Document:

Exhibit

EXHIBIT 10.10

GCP APPLIED TECHNOLOGIES INC. SUPPLEMENTAL EXECUTIVE RETIREMENT PLAN

ADOPTED EFFECTIVE JANUARY1, 2016

EXHIBIT 10.10

GCP APPLIED TECHNOLOGIES INC.

SUPPLEMENTAL EXECUTIVE RETIREMENT PLAN

Introduction

This Plan is effective as of January 1, 2016.

This Plan is a successor to the W. R. Grace & Co. Supplemental Executive Retirement Plan (the “Grace SERP”) with respect to eligible GCP Transferred Employees (as defined below), and liabilities with respect to such GCP Transferred Employees that are transferred from the Grace SERP to this GCP Plan effective January 1, 2016 (or such other date such an individual becomes a Eligible Person in this Plan). The benefits under this GCP SERP shall be no less than the benefits accrued under the Grace SERP with respect to such Eligible Person prior to the date of such transfer, and except as otherwise provided herein or by law, the terms of the Grace SERP as in effect from time to time before such transfer shall govern the determination of rights and benefits under this GCP Plan with respect to events before such date.
Section 1
Definitions 

When used herein, the words and phrases defined hereinafter shall have the following meanings unless a different meaning is clearly required by the context of the Plan.

		
	1.1
	Affiliate:

Any corporation or trade or business (other than the Company) that is treated under the first sentence of section 414(b) or under section 414(c) of the code  as constituting the same "employer" as the Company, during the period of controlled status thereunder.

2

EXHIBIT 10.10

		
	1.2
	Board of Directors:

The Board of Directors of the Company.

		
	1.3
	Code:

The Internal Revenue Code of 1986, as amended.

		
	1.4
	Committee:

The Salary, Incentive Compensation and Employee Benefits Committee of the Board of Directors.

		
	1.5
	Company:

GCP Applied Technologies Inc.

1.05    Disabled or Disability:

A medically determinable physical or mental impairment of the Eligible Person which can be expected to last for a continuous period of not less than 12 months, and for which the Participant is receiving income replacement benefits for a period of not less than 3 months under the Company’s long- term disability plan. An Eligible Person shall be considered to have incurred a Disability if he or she is determined to be total disabled by the Social Security Administration.

		
	1.7
	Effective Date:

January 1, 2016.

		
	1.8
	Eligible Person:

A person who is described in section 2 as eligible to receive benefits under the Plan.

3

EXHIBIT 10.10

1.09.    Employee:

An Employee of the Company or an Affiliate under the Plan and any GCP Transferred Employees who participated in the Grace SERP prior to his or her transfer to GCP.

		
	1.10
	Employing Unit:

Any employing unit described in Section 1.14 of the GCP Salaried Plan.

		
	1.11
	GCP Transferred Employee:

As defined in the Employee Matters Agreement that is implemented in conjunction with the spin-off of the Company from W. R. Grace & Co. and its subsidiaries (“Grace”) in 2016

		
	1.12
	GCP Salaried Plan:

The GCP Applied Technologies Inc. Retirement Plan for Salaried Employees. Any reference to a section of the GCP Salaried Plan shall include the corresponding section of any future text thereof.

		
	1.13
	Plan:

The GCP Applied Technologies Supplemental Executive Retirement Plan.

		
	1.13
	Termination of Service:

The date of the cessation of the Eligible Person’s provision of services to the Company and each Affiliated Employer (other than by death or Disability), subject to the following:

		
	(a)
	For this purpose, the employment relationship is treated as continuing intact while the Eligible Person is on military leave, sick leave, or other bona fide leave of absence (such as temporary employment by the government) if the period of such leave does not

4

EXHIBIT 10.10

exceed six (6) months or, if longer, so long as his right to reemployment with the Company or an Affiliated Employer is provided either by statute or by contract. If the period of leave exceeds six (6) months and his right to reemployment is not provided either by statute or contract, the employment relationship is deemed to terminate on the first date immediately following the six-month period.

