LONG-TERM CASH INCENTIVE AWARD AGREEMENT
Exhibit 10.1
LONG-TERM CASH INCENTIVE AWARD AGREEMENT
This LONG-TERM CASH INCENTIVE AWARD AGREEMENT (the “Agreement”) is made and entered into this [●] day of [●], 2024, by and between CommScope, LLC (the “Company”), and [Employee Name] (“Executive”). For purposes of this Agreement, the Company and Executive are referred to collectively as the “Parties.”
RECITALS
In order to recognize Executive’s valuable leadership and contributions to the success of the Company, to provide Executive with an opportunity to earn additional compensation based on the Company’s achievement of performance objectives for fiscal year 2024 (the “Performance Year”) as described on the Appendix to this Agreement, and to encourage Executive’s continued commitment, dedication, and services to the Company following the Performance Year, the Company wishes to provide the long-term cash incentive opportunity to the Executive, as provided in this Agreement.
Accordingly, in consideration of the mutual promises contained herein and other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the Parties agree as follows:
1. Effectiveness. This Agreement shall be effective as of the date first written above (the “Effective Date”).
2. Long-Term Cash Incentive Award Opportunity.
(a) Subject to the terms and conditions of this Agreement, Executive shall have the opportunity to receive a cash incentive award as determined by the Compensation Committee of the Board of Directors of the Company (the “Committee”) in accordance with the Appendix to this Agreement, subject to withholding for taxes and other similar items. Any long-term cash incentive award amount earned by Executive pursuant to this Agreement and the Appendix hereto (the “Earned Amount”) shall be paid to Executive in approximately equal installments in March 2025, September 2025, and March 2026, or as otherwise provided in the Appendix to this Agreement, in each case conditioned upon Executive’s continuous employment with the Company through such dates, subject to Section 3.
(b) The Parties agree that any Earned Amount paid to Executive is over and above any payments to which Executive may otherwise be eligible to receive.
3. Termination of Employment.
(a) In the event that, prior to the full payment of the Earned Amount, (i) Executive terminates his/her employment with the Company, whether by resignation, retirement or otherwise, or (ii) the Company terminates Executive’s employment for Cause (as such term is defined in Executive’s Severance Protection Agreement with the Company), then Executive shall not be entitled to payment of any then-remaining installments of the Earned Award.
(b) In the event that, following the end of the Performance Year but prior to the full payment of the Earned Amount, (i) Executive’s employment with the Company is terminated by the Company for any reason other than Cause, or (ii) Executive dies, and (iii) on the date of such termination or death no grounds exist for the Company to terminate Executive’s employment for Cause, then, except as otherwise provided in the Appendix to this Agreement, the Company shall pay Executive (or Executive’s estate, as the case may be) any then-remaining installments of the Earned Amount, payable in a lump sum within sixty (60) days following the earlier of the date of such termination (the “Termination Date”) or the date of Executive’s death, as the case may be. Other than in the event of Executive’s death, the payment of any portion of the Earned Amount pursuant to this Section 3(b) shall be contingent upon (i) Executive executing, within forty-five (45) days after the Termination Date, a full general release of claims and covenant not to sue in a form provided by the Company (the “Release Agreement”) and not revoking such Release Agreement within any revocation period specified in the Release Agreement, and (ii) Executive’s continued compliance with the restrictive covenants contained in Executive’s Severance Protection Agreement with the Company in accordance with the terms thereof. The Release Agreement shall be provided to the Executive within five (5) business days following the Termination Date.
(c) The Parties agree that this Agreement does not create any rights in Executive beyond the potential right to payment of any long-term cash incentive award amount that may be earned hereunder. The award opportunity provided herein should be viewed as an indication of the Company’s confidence in and appreciation of Executive’s abilities and contributions, and as an additional form of compensation to meet a special purpose. Any Earned Amount will be in addition to any other compensation or benefits that Executive may otherwise be eligible to receive from the Company and is not a permanent or recurring element of Executive’s compensation at the Company, nor will it impact any other element of compensation for which Executive may otherwise be eligible.
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[signatures appear on following page]
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IN WITNESS WHEREOF, the Parties hereto have duly executed and delivered this Retention Agreement.
Executive
Date:
CommScope, LLC
By:
Name:
Title:
Date:
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