Document:

ex10-1.htm

Exhibit 10.1

 

URS CORPORATION

Restated Incentive Compensation Plan

2012 Plan Year Summary

	
I.  

	
Plan Objectives

 

The URS Corporation Restated Incentive Compensation Plan (the “Plan”) is intended to provide rewards to individuals who make a significant contribution to the financial performance of URS Corporation and its Infrastructure & Environment, Federal Services, and Energy & Construction Divisions (collectively, the “Company”) during each fiscal year (a “Plan Year”).  Among other things, the Plan is intended to:

	
·  

	
Help key employees to focus on achieving specific financial targets;

	
·  

	
Reinforce teamwork;

	
·  

	
Provide significant award potential for achieving outstanding performance; and

	
·  

	
Enhance the Company’s ability to attract and retain highly talented and competent people.

This document is only a summary regarding the application of the Plan with respect to the 2012 Plan Year.  For complete information regarding the Plan (including defined terms not defined in this Summary document), participants should refer to the Plan document.  Each Award provided by the Plan constitutes a Performance Cash Award (as defined in the URS Corporation 2008 Equity Incentive Plan, as amended from time to time (the “EIP”)) and will be governed by the provisions of the EIP, the Plan, and any documents regarding the application of the Plan with respect to a particular Plan Year (including this summary).  In the event of any conflict between the provisions of the EIP, the Plan and any such documents, the provisions of the EIP will control.  In the event of any conflict between the provisions of the EIP, the Plan or any such documents and the provisions of a Designated Participant’s employment agreement, the provisions of the Designated Participant’s employment agreement will control.

	
II.  

	
General Plan Description

 

A. Eligibility

 

The Plan provides an opportunity for employees to earn cash Awards based on achievement of Company and individual Performance Goals during a Plan Year.  Eligible participants are classified in one of two categories:

	
  

	
1.

	
“Designated Participants” are key employees who have the potential to significantly impact the Company’s success; or

  

1

  

	
  

	
2.

	
“Non-Designated Participants” are employees who demonstrate outstanding individual effort and results during the year.  Awards to this group of employees are paid from a discretionary bonus pool.

Except as noted in this paragraph, to be eligible to receive an Award under the Plan, participants must be employed by the Company at the end of the Plan Year.  However, if the employment of a Designated Participant is terminated prior to the end of a Plan Year due to the Designated Participant’s death, Disability or Retirement (as such terms are defined in the EIP), other than the Retirement of a Covered Employee (as defined in the Plan), the Designated Participant (or the Designated Participant’s heirs in the case of death) will be eligible to receive a pro-rata Award based on the time the Designated Participant was employed by the Company and the Performance Goals achieved.  If a Designated Participant’s employment is terminated for any other reason prior to the end of a Plan Year (whether voluntary or involuntary), the Designated Participant will not receive an Award.

New hires (employees who join the Company during a Plan Year after the Performance Goals for the Plan Year have been established) who are identified as Designated Participants must have at least three months of service and be employed by the Company at the end of the Plan Year to be eligible to receive a pro-rata Award based on the time the Designated Participant was employed by the Company and the Performance Goals achieved (except in the case of death, Disability or Retirement, as described above).  New hires who are Covered Employees are subject to certain additional requirements set forth in the Plan.  Notwithstanding the foregoing, the terms of a Designated Participant’s employment agreement will supersede the terms and conditions of the Plan.

Pursuant to the administrative authority provided to the Compensation Committee of the Board of Directors (the “Committee”) under the Plan, the Committee has determined that an employee who is identified as a Designated Participant for the Plan Year after the Performance Goals for the Plan Year have been established, but who joined the Company prior to the Plan Year, shall be treated as a new hire for purposes of the Plan and shall be subject to the requirements described above with respect to new hires.

	
B.  

	
Performance Goals

 

Each Plan Year, the Committee establishes, or authorizes the establishment within specified parameters of, specific Performance Goals for the Company and for Designated Participants, including weightings of the Performance Goals, by the business unit or units in which the Designated Participant is expected to have the most direct impact.  The Performance Goals may be based on any one of, or combination of, or any ratio between two or more of the Performance Criteria set forth in the Plan, as they may be specifically defined by the Committee for each Plan Year.

