Document:

ex_110554.htm

Exhibit 10.5

 

 

FORM OF RESTRICTED STOCK UNIT AGREEMENT

FOR NON-EMPLOYEE DIRECTORS

 

H.B. FULLER COMPANY

 

RESTRICTED STOCK UNIT AWARD AGREEMENT

(Under the H.B. Fuller Company 2018 Master Incentive Plan)

 

THIS AGREEMENT, dated as of _______________, 20___, is entered into between H.B. Fuller Company, a Minnesota corporation (the “Company”), and ____________________, a non-employee director of the Company (“Participant”).

 

WHEREAS, the Company, pursuant to the H.B. Fuller Company 2018 Master Incentive Plan (the “Plan”), wishes to award to Participant Restricted Stock Units, representing the right to receive shares of common stock, par value $1.00 per share, of the Company (“Common Stock”), subject to certain restrictions and on the terms and conditions contained in this Agreement and the Plan;

 

WHEREAS, Participant’s rights to receive Shares of Common Stock hereunder are sometimes referred to as “Restricted Stock Units” in this Agreement.

 

NOW, THEREFORE, in consideration of the premises and agreements set forth herein, the parties hereto hereby agree as follows:

 

1.            Award of Restricted Stock Units. The Company, effective as of the date of this Agreement, hereby grants to Participant an award of ______ Restricted Stock Units, each Restricted Stock Unit representing the right to receive one share of Common Stock on such date as set forth herein, plus an additional amount pursuant to Section 2(b) hereof, subject to the terms and conditions set forth in this Agreement.

 

2.            Rights of Participant with Respect to the Restricted Stock Units.

 

(a)       No Shareholder Rights. The Restricted Stock Units granted pursuant to this Agreement do not and shall not entitle Participant to any rights of a shareholder of Common Stock. The rights of Participant with respect to the Restricted Stock Units shall remain forfeitable at all times prior to the date on which such rights become vested, and the restrictions with respect to the Restricted Stock Units lapse, in accordance with Section 3 hereof.

 

(b)       Dividend Equivalents. As long as Participant holds Restricted Stock Units granted pursuant to this Agreement on the applicable record date, the Company shall credit to Participant, on each date that the Company pays a cash dividend to holders of Common Stock generally, an additional number of Restricted Stock Units (“Additional Restricted Stock Units”) equal to the total number of whole Restricted Stock Units and Additional Restricted Stock Units previously credited to Participant under this Agreement multiplied by the dollar amount of the cash dividend paid per share of Common Stock by the Company on such date, divided by the Fair Market Value of a share of Common Stock on such date. Any fractional Restricted Stock Unit resulting from such calculation shall be included in the Additional Restricted Stock Units. A report showing the number of Additional Restricted Stock Units so credited shall be sent to Participant periodically, as determined by the Company. The Additional Restricted Stock Units so credited shall be subject to the same terms and conditions as the Restricted Stock Units granted pursuant to this Agreement and the Additional Restricted Stock Units shall be forfeited in the event that the Restricted Stock Units with respect to which the dividend equivalents were credited are forfeited.

 

 

 

 

(c)       Issuance of Shares; Conversion of Restricted Stock Units. No shares of Common Stock shall be issued to Participant prior to the date on which the Restricted Stock Units vest, and the restrictions with respect to the Restricted Stock Units lapse, in accordance with Section 3 hereof. Neither this Section 2(c) nor any action taken pursuant to or in accordance with this Section 2(c) shall be construed to create a trust of any kind. After any Restricted Stock Units vest pursuant to Section 3 hereof, the Company shall promptly cause to be issued, in either certificated or uncertificated form, shares of Common Stock registered in Participant’s name or in the name of Participant’s legal representatives, beneficiaries or heirs, as the case may be, in payment of such vested whole Restricted Stock Units and any Additional Restricted Stock Units and shall cause such certificated or uncertificated shares to be delivered to Participant or Participant’s legal representatives, beneficiaries or heirs, as the case may be. In no event shall issuance of shares occur more than ninety (90) days after the applicable vesting date. The value of any fractional Restricted Stock Unit shall be cancelled at the time certificated or uncertificated shares are delivered to Participant in payment of the Restricted Stock Units and any Additional Restricted Stock Units.

