Document:

EX-10.1

 Exhibit 10.1 
  

 
 May 18, 2020 
 Jay
Geldmacher 
  

	Re:	 Employment Agreement Letter 

Dear Jay: 
 I’ve enjoyed getting to know you through our
search process and look forward to working together. Your experience and skills are strong complements to Resideo. And your personal style, directness and integrity will earn the respect of your team and all of our constituents. 

I am pleased to confirm our offer to you to become President and Chief Executive Officer of Resideo Technologies, Inc. (“Resideo” or the
“Company”). This letter agreement (the “Agreement”) will not become effective and binding until your execution of this Agreement. You will be appointed to the Board effective upon commencement of your employment as President and
Chief Executive Officer consistent with the Company’s governing documents. The effective date of your employment will be May 28, 2020 (“Effective Date”), subject to the terms and conditions of this letter agreement (the
“Agreement”). 
 In connection with your new role, you will be entitled to the following compensation and benefits package, which has been
approved by the Compensation Committee of the Board (the “CC”). 
 COMPENSATION 

Base Salary: Your annual base salary will be $900,000. Base salary reviews occur annually, salary may be increased but not decreased and any
increases are generally at the end of the first quarter of the calendar year. Increases are based on your performance and other relevant factors. You will next be eligible for a base salary review in March of 2021. 

Annual Incentive Compensation: Your target incentive compensation opportunity will be 150% of your annual cash base salary earnings during each
year, with a maximum opportunity of no less than 200%. Your 2020 annual incentive will be paid at no less than your pro-rated target incentive amount. Incentive compensation awards are paid in the first
quarter of the following year (e.g., in the first quarter of 2021 for 2020 services). 

  
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 Annual Long-Term Incentive Awards: For 2020, you will be granted a long term incentive award on the
Effective Date equal to a pro-rata portion of a $5.2M LTI target based on the number of days you are employed in the year 2020 (“Pro-Rata 2020 LTI Award”).
With respect to your Pro-Rata 2020 LTI Award: 10% will be issued as time-based restricted stock units (“RSUs”), 15% will be issued as stock options (“Options”) and 25% will be issued as
performance-based restricted stock units (“PRSUs”) with measurements and goals as implemented for the Resideo executive team, provided that the PRSUs will include a maximum opportunity of 200% of target. The RSUs, Options and PRSUs shall
be granted under, and shall be subject to the terms of, the applicable stock incentive plan, relevant award agreements, and the terms provided herein, and will vest on the third anniversary of the grant date, provided that you continue to be
employed by Resideo on such vesting date. 
 In addition, you shall be eligible for a cash bonus of 50% of Pro-Rata
2020 LTI Award, which will be earned by and paid to you within thirty (30) days following the third annual anniversary of the Effective Date so long as you remain employed; provided that if your employment is terminated without cause (as
defined in the Resideo Technologies, Inc. Severance Plan for Designated Officers) or you resign for Good Reason, as defined on Addendum B, or if your employment terminates due to your death or disability, you will receive a pro-rated amount of such cash bonus based on the number of full months you worked from the Effective Date through your employment separation date divided by 36, payable within thirty (30) calendar days
following your termination of employment. 
 Beginning in 2021 you will be eligible for annual long-term incentive (“LTI”) awards, consistent with
what is delivered to the executive team, consisting of stock options, time based restricted stock units and performance based restricted stock units, or some combination thereof, as determined by the CC in its discretion. The actual size and mix of
your annual LTI awards will be determined by the CC based on your performance and market factors. The terms of all LTI awards are governed by the terms of the applicable stock plan, the relevant award agreements and the terms provided herein.
Moreover, Resideo and the CC reserve the right to modify the design or mix of the LTI award program in the future. 

SIGN-ON AWARDS 

In recognition of the equity compensation you are leaving at your current employer, you will receive a cash sign-on
bonus of $2,000,000, payable on the first regularly scheduled payroll date following the commencement of your employment. By signing this Agreement below, you agree to repay Resideo the prorated component of the
sign-on bonus previously paid to you if you resign your employment for any reason other than Good Reason, as defined on Addendum B, or are terminated for cause (as defined in the Resideo Technologies, Inc.
Severance Plan for Designated Officers) before completing twenty-four (24) months of employment with Resideo. This repayment obligation is reduced ratably over the first twenty-four (24) months of your employment after the
commencement of your employment, and due within ten (10) calendar days after your employment separation date. If you do not repay Resideo the sign-on bonus when due, you authorize Resideo to deduct the
repayment owed from your final paycheck or from any other monies payable to you by Resideo. 

  
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 You are eligible for a payment equivalent to the amount of forfeited
pro-rata Q2 bonus from your current employer, up to $90,000; provided that the amount actually paid to you shall be no more than the amount you advise Resideo in writing you would have received from your
current employer but for your departure from your current employer. This amount will be paid within thirty (30) days after submission of your written advice. 

OTHER EXECUTIVE BENEFITS 
 You will also be
entitled to the following Executive Benefits: 
  

	 	•	 	 Excess Liability Insurance: Resideo will pay the annual premium for an Excess Liability Insurance policy
that provides $5,000,000 of personal liability umbrella coverage per occurrence. 

  

	 	•	 	 Executive Physical: You will be eligible for an annual executive physical and related health concierge
program, with such annual executive physical performed at the Mayo Clinic, Scottsdale, AZ, subject to an annual cap on expenses of $5,000. 

  

	 	•	 	 Private Jet Usage for Business Purposes: The Company will pay the cost of private jet travel for business
purposes to the extent necessary for you to perform the duties of Chief Executive Officer and for business efficiency and your health, safety and security. Any commercial business travel will be conducted via first class on commercial airliners and
otherwise in compliance with the Company’s travel and expense policies. The Company will pay the cost for your reasonable use of private jet travel for purposes of commuting from your home or other location to and from the Company’s
headquarters and other business locations, and will provide additional payments to you on a fully grossed up basis to cover resultant federal, state and local income taxes, when and to the extent, if any, that such taxes are payable by you with
respect to such private jet travel. 

  

	 	•	 	 Officer Severance: You will be covered under the Resideo Technologies, Inc. Severance Plan for
Designated Officers (the “Officer Severance Plan”); provided further that for purposes of the Officer Severance Plan, your termination of employment for Good Reason, as defined on Addendum B, will constitute a Covered Termination as set
forth in the Officer Severance Plan for all periods prior to a Change in Control (as defined in the Officer Severance Plan). You will be required to execute a release of claims in favor of Resideo and its affiliates, and you may be required to agree
to certain non-disclosure covenants, as a condition of receiving officer severance benefits. Your equity award agreements granted during your employment with the Company shall provide that in the event of a
change in control, awards that are assumed shall be subject to accelerated vesting in full if, within 24 months following such change in control, your employment is terminated without cause or you resign for good reason. If the awards are not
assumed following a change in control, they shall vest in full immediately. In the event the Officer Severance Plan is amended or altered after the Effective Date of this Agreement, you shall receive the greater of severance pay and benefits
provided under either the Officer Severance Plan then in effect or the Officer Severance Plan in effect as of the Effective Date of this Agreement. 

  
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	 	•	 	 Benefits and Perquisites. You will be entitled to participate in Executive level benefit and perquisite
plans. 

  

	 	•	 	 Legal Expenses. You will be entitled to reimbursement for your legal expenses and expenses associated with
the negotiation and documentation of this Agreement, up to a maximum of $37,500.  

 Details of additional executive benefits are
outlined in the attached Addendum A. 
 INTELLECTUAL PROPERTY AGREEMENT 

As a condition of this employment offer, you are required to execute, in the form attached hereto, the California version of Resideo’s “Employee
Agreement Relating to Trade Secrets, Proprietary and Confidential Information” (“IP Agreement”). 
 RELOCATION 

