SEC Contract Filing

Filing Date: 2019-01-07

Document Content:
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<TYPE>EX-10.1
<SEQUENCE>2
<FILENAME>exhibit101correspondence.htm
<DESCRIPTION>EXHIBIT 10.1
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<div><a name="s7aee81af500c4547a4afb73823d800f1"></a></div><div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></div><div><br></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">December 17, 2018</font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">William T. Bosway</font></div><div style="line-height:120%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;"><br></font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">Dear Bill:</font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">As follow-up to our discussions, we are pleased to extend to you an offer of employment for the position of President and Chief Executive Officer, Gibraltar Industries, Inc., reporting to William Montague, Chairman of the Board. As discussed, upon your acceptance of the terms and conditions contained in this letter, your appointment as President and CEO will be effective January 2, 2019. As President and CEO, you will be entitled to the compensation and benefits described in this letter including the severance and change in control benefits which are generally described below and more specifically detailed in the terms of severance and change in control agreements which are being provided to you separately with this letter. In addition, effective as of the date of your appointment as CEO, you will be appointed as a member of the Company&#8217;s Board of Directors.</font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">The Compensation Committee annually reviews the compensation package which is provided to the CEO, including base salary, annual performance bonus and long term equity based incentive compensation and, if applicable, makes adjustments which it deems appropriate. However, for 2019, your compensation and benefits programs would be as follows:</font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;text-decoration:underline;">Annual Base Salary</font><font style="font-family:inherit;font-size:11pt;">:</font><font style="font-family:inherit;font-size:10pt;">&#160;&#160;&#160;&#160;</font><font style="font-family:inherit;font-size:11pt;">$700,000 per year, to be paid in substantially equal bi-weekly payments. Your annual base salary will be reviewed annually with future increases at the discretion of the Compensation Committee. Your first salary review will be in February, 2020, with subsequent changes, if any, effective March 1, 2020.</font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;text-decoration:underline;">Target Annual Performance Bonus (MICP</font><font style="font-family:inherit;font-size:11pt;font-weight:bold;">): </font><font style="font-family:inherit;font-size:11pt;">Annual performance bonus opportunity will be targeted at 100% of your Annual Base Salary and is based upon the achievement, at the targeted level of performance of financial and personal strategic objectives established by the Compensation Committee. However, regardless of the actual performance for 2019 relative to the targeted performance, your annual performance bonus for 2019 will not be less than $500,000. Payment of your 2019 annual performance bonus will be made in February, 2020. </font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;text-decoration:underline;">Equity Awards (RSU &amp; PSU Plans):</font><font style="font-family:inherit;font-size:11pt;font-weight:bold;">&#32;&#32;</font><font style="font-family:inherit;font-size:11pt;">&#32;&#32;In addition to Annual Base Salary and MICP, you will receive annual equity based incentive compensation as follows:</font></div><table cellpadding="0" cellspacing="0" style="font-family: