Document:

alco-ex102_446.htm

Exhibit 10.2

November 15, 2017

 

Mr. Danny Sutton Via hand delivery

 

Dear Danny:

 

I am delighted to promote you to the position of President of Alico Citrus. This position will report directly to me, the Chief Executive Officer and you will be based in the Arcadia office with frequent travel to our grove locations as needed.

 

The following revises your compensation package:

 

	
 
	
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Revised annual base salary of $225,000 paid on a weekly basis through our payroll process, effective today, November 15; 2017;

 

	
 
	
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Discretionary Performance Bonus of 0-40% of salary ($0-90,000) based on your attainment of performance objectives which will be mutually agreed upon each fiscal year;
	
 

 

	
 
	
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You will be entitled to 4 weeks (20 days) Paid Time Off annually, beginning January 1, 2018 in accordance with current Alico policies and procedures;

 

	
 
	
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In the event that you are terminated without cause while employed by Alico Inc. as President of Alico Citrus, you will be entitled 26 weeks of severance; this amount will increase to 52 weeks of severance if you are terminated after December 31, 2019 and 78 weeks of severance if you are terminated after December 31, 2020.  Severance will be limited to 78 weeks after 2020, but in the event of Alico having a change of control at any time, severance will be 78 weeks.  Severance shall be defined as your current annual salary paid on a weekly basis through the regular payroll process following your execution of a release and the release becoming effective and irrevocable in accordance with its terms by no later than the

55th day immediately following the date that you incur a “separation from service” within the meaning of Section 409A of the Internal Revenue Code of 1986; and

 

	
 
	
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You are granted a waiver to utilize your company vehicle for personal use, including towing.

 

Please confirm your acceptance of this offer by signing below and returning no later than November 17th, 2017 to Ginnie White, Director of Human Resources at gwhite@alicoinc.com.

 

Sincerely Yours,

 

	
Remy W. Trafelet
	
 
	
 

	
President and CEO
	
 
	
 

	
 
	
 
	
 

	
/s/ Danny Sutton
	
 
	
11/17/17

	
ACCEPTED BY:    
	
 
	
DATE

10070 Daniels Interstate Court, Suite 100 

Fort Myers, FL 33913Document

Exhibit 10.53

EBAY INCENTIVE PLAN
Initial Stockholder Approval on June 23, 2005
Amendment and Restatement adopted by the Compensation Committee of the
Board of Directors on December 14, 2020
1.Purpose. 
The eBay Incentive Plan is an element of eBay’s overall compensation strategy to align employee compensation with eBay’s business objectives, strategy, and performance. The Plan is designed to reward eBay’s employees for delivering measurable results. The purpose of the Plan is to align compensation with quarterly and annual performance and to enable eBay to attract, retain, and reward highly qualified individuals who contribute to eBay’s success and motivate them to enhance the value of the Company. 
2.Definitions. 
(a)“Board” means eBay’s Board of Directors. 
(b)“Committee” means the Compensation Committee of eBay’s Board of Directors (and any committee to which the Compensation Committee has delegated its authority as set forth in Section 3(b) hereof). 
(c)“eBay” or “Company” means eBay Inc. or any corporation or business entity of which eBay (i) directly or indirectly has an ownership interest of 50% or more, or (ii) has a right to elect or appoint 50% or more of the board of directors or other governing body. 
(d)“Eligible Employee” means all active regular full-time and part-time employees who are notified by the Company that they are eligible to participate in the Plan. 
(e)“Incentive Award” means any cash or equity incentive payment made under the Plan. 
(f)“Performance Period” means the period in which performance is measured for which Incentive Awards are paid, as determined by the Committee. 
(g)“Plan” means this plan, which shall be known as the eBay Incentive Plan or eIP. 
(h)“Plan Year” means the calendar year. 
3.Administration. 
(a)The Plan shall be administered by the Committee. The Committee shall have full power and authority to: 
(i)interpret, construe, and administer all questions of policy and expediency pertaining to the Plan; 

