Addendum to Employment Contract for Interim CFO Appointment between Garrett Motion Sàrl and Peter Bracke
Garrett Motion Sàrl and Peter Bracke have agreed to an addendum to Bracke's employment contract, appointing him as Interim Chief Financial Officer. Effective September 6, 2019, Bracke's annual salary increases to CHF 445,593 and his annual bonus target rises to 60% of his salary for the duration of the interim role. He will also receive $200,000 in restricted stock units, vesting after two years if he remains employed. Once the interim appointment ends, his salary and bonus revert to previous levels. All other contract terms remain unchanged.
Exhibit 10.3
Garrett Motion Sàrl
La Piece 16,
1180 Rolle (VD)
Switzerland
Peter Bracke
Rolle, 3/09/2019
Addendum to your employment contract dated May 31, 2018
Dear Peter,
Further to your recent discussions with Fabrice Spenninck, I am pleased to confirm your appointment as Interim Chief Financial Officer, and the terms of the Company’s offer relating to that appointment.
Upon signature of this addendum to your contract of employment dated May 31, 2018, and for the duration of your appointment as Interim Chief Financial Officer, your annual salary will be increased to CHF 445’593, with effect from September 6, 2019.
With regard to your participation in the Annual Incentive program “ICP”, also with effect from September 6, 2019, your annual target bonus award opportunity will be increased during your appointment to 60% of your amended basic salary. Participation and awards shall be subject to the usual rules.
As agreed, the increase in salary and ICP is on a temporary basis in recognition of the role and additional responsibilities you will be taking on. You will revert to your current salary of 363’960 and target ICP of 40% once the interim appointment comes to an end.
Exceptionally, and in recognition of your acceptance of the interim role, you will be granted USD 200’000 worth of Garrett Motion Inc restricted stock units with effect from September 6, 2019, subject to the rules of the relevant stock incentive plan. These restricted stock units will vest 100% on the second anniversary of the grant date, provided in all cases that you continue to be employed by the Company on such vesting date.
Please indicate your agreement to the terms of this addendum by signing and dating below and returning to Fabrice.
All other parts of your employment contract remain unchanged by this agreement.
I would like to thank you for your continued contribution to Garrett and for your agreement to step into the role of interim Chief Financial Officer. I wish you the best in this role.
Yours sincerely,
/s/ Olivier Rabiller
Olivier Rabiller
Chief Executive Officer
/s/ Peter Bracke
Peter Bracke
VP FP&A and Business Finance