		
	(b)
	The determination of whether an Eligible Person has terminated employment shall be determined based on the facts and circumstances in accordance with the rules set forth in section 409A of the Code and regulations thereunder.

Section 2
Eligibility and Vesting

		
	2.1
	Any Employee, including but not limited to any GCP Transferred Employee whose liabilities are transferred from the Grace SERP to this Plan, who (i) accrues credited service (as defined the GCP Salaried Plan) under the GCP Salaried Plan on or after the Effective Date of the Plan, (ii) has an annual base salary of at least $75,000 at any time during the period that he is accruing such credited service under the GCP Salaried Plan, and (iii) satisfies the provisions of Section 2.02, shall be eligible to receive benefits under this Plan in accordance with Section 3 of the Plan.

		
	2.2
	An Eligible Person must terminate service with the Company and its Affiliates on or  after the date as of which he otherwise becomes vested under the GCP Salaried Plan, in order to be eligible to receive benefits, if any, under this Plan. In the event that an Eligible Person terminates service with the Company and its Affiliates prior to the date his benefits become vested in accordance with this Section 2.02, he shall be entitled to  no benefits under this Plan.

5

EXHIBIT 10.10

Section 3
Benefits 

		
	3.1
	Retirement Benefit. The monthly benefit payable to a vested Eligible Person under the Plan shall be equal to the excess, if any, of

		
	(a)
	The amount of the monthly benefit which would be payable to such Eligible Person under the GCP Salaried Plan if the provisions set forth in the GCP Salaried Plan to comply with the benefit limitations of section 415 of the Code, the compensation limitations of section 401 (a) (17) of the Code and any other Code provisions that become effective after January 1, 2016 which similarly limit the amount of retirement benefit that may be accrued under the GCP Salaried Plan, were inapplicable, and determined in accordance with the following additional principles;

over

		
	(b)
	the amount of the monthly benefit that would be payable to such Eligible Person under the GCP Salaried Plan commencing on the same date and in the same form of payment that payments commence under the Plan.

		
	3.2
	The calculation of the monthly benefit described in Section 3.01(a) above shall be based on the actuarial assumptions and other benefit-determining factors determined pursuant to the terms of the GCP Salaried Plan.

		
	3.3
	The monthly benefit under the Plan shall commence as soon as reasonably practicable following the later of (1) the first day of the month following the month in which such Eligible Person Terminates Employment with the Company and all of its Affiliates   and

(2) the first day of the month following the month he or she attains age 55, provided, however, that with respect to a Participant who becomes Disabled, distribution shall commence as of the first day of the month following his attainment of age 65 .

		
	3.4
	Death Benefits.       Upon the death of an Eligible  Person prior to his commencement of

6

EXHIBIT 10.10

benefits hereunder, benefits will be payable for the life of the surviving spouse to whom he has been married throughout the one year preceding his date of death.  Such  surviving spouse shall receive a monthly benefit equal to 50% of the retirement benefit the Participant would have received hereunder payable in the form of the corresponding Joint and Survivor Option if he had retired on his date of death (or his date of actual termination, if earlier) with an immediate retirement benefit commencing as of the first day of the month coincident with or next following his date of death (with a reduction for early commencement of benefits for the period prior to his attainment of age 65 determined in accordance with Section 7 of the GCP Salaried Plan. No benefit will otherwise be payable under the Plan upon the death of an Eligible Person whose death occurs prior to commencement of his benefits hereunder.

The benefit, if any, payable upon the death of an Eligible Person following his commencement of benefits hereunder shall be based on the form of payment elected pursuant to Section 3.05. Payment to a joint annuitant, beneficiary or surviving spouse, as applicable, shall commence on the first day of the month following the date of death of the Eligible Participant, and shall continue in accordance with the provisions of the applicable form of payment.

