Letter Agreement Defining 'Retirement' for Equity Awards between Trinseo LLC and Martin Pugh
This letter agreement between Trinseo LLC and Martin Pugh clarifies the definition of 'Retirement' for the purposes of stock options and restricted stock units granted to Mr. Pugh under the 2014 Omnibus Incentive Plan. It states that if Mr. Pugh's employment ends on or after March 1, 2017, due to his employment agreement expiring without renewal, it will be considered a 'Retirement' under both the stock option and restricted stock unit agreements. This ensures Mr. Pugh's eligibility for certain equity award benefits if his contract is not renewed after that date.
Exhibit 10.3
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| Trinseo LLC | |
| 1000 Chesterbrook Blvd. | |
| Suite 300 | |
| Berwyn, PA 19312 |
May 11, 2015
Mr. Martin Pugh
SWITZERLAND
Dear Mr. Pugh:
RE: Definition of Retirement for Purposes of Equity Awards under 2014 Omnibus Incentive Plan
This letter confirms that the following definition of "Retirement" i s applicable to the Stock Options granted to you on February 27, 2015, in addition to the definition set forth in the Non-Statutory Stock Option Agreement:
"Retirement" also means a termination of Employment on or after March 1, 2017 if the Optionee's current employment agreement expires without renewal on March 1, 2017.
This letter confirms that the following definition of "Retirement" is applicable to the Restricted Stock Units granted to you on February 27, 2015, in addition to the definition set forth in the Restricted Stock Unit Agreement:
"Retirement" also means a termination of Employment on or after March 1, 2017 if the Grantee's current employment agreement expires without renewal on March 1, 2017.
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| Trinseo S.A. | |
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| By: | /s/ Christopher D. Pappas |
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| Name: Christopher D. Pappas | |
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| Title: President and Chief Executive Officer | |
