Document:

Exhibit 10.1

 

 

 

Bruker Corporation

2018 Short-Term Incentive Compensation Program

 

Program Objectives

 

The 2018 Bruker Corporation (“Bruker” or the “Company”) Short-Term Incentive Compensation Program (the “ICP” or “Program”) is designed to reward management employees and key personnel for performance that contributes significantly to the Company’s growth and financial success.

 

The Program is designed to reward several layers of success at the Bruker Corporate, Group, Divisional, Business Unit, functional, and individual levels, while maintaining a focus on significant improvement over prior year results.  Incentive Awards under this Program are granted as “Cash-Based Awards” pursuant to and in accordance with the terms of the Bruker Corporation 2016 Incentive Compensation Plan (the “2016 Plan”).

 

Eligibility

 

Select executive and key employees in the Company are eligible to participate in the Program, as the Company may determine at its discretion. Sales commissioned employees and employees participating in any other cash-based incentive plan are not eligible to participate in the ICP. Employees participating in this ICP are generally not eligible to participate in any other cash-based incentive plan.

 

The Incentive Award for any employee who becomes eligible to participate in the Program after the beginning of the Performance Period shall be pro-rated based on their participation date. Employees must become eligible prior to November 15th in order to participate. Participants must be active employees on payroll on the payout date to receive an Incentive Award. To be eligible to receive any Incentive Award under the Program, the employee must be considered in good standing as determined by the Company in its sole discretion and may not be on a performance improvement plan.

 

Incentive Targets and Awards

 

Each Participant shall have a pre-determined Incentive Target, typically expressed as a percentage of the individual’s base salary. Additionally, the conditions to achieve the Incentive Target shall also be pre-determined.

 

1

 

Achievement of a Participant’s Incentive Target typically depends on a combination of Company or business achievement of financial goals and individual objectives, with weightings assigned to each based on Company discretion and Participant level in the organization. Incentive Award payouts are calculated and paid annually based on Company and individual performance relative to the goals, such that actual Incentive Award payouts can be below, at, or above the Incentive Target.

 

For purposes of this Program, financial goals may be determined pursuant to generally accepted accounting principles (GAAP) or on a non-GAAP basis and may include the following metrics or variations thereof: earnings per share (EPS); pre-tax or after-tax net income; operating income or profit; cash flow; gross or net revenues; gross or net sales; costs (including cost reductions); margins; units sold; market share; stock price; total shareholder return; return on sales, assets, equity, capital or investment; earnings before deducting one or more of interest, taxes, depreciation and amortization; capital expenditures; working capital; inventory decrease; effective tax rate in one or more jurisdictions; planning for, or completion or implementation of, acquisitions or divestitures of specific product lines, business segments, business units, divisions or subsidiaries; or other balance sheet or income statement objectives approved by the Compensation Committee (the “Committee”).

 

Performance measures may be set at the consolidated level, segment level, division level, group level, or business unit level. Additionally, performance measures may be measured either annually or cumulatively over a period of years, and on an absolute basis or relative to pre-established targets, a previous year’s results or to a designated comparison group, in each case as specified by the Committee.

 

Differences in weightings of financial goals, or the financial goals themselves, may exist between the Corporate and Group/Divisional financial metrics to reflect organizational scope, responsibility, and shareholder expectations.  Each of the metrics may also be weighted to reflect the relative importance of each of the goals. Participants in the operating groups may have a portion of their financial goals tied to their direct area of responsibility or some other area related to their responsibility (e.g., an organization that is “1-up” from their current direct area of accountability) to encourage teamwork, collaboration, and alignment across the organization.

 

Basis of Financial Targets

 

The determination of achievement of financial goals for purposes of Incentive Award calculations will be based upon final audited financial statements for the Performance Period; and, where applicable, the baseline numbers will be the

 

2

 

prior year audited financial results as approved by the Company’s Board of Directors.

 

Incentive Award Achievement and Maximums

 

Financial Goals

Financial goals have a minimum of 0% payout and no maximum, with payouts determined relative to the achievement of each of the specified performance goals on a linear basis, e.g., 110% performance results in 110% payout for any one financial metric.

 

Individual Goals

All individual goals will be established with the Participant’s manager and approved by the appropriate executive officer, where appropriate. Individual performance will be assessed based on achievement of individual goals. Payouts will be determined based on the manager’s assessment of individual performance relative to each of the specified goals. Individual performance has a minimum payout of 0% and a maximum payout of 125%.

