate of Designations or the Investment Agreement).”

 

““Orogen Transactions” means the transactions contemplated by the Series A Certificate of Designations, the Series A-1 Certificate of Designations and the Investment Agreement (including, without limitation, the issuance and sale of the Orogen Series A Preferred Stock).”

 

““Series A Certificate of Designations” means that certain Certificate of the Powers, Designations, Preferences and Rights of the 3.875% Series A Convertible Preferred Stock ($0.01 Par Value) ($1,000 Liquidation Preference Per

 

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Share) of the Borrower filed with the Office of the Secretary of State of the State of Delaware on or about May 3, 2017, as the same may be amended, supplemented or otherwise modified from time to time in a manner not materially adverse to the Lenders.”

 

““Series A-1 Certificate of Designations” means that certain Certificate of the Powers, Designations, Preferences and Rights of the 3.875% Series A-1 Convertible Preferred Stock ($0.01 Par Value) ($1,000 Liquidation Preference Per Share) of the Borrower filed with the Office of the Secretary of State of the State of Delaware on or about May 3, 2017, as the same may be amended, supplemented or otherwise modified from time to time in a manner not materially adverse to the Lenders.”

 

““Series A Preferred Stock” has the meaning assigned to it in the Series A Certificate of Designations.”

 

““Series A-1 Preferred Stock” has the meaning assigned to it in the Series A-1 Certificate of Designations.”

 

(ii)                                  Amendment to the definition of Consolidated EBITDA.  Clause (a) (viii) of the definition of “Consolidated EBITDA” is amended and restated in its entirety to read as follows:

 

“(viii)                  fees and expenses incurred during such period in connection with the Loan Documents, the Transactions and the Orogen Transactions;”

 

(iii)                               Amendment to the definition of Fixed Charges.  The definition of “Fixed Charges” is amended and restated in its entirety to read as follows:

 

““Fixed Charges” means, for any period, without duplication, regularly scheduled Consolidated Interest Expense paid in cash for such period, plus regularly scheduled dividends paid in cash for such period on or with respect to any Disqualified Equity Interests (including the Orogen Series A Preferred Stock), plus regularly scheduled amortization payments on Indebtedness in cash during such period (regularly scheduled amortization payments shall be determined without giving effect to any reduction of such scheduled payments resulting from the application of any voluntary or mandatory prepayments made during the applicable period), plus expense for income taxes paid in cash for such period, plus the interest component of Capital Lease Obligation payments for such period paid in cash, all calculated for the Borrower and its Subsidiaries on a consolidated basis in accordance with GAAP except as otherwise stated above.”

 

(iv)                              Amendment to the definition of Indebtedness.  The definition of “Indebtedness” is amended and restated in its entirety to read as follows:

 

““Indebtedness” of any Person means, without duplication, (a) all obligations of such Person for borrowed money or with respect to deposits or

 

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advances of any kind, (b) all obligations of such Person evidenced by bonds, debentures, notes or similar instruments, (c) all obligations of such Person upon which interest charges are customarily paid, (d) all obligations of such Person under conditional sale or other title retention agreements relating to property acquired by such Person, (e) all obligations of such Person in respect of the deferred purchase price of property or services (excluding accounts payable incurred in the ordinary course of business and not more than 90 days overdue), (f) all Indebtedness of others secured by (or for which the holder of such Indebtedness has an existing right, contingent or otherwise, to be secured by) any Lien on property owned or acquired by such Person, whether or not the Indebtedness secured thereby has been assumed, (g) all Guarantees by such Person of Indebtedness of others, (h) all Capital Lease Obligations of such Person, (i) all obligations, contingent or otherwise, of such Person as an account party in respect of letters of credit and letters of guaranty, in each case, to the extent not cash collateralized, (j) all obligations, contingent or otherwise, of such Person in respect of bankers’ acceptances, (k) obligations under any earn-out to the extent recognized under GAAP, (l) all obligations of such Person to purchase, redeem, retire or otherwise acquire for value any Disqualified Equity Interests (including the Orogen Series A Preferred Stock) to the extent such purchase, redemption, retirement or other acquisition is required to occur on or prior to the Latest Maturity Date in effect at the time of issuance of such Equity Interests (other than any such obligation that is contingent upon the prior payment in full of the Obligations (excluding (1) any unasserted contingent Obligations and (2) LC Exposure to the extent the Borrower has deposited into an LC Collateral Account (in a manner consistent with the provisions of Section 2.06(j)) an amount in cash equal to 102% of the LC Exposure as of such date) and the termination of the Commitments of all Lenders hereunder), (m) any Off-Balance Sheet Liability, and (n) net obligations payable at the termination of any and all Swap Agreements, determined by reference to the Swap Termination Value thereof to the extent not cash collateralized.  The Indebtedness of any Person shall include the Indebtedness of any other entity (including any partnership in which such Person is a general partner) to the extent such Person is liable therefor as a result of such Person’s ownership interest in or other relationship with such entity, except to the extent the terms of such Indebtedness provide that such Person is not liable therefor.”

