Document:

FMC Ex 10 093012

Exhibit 10
Pierre Brondeau
President, C.E.O.
Chairman of the Board

FMC Corporation
1735 Market Street
Philadelphia Pennsylvania 19103

July 24, 2012

Mr. Paul Graves
5 Church Street
Farmington, Connecticut 06032

Dear Paul,

On behalf of FMC Corporation, I am pleased to offer you the position of Executive Vice President and Chief Financial Officer, reporting to me.  This position is based in Philadelphia and is part of the Executive Committee.
Following are the Major Responsibility Areas (MRA) of the CFO position:

		
	•
	Responsible for management and oversight of the Finance organization including, Controllers, Treasury, Tax and Audit

•Management and oversight of Corporate Information Technology
•Strategic business partner to the President, Chairman and CEO

Details of the job offer are as follows:

	
		
	Salary:
	$600,000 annual base salary

	Salary Grade:
	40

	Annual Incentive:
	-Target:  $360,000  (60% of base salary)

-Maximum:  120% of base salary

-Two-part plan based on Corporate financial measures and individual annual objectives approved by CEO

-Pro rata amount for 2012 based on: i)actual performance for Corporate financial measures and ii) target level for individual objectives

	Long-Term Incentive:
	-Target:  $843,198 (165% of salary grade mid-point) 
-You will be first eligible to be granted an LTI Award in February 2013, as determined by the Compensation Committee
-Traditionally (subject to change) the LTI Award has been comprised of 1/3 each:
o    stock options 
o    restricted stock units 
o    performance-based cash, determined on total shareholder return versus a peer group over a three year period
-Each component of the LTI Award has 3 year cliff vesting

	
		
	

Forfeited Equity:
	In respect to the Goldman Sachs (GS) restricted shares that will be forfeited by your resignation prior to vesting, the Company will replace these shares with FMC restricted stock units (rsu) based on the relative closing stock price of the two companies on your first work day. These rsus will cliff vest in three years from the date of grant. You have represented the approximate value of your unvested awards to be $1,156,000, based on the current stock price of GS.

	Vacation:
	Twenty (20) days annually

	Holidays:
	The Company observes 11 paid holidays a year.

	Memberships:
	The company will reimburse you for the cost of your monthly country club membership dues.  Such reimbursements are included as taxable income and will not be grossed-up.

	Financial Planning:
	The company will pay up to $5,000 annually for financial or tax planning services.  The Company will also pay the reasonable cost of tax preparation services for calendar years 2012 and 2013. These expenses are included as taxable income and will not be grossed up.
 

	Parking:

	Building parking is available at the current monthly cost   A portion of the total cost of the monthly parking may be included as taxable income based on Internal Revenue Service guidelines.

	Ownership Guidelines:
	This position is covered by stock ownership guidelines of three times your annual base salary.  You will have five years to meet this target, and restricted share units as well as stock held in investment and savings plans count towards the requirement.

	Performance Review:
	Your first performance and salary review will be 12 months from the date you start this assignment, which is anticipated to be October 1, 2012.

This employment offer is contingent on the following:
•Approval by the FMC Board of Directors

•Satisfactorily passing a substance abuse test and a post-offer employment physical.  Please contact Karen Smith at 609-963-6600 to make arrangements for this work.  This assessment and drug screening should take place a minimum of seven working days prior to the anticipated start date of your employment.

•Satisfactory completion of reference and background checks 
  
•Providing proof that you have a legal right to work in the United States.  Please read the enclosed List of Acceptable documents for employment Eligibility Verification and bring the appropriate documentation on your first day of employment.

•Signing Business Conduct Guidelines/Code of Ethics and Proprietary Information Agreements

As a new hire, you will be eligible to participate in FMC’s medical plans on the first of the month following a full month of employment.  The other benefits for which you are eligible begin immediately. They include:  medical, dental, life insurance, short and long-term disability, an executive long-term disability plan, defined contribution savings and Investment plans, paid vacation and holidays. 

