Document:

Exhibit 10.1

  

   

  

   
    

    

    
      

      

      July 30, 2019

       

      VIA EMAIL

      

      

      Gavin D.K. Hattersley

       

      Dear Gavin:

       

      

      It is a pleasure to offer you the position of President and
          Chief Executive Officer of Molson Coors Brewing Company (the “Company”), reporting to the Company’s Board of Directors (the “Board”), on the following terms:

       

      
        	
                1.

              	
                Employment:  Your new position will begin
                  on September 28, 2019 (the “Effective Date”).  You shall have such duties, responsibilities, power and authority as contemplated by the
                  Third Amended and Restated Bylaws of the Company (as amended from time to time, the “Bylaws”), and such other duties and
                  responsibilities as may be assigned to you by the Board commensurate with your position as President and Chief Executive Officer.

              

      

      

      

      
        	
                2.

              	
                Base Salary:  Your starting gross annual
                  salary will be USD $1,100,000 per year, payable in accordance with the Company’s standard payroll practices and procedures.

              

      

      

      

      
        	
                3.

              	
                Annual Molson Coors Incentive Plan (“MCIP”):  You
                  are eligible to participate in the annual MCIP subject to the plan rules.  MCIP rewards employees for the achievement of corporate, team and/or individual performance results objectives on the fiscal basis year which is the calendar year.
                  The bonus target for your position is currently 150% of your eligible earnings. Your actual payout for the current year will be prorated based on the MCIP targets for each job you held during the plan year. The incentive plan is reviewed
                  on an annual basis and details of the plan are subject to change to align with and support ongoing business needs. 

              

      

      

      

      
        	
                4.

              	
                Long Term Incentive: You are eligible to
                  participate in the Molson Coors Long-Term Incentive Plan (“LTIP”) according to your grade role in the Company. Your annual target LTIP
                  value is reviewed on an annual basis and set by the Board.  Grant Awards to eligible participants are typically made annually during the Company’s compensation planning cycle which typically takes place in March of each year. The actual
                  award is based on an assessment of individual performance within a determined range. You will be eligible for consideration of a normal course annual grant in 2020, with a target value of USD $4,500,000.

              

      

      

      

      
        	
                5.

              	
                One-time Award: Subject to the approval of
                  the Board, you will be granted, on or around the Effective Date, a one-time equity award in the amount of approximately USD $1,000,000 using standard methodology and vesting schedules and compromised of the following elements: (1) 50%
                  performance share units (using the same measurement period as your March 2019 grant, i.e., FY2019-2021); (2) 30% restricted stock units vesting in three years; and (3) 20% stock options.

              

      

      

      

      

      

      
        Molson Coors Brewing Company

         

        1801 California Street Suite 4600 • Denver, Colorado • 80202 • USA

          Tel. (303) 927-2416

        

        

        MOLSON is a registered trademark of Molson Canada 2005, used under license. COORS is a registered trademark of Coors
          Brewing Company, used under license.

      

      

      

      
        
          

      

      
      

      

      
        	
                6.

              	
                Adjustments:  Executive compensation is
                  reviewed annually by the Compensation and Human Resources Committee (the “Committee”) and the Board, and adjustments can be made to
                  targets and ranges for base pay, MCIP or LTIP components of the total compensation package. Additionally, the types of vehicles used by the Company to fulfill the annual target compensation of the LTIP component are reviewed annually and
                  may be modified.

              

      

      

      

      
        	
                7.

              	
                Board:  You will also serve as a member of
                  the Board subject to re-nomination or re-election in accordance with the provisions of the Company’s Restated Certificate of Incorporation and the Bylaws, each as in effect and as amended from time to time.  You will not be entitled to
                  any additional compensation for your service as a member of the Board.

              

      

      

      

      
        	
                8.

              	
                Relocation: To the extent necessary and
                  appropriate, the Company will provide you with relocation assistance in accordance with its current policy regarding relocation of executive roles.

              

      

       

      

      
        	
                9.

