Document:

Exhibit

Exhibit 10.3

May 15, 2018

Lane Walker

Dear Lane,

I am pleased to offer you the position of President, Energy Group at CIRCOR International, Inc. ("CIRCOR" or the "Company").  In this role, you will report directly to Scott Buckhout, President and CEO.

Your  'Total  Rewards  and  Compensation'  for  this   position  will  include  the  following components:

		
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	Base salary: $410,000 annually, as earned, which is paid every two weeks (subject to all applicable federal, state, and local withholding).

		
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	Short Term Incentive (STI):  Beginning in 2018, you will be eligible to participate in the Company's Short-Term Incentive Plan ("STI Plan").   Your target bonus will be

60% of your base salary. For 2018, we will guarantee a minimum payout of your pro­
rated target bonus covering the period between your start date and end December
2018.   More information about the STI Plan design will be provided to you separately.

		
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	Long Term Incentive (LTI):  Beginning in 2019, you will be eligible to participate in the Company's Long-Term Incentive Plan ("LTI Plan") initially targeted at $287,000. Under the LTl Plan, the Compensation Committee typically makes annual equity awards in the first quarter.   Your actual grant can vary based on individual performance.   The total LTl award value is comprised of 50% Performance-based Stock Units, 25% Restricted Stock Units ("RSUs") and 25% Stock Options.  The vesting period for all equity awards is one third per year over a three-year period.

		
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	Sign-On Equity Grant:  Upon commencement of your employment, you will receive an LTl Award valued at $450,000 comprised 100% of RSUs.

•     Sign-on Bonus:  You will be  eligible to  receive  a lump  sum sign-on bonus  of
$170,000 to be paid in your first paycheck following 30 days of employment (subject to all applicable federal, state and local withholding). Should you voluntarily terminate from the Company prior to completion of two years of employment, you will be responsible to pay back all of this bonus upon your termination.

		
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	Management Stock Purchase Plan (MSPP):     You will be eligible to participate in the Company's Management Stock Purchase Plan ("MSPP"). Annually, you may pre­ select to defer up to 100% of the amount of your actual annual STI bonus into the receipt of RSUs. The number of RSUs granted is calculated based on the amount of bonus deferred divided by that number which represents a discount of 33% from the

at the conclusion of two days from the date on which the Company releases its previous year's financial results).  These RSUs vest at the end of a three-year period from the date of grant provided you are still employed by the Company at 

that time. In addition, you can elect to defer the receipt of the actual shares of ClRCOR stock until a future date.

		
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	Car Allowance: You will be eligible to receive a car allowance of $12,000 per year which will be paid out every two weeks to compensate for using your personal vehicle for business purposes (subject to all applicable federal, state and local withholding).

		
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	Relocation Expenses:   Under CIRCOR's  relocation benefits policy, you  will  be entitled to relocation benefits up to $125,000 (subject to all applicable federal, state, and local withholding).   Specific policy guidelines are included in your relocation agreement which we will send to you upon acceptance.   CIRCOR will provide you with the services of our premier relocation company. Should you voluntarily terminate from the Company prior to completion of two years of employment, you will be responsible to pay back these relocation expenses at a pro-rated amount, per the Relocation Policy.

		
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	Vacation:  You will be eligible for four weeks of annual vacation, accrued on a per pay period basis beginning immediately, with accrued balance available for use in accordance with provisions of the prevailing policy.

		
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	Benefits: You will be eligible to participate in the CIRCOR benefit plans (medical, dental, vision) effective as of your date of hire.  Please note for any benefits governed by  formal plan  documents and  summary  plan  descriptions, the  terms  of  those documents govern. To the extent that any information regarding benefits in this letter conflicts  with the  actual plan documents  and  summary  plan descriptions,  those documents control.  The Company reserves the right to modify, amend, or terminate any benefit plan or its contributions to any benefit plan at any time.

		
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	Severance: The Company will enter into a Severance Agreement with you under which, in the event that your employment is terminated without "cause" or you resign for "good reason", you will be entitled to a severance payment equal to (1) times

your annual base salary plus pro-rated short-term incentive bonus.  The Severance
Agreement would also provide for continued proportionate health and dental coverage contributions for a 12-month period if you elect COBRA benefits.

at the conclusion of two days from the date on which the Company releases  its previous year's financial results).  These RSUs vest at the end of a three-year period from the date of grant provided you are still employed by the Company at that time. In addition, you can elect to defer the receipt of the actual shares of CIRCOR stock until a future date.

