SEC Contract Filing

Filing Date: 2018-12-17

Document Content:
<DOCUMENT>
<TYPE>EX-10.1
<SEQUENCE>2
<FILENAME>wbt-20181217x8kxex101execu.htm
<DESCRIPTION>EXHIBIT 10.1 - WELBILT, INC. EXECUTIVE SEVERANCE POLICY
<TEXT>
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<div><a name="sA43AF2DFD06F042E9789AAAC66409F85"></a></div><div><div style="line-height:120%;text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Exhibit 10.1</font></div></div><div><br></div><div style="line-height:120%;padding-bottom:16px;text-align:center;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;font-weight:bold;">WELBILT, INC.</font><font style="font-family:inherit;font-size:10pt;">&#32;<br></font><font style="font-family:inherit;font-size:12pt;font-weight:bold;">&#32;<br>EXECUTIVE SEVERANCE POLICY</font></div><div style="line-height:120%;padding-left:0px;padding-bottom:16px;text-align:justify;text-indent:48px;"><font style="padding-bottom:16px;text-align:justify;font-family:inherit;font-size:12pt;padding-right:48px;">1.</font><font style="font-family:inherit;font-size:12pt;font-weight:bold;">Scope. </font><font style="font-family:inherit;font-size:12pt;">This Welbilt, Inc. Executive Severance Policy (this &#8220;</font><font style="font-family:inherit;font-size:12pt;font-style:italic;font-weight:bold;">Policy</font><font style="font-family:inherit;font-size:12pt;">&#8221;) applies to such officers and/or key employees of Welbilt, Inc. (the &#8220;</font><font style="font-family:inherit;font-size:12pt;font-style:italic;font-weight:bold;">Company</font><font style="font-family:inherit;font-size:12pt;">&#8221;) as may be determined by the Compensation Committee (or its successor, the &#8220;</font><font style="font-family:inherit;font-size:12pt;font-style:italic;font-weight:bold;">Compensation Committee</font><font style="font-family:inherit;font-size:12pt;">&#8221;) of the Board of Directors of the Company (the &#8220;</font><font style="font-family:inherit;font-size:12pt;font-style:italic;font-weight:bold;">Board</font><font style="font-family:inherit;font-size:12pt;">&#8221;) from time to time (&#8220;</font><font style="font-family:inherit;font-size:12pt;font-style:italic;font-weight:bold;">Participants</font><font style="font-family:inherit;font-size:12pt;">&#8221;). Each Participant will be designated by the Compensation Committee as either a Tier 1 Participant or Tier 2 Participant upon being included as a Participant, and the Company shall communicate such designation to the Participant and memorialize it in the records of the Company.</font></div><div style="line-height:120%;padding-left:0px;padding-bottom:16px;text-align:justify;text-indent:48px;"><font style="padding-bottom:16px;text-align:justify;font-family:inherit;font-size:12pt;padding-right:48px;">2.</font><font style="font-family:inherit;font-size:12pt;font-weight:bold;">Purpose.</font><font style="font-family:inherit;font-size:12pt;">&#32;&#32;The purpose of this Policy is to set forth the compensation and benefits, if any, that are due to a Participant upon the Participant&#8217;s termination of employment with the Company as described herein.</font></div><div style="line-height:120%;padding-left:0px;padding-bottom:16px;text-align:justify;text-indent:48px;"><font style="padding-bottom:16px;text-align:justify;font-family:inherit;font-size:12pt;padding-right:48px;">3.</font><font style="font-family:inherit;font-size:12pt;font-weight:bold;">Definitions. </font><font style="font-family:inherit;font-size:12pt;">Any capitalized term that is used, but not defined, in this Policy shall have the meaning set forth in this Section.</font></div><div style="line-height:120%;padding-bottom:16px;text-align:justify;text-indent:96px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">(a)</font><font style="font-family:inherit;font-size:10pt;">&#160;&#160;&#160;&#160;</font><font style="font-family:inherit;font-size:12pt;">&#8220;</font><font style="font-family:inherit;font-size:12pt;font-style:italic;font-weight:bold;">Applicable Severance Period</font><font style="font-family:inherit;font-size:12pt;">&#8221; means:</font></div><table cellpadding="0" cellspacing="0" style="padding-bottom:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:192px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:12pt;padding-left:144px;"><font style="font-family:inherit;font-size:12pt;">(i)</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:justify;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">for payments pursuant to </font><font style="font-family:inherit;font-size:12pt;font-weight:bold;text-decoration:underline;">Section 5(a)(i)(A)</font><font style="font-family:inherit;font-size:12pt;">, a number of years, commencing on the date of a Participant&#8217;s termination of employment with the Company, equal to the Participant&#8217;s Salary Multiplier; and </font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-bottom:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:192px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:12pt;padding-left:144px;"><font style="font-family:inherit;font-size:12pt;">(ii)</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:justify;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">for payments pursuant to </font><font style="font-family:inherit;font-size:12pt;font-weight:bold;text-decoration:underline;">Section 5