 

3.            Vesting; Forfeiture.

 

(a)       Vesting. Subject to the terms and conditions of this Agreement, the Restricted Stock Units shall vest in full, and the restrictions with respect to the Restricted Stock Units shall lapse, on the earlier of (i) _____________, or (ii) the date on which the director reaches the mandatory retirement age under the Company’s policy with respect to directors’ retirement from the Board of Directors, provided, in each case, that Participant continuously serves as a director of the Company until the earliest of such dates.

 

(b)       Early Vesting. Notwithstanding the vesting provision contained in Section 3(a) above, but subject to the other terms and conditions set forth herein, upon the occurrence of a “Change in Control” (as defined below) or in the event of Participant’s death or permanent disability (within the meaning of Section 409A(a)(2)(C)(i) of the Code), Participant or Participant’s legal representatives, beneficiaries or heirs, as the case may be, shall become immediately vested in all of the Restricted Stock Units, and the restrictions with respect to the Restricted Stock Units shall lapse, as of the date of such Change in Control, death or permanent disability. Issuance of the shares shall be made as soon as administratively feasible (but in no event more than ninety (90) days) following Participant’s death or permanent disability, as applicable. Such payment shall be made promptly following the date of the Change in Control.

 

(c)       Change in Control. For the purposes of this Agreement, a “Change in Control” shall be deemed to have occurred upon any of the following events:

 

	 	
			(1)

				
			a public announcement (which, for purposes hereof, shall include, without limitation, a report filed pursuant to Section 13(d) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”)) that any individual, corporation, partnership, association, trust or other entity becomes the beneficial owner (as defined in Rule 13(d)(3) promulgated under the Exchange Act), directly or indirectly, of securities of the Company representing 30% or more of the voting power of the Company then outstanding;

			

 

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			(2)

				
			the individuals who, as of the date of this Agreement, are members of the Board of Directors of the Company (the “Incumbent Board”) cease for any reason to constitute at least a majority of the Board (provided, however, that if the election or nomination for election by the Company’s shareholders of any new director was approved by a vote of at least a majority of the Incumbent Board, such new director shall be considered to be a member of the Incumbent Board);

			

 

	 	
			(3)

				
			the approval of the shareholders of the Company, and consummation, of (i) any consolidation, merger or statutory share exchange of the Company with any person in which the surviving entity would not have as its directors at least 60% of the Incumbent Board and as a result of which those persons who were shareholders of the Company immediately prior to such transaction would not hold, immediately after such transaction, at least 60% of the voting power of the Company then outstanding or the combined voting power of the surviving entity’s then outstanding voting securities; (ii) any sale, lease, exchange or other transfer in one transaction or series of related transactions substantially all of the assets of the Company; or (iii) the adoption of any plan or proposal for the complete or partial liquidation or dissolution of the Company; or

			

 

	 	
			(4)

				
			a determination by a majority of the members of the Incumbent Board, in their sole and absolute discretion, that there has been a Change in Control of the Company.

			

 

For purposes of this Section 3(c), “voting power” when used with reference to the Company shall mean the voting power of all classes and series of capital stock of the Company now or hereafter authorized.

 

(d)       Forfeiture. If Participant ceases to serve as a director of the Company for any reason other than those set forth in Section 3(b) hereof prior to the vesting of the Restricted Stock Units pursuant to Section 3(b) hereof, Participant’s rights to all of the unvested Restricted Stock Units shall be immediately and irrevocably forfeited, including the right to receive any Additional Restricted Stock Units.

 

4.            Restrictions on Transfer. The Restricted Stock Units shall not be transferable other than by will or by the laws of descent and distribution. Notwithstanding the foregoing, Participant may, in the manner established by the Committee, designate a beneficiary or beneficiaries to exercise the rights of Participant and receive any property distributable with respect to the Restricted Stock Units upon the death of Participant. Each right under this Agreement shall be exercisable during Participant’s lifetime only by Participant or, if permissible under applicable law, by Participant’s legal representative. The Restricted Stock Units and any rights under this Agreement may not be sold, assigned, transferred, pledged, alienated, attached or otherwise encumbered and any purported sale, assignment, transfer, pledge, alienation, attachment or encumbrance shall be void and unenforceable against the Company or any Affiliate.