 

b.                                      Amendment to Section 6.01 of the Credit Agreement (Indebtedness).  Section 6.01(e) of the Credit Agreement is amended and restated in its entirety to read as follows:

 

“(e)                            Indebtedness arising in connection with the Orogen Series A Preferred Stock, to the extent permitted under and in accordance with clause (xi) of Section 6.06(a);”

 

c.                                       Amendment to Section 6.06 of the Credit Agreement (Restricted Payments).  Section 6.06(a) of the Credit Agreement is hereby amended as follows:

 

(i)                                     In clause (v) thereof, by deleting the amount “$25,000,000” and replacing it with “$30,000,000”; and

 

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(ii)                                  By deleting the word “and” appearing immediately after clause (ix) thereof, by deleting the “.” at the end of clause (x) and replacing it with “; and”, and by adding new clauses (xi) through (xvii) at the end of Section 6.06(a), to read respectively as follows:

 

“(xi) the Borrower may issue and sell the Orogen Series A Preferred Stock pursuant to the Investment Agreement; provided that within three (3) Business Days following receipt by the Borrower of the Net Proceeds of such issuance and sale, the Borrower shall prepay the Term Loans at par (to be applied in direct order of maturity to the remaining principal installments of Term Loans) in an amount equal to seventy-five percent (75%) of such Net Proceeds; (xii) the Borrower may declare and pay cumulative cash dividends on the Orogen Series A Preferred Stock when and as required pursuant to the applicable Certificate of Designations; provided that both immediately before and after paying any such cash dividend no Event of Default exists; (xiii) at any time on or after, but not before, the earlier of (A) August 24, 2021 and (B) the date on which the Obligations (excluding (1) any unasserted contingent Obligations and (2) LC Exposure to the extent the Borrower has deposited into an LC Collateral Account (in a manner consistent with the provisions of Section 2.06(j)) an amount in cash equal to 102% of the LC Exposure as of such date) have been paid in full and the Commitments of all Lenders hereunder have been terminated, the Borrower may purchase, redeem, retire or otherwise acquire for value the Orogen Series A Preferred Stock; (xiv) the Borrower may make Restricted Payments from time to time in an aggregate amount not to exceed twenty-five percent (25%) of the Net Proceeds received by the Borrower from the issuance and sale of the Orogen Series A Preferred Stock; (xv) the Borrower may issue (A) Series A Preferred Stock upon conversion of the Series A-1 Preferred Stock pursuant to the applicable Certificate of Designations or the Investment Agreement and in connection with such conversion and (B) Equity Interests (other than Disqualified Equity Interests) upon conversion of the Orogen Series A Preferred Stock (including, without limitation, following the occurrence of a Fundamental Change (as defined in the applicable Certificate of Designations)) and in connection with such conversion; (xvi) the Borrower, at its option in lieu of paying cash dividends pursuant to clause (xii) above, may declare and pay such dividends on the Orogen Series A Preferred Stock in the form of additional Orogen Series A Preferred Stock; and (xvii) the Borrower or its Subsidiaries may make a Restricted Payment to the then existing shareholders (other than the Borrower) of the Target in an aggregate amount not to exceed $3,000,000 per fiscal year.”

 

3.                                      Conditions to Effectiveness.  This Amendment shall become effective when the Administrative Agent (or its counsel) shall have received from the Borrower and each Guarantor, and each of the Lenders constituting Required Lenders, (i) a counterpart of this Amendment, signed on behalf of such Person, or (ii) written evidence satisfactory to the Administrative Agent (which may include telecopy transmission of a signed signature page of this Amendment) that such Person has signed a counterpart of this Amendment.