              	
                Executive Stock Ownership Policy; Clawback policy: 
                  You will continue to be subject to the company’s executive stock ownership guidelines, as the same may be amended from time to time by the Committee, and that as the President and Chief Executive Officer, you will be required to hold 6X
                  of your base annual salary in Molson Coors equity, as such term is defined in the stock ownership guidelines.  Unless otherwise provided at the time of grant or otherwise prohibited by applicable law, all compensation payable to you,
                  including any cash and/or equity awards paid to you as MCIP or LTIP is subject to the Company’s recoupment policy for incentive compensation as approved by the Committee and any such other policy for “clawback” of incentive or other
                  compensation as may be approved from time to time by the Board or the Committee, including without limitation, any amendments or other policies 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.

              

      

      

      

      
        	
                10.

              	
                Additional Benefits and Perquisites:  You
                  are eligible for:

              

         

        

      

      
        	
                •

              	
                participation in the Company’s US Severance Pay Plan, details of which will be shared with you shortly;

              

      

      
        	
                •

              	
                participation in the Company’s Amended and Restated Change in Control Protection Program at the level specified for the CEO role, which includes a
                  3.0x Change in Control severance multiplier, subject to the terms and conditions contained therein, as amended by the Committee from time to time;

              

      

      
        	
                •

              	
                twenty-five (25) days of paid vacation time each year, in addition to the holidays and floating holiday allotment common to US employees;

              

      

      
        	
                •

              	
                participation in the Molson Coors Deferred Compensation Plan;

              

      

      
        	
                •

              	
                supplemental executive life insurance of up to six times your base pay;

              

      

      
        	
                •

              	
                annual executive physical (optional);

              

      

      
        	
                •

              	
                executive financial planning allowance of $833 (gross), payable monthly; and

              

      

      
        	
                •

              	
                other benefits common to similarly situated executives in the location of your primary office.

              

      

       

      You will also retain eligibility for your vested and grandfathered health, retirement and insurance benefits accumulated during your
        service with the Company and its subsidiaries, so long as such benefits remain available for other similarly situated (and grandfathered) employees.

       

      
        2

        
          

      

       

      

      
        	
                11.

              	
                Entire Understanding/Termination of Employment
                    Agreement: The Company and you acknowledge that except as otherwise specified herein this letter constitutes the entire understanding between the Company and you with respect to your continued employment upon and after the
                  Effective Date, and supersedes and replaces any other prior agreement or other understanding, specifically the Employment Agreement, dated November 5, 2015, between MillerCoors LLC and you.

              

      

      

      

      
        	
                12.

              	
                Governing Law and Arbitration: This letter
                  shall be governed by and construed in accordance with the laws of the State of Colorado, without reference to principles of conflict of laws. Any dispute or controversy arising under or in connection with this letter, except any action
                  seeking injunctive relief to enforce the Restrictive Covenant Agreements (as defined in the Acknowledgement), shall be settled exclusively by arbitration in Denver, Colorado in accordance with the rules for the resolution of employment
                  disputes of the American Arbitration Association then in effect. Judgment may be entered on the arbitrator’s award in any court of competent jurisdiction. The arbitrator shall have the discretion to award costs (including the arbitrator’s
                  fee and fees and disbursements of counsel) to the prevailing party as part of his award.

              

      

       

      Again, Gavin, we are pleased to be extending you this offer, which is contingent upon your acceptance of the conditions on the following Acknowledgement
        page and the execution of the company’s Restrictive Covenant Agreements.

       

      

      We hope for a mutually rewarding relationship. You should know, however, that your employment is “at will”. That
        means you may terminate your employment at any time, with or without cause or notice, and we reserve the same right in accordance with the Restated Certificate of Incorporation and Bylaws. This “at will” relationship may not be modified except in
        writing signed by the Chairman of the Board of Directors.  Finally, the Company reserves the right to modify its policies and the accompanying terms of your employment as it deems appropriate.

