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EXHIBIT 10.16

Amy George
SVP HR, Chief Human Resources Officer
Office:  (203) 341 6705
         E-mail:   amy.george@terex.com  

September 16, 2021

Julie A. Beck
509 Salem Heights Drive
Gibsonia, PA 15044

Dear Julie, 

We are pleased to confirm our offer to you for the position of SVP, Finance for Terex Corporation, reporting directly to John Garrison, Chairman of the Board, President and Chief Executive Officer, effective November 1, 2021.  As we discussed, you will assume the position of SVP and Chief Financial Officer effective January 1, 2022.  This is a very visible position in our Company and one that presents a number of challenges and opportunities.  

The following represents our offer of employment to you:

1.You will be compensated at the rate of $22,115.38 per bi-weekly pay period which annualizes to $575,000.  

2.You will be eligible to participate in the Terex Management Incentive Bonus Plan effective January 1, 2022 with a target set at 75% of your base salary. The eligibility for and elements of the Plan are adjusted each year by the Company and typically include formulas based on both Terex financial performance as well as individual performance.  You can earn more or less than your target amount based on Terex’s financial performance and your individual performance and achievement of goals.  Each year, you will be issued a copy of the Plan for that year setting forth the details, including conditions for payout, for that year.  The details will be presented to you early in 2022.

3.Subject to compliance with all applicable laws and conditioned on the formal ratification by the Compensation Committee of the Board of Directors, you will be a participant in the Terex Corporation Amended and Restated 2018 Omnibus Incentive Plan.  Under this Plan, you will receive an initial grant of shares of Restricted Stock.  In determining the number of shares, the Company will use a one-time valuation number of $200,000 whereby $200,000 will be divided by the closing price of Terex stock on the last business day of the month in which your employment begins to determine the appropriate number of shares.  The Restricted Stock provided for you in this letter will then be issued to you on the last business day of the month 

Terex Corporation   45 Glover Avenue Norwalk, CT 06850 USA   TEL +1 203 222 7170   FAX +1 203 222 7976   www.terex.com

During which your employment begins with the Company (the “Grant Date”).  All shares vest         ratably over a three (3) year period based on the Grant Date for as long as you remain employed with the Company.  All shares scheduled to vest after you cease employment with the Company, other than by death or disability, will not vest and be forfeited. Additional details will be presented to you shortly after you begin employment.  

4.In addition, subject to compliance with all applicable laws, and conditioned on the formal ratification of the Compensation Committee of the Board of Directors, you will receive an additional 2022 long term incentive award under the Terex Corporation 2018 Omnibus Incentive Plan in the amount of $1,200,000, which will be both time and performance based. The vesting and form of this award will be consistent with the vesting and form of similar 2022 long term incentive awards granted to other similarly situated Terex executives. Eligibility to participate does not guarantee any future awards. Future eligibility, frequency, type, or amount of awards will be linked to company financial performance and individual performance and vary over time.

5.You will be eligible to participate in either the Terex Deferred Compensation Plan (“DCP”) or the ERISA Excess Plan (“EEP”) offered to senior level executives. Both the DCP and EEP Plan provide alternatives for use in deferring income taxes. There is a 25% matching contribution on eligible deferrals to the Terex Stock Fund in the DCP. There is a matching contribution of up to 5% for eligible deferrals to the EEP. 

6.You will be eligible to participate in the Terex Corporation Defined Contribution Supplemental Executive Retirement Plan, effective January 1, 2022.  This plan provides for an annual contribution of 10% of your annual salary and bonus earned to be deposited to the Bond Fund of the DCP. Upon hire, you will receive credit for five (5) Years of Participation, as defined in the DCP, which will be applied to the ten (10) Years of Participation requirement for vesting purposes.  Additional details of this plan will be provided to you separately.

7.The Company will provide change in control and severance protection upon commencement of your employment, which will be for twelve (12) months of salary, bonus, and benefits, in accordance with the provisions of the Change in Control and Severance Agreement provided to you simultaneously herewith (the “Severance Agreement” and such severance as defined therein, “Severance”). You can sign this on your first day of employment. 

8.You will receive relocation reimbursement as outlined on the attachment “Relocation Expense Reimbursement.” Should you resign or be released for cause, as determined by the Company in its sole discretion, within one (1) year of relocation, you would be required to repay the Company a prorated amount of the total relocation expenses based on the number of full months of employment after relocation (e.g. if after relocation you worked for 9 months and then resigned, you would be required to repay twenty-five percent of your relocation expenses).

9.You will be eligible to accrue Paid Time Off at the rate of 170 hours annually. This will be pro-rated for your first year, based on your date of hire. All other provisions of the Paid Time Off policy will apply.

10.Terex Corporation currently offers a comprehensive benefits program including medical, dental, vision, life insurance, and disability benefits, a 401 (k) plan with a Company match, and an employee stock purchase plan with a Company match.  Benefits for eligible team members become effective the 1st of the month coinciding with or following 30 days of employment unless otherwise noted.  Additional details are included in the attached Benefits Summary.  

If you accept this job offer, you will be required to successfully complete a background check and a drug test. Terex tests for all federally controlled substances.  You will receive instructions pertaining to your background and drug screenings from Yola Lisio (Yola.Lisio@terex.com). 

Confidentiality
(a)    You agree that you will not at any time, either during your employment with Terex or thereafter, divulge to any person, firm or corporation outside of Terex Corporation, any confidential or privileged information or trade secrets received by you during the course of your employment, with regard to the financial, business operations, manufacturing methods, processes, know-how, or procedures of Terex Corporation, or any of its affiliated companies, parent or subsidiaries.  All such information shall be kept confidential and shall not, in any manner, be revealed to anyone, provided, however, that the foregoing provision shall not apply to any information which is or generally becomes available to the public through no breach by yourself of this paragraph.

(b)    You agree that you will not at any time during the period of your employment hereunder engage in any business or own or control any interest in, or act as a director, officer, team member, agent or consultant of, any firm, corporation, partnership or other entity, directly or indirectly engaged in the business being conducted by Terex Corporation, or its affiliated companies, parent or subsidiaries, or which manufactures or sells products which are in direct competition with the products sold by Terex Corporation, or its affiliated companies, parent or subsidiaries. 

(c)     You agree that you have not disclosed any trade secrets or confidential information of your prior employer(s) to the Company during the course of these negotiations and that you have not been asked to do so by the Company.  You further agree that you will not disclose any trade secrets or confidential information of your prior employer(s) to the Company at any time during your employment with the Company.  By way of illustration but not limitation, “confidential information” means non-public proprietary company information including:  information and materials related to proprietary products, services, experimental work, research, pricing information, business procedures, strategies, and methodologies, customer lists and business 

histories, analyses of customer information, and technical data and/or specifications related to your prior employer’s(s’) products.

(d)     Despite the confidentiality provisions in this agreement, you shall be immune from civil or criminal liability for disclosure of trade secrets in three situations: (1) where you disclose the trade secret in confidence to a Federal, State, or local government official, either directly or indirectly, or to an attorney for the purpose of reporting or investigating a suspected violation of law; (2) where you disclose the trade secret in a sealed filing in a lawsuit or other proceeding; and/or (3) where you disclose the trade secret to your attorney in the course of pursuing a lawsuit where you allege retaliation for reporting a suspected violation of the law.

Terex Code of Ethics and Conduct
We have enclosed for your review the Terex Code of Ethics and Conduct (the “Code”).  Terex is committed to an ethical business culture based on our Terex Way values, as described in the Code.  You agree that you will comply with all aspects of the Code during your employment with the Company.
 
Employment at Will
Nothing in this offer of employment should be construed, understood, or interpreted to mean, promise, guarantee, contract, or imply employment by Terex Corporation for any definite or specific length of time.  Employment is strictly at will and you or the Company can end your employment at any time, for any reason not prohibited by law.

