SEC Contract Filing

Filing Date: 2017-09-08

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<FILENAME>exhibit101johnkunzofferl.htm
<DESCRIPTION>EXHIBIT 10.1
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<DIV><FONT size="1" style="font-size:1pt;color:white"> &#13;&#10; &#13;&#10;PERSONAL AND CONFIDENTIAL &#13;&#10;OFFER OF EMPLOYMENT TO &#13;&#10;JOHN KUNZ &#13;&#10; &#13;&#10; September 5, 2017 &#13;&#10; &#13;&#10; &#13;&#10;Dear John: &#13;&#10; &#13;&#10;I am pleased to present you with a formal offer to join U.S. Concrete as our Sr. Vice President &amp; &#13;&#10;Chief Financial Officer. Let me summarize the role, and the compensation and benefits that are &#13;&#10;being offered to you: &#13;&#10; &#13;&#10;Reporting Relationship: You will be a direct report to our President and Chief Executive &#13;&#10;Officer, Bill Sandbrook. &#13;&#10; &#13;&#10;Principal Duties: As the Chief Financial Officer you will have immediate responsibility for the &#13;&#10;Company&#8217;s finance and accounting functions, which would include: &#13;&#10; &#13;&#10;&#8226; Managing the Company&#8217;s capital structure and relationships with its key lenders, and &#13;&#10;ensuring appropriate liquidity to support corporate strategy. &#13;&#10;&#8226; Leading investor relations activities, including presentations at investor conferences, &#13;&#10;hosting investor meetings and coordinating communications. &#13;&#10;&#8226; Ensuring timely and accurate financial and tax reporting. &#13;&#10;&#8226; Maintaining consistent accounting policies and practices. &#13;&#10;&#8226; Developing and maintaining the Company&#8217;s IT structure, systems and applications to &#13;&#10;support the execution of our corporate strategy. &#13;&#10; &#13;&#10;Start Date: As you know, the CFO position is currently vacant so ideally we would like you to &#13;&#10;start as soon as possible. However, we understand that you will have to give a reasonable &#13;&#10;termination notice to Tenneco. We certainly want you to leave in the appropriate and &#13;&#10;professional manner, and propose no later than October 2, 2017 as your official start date. &#13;&#10; &#13;&#10;Annual Base Salary: Your annual base salary will be $425,000, paid by direct deposit and on a &#13;&#10;semi-monthly basis. &#13;&#10; &#13;&#10;Annual Bonus Award: Your compensation grade-level will be Grade 20, which has an annual &#13;&#10;target bonus percentage of 65% of your base salary. Under the terms and conditions of the U.S. &#13;&#10;Concrete Annual Incentive Plan, the payout of any bonus is subject to Board approval, prorated &#13;&#10;in the year in which you are hired, and payable in the calendar year after it is earned. However, &#13;&#10; &#13;&#10;&#13;&#10;</FONT></DIV>
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<DIV><FONT size="1" style="font-size:1pt;color:white"> &#13;&#10; &#13;&#10; &#13;&#10;as part of our offer for you to join U.S. Concrete, we will provide you with a full, non-prorated &#13;&#10;bonus award for 2017 with a guarantee that your 2017 bonus shall not be less than $150,000. &#13;&#10; &#13;&#10;Equity: Pursuant to our Long Term Incentive Plan, and effective the first day of your &#13;&#10;employment (the &#8220;Grant Date&#8221;), you shall be granted shares of Company restricted stock equal &#13;&#10;in value to $200,000. These shares will vest over three years in equal annual installments from &#13;&#10;the Grant Date. This vesting schedule assumes, and the LTIP requires, that you remain &#13;&#10;employed with U.S. Concrete on each vesting date. &#13;&#10; &#13;&#10;You will also be eligible to receive shares of Company restricted stock, pending approval by the &#13;&#10;Board of Directors, on the next annual award date. Your 2018 LTIP award is currently estimated &#13;&#10;to have a $550,000 value. The next LTIP award date is scheduled for March 1, 2018. &#13;&#10; &#13;&#10;Sign-On Bonus: The Company will provide you with a lump sum cash bonus of $200,000 less &#13;&#10;all applicable withholdings as of March 31, 2018. Recognize, however, that if you voluntarily &#13;&#10;terminate your employment prior to one year from your start date, you agree to reimburse the &#13;&#10;Company the full amount of this bonus. &#13;&#10; &#13;&#10;Personal Time Off: At your executive level, you are eligible for 20 days of Personal Time Off &#13;&#10;plus 3-days of paid sick leave. The Company also has a specific schedule of paid holidays; the &#13;&#10;remaining schedule for 2017 includes Labor Day, a Thanksgiving Holiday (Thursday &amp; Friday), &#13;&#10;and a Christmas Holiday. &#13;&#10; &#13;&#10;Executive Severance Agreement: Concurrent with your start date, you will receive an &#13;&#10;Executive Severance Agreement similar to the one that I have attached. This Agreement, which &#13;&#10;will become effective as of your first day with the Company, includes provisions for severance &#13;&#10;pay of (i) one times your annual base pay plus pro-rated target bonus for an involuntary &#13;&#10;termination; and (ii) two times annual base pay and target bonus for a change-in-control &#13;&#10;termination. &#13;&#10; &#13;&#10;Health Benefits: You will be eligible to participate in all health and welfare benefit programs &#13;&#10;available to similarly situated U.S. Concrete employees. Note that these plans include health, &#13;&#10;dental, and pharmacy benefits through Blue Cross, vision benefits, life insurance, and short-term &#13;&#10;and long-term disability coverages. A summary of the current plans are attached; our plan year &#13;&#10;is on a