SEC Contract Filing

Filing Date: 2022-09-01

Document Content:
<DOCUMENT>
<TYPE>EX-10.23
<SEQUENCE>3
<FILENAME>brc-20220731xex1023offerle.htm
<DESCRIPTION>OFFER LETTER - ANDREW T. GORMAN
<TEXT>
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<title>Document</title></head><body><div id="i10da0bffc2724cf596d9d9109f281277_1"></div><div style="min-height:42.75pt;width:100%"><div><font><br></font></div></div><div style="text-align:right"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:700;line-height:120%;text-decoration:underline">EXHIBIT 10.23</font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:100%">Brady Corporation</font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:100%">6555 West Good Hope Road</font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:100%">P.O. Box 571</font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:100%">Milwaukee, WI USA</font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:112%">53201-0571</font></div><div><font><br></font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:112%">February 19, 2020</font></div><div><font><br></font></div><div><font><br></font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:112%">Andrew Gorman</font></div><div><font><br></font></div><div><font><br></font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:120%">Dear Andrew, </font></div><div><font><br></font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:120%">Congratulations and I am very pleased to offer you the position of General Counsel and Corporate Secretary reporting directly to me.</font></div><div><font><br></font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:120%">Your start date will be on a mutually agreed upon date at which time you will become eligible for salary and benefits. If you accept this offer, this letter establishes the terms and conditions of your employment with the Company.</font></div><div><font><br></font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:700;line-height:120%;text-decoration:underline">Annual Base Salary</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:700;line-height:120%">. </font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:120%">Your annual based salary will be $300,000 payable in accordance with the Company&#8217;s standard payroll practice and subject to applicable withholding taxes. Pay increases will be reviewed annually.</font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:700;line-height:120%;text-decoration:underline">Sign-On Bonus.</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:120%"> Within 30 days of your start date, you will be paid a one-time sign-on bonus in the gross amount of $50,000, which is subject to applicable withholding taxes. This bonus is considered eligible earnings for deferrals to the Brady 401(k). Should you voluntarily terminate your employment within a period of one year from your start date, you will be required to pay the amount back in its entirety.</font></div><div><font><br></font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:700;line-height:120%;text-decoration:underline">Annual Bonus Plan</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:700;line-height:120%">. </font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:120%"> You are eligible to participate in Brady&#8217;s annual incentive program. Bonus awards are based on attainment of specified Company operating and financial goals as well as achievement of defined individual objectives. Your targeted annual incentive opportunity is 50% of annual base salary with upside potential to 289% of this target depending on individual performance and corporate results, prorated based on your hire date. </font></div><div><font><br></font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:700;line-height:120%;text-decoration:underline">New Hire Sign-On Equity Grant</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:700;line-height:120%">.</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:120%"> You will receive a sign-on equity grant of restricted stock units with a grant value of $250,000 to be granted on your hire date. This grant will vest in equal installments on the first, second and third anniversary of the grant. The terms and conditions of the award are set forth in the award agreement.</font></div><div><font><br></font></div><div style="text-align:justify"