Document:

Exhibit 10.1

 

AMENDMENT NO. 3
 TO
 EMPLOYMENT AGREEMENT
 (Robert McCormick)

 

This AMENDMENT NO. 3 TO EMPLOYMENT AGREEMENT (“Amendment”) is made and entered into, effective as of June 14, 2010 (the “Effective Date”), by and between Robert McCormick (“Executive”) and Douglas Dynamics, Inc., a Delaware corporation (the “Company”).

 

WHEREAS, Executive and the Company are parties to that certain Employment Agreement dated as of September 7, 2004 (as amended, the “Employment Agreement”); and

 

WHEREAS, the Company and Executive wish to amend the Employment Agreement as provided for herein, effective as of the Effective Date.

 

NOW, THEREFORE, in consideration of the foregoing, the Employment Agreement is amended as follows, effective as of the Effective Date:

 

1.                                      The first sentence of Section 1(a) is hereby deleted in its entirety and replaced with the following:

 

“Subject to the terms set forth herein, the Company and Douglas Dynamics, L.L.C., a Delaware limited liability company and wholly-owned subsidiary of the Company (“Douglas”), respectively, agree to employ Executive as their Executive Vice President and Chief Financial Officer and in such other executive capacities as may be requested from time to time by the Company’s Board of Directors (the “Board”) or a duly authorized committee thereof, and Executive hereby accepts such employment.”

 

2.                                      The first sentence of Section 1(a) is hereby deleted in its entirety and replaced with the following:

 

Executive shall receive for services to be rendered hereunder a salary at the rate of $22,500 per month payable at least as frequently as monthly and subject to payroll deductions as may be necessary or customary in respect of the Company’s and Douglas’ salaried employees (the “Base Salary”).

 

3.                                      Except as expressly provided herein, the provisions of the Employment Agreement shall remain in full force and effect and are hereby ratified and confirmed.

 

[Signature Page Follows]

 

 

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

 

 

	     
    	    DOUGLAS DYNAMICS, INC.
    
	     
    	     
    
	     
    	     
    	     
    
	     
    	    By:
    	    /s/ James L. Janik
    
	     
    	    Name: James L. Janik
    
	     
    	    Title: President & CEO
    
	     
    	     
    
	     
    	     
    
	     
    	    EXECUTIVE
    
	     
    	     
    
	     
    	     
    
	     
    	    /s/ Robert McCormick
    
	     
    	    Robert McCormick
    

 

[Signature Page to Amendment No. 3 to Employment Agreement]Exhibit 10.2

 

Douglas Dynamics, Inc.

7777 North 73rd Street

Milwaukee, WI 53223

 

June 14, 2010

 

Keith Hagelin

c/o Douglas Dynamics, Inc.

7777 North 73rd Street

Milwaukee, WI 53223

 

Dear Keith:

 

This letter agreement will confirm the terms of your employment as Vice President of Operations of Douglas Dynamics, Inc., a Delaware corporation (the “Company”) and Douglas Dynamics, L.L.C., a Delaware limited liability company and wholly-owned subsidiary of the Company (“Douglas”).

 

1.             Salary and Benefits.

 

(a)           Base Salary.  Effective as of June 14, 2010, you shall receive a salary at the rate of $17,916.67 per month payable at least as frequently as monthly and subject to payroll deductions as may be necessary or customary in respect of the Company’s and Douglas’ salaried employees (the “Base Salary”).  The Base Salary will be reviewed by and shall be subject to adjustment in the sole discretion of the Board of Directors of the Company (the “Board”) each year during your employment.

 

(b)           Participation in Benefit Plans; Vacation.  During your employment, you shall be entitled to participate in any group insurance, hospitalization, medical, dental, health, accident, pension, disability or similar plan or program of the Company now existing or established hereafter to the extent that you are eligible under the general provisions thereof.  The Company may, in its sole discretion and from time to time, amend, eliminate or establish additional benefit programs as it deems appropriate.  You shall also participate in all fringe benefits, including without limitation annual vacation time, offered by the Company or Douglas to any of its executives at your level.

 

2.             Termination of Employment.

 

(a)           In General.  Generally, your employment with the Company and Douglas is considered “at will” and may be terminated by any party at any time with or without notice, and nothing contained in this letter agreement is intended to be construed as a guarantee that employment will continue for any period of time.  Except as set forth in Section 2(b) below, in the event your employment is terminated for any reason you shall be entitled to receive only (i) your accrued Base Salary and accrued, but unused vacation as of the date of termination of employment, and (ii) any other payments or benefits as required by law or in accordance with the 

 

 

then-current terms of any benefit plan maintained by the Company or Douglas in which you participate (collectively, your “Accrued Benefits”).

 

(b)           Termination Without Cause.  Notwithstanding the foregoing, if the Company and/or Douglas terminates your employment without Cause (as defined below) in addition to your Accrued Benefits, the Company shall pay you as severance an amount equal to twelve (12) months of your then Base Salary, provided that payment of such amount shall be contingent upon and subject to your execution (within 45 days following the date of termination) and non-revocation of a release of claims in favor of the Company and Douglas in a form provided by the Company. Such remuneration shall be paid, less requisite withholdings for tax and social security purposes, in monthly pro rata payments commencing as of the date of termination.  In the event your employment is terminated for any other reason (including, without limitation, by the Company for Cause, by your resignation for any reason, or in the event of your death or Disability (as defined in the Company’s 2010 Stock Incentive Plan), the Company and Douglas shall have no obligation to pay severance of any kind under this letter agreement.  For purposes of this letter agreement, “Cause” means: (a) any conviction or indictment of you or the entering of a plea of nolo contendere by you with respect to any felony, crime involving fraud or misrepresentation, or any other crime (whether or not such felony or crime is connected with your employment or service) the effect of which in the judgment of the Board is likely to affect, materially and adversely, the Company and/or any Company Affiliate; (b) gross misconduct in connection with the performance of your duties; (c) demonstration of habitual negligence in the performance of your duties; or (d) fraud or dishonesty in connection with your employment or service, or theft, misappropriation or embezzlement of the Company’s and/or any Company Affiliate’s funds or other property.  For purposes of this definition, “Company Affiliate” means any person or entity that is a subsidiary of, or controlled directly or indirectly by, the Company, with “controlled” meaning having the power to direct the management and policies of a person or entity, directly or indirectly, whether through the ownership of voting securities, by contract or otherwise.

