SEC Contract Filing

Filing Date: 2020-08-04

Document Content:
<DOCUMENT>
<TYPE>EX-10.2
<SEQUENCE>2
<FILENAME>ex10_2.htm
<DESCRIPTION>EXHIBIT 10.2
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 <div style="font-weight: bold; text-align: right;">Exhibit 10.2<br>
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 <div style="text-align: center; color: rgb(0, 0, 0); font-weight: bold;"><u>TRANSITION AGREEMENT</u></div>
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 <div style="text-align: justify; text-indent: 36pt; color: rgb(0, 0, 0);">This Transition Agreement (this &#8220;<font style="font-weight: bold; font-style: italic;">Agreement</font>&#8221;), dated June 12, 2020 (the &#8220;<font style="font-weight: bold; font-style: italic;">Execution Date</font>&#8221;), confirms the following understandings and agreements between Ingersoll Rand Inc. (formerly known as Gardner Denver Holdings, Inc.) (the &#8220;<font style="font-weight: bold; font-style: italic;">Company</font>&#8221;) and
 Emily Weaver (hereinafter referred to as &#8220;<font style="font-weight: bold; font-style: italic;">you</font>&#8221; or &#8220;<font style="font-weight: bold; font-style: italic;">your</font>&#8221;).</div>
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 <div style="text-align: justify; text-indent: 36pt; color: rgb(0, 0, 0);">In consideration of the promises set forth herein, you and the Company agree as follows:</div>
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 <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;"><font style="color: rgb(0, 0, 0);">1.</font>&#160;&#160;&#160;&#160; &#160;&#160; &#160;&#160;&#160; <font style="color: rgb(0, 0, 0);"><u>Termination of Employment; Transition Period</u>.</font></div>
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 <div style="text-align: justify; text-indent: 108pt;"><font style="color: rgb(0, 0, 0);">(a)</font>&#160;&#160;&#160; &#160; &#160;&#160; <font style="color: rgb(0, 0, 0);">Your employment and all directorships with the Company and its direct and indirect parent(s), subsidiaries
 and affiliates (collectively with the Company, the &#8220;<font style="font-weight: bold; font-style: italic;">Company Group</font>&#8221;) will terminate on the date mutually agreed upon by the parties hereto, which is no later than June 30, 2020 (the &#8220;<font style="font-weight: bold; font-style: italic;">Termination Date</font>&#8221;). After the Termination Date, you will not represent yourself as being an employee, officer, agent or representative of the Company or any other member of the Company
 Group.</font></div>
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 <div style="text-align: justify; text-indent: 108pt;"><font style="color: rgb(0, 0, 0);">(b)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="color: rgb(0, 0, 0);">Effective as of the Execution Date, your offer letter, dated October 3, 2019, which sets forth the terms
 of your employment with the Company (the &#8220;<font style="font-weight: bold; font-style: italic;">Offer Letter</font>&#8221;) shall be terminated and of no further force and effect, except that Section 12 of the Offer Letter (related to certain
 indemnification obligations of the Company) shall continue in effect after the Execution Date in accordance with its terms and such Section 12 is hereby incorporated by reference into this Agreement. The parties hereby agree that you are not
 required to repay all or any portion of the signing bonus that was paid to you pursuant to Section 2 of the Offer Letter.</font></div>
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 <div style="text-align: justify; text-indent: 108pt;"><font style="color: rgb(0, 0, 0);">(c)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="color: rgb(0, 0, 0);">During the period commencing on the Execution Date and ending on your Termination Date (the &#8220;<font style="font-weight: bold; font-style: italic;">Transition Period</font>&#8221;), (i) you will continue to serve as the Company&#8217;s Senior Vice President and Chief Financial Officer (&#8220;<font style="font-weight: bold; font-style: italic;">CFO</font>&#8221;)
 until June 15, 2020 (at which time you will resign as the CFO), and (ii) thereafter until your Termination Date, you will continue to serve in a full-time capacity as an advisor to the Company&#8217;s new CFO (and will hold no other titles or positions
 with the Company or any other member of the Company Group) and will provide such transitional services as may be requested from time to time by the new CFO or the Company&#8217;s Chief Executive Officer.</font></div>
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 <div style="text-align: justify; text-indent: 108pt;"><font style="color: rgb(0, 0, 0);">(d)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="color: rgb(0, 0, 0);">During the Transition Period, you will work at the offices of the Company at which you were principally
 employed prior to the Execution Date (or continue to work remotely per the Company&#8217;s on-site work policies), continue to be paid a base salary at the rate of $575,000 per year and continue to participate in all employee benefit plans of the
 Company on the same basis as such plans were made available to you immediately prior to the Execution Date (except as otherwise provided herein).</font></div>
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 <div style="text-align: justify; text-indent: 108pt;"><font style="color: rgb(0, 0, 0);">(e)</font>&#160;&#160;&#160;&#160;&#160;&#160; &#160;&#160; <font style="color: rgb(0, 0, 0);">You currently hold options (&#8220;<font style="font-weight: bold; font-style: italic;">Options</font>&#8221;) to
 purchase shares of the Company&#8217;s common stock (&#8220;<font style="font-weight: bold; font-style: italic;">Common Stock</fo