Document:

exhibit10-5.htm

Exhibit 10.5

 

SEVENTH AMENDMENT TO THE

 

EMPLOYMENT AGREEMENT

BETWEEN JOSEPH MASTERS AND URS CORPORATION

 

WHEREAS, Joseph Masters (the “Employee”) and URS Corporation, a Delaware corporation (the “Company”), entered into an Employment Agreement effective as of September 8, 2000 (the “Employment Agreement”); and

WHEREAS, the Employee and the Company wish to amend the Employment Agreement to modify certain provisions.

NOW THEREFORE, the Employment Agreement is amended effective as of June 30, 2014, as follows:

 

A.                 Section 6(a) of the Employment Agreement hereby is amended in its entirety to read as follows:

(a) Definition.  For all purposes under this Agreement, “Change in Control” shall mean the occurrence, after the date of this Agreement, of any of the following events, provided that such event also constitutes a “change in control event” as defined in Treasury Regulation Section 1.409A-3(i)(5):

 

(i) A change in control of the Company required to be reported pursuant to Item 6(e) of Schedule 14A of Regulation 14A under the Securities Exchange Act of 1934, as amended (the “Exchange Act”);

 

(ii) A change in the composition of the Company’s Board of Directors (the “Board”), as a result of which fewer than two-thirds of the incumbent directors were either (A) directors of the Company twenty-four (24) months prior to such change or (B) elected, or nominated for election, to the Board with the affirmative votes of at least a majority of the directors who were directors of the Company twenty-four (24) months prior to such change and who were still in office at the time of the election or nomination; or

 

(iii) Any person becomes the beneficial owner of securities of the Company representing thirty percent (30%) or more of the Company’s Base Capital Stock.  Notwithstanding the preceding clause:

 

(1) the beneficial ownership by a person of thirty percent (30%) or more, but less than a majority, of the Base Capital Stock shall not constitute a Change in Control if such beneficial ownership was acquired in the ordinary course of such person’s business and not with the purpose or effect of changing or influencing the control of the Company and if such person is eligible to file a short-form statement on Schedule 13G under Rule 13d-1 under the Exchange Act with respect to such beneficial ownership;

 

 

  

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(2) the beneficial ownership by a person of thirty percent (30%) or more of the Base Capital Stock directly as a result of a reduction in the aggregate number of outstanding shares of Base Capital Stock shall not constitute a Change in Control unless and until, subsequent to such reduction, such person increases in any manner such person’s beneficial ownership of Base Capital Stock; and

 

(3) the beneficial ownership by the RCBA Group of thirty percent (30%) or more of the Base Capital Stock shall not constitute a Change in Control unless and until either (a) the RCBA Group becomes the beneficial owner of thirty percent (30%) or more of the Base Capital Stock, excluding from the numerator for purposes of such calculation the RCBA Preferred Investment Shares, (b) the RCBA Group becomes the beneficial owner of more than fifty percent (50%) of the Base Capital Stock, including in the numerator for purposes of such calculation the RCBA Preferred Investment Shares, or (c) a third person not affiliated with the RCBA Group as of the date of this Agreement directly or indirectly acquires control of the RCBA Group.

 

For purposes of this clause (iii):

 

a. “Base Capital Stock” means the combined voting power of the Company’s then outstanding securities ordinarily (and apart from rights accruing under special circumstances) having the right to vote at elections of directors;

 

b. “Beneficial owner,” “beneficial ownership” and “person” have the meanings as such terms are used in Sections 13(d) and 14(d) of the Exchange Act;

 

c. “RCBA Group” means Richard C. Blum & Associates, Inc. (“RCBA”) and any person “affiliated” with RCBA (within the meaning of the Exchange Act); and

 

d. “RCBA Preferred Investment Shares” means (i) shares of the Company’s Series B Preferred Stock, (ii) additional shares of Series B Preferred Stock issued in payment of dividends on the Series B Preferred Stock, (iii) shares of the Company’s Common Stock issued upon the conversion of the Series B Preferred Stock in accordance with its terms, and (iv) shares of other securities of the Company issued in exchange for the Series B Preferred Stock in accordance with its terms.