In addition, the Committee shall make appropriate adjustments in the method of calculating the attainment of Performance Goals for the Plan Year, as authorized under the EIP and set forth in the Plan.

  

2

  

	
C.  

	
Target Bonus Pool

 

Each Plan Year, the Committee identifies a Target Bonus Pool as part of the Company’s financial planning process.  The Target Bonus Pool is the sum of all anticipated Awards for Designated Participants and Non-Designated Participants, and is further subdivided into Target Bonus Pools for the corporate-level participants, for the participants in each of the Company’s Divisions, and further for the participants in each business unit(s) for which Performance Goals are established.  The Actual Bonus Pool may be greater or less than the Target Bonus Pool depending on the Company’s actual performance relative to the Performance Goals established for a Plan Year.

 

	
D.  

	
Target Award Percentage

 

Each Plan Year, the Committee assigns to, or authorizes the assignment to, each Designated Participant a Target Award Percentage, expressed as a percentage of Base Salary, based on his or her anticipated contributions to the Company.

	
III.  

	
2012 Plan Year

 

	
A.  

	
Performance Criteria Definitions

 

The Committee selected and defined Performance Criteria as follows for the 2012 Plan Year for application to the Company-wide and Division Performance Goals and the Performance Goals established for the Section 16 Officers (as defined in the Plan):

	
  

	
1.

	
Net Income.  “Net Income” shall mean the consolidated net income of the Company for the 2012 fiscal year as determined under generally accepted accounting principles, as adjusted (a) to exclude amortization charges determined under GAAP expected to arise in connection with the acquisition of Flint Energy Services Ltd. that is expected to close at sometime during the 2012 fiscal year, and (b) for any other material and objectively determinable impacts of the items specified in the Plan that were not reflected in the 2012 financial plan approved by the Board.  Net Income will be calculated after all bonuses are accrued and assumed to have been paid in full.

 

	
  

	
2.

	
Operating Income.  “Operating Income” shall mean the operating income of the Division or other business unit(s) for which a Designated Participant has accountability as determined under generally accepted accounting principles, as adjusted to exclude the pre-tax impacts of any non-controlling minority interests, and as also adjusted for any material and objectively determinable impacts of the items specified in the Plan that were not reflected in the 2012 financial plan approved by the Board.  Operating Income for a Division or other business unit will be calculated after all bonuses measured by the performance of that Division or unit are accrued and assumed to have been paid in full.

 

  

3

  

The Committee also selected and defined additional Performance Criteria for the 2012 Plan Year for application to, in addition to or in lieu of the Performance Criteria specified above, the Performance Goals established for Designated Participants other than the Section 16 Officers, including the following:

	
  

	
3.

	
Average Day Sales Outstanding. “Average Day Sales Outstanding” shall mean the average of the twelve (12) months of Day Sales Outstanding.  “Day Sales Outstanding” or “DSOs” shall mean ninety (90) multiplied by a fraction, the numerator of which is the sum of billed accounts receivable plus unbilled accounts receivable minus billings in excess of cost, and the denominator of which is the sum of the last three (3) months of revenues, with respect to the business unit(s) for which a Designated Participant has accountability.  DSOs shall be calculated monthly.

 

	
  

	
4.

	
Working Capital Days Outstanding (WCDO).  “Working Capital Days Outstanding” or “WCDO” shall mean the average of the four quarterly WCDOs with respect to the business unit(s) for which a Designated Participant has accountability. The quarterly WCDOs shall be calculated by dividing the average Working Capital of the business unit(s) for the quarter (the sum of the Working Capital of the business unit(s) at the end of each of the three months during the quarter divided by 3) by the annualized daily Revenue for the business unit(s) (Revenue for the business unit(s) during the quarter times 4 divided by 365).  Working Capital is defined as current assets (excluding foreign cash, corporate unrestricted cash and deferred taxes) less current liabilities (excluding costs to complete, deferred taxes and the restructuring reserve).

 

	
  

	
5.

	
Revenues.  “Revenues” shall mean the consolidated revenue of the Company, or of the relevant business unit(s) for which a Designated Participant has accountability, as determined under generally accepted accounting principles.

 

	
  

	
6.

	
New Sales.  “New Sales” shall mean gross additions to backlog with respect to the business unit(s) for which a Designated Participant has accountability.

 

	
  

	
7.

	
New Work Margin.  “New Work Margin” shall mean the margin target established by the relevant business unit(s) for which a Designated Participant has accountability for New Sales.  A volume hurdle will be established for those units using this criteria.  This criteria excludes small change orders and extensions on existing work.

 

	
  

	
8.

	
Safety Record.  “Safety Record” shall mean the total reportable incident rate as defined by the Occupational Safety and Health Administration (OSHA).

 

	
  

	
9.

	
Consolidated Division Operating Income.  “Consolidated Division Operating Income” shall mean the consolidated total of the Operating Income, as defined above, of each of the Infrastructure & Environment, Federal Services, and Energy & Construction Divisions.

 

  

4

  

	
B.  

	
Performance Goals

 

For the 2012 Plan Year, the Committee established as a prerequisite to all bonus payments under the Plan that the Company meet a minimum Net Income threshold after accruing for all bonuses and as adjusted by pre-approved formula depending on the date on which the expected acquisition of Flint Energy Services Ltd. actually closes during the 2012 fiscal year, and as a prerequisite to bonus payment calculated on the basis of Division Performance Goals that the respective Division meet a minimum Operating Income threshold after accruing for all such Division bonuses.  Bonuses otherwise payable are reduced pro rata to the extent necessary, down to zero, to satisfy the minimum Net Income and respective Division Operating Income thresholds (as adjusted), with the result that Designated Participants and non-Designated Participants may only receive bonuses if and to the extent that the Company and the respective Divisions earn Net Income and the respective Division Operating Income in excess of the thresholds (as adjusted).

In addition, the Committee established, or authorized the establishment of, primary business unit Performance Goals and individual Performance Goals for Designated Participants by the business unit where the Designated Participant is expected to have the most direct impact as follows:

 

	
Business Unit

	
Performance Goals

	
URS Corporation

	
Net Income, before bonus accrual (as adjusted)

	
Infrastructure & Environment

 

	
Infrastructure & Environment Operating Income,

before bonus accrual

	
Federal Services

	
Federal Services Operating Income,

before bonus accrual

	
Energy & Construction

	
Energy & Construction Operating Income,

before bonus accrual

In addition, for Designated Participants in the Infrastructure & Environment, Federal Services, and Energy & Construction businesses the Committee established, or authorized the establishment of, various secondary individual Performance Goals consisting of Average Day Sales Outstanding, Working Capital Days Outstanding, Safety Record, Revenues, New Sales, New Work Margin, Consolidated Division Operating Income as well as other Performance Goals set forth in the Plan, and established, or authorized the establishment of, relative weighting to be allocated among all such Performance Goals.

  

5

  

	
C.  

	
Target Bonus Pool

 

For the 2012 Plan Year, the Committee established Target Bonus Pools for the Company and for each of the Company’s Divisions, which will be funded based on achievement of the Performance Goals by the Designated Participants and Non-Designated Participants in each respective Pool as follows:

	
Performance Results

	 	
2012 Award Pool Funding

	 
	
For URS Corporation, Infrastructure & Environment, and Federal Services:

	 	 	 
	
115% of Performance Goal

	 	 	200	%
	
100% of Performance Goal

	 	 	100	%
	
85% of Performance Goal, or below

	 	 	0	%
	
For Energy & Construction:

	 	 	 	 
	
115% of Performance Goal

	 	 	150	%
	
100% of Performance Goal

	 	 	100	%
	
85% of Performance Goal

	 	 	50	%
	
70% of Performance Goal, or below

	 	 	0	%

 

	
D.  