 

4.                                      Reaffirmation; No Waiver.  Each Loan Party, as maker, debtor, assignor, obligor, guarantor, or in other similar capacity in which it incurs obligations to the Administrative

 

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Agent, the Issuing Bank or the Lenders under any of the Loan Documents, hereby ratifies and reaffirms all of its respective payment and performance obligations, contingent or otherwise, under each of the Loan Documents to which it is a party and, to the extent it has granted liens or mortgages on or security interests in any of its properties pursuant to any Collateral Document as security for the Secured Obligations, hereby ratifies and reaffirms such grant of liens, mortgages and security interests and confirms and agrees that with respect to liens and security interests on any right, title and interest of such Loan Party in any personal property granted pursuant to a security agreement, pledge agreement or otherwise, such liens and security interests hereafter secure all of the Secured Obligations, in each case as if each reference in such Collateral Document to the obligations secured thereby are construed to hereafter mean and refer to such Secured Obligations (including, without limitation, with respect to all Loans and all LC Exposure) and including under the Credit Agreement and other Loan Documents, as amended by this Amendment.  Each Loan Guarantor acknowledges, affirms and agrees that all Secured Obligations to the Administrative Agent, the Issuing Bank, the Lenders and the Secured Parties have been guaranteed and continue to be guaranteed by such Loan Guarantor pursuant to the terms of the Credit Agreement, as amended by this Amendment.  Each Loan Party acknowledges and reaffirms that it is responsible for the observance and full performance of the Secured Obligations and that each of the Loan Documents to which it is a party remains in full force and effect, continues to apply to the Secured Obligations, as amended by this Amendment, and are hereby ratified and confirmed in all respects.  The execution of this Amendment shall not operate as a novation, or waiver of any right, power or remedy of the Administrative Agent, the Issuing Bank, the Lenders or Secured Parties, or waiver of any provision of any of the Loan Documents.  The Loan Parties agree and acknowledge that this Amendment shall be deemed a Loan Document.  All references in the Loan Documents to the Credit Agreement shall be deemed to be references to the Credit Agreement, as amended by this Amendment.

 

5.                                      Fees and Expenses.  The Loan Parties agree that they will promptly pay all reasonable and documented legal and professional fees and expenses (including all reasonable and documented fees and expenses of Goulston & Storrs PC, as counsel to the Administrative Agent) incurred by the Administrative Agent in connection with this Amendment and the transactions contemplated hereby.

 

6.                                      Successors and Assigns.  This Amendment shall be binding upon each of the Loan Parties and upon its respective successors and assigns and shall inure to the benefit of the Administrative Agent, the Lenders and their respective successors and assigns.  The successors and assigns of such entities shall include, without limitation, their respective receivers, trustees, or debtors-in-possession.

 

7.                                      Governing Law.  THIS AMENDMENT SHALL BE GOVERNED BY AND SHALL BE CONSTRUED AND ENFORCED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK.

 

8.                                      Execution in Counterparts.  This Amendment may be executed in any number of counterparts and by different parties hereto in separate counterparts, each of which when so executed shall be deemed to be an original and all of which taken together shall constitute one and the same agreement.  Delivery of an executed counterpart of a signature

 

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page of this Amendment by facsimile, emailed pdf, or any other electronic means that reproduces an image of the actual executed signature page shall be effective as delivery of a manually executed counterpart of this Amendment.

 

[remainder of page intentionally left blank; signature pages follow]

 

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IN WITNESS WHEREOF, this Amendment has been duly executed by each of the undersigned as of the day and year first set forth above.

 

	
 
    	
VIRTUSA CORPORATION
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/Ranjan Kalia
    
	
 
    	
 
    	
Name: Ranjan Kalia
    
	
 
    	
 
    	
Title: Executive Vice President and Chief   Financial Officer
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
APPARATUS, INC.
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/Ranjan Kalia
    
	
 
    	
 
    	
Name: Ranjan Kalia
    
	
 
    	
 
    	
Title: Treasurer
    

 

[Signature Page to Amendment No. 1]

 

 

	
 
    	
JPMORGAN   CHASE BANK, N.A.,   as Administrative Agent
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:   
    	
/s/Stacy   Benham
    
	
 
    	
 
    	
Name:   Stacy Benham
    
	
 