 

  

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B.                 Section 7(a)(i) of the Employment Agreement hereby is amended in its entirety to read as follows:

(i)       The Company shall pay an amount (“Severance Payment”) equal to one million one hundred fifty two thousand dollars ($1,152,000).  The Severance Payment shall be made in a lump sum within ninety (90) days following the Employee’s Separation from Service; provided, however, that (i) if such ninety (90)-day period begins in one taxable year and ends in a second taxable year, such payment shall be made in the second taxable year, (ii) if the Employee is a “specified employee” within the meaning of Section 409A(a)(2)(B)(i) of the Code at the time of such Separation from Service, the Severance Payment shall be made in a lump sum on the date that is six (6) months and one (1) day following the date of such Separation from Service and (iii) in all cases, such payment shall be conditioned upon the Employee’s release becoming effective in accordance with its terms as described in Section 8.  The immediately preceding sentence also shall be applicable to any payment, benefit or award provided pursuant to this Agreement, other than any payment, benefit or award provided under Section 6 (the terms of which shall be governed by the applicable provisions of Section 6), that is subject to Section 409A of the Code or any state law of similar effect and becomes vested or otherwise payable in connection with Employee’s termination of employment, notwithstanding anything to the contrary under the terms of any such payment, benefit or award.  The Severance Payment shall be in lieu of (A) any further payments to the Employee under Section 3 and (B) any further accrual of benefits under Section 4 with respect to periods subsequent to the date of employment termination.  In addition, at the time of the employment termination, the Company shall pay to the Employee all accrued and unpaid vacation.

 

 

C.                 Section 8 of the Employment Agreement hereby is amended in its entirety to read as follows:

Notwithstanding any of the foregoing to the contrary, in no event shall the Company be required to make any payment or provide any benefit pursuant to Section 6 or 7 above (except for any payment or benefit pursuant to Section 6(e) or for payments of accrued and unpaid vacation) unless and until the Employee executes and delivers to the Company a release in the form of Exhibit A or Exhibit B, as appropriate, and such release becomes effective in accordance with its terms no later than ninety (90) days following the termination of employment date; provided, however, that pending such execution and delivery of such a release by the Employee, the Company will advance for the account of the Employee premiums required to be paid during the period during which the effectiveness of the release is pending if necessary to avoid lapse with respect to the Employee within such period of a group dental, health or disability policy to which Severance Benefits provided under Section 7(a)(ii) relate, which advance shall be repaid by the Employee on expiration of (i) the period during which the Employee is permitted to consider whether to execute the release (if the Employee does not execute the release) or (ii) the period during which the effectiveness of the release is pending (if the Employee executes the release but does not allow it to become effective in accordance with its terms).

 

D.                 The Employment Agreement hereby is amended to add the following new Section 11(k):

(k)           Tax Statements.  In order to correct certain document failures under Section 409A of the Code with respect to this Agreement, the Company shall, in accordance with IRS Notice 2010-6 (the “IRS Notice”), (i) attach to its timely-filed (including extensions) original federal income tax return for its 2014 taxable year a statement entitled “§ 409A Document Correction under §§ V.B and VI.B of Notice 2010-6” setting out the information required by § XII.B of the IRS Notice with respect to such failures and (ii) provide to the Employee a statement entitled “§ 409A Document Correction under §§ V.B and VI.B of Notice 2010-6” setting out the information required by § XII.C of the IRS Notice with respect to such failures by no later than the date (with extensions) on which the Company is required to provide an information return (Form W-2) to the Employee for the 2014 calendar year.

 

  

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Except as amended as provided above, the Employment Agreement shall remain in full force and effect.

 

IN WITNESS WHEREOF, each of the parties has executed this Seventh Amendment to the Employment Agreement, as of the day and year first above written.

Joseph Masters

/s/ Joseph Masters

	
  

	
Joseph Masters

URS Corporation,

a Delaware corporation

By:/s/ H. Thomas Hicks

Name: H. Thomas Hicks

Title: Executive V.P. & CFO

  

4exhibit10-6.htm

Exhibit 10.6

 

FIRST AMENDMENT TO THE

 

AMENDED AND RESTATED EMPLOYMENT AGREEMENT

BETWEEN GEORGE L. NASH, JR. AND URS E&C HOLDINGS, INC.

 

WHEREAS, George L. Nash, Jr. (the “Employee”) and URS E&C Holdings, Inc. (the “Company”) entered into an Amended and Restated Employment Agreement effective as of March 27, 2014 (the “Employment Agreement”); and

WHEREAS, the Employee and the Company wish to amend the Employment Agreement to modify certain provisions.

NOW THEREFORE, the Employment Agreement is amended effective as of June 30, 2014, as follows:

 

A.                 Section 6(a) of the Employment Agreement hereby is amended in its entirety to read as follows:

(a) Definition. For all purposes under this Agreement, “Change in Control” shall mean the occurrence of any one or more of the following after May 28, 2014:

 

(i) any “person” (as such term is used in Sections 13(d) and 14(d) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”)), through the acquisition or aggregation of securities, becomes the beneficial owner, directly or indirectly, of securities of URS Delaware representing more than fifty percent (50%) of the combined voting power of the then outstanding securities ordinarily (and apart from rights accruing under special circumstances) having the right to vote at elections of directors of URS Delaware;

 