	
Target Award Percentage

 

For the 2012 Plan Year, the Committee established the following Target Award Percentages for the Company’s Section 16 Officers:

 

	
Name

	 	
2012 Target Award Percentage

(as a percentage of base salary)

	 
	
Martin M. Koffel

	 	 	150	%
	
H. Thomas Hicks

	 	 	100	%
	
Thomas W. Bishop

	 	 	75	%
	
Hugh Blackwood

	 	 	70	%
	
Reed N. Brimhall

	 	 	75	%
	
Gary V. Jandegian

	 	 	100	%
	
Joseph Masters

	 	 	75	%
	
Randall A. Wotring

	 	 	100	%
	
Susan B. Kilgannon

	 	 	45	%
	
Robert Zaist

	 	 	100	%

 

 

  

6

  

	
IV.  

	
Determination of Awards

 

Awards to Designated Participants will be dependent upon satisfying one or more of the following criteria: (1) the Company achieving its Net Income threshold (as adjusted); (2) the Division achieving its minimum Division Operating Income threshold; (3) the relevant business unit(s) achieving its minimum Performance Goals, and (3) the Designated Participant achieving his/her individual Performance Goal(s).

A Designated Participant’s Award will be calculated based on the percentage of his/her Performance Goal(s) achieved, multiplied by his/her Target Award Percentage and by his/her Base Salary earned during the Plan Year.  Pursuant to the administrative authority provided to the Committee under the Plan, the Committee has determined that a Designated Participant’s Base Salary for the Plan Year shall (i) be interpreted to mean the Designated Participant’s Base Salary for the calendar year corresponding to the Plan Year and (ii) any salary changes which occur during the month of January of a calendar year will be deemed to have occurred on January 1 of the calendar year.

As described above, certain Designated Participants (or a Designated Participant’s heirs in the case of death) may be eligible to receive pro-rata Awards.  Pursuant to the administrative authority provided to the Committee under the Plan, the Committee has determined that for purposes of prorating Awards under the Plan, any formula that incorporates a fraction where the denominator is 365 days (or 12 months) shall be interpreted to mean a fraction where the denominator is the actual number of days (or months) in the Plan Year.

Determinations of Awards to Non-Designated Participants (from the discretionary pool) will be made by the Committee or the CEO at the end of a Plan Year.

	
V.  

	
Other Plan Provisions

 

	
A.  

	
Payment of Awards

 

Assessment of actual performance and payout of Awards will be subject to completion of the Company’s fiscal year-end independent audit and certification by the Committee that the applicable Performance Goals and other material terms of the Plan have been met.

The Actual Award earned will be paid to Designated Participants (or the Designated Participant’s heirs in the case of death) in cash within 30 days following completion of both the independent audit and the above-referenced certification by the Committee.  Awards to Non-Designated Participants will be paid concurrently to the extent practicable, but in any case within thirty (30) days following the payment of Awards to Designated Participants.  Payroll and other taxes will be withheld as required by law.

  

7

  

	
B.  

	
Plan Accrual

 

Estimated payouts for the Plan will accrue monthly during each Plan Year.  At the end of each fiscal quarter, the estimated Actual Awards for the Plan Year will be evaluated based on actual performance to date and the monthly accrual rate will be adjusted so that the cost of the Plan is fully accrued at Plan Year-end.   Accrual of estimated payouts does not imply vesting of any individual Awards to Designated Participants.

	
C.  

	
Administration

 

The Plan will be administered by the Committee and the CEO, except that the Committee retains final authority regarding all aspects of Plan administration, the resolution of any disputes, and application of the Plan in any respect to a Covered Employee.  The Committee may, without notice, amend, suspend or revoke the Plan at any time.

	
D.  

	
Assignment of Employee Rights

 

No employee has a claim or right to be a participant, to continue as a participant or to be granted an Award under the Plan.  Participation in the Plan does not give an employee the right to be retained in the employment of the Company or its affiliates, nor does it imply or confer any other employment rights.

Nothing contained in the Plan shall be construed to create a contract of employment with any participant.  The Company and its Affiliates reserve the right to elect any person to its offices and to remove any employees in any manner and upon any basis permitted by law.

Nothing contained in the Plan shall be deemed to require the Company or its Affiliates to deposit, invest or set aside amounts for the payment of any Awards.  Participation in the Plan does not give a participant any ownership, security or other rights in any assets of the Company or any of its Affiliates.