I want to thank you again, for your interest in Terex Corporation. We believe Terex has a very bright future and feel that it can provide you with challenging and rewarding experiences.

Please indicate your acceptance of this offer by signing the enclosed copy and returning it to me at your earliest convenience.

This letter agreement supersedes the letter agreement signed by the parties on October 8, 2021.

Accepted:   /s/ Julie A. Beck                                   /s/ Amy George
                            Julie A. Beck                                                                             Amy George   
                                                                                                     SVP HR, Chief Human Resources Officer

                            

Date Signed:  February 9, 2022                                       Date Signed:  February 9, 2022

cc: John L. Garrison

Relocation Expense Reimbursements

Full benefit details will be provided to you by AIReS, our Relocation provider 
upon receipt of your authorized relocation

						
	Relocation Allowance	$15,000 to be paid within 30 days of hire or transfer date. Paid through local Terex payroll. Amount not to exceed $15,000.  Taxable, not grossed-up.

	Closing Costs – Sale of Primary Residence	Normal and customary closing costs, including licensed broker’s sale commission up to a maximum of 6% of the contract sale price.
	Renters Program	Reimbursement for lease penalties, up to 3 months.  Renters Program:  Must provide proof of lease to receive penalties reimbursement.

	Home Finding Trip	Two trips, not to exceed ten days total.
	Closing Costs – Purchase of Primary Residence	Normal and customary closing costs.
	Temporary Living Expense	Up to 60 days OR lump sum payment of $15,000. 

	Movement of Household Goods	Full service includes packing and partial unpacking.  Some limitations apply.
	Storage	Up to 60 days.
	Family Travel to new Location	Reimbursement for reasonable travel expenses, including meals and lodging, for the employee and immediate family while in route to the new location.
	Tax Gross-up of Applicable Items	Relocation expenses will be grossed-up at the employee’s tax rate.
	Travel Arrangements	Any and all relocation travel related expenses Including airfare, parking, hotel, meals, etc.) must not be charged to your corporate credit card.
Personal credit cards must be utilized for all travel related expenses.

This relocation package is offered for a time period up to twelve(12) months after the hire/transfer date. 

/s/ Amy George
Amy George

Should I resign or be released for cause, as determined by the Company in its sole discretion, within one (1) year of relocation, I will repay the Company a prorated amount of the total relocation expenses based on the number of full months of my employment after relocation (e.g. if after relocation I work for 9 months and then resign, I will be required to repay twenty-five percent of my relocation expenses).  I agree that repayment is due immediately upon my termination of employment and I further agree that any portion or amount of the repayment can be offset from monies owed to me at the time of termination.

Accepted:/s/ Julie A. Beck
                     Name

Date Signed: February 9, 2022Document

EXHIBIT 4.2

DESCRIPTION OF REGISTRANT’S SECURITIES REGISTERED PURSUANT TO SECTION 12 OF THE SECURITIES EXCHANGE ACT OF 1934

The following description sets forth certain material terms and provisions of the securities of LendingClub Corporation that are registered under Section 12 of the Securities Exchange Act of 1934, as amended. This description also summarizes relevant provisions of Delaware law. The following summary does not purport to be complete and is subject to, and is qualified in its entirety by reference to, the applicable provisions of Delaware law and our restated certificate of incorporation (as amended) and our amended and restated bylaws, copies of which are incorporated by reference as exhibits to the Annual Report on Form 10-K of which this Exhibit 4.2 is a part. We encourage you to read our restated certificate of incorporation (as amended) our amended and restated bylaws and the applicable provisions of Delaware law for additional information.

Authorized Capital Stock

Our restated certificate of incorporation authorizes us to issue up to 180,000,000 shares of common stock, par value $0.01 per share, and 10,000,000 shares of preferred stock, par value $0.01 per share.

Common Stock 

Common Stock Outstanding. Our common stock currently outstanding is fully paid and nonassessable.

