美国Delaware的劳务合同.docx
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美国Delaware的劳务合同.docx
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美国Delaware的劳务合同
EMPLOYMENTANDNON-COMPETITIONAGREEMENT
(LouHedrickJones)
THISEMPLOYMENTANDNON-COMPETITIONAGREEMENT(the“Agreement”)isexecutedasofthisfirstdayofJune,2009,andeffectiveasofJune15,2009(the“DateofHire”),byandbetweenTempur-PedicInternationalInc.,aDelawarecorporation(the“Company”),andLouHedrickJones,anindividual(“Employee”).
Inconsiderationofthepremisesandthemutualagreementsandcovenantscontainedherein,andforothergoodandvaluableconsideration,thereceiptandsufficiencyofwhichisherebyacknowledgedbytheCompanyandEmployee,
ITISHEREBYAGREEDASFOLLOWS:
ARTICLEI
EMPLOYMENT
1.1 TermofEmployment. EffectiveasoftheDateofHire,theCompanyagreestoemployEmployee,andEmployeeacceptsemploymentbytheCompany,fortheperiodcommencingontheDateofHireandendingonthefirstanniversaryoftheDateofHire(the“InitialTerm”),subjecttoearlierterminationashereinaftersetforthinArticleIII. UnlessearlierterminatedinaccordancewithArticleIII,followingtheexpirationoftheInitialTerm,thisAgreementshallbeautomaticallyrenewedforsuccessiveone-yearperiods(collectively,the“RenewalTerms”;individually,a“RenewalTerm”)unless,atleastninety(90)dayspriortotheexpirationoftheInitialTermorthethencurrentRenewalTerm,eitherpartyprovidestheotherwithawrittennoticeofintentionnottorenew,inwhichcasetheEmployee’semploymentwiththeCompany,andtheCompany’sobligationshereunder,shallterminateasoftheendoftheInitialTermorsaidRenewalTerm,asapplicable. Exceptasotherwiseexpresslyprovidedherein,thetermsofthisAgreementduringanyRenewalTermshallbethesameasthetermsineffectimmediatelypriortosuchrenewal,subjecttoanysuchchangesormodificationsasmutuallymaybeagreedbetweenthepartiesasevidencedinawritteninstrumentsignedbyboththeCompanyandEmployee.
1.2 PositionandDuties. EmployeeshallbeemployedinthepositionofExecutiveVicePresident,GeneralCounselorsuchotherexecutivepositionasmaybeassignedfromtimetotimebytheCompany’sChiefExecutiveOfficer;providedthatanyexecutivepositionthatdoesnotalsoincludecontinuingintheroleofGeneralCounselwillrequiretheconsentoftheEmployee. Insuchcapacity,Employeeshallbesubjecttotheauthorityof,andshallreportto,theCompany’sChiefExecutiveOfficer. Employee’sdutiesandresponsibilitiesshallincludethosecustomarilyattendanttoEmployee’spositionandsuchotherdutiesandresponsibilitiesasmaybeassignedfromtimetotimebytheChiefExecutiveOfficer. EmployeeshalldevoteEmployee’sentirebusinesstime,loyalty,attentionandenergiesexclusivelytothebusinessinterestsoftheCompanywhileemployedbytheCompany,andshallperformherdutiesandresponsibilitiesdiligentlyandtothebestofherability.
1.3 OtherDocuments. OnorpriortotheDateofHiretheEmployeewillexecuteanddelivertotheCompanythefollowing:
RelocationAssistancePaybackAgreementandCorporateGovernanceHandbookAcknowledgement,eachintheformpreviouslyfurnishedbytheCompany.
ARTICLEII
COMPENSATIONANDOTHERBENEFITS
2.1 BaseSalary. TheCompanyshallpayEmployeeaninitialannualsalaryof$330,000.00(“BaseSalary”),payableinaccordancewiththenormalpayrollpracticesoftheCompany. TheEmployee’sBaseSalarywillbereviewedandbesubjecttoadjustmentfromtimetotimebytheBoardofDirectorsoritsCompensationCommitteeattheirdiscretioninaccordancewiththeCompany’sannualreviewpolicy. BasedontheCompany’scurrentpolicy,theCompanyexpectsEmployee’sfirstannualreviewwouldbeApril1,2010.
2.2 PerformanceBonus.
(a) Employeewillbeeligibletoearnanannualperformance-basedbonusbasedonperformancecriteriaapprovedbytheCompany’sBoardofDirectorsoritsCompensationCommitteeforeachfullorprorataportionofanyfiscalyearduringwhichEmployeeisemployedbytheCompany(each,a“BonusYear”),thetermsandconditionsofwhichaswellasEmployee’sentitlementtheretobeingdeterminedannuallyinthesolediscretionoftheCompany’sBoardofDirectorsoritsCompensationCommittee(the“PerformanceBonus”). TheamountofthePerformanceBonuswillvarybasedontheachievementofCompanyandindividualperformancecriteriaestablishedbytheCompany’sBoardofDirectorsoritsCompensationCommittee,buttheperformancecriteriawillbesettotargetaPerformanceBonusequaltoadesignatedpercentageofBaseSalaryasofDecember31stoftheapplicableBonusYeariftheperformancecriteriaaremet(the“TargetBonus”).
