Document:

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Chief Human Resources Officer
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	Thomas S. Kucinski
Executive Vice President – 
Chief Human Resources Officer
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Exhibit 10.9
June 10, 2021
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David. E. Berger
12 Byron Lane
Larchmont, NY 10538
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Re:Retirement and General Release
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Dear David:
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I want to extend my deepest gratitude to you for your long and valued service to Information Services Group, Inc. (the “Company” or “ISG”).  This retirement and release letter (this “Letter”) is to memorialize our mutual agreement regarding your retirement from the Company.
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1.Retirement. Your retirement date with the Company will be June 11, 2021 (the "Retirement Date"). The Retirement Date will be the termination date of your employment.
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2.Retirement Payment. From and after the Retirement Date and in consideration for your execution of the general release of claims as provided in Paragraph 4, your continued compliance with any restrictive covenant arrangements between you and the Company and the other promises contained herein, you (or your estate upon your death) will receive $925,000 in the aggregate, subject to Section 3, payable in twenty-four (24) equal installments coinciding with the normal payroll dates of the Company.  The first such installment shall be made on the first such payroll date that occurs after the thirtieth (30th) day following your Retirement Date (such thirtieth (30th) day, the “Release Date”); provided, however, that such installment payments shall be due only if such general release of claims has become irrevocable by the Release Date.
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3.Compensation or Benefits; Withholding. You acknowledge that, except as expressly provided in this Letter Agreement or as otherwise required by applicable law, you are not entitled to receive any additional compensation or other benefits of any kind following the Retirement Date. The Company may withhold from any and all amounts payable under this Letter or otherwise such federal, state and local taxes as may be required to be withheld pursuant to any applicable law or regulation.  Notwithstanding the foregoing, nothing in this Letter is intended, or should be construed, to limit any right you may have under the Consolidated Omnibus Budget Reconciliation Act (“COBRA”) to continue you coverage under the Company’s benefit plans.
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4.Release. This Letter (including the payments set forth herein) is conditioned on you signing and returning the General Release of Claims attached hereto as Exhibit A within 21 days following the Retirement Date and not revoking it during the seven (7) day revocation period thereafter.  The General Release of Claims will not be effective or accepted (and you will not be entitled to the payments set forth in this Letter) if signed by you prior to the Retirement Date.
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Information Services Group, Inc.
2187 Atlantic Street
8th Floor
Stamford, CT 06902
203-517-3108
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	​

	​
Chief Human Resources Officer
​
​

	
	​
	Thomas S. Kucinski
Executive Vice President – 
Chief Human Resources Officer
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5.Restrictive Covenants.  You hereby reaffirm and incorporate by reference into this Letter your obligations under that certain Restrictive Covenant Agreement between you and the Company.
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6.Miscellaneous. This Letter and all of the provisions hereof shall be binding upon and shall inure to the benefit of the parties hereto and their respective successors and permitted assigns. This Letter may be amended only with the express written consent of the parties hereto. This Letter, the rights and obligations of the parties hereto and any claims or disputes relating thereto shall be governed by and construed in accordance with laws of the State of New York without giving effect to any choice of law or conflict of law rules or provisions that would cause the application of the laws of any jurisdiction other than the State of New York.
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7.Section 409A. This Letter is intended to comply with Section 409A of the Internal Revenue Code of 1986, as amended (“Section 409A”), or be exempt from Section 409A, and shall be construed and administered in accordance with Section 409A. Notwithstanding any other provision of this Letter, payments provided under this Letter may only be made upon an event and in a manner that complies with Section 409A or an applicable exemption. Any payments under this Letter that may be excluded from Section 409A either as separation pay due to an involuntary separation from service or as a short-term deferral shall be excluded from Section 409A to the maximum extent possible. For purposes of Section 409A, each installment payment provided under this Letter shall each be treated as a separate payment. Notwithstanding the foregoing, the Company makes no representations that the payments and benefits provided under this Letter comply with Section 409A and in no event shall the Company be liable for all or any portion of any taxes, penalties, interest, or other expenses that may be incurred by you on account of non-compliance with Section 409A.  References to the “termination date” of your employment from the Company and any correlative terms shall mean a “separation from service” within the meaning of Section 409A.
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8.Entire Agreement. Except as otherwise expressly provided herein, this Letter and the exhibit attached hereto constitute the entire agreement between you and the Company with respect to the subject matter hereof and supersede any and all prior agreements or understandings between you and the Company with respect to the subject matter hereof, whether written or oral. This Letter will bind the heirs, personal representatives, successors and assigns of both you and the Company, and inure to the benefit of both you and the Company, and their respective heirs, successors and assigns; provided that, you may not assign your rights or obligations hereunder. This Letter may be amended or modified only by a written instrument executed by you and the Company.
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Signature Page to Follow
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Information Services Group, Inc.
2187 Atlantic Street
8th Floor
Stamford, CT 06902
203-517-3108
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	​