You agree to relocate to the area of the Company’s corporate headquarters within a time frame that is mutually agreeable to you and the Board following
your commencement of employment. You will be provided temporary housing in the area of the Company’s corporate headquarters for a period not to exceed twelve (12) months, and be eligible for additional relocation assistance in accordance
with the Company’s Officer Level relocation guidelines. Your temporary housing costs for the first twelve (12) months in excess of the amount covered under the Company’s Officer Level shall be reimbursed up to a maximum of $75,000.
You may contact our relocation vendor at any time after you return this signed Agreement to initiate the relocation process. You agree that as a condition of and in consideration of such relocation assistance, you will, following your relocation,
sign a Resideo Technologies, Inc. Noncompete Agreement for Senior Executives and a non-California version of the Employee Agreement Relating to Trade Secrets, Proprietary and Confidential Information in the
forms substantially similar to the agreements attached hereto; provided that for purposes of the list of corporations or entities that constitute Competing Businesses, the reference to Alphabet shall be limited to the Nest Labs business and the
reference to Amazon shall be limited the Ring business. 
 INDEMNIFICATION and D&O 

You will be indemnified and receive advancement of expenses as available under the Company’s bylaws currently in effect. You will be covered by the
Company’s directors and officers insurance. 
 BOARD MEMBERSHIPS 

As a condition of employment, you agree to comply with Resideo’s policy regarding outside board membership; provided that you may continue to serve on
those public company boards of directors on which you are currently a director until such time as you and the Resideo Board mutually determine that you will resign from one such board of your choosing to comply with the Company’s governance
guidelines, which require that the CEO serve on no more than two (2) public company boards, including the Resideo Board. 

  
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 INCOME TAXES 

You are liable for any federal and state income taxes applicable to this Agreement, except for the tax gross-up
payments associated with private jet usage as provided above, and you acknowledge that you should consult with your own tax advisor regarding the applicable tax consequences.

ACCEPTANCE OF OFFER 
 Please indicate your
acceptance of this offer by electronically signing this Agreement and the IP Agreement via DocuSign. 
 Our employees are at the core of everything we do.
We have a diversified global workforce of almost 13,000 talented professionals. Each of them is dedicated and committed to delivering for our customers, continuing to innovate and pushing this industry forward. 

Jay, we very much look forward to working with you. Your experience and background will be assets to our Company and we sincerely hope that you will accept
this Agreement and join us. 
 If you have any questions or need any further information about our offer, please contact me directly. 

Congratulations, 
 Sharon Wienbar 

Chairman of the Compensation Committee 
 Resideo Board of
Directors 
 Read and Accepted: 
  

					
	 /s/ Jay Geldmacher
	 		 	 May 18, 2020

	JAY GELDMACHER	 		 	Date

 All businesses experience changing conditions. Accordingly, your employment with Resideo will be on an “at
will” basis. This means that there is no guarantee of employment for any specific period, and either you or Resideo may terminate your employment at any time. 

The descriptions of benefits and perquisites described in this Agreement (including Addendums A and B) are for general information purposes only and are
not intended to modify any plan document, summary plan description (“SPD”) or prospectus. For a complete description of any benefit or perquisite, you may request a copy of the applicable plan document, SPD or prospectus. The Company
reserves the right to modify, amend or terminate any benefit plan or perquisite in its sole and absolute discretion. 

  
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 ADDENDUM A 

EMPLOYEE BENEFITS 
 401(k)
Plan: Upon employment, you are eligible to participate in the Resideo 401(k) Plan (“401(k) Plan”). Please refer to the 401(k) Plan’s SPD for further details about your contributions and the Company’s match. 

The Company’s matching contribution is fully vested after three (3) years of service at Resideo. 

You will be able to direct the investment of your contributions to the 401(k) Plan among a number of attractive investment opportunities. 

Medical, Dental and Vision Plans: Resideo’s medical, dental and vision plans provide competitive and comprehensive coverage. 

Short-Term Disability (STD): A benefit of up to 6 months base salary will be provided. 

Long-Term Disability (LTD): The Company will provide a fully contributory long-term disability plan that replaces 60% of your base salary (up to a
monthly cap). 
 Life Insurance: 
  

	 	•	 	 Group Life will be provided on a non-contributory basis in an
amount equal to one and one-half (1-1/2) times your base salary. Additional life insurance is available on a contributory basis. 

 

	 	•	 	 Accidental Death and Dismemberment insurance will be provided on a
non-contributory basis in an amount equal to one and one-half (1-1/2) times your base salary. Additionally, Accidental Death
and Dismemberment insurance is available on a contributory basis. 

  

	 	•	 	 Business Travel Accident insurance is provided on a
non-contributory basis, and provides a death benefit in the case of a business-related accident. 