Notwithstanding any provision of the Plan to the contrary, in the event that an Eligible Person's joint annuitant, beneficiary, or surviving spouse entitled to benefits hereunder shall become entitled to benefits (in such capacity) under the GCP Salaried Plan, and the provisions of the GCP Salaried Plan do not preclude such joint annuitant, beneficiary, or surviving spouse from receiving all or part of the benefit provided thereunder with respect to such Eligible Person, then the GCP Salaried Plan shall pay such benefit to the extent permitted under the GCP Salaried Plan (and no amount duplicating such benefit shall be payable under the Plan). To the extent that benefits payable under the GCP Salaried Plan to such person commences after the date benefits to such person  commence under this Plan, the provisions of this Section 3.04 shall take effect (and payments under this Plan shall be reduced) beginning on the date such benefits commence under the GCP Salaried Plan.

		
	3.5
	Form of Payment of Benefits. Benefits payable under the Plan shall be distributed in a form of payment determined pursuant to the following:

7

EXHIBIT 10.10

		
	(a)
	Unless the Eligible Person elects otherwise, benefits shall be paid in the form of a single life annuity with the last payment due for the month in which the Eligible Person dies.

		
	(b)
	In lieu of receiving payment in the form of a single life annuity, an Eligible Person may elect to receive payment in the form of any annuity available to such person under the GCP Salaried Plan, other than the level income option; provided such annuity option is actuarially equivalent within the meaning of Treasury Regulation Section 1.409A-2(b)(2)(ii) (for example, any period  certain annuity option is not actuarially equivalent). All elections under this paragraph (b) shall be made in accordance with procedures prescribed by the Committee.

		
	(c)
	Payment of benefits hereunder shall commence on or as soon as reasonably practicable following the scheduled payment date described above, subject to the provisions of Section 6.04; provided, however, that in all events, payment shall commence no later than the end of the calendar year that includes the scheduled payment date or, if later, by the 15th day of the third calendar month following the scheduled payment date.

		
	3.6
	The benefits payable under the Plan shall be paid by the Company or a subsidiary of  the Company, as the case may be, out of its general assets and shall not be funded in any manner.

		
	3.7
	Notwithstanding any other provision of the Plan to the contrary, except to the extent described in Section 3.05(c) with respect to small amounts, benefits under the Plan shall not be paid in the form of a lump sum to any Eligible Person, joint annuitant, beneficiary or surviving spouse, as applicable, regardless of the form of payment applicable to benefits payable to any Eligible Person under the GCP Salaried Plan.

Section 4
Administration

		
	4.1
	The Plan shall be administered by the Investment and Benefit Committee of GCP (or its designee) in accordance with its terms and purposes. The Committee (or its designee)

8

EXHIBIT 10.10

shall determine the amount and manner of payment of the benefits under the Plan.

		
	4.2
	The decisions made and the actions taken by the Committee (and its designee) in the administration of the Plan shall be final and conclusive on all persons, and the Committee, its members, and its designees shall not be subject to liability with respect to the Plan.

		
	4.3
	The Committee (or its designee) shall have the sole responsibility for the administration of the Plan and shall have the exclusive right to interpret the provisions of the Plan and  to determine any question arising thereunder or in connection with the administration of the Plan, including the remedying of any omissions, inconsistency, or ambiguity, and its decision or action in respect thereof shall be conclusive and binding on all persons.

Section 5

Amendment and Termination

5.01 The Board of Directors of GCP may amend or terminate the Plan with respect to future periods at any time for whatever reason it may deem appropriate. In the event of termination of the Plan, no person shall be entitled to accrue additional benefits under  the Plan with respect to any period after the effective date of termination determined by the Board of Directors; provided, however, that any benefits under the Plan accrued prior to the effective date of the termination determined by the Board of Directors shall not be reduced on account of such termination. Notwithstanding the foregoing, the provisions  of Section 2.04 shall continue to be applicable to an Eligible Person, unless the Board of Directors elects to waive such provisions in order to vest all Eligible Persons in any such benefits provided under the Plan even if such an Eligible Person terminates service with the Company and its Affiliates prior to the date he attains age 55 or he completes at least five (5) years of vesting service) (as defined in the GCP Salaried Plan).

Section 6
Miscellaneous 

		
	6.1
	Nothing contained in the Plan shall be construed as a contract of employment between the Company and an Eligible Person, or as a right of any Eligible Person to continue in the employ of the Company or as a limitation of the right of the Company to discharge

9

EXHIBIT 10.10

any Eligible Person, with or without cause.