	​
Chief Human Resources Officer
​
​

	
	​
	Thomas S. Kucinski
Executive Vice President – 
Chief Human Resources Officer
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On behalf of the Company, we thank you again for your dedicated service.
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	Very truly yours,

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	Information Services Group, Inc.

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	By:
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	Name:
	Thomas Kucinski

	Title:
	Executive Vice President and

	​
	Chief Human Resources Officer

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The above terms and conditions accurately reflect our understanding regarding the terms and conditions of my retirement from employment with the Company, and I hereby confirm my agreement to the same.
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Dated:June __, 2021​ ​​ ​​ ​​ ​​ ​​ ​
David E. Berger
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Information Services Group, Inc.
2187 Atlantic Street
8th Floor
Stamford, CT 06902
203-517-3108
​

	​

	​
Chief Human Resources Officer
​
​

	
	​
	Thomas S. Kucinski
Executive Vice President – 
Chief Human Resources Officer
​

​

EXHIBIT A
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GENERAL RELEASE
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DAVID BERGER (the “Executive”) agrees for the Executive, the Executive’s spouse and child or children (if any), the Executive’s heirs, beneficiaries, devisees, executors, administrators, attorneys, personal representatives, successors and assigns, hereby forever to release, discharge, and covenant not to sue Information Services Group Inc. (the “Company”), the Company’s past, present, or future parent, affiliated, related, and/or subsidiary entities, and all of their past and present directors, shareholders, officers, general or limited partners, employees, agents, insurers and attorneys, and agents and representatives of such entities, in such capacities, and employee benefit plans in which the Executive is or has been a participant by virtue of his employment with the Company and benefit plan administrators, and the successors of the Company or any of the foregoing entities (collectively, the “Releasees”), from any and all claims, debts, demands, accounts, judgments, rights, causes of action, equitable relief, damages, costs, charges, complaints, obligations, promises, agreements, controversies, suits, expenses, compensation, responsibility and liability of every kind and character whatsoever (including attorneys’ fees and costs), whether in law or equity, known or unknown, asserted or unasserted, suspected or unsuspected, which the Executive has or may have had against the Company or the Releasees based on any events or circumstances arising or occurring on or prior to the date this Release is executed, arising directly or indirectly out of, relating to, or in any other way involving in any manner whatsoever the Executive’s employment with the Company or the termination thereof, the Executive’s status at any time as a holder of any securities of the Company, or otherwise.  This includes, but is not limited to, a release of any and all claims arising under the laws of the United States, any other country, or any state, or locality relating to employment, or securities, including, without limitation, claims of wrongful discharge, breach of express or implied contract (whether oral or written), fraud, misrepresentation, defamation, or liability in tort, common law or public policy, claims of any kind that may be brought in any court or administrative agency, any claims arising under Title VII of the Civil Rights Act of 1964, the Age Discrimination in Employment Act, the Americans with Disabilities Act, the Fair Labor Standards Act, the Executive Retirement Income Security Act, the Family and Medical Leave Act, the Delaware Discrimination in Employment Act, the Securities Act of 1933, the Securities Exchange Act of 1934, the Sarbanes-Oxley Act, and similar statutes, ordinances, and regulations of the United States, any other country, or any state or locality.  This release of claims further includes, but is not limited to, Executive’s waiver of any right or claim to compensation, wages, back pay, reinstatement or re-employment, bonuses, or benefits of any kind or any nature arising or derivative from Executive’s employment with the Company, the termination thereof, or otherwise; provided, however, notwithstanding anything to the contrary set forth herein, that this general release shall not extend to (x) amounts owed to or rights available for the Executive under that certain Retirement Agreement, by and between the Company and the Executive (the “Retirement Agreement”) and (y) benefit claims under employee pension benefit plans in which the Executive is a participant by virtue of his employment with the Company or benefit claims under employee welfare benefit plans for covered occurrences (e.g., medical care, death, or onset of disability) arising after the execution of this Release
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Information Services Group, Inc.
2187 Atlantic Street
8th Floor
Stamford, CT 06902
203-517-3108
​