	
E.  

	
Validity

 

In the event that any provision of the Plan is held invalid, void or unenforceable, such provision shall not affect, in any respect, the validity of any other provision of the Plan.

	
F.  

	
Governing Law

 

The Plan will be governed by, and construed in accordance with, the laws of the State of California.

 

 

 

 

 

 

1214156 v3/SF

  

8ITRI Exhibit 10.1 Marcel French Employment Agreement

EXHIBIT 10.1

                                
ENGINEER AND EXECUTIVE CONTRACT 
EXEMPT POSITION                             
	
					
	 
	 
	 
	Mr. Marcel REGNIER

	 
	 
	 
	 

	 
	 
	 
	 

Nationality: French

Dear Mr. Regnier:

We are pleased to welcome you within Itron Holding France, as President and Chief Operating Officer of Water.

		
	1.
	CLASSIFICATION

In your capacity as President and Chief Operating Officer of Water, your position will be classified as follows: exempt position.

		
	2.
	REMUNERATION

As part of the all-in arrangement defined in the Article below, your annual gross all-in compensation will be equal to €320,000.

The said remuneration shall be paid in 12 equal monthly installments, whose amount shall not depend on the number of days and actual hours of work performed during the payroll period.

In addition, you may benefit from a variable compensation, under the management incentive plan (MIP), which may reach 75% of your gross annual salary, according to the attainment of objectives determined by the employer.1

		
	3.
	WORKING TIME 

You will be subject to the “all work schedules - executive officers” rules. 

Indeed, you are holding a position whose importance implies great independence, as regards the organization of your working time, excluding any pre-determined schedule.

Your high level of responsibility justifies the payment of a remuneration corresponding to the highest level of the compensation schemes applied in the enterprise and enables you to make decisions in a largely autonomous manner and, in addition, excludes any specific and pre-determined schedule. 

Under such conditions, you will not be subject to any pre-determined work schedule, and you must organize your work in order to be able to fully complete your engagements. 

		
	4.
	EFFECTIVE DATE 

The effective date shall be no later than April 1, 2012.

The effective date of your employment contract shall be subject to two conditions precedent:

		
	•
	You must have undergone a medical visit and have received a favourable evaluation, either with our medical unit or with a physician designated or approved by our company;

		
	•
	You must be free from any commitment vis-à-vis another employer.

		
	5.
	SENIORITY 

Your seniority will start from February 2, 1981.

		
	6.
	MOBILITY - TRANSFER

You are assigned to the Issy-les-Moulineaux establishment, provided however that the said assignment shall not be a material term of your recruitment. 

Thus, you agree to accept any change in your workplace required by the interest of the enterprise, to one of the company's establishments located in Continental France.

If a change of workplace is proposed to you, you will be granted a reasonable and sufficient notice period in order to respond and to join your new assignment. The said notice period shall depend on the geographical distance between your then current workplace and the proposed workplace. 

The Company currently has only one single site. However, it is expressly agreed that you might be assigned to a worksite that, as of the execution date hereof, does not exist, but that might be created in the future.  

		
	7.
	BUSINESS TRAVEL 

You may have to travel, whether in France or abroad, in order to carry out your assignments.

Because of the international nature of your position, such travel, and in particular travel abroad, shall be especially frequent and may cover long periods. 

		
	8.
	COMPANY CAR

In your capacity as an executive officer of the company, a company car shall be made available to you for the purposes of your business travel. The said car may also be used for personal purposes during weekends and other holiday periods. 

The part corresponding to the use of the car for private purposes shall be deemed a fringe benefit and, in this respect, shall be subject to social security contributions in accordance with the terms determined by the Company, and this will impact your net compensation for tax purposes. Furthermore, the Company shall have to provide tax authorities with any supporting documents and tax returns necessary for the valuation of the said fringe benefit.

You confirm that you hold a valid driving license and that you agree to inform the Company forthwith of any withdrawal or suspension of the said permit.

During the entire term of the car's leasing, you agree to use the car made available to you as a reasonable person and in accordance with the instructions that are or shall be circulated in the enterprise, including the instruction dated May 1, 2010 that has been delivered to you.

