Document:

Offer letter between Jay Peterson and Thermon Group, Inc.

 EXHIBIT 10.11 

 
 July 7, 2010 

Mr. Jay Peterson 
 10408 Milky Way Drive

 Austin, TX 78730 
 Dear Jay:

 I am pleased to extend this offer of employment to you to serve as Chief Financial Officer of Thermon Group, Inc. (the “Company”),
based in San Marcos, Texas and reporting to the Chief Executive Officer. This offer is subject to final approval by the Company’s Board of Directors and appropriate Board Committees and includes the following: 

 

	 	1.	Annual base salary of $225,000. 

  

	 	2.	Eligibility to earn an annual incentive bonus with a target award of 40% of annual base salary. Payment of the Corporate incentive bonus is contingent on Company
achieving operating income target. Payment of individual incentive is contingent upon achieving specific management objectives (see attachment, which we will discuss next week). 

 

	 	3.	Participation in the Company’s Incentive Equity Program, which includes a grant at the commencement of your employment of 6% of the current outstanding option
pool. 

  

	 	4.	Four weeks (20 days) of paid time off. There are also eight official holidays in the USA. 

 

	 	5.	Full participation in the Company’s benefits program; which the Company reserves the right to modify or terminate at any time, with or without notice.

  

	 	6.	A severance payment in the event of (1) termination due to a change of control of the Company, (2) termination of your employment without cause or
(3) significant diminution of duties relative to those described in the position description provided to you (occurring before or after a change in control). The severance amount will be paid to you as a lump-sum payment in the amount equal to
9 months of annualized base salary and, if applicable, a monthly pro-rata portion of earned but unpaid annual incentive bonus at the time of the termination date. 

THERMON . . . The Heat Tracing
Specialists® 

www.thermon.com 

100 Thermon Dr.  •  PO Box 609  •  San Marcos, TX
78667  •  Phone: 512-396-5801  •  Fax: 512-396.3627  •  800- 

820-HEAT (4328) 

2810 Mowery Road  •  Houston, TX 77045  •  Phone:
713-433-2600  •  Fax: 713-433-4541  •  800-654-2583 

 

 
  

	 	7.	Start date of July 12, 2010. 

 We are
excited to have you as a member of the Thermon team. Please confirm your acceptance by returning a signed copy of this letter to my attention. 
  

	
	 Yours very truly,

	
	 /s/ Rodney Bingham

	Rodney Bingham
	President/CEO
	

  

					
	 I hereby accept the foregoing offer of employment.

	
	 Accepted and agreed to this
12th day of July, 2010.

			
	 Signature:
	 	 

	 	

 THERMON . . . The Heat Tracing
Specialists® 

www.thermon.com 

100 Thermon Dr. • PO Box 609 • San Marcos, TX 78667 • Phone: 512-396-5801 • Fax: 512-396-3627 •
800- 
 820-HEAT (4328)

2810 Mowery Road • Houston, TX 77045 • Phone: 713-433-2600 • Fax: 713-433-4541 • 800-654-2583Letter Agreement between Charles A. Sorrentino and Thermon Group Holdings, Inc.

 EXHIBIT 10.12 

Thermon Group Holdings, Inc. 

July 28, 2010 

Mr. Charles A. Sorrentino 
 Houston
Wire & Cable Company 
 10201 North Loop East 

P.O. Box 23221/P.O. Zip 77228 
 Houston, TX 77029

  

	 	Re:	Thermon Group Holdings, Inc. (“Thermon” or the “Company”) Director Term Sheet 

Dear Chuck: 
 We are excited to
extend to you an offer to join the Board of Directors (the “Board”) of Thermon Group Holdings, Inc. and its subsidiaries. This letter sets forth the material terms of your arrangement with the Company: 

 

			
	Description of Director Services:	  	 You will serve as a director of the Company and subsidiaries thereof (“Director”). Combined meetings of the Board of the
Company and its subsidiaries generally occur during regularly scheduled quarterly meetings and we would expect your attendance at such meetings.
  

You have been appointed to serve as the Chairman of the Compensation Committee. You may also be appointed to serve on other Board committees. Those
committees may meet on dates separate from Board meetings.