		
	6.2
	The benefits payable under the Plan may not be assigned or alienated.

		
	6.3
	The Plan shall be governed, to the extent provided thereunder, by the Employee Retirement Income Security Act of 1974 and to the extent not preempted, by the laws of the State of New York.

		
	6.4
	Any other provision of this Plan notwithstanding, if an Eligible Person becomes entitled to benefits under this Plan at a time that the Company determines such Eligible Person is a "specified employee", within the meaning of Code section 409A(a)(2)(B), then such Eligible Person shall not be paid those benefits, prior to a date that is 6 months after the Eligible Person's "separation from service" (within the meaning of section  409A(2)(A)(i)) from the Company or his date of death if sooner. Such payments shall commence as soon as reasonably practicable following the first day of the first month next following the earlier of the Participant’s death or the last day of the six-month delay period.

		
	6.5
	Payments under this Plan are intended to be in compliance with Code section 409A; and the provisions of the Plan shall be interpreted and administered in that manner.

10Exhibit

EXHIBIT 10.23               .  

	
			
	

November 29, 2016

Kevin Holland

Dear Kevin,

Welcome to GCP Applied Technologies!  This letter agreement specifies the terms of your employment with GCP Applied Technologies Inc. (“Company”).

If you agree with the terms of this letter agreement, please sign where indicated below and return one fully executed copy to me.  An additional copy is enclosed for your records.

Position and Responsibilities

As discussed, we anticipate that you will join the Company on a date to be mutually agreed upon.

Effective upon joining the Company, you will commence employment in the position of “Vice President and Chief Human Resources Officer.”  In this capacity, you will be head of, and be responsible for the general management of, the human resources function.  You will report directly to me and be elected to serve as an executive officer of the Company.

Your office will be located at the Company’s headquarters in Cambridge, Massachusetts.

You will be an employee of the Company “at will” with no definite term of employment.

New Hire Award

You will receive a sign-on equity award of restricted stock units (“RSUs”) valued at $300,000.  The RSUs subject to this sign-on award will cliff vest on the second anniversary of the grant date and be settled in Company stock.  The actual number of RSUs granted to you for your sign-on award will be calculated by dividing the dollar value of the RSU award by the fair market value of a share of GCP common stock on the grant date.  For this purpose, fair market value is the average of the high and low price of GCP common stock on the grant date.  The material terms of this grant will be contained in a terms and conditions document which will be issued to you at the time of grant.  The terms and conditions document shall govern this award.

Compensation

Base Salary

Your initial annual base salary will be $385,000. Thereafter, your base salary will be subject to periodic reviews in accordance with Company practice and policy.

	
		
	© 2016 GCP Applied Technologies, Inc.
	1

EXHIBIT 10.23            .       
	
			
	

Annual Incentive Compensation 

You will be eligible to participate in the Company’s Annual Incentive Compensation Program (“AICP”).  For calendar year 2017, your targeted AICP award will be sixty percent (60%) of your prorated annual base salary, based on the applicable financial performance of the Company and your individual performance during that year, subject to the terms of the AICP.  We also anticipate that your targeted AICP award in subsequent years will be no less than sixty percent (60%) of your annual base salary for the applicable year. The design of AICP bonuses will be determined each year by the Company’s Board or its Compensation Committee and there are no guarantees with respect to how any design changes will affect future AICP bonus payments to you.

Long-Term Incentive Compensation

You will be eligible to participate in the Company’s long-term incentive program, which currently provides for annual equity awards.  You will receive an equity award for fiscal 2017 with a total targeted award value equal to your initial base salary ($385,000).  The award will be delivered to you with the same terms and conditions as other similarly-situated Company executives.  Future awards might differ based on Company goals, market factors and individual contribution.