Specifically with regard to the defined contribution savings and investment plans, you will be immediately and automatically enrolled in the Company's qualified plan.  This is an account-based plan to which FMC will contribute 5% of your eligible earnings (base salary, and annual incentive pay) into your account after the close of each plan year on December 31.  You may also contribute to this qualified plan with the company matching 80% of the first five percent of your earnings as defined above.  You will have a number of investment choices offered by Fidelity Investments and your account balance is portable.  Company contributions vest ratably over a five-year period.  In addition to this qualified plan you are eligible to participate in a nonqualified direct contribution savings and investment plan, which allows you to defer more of your eligible earnings.  More information will be provided on these plans at your orientation.

Paul, I am very pleased to make this offer of employment and hope you give it thoughtful consideration.  Please call Ken Garrett or me if you have any questions.  Otherwise, just sign in the space provided below and return this letter to Ken. 

Sincerely,
    
/s/ Pierre Brondeau                    

Pierre Brondeau
President, Chief Executive Officer and Chairman of the Board

cc: Kenneth R. Garrett

I accept the terms and conditions as outlined above:

_/s/ Paul Graves_________      __7/27/2012__________ 
Paul Graves            DateDaveMessengerConsultingAgreement7-1-12FINAL

July 1, 2012

David L. Messenger

Re:  Consulting Agreement

Dear Dave:

As we have discussed, we are interested in retaining your services to assist UDR, Inc. (the “Company”) with accounting and finance activities.
This Consulting Agreement (“Agreement”) sets forth the terms of our agreement concerning your engagement with the Company. 
		
	1.
	Services.  You will report to Warren L. Troupe, Senior Executive Vice President, and perform the following services  (collectively the “Services”):

		
	(a)
	Oversee the accounting and finance activities as designated by Warren L. Troupe.  Such activities will include, but not be limited to:

		
	(i)
	accounting matters;

		
	(ii)
	modeling; and

		
	(iii)
	tax.

		
	(b)
	Such other matters as may be requested by Warren L. Troupe during the Term.

		
	2.
	Term and Termination.  The term of this Agreement shall commence on July 1, 2012 (the “Effective Date”) and continue until June 30, 2013 (the “Term”).  This Agreement may be terminated with or without cause by you or the Company at any time upon written notice and without liability or continuing obligation to you or the Company (except for any compensation earned and expenses incurred by you to the date of termination.)

		
	3.
	Fees and Expenses.  In connection with the Services and during the Term, the Company will pay the following compensation:

		
	(a)
	Fees.  The Company will pay you a monthly fee of $6,250.

		
	(b)
	Expenses.  In addition to any fees payable to you, the Company will promptly reimburse you, from time to time upon request, for all reasonably documented travel and other expenses incurred in performing the Services.

4.    Schedule.  You will perform the Services under this Agreement from either your home or an office to be provided to you by the Company at the Company’s office at Shea Center Drive.  You shall be available to perform the Services at the office or at such other places and times as mutually agreed with Warren L. Troupe. 
5.    Consultation.  In performing services under this Agreement, you will consult and coordinate with Warren L. Troupe, and/or such other person(s) as may be assigned by Warren L. Troupe.  
6.    Independent Contractor Status.  
		
	(a)
	Your status shall at all times be that of an independent contractor.  Under no circumstances shall you be considered an employee of the Company.  

		
	(b)
	You shall be solely responsible for determining the means, manner and methods by which you will perform your obligations under this Agreement.  

		
	(c)
	The Company will provide no training to you.  

		
	(d)
	The Company shall not provide or reimburse you for any tools, equipment or other materials, nor shall the Company provide or reimburse you for any labor costs.  

		
	(e)
	The Company shall have no control or supervision over your working hours or work schedule.  