 

Total Award Opportunity

Results of the financial goals relative to their respective targets will be multiplied by the corresponding payout percentage tied to the specific level of performance for each goal. Those products will then be added together to derive the final payout percentage for the financial portion of the award.  Results of the individual goals will be used in determining the overall payout for the individual portion of the award.

 

While there is no maximum on any one particular financial goal, the total Incentive Award payout under the Program for financial goals is subject to a maximum payout of 200% of the Participant’s Incentive Target for financial goals.

 

Award Payments

 

Annual Incentive Awards earned under the ICP will be paid shortly after audited results are approved by the Company’s Board of Directors and reported by the Company.  All Incentive Awards payable under the Program are subject to applicable federal, state, and local withholding tax and any such other taxes as may be required.

 

General Provisions

 

The terms and conditions of the Program are subject to the provisions of the 2016 Plan. The Committee is responsible for approving the Program, Incentive

 

3

 

Targets, and other metrics thereof, and for administering the Program in accordance with and subject to the terms and conditions of the 2016 Plan. The Committee shall have full and sole authority to interpret the Program, to establish and amend rules and regulations relating to it, and to make all other determinations necessary or advisable for the administration of the Program, unless otherwise delegated to the Company’s CEO and CFO.

 

The Company reserves the right to amend, modify, suspend or terminate the Program at any time solely in its discretion with or without notice to Participants.

 

Nothing contained herein shall in any way alter the nature of employment at the Company or constitute a contract of employment or in any way be construed to confer on the Participant any right to continue as a participant in the 2016 Plan or the Program or as an employee of the Company or any subsidiary of the Company.

 

The Committee may, in its sole discretion and in accordance with and subject to the terms of the 2016 Plan, adjust Incentive Targets to take into account the effects of any Extraordinary Items.   “Extraordinary Items” means unusual or nonrecurring events affecting the Company or the financial statements of the Company, such as, but not limited to, (a) effects of changes in foreign exchange, (b) an unbudgeted material expense incurred by or at the direction of the Board of Directors or a committee thereof, (c) a material litigation judgment or settlement, (d) effects of mergers, acquisitions, divestitures, spin-offs, consolidation, acquisition of property or stock, reorganizations, restructuring charges, or joint ventures, or (e) changes in applicable laws, regulations, or accounting principles.

 

After the Performance Period has ended, the Participant will be entitled to receive a payout based on the value of the Incentive Award earned by the Participant over the Performance Period, taking into account the extent to which the corresponding performance goals were achieved. Notwithstanding the foregoing, if an employee resigns voluntarily, or is terminated for performance reasons or for violation of Company policies prior to the time of the Incentive Award payout, he/she will not be eligible to receive any portion of the Incentive Award. If an employee is terminated involuntarily for reasons other than performance or violation of Company policies prior to the end of a Performance Period, the Company may, in its sole discretion, determine whether to pay any portion of the Incentive Award, taking into account such things as individual performance and length of time the employee performed in the designated role during the Performance Period.

 

4

 

The payment of Incentive Awards pursuant to the achievement of the individual goals is subject to the satisfaction of minimum performance expectations, as determined by the Company’s CEO or CFO.  Such minimum performance expectations include, without limitation, compliance by the Participant and the Participant’s organization with the Company’s Code of Conduct and other policies.

 

In the event the CEO or CFO determine, in their sole respective discretion, that a Participant’s performance, or that of the Participant’s organization, has failed to meet the minimum standard of performance reasonably expected of such Participant, the Participant will receive only such portion of his or her Incentive Awards calculated as payable in respect of individual goals, or none of such portion of Incentive Awards in respect of individual goals, as may be so determined by the CEO or the CFO, or, in the case of the CEO and CFO, by the Committee.

 

In addition, in the event such failure to achieve minimum performance expectations is due to a material violation of the Code of Conduct or other Company policies which fall within the Participant’s area of responsibility, either individually or with respect to Participant’s organization, the ability of the CEO, CFO or Committee to reduce or eliminate the portion of Incentive Awards calculated as payable in respect of such individual goals shall be extended to and include the ability to eliminate or reduce the payment of amounts calculated as payable pursuant to the achievement of the financial goals.

