Document:

WYN-EX10.2_2013.3.31-Q1/A

Exhibit 10.2
AMENDMENT NO. 3
TO
EMPLOYMENT AGREEMENT
AMENDMENT, dated March 15, 2013 (“Amendment”), made to the Employment Agreement dated as of November 17, 2008, as first amended by the letter agreement dated as of December 1, 2008 and further amended by Amendment No. 1 effective as of December 16, 2009 and Amendment No. 2 effective as of March 1, 2011 (together, the “Employment Agreement”), by and between Wyndham Worldwide Corporation, a Delaware corporation (the “Company”), and Eric Danziger (the “Executive”).  Except as provided herein all terms and conditions set forth in the Employment Agreement shall remain in full force and effect.
WHEREAS, the Company and the Executive have previously entered into the Employment Agreement; and
WHEREAS, the Company and the Executive desire to amend the Employment Agreement as set forth below.
NOW, THEREFORE, effective as of the date first written above, the Employment Agreement is hereby amended as follows:
1.The first sentence of Section II of the Employment Agreement is hereby amended in its entirety and replaced with the following:
The period of the Executive’s employment under this Agreement (the “Period of Employment”) shall begin on the Effective Date and shall end on November 17, 2014, subject to earlier termination as provided in this Agreement. 
2.    From and after the date hereof, all references to the Employment Agreement shall mean the Employment Agreement as amended hereby. Except as expressly amended hereby, the Employment Agreement shall remain in full force and effect, and is hereby ratified and confirmed.  
IN WITNESS WHEREOF, the undersigned has caused this Amendment to be executed this 15th day of March 2013.
	
		
	EXECUTIVE

	 
	/s/ Eric Danziger

	 
	Eric Danziger

	 
	 

	
		
	WYNDHAM WORLDWIDE CORPORATION

	By:
	/s/ Mary Falvey

	 
	Name: Mary Falvey

	 
	Title: Executive Vice PresidentOB 03.31.2013 EX 10.1

Exhibit 10.1

December 5, 2005

Paul McDonough

Dear Paul,
I am pleased to confirm our offer of employment to you for the position of Chief Financial Officer of OneBeacon Insurance, reporting to Mike Miller.  Your base salary will be $14,423.08 biweekly ($375,000 annualized).  In addition, we will provide an after-tax monthly payment of $1,200 commencing January 2006 and continuing through August 2007.
Your target bonus under the Management Incentive Plan (MIP) will be 50% of your annualized base salary beginning with the 2006 plan year.  An overall bonus pool is calculated based on company results. The allocation of the pool, if any, is based on achieving your business unit's goals and objectives as well as your own individual performance.  Individual awards are determined by your management and the Board of Directors, in its sole discretion.  The plan does not cap the amount that can be paid to any one participant.
You will also participate in long-term incentive opportunities by means of the OneBeacon Performance Unit Plan.  Under this plan, you will receive initial allocations as follows:
		
	▪
	2,875 Performance Units for the three-year 2004-2006 Cycle with an at target payment of $500,000 at an adjusted GAAP combined ratio of 94% and with a maximum potential payout of 21⁄2 times target.  The units have the potential to vest, assuming corporate performance goals are met, at the end of the three-year cycle, with payment made in early 2007.

		
	▪
	4,110 Performance Units for the three-year 2005-2007 Cycle with an at target payment of $600,000 at an adjusted GAAP combined ratio of 95% and with a maximum potential payout of 21⁄2 times target.  The units have the potential to vest, assuming corporate performance goals are met, at the end of the three-year cycle, with payment made in early 2008.

		
	▪
	A corresponding number of Performance Units for the three-year 2006-2008 Cycle to generate an at target payment of $700,000 once the performance metrics are finalized.  The units will have the potential to vest, assuming corporate performance goals are met, at the end of the three-year cycle, with payment made in early 2009.  

		
	▪
	In each case, payment is determined by the Board of Directors in its sole discretion.  We would expect you to be eligible for annual grants under the OneBeacon Performance Unit Plan.

To assist with your transition, we will provide you a sign-on bonus of $525,000 within 4 weeks of you beginning employment.  If you were to voluntarily terminate your employment within the first 12 months, repayment would be required.
From your first day of employment, you will be eligible to participate in OneBeacon's contributory health, dental, and life insurance plans.  You will be eligible for 26 Paid Time off days annually.  Following 60 days of employment, you may participate in the OneBeacon 401(k) plan.  You will also be provided with a parking space in the OneBeacon Street Garage.
In the event your employment with OneBeacon is terminated by OneBeacon involuntarily for reasons other than cause and upon execution of our standard release, you will be eligible for a severance payment of the equivalent of two times salary + two times targeted bonus.  Involuntary termination will be construed to include any such circumstance that would involuntarily cause you to no longer be the Chief Financial Officer of OneBeacon or its successor organization, including as a result of a change in control.

Paul, we are very excited about having you become part of our team and look forward to your acceptance.   Please sign and return a copy of this offer letter via mail or fax. 

Sincerely,
/s/ Thomas N. Schmitt
Thomas N. Schmitt
Senior Vice President, Human Resources

Accepted :    /s/ Paul McDonoughOB 03.31.2013 EX 10.2

Exhibit 10.2
March 26, 2008

Paul Romano

Dear Paul:

We are pleased to confirm our offer of employment for the position of President, OneBeacon Professional Partners, reporting to Kevin Rehnberg.  Your salary will be $13,461.54 each bi-weekly pay period, equivalent to $350,000 annually.

