Document:

Exhibit

Exhibit 10.53
[Brookdale Letterhead]

March 23, 2018

Teresa Sparks

Dear Teresa,

We are pleased to extend you an offer to join Brookdale as Interim Chief Financial Officer at our Brentwood office starting on March 28, 2018.  We are excited about you joining the Brookdale team and look forward to a mutually rewarding experience.   The details of your employment offer are as follows:

		
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	As you know, Brookdale intends to conduct a search for a permanent Chief Financial Officer, and it is expected that your service as Interim Chief Financial Officer will terminate at such time that a permanent Chief Financial Officer candidate starts employment with Brookdale.  The parties acknowledge that your employment with Brookdale, if accepted, will be considered “at will” and may be terminated by you, or by Brookdale, with or without cause and with or without notice at any time.  

		
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	This offer is contingent upon the favorable outcome of final reference checks, a background investigation, completion of an officers’ questionnaire and an auditor’s questionnaire, a pre-employment drug screen and approval of the Compensation Committee of the Board of Directors. If there is a failure with regard to any one or more of these three items, this offer may be rescinded.  

		
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	Your bi-weekly salary will be $19,230.76 (equivalent to $500,000 annually), and you will be paid every other Friday. Your full-time position is considered exempt and you are not eligible for overtime compensation or any other benefits, except as set forth herein.  

		
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	You will be eligible to participate in a cash bonus program to be established for your role, with such bonus amounts targeted at 100% of your base salary earned during your tenure as Interim Chief Financial Officer.  The bonus will be paid subject to your fulfillment of individual objectives and on timing that will be mutually agreed upon within two weeks of your starting date.

		
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	Due to the interim nature of this position, you will not be provided with relocation assistance nor will you be eligible to participate in the 2018 annual cash incentive plan applicable to other senior executives, the Brookdale 2014 Omnibus Incentive Plan, the Brookdale Retirement Savings Plan or the Brookdale welfare plans which include but are not limited to the medical, dental, vision, life and disability insurance programs.  You will begin with five (5) days of accrued paid-time off and will accrue paid-time off per Brookdale’s policy.  

		
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	Brookdale is a drug and alcohol free workplace.  Brookdale will perform drug and alcohol testing as set forth in its Drug and Alcohol Free Workplace Policy and consistent with all federal, state, and local laws. Failure of any drug or alcohol screen may result in disciplinary action, up to and including termination of your employment.

		
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	Brookdale may perform ongoing criminal background screenings to ensure that its associates are compliant with laws regarding convictions and pending charges. As a condition to your employment or continued employment, you may be asked to sign a release for Brookdale to obtain criminal background checks. If you refuse to sign the release, it will be grounds for immediate termination. In the event certain criminal convictions appear on your record, you understand that you may be considered unemployable by Brookdale. A failure to report a conviction may result in disciplinary action, up to and including termination. You agree to report any new felony or misdemeanor convictions, beyond minor traffic violations, occurring after your hire to your supervisor.

		
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	This offer supersedes all previous offers.  Please understand that the terms stated herein are the only terms being offered to you.  Nothing contained in this letter or in any other written or oral communication made prior to the date of this letter should be considered or interpreted in any manner as a contract or agreement of employment.  

1

		
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	By signing below and accepting the position described herein, you agree to abide by Brookdale’s policies regarding confidentiality and the protection of proprietary information and trade secrets (including those set forth in Brookdale’s Code of Business Conduct and Ethics) which have been made available to you.  These obligations will survive the termination of your employment.

		
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	You will be expected to execute a copy of the Brookdale Dispute Resolution Agreement in the online onboarding process, a copy of which has been made available to you.  Execution of that Agreement is a condition of employment at Brookdale.

		
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	Your employment will be subject to all of Brookdale’s employment policies and procedures, including Brookdale’s Associate Handbook, Code of Business Conduct and Ethics, and Code of Ethics for Chief Executive and Senior Financial Officers, each as may be amended, modified or supplemented from time to time. 

Teresa, all of us on the Brookdale team look forward to working with you!  If there is anything I can do during your employment with Brookdale, please let me know.  Please affirm your acceptance of this offer by signing in the space below and returning one signed original copy to me.