 

Payments made to any Participant pursuant to an Incentive Award shall be subject to clawback: (1) to the extent of the excess of what would have been paid to the participant under a Restatement (as defined below), (2) in the event that a Participant, during employment or other service covered by this Program, shall engage in activity detrimental to the business of the Company, (3) as required by any clawback policy implemented by the Company, or (4) as otherwise required by any provision of any law, government rule or regulation, or stock exchange listing requirement. For the purposes of the Program, “Restatement” means, with respect to any payment under an Incentive Award, a restatement of previously filed financial statements that is required to be prepared and filed at any time during the three-year period following such payment due to material noncompliance of the Company with any financial reporting requirements under the United States federal securities laws.

 

All interpretations and determinations, including determinations of the amount of Incentive Awards due any Participant, made by the Committee or its delegate(s) shall be final and binding on all persons.

 

5

 

The Company shall have the right to withhold from any amount payable hereunder any amount it reasonably determines is sufficient to satisfy all federal, state and local or non-U.S. withholding tax requirements on any Incentive Award under this Program and to take such other action as may be necessary or advisable in the opinion of the Company to satisfy all obligations for withholding of such taxes.

 

This Program applies to all employees globally, with such adjustments for local law and local business and accounting practices as the Committee may determine.

 

Notwithstanding other provisions of the Program, in the event of a Change in Control (as defined below) of the Company:

 

(1)                                 If an Incentive Award is continued or assumed and within the lesser of the expiration of the Performance Period and 24 months following the Change in Control the Company (or its successor) involuntarily terminates the Participant without Cause (as defined below) or the Participant voluntarily terminates for Good Reason (as defined below) then, upon such termination, the Incentive Target payout opportunity under such Incentive Award will be deemed to have been earned on a pro rata basis for that portion of the Performance Period(s) completed as of the effective date of such qualifying termination and will be paid to the Participant within thirty (30) days following such termination, unless the acceleration of payment would result in additional taxes under Section 409A of the Internal Revenue Code.

 

(2)                                 If an Incentive Award is not continued or assumed, the Incentive Target payout opportunity under such Incentive Award will be deemed to have been earned on a pro rata basis for that portion of the Performance Period completed as of the effective date of such Change in Control and will be paid to the Participant within thirty (30) days following such Change in Control, unless the acceleration of payment would result in additional taxes under Section 409A of the Internal Revenue Code.

 

The obligations of the Company under this Program shall be unsecured and unfunded obligations, and to the extent that any Participant acquires a right to receive a payment under this Program, such right shall be no greater than the right of an unsecured general creditor of the Company and no Participant shall have any right, title or interest in any of the assets of the Company or its affiliates.  No assets of the Company or its affiliates shall be held under any trust, or held in any way as collateral security for the fulfilling of the obligations of the

 

6

 

Company under this Program.  Any and all assets of the Company and its affiliates shall be, and remain, the general unpledged, unrestricted assets thereof.

 

No right or interest of any Participant under the Program and no Incentive Award will be assignable or transferable, in whole or in part, either directly or by operation of law or otherwise, including without limitation by execution, levy, garnishment, attachment, pledge or in any manner; no attempted assignment or transfer thereof will be effective; and no right or interest of any Participant under the Program and any Incentive Award will be liable for, or subject to, any obligation or liability of such Participant.

 

This Program, and all agreements hereunder, shall be construed in accordance with and governed by the laws of the State of Delaware, without reference to principles of conflict of laws which would require application of the law of another jurisdiction.

 

This Program, together with the 2016 Plan, constitutes the entire agreement of the Company with respect to the subject matter thereof and cannot be modified by any oral statement or otherwise except by written action of the Committee.

 

Definitions

 

2016 Plan: The Bruker Corporation 2016 Incentive Compensation Plan.

 

Cause: For purposes of termination of employment following a Change in Control, “Cause” shall mean dishonesty with respect to the Company or any of its affiliates, breach of fiduciary duty, insubordination, substantial malfeasance or non-feasance of duty, unauthorized disclosure of confidential information, material failure or refusal to comply with Company’s published policies generally applicable to all employees, and conduct materially harmful to the business of the Company or any of its affiliates.