(b) For2009,EmployeewillbeentitledtoaPerformanceBonusthatwillbeproratedfor2009basedontheDateofHire. TheperformancecriteriaforEmployee’s2009PerformanceBonuswillbedeterminedbytheCompensationCommitteepromptlyafterthedateofthisAgreement,inaccordancewiththeCompany’sAnnualIncentiveBonusPlanForSeniorExecutives,andtheperformancecriteriawillbesettotargetaPerformanceBonusequalto55%ofEmployee’sBaseSalaryfor2009.
2.3 GrantofStockOption.
(a) PursuanttotheTempur-PedicInternationalInc.2003EquityIncentivePlan,asamended,effectiveasoftheDateofHiretheEmployeeshallbegrantedanoptiontopurchaseeightythousand(80,000)sharesofthecommonstockof theCompany(the“OptionedShares”)atapurchasepriceperOptionedShareequaltotheclosingpriceontheNewYorkStockExchangeoftheCompany’scommonstockontheDateofHire.ThisgrantshallvestinfourinstallmentsoverfouryearsandshallbemadepursuanttoastockoptionagreementbetweentheCompanyandEmployeeintheformattachedheretoasExhibitA.
(b) TheCompanyexpectsthatEmployeewillbeconsideredforanadditionalstockoptiongrantinApril2011,andannuallythereafter,butthetiming,amountandtermsofanyfuturegrantswillbesubjecttothediscretionoftheBoardofDirectorsortheCompensationCommittee.
2.4 HiringBonus.AsadditionalconsiderationforEmployee’sagreementtoacceptemploymentwiththeCompany,theCompanywillpaytoEmployeeaone-timebonusof$50,000.Thisbonusispayableninety(90)daysaftertheDateofHire,providedthat,asofthedatepaymentwouldotherwisebemade,theEmployeeisconsideredanemployeeoftheCompanyingoodstanding;andprovidedfurtherthatintheeventthat,withintwelvemonthsoftheDateofHire,EmployeeisterminatedForCausepursuanttoparagraph3(c)below,orresignsheremploymentwiththeCompanyotherthanforGoodReason,EmployeeshallrepaytotheCompanytheentireamountofthebonusdescribedabovewithinthirty(30)daysoftheterminationofEmployee'semployment.
2.5 BenefitPlans. EmployeewillbeeligibletoparticipateintheCompany’sretirementplansthatarequalifiedunderSection401(a)oftheInternalRevenueCodeof1986,asamended(the“Code”),andintheCompany’swelfarebenefitplansthataregenerallyapplicabletoallexecutiveemployeesoftheCompany(the“Plans”),inaccordancewiththetermsandconditionsthereof. AbriefdescriptionoftheCompany’scurrentbenefitsiscontainedinExhibitBhereto.
2.6 AutomobileAllowance. TheCompanyshallpaytoEmployeeanautomobileallowanceof$600.00permonth.
2.7 Vacation. Employeeshallbeentitledtothreeweeks(fifteen(15)days)vacationdaysinthecalendaryearaftertheDateofHireandthreeweeks(fifteendays)atEmployee’sone-yearanniversaryandeachyearthereafter,subjecttoandtobetakeninaccordancewiththeCompany’sgeneralvacationpoliciesforsimilarlysituatedexecutiveemployees.
2.8 RelocationBenefits. TheCompanywillprovideEmployeewithrelocationassistanceinaccordancewiththepolicyandotherprovisionssetforthinExhibitC.
2.9 Expenses. TheCompanyshallreimburseEmployeeforallauthorizedandapprovedexpensesincurredinthecourseoftheperformanceofEmployee’sdutiesandresponsibilitiespursuanttothisAgreementandconsistentwiththeCompany’spolicieswithrespecttotravel,entertainmentandmiscellaneousexpenses,andtherequirementswithrespecttothereportingofsuchexpenses.
2.10 Withholdings. AllpaymentstobemadebytheCompanyhereunderwillbesubjecttoanywithholdingrequirements.
ARTICLEIII
TERMINATION
3.1 RighttoTerminate;AutomaticTermination.
(a) TerminationbyCompanyWithoutCause. SubjecttoSection3.2,theCompanymayterminateEmployee’semploymentandalloftheCompany’sobligationsunderthisAgreementatanytimeandforanyreason.
(b) TerminationbyEmployeeforGoodReason. SubjecttoSection3.2,Employeemayterminateheremploymentobligationhereunder(butnotherobligationsunderArticleIVhereof)for“GoodReason”(ashereinafterdefined)ifEmployeegiveswrittennoticethereoftotheCompanywithinthirty(30)daysoftheeventshedeemstoconstituteGoodReason(whichnoticeshallspecifythegroundsuponwhichsuchnoticeisgiven)andtheCompanyfails,withinthirty(30)daysofreceiptofsuchnotice,tocureorrectifythegroundsforsuchGoodReasonterminationsetforthinsuchnotice. “GoodReason”shallmeananyofthefollowing:
(i)relocationofEmployee’sprincipalworkplaceoversixty(60)milesfromtheCompany’sexistingworkplaceswithouttheconsentofEmployee(whichconsentshallnotbeunreasonably withheld,delayedorconditioned),or(ii)theCompany’smaterialbreachofthisAgreementoranyotherwrittenagreementbetweenEmployeeandtheCompanywhichisnotcuredwithinthirty(30)daysafterreceiptbytheCompanyfromEmployeeofwrittennoticeof
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