SEC Contract Filing

Filing Date: 2019-09-09

Document Content:
<DOCUMENT>
<TYPE>EX-10.1
<SEQUENCE>2
<FILENAME>eh1901059_ex1001.htm
<DESCRIPTION>EXHIBIT 10.1
<TEXT>
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<title>Submission Proof - I:\Edgar\Spectrum Brands Holdings, Inc (fka HRG)\Current Projects\eh1901059_8k\eh1901059_8k.gfp</title>
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<h3 style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; TEXT-ALIGN: right">EXHIBIT 10.1</h3>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: normal; TEXT-ALIGN: right">Execution Version</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: normal; TEXT-ALIGN: left">&#160;</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: normal; TEXT-ALIGN: left">
<div style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 12pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">SEPARATION AGREEMENT</div>

<div style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 12pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; LINE-HEIGHT: 1.25; TEXT-INDENT: 36pt">This Separation Agreement (this &#8220;<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif"><u>Agreement</u></font>&#8221;), dated September 9, 2019 (the &#8220;<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif"><u>Effective Date</u></font>&#8221;), is between Spectrum Brands, Inc. and Spectrum Brands Holdings, Inc. (which together are referred to in this Agreement as the &#8220;<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif"><u>Company</u></font>&#8221;) and Douglas L. Martin (who in this Agreement is referred to as &#8220;Executive&#8221; or &#8220;I&#8221; or &#8220;me&#8221; as the context dictates). Collectively, the Company and Executive are referred to as the &#8220;Parties&#8221;.</div>

<div style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 12pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; LINE-HEIGHT: 1.25; TEXT-INDENT: 36pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">1.</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160; &#160;&#160;&#160;&#160;&#160;<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif"><u>Background</u></font>. <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000">The Parties wish to continue the Executive&#8217;s position with the Company in the Executive&#8217;s role as of the date hereof on a full-time basis with no change to the Executive&#8217;s compensation and benefits until December 20, 2019 or such earlier time as the Company notifies the Executive in writing that the Executive&#8217;s employment shall cease (such date, the &#8220;</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000"><u>Seperation Date</u></font><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000">&#8221;).&#160; Executive&#8217;s responsibilities shall be generally consistent with his existing responsibilities, provided that such responsibilities may include transitioning reasonably requested duties and responsibilities to Executive&#8217;s successor.&#160;&#160; For the avoidance of doubt, if the Company does not notify the Executive pursuant to the first sentence of this paragraph, then the Effective Date and the Separation Date shall each be deemed to have occurred as of December 20, 2019. </font>The Parties both desire an amicable separation and to fully and finally compromise and settle any differences that may exist between them on the terms set forth in this Agreement. I acknowledge, agree and represent that I have been paid and have received all compensation and/or other amounts due that I have earned on or before the date I sign this Agreement, including but not limited to all wages, salary, bonuses, incentive compensation, accrued vacation, sick and personal day pay except for base salary earned but not yet paid, and to be paid in arrears, under the Company&#8217;s payroll practices which will be paid in the next payroll cycle in accordance with such normal practices, earned but unpaid vacation pay, which will be paid following the Separation Date in accordance with the Company&#8217;s normal practices. I further agree that the Company&#8217;s payment and my receipt of all compensation due, which was earned on or before the date I sign this Agreement, is not and has not been conditioned upon my execution of this Agreement.</div>

<div style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 12pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; LINE-HEIGHT: 1.25; TEXT-INDENT: 36pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">2.</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif"><u>Employment Termination</u></font>. I understand that my employment with the Company will end on the Separation Date, for reasons that have been explained to me. Per the Amended and Restated Employment Agreement, dated <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; BACKGROUND-COLOR: #ffffff">December&#160;15, 2016</font>, between me and the Company (the &#8220;<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif"><u>Employment Agreement</u></font>&#8221;), I understand that my employment with the Company is being&#160; terminated &#8220;without Cause&#8221; and as such, I will be entitled to receive certain severance benefits subject to my continuing compliance with certain post-termination obligations, as set forth in more detail in this Agreement <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000">(and the