Sincerely,

/s/ Lucinda M. Baier        
Lucinda M. Baier 
President and Chief Executive Officer

ACCEPTED: /s/ Teresa F. Sparks                    DATE: 3/26/2018            

This offer letter contains only the highlights of the Brookdale benefits and compensation programs and is subject to periodic review and modification. Each plan is governed by an official plan document. In case of any conflict between this offer letter and an official document, the plan document will be the final authority. For more detailed information about the benefit or compensation plans, contact your human resources representative or call the Brookdale Benefits Department.

2esnd-ex101_24.htm

EXHIBIT 10.1

 

Essendant Inc.

Annual Cash Incentive Award Plan

For Section 16 Officers

 

Essendant, Inc. maintains the 2015 Long-Term Incentive Plan, as amended and restated effective May 20, 2015, and as the same may be subsequently amended, restated or modified (the “LTIP”), under which the Human Resources Committee of the Company’s Board of Directors (“Committee”) has the discretion to grant Cash Incentive Awards (“Awards”). The Committee wishes to exercise its discretion to grant Awards pursuant to the terms and conditions of the LTIP and this Annual Cash Incentive Award Plan (the “CIP”), which is hereby amended and restated by the Committee effective as of January 1, 2018, for the purpose of granting Awards (subject to the terms and conditions of the LTIP).

Any term that is capitalized but not defined in this CIP will have the meaning set forth in the LTIP. 

	
 
	
1.
	
Eligibility. For any Performance Period (as defined in Section 3 below), the Committee shall determine and designate those officers of the Company for purposes of Section 16 of the Securities Exchange Act of 1934 (“Section 16 Officers”) and who will be granted an Award under this CIP and such persons shall be “Participants” in this CIP for that Performance Period. 

	
 
	
2.
	
Awards. Unless otherwise designated by the Committee pursuant to Section 6 below, Awards made under this CIP are subject to the maximum Award amounts specified in the LTIP. Any Award granted under this CIP will be evidenced by a separate writing and subject to the terms and conditions of the LTIP and this CIP.

	
 
	
3.
	
Performance Period. The Performance Period for an Award granted under this CIP shall be the calendar year specified by the Committee in the separate writing evidencing the Award.

	
 
	
4.
	
Performance Measurement. Payment of Awards granted under this CIP will be conditioned upon the achievement of one or more performance measures during the applicable Performance Period. The applicable performance measures will be (a) determined by the Committee, and (b) set forth in the separate writing evidencing the Award.

	
 
	
5.
	
Employment on Last Day of Performance Period. Except as otherwise provided in Section 6 below or in a superseding Employment Agreement, a Participant must be actively employed by the Company on the last day of the Performance Period to receive any payment due for that Performance Period for a final Award determined under Section 7 below.

	
 
	
6.
	
Partial Year Participation. The Committee may allow an individual who transfers into or out of an eligible position (Section 16 Officers) or who terminates employment under certain circumstances during a Performance Period to participate in the CIP for that Performance Period on a prorated basis. In such a case, the Participant’s final Award will be prorated as reasonably determined by the Committee, but generally based on the Participant’s compensation earned during the Performance Period by the Participant at each applicable, position, salary and bonus level. Situations in which proration may be appropriate include, but are not limited to: (a) new hire, (b) transfer from a position that does not meet the eligibility criteria to a position that meets the eligibility criteria, (c) transfer from a position that does meet the eligibility criteria to a position that does not meet the eligibility criteria, (d) changes in the conditions of participation such as target incentive level, salary, leave of absence, etc. during the Performance Period, and (e) terminations under certain circumstances which are described below. In the case of prorated Awards, the Participant’s final Award will be the sum of all prorated Awards.

	
 
	
a.
	