 

3.             Company Policies.  The employment relationship between the parties shall be governed by the general employment policies and practices of the Company, including but not limited to those relating to protection of confidential information and assignment of inventions, except that when the terms of this letter agreement differ from or are in conflict with the Company’s general employment policies or practices, this letter agreement shall control.

 

4.             Miscellaneous.

 

(a)           If any provision of this letter agreement shall be adjudged invalid, void, or unenforceable, the remainder of the terms or provisions of this letter agreement shall continue in full force and effect.

 

(b)           This letter agreement incorporates the understanding of the parties on all matters.  It supersedes all previous agreements between the parties.

 

(c)           No amendment or modification of this letter agreement is enforceable unless it is in writing and signed by both parties.

 

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(d)           This letter agreement may be executed in multiple counterparts, any of which may be a facsimile or “pdf”, each of which shall be deemed to be an original but all of which shall constitute one and the same instrument.

 

(e)           All questions concerning the construction, validity and interpretation of this letter agreement will be governed by the laws of the State of Delaware without giving effect to principles of conflicts of law.

 

[Signature Page Follows]

 

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IN WITNESS WHEREOF, the parties have executed this letter agreement effective as of the date set forth above.

 

	     
    	    /s/   Keith Hagelin
    
	     
    	    Keith   Hagelin
    
	     
    	     
    
	     
    	     
    
	     
    	    DOUGLAS   DYNAMICS, INC.
    
	     
    	     
    
	     
    	    By:
    	    /s/   James L. Janik
    
	     
    	    Name:
    	    James   L. Janik
    
	     
    	    Title:
    	    President   & CEO
    

 

[Signature Page to Hagelin Letter Agreement]EXHIBIT 10.1

 

ALEXANDRIA REAL ESTATE EQUITIES, INC.
 ANNIVERSARY BONUS PLAN

 

This Anniversary Bonus Plan (the “Plan”) is established by Alexandria Real Estate Equities, Inc. (the “Company”) effective as of July 1, 2010.

 

1.             PURPOSE OF THE PLAN.  The Plan is designed to provide for the payment of cash bonuses to employees of the Company (“Employees”) in recognition of their years of service with the Company.

 

2.             ADMINISTRATION.  The Compensation Committee of the Board of Directors of the Company (the “Committee”) shall have the full power and authority to administer the Plan and to interpret any terms and provisions of the Plan; provided, however, that the Chief Executive Officer of the Company (the “CEO”) shall have the power and authority to determine and authorize bonuses for any individual other than the CEO, the President of the Company, the Chief Financial Officer of the Company and any Senior Vice President of the Company.  Decisions of the Committee and CEO, as applicable, shall be conclusive and binding upon all Employees.

 

3.             ELIGIBILITY FOR AND AMOUNT OF BONUSES.   Each full-time Employee shall be eligible to receive a bonus under the Plan following completion of every five (5) full years of service with the Company.  The amount of such bonus shall be equal to one thousand dollars ($1,000) per completed year of service with the Company (e.g., $15,000 for 15 completed years of service).  Partial years of service shall not be taken into account in calculating the amount of any such bonus.

 

4.             PAYMENT OF BONUSES.  Each eligible Employee shall receive a bonus under the Plan on the date that he or she completes the required number of years of service with the Company, as determined under Section 3 (the “Anniversary Date”) or as soon as administratively practicable thereafter; provided, however, that all bonuses under the Plan shall be paid by March 15th of the calendar year following the calendar year in which the Anniversary Date occurs.  Bonus payments under the Plan shall be made in the form of cash.

 

5.             WITHHOLDING OF COMPENSATION.  The Company shall deduct and withhold from any amounts payable to Employees under the Plan any amounts required to be deducted and withheld by the Company under the provisions of any applicable federal, state and local statute, law, regulation, ordinance or order.

 

6.             PLAN FUNDING.  The Plan shall be unfunded.  Nothing contained in the Plan will be deemed to require the Company to deposit, invest or set aside amounts for the payment of any bonuses under the Plan.

 

7.             AMENDMENT OF THE PLAN.  The Plan may be amended, modified or terminated at any time by the Committee.

 

 

8.             NO GUARANTEE OF CONTINUED SERVICE.  The Plan shall not confer any rights upon Employees to remain in service with the Company for any specific duration or interfere with or otherwise restrict in any way the rights of the Company to terminate an Employee’s service with the Company for any reason, with or without cause or notice.

 

9.             NO ASSIGNMENT OR TRANSFER.  None of the rights, benefits, obligations or duties under the Plan may be assigned or transferred by any Employee.  Any purported assignment or transfer by any Employee shall be void.

 

10.          GOVERNING LAW.  The rights and obligations of any Employee under the Plan shall be governed by and interpreted, construed and enforced in accordance with the laws of the State of Maryland without regard to its or any other jurisdiction’s conflicts of laws principles.

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