SEC Contract Filing

Filing Date: 2019-05-08

Document Content:
<DOCUMENT>
<TYPE>EX-10.I
<SEQUENCE>2
<FILENAME>a10iemploymentagreementbet.htm
<DESCRIPTION>EMPLOYMENT AGREEMENT BETWEEN LINDA K. MASSMAN AND THE COMPANY
<TEXT>
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 <title>Exhibit</title>
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<div><a name="s74D3F94F3328F5BE32A57955E9B8C4AE"></a></div><div></div><div><br></div><div style="line-height:120%;text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;font-weight:bold;">Exhibit (10i)</font></div><div style="line-height:120%;padding-bottom:16px;text-align:right;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><div style="line-height:120%;padding-bottom:16px;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">February 9, 2019</font></div><div style="line-height:120%;padding-bottom:16px;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">Ms. Linda K. Massman</font></div><div style="line-height:120%;padding-bottom:16px;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">Dear Linda:</font></div><div style="line-height:120%;padding-bottom:16px;text-align:justify;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">The purpose of this letter agreement (this &#8220;</font><font style="font-family:inherit;font-size:12pt;font-style:italic;font-weight:bold;">Agreement</font><font style="font-family:inherit;font-size:12pt;">&#8221;) is to confirm important terms and conditions pertaining to your employment as President and Chief Executive Officer of Clearwater Paper Corporation (the &#8220;</font><font style="font-family:inherit;font-size:12pt;font-style:italic;font-weight:bold;">Company</font><font style="font-family:inherit;font-size:12pt;">&#8221;). </font></div><div style="line-height:120%;padding-left:0px;padding-bottom:16px;text-align:justify;text-indent:0px;"><font style="padding-bottom:16px;text-align:justify;font-family:inherit;font-size:12pt;padding-right:48px;">1.</font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">Term of Agreement</font><font style="font-family:inherit;font-size:12pt;">: This Agreement shall be effective as of January&#160;1, 2019 (the &#8220;</font><font style="font-family:inherit;font-size:12pt;font-style:italic;font-weight:bold;">Effective Date</font><font style="font-family:inherit;font-size:12pt;">&#8221;), and, unless terminated earlier in accordance with its terms, shall remain in effect for three (3) years following the Effective Date (the &#8220;</font><font style="font-family:inherit;font-size:12pt;font-style:italic;font-weight:bold;">Agreement Term</font><font style="font-family:inherit;font-size:12pt;">&#8221;).</font></div><div style="line-height:120%;padding-bottom:16px;text-align:justify;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">2.</font><font style="font-family:inherit;font-size:10pt;">&#160;&#160;&#160;&#160;</font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">Position</font><font style="font-family:inherit;font-size:12pt;">: You will be employed with the Company as its President and Chief Executive Officer. In addition, effective the Effective Date,</font><font style="font-family:inherit;font-size:12pt;font-weight:bold;">&#32;</font><font style="font-family:inherit;font-size:12pt;">you will be appointed to the Company&#8217;s Board of Directors (the &#8220;</font><font style="font-family:inherit;font-size:12pt;font-style:italic;font-weight:bold;">Board</font><font style="font-family:inherit;font-size:12pt;">&#8221;) and, in the future upon the expiration of each term as a Board member, the Board shall use its best efforts to secure your re-election to the Board.</font></div><div style="line-height:120%;padding-bottom:16px;text-align:justify;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">3.</font><font style="font-family:inherit;font-size:10pt;">&#160;&#160;&#160;&#160;</font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">Base Salary</font><font style="font-family:inherit;font-size:12pt;">: Your base salary as of the Effective Date is $925,000 on an annualized basis, payable in accordance with the Company&#8217;s regular payroll practices, as established from time to time. Beginning in February 2019 and continuing thereafter during the Agreement Term, your salary shall be reviewed on at least an annual basis by, and may be increased but not decreased at the discretion of the appropriate committee of the Board. Except as otherwise provided in this Section 3, the review of your base salary will occur at the same time as the review for other senior executives of the Company.</font></div><div style="line-height:120%;padding-bottom:16px;text-align:justify;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">4.</font><font style="font-family:inherit;font-size:10pt;">&#160;&#160;&#160;&#160;</font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">Annual Incentive Award Opportunity</font><font style="font-family:inherit;font-size:12pt;">: You will be eligible to participate in the Company&#8217;s annual bonus plan for similarly situated executives. As of the Effective Date, your target annual bonus is 100% of your base salary. All awards shall be governed by the terms of, and subject to any conditions established by, the Company&#8217;s then-current annual bonus plan.</font></div><div style="line-height:120%;padding-bottom:16px;text-align:justify;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">5.</font><font style="font-family:inherit;font-size:10pt;">&#160;&#160;&#160;&#160;</font><font style="font-family:inherit;font-size:12pt;text-decoration:underlin