SEC Contract Filing

Filing Date: 2018-12-28

Document Content:
<DOCUMENT>
<TYPE>EX-10.1
<SEQUENCE>2
<FILENAME>a51918868ex10_1.htm
<DESCRIPTION>EXHIBIT 10.1
<TEXT>
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 <font style="font-size: 10pt"><b>Exhibit 10.1</b></font>
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 <u><font style="font-size: 10pt"><b>RETIREMENT AGREEMENT</b></font></u><font style="font-size: 10pt"><br style="font-size: 10pt"></font><font style="font-size: 10pt"><br style="font-size: 10pt"></font><font style="font-size: 10pt"><br style="font-size: 10pt"></font><font style="font-size: 10pt"><br style="font-size: 10pt"></font>
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 <font style="font-size: 10pt">Mr. Richard E. Johnson</font><font style="font-size: 10pt"><br style="font-size: 10pt"></font><font style="font-size: 10pt">Senior
 Vice President &#8211; Finance, Chief Financial Officer and Treasurer</font><font style="font-size: 10pt"><br style="font-size: 10pt"></font><font style="font-size: 10pt">Badger
 Meter, Inc.</font><font style="font-size: 10pt"><br style="font-size: 10pt"></font><font style="font-size: 10pt"><br style="font-size: 10pt"></font><br><font style="font-size: 10pt"><br style="font-size: 10pt"></font><font style="font-size: 10pt"><br style="font-size: 10pt"></font>
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 <font style="font-size: 10pt"><b>Re: Retirement Agreement</b></font>
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 <font style="font-size: 10pt">Dear Rick:</font>
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 <font style="font-size: 10pt">I am pleased to confirm in this letter
 (the &#8220;</font><u><font style="font-size: 10pt">Agreement</font></u><font style="font-size: 10pt">&#8221;)
 the terms and conditions related to your planned retirement from Badger
 Meter, Inc. (&#8220;</font><u><font style="font-size: 10pt">Badger Meter</font></u><font style="font-size: 10pt">&#8221;
 or the &#8220;</font><u><font style="font-size: 10pt">Company</font></u><font style="font-size: 10pt">&#8221;).
 This Agreement shall become effective upon being signed by you and the
 Company.&#160; The benefits and support described herein are not being
 provided in connection with any existing formal or informal benefit
 plans or benefit arrangements.&#160;&#160;Rather, the benefits and support
 described herein are being provided as the result of your specialized
 role, involvement, and support for recent executive transition
 activities, including the planned and ongoing transitions of the Chief
 Executive Officer, Chief Financial Officer, and VP &#8211; Controller
 roles.&#160;&#160;The expectation is you will continue to support these ongoing
 transition activities from signing of this Agreement until your eventual
 retirement from the Company as described below.</font>
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 <font style="font-size: 10pt"><b>1. Retirement Date</b></font>
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 <font style="font-size: 10pt">You agree to continue to serve as Senior
 Vice President &#8211; Finance, Chief Financial Officer and Treasurer of the
 Company until December 31, 2018.&#160;&#160;From January 1, 2019 until your
 retirement on or about April 5, 2019 (&#8220;</font><u><font style="font-size: 10pt">Retirement
 Date</font></u><font style="font-size: 10pt">&#8221;), you will serve as
 Senior Vice President &#8211; Administration.</font>
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 <font style="font-size: 10pt"><b>2. Benefit Plans</b></font>
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 <font style="font-size: 10pt">Your existing unvested stock options and
 restricted stock shall vest as of January 1, 2019, with no further
 restrictions.&#160; The original exercise period will remain in place for all
 outstanding stock options.&#160; In addition, the Company shall pay out any
 accrued value for your outstanding but unvested cash-based performance
 units under the Company&#8217;s long-term incentive plan (&#8220;</font><u><font style="font-size: 10pt">LTIP</font></u><font style="font-size: 10pt">&#8221;)
 as of December 31, 2018.&#160;&#160;For the avoidance of doubt, the accrued value
 for outstanding but unvested cash-based performance units under the LTIP
 will include partial period payouts for the 2017 &#8211; 2019 (participating
 for 8 of 12 quarters) and the 2018 &#8211; 2020 (participating for 4 of 12
 quarters) performance periods, in each case based on performance through
 December 31, 2018.&#160;&#160;Payout of partial prorated amounts will occur no
 later than February 2019 along with payout of the full amount for the
 2016 &#8211; 2018 performance period, subject to actual performance.&#160;&#160;You will
 not receive an equity grant or a grant of cash-based performance units
 under the LTIP for 2019.&#160;&#160;</font>
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 <font style="font-size: 10pt"><b>3. Earned Vacation</b></font>
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 <font style="font-size: 10pt">Upon your retirement on the Retirement
 Date, you will be paid all earned and unused vacation at your equivalent
 per hour salary rate.&#160;&#160;</font>
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 <font style="font-size: 10pt"><b>4. Company Car</b></font>
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 <font style="font-size: 10pt">You will continue to have use of your
 current Company car until your Retirement Date, at which time you will
 return it to the Company by April 30, 2019.&#160;&#160;</font>
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 <font style="font-size: 10pt"><b>5. Non-Competition</b></font>
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 <font style="font-size: 10pt">In exchange for the rights and ben