Fifty percent (50%) of the value of the fiscal 2017 award will be delivered to you as a performance-based unit (“PBU”) award which will be subject to a three-year performance period and which will cliff vest shortly after the conclusion of such performance period.  The actual payout on this award, if any, is based on the Company’s performance against a pre-established performance goal determined by the Board’s Compensation Committee.  Twenty-five percent (25%) of the value of the fiscal 2017 award will be delivered to you as an RSU award which will vest in three substantially equal annual installments beginning on the first anniversary of the grant date.  The final twenty-five percent (25%) of the value of the fiscal 2017 award will be delivered to you as a stock option award which will vest in three substantially equal annual installments beginning on the first anniversary of the grant date.  The material terms of these grants will be contained in a terms and conditions document which will be issued to you at the time of grant.  The terms and conditions document under which each award is issued shall govern these awards.

The actual number of PBUs and RSUs granted to you will be calculated by dividing the dollar value of the respective award, as determined based on the percentages listed above, by the fair market value of a share of GCP common stock on the grant date.  The actual number of stock options granted to you will be calculated by dividing the dollar value of the option award, as determined based on the percentage listed above, by the Black-Scholes option valuation of the fair market value of a share of GCP common stock on the grant date.  For this purpose, fair market value is the average of the high and low price of GCP common stock on the grant date.

You will receive more information about these awards, including the terms and conditions document, shortly after the award has been granted. 

Executive Severance and Benefit Programs

As an executive officer of the Company, you will be eligible for benefits under the Severance Plan for Leadership Team Officers of GCP Applied Technologies Inc. (“Executive Severance Plan”) and the GCP Applied Technologies Inc. Executive Salary Protection Plan (“Salary Protection Plan”).  In addition, shortly after you commence employment, the Company will enter into a written agreement with you which shall provide certain benefits in the event of a change in control of the Company (“Change in Control Agreement”).  Although a brief summary of these benefits is provided below, the terms of each plan or agreement shall govern the provision of benefits to you.

Executive Severance Plan

You will be eligible for severance benefits under the Executive Severance Plan in the event that your employment is terminated involuntarily by the Company for reasons other than cause (as defined in the Executive Severance Plan).  At your current level, the Executive Severance Plan provides for a single lump sum payment equal to the sum of your annual base salary plus your target AICP bonus as of your employment termination date as well as payment of a pro-rated AICP bonus for the fiscal year in which your employment termination date occurs.  In addition to these cash payments, you would be eligible for continuation of medical, dental and vision benefits at the rate you would pay as an active employee for up to twenty four (24) months after your employment termination date.  You must meet all of the terms and conditions of the Executive Severance Plan to be eligible for these benefits, including the requirement that you sign a release of claims against the Company and agree not to compete with the Company or solicit any customers or employees of the Company for two years after your employment termination date.  

	
		
	© 2016 GCP Applied Technologies, Inc.
	2

EXHIBIT 10.23            .       
	
			
	

Salary Protection Plan

You will be eligible for death and disability benefits under the Salary Protection Plan in the event that you experience a disability or die while employed by the Company.  The Salary Protection Plan provides for a monthly death benefit payable over no more than a ten year period that is equal to an executive’s monthly base salary at the time of death for the first twelve months and half of the executive’s monthly base salary at the time of death for the next 108 months.  The number of monthly benefits after the first twelve months may be reduced based on the executive’s age at death, but to no less than 18 months.  The Salary Protection Plan provides for a monthly disability benefit equal to an executive’s monthly base salary at the time of disability for the first twelve months and sixty percent of the executive’s monthly base salary at the time of disability until the executive attains age 65.  The number of monthly benefits after the first twelve months may be reduced based on the executive’s age at disability.  Disability benefits also are reduced by the amount of benefits payable to the executive under the Company’s long-term disability plan, social security disability benefits and, upon attainment of age 62, the amount of any retirement benefits provided under a Company retirement plan.  You must meet all of the terms and conditions of the Salary Protection Plan to be eligible for these benefits.

