SEC Contract Filing

Filing Date: 2021-04-05

Document Content:
<DOCUMENT>
<TYPE>EX-10.1
<SEQUENCE>2
<FILENAME>exhibit101offerofemploymen.htm
<DESCRIPTION>EX-10.1
<TEXT>
<!DOCTYPE html PUBLIC "-//W3C//DTD HTML 4.01 Transitional//EN" "http://www.w3.org/TR/html4/loose.dtd"><html><head>
<!-- Document created using Wdesk -->
<!-- Copyright 2021 Workiva -->
<title>Document</title></head><body><div id="iac91c44aad014e8cb23c655461ed0c36_33"></div><div style="min-height:72pt;width:100%"><div style="text-align:right"><font><br></font></div></div><div style="text-align:right"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:11pt;font-weight:700;line-height:115%">Exhibit 10.1</font></div><div style="text-align:center"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:120%">&#91;Employers letterhead&#93;</font></div><div style="text-align:right"><font><br></font></div><div style="text-align:right"><font><br></font></div><div><font style="color:#000000;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:115%">December 8, 2020</font></div><div><font><br></font></div><div><font style="color:#000000;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:115%">Mr. Christopher Laws</font></div><div><font style="color:#000000;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:115%">&#91;omitted&#93;</font></div><div><font><br></font></div><div><font style="color:#000000;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:115%">Dear Christopher&#58;</font></div><div><font><br></font></div><div><font style="color:#000000;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:115%">Employers Holdings, Inc. (EMPLOYERS or the &#8220;Company&#8221;) is pleased to confirm its offer of employment to you as Executive Vice President, and effective April 1, 2021, Chief Actuary in our Reno, Nevada office, reporting directly to Katherine Antonello. This offer letter supersedes and replaces any previously discussed or negotiated offer of employment whether verbal or written.</font></div><div><font><br></font></div><div style="padding-left:36pt;text-indent:-18pt"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:115%">1.</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:115%;padding-left:8.84pt">Your tentative start date will be February 1, 2021, or a date mutually agreed upon by you and Katherine Antonello. </font></div><div><font><br></font></div><div style="padding-left:36pt;text-indent:-18pt"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:115%">2.</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:115%;padding-left:8.84pt">Your salary will be $12,844.62 per biweekly pay period, which is $335,000 on an annualized basis. You are eligible for health and life insurance benefits on the first day of the month following your start date and you will be eligible to participate in our 401(k) retirement plan on the first day of the pay period following your start date. Vacation is earned at a rate of 25 days per year (earned at a rate of 7.69 hours per pay period). </font></div><div><font><br></font></div><div style="padding-left:36pt;text-indent:-18pt"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:115%">3.</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:115%;padding-left:8.84pt">As an Executive Vice President, you will be eligible to participate in the Company&#8217;s annual executive incentive plan effective for the 2021 calendar year. The plan includes an incentive target of 50% of your annual base salary rate based upon achievement of Corporate performance goals, and is subject to the satisfaction of other criteria. </font></div><div><font><br></font></div><div style="padding-left:36pt;text-indent:-18pt"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:115%">4.</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:115%;padding-left:8.84pt">You will also be eligible to participate in the Company&#8217;s long-term incentive plan effective for the 2021 calendar year, which may include annual grants of stock units and&#47;or stock options as provided to other executives of the Company. The actual grant amounts and type(s) of grants are determined by the Compensation Committee of our Board of Directors.</font></div><div><font><br></font></div><div style="padding-left:36pt;text-indent:-18pt"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:115%">5.</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:115%;padding-left:8.84pt">Additionally, as an Executive Vice President, you will receive a car allowance of $1,200.00 per month to be paid in equal installments each bi-weekly pay period. This allowance will be considered as income to you. However, it will not be used in the calculation of any Company sponsored benefits.</font></div><div><font><br></font></div><div style="padding-left:36pt;text-indent:-18pt"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:115%">6.</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:115%;padding-left:8.84pt">The Company has agreed to a Hiring Bonus of $125,000.00 payable in 12 equal monthly payments commencing on the payday for the first full pay period following completion of the first 60 days of employment, subject to your continued employment. </font></div><div><font><br></font></div><div style="padding-left:36pt;text-indent:-18pt"><font style="color: