SEC Contract Filing

Filing Date: 2023-04-14

Document Content:
<DOCUMENT>
<TYPE>EX-10.AW
<SEQUENCE>4
<FILENAME>a2022ivcex10aw_2022-11x21p.htm
<DESCRIPTION>EX-10.AW
<TEXT>
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<title>Document</title></head><body><div id="i37393e95d9504a66bd2b88823dfbfd98_1"></div><div style="min-height:119.52pt;width:100%"><div><font><br></font></div></div><div style="text-align:center"><img alt="image_0.jpg" src="image_0.jpg" style="height:100px;margin-bottom:5pt;vertical-align:text-bottom;width:162px"></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:12pt;font-weight:700;line-height:100%;text-decoration:underline">PERSONAL AND CONFIDENTIAL</font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:12pt;font-weight:400;line-height:100%">November 21, 2022</font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:12pt;font-weight:400;line-height:100%">Mr. Geoffrey P. Purtill</font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:12pt;font-weight:400;line-height:100%">Neumattstrasse 10 </font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:12pt;font-weight:400;line-height:100%">Reinach BL</font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:12pt;font-weight:400;line-height:100%">4153 Switzerland</font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:12pt;font-weight:400;line-height:100%">Dear Geoff&#58;</font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:12pt;font-weight:400;line-height:100%">On behalf of the Board of Directors (the &#8220;Board&#8221;) of Invacare Corporation (&#8220;Invacare&#8221; or &#8220;Company&#8221;), I am pleased to confirm your appointment by the Board to the position of President and Chief Executive Officer (&#8220;CEO&#8221;), reporting directly to the Board. The effective date of this appointment is November 17, 2022 (the &#8220;Effective Date&#8221;).</font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:12pt;font-weight:400;line-height:100%">The following represents the general terms and conditions of your appointment as CEO and modifies and amends the terms of your Existing Employment Agreement (as defined below) only as and to the extent expressly set forth herein&#58;</font></div><div style="padding-left:18pt;text-align:justify"><font><br></font></div><div style="padding-left:18pt;text-align:justify"><font><br></font></div><div style="text-align:justify;text-indent:18pt"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:12pt;font-weight:700;line-height:100%;text-decoration:underline">COMPENSATION</font></div><div style="padding-left:18pt;text-align:justify"><font><br></font></div><div style="padding-left:18pt;text-align:justify"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:12pt;font-weight:700;line-height:100%">Salary </font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:12pt;font-weight:400;line-height:100%">&#8211;</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:12pt;font-weight:700;line-height:100%"> </font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:12pt;font-weight:400;line-height:100%">Your base salary rate for the position of CEO will be USD </font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:12pt;font-weight:700;line-height:100%">$550,000 </font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:12pt;font-weight:400;line-height:100%">on an annualized basis, beginning as of November 17, 2022. This annualized rate is established for convenience purposes only and is not intended to be construed as a contract or promise of employment for any fixed period of time. Your salary will be payable in the equivalent amount of Swiss Francs (CHF&#59; gross&#59; less statutory and contractual deductions and, where applicable, tax at source) in accordance with the Amended and Restated Employment Agreement between you and Invacare International GmbH dated as of January 31, 2022, as amended by letter agreement dated September 13, 2022 (&#8220;Existing Employment Agreement&#8221;). </font></div><div style="padding-left:18pt;text-align:justify"><font><br></font></div><div style="padding-left:18pt;text-align:justify"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:12pt;font-weight:700;line-height:100%">Annual Bonus </font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:12pt;font-weight:400;line-height:100%">&#8211;</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:12pt;font-weight:700;line-height:100%"> </font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:12pt;font-weight:400;line-height:100%">You will continue to participate in the Executive Incentive Bonus Plan (the &#8220;Plan&#8221;), and your target bonus opportunity will be </font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:12pt;font-weight:700;line-height:100%">100%</font><font style="color:#000000;font-family:'Calibri',sans-serif;fon