 

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5.            Income Tax Matters. Participant understands and agrees that the Company has not advised Participant regarding Participant's income tax liability in connection with the grant of Restricted Stock Units pursuant to this Agreement. Participant further understands and agrees that he or she is responsible for consulting his or her own tax counsel on questions regarding his or her tax liability in connection with the grant of the Shares and upon the vesting of the Shares and any subsequent disposition of the Shares, and that Participant is solely responsible for such tax liability.

 

6.            Securities Matters. No shares of Common Stock shall be issued pursuant to this Agreement prior to such time as counsel to the Company shall have determined that the issuance of such shares will not violate any securities or other laws, rules or regulations. The Company shall not be required to deliver any shares of Common Stock until the requirements of any applicable securities or other laws, rules or regulations (including the rules of any securities exchange) as may be determined by the Company to be applicable are satisfied. In addition, the grant of these Restricted Stock Units and/or the delivery of any shares of Common Stock under this Agreement are subject to the Company’s Executive and Key Manager Compensation Clawback Policy and any other clawback policies the Company may adopt in the future to conform to the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 (or any other applicable law) and any applicable rules and regulations of the Securities and Exchange Commission or applicable stock exchange.

 

7.            Tax Consequences. Participant agrees that the Company does not have a duty to design or administer the Plan or its other compensation programs in a manner that minimize the Participant’s tax liabilities. Participant will not make any claim against the Company, or any of its officers, directors, employees or affiliates related to tax liabilities arising from the Restricted Stock Units or the Participant’s other compensation.

 

8.            Adjustments. In the event that the Committee shall determine that any dividend or other distribution (whether in the form of cash, shares, other securities or other property), recapitalization, stock split, reverse stock split, reorganization, merger, consolidation, split-up, spin-off, combination, repurchase or exchange of shares or other securities of the Company, issuance of warrants or other rights to purchase shares or other securities of the Company or other similar corporate transaction or event affects the Common Stock such that an adjustment is necessary in order to prevent dilution or enlargement of the benefits or potential benefits intended to be made available under this Agreement, then the Committee shall, in such manner as it may deem equitable, in its sole discretion, adjust any or all of the number and type of shares subject to the Restricted Stock Units.

 

9.            General Provisions.

 

(a)       Interpretations. This Agreement is subject in all respects to the terms of the Plan. Terms used herein which are defined in the Plan shall have the respective meanings ascribed to such terms in the Plan, unless otherwise defined herein. In the event that any provision of this Agreement is inconsistent with the terms of the Plan, the terms of the Plan shall govern. Any question of administration or interpretation arising under this Agreement shall be determined by the Committee, and such determination shall be final and conclusive upon all parties in interest.

 

(b)       Headings. Headings are given to the sections and subsections of this Agreement solely as a convenience to facilitate reference. Such headings shall not be deemed in any way material or relevant to the construction or interpretation of this Agreement or any provision hereof.

 

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(c)       Severability. If any provision of this Agreement is or becomes or is deemed to be invalid, illegal or unenforceable in any jurisdiction under any law deemed to be applicable by the Committee, such provision shall be construed or deemed amended to conform to the applicable law, or if it cannot be so construed or amended without, in the determination of the Committee, materially altering the purpose or intent of this Agreement, such provision shall be stricken as to such jurisdiction or this Agreement, and the remainder of this Agreement shall remain in full force and effect.

 

(d)       Governing Law. The internal law, and not the law of conflicts, of the State of Minnesota will govern all questions concerning the validity, construction and effect of this Agreement.

 

IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed as of the date first set forth above.

 

	 	H.B. FULLER COMPANY	 
	 	 	 	 
	 	 	 	 
	 	By:	 	 
	 	 	 	 
	 	 	 	 
	 	 	 	 
	 	Participant	 
	 	 	 	 
	 	Date:	 	 

 

5Exhibit

Exhibit 10.1

MUTUAL AGREEMENT OF SEPARATION AND RELEASE

THIS MUTUAL AGREEMENT OF SEPARATION AND RELEASE (this “Agreement”), is made and entered into by and between Chart Industries, Inc. (the “Company”) and DeWayne R. Youngberg (“Executive”) with an Effective Date as defined in Section 4.9.