(ii)adopt such rules, regulations, agreements, and instruments as it deems necessary for its proper administration; 
(iii)select Eligible Employees to receive Incentive Awards; 
(iv)determine the terms of the Incentive Awards; 
(v)determine the amounts subject to Incentive Awards, including the exclusive right to establish, adjust, pay or decline to pay the Incentive Award for each Eligible Employee; 
(vi)determine whether Incentive Awards will be granted in replacement of, or alternatives to, any other incentive or compensation plan of eBay or an acquired business unit; 
(vii)grant waivers of Plan or Incentive Award conditions; 
(viii)determine the form of payment of an Incentive Award, which may be in cash, stock or other property as determined by the Committee; 
(ix)correct any defect, supply any omission, or reconcile any inconsistency in the Plan, or any Incentive Award or notice; 
(x)take any and all actions it deems necessary or advisable for the proper administration of the Plan; 
(xi)adopt such Plan procedures, regulations, subplans and the like as deemed necessary to enable Eligible Employees to receive awards; and 
(xii)amend the Plan at any time and from time to time. 
(b)The Committee may delegate its authority to grant and administer Incentive Awards to a separate committee or officer of the Company. 
4.Eligibility. 
An active regular full-time or part-time employee shall be eligible to participate in the Plan if such employee is notified of such eligibility by the Company.  Employees who participate in other bonus programs, such as any sales incentive plan, are not eligible to participate in the Plan unless they are specifically made eligible in writing by an executive officer of the Company. In addition, the Company may, in its sole discretion, provide for a payout under the Plan for any employee who has changed positions and, as a result, may have been eligible to participate in the Plan and another bonus program during a Performance Period. 

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5.Performance Measures and Goals. 
(a)The Compensation Committee shall establish performance measures and goals applicable to a particular Performance Period. 
(b)Each performance measure applicable to a Performance Period shall identify one or more criteria that are to be monitored for eBay or any business unit during the Performance Period, which may include, without limitation, any of the following criteria: 
(i)trading volume; 
(ii)users; 
(iii)gross merchandise volume; 
(iv)total payment volume; 
(v)revenue; 
(vi)operating income; 
(vii)EBITDA and/or net earnings (either before or after interest, taxes, depreciation and amortization); 
(viii)net income (either before or after taxes); 
(ix)earnings per share; 
(x)earnings as determined other than pursuant to United States generally accepted accounting principles (“GAAP”); 
(xi)multiples of price to earnings; 
(xii)multiples of price/earnings to growth; 
(xiii)return on net assets; 
(xiv)return on gross assets; 
(xv)return on equity; 
(xvi)return on invested capital; 
(xvii)cash flow (including, but not limited to, operating cash flow and free cash flow);
(xviii)net or operating margin; 
(xix)economic profit; 
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(xx)stock price appreciation; 
(xxi)total stockholder return; 
(xxii)employee productivity; 
(xxiii)market share; 
(xxiv)volume; 
(xxv)customer satisfaction metrics; and 
(xxvi)employee engagement/satisfaction metrics.
The measures may be described in terms of growth, an absolute number, or relative to an external group, and may be calculated on a pro forma basis or in accordance with Generally Accepted Accounting Principles. The Compensation Committee may set Performance Periods and performance goals that differ among Eligible Employees. 
6.Establishment of Target Bonuses. 
The Compensation Committee will designate those Eligible Employees who are to be participants in the eIP for that year and will specify the terms and conditions for the determination and payment of an Incentive Award to each Eligible Employee. The Compensation Committee may condition the payment of an Incentive Award upon the satisfaction of such objective or subjective standards as it deems appropriate. 
7.Incentive Awards. 
(a)Incentive Awards may be made on the basis of eBay and/or business unit performance measures, goals, and formulas determined by the Committee. 
(b)As soon as practicable after the end of each Performance Period, the Compensation Committee will determine whether, and the extent to which, the stated performance goals have been met and the amount, if any, of the Incentive Award to be paid to each Eligible Employee. 
(c)In determining the Incentive Award, the Compensation Committee will consider the target goals established at the beginning of the Plan Year or applicable Performance Period, the degree to which the established goals were satisfied and any other objective or subjective factors it deems appropriate. The Committee may increase or reduce the amount of, or eliminate altogether, any Incentive Award that would otherwise be payable. Individuals who enter the eIP during the Plan Year may have their awards prorated. 

