Document:

Exhibit 10.24

 

	

    	
GSE Lining Technology, LLC
    	
 
    
	
Mark C. Arnold
    	
 
    	
 
    
	
President & Chief Executive Officer
    	
 
    	
19103 Gundle Road
    
	
 
    	
 
    	
Houston, TX 77073
    
	
 
    	
 
    	
800 435 2008
    
	
 
    	
 
    	
281 230 6710
    
	
 
    	
 
    	
281 443 3399 Fax
    
	
 
    	
 
    	
gseworld.com
    
				

 

 

August 12, 2010

 

Ronald B. Crowell

4621 Swilcan Bridge Lane South

Jacksonville, FL 32224

 

Dear Ron:

 

We are pleased to offer you a position with GSE Lining Technology, LLC (hereafter referred to as the Company) as the Senior Vice President & Chief Financial Officer to commence no later than September 6, 2010. As a salaried employee, paid semi-monthly, your base salary will be $12,916.67 per pay period or $310,000 annually. You will be eligible for a management bonus at plan equal to 40% of annual base salary (up to a 60% maximum). Determination of the management bonus will be based on successful achievement of company and personal goals. Additionally, you are guaranteed a management bonus for 2010 equal to $140,000 (paid in March of 2011). This amount must be repaid to the Company should you leave the company on your own volition or are terminated with cause prior to 12 months from your initial date of employment.

 

You will also be granted a Sale Bonus Agreement that entitles you to receive a one-time cash payment equal to eight-tenths of one percent (0.8%) of the net equity proceeds from the sale of GSE if a change of control occurs. The sale bonus shall not vest unless you remain continuously employed by GSE through the consummation of such sale. A letter regarding this bonus and a schedule of projected value of this bonus will be provided to you in separate correspondence. A Confidentiality Agreement, Relocation package, Intellectual Property and Confidentiality Agreement and Change of Control Retention Agreement will also be sent to you under separate cover.

 

In order to provide you and your family additional comfort, the above mentioned Change of Control Retention Agreement will provide you 12 months of severance (base salary only) for termination without cause before or after a change of control, termination due to a change of control or significant diminution of your duties as described in the position specification for this role. This is detailed in the above mentioned agreement.

 

The Company will maintain Director and Officers Liability Insurance coverage on your behalf. This offer of employment is contingent upon the results of a post-offer medical examination, including tests for prohibited drugs and alcohol, verification of your prior work and academic history, and confirmation of a satisfactory job-related background and driving record. Your employment with GSE will be governed by the terms and conditions contained within GSE’s Corporate Employee Policies.

 

GSE offers a variety of benefits to its employees. You will be eligible for medical and dental insurance, long-term disability, group life, accidental death, a 401(k) plan, among others. Prior to your eligibility for  these benefits, the Company will reimburse you for your Cobra coverage during the waiting period. You will be eligible for four weeks of Paid Time Off (PTO) each year.

 

Additionally, you will be eligible for temporary living and airfare for first 12 months of employment, not to exceed $2,000 per month which can be used commuting to your principle residence and lodging expenses incurred while

 

 

working in Houston. You are also entitled to a one-time cash payment equal to one month of annual base salary in month 13 of employment if you (or GSE) elect to continue a commuting arrangement subsequent to your first year of employment. If you and GSE agree to fully relocate your primary residence to Houston at any time during your employment, you will be eligible for full relocation benefits as described in the Company’s Relocation Policy.

 

The U. S. Department of Justice, Immigration and Naturalization Service, requires that all employees, citizens and non-citizens, must complete an Employment Eligibility Verification, Form 1-9, at the time of hire. Be prepared to present original documents for examination by the Human Resources Department on your first day of employment. Please call Nona Isbell at (281) 387-9921 or Paul Cash at 703-299-0506, if you have any questions regarding the list of acceptable documents.

 

Please acknowledge your acceptance of this offer by signing, dating and returning this proposal to the undersigned. Please respond within seven (7) days of receipt of this letter. This position will be held open for you up to this time. This letter does not constitute any employment contract or modification of the employment at-will doctrine, and it does not provide you with any contractual right for any period of time nor guarantee continued employment. As discussed, this offer is pending successful completion of references and your discussion with Rich Goodrich, Board Member and Chairman of the Company’s Audit Committee.

 

I am very excited for you regarding this opportunity and its rewards for you and GSE.

 

	
Sincerely,
    	
 
    
	
 
    	
 
    
	
/s/ Mark Arnold
    	
 
    
	
Mark Arnold
    	
 
    
	
CEO
    	
 
    

 

 

All of the above terms and conditions are accepted and agreed to by the undersigned:

 

	
/s/ Ronald B. Crowell
    	
 
    	
16 Aug 10
    
	
Name
    	
 
    	
DateExhibit 10.25

 

	

    	
Gundle/SLT Environmental, Inc.
    

