SEC Contract Filing

Filing Date: 2020-11-06

Document Content:
<DOCUMENT>
<TYPE>EX-10.7
<SEQUENCE>8
<FILENAME>ten-2020930x10qex107.htm
<DESCRIPTION>EX-10.7
<TEXT>
<!DOCTYPE html PUBLIC "-//W3C//DTD HTML 4.01 Transitional//EN" "http://www.w3.org/TR/html4/loose.dtd"><html><head>
<!-- Document created using Wdesk -->
<!-- Copyright 2020 Workiva -->
<title>Document</title></head><body><div id="idde1e8c1566f48c1aafd48f80e55d468_1"></div><div style="min-height:72pt;width:100%"><div style="text-align:right"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:120%">Exhibit 10.7</font></div></div><div style="text-align:center;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">TENNECO INC. CHANGE IN CONTROL</font></div><div style="text-align:center;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">SEVERANCE BENEFIT PLAN FOR KEY EXECUTIVES</font></div><div style="text-align:center;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">As Amended and Restated Effective November 5, 2020</font></div><div style="text-align:center;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">(the &#8220;Plan&#8221;)</font></div><div style="text-indent:36pt"><font><br></font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">The Plan was established by Tenneco Inc. (the &#8220;Company&#8221;) to induce key executives of the Company and its affiliates to enter into, or continue their services or employment with, and to steadfastly serve the Company and its affiliates if and when a Change in Control (as defined herein) is threatened, despite attendant career uncertainties, by committing the Company to provide severance benefits in the event their employment terminates as a result of a Change in Control. The Plan was established effective on November 4, 1999, was amended and restated and renamed effective December 12, 2007, and has been amended from time to time thereafter. The following provisions constitute an amendment, restatement and continuation of the Plan as of the date on which the Company Board (as defined herein) adopts the amendment and restatement, which date shall be the &#8220;Effective Date&#8221; of the Plan as set forth herein, which date is November 5, 2020. </font></div><div style="margin-bottom:12pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">1.</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%;padding-left:27pt;text-decoration:underline">Definitions</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">. In addition to other terms defined herein, the following terms shall have the meaning specified below.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">A.</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:120%;padding-left:24.34pt">&#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-style:italic;font-weight:700;line-height:120%">Change in Control</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:120%">&#8221;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%"> means any of the following events (but no event other than one of the following events)&#58;</font></div><div style="margin-bottom:12pt;padding-left:72pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">(1)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%;padding-left:22.02pt">any person, alone or together with any of its affiliates or associates, becomes the beneficial owner, directly or indirectly, of securities of the Company representing (A) thirty percent (30%) or more of the combined voting power of the Company&#8217;s then outstanding securities having general voting rights, or (B) forty percent (40%) or more of the Company&#8217;s then outstanding shares of Class A Common Stock and Class B Common Stock in the aggregate&#59; provided, however, that, notwithstanding the foregoing, a Change in Control shall not be deemed to occur pursuant to this clause (1) solely because the requisite percentage of either the Company&#8217;s then outstanding shares of Common Stock or the combined voting power of the Company&#8217;s then outstanding securities having general voting rights is acquired by one or more employee benefit plans maintained by any of the Tenneco Companies&#59; or</font></div><div style="margin-bottom:12pt;padding-left:72pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">(2)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%;padding-left:22.02pt">members of the Incumbent Board cease to constitute a majority of the Company Board&#59; or</font></div><div style="margin-bottom:12pt;padding-left:72pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">(3)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;lin