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8.Payment of Incentive Awards. 
Subject to any election duly and validly made by an Eligible Employee with respect to the deferral of all or a portion of his or her Incentive Award under the terms of the eBay Inc. Deferred Compensation Plan, or any successor thereto, Incentive Awards shall be paid in cash or equity pursuant to an eBay equity-based award plan under which securities have been registered on Form S-8 at such times and on such terms as are determined by the Committee in its sole and absolute discretion, and for Incentive Awards subject Internal Revenue Code Section 409A, not later than March 15th of the year following the year in which the Incentive Awards are earned. 
9.No Right to Bonus or Continued Employment. 
(a)Neither the establishment of the Plan, the provision for or payment of any amounts hereunder nor any action of the Company, the Board or the Committee with respect to the Plan shall be held or construed to confer upon any person: 
(i)any legal right to receive, or any interest in, an Incentive Award or any other benefit under the Plan, or 

(ii)any legal right to continue to serve as an officer or employee of the Company or any subsidiary or affiliate of the Company. 
(b)The Company expressly reserves any and all rights to discharge any Eligible Employee without incurring liability to any person under the Plan or otherwise. Upon such discharge and notwithstanding any other provision hereof and regardless of whether or not specified performance goals have been achieved or the amount of an Incentive Award has been determined, the Company shall have no obligation to pay any Incentive Award, unless the Committee otherwise expressly provides by written contract or other written commitment. 
10.Withholding. 
The Company shall have the right to withhold, or require an Eligible Employee to remit to the Company, an amount sufficient to satisfy any applicable federal, state, local or foreign withholding tax requirements imposed with respect to the payment of any Incentive Award. 
11.Nontransferability. 
Except as expressly provided by the Committee, the rights and benefits under the Plan are personal to an Eligible Employee and shall not be subject to any voluntary or involuntary alienation, assignment, pledge, transfer or other disposition. 
12.Unfunded Plan. 
The Company shall have no obligation to reserve or otherwise fund in advance any amounts that are or may in the future become payable under the Plan. Any funds that the Company, acting in its sole and absolute discretion, determines to reserve for future payments under the Plan may be commingled with other funds of the Company and need not in any way be 
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segregated from other assets or funds held by the Company. An Eligible Employee’s rights to payment under the Plan shall be limited to those of a general creditor of the Company. 
The Incentive Awards and any cash payment, stock or other property delivered pursuant to an Incentive Award are subject to forfeiture, recovery by the Company or other action pursuant to any agreement evidencing an Incentive Award or any clawback or recoupment policy which the Company may adopt from time to time, including without limitation any such policy which the Company may be required to adopt under the Dodd-Frank Wall Street Reform and Consumer Protection Act and implementing rules and regulations thereunder, or as otherwise required by law. 
13.Adoption, Amendment, Suspension and Termination of the Plan. 
(a)The Plan, as amended and restated as set forth herein, shall be effective for Performance Periods beginning on or after January 1, 2020, and shall continue in effect until terminated as provided below. 
(b)Subject to the limitations set forth in this subsection, the Board may at any time suspend or terminate the Plan and may amend it from time to time in such respects as the Board may deem advisable. 
(c)No Incentive Award may be awarded during any suspension or after termination of the Plan, and no amendment, suspension or termination of the Plan shall, without the consent of the person affected thereby, alter or impair any rights or obligations under any Incentive Award previously awarded under the Plan. 
14.Governing Law. 
The validity, interpretation and effect of the Plan, and the rights of all persons hereunder, shall be governed by and determined in accordance with the laws of Delaware without regard to principles of conflict of laws.

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