W I T N E S S E T H:

WHEREAS, Executive has been employed by the Company as its Vice President, General Counsel & Secretary pursuant to an Employment Agreement between the Company and Executive dated October 26, 2017 (the “Employment Agreement”); and

WHEREAS, Executive and the Company have mutually agreed that Executive’s employment with the Company will cease effective March 31, 2018 (the “Date of Separation”); and 

WHEREAS, the Company and Executive wish to resolve all matters and disputes between them arising from or relating to Executive’s employment by the Company and Executive’s cessation of employment with the Company. 

NOW, THEREFORE, in consideration of the mutual promises and covenants contained herein, Executive and the Company hereby agree as follows:

ARTICLE I -- CONSIDERATION

Section 1.1.Separation from Employment.  Executive’s employment with the Company shall terminate effective on the Date of Separation, which shall be the “Date of Termination”, the end of the “Employment Term” and “Termination of Employment” as those terms are used in the Employment Agreement.  The parties acknowledge and agree that Executive’s separation constitutes a Termination by the Company Without Cause pursuant to Section 8.c of the Employment Agreement, and further acknowledge and agree that this Agreement supersedes the terms of the Employment Agreement.  Following the Date of Separation, Executive shall have no further rights to any compensation or any other benefits under the Employment Agreement.  To the extent this Agreement references provisions of the Employment Agreement, such provisions shall have effect following the Date of Separation only to the extent expressly set forth in this Agreement.

Section 1.2.Severance Pay.  Following the Effective Date of this Agreement as defined in §4.9, the Company shall make a one-time lump sum payment to Executive in the amount of Three Hundred Forty Five Thousand Dollars ($345,000.00), less applicable payroll taxes and withholdings. 
  
Section 1.3.Health Insurance Premium Payment.  Following the Effective Date of this Agreement as defined in §4.9, the Company shall make a one-time lump sum payment to Executive equal to twelve (12) months of the Company’s share of the monthly premium payable on Executive’s behalf under the Company’s health insurance plan, less applicable payroll taxes and withholdings.  

Section 1.4.COBRA Coverage.  Executive shall be entitled to continuation of coverage under the Company's health/medical insurance plan at his own expense pursuant to any rights he may have under the federal Consolidated Omnibus Budget Reconciliation Act, as amended ("COBRA"), part VI of Subtitle B of Title I of the Employee Retirement Income Security Act of 1974 ("ERISA"), as amended; 

Internal Revenue Code §4980(B)(f).  Such continuation shall be afforded up to the maximum period provided by law so long as Employee submits payments for elected coverage and otherwise complies with conditions of continuation on a timely basis.

Section 1.5.Other Benefits.  The Company affirms its obligation, in connection with Executive’s separation, to provide the “Accrued Rights” as defined and provided in Section 8.a.(iii) of the Employment Agreement, subject to applicable payroll taxes and withholdings.  The Company and Executive hereby agree that no Annual Bonus shall be due Executive for fiscal year 2018.

Section 1.6.Equity Awards.  Pursuant to the terms of their award agreements, any unvested portion of stock options, restricted stock units and performance units granted to Executive under the Company’s 2017 Omnibus Equity Plan will be forfeited upon Executive’s Termination of Employment.  Executive acknowledges that no portion of any award of stock options, restricted stock units or performance units granted to Executive will have vested as of the Date of Separation and, accordingly, Executive will forfeit the entirety of such awards.

Section 1.7.Sale of Residence. Following the Effective Date of this Agreement as defined in §4.9, the Company shall provide Executive with assistance in selling his home in Georgia under the terms of the Company’s Relocation Program.

Section 1.8.Adequacy of Consideration.  Executive hereby agrees and acknowledges that the payments and benefits described in Article I of this Agreement exceed any entitlements, severance payments or other benefits that he may have by reason of his separation from employment with the Company, and that such payments and benefits constitute adequate consideration for all of Executive’s covenants and obligations set forth herein, including, but not limited to, the Release of Claims set forth in Article II of this Agreement and the Other Obligations of Executive set forth in Article III of this Agreement. 