 

Change in Control:  A “Change in Control” shall be deemed to have occurred under any one or more of the following conditions:

 

i)      if, within one year of any merger, consolidation, sale of a substantial part of the Company’s assets, or contested election, or any combination of the foregoing transactions (a “Transaction”), the persons who were directors of the Company immediately before the Transaction shall cease to constitute a majority of the Board of Directors (x) of the Company or (y) of any successor to the Company, or (z) if the Company becomes a subsidiary of or is merged into or consolidated with another corporation, of

 

7

 

such corporation (the Company shall be deemed a subsidiary of such other corporation if such other corporation owns or controls, directly or indirectly, a majority of the combined voting power of the outstanding shares of the capital stock of the Company entitled to vote generally in the election of directors);

 

ii)     if, as a result of a Transaction, the Company does not survive as an entity, or its shares are changed into the shares of another corporation unless the stockholders of the Company immediately prior to the Transaction own a majority of the outstanding shares of such other corporation immediately following the Transaction;

 

iii)    if, during the applicable Performance Period, any person, or any two or more persons acting as a group, and all affiliates of such person or persons, who prior to such time owned less than twenty percent (20%) of the then outstanding common stock of the Company, shall acquire, whether by purchase, exchange, tender offer, merger, consolidation or otherwise, such additional shares of the Company’s common stock in one or more transactions, or series of transactions, such that following such transaction or transactions, such person or group and affiliates beneficially own at least fifty percent (50%) of the Company’s common stock outstanding;

 

iv)   the dissolution or liquidation of the Company is approved by its stockholders; or

 

v)    if the members of the Board as of the date  of commencement of the applicable Performance Period (the “Incumbent Board”) cease to represent at least two-thirds of the Board; provided, that any person becoming a director subsequent to the date hereof whose election, or nomination for election by the Company’s stockholders, was approved by at least two-thirds of the members comprising the Incumbent Board (either by a specific vote or by approval of the proxy statement in which such person is named as a nominee for director without objection to such nomination) shall be, for purposes of this paragraph (v), treated as though such person were a member of the Incumbent Board.

 

Committee: The Compensation Committee of Bruker Corporation, as set forth in Section 3 of the 2016 Plan.

 

Good Reason: Unless otherwise defined in a written Incentive Award, employment, severance or similar agreement between the Participant and the Company, “Good Reason” means, without the Participant’s prior written consent, (i) a material diminution in a Participant’s authority, duties, or responsibilities, (ii) a material breach by the Company or its successor of its obligations to a Participant under any written employment, severance or similar agreement, (iii) a material diminution in the Participant’s base compensation plus incentive

 

8

 

compensation opportunity, or (iv) the relocation of the Participant’s primary work location to a location more than 50 miles from the Participant’s primary work location immediately prior to a Change in Control. A Participant may not resign for Good Reason without providing the employer written notice of the grounds that the Participant believes constitute Good Reason within 90 days of the initial existence of such grounds and giving the Company or its successor at least 30 days after such notice to cure and remedy the claimed event of Good Reason.

 

Incentive Award: The award payout under the Program.

 

Incentive Target: The incentive opportunity expressed as a percent of the Participant’s base salary.

 

Participant: A specified employee who has met the eligibility criteria outlined in accordance with the Program.

 

Performance Period: The period of time for which performance goals are measured for purposes of determining the awards earned under this Program, generally January 1 through December 31.

 

Program: The Bruker Corporation 2018 Short-Term Incentive Compensation Program.

 

9Exhibit 10.14

February 1, 2017

Dear Eric:

I am pleased to offer you the position of Executive Vice President, Corporate Development, reporting to me.

Your key responsibilities will be as follows:

		·	
Development and management of Emerald’s pipeline of acquisition and partnership opportunities

		·	
Working with other Emerald EVPs, SVPs and team members as they surface opportunities through their networks

		·	
Oversight of Emerald’s active M&A activities, including coordination of internal and external resources during due diligence and contract negotiations, as well as oversight of “Day 1 Planning” for the transactions, the transition of any employees, and tracking of any synergies or pro forma adjustments post-close

		·	
Over the medium term, development and execution of a strategy for Emerald to acquire or partner outside the U.S.A.

		·	
Additional responsibilities may also include post-closing transition and integration activities, and investor relations support

Set out below are the key elements of your compensation and benefits package.

Base Compensation:

You will receive a biweekly salary of $13,462.54 (an annual salary of $350,000 divided by 26 pay periods) less statutorily required deductions. Your base salary will increase by 10% on January 1, 2018 (to $385,000) and by a further 10% on January 1, 2019 (to $423,500); in both cases these increases will exceed the typical rate of increase our senior team has been awarded. Thereafter you will be considered for a salary increase as part of our regular annual compensation review consistent with that of other senior team members. Your salary will not be decreased at any time without your consent.