    	
 
    	
Title:   Vice President
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
JPMORGAN   CHASE BANK, N.A.,   as Lender
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:   
    	
/s/Stacy   Benham
    
	
 
    	
 
    	
Name:   Stacy Benham
    
	
 
    	
 
    	
Title:   Vice President
    

 

[Signature Page to Amendment No. 1]

 

 

	
 
    	
Bank   of America, N.A., as Lender and Issuing Bank
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/Molly   Kropp
    
	
 
    	
 
    	
Name:   Molly Kropp
    
	
 
    	
 
    	
Title:   Vice President
    

 

[Signature Page to Amendment No. 1]

 

 

	
 
    	
Wells   Fargo, N.A., as Lender
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/Debra   E. DelVecchio
    
	
 
    	
 
    	
Name:   Debra E. DelVecchio
    
	
 
    	
 
    	
Title:   Senior Vice President
    

 

[Signature Page to Amendment No. 1]

 

 

	
 
    	
Citizens   Bank, N.A., as Lender
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/William   M. Clossey
    
	
 
    	
 
    	
Name:   William M. Clossey
    
	
 
    	
 
    	
Title:   Senior Vice President
    

 

[Signature Page to Amendment No. 1]

 

 

	
 
    	
SILICON   VALLEY BANK, as Lender
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/Frank   Groccia
    
	
 
    	
 
    	
Name:   Frank Groccia
    
	
 
    	
 
    	
Title:   Vice President
    

 

[Signature Page to Amendment No. 1]

 

 

	
 
    	
HSBC   Bank USA, National Association, as Lender
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/Pablo   Pena
    
	
 
    	
 
    	
Name:   Pablo Pena
    
	
 
    	
 
    	
Title:   Vice President
    

 

[Signature Page to Amendment No. 1]cc-ex1036_241.htm

Exhibit 10.36

 

 

 

April 8, 2016 
 
Paul C. Kirsch

[address redacted]

 
Dear Paul,
 
On behalf of The Chemours Company, it is a pleasure to offer you employment as the President, Fluoroproducts for Chemours.  Your position will be based in Wilmington, DE.  We would like to work towards a mid-May start date.    

 

Please be advised this offer of employment is contingent upon approval by our Board of Directors. Based upon the terms of this offer of employment, your anticipated position with Chemours, and Chemours’ status as a U.S. public company, you and Chemours are subject to certain requirements under U.S. federal securities laws.  Accordingly, upon your acceptance of this offer of employment with Chemours, you agree to keep strictly confidential the terms of this offer of employment, you agree not disclose the identity of Chemours to your present employer until after Chemours makes a public announcement in accordance with applicable securities laws, and you (and members of your family) agree to refrain from transacting in Chemours common stock, or instructing others to do so on your behalf, until informed by Chemours that you are no longer subject to this restriction.

Annual Base Salary

Effective the day you report to work, we will pay you $550,000.00 yearly while employed. Future pay increases will be based on your performance and approval of the compensation committee consistent with our salary policy.

 

Annual Incentive Plan (AIP)

You will be eligible for participation in the Annual Incentive Plan (AIP), which is typically payable in February of the following year.  The target value of your AIP award is seventy-five percent (75%) of your annual base salary or $412,500 for the year ending December 31, 2016.  To receive the AIP award, you must be an employee at the end of the performance period.

 

Long Term Incentives (LTI) 

You will be eligible to receive Long-Term Incentives (LTI) under the Chemours Equity and Incentive Plan. The grant is subject to approval by the Compensation 

 

 

Committee of the Board of Directors. LTI is usually granted in February of each year.  The target value of your LTI award beginning in 2017 is $900,000.  The amount of your actual award can vary depending on company performance.

 

For 2016, you will receive a LTI award with an estimated value of $600,000.  Forty percent (40%) of the target value, approximately $240,000, will be granted in the form of nonqualified stock options featuring three-year equal graded vesting and a ten-year term.  The exercise price of the stock options awarded will be set equal to the closing share price of Chemours common stock on the New York Stock Exchange on your first day of employment with Chemours.  Sixty percent (60%) of the target value, approximately $360,000, will be granted in the form of performance share units for the three-year performance period 2016-2018 which will cliff vest December 31, 2018 subject to the satisfaction of performance conditions.  The number of performance share units awarded will be determined by dividing the target value by the closing share price of Chemours common stock on the New York Stock Exchange on your first day of employment with Chemours. 