	​

	​
Chief Human Resources Officer
​
​

	
	​
	Thomas S. Kucinski
Executive Vice President – 
Chief Human Resources Officer
​

​

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by the Executive.  This Release does not waive any rights to indemnification the Executive has under any insurance policy, by laws or other documents or agreements to which Executive may be entitled for actions taken in good faith during the term of his employment.
The Executive hereby represents and warrants to the Company and the Releasees that he has not filed any action, complaint, charge, grievance, arbitration or similar proceeding against the Company or the other Releasees.
The Executive understands that this Release includes a release of claims arising under the Age Discrimination in Employment Act (ADEA).  The Executive understands and warrants that he has been given a period of 21 days to review and consider this Release.  The Executive further acknowledges that the consideration given for this Release is in addition to anything of value to which he is already entitled.  The Executive is hereby advised to consult with an attorney prior to executing the Release.  By his signature below, the Executive warrants that he has had the opportunity to do so and to be fully and fairly advised by that legal counsel as to the terms of this Release and that this waiver and release is knowing and voluntary.  The Executive further warrants that he understands that he may use as much or all of his 21-day period as he wishes before signing, and warrants that he has done so.
The Executive further warrants that he understands that he has seven days after signing this Release to revoke the Release by notice in writing to the Company’s Chief Human Resources Officer delivered by hand, certified mail or courier service.  This Release shall be binding, effective, and enforceable upon both parties upon the expiration of this seven-day revocation period without the Company’s Chief Human Resources Officer having received such revocation, but if the Executive revokes the Release during such time, the Executive understands that the Executive will forfeit any rights he may have to any payments and benefits otherwise due under the Retirement Agreement.
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SIGNED:​ ​​ ​​ ​​ ​​ ​​ ​​ ​DATE:​ ​​ ​​ ​​ ​​ ​
David E. Berger

Information Services Group, Inc.
2187 Atlantic Street
8th Floor
Stamford, CT 06902
203-517-3108
​Document

Exhibit 4.13

ARCELORMITTAL GROUP MANAGEMENT BOARD

Performance Share Unit PLAN

ANNEX I 

Supplemental Terms for 2021-2022 Group Management Board Performance Share Units Plan

The following share limits and vesting provisions shall apply to all Awards granted pursuant to the Plan during the period beginning on the date of the general meeting of shareholders of the Company in 2021 and ending on the date of the annual general meeting of shareholders of the Company to be held in 2022 (the “2021-2022 Plan Year”).  All other terms and conditions of the Performance Share Units are as set forth in the Plan, including but not limited to Section 6 thereof.

For purpose of clarification, as from 1st January 2016 the General Management Board has been replaced by the CEO Office, and as from February 11th, 2021 the CEO Office has been replaced by the Executive Office;  for the purpose of the 2021-2022 Plan Year any mention made in the Plan to the Group Management Board or its members should be interpreted as made to the Executive Office or its members.   

