Document:

Exhibit 10.1

 

December 10, 2019

Jerry Fowden

Cott Corporation

4221 West Boy Scout Blvd.

Tampa, FL 33607

 

Dear Jerry:

 

We are pleased to offer you an extension
of your position as the Executive Chairman of Cott Corporation (the “Company”), effective December 30, 2019 (the
“Effective Date”), under the same terms and conditions set forth in that certain Offer Letter dated August 1, 2018
by and between yourself and the Company (the “Original Agreement”). The term of this extension shall be three months
from the Effective Date and your position as Executive Chairman will automatically terminate on March 28, 2020, the last day of
the Company’s first quarter 2020 (the “Extension Period”), unless the Extension Period is further extended by
mutual, written agreement of the parties. For the avoidance of doubt, (i) your base salary and annual car allowance available
to you under the Original Agreement will continue through the Extension Period, (ii) your health and other plan benefits will continue
through the Extension Period, (iii) you will be eligible for the annual bonus for fiscal 2020 at the target amount set forth in
the Original Agreement (prorated based on the number of days in fiscal 2020 that you serve as the Executive Chairman of the Company
and payable when bonuses are generally paid to other participants in the 2020 annual bonus plan) and (iv) you will not receive
any additional awards under Cott’s long-term incentive plans during the Extension Period.

 

Please indicate your acceptance
of this offer by returning one signed original of this offer letter.

 

Yours truly,

 

	/s/ Stephen Halperin		 
	Stephen Halperin		 

 

 

I accept this offer of
continued employment during the Extension Period under the terms identified in the
Original Agreement, as set forth above. I have had an opportunity to obtain independent legal advice in connection with this offer
and have either obtained such advice or hereby expressly waive the opportunity.

 

	/s/ Jerry Fowden	 	December 10, 2019
	Jerry Fowden	 	DateEXHIBIT 10.1

    

     

      

     
      	
              
                                                          Michael W. Lamach

                  

                                                          Chairman and Chief Executive Officer

                

                

              

            	
              
                
                  Ingersoll-Rand plc 

                  170/175 Lakeview Drive 

                  Airside Business Park 

                  Swords, Co. Dublin, Ireland

                

                 

            	
              U.S . Mailing Address

              800-E Beaty Street

              
                
                  
                    P.O. Box 940

                  

                

              

              Davidson, NC 28036

            

    

     

      

    
      
        
          
            

            

          

          

      

      December 5, 2019

       

      

      

      

      Mr. David Regnery

      

       

      

      

      

      Dear Dave:

       

      

      
        I am pleased to offer you the position of President and Chief Operating Officer reporting directly to me. This position will be located in Davidson, North
            Carolina and becomes effective as of January 1, 2020. I look forward to your acceptance of this offer and the contributions you will make in this
            role.

        

        

        The following summarizes the impact of this new assignment on your compensation and benefits.

        

        

        
          
            
              	
                      1.

                    	
                      Your new base salary will become effective as of January 1, 2020 and will be set at an annual rate of $850,000 (Eight Hundred Fifty Thousand U.S. dollars) paid monthly. This represents an increase of $75,000, or 9.7% above your
                        current base salary of $775,000. This increase is inclusive of your 2020 merit, and you will next be eligible for merit in 2021.

                    

            

          

        

        

        

        
          
            
              	
                      2.

                    	
                      Your Annual Incentive Matrix (“AIM”) target opportunity will remain at 100% of your base salary. When you take into account your new base salary and your AIM target, your annualized cash incentive target will increase from
                        $775,000 to $850,000 or by $75,000 (9.7%). The actual award that you may receive can range from 0% to 200% of the targeted amount depending upon your performance and the performance of the Company. For the 2020 plan year, your AIM
                        target award will be calculated with an effective date of January 1, 2020.

                    

            

          

        

        

        

        
          
            
              	
                      3.

