SEC Contract Filing

Filing Date: 2018-08-07

Document Content:
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<TYPE>EX-10.2
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<FILENAME>williamsonretirementagre.htm
<DESCRIPTION>EXHIBIT 10.2
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<DIV><FONT size="1" style="font-size:1pt;color:white">atkoreA INTERNATIONAL RETIREMENT AGREEMENT AND GENERAL RELEASE THIS RETIREMENT AGREEMENT AND GENERAL RELEASE (the &quot;Agreement'') is made this 4th day of May 2018, by and between Atkore International Group Inc. (&quot;Company&quot;) and John P. W illiamson (&quot;Employee&quot;). WHEREAS, Employee is employed by the Company or one of its subsidiaries as the Chief Executive Officer (''CEO&quot;) and shall continue as the Company's CEO through September 30, 20 18; and WHEREAS, Employee's employment with the Company will termi nate effective September 30, 2018 (&quot;Retirement Date&quot;); and WHEREAS, the Company has offered to provide Employee with separation/retirement benefits that, in some cases are in excess of that to which he is entitled and in some cases less than that to which he would be entitled, in each case, by law, contract, or under the poli cies and practices of Company, in exchange fo r Employee's acceptance and compliance with the terms of this Agreement. NOW, THEREFORE, IT IS HEREBY AGREED by and between Employee and the Company as follows: l. Consideration. (a) Severance Pay. The Company will provide Employee with no severance pay, and Employee and Company agree that as of the Retirement Date, Employee is not entitled to any severance benefits under the Company's Severance and Retention Poli cy for Senior Management or Employee's Employment Agreement. Employee acknowledges that, although the term &quot;Retirement Date&quot; is used in this Agreement, he does not meet all the requirements to retire under the Company's vari ous benefit plans and, except as provided in this Agreement, shall not be entitled to any benefits to which a retiree is otherwise entitled. For the avoidance of doubt, all benefit plans of the Company shall continue to apply to Employee through the Retirement Date (b) COBRA Coverage. Employee may continue his current medical and dental (but not health care flexible spending/health savings account) coverage after September 30, 2018, if any, provided Employee enrolls for COBRA coverage within 60 days of receiving the initial COBRA notice. During the 18 month period commencing October 1, 20 18, represented by Employee's COBRA Coverage period (&quot;COBRA Coverage Period&quot;), Employee's COBRA cost (insurance premium) will be equal to the amount paid by active Company employees for similar coverage. Employee will receive election forms and other notices regarding this COBRA coverage from the Company's third-party administrator. Employee shall be responsible for completing the COBRA election forms and for paying the specified insurance premium within the required time periods in order to initiate and maintain COBRA coverage. Employee's failure to timely pay the monthly premium shall result in the cessation of health insurance coverage for Employee and Employee's spouse or domestic partner and dependents . Upon expiration of the COBRA Coverage Period. Any questions regarding these plans should be directed to our COBRA administrator, Wage Works (www.wageworks.com). </FONT></DIV>
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<DIV><FONT size="1" style="font-size:1pt;color:white"> (c) Vacation Pay. Company shall pay Employee for any accrued and unused vacation days as of the Retirement Date. (d) Retirement Savings and Investment Plan. Contributions to the Company's Retirement Savings and Investment Plan (&quot;RSIP&quot;) shall cease as of Employee's Retirement Date. To request changes to Employee's RSIP account(s) or to obtain additional information, Employee should call the Atkore Employee Service Center at 800-835-5095. (e) Life Insurance. Employee's life insurance coverage will end on the last day of the month during which Employee is actively employed by the Company, or as otherwise provided by the plan document. Employee may be eligible to convert basic term life policies and certain other policies to individual policies. Conversion information is available by contacting Prudential at 800-778-3827. (f) Disabilitv Insurance. Employee's disability insurance coverage will end on Employee's Retirement Date. (g) Other Benefits. Employee shall receive any amounts earned, accrued, or owing, but not yet paid to Employee, including any unpaid base salary earned by Employee tln&middot;ough the Retirement Date and the earned but unpaid bonus, if any, under the Annual Incentive Plan for FY 2018 based on actual Employee and Company performance. Any benefits accrued or earned will be distributed in accordance with the terms of the applicable benefit plans and programs of the Company. (h) Tax Status of Benefits. In the event that provision of any of the benefits listed above would adversely affect the tax status of the applicable plan or benefits, the Company, in its sole discretion, may elect to pay to Employee cash in lieu of such coverage in an amount equal to the Company's contribution or average cost of providing such coverage. (i) Continued Vesting and Exercisability. Under the Atkore International Group Inc. 2016 Omnibus Incentive Plan and the Company's earlier Atkore International Group Inc. Stock Incentive Plan and all documents related thereto, the Company agrees that Employee shall, pursuant to Board of Director's approval, be treated as if he qualified for retirement u