       

      

       

        

      
        	
                 

              	Sincerely,
	
                 

              	
                 

              
	
                 

              	/s/ Andrew Molson
	
                 

              	
                 

              
	
                 

              	
                 

              
	
                 

              	Andrew Molson

                
	
                 

              	Chairman of the Board,

                
	
                 

              	Molson Coors Brewing Company
	
                 

              	
                 

              
	
                 

              	
                 

              
	
                 

              	
                 

              
	
                 

              	
                 

              
	
                 

              	/s/ Lee Reichert
	
                 

              	
                 

              
	
                 

              	
                 

              
	
                 

              	Lee Reichert

                
	
                 

              	Chief Legal and Corporate Affairs Officer & Corporate Secretary

                
	
                 

              	Molson Coors Brewing Company

         

        

        
          3

          
            

        

         

        

        
          ACKNOWLEDGEMENT

           

           

          Your offer of employment is contingent upon your acceptance of the conditions described below: 

           

          

          Offer Contingencies.   I understand that this offer is
            contingent on my acceptance of the forthcoming company’s agreements:   Confidentiality and Intellectual Property Agreement, Use of Employee’s Likeness Agreement, Non-Solicitation Agreement, and Non-Compete Agreement, forms of which are attached
            as exhibits to the Change in Control Program (collectively, the “Restrictive Covenant Agreements”).

           

          

          Code of Business Conduct.  I understand that as part of my
            employment, I am expected to conform my conduct to the highest level of ethical standards.  As such, I understand that I must read and sign/accept the Molson Coors Code of Business Conduct, as a condition of employment with our Company.  If I
            have any exceptions, as outlined in the Code, I understand that this offer is contingent on my agreement with any solution required by the Company’s management to resolve the exception(s).

           

          

          At-Will Employment Relationship. 
            I understand that upon accepting this offer of employment and throughout my employment, I am an employee at-will.  I understand that as an at-will employee, I or the Company, may terminate the employment relationship at any time for any reason
            with or without notice. 

           

          

          Policies.  I understand that in my job I will have access to
            all the Company policies.  Following this offer are copies of some of those important policies – Global IT Security & Acceptable Use Policy; US Discrimination and Harassment Free Work Environment Policy; Global Employee Alcohol Policy; and
            Global Records Management Policy.  In addition to reading these policies, I understand that it is my responsibility to review any local policies/procedures as referenced in these policies. I further understand that none of the Company’s
            policies, procedures, guidelines, practices or plans are contracts or intended to change the at-will nature of the employment relationship.  I understand that it is a Company expectation and my responsibility to familiarize myself, understand
            and comply with all policies.  By my signature, I confirm that I will conform my conduct to the policies detailed above, as well as all of the Company’s policies.

           

          

          Amendment, Change or Modification.  I further understand that
            the Company, at its sole discretion and at any time may with or without notice amend, change or modify any of its policies, procedures, guidelines, practices or plans whether or not addressed in this offer letter.

           

          

          I accept the conditions described above and the offer to work.

           

           

          

           

          Signature:   /s/ Gavin D.K. Hattersley                   

            

          

          Date: July 30, 2019

            Gavin D.K. Hattersley

           

          

        

      

    

  

  4Exhibit

CERTAIN PORTIONS OF THIS EXHIBIT HAVE
BEEN OMITTED AS CONFIDENTIAL INFORMATION
PURSUANT TO ITEM 601(B)(10)(IV) OF REGULATION S-K