Page 2

You must, in particular, maintain the car regularly in accordance with the maintenance plan and in accordance with the manufacturer's instructions.

Also, it is prohibited to entrust the car to any third party, except for a relative (first-degree family: spouse, child, sibling, etc.), or to other employees of the enterprise.

If any damage is caused by the car, you shall inform the human resources department within 24 hours. You shall also be required to fill in the accident report intended for the insurance company.

As an item of information only, we indicate to you that a business fuel card shall be made available to you. In this respect, you agree to comply with the rules governing the use of the fuel card, as described in the instruction.

The expenses for petrol, tolls, etc., incurred with a view to the use of the car for personal purposes, shall be borne exclusively by you. 

In the event of any fine, tort action, damage or loss resulting from the use of the car for business or personal purposes, you will be asked to reimburse to the Company any incurred expenses. 

You agree to comply with the maximum mileage associated with the period during which the car is leased by the Company.

At the election of the Company, the car so made available may be replaced by a car of the same class.  

In any event of suspension of the employment contract entailing the suspension of your compensation, you agree to return to the Company your car as well as the fuel card. In the event of withdrawal of your driving license, the Company may ask you to return the car. 

The availability of the car shall end in case of termination of the employment contract. You shall then return the car in a condition of proper cleanliness. 

		
	9.
	SPECIAL PROVISIONS CONCERNING SECRECY AND THE OWNERSHIP OF INVENTIONS AND OTHER CREATIONS

PROFESSIONAL SECRECY

		
	1.
	You agree to treat as secret any information, of any nature whatsoever, whether technical, commercial, financial or administrative, pertaining to the operations of our enterprise or any of its affiliates (hereinafter collectively referred to as “Itron”) that is not available to the public and that you may acquire in connection with your position or in any other manner whatsoever.

		
	2.
	You agree not to publish or disclose to any person external to Itron, or to use, any such information for any operations other than the Itron operations, whether during the term of your employment with our company or thereafter, unless you have been previously authorized in writing by our enterprise.

		
	3.
	You agree not to reproduce, in whole or in part, or to remove from the Itron premises or to transmit, for any purposes other than the purposes of the Itron operations, any document including any such information that our enterprise may have delivered to you or have asked you to prepare.

INVENTIVE ASSIGNMENT 

		
	1.
	French law 

Article 1 ter of the French law on invention patents of 2 January 1968, as amended on 13 July 1978, sets forth that:

Page 3

		
	•
	inventions made by an employee, either pursuant to an employment contract including an inventive assignment corresponding to his actual position (ongoing inventive assignment) or as a result of studies or research expressly assigned to him (occasional inventive assignment), belong to the employer; 

		
	•
	all other inventions made by an employee belong to the said employee, subject however to a right of assignment, in favour of the employer, of certain rights attaching to the patent protecting such an invention, if made by the employee during the course of the performance of his duties, or in the enterprise's operational area or because of the knowledge or use of techniques or resources specific to the enterprise or data provided by the enterprise.

		
	2.
	Research Department 

The positions of the engineers and technical executives of our company's Research Departments are principally aimed at the completion of the research themes personally entrusted to them. In addition, as regards any technical issue arising during exchanges or following communications involving other persons or other Itron departments focusing on similar or related issues, these positions entail the obligation to review the said issue and to find a solution. Such functions include an ongoing inventive engagement, within the meaning of the law referred to above. 

		
	3.
	Other Departments

The positions of the engineers and technical executives of our company, whose positions generally do not involve any ongoing inventive duty, include however, as regards any specific technical issue encountered in connection with the performance of the executives' work, the obligation to review this issue and to seek a solution. Therefore, duties include an occasional inventive engagement, within the meaning of the law referred to above. 