From your first day of employment, you will be eligible to participate in OneBeacon's contributory health, dental and insurance plans, as well as the OneBeacon Employee Stock Ownership and 401(k) plans.  You will be eligible for 26 Paid Time Off days annually.  PTO is earned and credited pro rata during each bi-weekly paid period you work.

Your target bonus under the Management Incentive Plan (MIP) will be 50% of your annualized base salary for plan year 2008.  An overall bonus pool is calculated based on company results.  The allocation of the pool, if any, is based on achieving your business unit's goals and objectives as well as your own individual performance.  Individual awards are determined by your management and the Board of Directors, in its sole discretion.  The plan does not cap the amount that can be paid to any one participant.

You will receive sign-on bonuses in the amount of $2,000,000 (gross) in accordance with the following respective payment schedules and repayment requirements should you voluntarily leave OneBeacon and/or be terminated for cause within the specified time frames*:
	
					
	Amount
	Paid
	Repayment Requirements per above*

	$
	1,500,000
	

	30 days from hire date
	100% in first 12 months of employment */    50% in second 12 months*

	$
	500,000
	

	12 mos. from hire date
	100% in first 12 months from date of payment*

You will also participate in the OneBeacon Long Term Incentive Plan.  Subject to ratification by the Compensation Committee of the Board of Directors at the next regularly scheduled meeting, you will receive an initial allocation of performance shares with an at-target value of $700,000 for the three-year 2008-2010 award cycle.  The performance shares have the potential to vest, assuming corporate performance goals are met, at the end of the three-year cycle, with payment made in early 2011.  Payment is determined by the Board of Directors, in its sole discretion and is subject to all plan terms and conditions.  We would expect you to be eligible for annual grants under this plan.  Beginning with the 2009 grant we intend for at least 60% of your at-target LTI opportunity to be directly based on your business unit profits.

To further assist with your transition to OneBeacon, and subject to ratification by the Compensation Committee of the Board of Directors at the next regularly scheduled meeting, we are pleased to extend to you a grant of Restricted Stock Units equivalent to a total target of $1,400,000.  The Restricted Stock Units will vest, in two target awards of $700,000 each on April 1, 2010 and April 1, 2012, subject to OneBeacon achieving an average, annualized Growth in Book Value per Share of 4%.

In the event your employment with OneBeacon is terminated for reasons other than cause including termination due to any prospective change in control, you will be eligible for severance pay equivalent to 52 weeks of base salary provided you execute and not rescind OneBeacon's Standard Agreement and Release.

OneBeacon is making this offer of employment based in part on your representation that you are not currently subject to a written employment contract with your current employer and that your employment with OneBeacon will not violate any restrictive covenants to which you have agreed.  You may not bring any confidential or proprietary information from any former employer to OneBeacon, or use to the benefit of or disclose to OneBeacon any such information at any time.  While still employed with your current employer, you may not engage in any activities that would be unfair or disloyal to them.

Please remember that this offer is contingent upon receipt of satisfactory references and the successful completion of background checks which may include criminal, credit, education and past employment.

Before you can start working at OneBeacon, we need to verify that you are legally eligible to work in the United States.  You will receive a listing of acceptable forms of identification per the U.S. Department of Justice Immigration and Naturalization Form I-9 in your new hire packet.  Please bring the appropriate identification with you on your first day.

The nature of our business is such that the relationship of our customers and agents is maintained through close personal contact with Company representatives. You will receive during your employment confidential information and knowledge about OneBeacon, our customers and business.  In consideration of employment and the disclosure to you of OneBeacon's confidential information you agree to the following restrictions on competition:

For a period of two years from the voluntary termination of your employment with OneBeacon or your termination for cause you shall not, directly or indirectly, (a) divert or attempt to divert any person, concern or entity which is furnished services by OneBeacon from doing business with OneBeacon or otherwise to change its relationship with OneBeacon; or (b) induce or attempt to induce any customer or supplier of OneBeacon to cease being a customer or supplier of OneBeacon or otherwise to change its relationship with OneBeacon; or (c) solicit or induce, or attempt to solicit or induce, any employee of OneBeacon to leave OneBeacon for any reason whatsoever, or hire or solicit the services of any employee of OneBeacon.  A Competing Organization is any business, including but not limited to any insurance agency, insurance broker, insurance company or underwriter, which performs services or sells products materially similar to or competitive with those provided by the Company.  I understand the purpose of this non-solicitation agreement is to protect OneBeacon from solicitation of its employees and business, defined as accounts by specific layer, not to inhibit my future employment.  Consequently, I agree not to solicit directly or indirectly employees of OneBeacon, or specific accounts, defined by layer of such.

Paul, we are very excited at the prospect of you joining the OneBeacon team.  If you have additional questions, please feel free to contact me directly at xxx-xxx-xxxx.

Sincerely,
/s/ Thomas N. Schmitt
Thomas N. Schmitt
Chief Human Resources Officer

Please sign and fax back your acceptance to my attention at xxx-xxx-xxxx.

Accepted:    /s/ Paul Romano

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