ARTILE II -- RELEASE OF CLAIMS

Section 2.1.Executive’s Release.  In consideration of the promises and agreements set forth herein, Executive does hereby for himself and for his heirs, executors, successors and assigns, release and forever discharge the Company, its subsidiaries, divisions, and affiliated businesses, direct or indirect, together with its and their respective officers, directors, shareholders, management, representatives, agents, employees, successors, assigns, and attorneys, both known and unknown, in both their personal and agency capacities (collectively, the “Company Entities”) of and from any and all claims, demands, damages, actions or causes of action, suits, claims, charges, complaints, contracts, whether oral or written, express or implied and promises, at law or in equity, of whatsoever kind or nature, including but not limited to any alleged violation of any state or federal anti-discrimination statutes or regulations, including but not limited to Title VII of The Civil Rights Act of 1964 as amended, ERISA, the Americans With Disabilities Act, the Age Discrimination in Employment Act, the Older Workers Benefit Protection Act, the Family and Medical Leave Act (“FMLA”), breach of any express or implied contract or promise, wrongful discharge, violation of public policy, or tort, all demands for attorney’s fees, back pay, holiday pay, vacation pay, bonus, group insurance, any claims for reinstatement, employee benefits and claims for money, out of pocket expenses, any claims for emotional distress, defamation and humiliation, that Executive might now have or may subsequently have against the Company Entities or any of them, whether known or unknown, suspected or unsuspected, by reason of any matter or thing, arising out of or in any way connected with, directly or indirectly, any acts or omissions of any of the Company Entities arising out of Executive’s employment and termination from employment which have occurred prior to the Effective Date of this Agreement, except those matters specifically set forth herein, and except for any health, welfare, pension or retirement benefits which may 

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have vested on Executive’s behalf, if any.  Notwithstanding the foregoing, Executive may file a charge with, testify, assist, or participate in an investigation, hearing or proceeding conducted by the Equal Employment Opportunity Commission or state fair employment practices agency as to the employment laws enforced by such agencies; provided, however, that Executive understands and agrees that he is waiving and releasing his rights to monetary damages under such laws by reason of his agreement to the above-stated general release language.

Section 2.2.Age Discrimination in Employment Act/Older Workers Benefit Protection Act Release.  Executive waives and releases all rights, remedies, claims and causes of action, known and unknown, he has or may have against the Company Entities for any matter related to his employment and the termination of that employment under the Age Discrimination in Employment Act of 1967, 29 U.S.C. § 621, et seq., as amended by the Older Worker Benefit Protection Act, 29 U.S.C. § 623, by reason of any matter or thing arising out of, or in any way connected with, directly or indirectly, any acts or omissions which have occurred prior to and including the Effective Date of this Agreement.  In other words, by signing this Agreement, Executive will have none of the legal rights against the aforementioned that Executive would otherwise have under these laws.

Section 2.3.Consideration Period.  The Company hereby notifies Executive of his right to consult with his chosen legal counsel before signing this Agreement.  The Company shall afford, and Executive acknowledges receiving, not less than twenty-one (21) calendar days in which to consider this Agreement to ensure that Executive’s execution of this Agreement is knowing and voluntary.  In signing below, Executive expressly acknowledges that he has been afforded the opportunity to take at least twenty-one (21) days to consider this Agreement and that his execution of same is with full knowledge of the consequences thereof and is of his own free act and will.  

Notwithstanding the fact that the Company has allowed Executive twenty-one (21) days to consider this Agreement, Executive may elect to execute this Agreement prior to the end of such 21-day period.  If Executive elects to execute this Agreement prior to the end of such 21-day period, then by his signature below, Executive represents that his decision to accept this shortening of the time was knowing and voluntary and was not induced by fraud, misrepresentation, or any threat to withdraw or alter the benefits provided by the Company herein, or by the Company providing different terms to any similarly-situated employee executing this Agreement prior to end of such 21-day consideration period.   The parties agree changes, whether material or immaterial, to this Agreement shall not restart the running of the twenty-one (21) day time period.
Section 2.4.Revocation Period.  Both the Company and Executive agree and recognize that, for a period of seven (7) calendar days following Executive’s execution of this Agreement, Executive may revoke this Agreement by providing written notice revoking the same, within this seven (7) day period, delivered by hand or by certified mail, addressed to Gerry Vinci, Chart Industries, Inc., 3055 Torrington Drive, Ball Ground, GA 30107, delivered or postmarked within such seven (7) day period.  In the event Executive so revokes this Agreement, each party will receive only those entitlements and/or benefits that he/it would have received regardless of this Agreement. 