1

Annual Bonus:

Your annual bonus will be targeted at $350,000 and will be calculated as follows:

		(i)	
$275,000 will be paid if the company commits to deploy at least $60 million of cash on acquisitions in a given calendar year that are acceptable in nature and valuation to David Loechner and me. Your minimum annual bonus for this bonus component will be $175,000 and your maximum annual bonus for this component will be $475,000. Achieving a payout above or below target will be based on exceeding or not meeting the aforementioned $60 million in acquisition spend, with the ultimate payout determined, in good faith, by David Loechner and me, factoring in other considerations, including the number of transactions closed in the year. One Quarter (25%) of this component will be deferred and will be payable 50% at the end of each of the two subsequent calendar years as long as the base year’s acquired businesses substantially achieve in those subsequent years the financial objectives presented at the time of the acquisition. These subsequent payments will scale up or down based on the performance of those deals. David and I will be responsible for determining (with input from the Compensation Committee of Emerald’s Board), in good faith, the adjustments to the payments in any given year.

		(ii)	
$75,000 will be determined by Emerald’s Adjusted EBITDA performance for the year compared to the company’s approved Budget for that year, and payout will be calculated in the same manner in which it is calculated for other members of senior management. This component of your bonus will be pro-rated in 2017 based on your period of employment.

Your annual bonus target will not be decreased at any time without your consent.

Restricted Stock:

As a key member of Emerald’s senior management, following the planned IPO, under Onex’s controlling ownership or David’s and my continued leadership, you will receive restricted stock or other equity grants in an amount and on all material terms (including, without limitation, vesting periods) commensurate with Emerald Executive Vice Presidents.

If Emerald is sold by Onex to another financial sponsor we would expect that you will receive stock options or other equity-based compensation under the successor plan in an amount and on all material terms (including, without limitation, vesting periods and strike price) commensurate with Emerald Executive Vice Presidents.

If Emerald is neither listed on a public stock exchange nor sold by June 30, 2017, you will receive stock options under the current Emerald plan in an amount and on all material terms, with the exception of strike price (which will be the estimated fair market value at the issue date), commensurate with Emerald Executive Vice Presidents.

2

Health and Other Benefits:

As an Emerald employee, you will be eligible for all benefits currently offered to employees as of your first day of employment. A letter with enrollment instructions will be sent to you prior to your start date, and your elections must be made within 31 days following your start date. You will also be eligible to participate in our 401k retirement savings plan. Emerald will match 50% of the first 6% of your contributions, subject to the statutory maximum.

Vacation:

You will be eligible for 20 days of vacation per calendar year, plus Company holidays (note that there were 11 such days in 2016).

Place of Work:

You will be classified as a home-based employee. However, Emerald will provide you with a stipend of $1,500 per month to cover the reasonable costs of your current office (including, without limitation, rent, utilities, mobile telephone, data plan, office supplies) at [●]. You will not be required at any time during your employment to re-locate your place of employment without your consent. You will be reimbursed for all travel and entertainment business expenses in accordance with the standard Company policy.

Non-Compete:

Due to your senior position at the Company and the highly competitively sensitive information you will possess during the term of your employment for which the Company has a significant legitimate protectable interest, and in consideration of this offer of employment by the Company, you hereby agree to be subject to the Non-Compete (as defined below) during the following period (the “Restriction Period”): the term of your employment and for one year following your separation from the Company.

Severance and Release:

In the event of the termination of your employment by the Company, other than for Cause, you will be entitled to receive the all of the following severance payments:

		(a)	
twelve (12) months’ base salary compensation through bi-weekly salary continuation payments; and

3

		(b)	
(i) if your termination is later than June 30, 2017 but not later than December 31, 2017, a lump sum payment upon termination equal to one-half of your annual bonus target and the continuation of employee health benefits at the employee rate for a period of six (6) months after termination; or (ii) if your termination is later than December 31, 2017, a lump sum payment upon termination equal to your annual bonus target and the continuation of employee health benefits at the employee rate for a period of twelve (12) months after termination; and

		(c)	
any bonus amounts earned in earlier years and scheduled for future payment (under the provisions of paragraph (i) of the section entitled “Annual Bonus” above); and

		(d)	
a pro-rated (based on the % of the calendar year which occurs through your termination date) annual bonus (based on your bonus target) for the year in which the termination occurs;

provided, however, that you execute (and do not revoke) a release of claims with terms determined by the Company in its sole discretion (the “Release”). The Company may withhold from the severance payments all federal, state, city or other taxes as shall be required pursuant to any law or governmental regulation or ruling. The Release includes, but is not limited to, a complete general release and waiver of any and all claims against the Company and its affiliates up to the date of the Release.