 

	
Samir T. Badawi
    	
19103 Gundle Road
    
	
President and
    	
Houston, Texas 77073
    
	
Chief Executive Officer
    	
800-435-2008
    
	
 
    	
281-230-6710
    
	
 
    	
Fax: 281-443-3399
    

 

July 13, 2009

 

PERSONAL AND CONFIDENTIAL

 

Mr. Mark C. Arnold

2311 Hoxton Court

Columbus, OH 43220

 

Dear Mark:

 

On behalf of the Board of Directors of Gundle/SLT Environmental, Inc. (“GSE” or “The Company”), I am pleased to extend you an offer of employment as Chief Executive Officer and Board Member of GSE. In this position, you will report to the GSE Board of Directors and be based at the company’s Houston, Texas headquarters. This offer is subject to our satisfactory completion of a standard civil and criminal court records search.

 

The key terms and conditions of our employment offer are outlined below:

 

1.                    Your base salary will be $340,000 per year.

 

2.                    You will be eligible to earn an annual incentive cash bonus with a target award of 60% of base salary and a maximum award of 120% of base salary. For 2009, your bonus will be guaranteed at $50,000. Half of this amount will be payable within 30 days of your employment start date and the balance will be paid during the first quarter of 2010 as part of GSE’s scheduled 2009 bonus payments.

 

3.                    You will be granted an option to purchase 30,000 shares of GEO Holding Corp stock at an exercise price of $22.26 per share. This exercise price is approximately equal to the strike price of options granted to other GSE executive team members over the past four years. These shares will vest equally over a four-year period; however, such vesting will accelerate upon a sale of The Company. These share options are subject to customary and additional provisions and restrictions, per the existing Shareholder’s Agreement, which you would enter into as part of your employment.

 

4.                    You will also have the opportunity to purchase up to an additional 10,000 shares of GEO Holding Corp stock from Code Hennessy & Simmons IV, L.P. at $18.50 per share. These common shares are subject to customary and additional provisions and

 

 

restrictions, per the existing Shareholder’s Agreement, which you would enter into as a separate agreement.

 

5.                    Your employment, should you accept this offer, will be for no specified period. As an at-will relationship, either party may for any or no reason terminate the employment relationship at any time. However, should GSE terminate your employment for reasons other than Cause, you will receive continued payment of your base salary and standard benefits for twelve (12) months following the date of separation as a pre-agreed severance payment. Additionally, if within six months following a change in majority control of GSE’s ownership you are not offered a position of similar or greater scope of responsibility and annual cash compensation, you will receive a severance payment equal to 36 months base salary and bonus, payable over a 36 month period. The bonus amount will be calculated as the average of your most recent three years’ past bonuses at GSE or the average of all your bonuses at GSE should you have been employed for less than three years. In partial exchange for such equity and right of severance, you will be subject to non-competition, non-solicitation, and non-disparagement restrictive covenants for a period equal to the months of base salary severance paid.

 

6.                    You will be entitled to a suitable Company vehicle for Company business and personal use. For business and personal transportation purposes the Company shall pay for all licenses, road taxes, tolls, parking, maintenance, gasoline, insurance, and other operating costs. You will be responsible for all taxable fringe benefit costs attributable to this benefit.

 

7.                    GSE offers a variety of benefits to its employees. Medical, dental and life insurance will be provided pursuant to The Company’s standard health insurance plan and you will be eligible to participate in The Company’s 401(k) plan. You may also be eligible for future participation in a deferred compensation plan. A summary of the benefits plans will be forwarded under separate cover for your reference.

 

8.                    You will receive five (5) weeks paid vacation per year (prorated for 2009) plus standard paid holidays applicable to GSE employees.

 

9.                    GSE will reimburse you for all reasonable expenses incurred in connection with your position, subject to The Company’s policies on expense reimbursement in place at the time such expenses are incurred.

 

10.              In connection with your relocation to Houston, you will be provided three months of corporate housing and a relocation allowance of $50,000 to cover additional temporary living expenses, transportation of household effects, storage of household effects, customary and required closing costs on the sale of your existing home and the purchase of a new home. Any expenses treated as income and subjected to federal

 

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income tax shall be grossed up for taxes. We expect your relocation to Houston to be completed by July 1, 2010.

 

11.              We would like you to start your employment on or before September 8, 2009, or such other date which is mutually agreed upon.

 

Mark, we are very impressed with both your background and potential. We believe that you would provide the necessary leadership at GSE and we would very much like to have you as a member of our team. We hope you find what we have to offer attractive and look forward to receiving an affirmative response from you in the very near future. This offer is open for your consideration through July 17, 2009.

 

	
Sincerely yours,
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
/s/ Samir T. Badawi
    	
 
    	
 
    
	
Samir Badawi
    	
 
    	
 
    
	
President and Chief Executive Officer
    	
 
    	
 
    
	
Gundle/SLT Environmental, Inc.
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
Agreed and Accepted:
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
/s/ Mark C. Arnold
    	
 
    	
13 July 2009
    
	
Mark C. Arnold
    	
 
    	
Date
    

 

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