SEC Contract Filing

Filing Date: 2019-03-06

Document Content:
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<TYPE>EX-10.20
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<FILENAME>a1020secondarpedersenemp.htm
<DESCRIPTION>EXHIBIT 10.20
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<DIV><FONT size="1" style="font-size:1pt;color:white"> Exhibit 10.20 AMENDED &amp; RESTATED EMPLOYMENT AGREEMENT (Todd Pedersen) AMENDED &amp; RESTATED EMPLOYMENT AGREEMENT (the &#8220;Agreement&#8221;) dated March 4, 2019, by and between APX Group, Inc., a Delaware corporation (the &#8220;Company&#8221;) and Todd Pedersen (&#8220;Executive&#8221;). WHEREAS, the Company is an indirect, wholly owned subsidiary of 313 Acquisition, LLC, a Delaware limited liability company (&#8220;Parent&#8221;); WHEREAS, the Parent, the Company and Executive entered into an Employment Agreement dated as of August 7, 2014 (the &#8220;Prior Agreement&#8221;); WHEREAS, the Parent, the Company and Executive desire to amend and restate in its entirety the Prior Agreement, and for one or more of the Company&#8217;s subsidiaries to continue to employ Executive and Executive desires to continue to be employed in such capacities, on the terms set forth in this Agreement as of the date hereof; and WHEREAS, the Company and Executive desire to enter into this Agreement embodying the terms of such employment which shall, effective as of the date hereof, replace and supersede the Prior Agreement; NOW, THEREFORE, in consideration of the premises and mutual covenants herein and for other good and valuable consideration, the parties agree as follows: 1. Term of Employment. Subject to the provisions of Section 5 of this Agreement, Executive shall continue to be employed by the Company and/or one or more of its subsidiaries through March 4, 2022 (the &#8220;Employment Term&#8221;) on the terms and subject to the conditions set forth in this Agreement; provided, however, the Employment Term shall be automatically extended for an additional one-year period commencing on March 4, 2022 and, thereafter, on each such successive anniversary thereafter (each an &#8220;Extension Date&#8221;), unless the Company or Executive provides the other party hereto at least 90 days prior written notice before the next Extension Date that the Employment Term shall not be so extended. 2. Position, Duties and Authority. (a) During the Employment Term, Executive shall serve as the Company&#8217;s Chief Executive Officer. In such position, Executive shall have such duties, functions, responsibilities and authority as shall be determined from time to time by the Board of Directors of the Company (the &#8220;Board&#8221;) and be consistent with the duties, functions, responsibilities and authority of an individual in Executive&#8217;s position at a portfolio company of a private equity firm. Executive shall report directly to the Board. If requested by the Board, Executive shall also serve as a member of the Board without additional compensation. (b) Executive will devote substantially all of Executive&#8217;s business time and reasonable best efforts to the operation and oversight of the Company&#8217;s businesses and performance of Executive&#8217;s duties hereunder (excluding periods of vacation and sick leave) and 001366-0001-15794-Active.29119549.5 </FONT></DIV>
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<DIV><FONT size="1" style="font-size:1pt;color:white"> will not engage in any other business activities that could conflict with his duties or services to the Company; provided that nothing herein shall preclude Executive, subject to obtaining consent of the Board (not to be unreasonably withheld), from (i) accepting appointment to or continuing to serve on any board of directors or trustees of any business corporation, and (ii) serving as an officer or director or otherwise participating in non-profit educational, welfare, social, religious and civil organizations. The parties agree that consent shall be deemed obtained with respect to Executive&#8217;s service on the board of directors Intermountain Health Care. 3. Compensation. (a) Base Salary. During the Employment Term, the Company shall pay Executive a base salary (&#8220;Base Salary&#8221;) at the annual rate of $1,021,199.82, payable in regular installments in accordance with the Company&#8217;s usual payment practices. Executive&#8217;s Base Salary shall be subject to annual review and subject to increase, if any, as may be determined from time to time in the sole discretion of the Board, but in no event shall the Company be entitled to reduce Executive&#8217;s Base Salary. (b) Annual Bonus. During the Employment Term, Executive shall be eligible to earn an annual bonus award (an &#8220;Annual Bonus&#8221;) with a target amount equal to the sum of (x) 100% of Executive&#8217;s Base Salary at the end of the performance period minus (y) $300,000 (the &#8220;Annual Target Bonus&#8221;). Each Annual Bonus shall be determined based on the achievement of performance objectives and targets established by the Board for the applicable year. The Annual Bonus, if any, shall be paid to Executive within two and one-half months after the end of the applicable fiscal year. Except as provided in Section 5, no Annual Bonus shall be payable in respect of any fiscal year in which Executive&#8217;s employment is terminated. 4. Benefits. (a) General. During the Employment Term, Executive shall be entitled to participate in the Company&#8217;s employee benefit, fringe and perquisite plans, practices, policies and arrangements as in effect from time to time (collectively