(ii) any transaction, or series of transactions that occur within a twelve (12) month period, as a result of which the stockholders of URS Delaware immediately prior to the completion of the transaction (or, in the case of a series of transactions, immediately prior to the first transaction in the series) hold, directly or indirectly, less than fifty percent (50%) of the beneficial ownership (within the meaning of Rule 13d-3 of the Exchange Act or comparable successor rules) of the outstanding securities of the surviving entity, or, if more than one entity survives the transaction or transactions, the controlling entity, following such transaction or transactions; or

 

(iii) individuals who, as of May 28, 2014, were members of the Board of Directors of URS Delaware (the “Incumbent Board”) cease for any reason to constitute at least two-thirds (2/3) of the members of the Board of Directors of URS Delaware; provided, however, that if the appointment or election (or nomination for election) of any new Board member was approved or recommended by a majority vote of the members of the Incumbent Board then still in office, such new member will, for purposes of this Agreement, be considered as a member of the Incumbent Board.

 

  

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B.                Section 6(c) of the Employment Agreement hereby is amended in its entirety to read as follows:

(c) Change in Control Payment and Severance Benefits. If, during the Term and within one year after the occurrence of a Change in Control, either (i) Employee voluntarily resigns Employee’s employment for Good Reason or (ii) the Company terminates Employee’s employment for any reason other than Cause or Disability, and (iii) such termination of employment is a “separation from service” (as such term is defined in Treasury Regulation Section 1.409A-1(h), without regard to any alternative definition thereunder, a “Separation from Service”), then Employee shall be entitled to receive a severance payment from the Company (the “Change in Control Payment”) and in addition shall be entitled to Severance Benefits in accordance with Subsection 7(a)(ii).  No Change in Control Payment shall be made in case of termination of employment of Employee by reason of resignation of Employee other than for Good Reason, death of Employee, or any other circumstance not specifically and expressly described in the immediately preceding sentence.  The Change in Control Payment shall be in an amount determined under Section 6(d) below.  The Change in Control Payment shall be made in a lump sum within ninety (90) days following Employee’s Separation from Service; provided, however, that (i) if such ninety (90)-day period begins in one taxable year and ends in a second taxable year, such payment shall be made in the second taxable year, (ii) if Employee is a “specified employee” within the meaning of Section 409A(a)(2)(B)(i) of the Internal Revenue Code of 1986, as amended (the “Code”) at the time of such Separation from Service, the Change in Control Payment shall be made in a lump sum on the date that is six (6) months and one (1) day following the date of such Separation from Service and (iii) in all cases, such payment shall be conditioned upon Employee’s release becoming effective in accordance with its terms as described in Section 8.  The immediately preceding sentence and the requirement in clause (iii) of the first sentence of this Subsection 6(c) also shall be applicable to any payment, benefit or award provided pursuant to this Agreement, other than any payment, benefit or award provided under Section 7 (the terms of which shall be governed by the applicable provisions of Section 7), that is subject to Section 409A of the Code or any state law of similar effect and becomes vested or otherwise payable in connection with Employee’s termination of employment, notwithstanding anything to the contrary under the terms of any such payment, benefit or award.  The Change in Control Payment shall be: (i) in lieu of any further accrual of benefits under Section 4 with respect to periods subsequent to the date of the employment termination; and (ii) in lieu of any entitlement to a Severance Payment (as defined in Subsection 7(a)(i) below).

 

  

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C.                Section 6(e) of the Employment Agreement hereby is amended in its entirety to read as follows:

 

(e)           Incentive Programs. If, during the Term, either (i) a Change in Control occurs on or before January 2, 2015 or (ii) a Change in Control occurs after January 2, 2015 and in the case of clause (ii), within one year after the occurrence of such Change in Control, either (X) the Employee voluntarily resigns Employee’s employment for Good Reason or (Y) the Company terminates Employee’s employment for any reason other than Cause or Disability, then as of the date of such Change in Control (in the case of clause (i)) or the date of such termination (in the case of clause (ii)), Employee shall become fully vested in all awards heretofore or hereafter granted to Employee under all incentive compensation, deferred compensation, bonus, stock option, stock appreciation rights, restricted stock, phantom stock or similar plans maintained by URS, except if and to the extent specifically provided to the contrary under the terms of any such plan or any specific grant or award made to Employee under any such plan.

 

Except as amended as provided above, the Employment Agreement shall remain in full force and effect.

IN WITNESS WHEREOF, each of the parties has executed this First Amendment to the Employment Agreement, as of the day and year first above written.

George L. Nash, Jr.

/s/ George L. Nash, Jr.

	
  

	
George L. Nash, Jr.

URS E&C Holdings, Inc.

By:           /s/ Reed N. Brimhall 

Name:           Reed N. Brimhall

Title:           Vice President 

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