Executive perquisites and employee benefits will terminate as of your last day of active employment except to the extent otherwise provided in the applicable
plan document or as required by law. 
 Vacation and Holidays: 
  

	 	•	 	 Vacation time can be scheduled with manager approval based on business priorities and personal needs, without pre-set maximums 

  

	 	•	 	 All U.S. sites will have 12 days off for holidays (7 fixed holidays and 5 designated floating holidays)

  
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 ADDENDUM B 

GOOD REASON DEFINITION 
 For
purposes of this Agreement, “Good Reason” means for any termination of your employment due to any of the follow reasons: 
 (1) your failure to
serve as the most senior executive of the Company and its affiliates, the assignment to you of any duties inconsistent in any material respect with your position, any material diminution in your position, authority, duties, or responsibilities, or
your ceasing to report directly and exclusively to the Board or, if the Board is not the board of the ultimate parent company of the Company and its affiliates, the ultimate parent company of the Company and its affiliates; 

(2) a reduction in your annual base salary or target annual incentive compensation opportunity from the amounts set forth in this Agreement; 

(3) the Company’s requiring you to be based at any office or location that is greater than 25 miles away from the Company’s headquarters; or 

(4) any other material breach of this Agreement by the Company. 

Notwithstanding the foregoing, no resignation shall be for “Good Reason” unless you shall have delivered to the Company notice of the event(s) or
circumstance(s) alleged to constitute “Good Reason” within 90 days of your knowledge of such event or circumstance and the Company shall have failed to cure such event or circumstance within 30 days following its receipt of such notice.

  
 Page 7 of 7Exhibit 10.1

 

AMENDMENT
NO. 2 TO INVESTMENT MANAGEMENT TRUST AGREEMENT

 

THIS AMENDMENT NO.
2 TO THE INVESTMENT MANAGEMENT TRUST AGREEMENT (this “Amendment”) is made as of May 18, 2020, by and
between Legacy Acquisition Corp., a Delaware corporation (the “Company”), and Continental Stock Transfer
& Trust Company, a New York corporation (the “Trustee”). Capitalized terms contained in this Amendment,
but not specifically defined in this Amendment, shall have the meanings ascribed to such terms in the Original Agreement (as defined
below).

 

WHEREAS, on November
21, 2017, the Company consummated an initial public offering (the “Offering”) of units of the Company’s
equity securities, each such unit comprised of one share of the Company’s Class A common stock, par value $0.0001 per share
(“Common Stock”), and one warrant, each warrant entitling the holder thereof to purchase one-half of
one share of Class A Common Stock;

 

WHEREAS, the Company
entered into an Underwriting Agreement (the “Underwriting Agreement”) with Wells Fargo Securities, LLC,
Cantor Fitzgerald & Co. and Stifel, Nicolaus & Company, Incorporated as representatives (the “Representatives”)
of the several underwriters (the “Underwriters”) named therein;

 

WHEREAS, $300,000,000
of the gross proceeds of the Offering and sale of the Private Placement Warrants (as defined in the Underwriting Agreement) were
delivered to the Trustee to be deposited and held in a segregated trust account located at all times in the United States (the
“Trust Account”) for the benefit of the Company and the holders of the Common Stock included in the units
issued in the Offering as hereinafter provided pursuant to the investment management trust agreement made effective as of November
16, 2017, by and between the Company and the Trustee, as amended by that Amendment No. 1 to the Investment Management Trust Agreement,
dated October 22, 2019 (the “Original Agreement”);

 

WHEREAS, the Company
has sought the approval of its Public Stockholders at a meeting of its stockholders to: (i) extend the date before which the Company
must complete a business combination from May 20, 2020 to November 20, 2020 (the “Extension Amendment”)
and (ii) extend the date on which the Trustee must liquidate the Trust Account if the Company has not completed a business combination
from May 20, 2020 to November 20, 2020 (the “Trust Amendment”);

 

WHEREAS, holders of
at least sixty-five percent (65%) of the Company’s outstanding shares of common stock approved the Extension Amendment and
the Trust Amendment; and

 

WHEREAS, the parties
desire to amend and restate Section 1(i) of the Original Agreement to, among other things, reflect amendments to the Original Agreement
contemplated by the Trust Amendment.