INVENTIONS AND CREATIONS

		
	1.
	During the entire term of your employment contract and insofar as you have participated in the said invention, you must, for each such invention as you may design or complete, comply with the obligations imposed by the Decree of 4 September 1979 concerning inventions made by employees, which sets forth that any employee who makes an invention:

		
	•
	immediately report such invention to the employer and, at that time, indicate the purposes of such invention and the contemplated applications;

		
	•
	report the circumstances under which the invention was made;

		
	•
	assign to the invention a rating, by reference to the inventive assignment entrusted to the employee, where applicable;

		
	•
	provide a description that is as complete as possible of the invention, if the invention belongs, as a matter of law, to the employer or involves, in the employer's favour, the creation of an assignment right;

		
	•
	and also refrain from any early disclosure.

		
	2.
	During the entire term of your employment contract and insofar as you have participated in the said invention, you acknowledge that each invention that you may design or complete, in pursuance of an ongoing or occasional inventive assignment, shall, as a matter of law, be the exclusive property of our enterprise, in accordance with the provisions of Article 1 ter paragraph 1 of the aforementioned Act on invention patents.  Accordingly, our enterprise shall be exclusively entitled to decide whether or not it is necessary to protect, whether under the laws on secrecy or under the laws on patents, the inventions that you have designed or completed, while carrying out an ongoing or occasional inventive assignment.

		
	3.
	During the entire term of your employment contract and insofar as you have participated in the said invention, as regards any invention that you may design or complete outside of any inventive assignment, the parties shall apply the provisions of Article 1 ter paragraph 2 of the Act on invention patents. 

Page 4

		
	4.
	During the entire term of your employment contract and insofar as you have participated in the said invention, you acknowledge that any such copyright, trademark right, design right or other intellectual property right, whether or not related to any technical creation, whether related to hardware or software, as you may design or complete in connection with the performance of your duties, shall, as a matter of law, be the exclusive property of our enterprise which shall have the exclusive right to reproduce, perform, use or dispose of the same or operate the same in any other manner.

		
	5.
	Our enterprise shall have the exclusive right to decide whether or not to use either the said inventions and patents or the said creations and the related intellectual property rights. In addition, the various rights referred to above may be devolved or transmitted to one or more of our affiliates, designated to that end.

		
	6.
	During the entire term of your employment contract and thereafter, you agree to execute any document or complete any formality that shall be requested by our enterprise, with a view to the assertion or defence of the rights referred to above.

		
	7.
	In addition, in the event that the relevant protection title has to be applied for in the name of the creator or inventor, in particular because of the legislation of the country concerned, you agree, immediately upon request from our enterprise during the term of your employment contract or thereafter, to complete any necessary formalities in order to effect free of charge the transfer of the said title to our enterprise or to any affiliate designated to that end.

		
	8.
	In accordance with the provisions of the applicable collective bargaining agreement, the compensation that shall be paid to you shall take into account your inventive assignments, studies and research, and shall remunerate on an all-in basis the results of your work. However, if an invention made by you in connection with the said task has, for the enterprise, an exceptional merit whose importance is not at all commensurate with your salary, you may, after the issuance of the patent, be awarded an additional remuneration that may be in the form of an all-in bonus paid in one or more installments. 

		
	10.
	PERSONAL DATA 

You acknowledge that the Company holds personal data concerning you. You expressly authorize the Company to collect, retain, store and use the said personal data and to forward the same electronically for administrative and archiving purposes in relation to your employment, and in particular, but not limited to, the payroll and retirement services or any implementation of any statutory or regulatory obligation.

In accordance with the Act of 6 January 1978, you will retain an access and correction right in respect of the collected data, and you will be entitled to exercise the said right by contacting your Human Resources Manager.

		
	11.
	EXCLUSIVITY OBLIGATION 

You agree to perform most diligently the various tasks and duties assigned to you under this employment contract.

You agree not to have any other professional occupation, whether on your own behalf or on behalf of any individual or corporate third party, unless with the express consent of the Company or its delegate. 

Page 5

 
You agree not to support, whether directly or indirectly, any enterprise whose operations are similar to or competing with the operations of the Company or the group to which the Company belongs. 

		
	12.
	NON SOLICITATION CLAUSE

 
In the event of termination of this Agreement, howsoever arising, you agree, during a period of 12 months from the date of the said termination, not to approach or entice away, whether directly or indirectly, on your own behalf or on behalf of any company, any person who has been an employee or officer of the ITRON Group during the period of 6 months preceding the termination of this employment contract. 

