October 9, 2019
Retention Bonus Agreement
This Retention Bonus Agreement (this Agreement), between Hans-Jürgen Herr (the Employee) and Weber-Stephen Deutschland GmbH (the Company) sets forth the terms and conditions of bonuses to be paid to the Employee by the Company, effective as of September 1, 2019 (the Effective Date);
WHEREAS, the Employee is now employed by the Company as President, EMEA and the Employees continued employment is critical to maintaining and strengthening the Companys business;
WHEREAS, the Company desires to provide a bonus to the Employee if he stays continuously employed with the Company through the Retention Period (as defined below).
NOW, THEREFORE, in consideration of the mutual promises and agreements set forth below, the parties agree as follows:
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Definition. This definition applies to this Agreement:
Cause means the Employees (i) commission of a serious felony or crime involving moral turpitude, (ii) commission of an act which violates the Companys policies on discrimination, harassment, and conflicts of interest, or repeated violation of any other material employment policy, (iii) commission of any act or omission involving disloyalty or fraud with respect to the Company, its subsidiaries or other Affiliates or any of their respective customers or suppliers, (iv) conduct intentionally disparaging the Company (or its Affiliates) or tending to bring the Company (or its Affiliates) into substantial public disgrace or disrepute, (v) repeated failure to substantially perform his or her duties for the Company (or, if different, his or her Employer) as reasonably directed by the Board or the Chief Executive Officer of the Company, (vi) gross negligence or willful misconduct with respect to the Company or any subsidiary or other Affiliate or (vii) cause pursuant to sec. 626 BGB (German Civil Code).
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Retention Bonus. The Employee shall be entitled to two (2) lump-sum cash payments. The first payment of l.04M shall be made September 30, 2020 and the second payment of 1..32M shall be made September 30, 2022 after deduction of the amounts to be withheld by law (the Retention Bonus), if the Employee:
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is continuously employed full-time by the Company from the Effective Date to September 30, 2021 for the first payment and September 20, 2023 for the second payment (the Retention Periods), and
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55218 Ingelheim, GERMANY