 

    1

     

    

  

NOW, THEREFORE, in
consideration of the mutual agreements contained herein and other good and valuable consideration, the receipt and sufficiency
of which are hereby acknowledged, and intending to be legally bound hereby, the parties hereto agree as follows:

 

1. Amendment of
Trust Agreement. Section 1(i) of the Original Agreement is hereby amended and restated in its entirety as follows:

 

“Commence liquidation
of the Trust Account only after and promptly after (x) receipt of, and only in accordance with, the terms of a letter from the
Company (“Termination Letter”) in a form substantially similar to that attached hereto as either Exhibit
A or Exhibit B signed on behalf of the Company by its Chief Executive Officer, Chief Financial Officer, Secretary or
Chairman of the board of directors of the Company (the “Board”) and, in the case of a Termination Letter
in a form substantially similar to the attached hereto as Exhibit A, acknowledged and agreed to by the Representatives,
and complete the liquidation of the Trust Account and distribute the Property in the Trust Account, including interest not previously
released to the Company to pay its taxes and up to $750,000 per annum to fund working capital requirements (and in the case of
a Termination Letter in a form substantially similar to the attached hereto as Exhibit B, less up to $50,000 of interest that may
be released to the Company to pay dissolution expenses), only as directed in the Termination Letter and the other documents referred
to therein, or (y) November 20, 2020, if a Termination Letter has not been received by the Trustee prior to such date, in
which case the Trust Account shall be liquidated in accordance with the procedures set forth in the Termination Letter attached
as Exhibit B and the Property in the Trust Account (less taxes payable and up to $50,000 of interest that may be released
to the Company to pay dissolution expenses) shall be distributed to the Public Stockholders of record as of such date; provided, however,
that in the event the Trustee receives a Termination Letter in a form substantially similar to Exhibit B hereto,
the Trustee shall keep the Trust Account open until twelve (12) months following the date the Property has been distributed
to the Public Stockholders;

 

2. Miscellaneous Provisions.

 

2.1. Successors.  All
the covenants and provisions of this Amendment by or for the benefit of the Company or the Trustee shall bind and inure to the
benefit of their permitted respective successors and assigns.

 

2.2. Severability.  This
Amendment shall be deemed severable, and the invalidity or unenforceability of any term or provision hereof shall not affect the
validity or enforceability of this Amendment or of any other term or provision hereof. Furthermore, in lieu of any such invalid
or unenforceable term or provision, the parties hereto intend that there shall be added as a part of this Amendment a provision
as similar in terms to such invalid or unenforceable provision as may be possible and be valid and enforceable.

 

2.3. Applicable
Law.  The validity, interpretation and performance of this Amendment shall be governed in all respects by the laws
of the State of New York, without giving effect to conflict of laws.

 

2.4. Counterparts.  This
Amendment may be executed in any number of original or facsimile counterparts and each of such counterparts shall for all purposes
be deemed to be an original, and all such counterparts shall together constitute but one and the same instrument.

 

2.5. Effect of Headings.  The
section headings herein are for convenience only and are not part of this Amendment and shall not affect the interpretation thereof.

 

2.6. Entire Agreement.  The
Original Agreement, as modified by this Amendment, constitutes the entire understanding of the parties and supersedes all prior
agreements, understandings, arrangements, promises and commitments, whether written or oral, express or implied, relating to the
subject matter hereof, and all such prior agreements, understandings, arrangements, promises and commitments are hereby canceled
and terminated.

 

[Signature page follows]

 

    2

     

    

 

IN WITNESS WHEREOF, the parties hereto have
caused this Amendment to be duly executed as of the date first above written.

 

	 	Continental Stock Transfer & Trust Company, as Trustee 
	 	 	 
	 	By:	/s/ Francis E. Wolf, Jr
	 	 	Name: Francis E. Wolf, Jr.
	 	 	Title: Vice President
	 	 	 
	 	Legacy Acquisition Corp.
	 	 	 
	 	By:	/s/ Edwin J. Rigaud
	 	 	Name: Edwin J. Rigaud
	 	 	Title: Chairman & Chief Executive Officer

 

 

3

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