1.         Grant of Awards

The value of the Award shall correspond to 100% of the base salary at the date of the grant of the Award for the Executive Chairman of ArcelorMittal and for the Chief Executive Officer of ArcelorMittal.

For the purpose of the above, the value of the Award shall be calculated by using the relevant exchange rate of the business day preceding the day of the grant (as published in the treasury server https://web-treasury.appliarmony.net/servlet/Serv3?Forme=Form21).

In order to determine the amount of the Award, the Volume-Weighted Average Price of the New York Stock Exchange of the business day (VWAP) preceding the grant shall be used. In order to calculate the number of Performance Share Units to be granted, a mathematic rounding shall be applied.

2.         Vesting.  

a.Each Award granted during the 2021-2022 Plan Year shall vest after the completion of the three (3) full year financial exercises commenced after the date on which the Award was granted, subject to the continued active Employment of the Participant through such date and subject to the achievement of the performance targets described hereafter, each of which shall determine the vesting of a specific portion of the Award and therefore shall be calculated separately to determine the total vesting.

b.The performance targets for each Award granted during the 2021-2022 Plan Year and the portion of the Award conditioned by each of them shall be as follows: 

i.The vesting of fifty percent (50%) of the Award (the “TSR Award”) shall be subject to the Company achievement on Total Shareholder Return (TSR) over the vesting period, which shall be determined by comparing the Company’s TSR to  the median of the TSR performance of the companies comprising a comparator group defined by the Committee, as measured over the three-year vesting period, and 

ii.The vesting of twenty percent (20%) of the Award (the “EPS Award”) shall be subject to the Company achievement on Earnings Per Share ratio (EPS) over the vesting period relative, which shall be determined by comparing the Company’s EPS to the median of the EPS performance of companies comprising a comparator group defined by the Committee, as measured over the three-year vesting period, and 

iii.The vesting of the remaining thirty percent (30%) of the Award (the “ESG Award”) shall be subject to the Company achievement on Environmental, Social and Governance measures over the vesting period as defined by the Committee split as follows:
-10%: Health & Safety measure
-10% : Climate action measure
-10%: Diversity & Inclusion measure

c.The performance targets applicable to the TSR Award, the EPS Award and the ESG Award shall be as follows:

i.With respect to the TSR Award Portion, the threshold level shall be 100% of the median and the targeted level shall be 120% of the median of the average performance realized by the companies in the comparator group over the three years of the vesting period,
ii.With respect to the EPS Award, the threshold level shall be 100% of the median and the targeted level shall be 120% of the median of the average performance realized by the companies in the comparator group over the three years of the vesting period,
iii.With respect to the ESG Award, the target level shall be 100% of achievement of the objectives set.

d.At the end of the vesting period the Committee shall determine the level of performance achieved for each of the performance criteria and, for the portion of the awards conditioned by each of them, the Performance Share Units that shall vest and be subject to settlement for each Participant as follows:

i.No Performance Share Units shall vest if the Committee determines that the achievement reached for the performance target is below the threshold level defined.
ii.Performance Share Units shall vest and the Participants shall have the right to the settlement of a number of shares equal to 50% of the Performance Share Units granted if the Committee determines that the achievement reached for the performance target is at the threshold level defined for the TSR and EPS Awards. 
iii.Performance Share Units shall vest and the Participants shall have the right to the settlement of a number of shares equal to 100% of the Performance Share Units granted if the Committee determines that the achievement reached for the performance target is at the targeted level defined above for the TSR and EPS and ESG Awards.

For performance results between threshold (if any) and target levels of the performance targets, the Committee shall apply straight-line interpolation to determine the number of Performance Share Units that shall vest and be subject to settlement for the Participants, provided that in no event will a Participant be entitled to settlement of a number of Performance Share Units equal to more than 100% of the Performance Share Units granted to the Participant.  

The table below summarizes the performance criteria and the percentage of vesting associated to different achievement levels for each Award portion described in this document.