Change in Control Agreement

You will be eligible for severance benefits under the Change in Control Agreement in the event that there is a change in control of the Company and either you resign for good reason or your employment is terminated involuntarily for reasons other than cause (as defined in the Change in Control Agreement).  At your current level, the Change in Control Agreement provides for a single lump sum payment equal to three times the sum of your annual base salary plus your target AICP bonus as of your employment termination date as well as payment of a pro-rated AICP bonus for the fiscal year in which your employment termination date occurs.  In addition to these cash payments, you would be eligible for continuation of medical, dental and vision benefits at the rate you would pay as an active employee for up to twenty four (24) months after your employment termination date.  You must meet all of the terms and conditions of the Change in Control Agreement to be eligible for these benefits.

Executive Physical

You will be eligible for an annual physical performed at a Boston area medical center and paid for by the Company.  The terms of the physical will be the same as are applicable to other executive officers of the Company.

409A Provisions 

Notwithstanding any other provision of this letter agreement to the contrary, if you become entitled to severance at a time that the Company determines that you are a specified employee (as defined by Code Section 409A(a)(2)(B)), you will not be paid any severance prior to a date that is 6 months after your separation from service from the Company or your date of death if sooner; provided, however, that if your employment is terminated involuntarily and you become entitled to severance solely on that basis, then (in accordance with the provisions of Treasury Regulations Section 1.409A.1(b)(9)(iii)) you may receive, prior to that date, an amount of severance under this letter agreement (together with any other severance benefits you receive payable solely on that basis), which does not exceed an amount that is two times the compensation limit under Code Section 401(a)(17) at the time of your termination of employment or two times your annualized compensation at that time, if lesser.  To that extent, each payment in a series of payments hereunder shall be deemed to be a separate payment for purposes of Code section 409A.

Finally, please note that all payments and benefits under this letter agreement (as well as under any other Company plan, program, policy or agreement) are intended to be exempt from Code section 409A or, with respect to any such payments and benefits that are not so exempt, to be in compliance with Code Section 409A and the provisions of this letter agreement (and those other Company plans, programs, policies or agreements) shall be interpreted and administered in such a manner, to the maximum extent possible, so that no payment due to you hereunder shall be subject to an additional tax pursuant to Code Section 409A(a)(1)(B).  In accordance with Internal Revenue Service guidance, in order to avoid a violation of Code Section 409A, the release specified above must be signed and delivered to the Company and become irrevocable within 60 days of the date of your termination of employment; and, if the 60-day period extends into a new calendar year, then no severance payment subject to Code section 409A shall be made before the beginning of such new year.

Please note that the provisions under this paragraph do not grant to you any additional benefits, but instead these provisions are solely intended to help assure that any severance benefits that may become payable to you will be paid in a manner that either is exempt from or that conforms to the provisions of Code Section 409A.  

	
		
	© 2016 GCP Applied Technologies, Inc.
	3

EXHIBIT 10.23            .       
	
			
	

Vacation

You will be entitled to four weeks paid vacation per full calendar year.

Other Benefit Programs

You will be eligible to participate in any other Company benefit plan, program or arrangement generally available to similarly-situated employees of the Company (subject to the continuation of the plans, programs or arrangements, as amended from time to time).

Pre-employment

Prior to joining GCP, you will be required to undergo a drug screening test. Please contact Makayla Foote, the Medical Assistant located in our Cambridge medical office, at Makayla.Foote@gcpat.com or 617-498-2669, to assist you in setting up an appointment with a medical facility convenient to your location.  Please provide Makayla with your full legal name, postal address, phone number, email address, date of birth, last four-digits of your social security number, and job title as stated in this letter agreement. 

Your offer of employment with GCP is contingent upon satisfactory completion of a drug screening test and background check.

Confidentiality 

Except in the performance of duties as executive and/or an employee of the Company, you shall not at any time or in any manner make or cause to be made any copies, pictures, or other reproductions or recordings, or any summaries of any reports, studies, memoranda, correspondence, manuals, customer lists, records, formulae, or other written, printed or otherwise recorded materials of any kind whatever, belonging to or in the possession of the Company. You shall have no right, title, or interest in any such material, and you agree that (except in the performance of duties as an employee of the Company) you will not remove any such material from any premises of the Company and will surrender all such material to the Company immediately upon the termination of your employment, or at any time prior thereto upon the request of the Company.