 

Signing Bonus

We are pleased to offer you a signing bonus of $650,000.00.  This sum is in consideration of: (1) the SAP incentive payment with an estimated value of $200,000 otherwise payable in July 2016; and (2) unvested Henkel Cash Performance Units with an estimated value of $450,000 also otherwise payable in July 2016.  We respectfully require evidence of forfeiture be provided prior to payment.  The bonus will be paid in one lump sum within sixty (60) days following the receipt of acceptable evidence.  The signing bonus is taxable, and all regular payroll taxes will be withheld.

 

In the unlikely event that you voluntarily terminate your employment or the Company terminates your employment for cause, within 1 year of your date of hire, you agree and will be responsible for reimbursing the Company for the full signing bonus. In such a case, the balance owed will be deducted from any payment due to you at such time of termination, including salary, severance payments, bonuses, and vacation. By your signature on this employment offer, you specifically agree and authorize the Company to withhold any payments issued prior to termination of employment, if that termination occurs before 1 year of your date of hire. The signing bonus will not be considered for purposes of determining benefits under Chemours Compensation and Benefit Plans.

 

Long-Term Incentive Buyout

Chemours will provide you with a one-time award of time-vested Restricted Stock Units (RSU) with a grant date value of $720,000.  The number of RSUs awarded will be determined by dividing the grant date value by the closing share price of Chemours common stock on the New York Stock Exchange on your first day of employment with Chemours.  This sum is in consideration of the outstanding unvested Cash Performance Units which will presumably be forfeited upon termination of employment with your current employer.  As with the signing bonus, we respectfully require evidence of forfeiture be provided prior to the 

 

 

award being granted.  The RSU award will vest 40% on the first anniversary of the grant date, 40% on the second anniversary of the grant date, and 20% on the third anniversary of the grant date.

   

Nonqualified Deferred Compensation

Our nonqualified Retirement Savings Restoration Plan ("RSRP") allows for deferral of compensation (up to 6% of compensation above the IRS compensation limit) on the same basis as provided under the qualified RSP plan. The RSRP provides a Company match of 100% of the first six percent of the employee's deferral.

 

Further, you will be provided the opportunity to participate in the Management Deferred Compensation Plan, which permits deferral of up to 60% of Base Salary, up to 60% of AIP and up to 100% of restricted stock units and performance share units (for eligible Corporate Officers). 

 

Deferral elections are typically taken in May of each year.  An additional enrollment window is typically opened for new hires in November of each year.

 

Stock Ownership Guidelines

Contingent upon approval by our Board of Directors, as a Section 16 officer you will be a “Covered Executive” under The Chemours Company Stock Ownership Guidelines.  Based upon your position at hire, you will have five (5) years to acquire and maintain ownership of at least three (3) times your annual base salary of Chemours common stock.  Ownership levels are measured and reviewed annually.

 

Senior Executive Severance Plan

Contingent upon approval by our Board of Directors, as a Section 16 officer you will be eligible to participate in The Chemours Company Senior Executive Severance Plan.  Based on your position at hire you will be classified as a Tier 2 Participant.  In the event of a Qualifying Termination, you will be eligible to receive a lump sum Cash Payment equal to two times the Base Severance Payment (the sum of Base Salary and Target Annual Bonus), plus a pro-rated Target Annual Bonus for the calendar year in which the Date of Termination occurs, in addition to other benefits.

 

Benefits

Chemours offers a comprehensive, flexible benefits program that enables you to create a personalized package of benefits for you and your family. You must enroll within 31 calendar days of your hire date or you will be enrolled in the default coverage for YOU only - your dependents are not defaulted into coverage. Medical, Dental and Life Insurance elections are effective as of your date of hire. Other elections will become effective the first of the month following your enrollment.  You will receive information shortly after your hire date with instructions for enrolling through [web address redacted]. This website, along with the Chemours Benefits Service Center at [phone number redacted], are 

 

 

available to you for additional information and tools to help you select the right benefits programs for you and your family.

 

 

 

Retirement Savings Plan (RSP)

The Chemours Retirement Savings Plan (RSP) includes the following: $1.00 matching Company contribution per $1.00 employee contribution up to 6% of pay - for which you are immediately vested.  (Pay for this purpose is generally total cash compensation, including overtime, STIP, Local Performance Based Compensation and/or Sales Incentive Compensation, if eligible and subject to pay exclusions as outlined in the Plan document.)