												
	Performance Measure
	Weight
	Threshold
	Target

	TSR vs. comparator Group
	50%
	100% median of comparator Group
	120% median of comparator Group

	Percentage of Vesting
	50%
	100%

	EPS vs. comparator Group
	20%
	100% median of comparator Group
	120% median of comparator Group

	Percentage of Vesting
	50%
	100%

	ESG (30%)
	10% H&S
	-
	100% of target
100% vesting

		10% Climate action
	-
	100% of target
100% vesting

		10% Diversity & Inclusion
	-
	100% of target
100% vesting

e.The Committee shall determine whether the performance criteria have been met within ninety (90) days from the vesting date and shall inform each Participant of such performance as soon as practicable thereafter.

Vested awards shall be settled by the Company pursuant to the terms of the Plan on or within fourteen (14) days after confirmation that the performance criteria have been met, provided that the Participant has submitted all necessary settlement information prior to such time. 

EXHIBIT 9

Terms Applicable to Participants Subject to United States Federal, State or Local Tax in Respect of Performance Share Units Granted Pursuant to the Plan during the 2021-2022 Plan Year

Pursuant to Section 16  of the Plan, the following terms and conditions shall apply to all Awards issued to any Participant who is or may be subject to federal, state or local tax in respect of any Performance Share Units granted pursuant to the Plan during the 2021-2022 Plan Year (a “U.S. Participant”).  With respect to each U.S. Participant, in the event of any conflict between the terms of the Plan and this Exhibit, the terms of this Exhibit shall apply.    

1.Vesting and Settlement.  
All Awards granted to U.S. Participants shall be settled within two and one-half months (75 calendar days) following the date on which such Award vests.  

2.Committee Discretion.  
With respect to Awards granted to U.S. Participants, the Committee’s authority with respect to leaves of absence as set forth in Section 4(d) of the Plan shall be limited as follows: the Committee shall determine whether an authorized leave of absence, or absence in military or government service, shall constitute termination of Employment; provided that, no payment shall be made with respect to any Award that is subject to Section 409A of the Code as a result of any such authorized leave of absence or absence in military or government service unless such authorized leave or absence constitutes a separation from service for purposes of Section 409A. 

3.Payments by the Company. 

With respect to Awards granted to U.S. Participants, the Committee may not accelerate the settlement of any Award unless any such acceleration would be permissible under Section 409A of the Code. 

4.Adjustments Upon Certain Changes.  
No provision of Section 9 of the Plan shall be given effect with respect to Awards granted to U.S. Participants, to the extent that such provision would cause any tax to become due under Section 409A of the Code. 

5.Amendment or Termination of the Plan. 
With respect to Awards granted to U.S. Participants, no provision of the Board of Directors’ right to amend or terminate the plan as provided in Section 12 of the Plan shall be given effect to the extent that such provision would cause any tax to become due under Section 409A of the Code. 

6.Certain Limitations on Awards to Ensure Compliance with Code Section 409A. 
The Company intends that the Plan and each Award granted hereunder that is subject to Section 409A of the Code shall comply with Section 409A of the Code and that the Plan shall be interpreted, operated and administered accordingly.  In the event any term and/or condition of an Award granted hereunder would cause the application of an accelerated or additional tax due by the Participant under Section 409A of the Code, such term and/or condition shall be restructured, to the extent possible, in a manner, determined by the Committee, that does not cause such an accelerated or additional tax.  Any reservation of rights by the Company hereunder affecting the timing of payment of any Award subject to Section 409A of the Code (including, without limitation, the rights of the Committee pursuant to Section 9(d)) will only be as broad as is permitted by Section 409A of the Code.  Notwithstanding anything herein to the contrary, in no event shall the Company be liable for the payment of or gross up in connection with any taxes and or penalties owed by the Participant pursuant to Section 409A of the Code. 
To the extent that a Participant is not, during the period of time when his or her Award is outstanding, subject to the application of Section 409A of the Code, the limitations contained herein solely to ensure compliance with Section 409A of the Code shall not apply.

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