SEC Contract Filing

Filing Date: 2021-05-27

Document Content:
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<TYPE>EX-10.3
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<FILENAME>d176243dex103.htm
<DESCRIPTION>EX-10.3
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>Exhibit 10.3 </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>The Goodyear Tire &amp; Rubber Company </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Akron, Ohio 44316-0001 </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">May&nbsp;24, 2021
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Stephen R. McClellan </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">President, Americas </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Re:&nbsp;&nbsp;&nbsp;&nbsp;<U>Retention Agreement</U> </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Dear
Steve: </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">As you are aware, you are a key member of the management team of The Goodyear Tire&nbsp;&amp; Rubber Company (the
&#147;Company&#148;) who will help us continue in our success and move us forward in meeting our <FONT STYLE="white-space:nowrap">long-term</FONT> business objectives. The Board of Directors recognizes that your skills and experience are critical to
the Company and, as a result, the Company desires to offer you a payment in exchange for your agreement to stay for a specific period of time. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">By executing this Retention Agreement, you will be eligible to receive a lump sum payment equal to the difference, if any, between the benefit
calculated under the Supplementary Pension Plan (&#147;SERP&#148;) based on the interest rate at January&nbsp;1, 2021 (0%) and the SERP benefit based on the applicable interest rate at the time of retirement as defined in the SERP (the
&#147;Retention Payment&#148;). You must provide continuous service to the Company through at least December&nbsp;31, 2023 (the &#147;Retention Date&#148;) to be eligible for the Retention Payment. The Retention Payment will be paid at the same time
as your SERP benefit is paid. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">As part of this agreement, you agree to continue to follow the policies and procedures established by the
Company, which may change from time to time, work directions from the Company&#146;s Board of Directors, and the provisions set forth herein. Payment of the Retention Payment will be subject to the Board of Directors&#146; satisfaction (in its
reasonable judgment) with (1)&nbsp;your cooperation, diligence and loyalty through the Retention Date, (2)&nbsp;your performance through the Retention Date, (3)&nbsp;your compliance with all Company policies and procedures and other agreements with
the Company through the Retention Date, and (4)&nbsp;the continuation of your active employment with the Company through the Retention Date. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">While you will remain an <FONT STYLE="white-space:nowrap">at-will</FONT> employee, if the Company terminates your employment prior to the
Retention Date for reason other than cause, you will be entitled to receive the Retention Payment, in accordance with the terms of this agreement. For purposes of this agreement, &#147;cause&#148; includes, but is not limited to, (1)&nbsp;the
failure to act in a cooperative, diligent and loyal manner, (2)&nbsp;an act of fraud, embezzlement or theft in connection with your duties or in the course of your employment with the Company, or (3)&nbsp;misconduct that is injurious to the Company,
monetarily or otherwise, such as violations of the Company&#146;s Business Conduct Manual. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Stephen R. McClellan </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">In the event of your permanent disability or death prior to the Retention Date, you or your estate as applicable, will receive the Retirement
Payment. For purposes of this agreement, disability is defined in accordance with the Company&#146;s long-term disability program. Timing of the <FONT STYLE="white-space:nowrap">lump-sum</FONT> payment will follow the standard payment timing as
defined in the SERP. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">You and the Company agree that this letter agreement constitutes the entire agreement and supersedes all prior
agreements or understandings, whether oral or written, between you and the Company with respect to the subject matter of this agreement. Any modifications to this agreement must be in writing and signed by you and an authorized director, employee or
agent of the Company. This Retention Agreement is governed by and will be construed in accordance with the laws of the State of Ohio. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Please take the time to review this Retention Agreement carefully and address any questions you may have to me. If you wish to accep