SECOND AMENDMENT TO EQUIPMENT SUPPLY AGREEMENT
THIS SECOND AMENDMENT TO EQUIPMENT SUPPLY AGREEMENT (this “Amendment”), dated as of June 27, 2019, is made by and between Johnson Controls Battery Group, LLC, a Wisconsin limited liability company (“Clarios” or “Customer”), and Aqua Metals, Inc., a Delaware corporation (“Supplier”).  Capitalized terms used and not otherwise defined in this Amendment shall have the meanings given to them in the Agreement (as defined below).
RECITALS:
WHEREAS, Supplier and Johnson Controls Battery Group, Inc., a Wisconsin corporation  entered into that certain Equipment Supply Agreement dated as of February 7, 2017, as amended on April 16, 2018 (the “Agreement”), pursuant to which the Parties agreed to collaborate with respect to the development of new Customer facilities, or the retrofitting or conversion of existing Customer facilities, so that they can use AquaRefining and/or constructing additional recycling facilities capable of using AquaRefining in the production of lead; and
WHEREAS, Johnson Controls Battery Group, Inc. by operation of law through a conversion became Johnson Controls Battery Group, LLC in March 2019; and
WHEREAS, the Parties desire to further amend the Agreement on the terms and subject to the conditions set forth herein.
AGREEMENT:
NOW, THEREFORE, in consideration of the mutual covenants contained herein and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Parties hereto agree as follows:

1.Amendment to Agreement.  As of the date hereof, the Agreement shall be amended as follows:
1.1    The fourth sentence of Section 2.2 of the Agreement (i.e., “The Parties agree to use their good faith, commercial best-efforts to conclude their discussion and negotiation of the Development Program no later than April 30, 2019, and to enter into, no later than June 30, 2019, a Development Program Agreement.”) is hereby deleted in its entirety and replaced with the following:
“The Parties acknowledge that they have commenced their discussion and negotiation of the Development Program.  The Parties agree that Supplier shall continue the development of its AquaRefining operations at its McCarran, Nevada facility with the goal of achieving the seven (7) performance standards (“Performance Standards”) set forth on Exhibit A attached hereto.  Upon Supplier’s satisfaction of the Performance Standards, Supplier shall deliver its written notice (“Notice of Readiness”) to Customer.  The Parties shall use their good faith, 

1
OC 287819661v1

commercial best-efforts to enter into, no later than ninety (90) days after Customer’s receipt of the Notice of Readiness, a Development Program Agreement.”  
1.2    Section 6.1 of the Agreement is hereby amended by replacing the reference to June 30, 2019 with June 30, 2021.     
2.    Effect of this Amendment.  This Amendment constitutes the entire agreement of the Parties with respect to the subject matter hereof, and supersedes all prior oral or written communications, memoranda, proposals, negotiations, discussions, term sheets and commitments with respect to the subject matter hereof.  Except as expressly provided herein, no other changes or modifications to the Agreement are intended or implied by this Amendment, and in all other respects the Agreement is hereby ratified, restated and confirmed by all Parties hereto and shall remain in full force and effect.  To the extent that any provision of the Agreement conflicts with any provision of this Amendment, the provision of this Amendment shall control.
3.    Binding Effect.  This Amendment shall be binding upon and inure to the benefit of the Parties and their respective successors and assigns.
4.    Notwithstanding any statement to the contrary, the Parties hereto agree that the following terms in this Amendment are incorporated into the Agreement and control and take precedence over any conflicting terms and conditions in the Agreement.  Except as expressly modified by this Amendment, any terms not herein modified shall remain in full force and effect as set forth in the Agreement.  Capitalized terms used but not otherwise defined in this Amendment have the meaning ascribed to them in the Agreement.
5.    In the event of a conflict between the terms of the Agreement and this Amendment, the terms of this Amendment shall control.

[Continued on next page]

2
OC 287819661v1

 

IN WITNESS WHEREOF, the undersigned have executed this Amendment as of the date first written above.

CUSTOMER:

JOHNSON CONTROLS BATTERY GROUP, LLC

By:    _/s/ Thomas Parmenter___ 
Thomas Parmenter

SUPPLIER:

AQUA METALS, INC.

By:    __/s/ Stephen Cotton______
Stephen Cotton,
President and Chief Executive Officer

3
OC 287819661v1

EXHIBIT A

AQMS Clarios Metrics

The below metrics are to be achieved by Aqua Metals operations at their McCarran facility. All metrics will be supported by AQMS production records.

****

                
***Text has been omitted as confidential information pursuant to Item 601(B)(10)(iv) of Regulation S-K

4
OC 287819661v1

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00298-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00298-of-00352.parquet"}]]