SEC Contract Filing

Filing Date: 2019-08-14

Document Content:
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<TYPE>EX-10.1
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<FILENAME>d750412dex101.htm
<DESCRIPTION>EX-10.1
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>Exhibit 10.1 </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>EMPLOYMENT AGREEMENT </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">THIS EMPLOYMENT AGREEMENT (this &#147;<U>Agreement</U>&#148;) is dated as of August&nbsp;8, 2019, between Lear Corporation, a Delaware
corporation (the &#147;<U>Company</U>&#148;) and Carl Esposito (&#147;<U>Executive</U>&#148;). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">WHEREAS, Executive has been hired for and
appointed to the position of Senior Vice President and President <FONT STYLE="white-space:nowrap">E-Systems,</FONT> effective September&nbsp;3, 2019 (the &#147;<U>Effective Date</U>&#148;); </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">WHEREAS, the Company desires to have the benefit of Executive&#146;s service and the restrictive covenants contained herein; and </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">WHEREAS, in recognition of Executive having been hired for and appointed to the position of Senior Vice President and President <FONT
STYLE="white-space:nowrap">E-Systems,</FONT> the parties desire to enter into this Agreement in order to set forth the terms of Executive&#146;s continuing employment. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">NOW, THEREFORE, in consideration of the mutual covenants contained herein and other good and valuable consideration, the receipt and
sufficiency of which are hereby acknowledged, and intending to be legally bound, the parties hereby agree as follows: </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">1.&nbsp;&nbsp;&nbsp;&nbsp;<B>Term
of Agreement.</B> This Agreement shall commence on and as of the Effective Date and continue until Executive&#146;s employment has terminated and the obligations of the parties hereunder have terminated or expired or have been satisfied in
accordance with their terms, or if earlier, upon the execution of a new employment agreement by the parties hereto (the &#147;<U>Term</U>&#148;). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">2.&nbsp;&nbsp;&nbsp;&nbsp;<B>Terms of Employment.</B> During the Term, Executive agrees to be a full-time employee of the Company serving in the position of
Senior Vice President and President <FONT STYLE="white-space:nowrap">E-Systems</FONT> of the Company. Executive agrees to devote substantially all of Executive&#146;s working time and attention to the business and affairs of the Company, to
discharge the responsibilities associated with Executive&#146;s position with the Company, and to use Executive&#146;s best efforts to perform faithfully and efficiently such responsibilities. Nothing herein shall prohibit Executive from devoting
Executive&#146;s time to civic and community activities, serving as a member of the board of directors of other corporations that do not compete with the Company, or managing personal investments, as long as the foregoing do not interfere with the
performance of Executive&#146;s duties hereunder or violate the terms of the Company&#146;s Code of Business Conduct and Ethics, the Company&#146;s Corporate Governance Guidelines, or other policies applicable to the Company&#146;s executives
generally, as those policies may be amended from time to time by the Company. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">3.&nbsp;&nbsp;&nbsp;&nbsp;<B>Compensation.</B> </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a)&nbsp;&nbsp;&nbsp;&nbsp;As compensation for Executive&#146;s services under this Agreement, Executive shall be entitled during the Term to
receive an initial base salary the annualized amount of which shall be $650,000, to be paid in accordance with existing payroll practices for executives of the Company. Increases in Executive&#146;s base salary, if any, shall be as approved by the
Compensation Committee of the Board of Directors of the Company (the &#147;<U>Board</U>&#148;). In addition, effective January 1, 2020, Executive shall be eligible to receive an annual incentive compensation bonus (&#147;<U>Bonus</U>&#148;) and
awards under the Company&#146;s 2019 Long-Term Stock Incentive Plan or successor plan (the &#147;<U>LTSIP</U>&#148;), each to be approved from time to time by the Compensation Committee of the Board. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b)&nbsp;&nbsp;&nbsp;&nbsp;During the Term, Executive shall be eligible for participation in
the welfare, retirement, and other benefit plans, practices, policies and programs, as may be in effect from time to time, for senior executives of the Company generally. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(c)&nbsp;&nbsp;&nbsp;&nbsp;During the Term, Executive shall be eligible for prompt reimbursement for business expenses reasonably incurred by
Executive in accordance with the Company&#146;s policies, as may be in effect from time to time, for its senior