		
	•
	Car Allowance: You will be eligible to receive a car allowance of $12,000 per year which will be paid out every two weeks to compensate for using your personal vehicle for business purposes (subject to all applicable federal, state and local withholding).

		
	• 
	Relocation Expenses:  Under CIRCOR's relocation benefits policy, you will be entitled to relocation benefits up to $125,000 (subject to all applicable federal, state, and local withholding).   Specific policy guidelines are included in your relocation agreement which we will send to you upon acceptance.   CIRCOR will p

rovide you with the services of our premier relocation company. Should you voluntarily terminate from the Company prior to completion of two years of employment, you will be responsible to pay back these relocation expenses at a pro-rated amount, per the Relocation Policy.

		
	•
	Vacation:  You will be eligible for four weeks of annual vacation, accrued on a per pay period basis beginning immediately, with accrued balance available for use in accordance with provisions of the prevailing policy.

		
	• 
	Benefits: You will be eligible to participate in the CIRCOR benefit plans (medical, dental, vision) effective as of your date of hire.  Please note for any benefits governed by formal plan documents and summary plan descriptions, the terms of those documents govern. To the extent that any information regarding benefits in this letter conflicts with the actual plan documents and summary plan descriptions, those documents control.  The Company reserves the right to modify, amend, or terminate any benefit plan or its contributions to any benefit plan at any time.

		
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	Severance: The Company will enter into a Severance Agreement with you under which, in the event that your employment is terminated without "cause" or you resign for "good reason", you will be entitled to a severance payment equal to (1) times

your annual base salary plus pro-rated short-term incentive bonus.  The Severance Agreement would also provide for continued proportionate health and dental coverage contributions for a 12-month period if you elect COBRA benefits.

checks  and screenings listed before you resign from your current employer.   You will be required to sign the Code of Conduct and Business Ethics and the Invention and Trade Secret and the Insider Trading agreements.  As an employee of CIRCOR, your employment will be on an "at will" basis.  There is no expressed or implied contract for any specific or definite period of employment.  You and the Company are free to terminate your employment for any or no reason, with or without cause or notice. Neither this offer letter nor any other written or verbal communications create a contract of employment or a promise of employment for any specific or definite duration. "At will" employment permits the Company to change the terms and conditions of employment at any time with or without cause or notice, including but not limited to termination, demotion, promotion, transfer, compensation, benefits, duties, and location of work. While supervisors and managers have certain hiring authority, no supervisor or manager of the Company except the Company's President and Chief Executive Officer has authority to alter the "at-will relationship" or to bind the Company to any employment contract for any specified period of time with any employee.

Lane, I am looking forward to having you join our team.  You will be an asset as we move forward in the continued growth of the organization. The start date for this position will be on a mutually agreed upon date.  Please confirm your acceptance of this offer by signing and returning one copy of this offer and your new hire paperwork, by scan and email to Marsha.Taylor@circor.com.   This offer of employment is valid through 5 business  days, unless other arrangements are made.   Please do not hesitate to contact me if you have questions and/or points of clarification.

Very truly yours,

/s/ Andrew Farnsworth

Andrew Farnsworth
Chief Human Resources Officer

I accept your offer of employment based on the terms and conditions set forth above.

	
		
	/s/ Lane Walker
	May 15, 2018

	Lane Walker
	Datewaltzofferletter

                                                                                            16100 S. Lathrop Ave.                                                                                              Harvey, IL 60426                                                                                               OFFICE / 708-225-2180    A                                                                                         WEB I atkore.com  atkore    IN TER NA TI ONAL        May 4, 2018        Bill Waltz       18421 Century Court       Unit 9R       Tinley Park, IL 60477        Re: Appointment to President & COO, Atkore International        Dear Bill:        Atkore International is pleased to offer you the position of President and Chief Operating Officer       (COO) for Atkore International based out of headquarters located in Harvey, IL effective May 8,       2018. In this role you will report directly to me, John Williamson, President & CEO.        The Board has also approved your appointment to CEO, effective October 1,  2018, with final       compensation and other terms to be approved by our Board before October 1,   2018.        We believe  your experience, track record at Atkore, your alignment with the Atkore Business       System, along w ith your natural leadership style will enable the execution of our strategy and       shareholder value creation, in your new role.        The terms of your promotion to COO are as follows.        Compensation       You will receive an annual salary increase to $550,000, payable in bi-weekly installments of       $21,153.85 effective the first pay period after the announcement that you will be the COO.        On October 1, 2018, when you officially assume the role of CEO, your annual salary will be as       approved by the Board.  And as always, your cash and equity compensation will be reviewed       on a periodic basis and may be adjusted based on your performance and the overall       performance of the Company, in the sole discretion of the Board of Directors.       Annual Incentive Plan (AlP)      As COO, you will be eligible to participate in Atkore's Annual Incentive Plan (AlP) with a target       bonus equal to 80% of your base salary at target effective the first pay period after the       announcement that you will be the CEO successor.       Your FY2018 AlP payout will be determined based on  7 months of Electrical Raceway       performance at a 70% target, and 5 months based on overall Atkore performance at an 80%      target.        Payment of this bonus is subject to the satisfactory achievement of individual, business, and      corporate objectives established and approved by the Board.  

