SEC Contract Filing

Filing Date: 2022-05-09

Document Content:
<DOCUMENT>
<TYPE>EX-10.2
<SEQUENCE>3
<FILENAME>a2022q1exhibit102.htm
<DESCRIPTION>EX-10.2
<TEXT>
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<title>Document</title></head><body><div id="ib39443aebb48455babdc81bfe829434c_33"></div><div style="min-height:72pt;width:100%"><div><img alt="image.jpg" src="image.jpg" style="height:71px;margin-bottom:5pt;vertical-align:text-bottom;width:195px"></div></div><div><font><br></font></div><div><font><br></font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:112%">December 21, 2021 </font></div><div><font><br></font></div><div><font><br></font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:112%">Sherry Mennenga</font></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:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:136%">RE&#58; Incentive Award Modification Letter</font></div><div><font><br></font></div><div><font><br></font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:112%">Dear Ms. Mennenga,</font></div><div><font><br></font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:112%">This letter (the &#8220;Modification Agreement&#8221;) modifies certain incentive awards previously issued to you by GCP Applied Technologies, Inc. (the &#8220;Company&#8221;) effective as of the date hereof.</font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:112%">You previously received certain incentive awards that would otherwise become payable in calendar year 2022. The Compensation Committee of the Board of Directors of the Company has the authority under the terms of the applicable incentive compensation plan documents and related award agreements to modify the terms and conditions set forth in those award agreements. The Compensation Committee has determined that it is in the best interest of the Company to accelerate the payment of certain amounts otherwise payable in calendar year 2022 as expressly set forth in this Modification Agreement.</font></div><div><font><br></font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">If you have been granted or awarded remuneration under the Annual Incentive Plan and Restricted Stock Units (collectively the &#8220;Equity Incentives), they will be modified as follows&#58;</font></div><div><font><br></font></div><div style="padding-left:36pt;text-align:justify;text-indent:-18pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">a.</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:11.07pt">Annual Incentive Plan &#8211; 2021 incentive payments which would otherwise made by March 15, 2022 will instead be made in December 2021.</font></div><div style="padding-left:36pt;text-align:justify;text-indent:-18pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">b.</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:10.5pt">Restricted Stock Units &#8211; restricted stock units which would otherwise become vested and payable on May 10, 2022 and August 9, 2022 will be accelerated and will be fully vest and paid in December 2021.</font></div><div><font><br></font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:112%">The Company has the right, not later than the date as of which the receipt of payments made pursuant to this Modification Agreement become taxable for federal income tax purposes, to withhold or require from you the amount necessary to satisfy applicable tax requirements (e.g., income tax, social insurance, payroll tax and payment on account), as determined by the Company. Settlement of stock awards will be made by withholding shares subject to any accelerated award as otherwise required by the compensation Committee.</font></div><div><font><br></font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:112%">In the event that you resign from employment other than for Good Reason or are terminated for Cause prior to the date that an accelerated payment would have otherwise been paid or settled, you will be required to repay the Company the amount of such accelerated payment as set forth herein. If you resign from employment other than for Good Reason or are terminated for Cause before March 15, 2022, you will be required to repay the full amount net of any taxes withheld with respect to the accelerated Annual Incentive Plan payment together with an amount equal to the fair market value (determined as of the date of acceleration) of any stock received net of any taxes withheld with respect to the relevant accelerated Restricted Stock Units. If you resign from employment other than for Good Reason or are terminated for Cause before August 9, 2022 you will be required to repay the fair market value (determined as of the date of acceleration) of a