TRINSEO EUROPE GMBH AMENDED AND RESTATED EMPLOYMENT AGREEMENT
Exhibit 10.2
TRINSEO EUROPE GMBH
AMENDED AND RESTATED EMPLOYMENT AGREEMENT
AMENDED AND RESTATED EMPLOYMENT AGREEMENT (this “Agreement”), dated as of October 1, 2021, is among Trinseo Europe GmbH, a Swiss limited liability company (Gesellschaft mit beschrӓnkter Haftung) (the “Company”), and Xxxxxxxxx Xxxxxxxxx of Xxxxxxxxxxxxxxxxxx 00, 0000 Xxxxxx, Xxxxxxxxxxx (the “Executive”); which amends and restates the previous employment agreement entered into between the parties.
W I T N E S S E T H
WHEREAS, the Company desires to continue to employ the Executive as Senior Vice President, Chief Sustainability Officer and Synthetic Rubber of the Company and to pay all of the Executive’s compensation and other benefits described in this Agreement; and
WHEREAS, the Company and the Executive desire to update the terms and conditions of such employment by entering into this Agreement which shall define the terms of the Executive’s employment with the Company.
NOW, THEREFORE, in consideration of the foregoing, of the mutual promises contained herein and of other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto hereby agree as follows:
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For purposes of this Section 6(b), no act, or failure to act, on the part of the Executive shall be considered “willful” unless it is done, or omitted to be done, by the Executive in bad faith or without reasonable belief that the Executive’s action or omission was in the best interests of the Company.
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an amount equal to one and one-half (1.5) multiplied by the sum of the Executive’s then current annual Base Salary and Target Bonus for the year of termination, paid in equal monthly installments for a period of eighteen (18) months following such termination. Payments and benefits provided in this Section 7(c) shall be offset by Base Salary payments made during (i) any notice period as defined in Section 2 where the Executive has been relieved of responsibilities, and (ii) any monthly extension that corresponds to the number of months by which the notice period is extended based art. 336c CO, provided that the aggregate severance benefits payable hereunder shall be no less than as required by applicable law.
A “Material Covenant Violation” shall mean a breach of any of the restrictive covenants set forth in Section 10 hereof or in any other written agreement between the Executive and the Company and/or any of the Company’s or Parent’s direct or indirectly controlled subsidiaries (each an “Affiliate”) that causes material and demonstrable harm to the Company and/or any Affiliate.
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If to the Executive: At the address (or to the facsimile number) shown If to the Company: Trinseo Europe GmbH c/o Trinseo LLC Chief Legal Officer 1000 Chesterbrook Boulevard, Suite 300 Berwyn, Pennsylvania 19312 And With a copy (which shall not constitute notice hereunder) to: Trinseo Europe GmbH Chief Human Resources Xxxxxxx Xxxxxxxxxxxx 000 Xxxxxx, XX-0000, Xxxxxxxxxxx |
or to such other address as either party may have furnished to the other in writing in accordance herewith, except that notices of change of address shall be effective only upon receipt.
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[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]
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IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the date first written above.
Trinseo Europe GmbH | Executive |
Signature #1: /s/ Xxxxx Xxxxxx | Signature: /s/ Xxxxxxxxx Xxxxxxxxx |
Name: Xxxxx Xxxxxx | Name: Xxxxxxxxx Xxxxxxxxx |
Title: Senior Vice President and Chief Human Resource Officer | |
Date: 21 October 2021 | Date: 21 October 2021 |
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Signature #2: /s/ James Mingyu Ni | |
Name: James Mingyu Ni | |
Title: Senior Vice President, Latex Binders | |
Date: 21 October 2021 |
EXHIBIT A
GENERAL RELEASE
I, CANDIDATE NAME, in consideration of and subject to the performance by Trinseo Europe GmbH. (together with its Affiliates, the “Company”), of its obligations under the Employment Agreement, dated as of [●] (the “Agreement”), do hereby release and forever discharge as of the date hereof the Company and its respective Affiliates and all present, former and future directors, officers, employees, successors and assigns of the Company and its Affiliates and direct or indirect owners (collectively, the “Released Parties”) to the extent provided below. The Released Parties are intended third-party beneficiaries of this General Release, and this General Release may be enforced by each of them in accordance with the terms hereof in respect of the rights granted to such Released Parties hereunder. Terms used herein but not otherwise defined shall have the meanings given to them in the Agreement.
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BY SIGNING THIS GENERAL RELEASE, I REPRESENT AND AGREE THAT:
1. | I HAVE READ IT CAREFULLY; |
2. | I UNDERSTAND ALL OF ITS TERMS AND KNOW THAT I AM GIVING UP IMPORTANT RIGHTS; |
3. | I VOLUNTARILY CONSENT TO EVERYTHING IN IT; |
4. | I HAVE SIGNED THIS GENERAL RELEASE KNOWINGLY AND VOLUNTARILY; AND |
5. | I AGREE THAT THE PROVISIONS OF THIS GENERAL RELEASE MAY NOT BE AMENDED, WAIVED, CHANGED OR MODIFIED EXCEPT BY AN INSTRUMENT IN WRITING SIGNED BY AN AUTHORIZED REPRESENTATIVE OF THE COMPANY AND BY ME. |
SIGNED: DATED:
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