SEC Filings

8-K
SPECTRUM BRANDS LEGACY, INC. filed this Form 8-K on 05/01/2018
Entire Document
 
20180501 Form 8K - Exhibit 101 - Maura Employment Agreement

Exhibit 10.1

Execution Copy

AMENDED AND RESTATED EMPLOYMENT AGREEMENT

This AMENDED AND RESTATED EMPLOYMENT AGREEMENT (“Agreement”) is entered into as of April 25,  2018 by and among Spectrum Brands, Inc., a Delaware corporation (the “Company”), Spectrum Brands Holdings, Inc., a Delaware corporation (including any entity that becomes the successor public holding company of such entity, the  “Parent”), and David M. Maura (“Executive”).

WHEREAS, the parties have previously entered into that certain Employment Agreement, dated January 20, 2016, as amended (the “Initial Agreement”), pursuant to which the duties, terms, conditions, and compensation arrangements for the Executive’s employment with the Parent and Company as executive chairman of the Board of Directors of the Parent were set forth; and

WHEREAS, the parties now desire to expand the employment duties of the Executive and change the compensation and certain other terms and conditions of the Initial Agreement, and accordingly agree to amend and restate such agreement as set forth herein.

NOW THEREFORE, in consideration of the promises and mutual agreements contained herein, which include the provision of certain benefits and compensation to which Executive would not otherwise be entitled or receive, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Company, the Parent and Executive hereby agree as follows:

1. Employment Duties and Acceptance. The Company hereby employs Executive as, and Executive agrees to serve and accept employment with the Company as, Executive Chairman of the Board of Directors of the Parent ("EC"),  and Chief Executive Officer of the Parent ("CEO"), in both roles reporting directly to the Board of Directors of the Parent (the “Board”). During the Term (as defined in Section 2 hereof), Executive shall perform such duties as reasonably requested by the Board consistent with Executive’s respective positions as EC and CEO,  as applicable, and shall devote such time as is reasonably necessary to perform his duties under this Agreement. As EC and as CEO, Executive shall have the authority and responsibilities consistent with such titles. It is understood and agreed that any actions with respect to Executive’s employment, including amendments to this Agreement or changes in compensation, may only be taken pursuant to the advance approval of the Board.    In addition, during the Term, Executive agrees to serve, without any additional compensation, as the Chief Executive Officer of the Company and as an officer and/or director of any other subsidiaries or controlled affiliates of the Parent, as requested by the Board and so long as consistent with the terms of this Agreement.

2. Term of Employment. Subject to the termination of employment as set forth in Section 4 hereof, Executive’s employment and appointment hereunder shall be for a term commencing on April 25,  2018 (the “Effective Date”) and expiring thirty-six (36) months thereafter, on April 24, 2021 (the “Initial Term”). Upon expiration of the Initial Term and subject to the termination of employment provisions as set forth in Section 4 hereof, this Agreement shall automatically extend for successive renewal periods of one (1) year (the “Renewal Term(s)”), unless either party provides written notice at least ninety (90) days prior to the last day of the Renewal Term of its election not to renew the Initial Term or any Renewal Term. The Initial Term and any Renewal Terms shall be collectively referred herein to as the “Term. For the avoidance of doubt, any termination for non-renewal of the Term shall be treated in accordance with Section 4(d) hereof.

3. Compensation and Benefits. During the Term of this Agreement and provided Executive’s employment has not terminated pursuant to Section 4 hereof, in consideration for the