You also agree not to facilitate, directly or indirectly, the recruitment, by third parties, of the persons referred to above, by using the same methods. 

In the event of non-compliance with this clause, the Company reserves the right to institute legal proceedings and to claim damages in order to indemnify the loss sustained by it. 

		
	13.
	NOTICE PERIOD

Either party may unilaterally terminate this employment contract, subject to compliance with the notice periods provided for in the applicable collective bargaining agreement. 

According to the present employment contract, you are not bound by any non-competition obligation vis-à-vis the ITRON group.

		
	14.
	MISCELLANEOUS 

If any provision of this employment contract conflicts with any provision of any law, regulation or mandatory collective bargaining agreement, the same shall be amended and adapted within the limits strictly necessary in order to ensure compliance with the newly applicable provision, and the relevant sentence, paragraph, clause, article or the contract itself shall not be deemed null and void. 

These clauses shall supersede any prior contrary provisions. 

Furthermore, you acknowledge that you are no longer bound by any employment contract with any Itron affiliate other than Itron Holding France.
    
This Agreement is sent to you in duplicate. 

Kindly confirm your consent by returning to us a copy, of which each page has been initialled, after affixing the hand-written indication “for approval” followed by the date and your signature on the last page.

Page 6

There is attached to this agreement an information data sheet in duplicate. Kindly acknowledge receipt of the same, and return to us a signed copy of the said document. 

We look forward to your joining our company and send you our best wishes for success.

Sincerely yours, 

Made in 
On March 28, 2012

	
			
	/s/ MARCEL REGNIER
	 
	/s/ JARED SERFF

	Marcel Regnier
	 
	Jared Serff

	 
	 
	VP Competitive Resources

	 
	 
	Itron Group

                        

Page 7

Information data sheet delivered to Mr. REGNIER
	
					
	 
	 

In connection with his recruitment by the Company on April 1, 2012, 
Mr. REGNIER is informed of the following non-contractual data:

		
	▪
	Collective bargaining agreement - other applicable provisions 

The collective bargaining agreement applicable to the company is the collective bargaining agreement applicable to engineers and executives of the metallurgy sector.

In addition, the provisions of the following legal instruments shall be applicable to Mr. REGNIER

		
	▪
	Internal rules

		
	▪
	Personnel status

		
	▪
	The IT Resources Utilization Charter.

The said documents are available at the Company's human resources department.

		
	▪
	Workplace 

The site to which Mr. REGNIER reports is located in Issy-les-Moulineaux.

		
	▪
	Social Protection

		
	•
	Additional pension 

Effective from his recruitment date, Mr. REGNIER shall be affiliated with the following institutions:

		
	•
	ABELIO Retraite, as regards the part of his salary that is lower than the Social Security cap;

		
	•
	NOVRC Retraite, as regards the part of his salary ranging between the Social Security cap and the Executive Fund's cap (A.G.I.R.C. cap).

		
	•
	Provident scheme

Effective from his recruitment date, Mr. REGNIER shall benefit from the following:

		
	•
	As regards his medical expenses:

		
	•
	MUTUELLE GENERALE coverage 

		
	•
	Additional optional coverage through MUTUELLE GENERALE.

		
	•
	In case of disability, invalidity or death:

		
	•
	the NOVALIS PREVOYANCE rules.

Page 8

		
	▪
	Geographic mobility 

In case of transfer, the mobility rules applicable to Mr. REGNIER are indicated in the document entitled “International Transfer Policy” applicable within the Group.

		
	▪
	Paid holidays 

For a complete year of work, from 1 June to 31 May, Mr. REGNIER shall be entitled to 30 business days of paid holidays, i.e. the equivalent of 25 business days worked on the basis of 5 days of work per week. An additional holiday shall be granted to Mr. REGNIER according to his seniority. 
A calculation statement concerning his rights for the current year shall be sent to him separately. 

Document delivered on March 28, 2012 

Employee's signature: 

	
			
	/s/ MARCEL REGNIER
	 
	 

	Marcel Regnier
	 
	 

Page 9

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00202-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00202-of-00352.parquet"}]]