		
	(f)
	The Company will not provide unemployment insurance or workers’ compensation insurance for you.  You are not entitled to unemployment insurance benefits or workers’ compensation benefits under this Agreement and/or any other benefits customarily provided to employees.  

		
	(g)
	You are obligated to pay federal and state income taxes on any monies paid pursuant to this Agreement.  The Company will not withhold from your compensation any amounts of taxes of any kind.  You agree to indemnify the Company for any claims, costs, losses, fees, penalties, interest or damages suffered or incurred by the Company due to your failure to pay taxes as required by this Section.  

7.    Confidentiality.  You shall keep as confidential all non-public information received from the Company in conjunction with this Agreement, except:  (i) as requested by the Company or its legal counsel; (ii) as required by legal proceedings or (iii) as reasonably required in the performance of this Agreement.  All obligations as to non-disclosure shall cease as to any part of such information to the extent that such information is or becomes public other than as a result of a breach of this provision.
8.    Conflicts.  You are not currently aware of any relationship that would create a conflict of interest with the Company in providing the Services.  During the Term, you will not provide services to any other real estate company which services may conflict with the Company’s business.
9.    Indemnification.  The Company shall indemnify you and hold you harmless from and against all damages, liabilities, costs, expenses, claims and/or judgments, including, without limitation, reasonable attorneys' fees and disbursements (collectively the “Claims”) arising out of or resulting from the consulting services you provide under this Agreement; provided, however, the Company’s indemnification obligation under this Section 9, shall not apply to any Claims that result from or arise out of your gross negligence or willful misconduct.
10.    General.  Your services are not exclusive to the Company and you may perform the same or similar services for others, as well as engage in other business activities.  This Agreement sets forth the entire agreement between the parties and no promise, representation or inducement, except as herein set forth, has been made by either party to this Agreement.  No provision or term of this Agreement may be amended, modified, changed, altered, or waived except by written document executed by the parties hereto.  In the event that any provision of this Agreement is held by a court of competent jurisdiction to be unenforceable because it is invalid or in conflict with any law of any relevant jurisdiction, the validity of the remaining provisions shall not be affected, and the rights and obligations of the parties shall be construed and enforced as if the Agreement did not contain the particular provision(s) held to be unenforceable and the unenforceable provision(s) shall be replaced by mutually acceptable provision(s) which, being valid, legal and enforceable, come closest to the intention of the parties underlying the invalid or unenforceable provision.  This Agreement, and the obligations set forth herein, shall be binding on any and all successors and permitted assigns of the parties, including, without limitation, any corporation or other entity with or into which you or the Company is merged or consolidated, provided that neither party shall be permitted to assign this Agreement, in whole or in part, to any third party without the prior written consent of the other party.  This Agreement shall be interpreted and enforced in accordance with the laws of the State of Colorado applicable to contracts made and to be performed entirely therein, without regard to the conflict of laws provisions thereof.  This clause shall survive any termination of this Agreement.  Any notice or communication required or permitted under this Agreement shall be in writing and shall be deemed received (a) on the date personally delivered, (b) the next day after sending if sent by facsimile (with electronic confirmation of submission), Federal Express or any other next-day carrier service, or (c) the third day after mailing via first-class mail, return receipt requested, to a 

party at the address specified in this Agreement or such other address as designated from time to time.
11.    Counterparts; Facsimile.  This Agreement may be executed in two or more counterparts, each of which will be deemed an original, but all of which together will constitute one and the same Agreement.  The parties agree that signatures to this Agreement may be transmitted by facsimile and such signatures shall be deemed to be originals for all purposes.
We look forward to working with you on this matter.  Please confirm that the foregoing is in accordance with your understanding of our agreement by signing and returning to me a copy of this Agreement.
Sincerely,
UDR, Inc.
/s/ Warren L. Troupe                   
Warren L. Troupe
Senior Executive Vice President

Accepted and agreed to as of the
Effective Date:

/s/ David L. Messenger        

David L. Messenger

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00209-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00209-of-00352.parquet"}]]