		
	Appointment Date:	  	July 28, 2010 (the “Effective Date”).
		
	Term:	  	Indefinite term. You may resign (and terminate your services) as a Director effective immediately after providing prior written notice of such upcoming resignation to the Company.
As per corporate law, you can be removed (and your services terminated) as a Director at any time by action of the shareholder(s) of the Company (or any subsidiary thereof with respect to your service as a Director of a subsidiary) having majority
voting control.
		
	Annual Retainer for Serving as a Director of the Company and its Subsidiaries:	  	$25,000 per year, payable in regular advance quarterly installments of $6,250.
		
	Annual Retainer for each Committee Membership:	  	$5,000 per year, payable in regular advance quarterly installments of $1,250.
		
	Annual Retainer for each Committee Chairmanship:	  	$5,000 per year, payable in regular advance quarterly installments of $1,250.
		
	Board Meeting Attendance Fees:	  	$1,500 per meeting for in person attendance; $750 per meeting for attendance by telephone. Such amounts are payable quarterly in
arrears.

			
	Committee Meeting Attendance Fees:	  	$1,000 per meeting for in person attendance; $500 per meeting for attendance by telephone. Such amounts are payable quarterly in arrears. For committee meetings which are held on
the same day as Board meetings, you will be entitled to 50% of the applicable committee meeting attendance fees.
		
	Expense Reimbursement for Attending Board and Committee Meetings:	  	Reimbursement of actual reasonable out-of-pocket expenses will be made per the Company’s policy and will be payable upon presentation of documentation.
		
	Purchased Equity Opportunity:	  	Up to $150,000 in common stock priced at fair market value as determined by the Board. The investment opportunity is a one-time offer available for a period of 90 days following the
Effective Date. If you are interested in making such cash investment in the Company, documentation for such investment will be prepared and separately provided to you.
		
	Option Program:	  	You will be eligible to participate in a common stock option program. Thermon will make an initial grant of 85 options to acquire common stock on the Effective Date at a strike
price set at fair market value of the common stock as determined by the Board as of the Effective Date. 20% will become vested on each of the first five anniversaries of the Effective Date, provided that you are still serving as a Director on each
such anniversary date. Additional option grants may be awarded to you by the Company during your tenure as Director of the Company. Such awarded options will be subject to similar terms and vesting provisions as the initial option grant. Upon the
occurrence of a sale of the Company and provided that you are still serving as a Director immediately prior to such event, all options that have not yet become vested shall become vested. Documentation regarding this program will be prepared after
your acceptance of your directorship and separately provided to you.
		
	Non-Competition Covenant:	  	You represent and warrant that you are currently not a director, officer, employee, consultant or security holder of any heat tracing manufacturer that may compete with the Company.
Further, you agree not to become a director, officer, employee, consultant or security holder of any heat tracing manufacturer.
		
	No Prior Restrictions:	  	By countersigning this letter, you hereby represent and warrant to the Company that you are free to become a Director and that there are no contracts or restrictive covenants
preventing full performance of your Director duties.

*                    *  
                  * 

 Chuck, we look forward to working with you and the Thermon team. If these terms and
conditions are acceptable to you, please sign below to confirm and return this letter to us at your earliest convenience. 
  

			
	Very truly yours,
	
	THERMON GROUP HOLDINGS, INC.
		
	By:	 	/S/    RODNEY
BINGHAM        
	Name:	 	Rodney Bingham
	Title:	 	PRESIDENT/CEO

 ACCEPTED AND
AGREED AS OF 
 THE 29 DAY OF JULY, 2010: 
  

	
	/S/    CHARLES
SORRENTINO        
	Charles A. SorrentinoLetter Agreement between Richard E. Goodrich and Thermon Group Holdings, Inc.

 EXHIBIT 10.13 

Thermon Group Holdings, Inc. 

