SEC Contract Filing

Filing Date: 2020-04-28

Document Content:
<DOCUMENT>
<TYPE>EX-10.1
<SEQUENCE>2
<FILENAME>tnet-033120xexhibit101.htm
<DESCRIPTION>EXHIBIT 10.1
<TEXT>
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 <title>Exhibit</title>
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<div><a name="s81A66C6AF70131A8EF130E792C8B79B9"></a></div><div></div><div><br></div><div style="line-height:130%;padding-bottom:16px;text-align:center;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;background-color:#ffffff;font-weight:bold;">TRANSITION AGREEMENT</font></div><div style="line-height:130%;padding-bottom:16px;text-align:left;text-indent:33px;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;background-color:#ffffff;">THIS TRANSITION AGREEMENT (the &#8220;</font><font style="font-family:Arial;font-size:10pt;background-color:#ffffff;font-weight:bold;">Agreement</font><font style="font-family:Arial;font-size:10pt;background-color:#ffffff;">&#8221;) is entered into as of February 11, 2020 (the &#8220;</font><font style="font-family:Arial;font-size:10pt;background-color:#ffffff;font-weight:bold;">Effective Date</font><font style="font-family:Arial;font-size:10pt;background-color:#ffffff;">&#8221;), by and among TriNet Group, Inc., a Delaware corporation (together with its successors and assigns, the &#8220;</font><font style="font-family:Arial;font-size:10pt;background-color:#ffffff;font-weight:bold;">Company</font><font style="font-family:Arial;font-size:10pt;background-color:#ffffff;">&#8221;), and Richard Beckert (the &#8220;</font><font style="font-family:Arial;font-size:10pt;background-color:#ffffff;font-weight:bold;">Executive</font><font style="font-family:Arial;font-size:10pt;background-color:#ffffff;">&#8221;). </font></div><div style="line-height:130%;padding-bottom:16px;text-align:center;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;background-color:#ffffff;font-weight:bold;">RECITALS</font></div><div style="line-height:130%;padding-bottom:16px;text-align:left;text-indent:33px;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;background-color:#ffffff;">WHEREAS, the Executive is currently serving as the Senior Vice President and Chief Financial Officer of the Company pursuant to the Company&#8217;s offer letter to the Executive dated March 31, 2017 (the &#8220;</font><font style="font-family:Arial;font-size:10pt;background-color:#ffffff;font-weight:bold;">Offer Letter</font><font style="font-family:Arial;font-size:10pt;background-color:#ffffff;">&#8221;) and the employment agreement entered into by the Company and the Executive on March 31, 2017 (the &#8220;</font><font style="font-family:Arial;font-size:10pt;background-color:#ffffff;font-weight:bold;">Employment Agreement</font><font style="font-family:Arial;font-size:10pt;background-color:#ffffff;">&#8221;);</font></div><div style="line-height:130%;padding-bottom:16px;text-align:left;text-indent:33px;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;background-color:#ffffff;">WHEREAS, the Executive and the Company have mutually agreed to provide for an orderly transition of the Executive&#8217;s duties and responsibilities to a new Chief Financial Officer and the Executive desires to assist the Company in realizing such an orderly transition;</font></div><div style="line-height:130%;padding-bottom:16px;text-align:left;text-indent:33px;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;background-color:#ffffff;">WHEREAS, the Executive and the Company mutually desire that the Executive continues in his current role, with the Executive&#8217;s current roles and responsibilities, until such time as his successor commences his or her employment with the Company;</font></div><div style="line-height:130%;padding-bottom:16px;text-align:left;text-indent:33px;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;background-color:#ffffff;">WHEREAS, in furtherance of the foregoing, the Executive and the Company have negotiated and reached an agreement with respect to all rights, duties and obligations arising between them, including, but in no way limited to, any rights, duties and obligations that have arisen or might arise out of or are in any way related to the Executive&#8217;s continued employment with the Company and the conclusion of that employment.</font></div><div style="line-height:130%;padding-bottom:16px;text-align:left;text-indent:33px;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;background-color:#ffffff;">NOW THEREFORE, in consideration of the covenants and mutual promises recited below, the parties agree as follows:</font></div><div style="line-height:130%;padding-left:0px;padding-bottom:16px;text-align:left;text-indent:0px;"><font style="padding-bottom:16px;text-align:left;font-family:Arial;font-size:10pt;padding-right:48px;">1.</font><font style="font-family:Arial;font-size:10pt;background-color:#ffffff;font-weight:bold;text-decoration:underline;">Transition of Duties</font><font style="font-family:Arial;font-size:10pt;background-color:#ffffff;">. During the period beginning on the Effective Date and ending on the first to occur of: (i)&#160;the date on which another individual is appointed by the Company to serve as its Chief Financial Officer and such individual serves the Company in such capacity (or such later date as is determined by the Company as the effective date of such appointment for the purposes of this Agreement), and (ii)&#160;May 15, 2020 (the first to occur of the date on which another individual is appointed by the Company to serve as its Chief Financial Officer and May 15, 2020, the &#8220;</font><font style="font-family:Arial;font-size:10pt;background-color:#ffffff;font-weight:bold;">Transition Date</font><font style="font-family:Arial;font-size:10pt;background-color:#ffffff;">&#8221;), the Ex