Terminations – Except as otherwise provided in any written employment agreement between the Participant and the Company or in the Essendant Inc. Executive Severance Plan (or any successor plan thereto), if a Participant’s employment terminates during a Performance Period due to death, disability (as defined by the Social Security Administration), retirement (which is a voluntary termination of employment by the Participant on or after reaching age 60 if the Participant also has at least five years of service with the Company) or a reduction in force to be determined by the Company in its sole discretion, 

	
 
		
the Participant shall be eligible to receive a prorated portion of the Award as determined based on actual performance through the end of the Performance Period in accordance with Section 7 below.

	
 
	
b.
	
Leaves of Absence - Incentive compensation, including any Award payable under the CIP, is prorated based on the number of days a Participant takes an unpaid leave of absence during the incentive measurement timeframe (i.e., the Performance Period) unless otherwise required by state law. A leave day where a Participant only receives benefit payments (e.g., short term disability, long term disability and workers’ compensation) is deemed unpaid for the purpose of determining incentive pay. An approved intermittent, partial leave day is deemed paid for the purpose of determining incentive compensation.

	
 
	
7.
	
Adjustment of Performance Measure Targets and Determination and Payment of Final Awards – The Committee has the right to adjust the performance measure targets (either up or down) during the Performance Period if it determines that external changes or other unanticipated business conditions have materially affected the fairness of the targets or unduly influenced the Company’s ability to meet them. The Committee also has the right to adjust the performance measure targets during the Performance Period in the event an extraordinary and unanticipated corporate event such as a Change of Control requires that the CIP be amended to provide for a Performance Period consisting of less than twelve months. Notwithstanding the foregoing, the Committee has the right to adjust Awards in accordance with the LTIP.

As soon as practicable after the close of the Performance Period, the Committee will review performance against the previously established performance measures and approve final Awards for each Participant who remains actively employed by the Company on the last day of the Performance Period (or who satisfies the provisions of Section (6)). A Participant will be eligible to receive payment with respect to an Award only to the extent that, (a) the performance measures for such Award are achieved, and (b) it is determined that all or some portion of the Participant’s Award has been earned for the Performance Period. The Company will pay the final Awards in cash as soon as administratively practicable, but no later than March 15th of the calendar year following the calendar year in which the last day of the Performance Period occurred, in accordance with each Participant’s payroll election (i.e., direct deposit or pay card) at the time the Award is distributed. Final Awards shall be a liability of the Company on the last day of the Performance Period.

 

	
 
	
8.
	
No Right to Employment. Nothing herein confers upon a Participant any right to continue in the employ of the Company or any Subsidiary.

	
 
	
9.
	
Administration and Interpretation. The Committee has the authority to control and manage the operation and administration of the LTIP and this CIP. Any interpretations of the LTIP or this CIP by the Committee and any decisions made by it under the LTIP or this CIP are final and binding on the Participant and all other persons. 

	
 
	
10.
	
Governing Law. This CIP and the rights and obligations hereunder shall be governed by and construed in accordance with the laws of the state of Delaware, without regard to principles of conflicts of law of Delaware or any other jurisdiction.

	
 
	
11.
	
Controlling Terms and Conditions. Notwithstanding anything in this CIP to the contrary, the terms of this CIP shall be subject to all of the terms and conditions of the LTIP (as it may be amended in accordance with its terms), a copy of which may be obtained by the Participant from the office of the Secretary of the Company. In addition, this CIP and the Participant’s rights hereunder shall be subject to all interpretations, determinations, guidelines, rules and regulations adopted or made by the Committee from time to time pursuant to the LTIP and this CIP. The LTIP (along with this CIP and any individual Award granted to a Participant) supersedes any and all prior oral and written discussions, commitments, undertakings, representations or agreements (including, without limitation, any terms of any employment offers, discussions or agreements) involving cash incentive Awards.

 

	
 
	
12.
	
Recovery of Payments. Notwithstanding any contrary provision of this CIP, the Companies may recover any Award granted or paid under the CIP, to the extent required by the terms of any clawback or compensation recovery policy adopted by the Companies.

 

	
 
	
13.
	
Amendment and Termination. This CIP may be amended or terminated in accordance with the provisions of the LTIP, and may otherwise be amended or terminated by the Company without the consent of any other person, provided that this CIP shall not be amended or terminated in any manner that would be inconsistent with Section 409A of the Code (to the extent applicable).

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