 

Holidays
Chemours provides 12 paid holidays each year. For 2016, you are eligible for all remaining Company holidays. Paid holidays must be taken in the calendar year granted. The exact dates may vary from year to year and from site to site. 

 

Vacation

You will be provided four (4) weeks of vacation per year.

 

Under the Company vacation plan, you may carry a maximum of 40 hours of vacation forward to the next year, if not taken.  Because additional "paid time off" must be granted outside the Company vacation plan, it cannot be carried forward to the following year if not used.  Should employment with the Company cease, you will be paid for any unused vacation for which you are eligible, and, if you have taken vacation in excess of accrued vacation, it will be deducted from your final pay. However, no payment can be made for any unused "paid time off" that was granted to you.

 

Relocation Benefits

Domestic Relocation benefits are being offered as part of your employment package. For additional details on the relocation benefits available to you, please see the attached Policy Summary. Once you have completed the hiring process a counselor from Weichert Relocation Resources Inc., our relocation vendor, will be in touch with you to begin the process. The relocation expenses paid to you will not be considered for purposes of determining benefits under Chemours Compensation and Benefit Plans.

 

In addition, for up to one year from your date of hire, Chemours will reimburse you for any personal expenses incurred for the movement of household goods from Amsterdam to the United States, not to exceed $10,000.

 

Relocation Repayment Agreement

By your signature on this employment offer, and in consideration of payment/advance of relocation expenses from The Chemours Company (Company) or its affiliates, and in the event that you voluntarily resign your employment from the Company, the Company terminates your employment for 

 

 

cause, or you decide not to relocate after receiving relocation benefits, you hereby agree to repay the Company all relocation expenses.

 

If employment termination occurs within the first 12 months of your relocation, you shall pay 100% of all monies given to you, paid on your behalf, or reimbursed to you under the relocation program; or, if employment termination occurs in 13 to 24 months after your relocation, you shall repay on a pro-rated basis.

 

As to any relocation expenses that you become obligated to repay to the Company, you agree and authorize the Company to withhold any payments issued prior to termination of employment, including salary, severance payments, bonuses, and vacation. You agree to repay any remaining relocation expenses within 30 days following the effective date of employment termination.

 

You also accept responsibility for any tax liabilities, credits and/or deductions that you may incur as a result of the agreement.

 

Conditions of Employment

As is customary, this offer is contingent upon the following:

	
 
	
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Accepting the Company Employee Agreement (copy enclosed for your reference, which you will be asked to sign on your first day of employment).

	
 
	
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Completing a medical evaluation within 30 days prior to reporting to work. This evaluation may include a physical examination and will include a test for the presence of drugs, including marijuana, in your system.   A positive test for drugs, other than prescribed for you by your physician will constitute grounds for withdrawing the offer.

	
 
	
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Presentation of sufficient document(s) of your choice to complete the I-9 Employment Eligibility Verification establishing your identity and employment eligibility as required by the Immigration Reform and Control Act of 1986 which makes it unlawful for an employer to hire an individual not authorized for employment in the U.S. 

	
 
	
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Completing a background check with results that are acceptable to the Company.

Employment at the Company is at will. This means that your employment continues so long as both the Company and you agree that it should. Both the Company and you have the right to terminate the employment relationship at any time and for any or no reason.

 

We will need confirmation of your acceptance. As an acknowledgement of your acceptance, please sign the attached copy of this letter, scan and return to the attention of Beth Albright, Senior Vice President Human Resources, via email:  [email address redacted].  If you have any questions or wish to discuss the terms 

 

 

of this offer, please contact Beth Albright directly at: [phone number redacted]. We would like to have your decision no later than April 15, 2016.

 

We have an exciting and diverse team of exceptional people and believe you will contribute significantly as the leader of the Fluoroproducts Business. We trust the work ahead will provide you with the challenges you are seeking and anticipate your arrival to Chemours.

 

Sincerely,

Mark Vergnano

President and Chief Executive Officer

 

 

 

 

 

I accept this offer of employment.

 

____________________________

Paul C. Kirsch

 

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Date

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00270-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00270-of-00352.parquet"}]]