 

Your 2019 AlP payout eligibility will be approved by the Board as part of the 2019 compensation  planning cycle.   Long Term  Incentive Plan (LTIP)  You will continue to participate in Atkore's Long Term Incentive Plan (L TIP). You will not  receive an additional grant with the COO promotion, but when your CEO appointment is final,  we anticipate offering you a promotional equity grant at the CEO level in a form and an amount  to be determined by the Board.   The LTIP  plan is consistent for all Atkore officers and is incorporated herein by reference. That  LTIP  plan document is subject to Board approved modifications from time to time, and is  controlling. See, attached as Exhibit 1.   Severance  The current Severance and Retention Policy for Senior Management will continue to be  applicable to you. This policy provides for non-change-in-control separation which applies to an  involuntary separation without Cause or for Good Reason. Under this non-change-in-control  scenario, you would be paid 2 times your base salary and 2 times your three-year average  bonus once you are promoted to CEO. As COO you shall be entitled to the same treatment  under this policy as a Section 16 Officer.   This policy also provides for a change-in-control separation without Cause or for Good Reason.  This type of separation requires that two events occur before this provision is applicable. First, a  change in control must occur as defined in the plan document, and second, you must be  separated without Cause or for Good Reason.   The full severance policy is incorporated herein by reference, and is attached as Exhibit 2.   Medical and Dental  You are eligible to continue to participate in the Company's medical and/or dental plan, on a  contributory basis. All benefit programs are reviewed annually and changes in plan design  and/or employee contributions may be made at the discretion of the Company.   Atkore Retirement Savings and Investment 401(K) Plan  You will be eligible to continue to participate in the Atkore Retirement Savings and Investment  Plan. This plan provides for retirement savings through pre-tax payroll contributions and a 50%  company match  is contributed on your first 6% of employee contributions.   Reporting Relationship  You will report directly to the CEO as COO, and upon promotion to CEO you will report to the  Chairman of the Board, Atkore International.   Holidays  You will observe the holiday schedule in effect for Atkore employees located at the Harvey  facility.   Vacation  You will receive five (5) weeks of paid vacation per year effective with your start date. Vacation  time is accrued on a monthly basis in accordance with the Vacation Policy included in your  offer packet.  

 

 Guide to Ethical Conduct    You will also find our Guide to Ethical Conduct attached as Exhibit 3. As a condition of   accepting our offer, you must sign the signature sheet at the end of the guide indicating that you   have read, understood and  agree to continue to comply with the ethical standards required of all   employees.    Your employment with the Company is   "at-will" and either you or the Company may terminate   the employment relationship at any time for any lawful reason, subject to the terms and   conditions of all applicable policies.    Please provide your decision by signing and returning a signed copy of the offer letter to at the   Atkore International address attention Dan Kelly, General Counsel and Corporate Secretary.    I look forward to your success as COO and, later this year, as Atkore's CEO.    Sincerely,     John Williamson   President and CEO   Atkore International     Please sign below indicating your acceptance of these terms.  ~£."-~ate:>/7/IR    Employees   have the right to terminate their employment at any time with or without cause or   notice, and the Company reserves for itself an equal right. We both agree that any dispute arising   with respect to your employment, the termination of that employment, or a breach of any covenant   of good faith and fair dealing related to your employment, shall be settled exclusively through   arbitration. This document sets forth the entire agreement with respect to your employment. The   tenns  of this offer may only be changed by written agreement, although the Company may from   time to time, in its sole discretion, adjust the salaries and benefits paid to you and its other   employees.    cc:    Dan  Kelly           Kevin Fitzpatrick    Attachments:   Exhibit 1 - 2016 Omnibus Incentive Plan (L TIP)   Exhibit 2 - Severance and Retention Policy for Senior Management   Exhibit 3 - Atkore Guide to Ethical Conduct

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