Section 2.5.Acknowledgments.  Executive acknowledges that Executive has carefully read and fully understands all of the provisions of this Agreement, that Executive has not relied on any representations of the Company or any of its representatives, directors, officers, employees and/or agents to induce Executive to enter into this Agreement, other than as specifically set forth herein and that Executive is fully competent to enter into this Agreement and has not been pressured, coerced or otherwise unduly 

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influenced to enter into this Agreement and that Executive has voluntarily entered into this Agreement and the same is Executive’s own free act and will.

ARTICLE III -- OTHER OBLIGATIONS OF EXECUTIVE

Section 3.1.Company Property.  Within 10 business days after the Date of Separation, Executive shall return all tangible personal property belonging to the Company or its affiliates, including, but not limited to, all keys, business equipment, laptop computer, and other computer software and hardware.

Section 3.2.Non-Disparagement.  Executive and the Company each agree not to criticize, disparage, defame, or otherwise sully the character and reputation of the other in any way, including, without limitation, through any communications with other individuals, companies, associations, or the media.

Section 3.3.Permitted Disclosure.  Notwithstanding the provisions of the Employment Agreement regarding Confidentiality, which are acknowledged and re-affirmed in §3.4 of this Agreement, Executive may disclose to such persons, without limitation of any kind, who have a need to know, the tax treatment and any facts that may be relevant to the tax structure of his Termination of Employment or other transactions contemplated by this Agreement, other than any information for which nondisclosure is reasonably necessary in order to comply with applicable federal or state securities laws, and except that, with respect to any document or other information that in either case contains information concerning the tax treatment or tax structure of such transactions as well as other information, this §3.3 shall apply only to such portions of the document or similar item that is relevant to an understanding of such tax treatment or tax structure.  The Company will be permitted to disclose a summary of, and copy of, this Agreement in a Form 8-K and other public disclosures to be filed with the SEC.

Section 3.4.Noncompetition; Non-Solicitation; Confidentiality; Intellectual Property; Specific Performance; Dispute Resolution.  Executive acknowledges and reaffirms all of Executive’s obligations and the Company’s rights under Sections 10, 11, 12, and 13.b of the Employment Agreement, all of which Sections shall survive the termination of Executive’s employment and are incorporated in this Agreement by reference.

ARTICLE IV -- MISCELLANEOUS PROVISIONS

Section 4.1.Entire Agreement.  This Agreement contains the entire agreement between the parties hereto and, with the exception of Executive’s obligations and the Company’s rights under Sections 10, 11, 12, and 13.b of the Employment Agreement, replaces and supersedes any prior agreements, contracts and/or promises, whether written or oral, with respect to the employment of Executive by the Company or its affiliates, all of which shall be of no further force and effect except to the extent provided herein.  This Agreement may not be changed orally, but only in writing, signed by each of the parties hereto.   

Section 4.2.Warranty/Representation.  Executive and the Company each warrant and represent that, prior to and including the Effective Date of this Agreement, no claim, demand, cause of action, or obligation which is subject to this Agreement has been assigned or transferred to any other person or entity, and no other person or entity has or has had any interest in any such claims, demands, causes of action or obligations, and that each has the sole right to execute this Agreement.

Section 4.3.Invalidity.  The parties to this Agreement agree that the invalidity or unenforceability of any one provision or part of this Agreement shall not render any other provision(s) or part(s) hereof invalid or unenforceable and that such other provision(s) or part(s) shall remain in full force and effect.

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Section 4.4.No Assignment; Headings.  This Agreement is personal in nature and shall not be assigned by Executive.  All payments and benefits provided Executive herein shall be made to his estate in the event of his death prior to his receipt thereof.  The headings used in this Agreement are included for convenience only and shall not be used to interpret the meaning of any provision of this Agreement.