July 28, 2010 

Mr. Richard E Goodrich 
 776 Caribbean
Drive East 
 Summerland Key, FL 33042 
  

	 	Re:	Thermon Group Holdings, Inc. (“Thermon” or the “Company”) Director Term Sheet 

Dear Rich: 
 We are excited to
extend to you an offer to join the Board of Directors (the “Board”) of Thermon Group Holdings, Inc. and its subsidiaries. This letter sets forth the material terms of your arrangement with the Company: 

 

			
	Description of Director Services:	  	 You will serve as a director of the Company and subsidiaries thereof (“Director”). Combined meetings of the Board of the
Company and its subsidiaries generally occur during regularly scheduled quarterly meetings and we would expect your attendance at such meetings.
  

You have been appointed to serve as the Chairman of the Audit Committee. You may also be appointed to serve on other Board committees. Those committees
may meet on dates separate from Board meetings.

		
	Appointment Date:	  	July 28, 2010 (the “Effective Date”).
		
	Term:	  	Indefinite term. You may resign (and terminate your services) as a Director effective immediately after providing prior written notice of such upcoming resignation to the Company.
As per corporate law, you can be removed (and your services terminated) as a Director at any time by action of the shareholder(s) of the Company (or any subsidiary thereof with respect to your service as a Director of a subsidiary) having majority
voting control.
		
	Annual Retainer for Serving as a Director of the Company and its Subsidiaries:	  	$25,000 per year, payable in regular advance quarterly installments of $6,250.
		
	Annual Retainer for each Committee Membership:	  	$5,000 per year, payable in regular advance quarterly installments of $1,250.
		
	Annual Retainer for each Committee Chairmanship:	  	$5,000 per year, payable in regular advance quarterly installments of $1,250.
		
	Board Meeting Attendance Fees:	  	$1,500 per meeting for in person attendance; $750 per meeting for attendance by telephone. Such amounts are payable quarterly in
arrears.

			
	Committee Meeting Attendance Fees:	  	$1,000 per meeting for in person attendance; $500 per meeting for attendance by telephone. Such amounts are payable quarterly in arrears. For committee meetings which are held on
the same day as Board meetings, you will be entitled to 50% of the applicable committee meeting attendance fees.
		
	Expense Reimbursement for Attending Board and Committee Meetings:	  	Reimbursement of actual reasonable out-of-pocket expenses will be made per the Company’s policy and will be payable upon presentation of documentation.
		
	Purchased Equity Opportunity:	  	Up to $150,000 in common stock priced at fair market value as determined by the Board. The investment opportunity is a one-time offer available for a period of 90 days following the
Effective Date. If you are interested in making such cash investment in the Company, documentation for such investment will be prepared and separately provided to you.
		
	Option Program:	  	You will be eligible to participate in a common stock option program. Thermon will make an initial grant of 85 options to acquire common stock on the Effective Date at a strike
price set at fair market value of the common stock as determined by the Board as of the Effective Date. 20% will become vested on each of the first five anniversaries of the Effective Date, provided that you are still serving as a Director on each
such anniversary date. Additional option grants may be awarded to you by the Company during your tenure as Director of the Company. Such awarded options will be subject to similar terms and vesting provisions as the initial option grant. Upon the
occurrence of a sale of the Company and provided that you are still serving as a Director immediately prior to such event, all options that have not yet become vested shall become vested. Documentation regarding this program will be prepared after
your acceptance of your directorship and separately provided to you.
		
	Non-Competition Covenant:	  	You represent and warrant that you are currently not a director, officer, employee, consultant or security holder of any heat tracing manufacturer that may compete with the Company.
Further, you agree not to become a director, officer, employee, consultant or security holder of any heat tracing manufacturer.
		
	No Prior Restrictions:	  	By countersigning this letter, you hereby represent and warrant to the Company that you are free to become a Director and that there are no contracts or restrictive covenants
preventing full performance of your Director duties.

*                    *  
                  * 

 Rich, we look forward to working with you and the Thermon team. If these terms and
conditions are acceptable to you, please sign below to confirm and return this letter to us at your earliest convenience. 
  

			
	Very truly yours,
	
	THERMON GROUP HOLDINGS, INC.
		
	By:	 	/S/    RODNEY
BINGHAM        
	Name:	 	Rodney Bingham
	Title:	 	PRESIDENT AND CEO

 ACCEPTED
AND AGREED AS OF 
 THE 12 DAY OF AUGUST, 2010: 
  

	
	/S/    R.E.
GOODRICH        
	Richard E Goodrich

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