                    	
                      Beginning with the 2020 grant, your annual Long-Term Incentive (“LTI”) target will increase from $2,300,000 to $2,600,000 or by $300,000 (13.0%). Your LTI target value will be awarded in two parts:

                    

            

          

        

        

        

        
          
            
              	 	
                      ●

                    	
                      Stock Options and Restricted Stock Units (“RSU”s): Your annual equity (stock option and RSU) target will increase from $1,150,000 to $1,300,000, or by $150,000. At this time, it is anticipated that your 2020 equity grant will be
                        made in an equal proportion of stock options and RSUs. The award value will be converted into stock options and RSUs based on the fair market value of Ingersoll Rand's ordinary shares on the date the Compensation Committee of the
                        Board of Directors (“the Committee”) approves the

                    

            

             

            

             

            

            
              INGERSOLL-RAND PUBLIC LIMITED COMPANY

              REGISTERED OFFICE: 170/175 LAKEVIEW DRIVE, SWORDS, DUBLIN IRELAND 

              REGISTERED IN IRELAND WITH LIMITED LIABILITY REGISTERED NUMBER: 469272

              DIRECTORS: K.E. ARNOLD (U.S.A.), A.C. BERZIN (U.S.A.), J. BRUTON. J L. COHON (U.S.A.), G.D. FORSEE (U.S.A.),

              L.P. HUDSON (U.S.A.), M.W. LAMACH (U.S.A.), M.P. LEE, K.B. PEETZ (U S.A.), J.P. SURMA (US.A.), R.J. SWIFT (US.A.), T.L WHITE (U.S.A.)

            

             

            

          

        

        
          
            

        

        
        
          
            	Mr. David Regnery 	
                    December 5, 2019 

                    

                  

          

          

          

        

        

        
          
            
              	 	

                    	
                      awards. Stock option and RSU awards generally vest ratably, one third each year, over three years from the date of grant. Annual equity awards are contingent on and variable with your sustained performance and demonstrated
                        leadership potential. 

                    

            

             

            

            
              	 	
                      ●

                    	
                      Performance Share Unit (“PSUs”): Your annual grant target under the Company’s Performance Share
                        Program (“PSP”) will increase from $1,150,000 to $1,300,000 or by $150,000. The target award value will be converted into PSUs based on the fair market value of Ingersoll Rand’s ordinary shares on the date the Committee approves the
                        award. PSUs are based on performance over a three-year period and settled in ordinary shares of the Company. At this time, the actual number of PSUs earned will be based on Ingersoll Rand’s Cash Flow Return on Invested Capital
                        (“CROIC”) and Total Shareholder Return (“TSR”), both relative to the S&P 500 Industrials Index over the 2020 to 2022 performance period and can range from 0% to 200% of the target number of PSUs. PSP performance goals are
                        subject to change for future performance periods at the discretion of the Committee.

                    

            

          

        

        

        

        When you consider each of the items above, your Total Annual Direct Compensation target has increased from $3,850,000 to $4,300,000 or by $450,000 (11.7%). Your revised compensation is
          summarized  in the attached Compensation  Adjustment  Notice.

        

        

        
          
            
              	
                      4.

                    	
                      You will continue to be eligible to participate in the following programs:

                    

            

          

        

        
          
             

            

            
              	 	
                      a.

                    	
                      Executive Deferred Compensation Plan

                    

            

          

        

        
          
            
              	 	
                      b.

                    	
                      Executive Health Program

                    

            

          

        

        
          
            
              	 	
                      c.

                    	
                      Executive Long Term Disability (“LTD”) Plan

                    

            

          

        

        
          
            
              	 	
                      d.

                    	
                      Financial  Counseling Program

                    

            

          

        

        
          
            
              	 	
                      e.

                    	
                      Change in Control Agreement (“CIC Agreement”)

                    

            

          

        

        
          
            
              	 	
                      f.

                    	
                      All employee benefit programs offered to Ingersoll Rand US based salaried employees in accordance with the terms and conditions of these programs

                    

            

          

        

        

        

        Dave, we believe that you will make a significant contribution in this expanded role. To accept this offer, please sign the candidate acceptance below and return it to Lynn Castrataro, Vice
          President, Total Rewards. The Non-Competition Agreement that you signed in September 2017 remains in effect. In addition, the Proprietary Agreement you executed online at an earlier date also remains in force. If you have any questions regarding
          the changes in your compensation or your benefits, please call Lynn at 704-990-3633.

         

        

        
          

          

          Sincerely,

           

          

           

           

          

          Michael W. Lamach

          Chairman and Chief Executive Officer

          

          

          
            	
                    cc:

                  	
                    Marcia Avedon

                    Lynn Castrataro 

                  

          

          

          

          

          

          
            2

            
              

          

        

        
          
            
              	Mr. David Regnery 	
                      December 5, 2019 

                      

                    

            

            

            

          

        

        CANDIDATE ACCEPTANCE

        

        

        I accept your offer of employment with Ingersoll Rand as President and Chief Operating Officer and agree to the conditions herein and in the offer letter.

         

        

          

      

      
         

      

      3

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