Section 4.5.Waiver of Notice.  The Company and Executive hereby agree to waive any Notice of Termination required by Section 8.e of the Employment Agreement.

Section 4.6.Compliance with Section 409A.  Notwithstanding anything herein to the contrary, (i) if at the Date of Separation Executive is a “specified employee” as defined in Section 409A of the Internal Revenue Code of 1986, as amended (the “Code”), and the deferral of the commencement of any payments or benefits otherwise payable hereunder as a result of Executive’s termination of employment is necessary in order to prevent the imposition of any accelerated or additional tax under Section 409A of the Code, then the Company will defer the commencement of the payment of any such payments or benefits hereunder (without any reduction in such payments or benefits ultimately paid or provided to Executive) until the date that is six months following the Date of Separation (or the earliest date as is permitted under Section 409A of the Code), (ii) any reimbursements provided under this Agreement, including reimbursement of past business expenses provided under Section 1.5 of this Agreement (by reference to Section 8.a.(iii)(C) of the Employment Agreement), shall be made no later than the end of Executive’s taxable year following Executive’s taxable year in which such expense was incurred; in addition, the amounts eligible for reimbursement during any one taxable year under this Agreement may not affect the expenses eligible for reimbursement in any other taxable year under this Agreement, and (iii) if any other payments of money or other benefits due to Executive hereunder could cause the application of an accelerated or additional tax under Section 409A of the Code, such payments or other benefits shall be deferred if deferral will make such payment or other benefits compliant under Section 409A of the Code, or otherwise such payment or other benefits shall be restructured, to the extent possible, in a manner, determined by the Company, that does not cause such an accelerated or additional tax or result in an additional cost to the Company.  The Company shall consult with Executive in good faith regarding the implementation of the provisions of this Section 4.5; provided that neither the Company nor any of its employees or representatives shall have any liability to Executive with respect thereto.

Section 4.7.Counterparts.  This Agreement may be executed in multiple counterparts, each of which shall be deemed to be an original, but all of which together will constitute one and the same Agreement.

Section 4.8.Governing Law; Jurisdiction.  This Agreement shall be governed under the laws of the State of Delaware, without giving effect to its conflict of law principles.  

Section 4.9.Effective Date.  This Agreement shall become effective only upon (a) execution of this Agreement by Executive after the expiration of the twenty-one (21) day consideration period described in Section 2.3 of this Agreement, unless such consideration period is shortened as provided in Section 2.3 of this Agreement; and (b) the expiration of the seven (7) day period for revocation of this Agreement by Executive described in Section 2.4 of this Agreement.  The date on which this Agreement so becomes effective is referred to herein as the “Effective Date.”

[Remainder of page intentionally left blank.]

5

CAUTION!

PLEASE READ BEFORE SIGNING.  THIS DOCUMENT CONTAINS A RELEASE OF ALL ACTUAL AND POTENTIAL CLAIMS AGAINST THE COMPANY AND ITS AFFILIATES.  YOU ARE ADVISED TO CONSULT WITH AN ATTORNEY PRIOR TO SIGNING THIS DOCUMENT.  

IN WITNESS WHEREOF, Executive and the Company agree as set forth above:
	
			
	DATE OF EXECUTION BY EXECUTIVE:    
	 
	AGREED TO AND ACCEPTED BY:

	March 27, 2018
	 
	/s/ DeWayne R. Youngberg

	 
	 
	DeWAYNE R. YOUNGBERG

	 
	 
	 

	 
	 
	EXECUTION WITNESSED BY:

	 
	 
	/s/ Derek B. Swanson

	 
	 
	 

	DATE OF EXECUTION BY COMPANY:    
	 
	AGREED TO AND ACCEPTED BY

	 
	 
	CHART INDUSTRIES, INC.

	 
	 
	 

	March 27, 2018
	 
	BY: /s/ Gerald F. Vinci

	 
	 
	TITLE: Vice President, Chief Human Resources Officer

	 
	 
	 

	 
	 
	EXECUTION WITNESSED BY:

	 
	 
	/s/ Derek B. Swanson

	 
	 
	 

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