Transition:

Emerald acknowledges that you currently have the specific outstanding commitments listed on Schedule A by virtue of your current position with Media Front Inc., and that some of those commitments may continue beyond the commencement of your employment with Emerald. Provided that your continued involvement with Media Front Inc. in that context does not interfere in any significant manner with the performance of your employment responsibilities for Emerald, Emerald will permit you continue your involvement until the existing commitments have been fulfilled in a professional manner. This permission shall supersede any contrary language contained in the Non-Compete.

Emerald further acknowledges that Media Front Inc. has been engaged with the prospective acquisition targets identified on Schedule B which Media Front Inc. intends to present to Emerald, and that those targets, if presented to Emerald as a pre-emptive opportunity and approved by Emerald, will be “Approved Prospects” under the existing Buyer Representation Agreement between Emerald and Media Front Inc., regardless of whether services are provided in connection therewith by Media Front Inc. pursuant to such Agreement or by you as an Emerald employee.

4

This offer is conditional upon successful completion of a background check provided by our third party vendor, HireRight. HireRight will contact you through email to sign a consent form and may ask for additional information. The background check may include prior employment and education verification. You will also be required to sign a Confidentiality Agreement and other standard on-boarding documents as a condition of employment.

The Immigration Reform and Control Act of 1986 requires employers to verify that all employees are legally authorized to work in the United States. Therefore, to comply with this law, you are required to complete the Employment Eligibility Verification Form 1-9. You are also required to provide the necessary documents listed on the form to establish your identity and employment eligibility.

If you have any questions about this offer, please don’t hesitate to contact me at 949-226-5714.

Please confirm your acceptance by signing and emailing this offer letter to me at philip.evans@emeraldexpo.com. We have tentatively agreed to your start date as March 6, 2017. We acknowledge and accept that you will be out of the country and not readily accessible during the period from March 14-22.

I look forward to working with you to continue to build Emerald into a leading global events company.

	
Sincerely,

	 
	 	 
	
/s/ Philip Evans

	 
	
Philip Evans

	 
	
CFO & Treasurer, Emerald Expositions

	 
	 	 
	
Agreed to and Accepted by:

	 
	 	 
	
/s/ Eric Lisman

	 
	
Eric Lisman

	 
	
Date: 2/2/17

	 

5

For purposes of this letter agreement, “Non-Compete” shall mean that you agree that you shall not, during the Restriction Period, directly or indirectly, engage in, own, control, manage, operate, endorse, support, be employed by, perform services for, consult with, solicit business for, broker, participate in, provide or facilitate any financing for, be connected with the management or operation of, have any financial interest in, or otherwise be affiliated with a Competitive Business (as defined below) anywhere in the World (the “Territory”) without the written consent of the Company. “Competitive Business” means any exhibitions, trade shows, conferences, events, seminars, publications, e-newsletters, or digital or other media or information services that compete with any exhibitions, trade shows, conferences, events, seminars, publications, e-newsletters, or digital or other media or information services owned or operated by Emerald. The foregoing shall not restrict you in any manner in regard to (a) any owner of a Competitive Business, provided that your involvement with such party is limited to properties that do not constitute a Competitive Business, and provided that your involvement is not related to a property that Emerald had internally discussed acquiring within the twelve months prior to your termination; (b) representing a Competitive Business in connection with a proposed sale, provided that you give Emerald the opportunity to participate in the sale process on terms that are no less favorable in all material respects than the terms offered to other potential acquirers. During the Restriction Period, upon reasonable request of the Company, you shall notify the Company of your then-current employment status.

For purposes of this letter agreement, “Cause” shall mean (i) your indictment for, or conviction or entry of a plea of guilty or nolo contendere to (A) any felony or (B) any crime (whether or not a felony) involving moral turpitude, fraud, theft, breach of trust or other similar acts, whether of the United States or any state thereof or any similar foreign law to which you may be subject, (ii) your being or having been engaged in conduct constituting breach of fiduciary duty, willful misconduct or gross negligence relating to the Company or the performance of your duties, (iii) your willful failure to (A) follow a reasonable and lawful directive of the Company which is consistent with your employment position or (B) comply with any reasonable and lawful written rules, regulations, policies or procedures of the Company which, if not complied with, would reasonably be expected to have more than a de minimis adverse effect on the business or financial condition of the Company, (iv) your violation of any non-disclosure, non-solicitation or non-competition covenant in any agreement to which you are subject with the Company, or (v) your deliberate and continued failure, after notice and a reasonable opportunity to cure, to perform your material duties to the Company.

 

6

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00280-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00280-of-00352.parquet"}]]