SEC Contract Filing

Filing Date: 2020-10-07

Document Content:
<DOCUMENT>
<TYPE>EX-10.1
<SEQUENCE>2
<FILENAME>exhibit10_1.htm
<DESCRIPTION>EX-10.1
<TEXT>
<HTML><HEAD>
<TITLE>10-Q</TITLE>
</HEAD>
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<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>Exhibit 10.1 </B></P>
<P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><U>EMPLOYMENT AGREEMENT </U></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:7%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">This Employment Agreement (this &#147;Agreement&#148;) dated effective as of the 3<SUP
STYLE="font-size:85%; vertical-align:top">rd</SUP> day of October 2019, between RPM International Inc., a Delaware corporation (the &#147;Company&#148;), and Michael H. Sullivan (&#147;Executive&#148;). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:7%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">WHEREAS, Executive is currently Vice President &#150; Operations and Chief Restructuring Officer of the Company; and </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:7%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">WHEREAS, the Board of Directors of the Company recognizes the importance of Executive&#146;s continuing contribution to the
future growth and success of the Company and desires to assure the Company and its stockholders of Executive&#146;s continued employment in an executive capacity and to compensate him therefor; and </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:7%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">WHEREAS, Executive is desirous of committing himself to continue to serve the Company on the terms herein provided. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:7%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">NOW, THEREFORE, in consideration of the foregoing and of the respective covenants and agreements of the parties herein
contained, the parties hereto agree as follows: </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">1.&nbsp;&nbsp;&nbsp;&nbsp;<U>Term of Employment</U>. The Company hereby
agrees to continue to employ Executive, and Executive hereby agrees to continue<B> </B>to serve the Company, on the terms and conditions set forth herein for the period commencing as of the date hereof and expiring on May&nbsp;31, 2020 (the
&#147;Employment Period&#148;). The Employment Period shall automatically be extended on May&nbsp;31 of each year for a period of one year from such date unless, not later than March&nbsp;31 of such year, the Company or Executive has given notice to
the other party that it or he, as the case may be, does not wish to have the Employment Period extended. In addition, in the event of a Change in Control, the Employment Period shall automatically be extended for a period of three years beginning on
the date of the Change in Control and ending on the third anniversary of the date of such Change in Control (unless further extended under the immediately preceding sentence). In any case, the Employment Period may be Terminated earlier under the
terms and conditions set forth herein. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Position and Duties</U>. Executive shall serve
as Vice President &#150; Operations and Chief Restructuring Officer reporting to the Chairman and Chief Executive Officer of the Company (&#147;Direct Report&#148;) (or his designee) and shall have responsibility for assisting with supervising,
planning and managing the Company&#146;s operations as well as operations, matters related to the Company&#146;s 2020 MAP to Growth initiative&nbsp;and shall have such other powers and duties as may from time to time be assigned by Executive&#146;s
Direct Report (or his designee) or the Board of Directors of the Company; provided, however, that such duties are consistent with his present duties and his position with the Company. Executive shall devote substantially all his working time and
efforts to the continued success of the business and affairs of the Company. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Place of
Employment</U>. The parties acknowledge that Executive&#146;s current residence is located in Carmel, IN and as a condition of his continued employment, Executive must relocate to the Cleveland, OH area no later than July&nbsp;1, 2020. The Company
will reimburse Executive&#146;s reasonable relocation expenses; provided that Executive uses a relocation firm selected by the Company. In connection with his employment by the Company and once Executive has relocated to the Cleveland, OH area,
Executive shall not be required to perform services which would make the continuance of his principal residence in the Cleveland, OH area unreasonably difficult or inconvenient for him. The Company shall give Executive at least six months&#146;
advance notice of any proposed relocation of its Medina, Ohio offices to a location more than 50 miles from Medina, Ohio and, if Executive in his sole discretion chooses to relocate his principal residence, the Company shall promptly pay (or
reimburse him for) all reasonable relocation expenses (consistent with the Company&#146;s past practice for similarly situated senior executive officers) incurred by him relating to a change of his principal residence in connection with any such
relocation of the Company&#146;s offices from Medina, Ohio. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Compe