Dividend Rights. Subject to preferences that may apply to shares of preferred stock outstanding at the time, the holders of outstanding shares of our common stock are entitled to receive dividends out of funds legally available if our board of directors, in its discretion, determines to issue dividends and then only at the times and in the amounts that our board of directors may determine. 

Voting Rights. Holders of our common stock are entitled to one vote for each share held on all matters submitted to a vote of stockholders. Our restated certificate of incorporation (as amended) does not provide for cumulative voting for the election of directors. Accordingly, holders of a majority of the shares of our common stock are able to elect all of our directors. Our restated certificate of incorporation (as amended) establishes a classified board of directors, to be divided into three classes with staggered three-year terms. Only one class of directors is elected at each annual meeting of our stockholders, with the other classes continuing for the remainder of their respective three-year terms.

No Preemptive or Similar Rights. Our common stock is not entitled to preemptive rights and is not subject to conversion, redemption or sinking fund provisions. 

Right to Receive Liquidation Distributions. Upon our dissolution, liquidation or winding-up, the assets legally available for distribution to our stockholders are distributable ratably among the holders of our common stock, subject to prior satisfaction of all outstanding debt and liabilities and the preferential rights and payment of liquidation preferences, if any, on any outstanding shares of preferred stock.

Preferred Stock

Pursuant to the provisions of our restated certificate of incorporation (as amended) our board of directors is authorized, subject to limitations prescribed by Delaware law, to issue convertible preferred 

stock in one or more series, to establish from time to time the number of shares to be included in each series and to fix the designation, vesting, powers, preferences and relative, participating, optional or other rights, if any, of the shares of each series and any of its qualifications, limitations or restrictions, in each case without further vote or action by our stockholders. The issuance of preferred stock could, among other things, have the effect of delaying, deferring or preventing a change in control of our company and might adversely affect the market price of our common stock and the voting and other rights of the holders of our common stock.

Anti-Takeover Provisions

The provisions of Delaware law and our restated certificate of incorporation (as amended) and amended and restated bylaws could have the effect of delaying, deferring or discouraging another person from acquiring control of our company. These provisions, which are summarized below, may have the effect of discouraging takeover bids. They are also designed, in part, to encourage persons seeking to acquire control of us to negotiate first with our board of directors. We believe that the benefits of increased protection of our potential ability to negotiate with an unfriendly or unsolicited acquirer outweigh the disadvantages of discouraging a proposal to acquire us because negotiation of these proposals could result in an improvement of their terms.

Delaware Anti-Takeover Law

We are governed by the provisions of Section 203 of the Delaware General Corporation Law regulating corporate takeovers. This section prevents some Delaware corporations from engaging, under some circumstances, in a business combination, which includes a merger or sale of at least 10% of the corporation’s assets with any interested stockholder, meaning a stockholder who, together with affiliates and associates, owns or, within three years prior to the date of the transaction in which the person became an interested stockholder, did own 15% or more of the corporation’s outstanding voting stock, unless:
•the transaction is approved by the board of directors prior to the time that the interested stockholder became an interested stockholder; 
•upon consummation of the transaction that resulted in the stockholder’s becoming an interested stockholder, the interested stockholder owned at least 85% of the voting stock of the corporation outstanding at the time the transaction commenced; or
•at or subsequent to such time that the stockholder became an interested stockholder, the business combination is approved by the board of directors and authorized at an annual or special meeting of stockholders by at least two-thirds of the outstanding voting stock that is not owned by the interested stockholder.

A Delaware corporation may “opt out” of these provisions with an express provision in its original certificate of incorporation or an express provision in its certificate of incorporation or bylaws resulting from a stockholders’ amendment approved by at least a majority of the outstanding voting shares. We have not opted out of these provisions. As a result, mergers or other takeover or change in control attempts may be discouraged or prevented. We also anticipate that Section 203 may discourage attempts that might result in a premium over the market price for the shares of outstanding common stock.

Certificate of Incorporation and Bylaws Provisions

Our restated certificate of incorporation (as amended) and our amended and restated bylaws include a number of provisions that may have the effect of deterring hostile takeovers or delaying or preventing changes in control of our management team, including the following:

•Board of Directors Vacancies. Our restated certificate of incorporation (as amended) and amended and restated bylaws authorize only our board of directors to fill vacant directorships, including newly created seats. In addition, the number of directors constituting our board of directors may be set only by a resolution adopted by a majority vote of our entire board of directors. These provisions prevent a stockholder from increasing the size of our board of directors and then gaining control of our board of directors by filling the resulting vacancies with its own nominees. This makes it more difficult to change the composition of our board of directors but promotes continuity of management.
•Classified Board. Our restated certificate of incorporation (as amended) and amended and restated bylaws provide that our board of directors is classified into three classes of directors, each with staggered three-year terms. A third party may be discouraged from making a tender offer or otherwise attempting to obtain control of us as it is more difficult and time consuming for stockholders to replace a majority of the directors on a classified board of directors.
•Stockholder Action; Special Meetings of Stockholders. Our restated certificate of incorporation (as amended) provides that our stockholders may not take action by written consent, but may only take action at annual or special meetings of our stockholders. As a result, a holder controlling a majority of our capital stock is unable to amend our amended and restated bylaws or remove directors without holding a meeting of our stockholders called in accordance with our amended and restated bylaws. Further, our amended and restated bylaws and restated certificate of incorporation (as amended) provide that special meetings of our stockholders may be called only by a majority of our board of directors, the chairman of our board of directors, our Chief Executive Officer or our President, thus prohibiting a stockholder from calling a special meeting. These provisions could delay the ability of our stockholders to force consideration of a proposal or for stockholders controlling a majority of our capital stock to take any action, including the removal of directors.
•Advance Notice Requirements for Stockholder Proposals and Director Nominations. Our amended and restated bylaws provide advance notice procedures for stockholders seeking to bring business before our annual meeting of stockholders or to nominate candidates for election as directors at our annual meeting of stockholders. Our amended and restated bylaws also specify certain requirements regarding the form and content of a stockholder’s notice. These provisions might preclude our stockholders from bringing matters before our annual meeting of stockholders or from nominating directors at our annual meeting of stockholders if the proper procedures are not followed. These provisions may also discourage or deter a potential acquirer from conducting a solicitation of proxies to elect the acquirer’s own slate of directors or otherwise attempting to obtain control of our company.
•No Cumulative Voting. The Delaware General Corporation Law provides that stockholders are not entitled to the right to cumulate votes in the election of directors unless a corporation’s restated certificate of incorporation provides otherwise. Neither our restated certificate of incorporation (as amended) nor amended and restated bylaws provide for cumulative voting.

•Directors Removed Only for Cause. Our restated certificate of incorporation (as amended) provides that stockholders may remove directors only for cause and only by the affirmative vote of the holders of at least two-thirds of our outstanding common stock.
•Amendment of Charter Provisions. Any amendment of the provisions in our restated certificate of incorporation (as amended) described above would require approval by holders of at least two-thirds of our outstanding common stock.
•Issuance of Undesignated Preferred Stock. Our board of directors has the authority, without further action by the stockholders, to issue up to 10,000,000 shares of undesignated preferred stock with rights and preferences, including voting rights, designated from time to time by our board of directors. The existence of authorized but unissued shares of preferred stock would enable our board of directors to render more difficult or to discourage an attempt to obtain control of us by means of a merger, tender offer, proxy contest or other means. Our board of directors approved the designation of 200,000 shares of Series A Preferred Stock, par value $0.01 per share, and 600,000 shares of Series B Preferred Stock, par value $0.01 per share. As of the date hereof, no shares of preferred stock are outstanding.

Listing

Our common stock is listed on the New York Stock Exchange under the symbol “LC.” 

Transfer Agent and Registrar

Our transfer agent for the common stock is American Stock Transfer & Trust Company, LLC.

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