SEC Contract Filing

Filing Date: 2018-11-20

Document Content:
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<TYPE>EX-10.58
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<DESCRIPTION>EXHIBIT 10.58
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<DIV><FONT size="1" style="font-size:1pt;color:white"> Privileged &amp; Confidential July 5, 2018 Vince L. Ammann By Hand Delivery Dear Vince: As you are aware, AltaGas Ltd. (&#8220;AltaGas&#8221;), WGL Holdings, Inc. (&#8220;WGL&#8221;) and Wrangler Inc. have entered into that certain Agreement and Plan of Merger dated as of January 25, 2017 (the &#8220;Merger Agreement&#8221;). We greatly value your dedication and contributions to the success of WGL and its affiliates, including Washington Gas Light Company (the &#8220;Company&#8221;), and would like for you to continue making valuable contributions going forward. Therefore, subject to the consummation of the transactions contemplated by the Merger Agreement and the closing of such transactions (the date of the closing of such transactions, the &#8220;Closing Date&#8221;), the Company is pleased to extend an offer for you to continue your employment with the Company as Executive Vice President and Chief Financial Officer beginning on the Closing Date. In addition, subject to the consummation of the transactions contemplated by the Merger Agreement, the Company is pleased to offer you the opportunity to earn a special retention bonus on the terms and conditions set forth in this letter (this &#8220;Letter&#8221;). A summary of the terms of your employment beginning on the Closing Date and the terms and conditions of the special retention bonus are as follows: 1. Base Salary Commencing on the Closing Date, your annualized base salary will be $525,000.00 (USD), subject to applicable taxes and other withholdings as required by law or the policies of the Company. 2. Benefits During your employment with the Company from and after the Closing Date, you will be eligible to participate in the employee benefit programs and plans sponsored and maintained by the Company and made available to similarly situated employees from time to time, which, for the two-year period beginning on the Closing Date, will be no less favorable, in the aggregate, than the employee benefit programs sponsored and maintained by the Company in which you participated immediately prior to the Closing Date, subject to the terms of the applicable programs and plans as in effect from time to time. You will also be entitled to the fringe benefits and perquisites that are made available to other similarly situated employees of the Company, each in accordance with and subject to the eligibility and other provisions of such plans and programs as in effect from time to time. In addition, and notwithstanding anything herein to the contrary, you will be eligible to participate in any change in control severance plan that covers any other similarly situated executive employees of the Company and, for the two-year period beginning on the Closing Date, your participation in the following plans shall continue with the same benefit accruals and on the same terms and conditions as in effect prior to the date of this Letter: &#8226; Washington Gas Light Company Employees&#8217; Pension Plan &#8226; Washington Gas Light Company Supplemental Executive Retirement Plan, as amended CONFIDENTIAL TERMS OF EMPLOYMENT US 5570020 </FONT></DIV>
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<DIV><FONT size="1" style="font-size:1pt;color:white"> 3. Retention Bonus In recognition of your continued service with the Company from the date of this Letter through the Closing Date, the Company is offering you a retention bonus in the amount of $2,348,200.00 (USD), less applicable taxes and other withholdings and deductions as required by law or the policies of the Company (the &#8220;Retention Bonus&#8221;), subject to the satisfaction of the terms and conditions of this Letter. The Retention Bonus will be paid to you in a lump sum cash payment within the 30 days immediately following the Closing Date, so long as you remain continuously employed by the Company from the date of this Letter through the Closing Date. You will not be eligible to receive the Retention Bonus if your employment with the Company terminates for any reason prior to the Closing Date. For the avoidance of doubt, if your employment with the Company terminates prior to the Closing Date, the compensation and benefits you will be eligible to receive in connection with such termination will be governed by that certain WGL Holdings, Inc. and Washington Gas Light Company Change in Control Severance Plan for Certain Executives, as amended (the &#8220;Change in Control Severance Plan&#8221;), in accordance with its existing terms and conditions. The Retention Bonus is subject to the consummation of the transactions contemplated by the Merger Agreement. Accordingly, in the event that the Merger Agreement is terminated and the closing of the transactions contemplated thereby does not occur, you will not receive the Retention Bonus (or any portion thereof). Payment of the Retention Bonus is subject to your compliance with, and you hereby agree that you will abide by, the Post-Employment Policy (as defined below and amended herein), which is incorporated herein by reference, and a copy of which is attached as Exhibit 2 to the Change in Control Severance Plan. In addition, as a condition to the receipt of the Retention Bonus, you must first execute and deliver to the Company (and not revoke in any time provided by the Company to do so) a general release of claims (the &#8220;Release&#8221;), whi