In addition, without the prior written consent of the Company, you shall not at any time or in any manner (whether during or after your employment with the Company) use for your own benefit or purposes, or for the benefit or purposes of any other person, firm, corporation, or business organization, or disclose (except in the performance of duties as an employee of the Company) in any manner to any person, firm, corporation or business organization, any proprietary information, trade secrets or information, data, know-how, or knowledge (including, but not limited to, information, relating to suppliers, sales, customers, market development programs, costs, products, processes, formulae, research and development, or manufacturing methods, designs, or plans or employees) belonging to, or relating to the affairs of, the Company that is of a confidential nature. Information of a confidential nature does not include information that is in or hereinafter enters the public domain without your involvement.

You shall promptly disclose in writing to the Company (and to no one else) all improvements, ideas and inventions, whether or not patentable, whether or not made or conceived or reduced to practice or learned by you, either alone or jointly with others, or whether or not made or conceived prior or subsequent to the execution hereof, during the period of your employment with the Company, or within one year after termination of your employment with the Company, if resulting from or suggested by said employment, that are related to or useful in the actual or anticipated business of the Company, or result from your work with the Company.  All such improvements, ideas and inventions shall be the sole and exclusive property of the Company, and are hereby assigned to the Company. At the request of the Company, and at its cost, you shall assist the Company, or any person or persons from time to time designated by the Company, during the term of your employment with the Company, or within one year thereafter, to obtain and enforce patents, copyrights or other rights in the United States and/or in such other countries as may be designated by the Company, covering such improvements, ideas, and inventions, and shall in connection therewith execute such applications or other documents, furnish such information and data, and take all such other action (including, but not limited to, the giving of testimony) as the Company may from time to time reasonably request.

It is understood that no improvements, ideas, or inventions are excluded from the terms of this letter agreement except as you disclose in writing before, or at the time you commence, your employment.  If you would like to exclude any such items, please provide me a written list in a timely manner.

	
		
	© 2016 GCP Applied Technologies, Inc.
	4

EXHIBIT 10.23            .       
	
			
	

Non-Competition and Non-Solicitation 

Non-Competition

You agree that during the period of twenty-four (24) months after the cessation of your employment with the Company (for any reason whatever), you will not, without the prior written consent of an authorized officer of the Company, (i) directly or indirectly engage in or (ii) assist or have any active interest in (whether as a stockholder, officer, director or any type of principal whatever, provided that ownership of not more than two (2) percent of the outstanding stock of a corporation traded on a national securities exchange shall not of itself be viewed as assisting or having an active interest) or (iii) enter the employment of or act as an agent or distributor for, or adviser or consultant to any person, corporation or business entity which is (or is about to become) directly or indirectly engaged in the development, manufacture or sale of any product which competes with or is similar to any product manufactured, sold or under development by the Company at any time while you are employed by the Company, in any area of the world in which such product is, at the time you cease to be employed, manufactured or sold by the Company. 

You hereby acknowledge and confirm that the business of the Company extends throughout substantial areas of the world.  During the course of employment your involvement with the business of the Company may vary as to products and geographic area. It is the Company’s practice to enforce this noncompetition covenant only to the extent necessary to protect the Company’s legitimate interests commensurate with your involvement with the business of the Company during your employment, and you acknowledge and confirm that the Company may enforce this noncompetition covenant consistent with such practice.

Non-Solicitation of Customers

You also agree that during the period of twenty-four (24) months after the cessation of your employment with Company (for any reason whatever), you shall not, on your own behalf or on behalf of any person, firm, corporation or business organization or entity, without the prior written consent of an authorized officer of Company, solicit, contact, call upon, communicate with or attempt to communicate with any customer or prospect of Company, or any representative of any customer or prospect of Company, with a view to sell or provide any product, equipment or service competitive or potentially competitive with any product, equipment or service sold or provided or under development by Company during the twelve months immediately preceding cessation of your employment with Company, provided that the restrictions set forth in this paragraph shall apply only to customers or prospects of Company, or representative of customers or prospects of Company, with whom you had contact during such twelve month period. The actions prohibited by this section shall not be engaged in by you directly or indirectly.

Non-Solicitation of Employees

You also agree that during the period of twenty-four (24) months after the cessation of your employment with the Company (for any reason whatever), you will not, directly or indirectly, on your own behalf or on behalf of or in conjunction with any person, firm, corporation or business organization or entity, without the prior written consent of an authorized officer of the Company, recruit, solicit, or induce, or attempt to recruit, solicit, or induce, any employee of the Company (with whom you had contact or supervised during the term of your employment) to terminate their employment relationship with the Company or to perform services for any other person, firm, corporation or business organization or entity. 

Enforceability

You acknowledge that if you breach the provisions of the “Confidentially” or “Non-Competition and Non-Solicitation” sections of this letter agreement, the injury to the Company would be substantial, irreparable, and impossible to measure and compensate in money damages alone.  You therefore agree that, in addition to provable damages, the Company may seek, and agree that a court of competent jurisdiction should grant, preliminary and permanent injunctive relief prohibiting any conduct by you which violates any of those provisions.

Indemnification

The Company shall, to the extent permitted by applicable law, indemnify you and hold you harmless from and against any and all losses and liabilities you may incur as a result of your performance of your duties as an officer or employee of the Company.  In addition, the Company shall indemnify and hold you harmless against any and all losses and liabilities that you may incur, 

	
		
	© 2016 GCP Applied Technologies, Inc.
	5

EXHIBIT 10.23            .       
	
			
	

directly or indirectly, as a result of any third party claims brought against you (other than by any taxing authority) with respect to the Company’s performance of (or failure to perform) any commitment made to you under this letter agreement.  The Company shall obtain such policy or policies of insurance as it reasonably may deem appropriate to effect this indemnification.

Miscellaneous

You agree that you will resign as a director, partner, officer and/or any other position of each direct or indirect subsidiary of the Company and/or of any other business entity directly or indirectly controlled by the Company, and to transfer to the Company any stock or other interest in any such subsidiary or business entity (which you may hold as a result of your employment with the Company), effective upon your cessation of employment with the Company or at any other time at the request of the Company. At the request of the Company, and at its cost, you agree to execute any statement or document, or take such other action, to effectuate such resignations and transfers.  (Note, this provision does not apply to any equity you may hold in the Company, only to direct or indirect subsidiaries of the Company.)

You also agree to return all Company property to the Company, effective upon your cessation of employment or at any other time at the request of the Company.

You and the Company acknowledge this letter agreement, and the other written agreements referred to herein, contain the entire understanding of the parties concerning the subject matter hereof. You and the Company acknowledge that this letter agreement supersedes any prior agreement between you and the Company concerning the subject matter hereof.

If any provision of this letter agreement is held invalid or unenforceable in whole or in part, such provision, to the extent it is invalid or unenforceable, shall be revised to the extent necessary to make the provision, or part hereof, valid and enforceable, consistent with the intentions of the parties hereto.  Any provision of this letter agreement that is held invalid or unenforceable, in whole or in part, shall not affect the validity and enforceability of the other provisions of this letter agreement which shall remain in full force and effect.

This letter agreement may be amended, superseded or canceled only by a written instrument specifically stating that it amends, supersedes or cancels this letter agreement, executed by you and the Company.

This letter agreement shall be governed, construed and enforced in accordance with the laws of the Commonwealth of Massachusetts, without regard to its conflict of laws rules.

I am very excited about your decision to join GCP and we look forward to a productive and rewarding relationship.

Sincerely,

/s/ Gregory E. Poling

Gregory E. Poling
President and Chief Executive Officer

AGREED AND ACCEPTED:

/s/ Kevin R. Holland         
Kevin R. Holland

Date: December 2, 21017        

	
		
	© 2016 GCP Applied Technologies, Inc.
	6

EXHIBIT 10.23            .       
	
			
	

cc:          John W. Kapples

	
		
	© 2016 GCP Applied Technologies, Inc.
	7

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00267-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00267-of-00352.parquet"}]]