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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington,
D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d)
of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): August 27, 2023
BrightView Holdings, Inc.
(Exact name of registrant
as specified in its charter)
Delaware |
|
001-38579 |
|
46-4190788 |
(State
or Other Jurisdiction of
Incorporation) |
|
(Commission
File Number) |
|
(IRS
Employer Identification No.) |
980 Jolly Road
Blue Bell, Pennsylvania 19422
(484) 567-7204
(Address,
including zip code, and telephone number, including area code, of registrant’s principal executive offices)
Not Applicable
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended
to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
¨ |
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
¨ |
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
¨ |
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
¨ |
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Securities registered pursuant to Section 12(b) of the Act:
Title
of each class |
|
Trading
Symbol(s) |
|
Name
of each exchange on which
registered |
Common Stock, $0.01 par value |
|
BV |
|
New York Stock Exchange |
Indicate by check mark whether the registrant is an emerging growth
company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities
Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging
growth company ¨
If
an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying
with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨
Item 5.02. |
Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain
Officers. |
On
August 28, 2023, BrightView Holdings, Inc. (the “Company”) announced
the appointment of Dale A. Asplund as President and Chief Executive Officer (principal executive officer) of the Company, effective October 1,
2023 (the “Effective Date”), to replace James R. Abrahamson who has been serving as interim President and Chief Executive
Officer of the Company since June 1, 2023. Mr. Abrahamson will continue as a director of the Company.
Mr. Asplund,
age 55, has served as Executive Vice President, Chief Operating Officer of United Rentals, Inc. since May 2019. In this role,
Mr. Asplund served on the executive leadership team with company-wide responsibility for operations and employee safety. Prior
to this role, Mr. Asplund served as Executive Vice President, Business Services and Chief Information Officer at United Rentals, Inc.
from January 2017 to May 2019.
No family
relationships exist between Mr. Asplund and any of the Company’s directors or other executive officers. There are no other
arrangements between Mr. Asplund and any other person pursuant to which Mr. Asplund was selected as an officer, nor are there
any transactions to which the Company is or was a participant and in which Mr. Asplund has a material interest subject to disclosure
under Item 404(a) of Regulation S-K.
In connection
with his appointment as President and Chief Executive Officer, Mr. Asplund entered into an employment letter agreement with BrightView
Landscapes, LLC and the Company (the “Letter Agreement”) on August 27, 2023. Pursuant to the Letter Agreement, Mr. Asplund
will serve as President and Chief Executive Officer of the Company. The Letter Agreement does not have a specific term and provides that
Mr. Asplund. will be an at-will employee.
The Letter Agreement provides
as follows:
| · | Mr. Asplund’s annual base salary will be $950,000. |
| · | Mr. Asplund will be eligible to earn an annual incentive bonus,
subject to the terms and conditions of the Company’s annual bonus plan, with a target annual bonus of 130% of his base salary. |
| · | Mr. Asplund will be eligible to receive long-term incentive
awards under the Company’s Omnibus Incentive Plan in accordance with the Company’s long-term incentive program for senior
executives, and is expected to include an award of time-vesting restricted stock units (“RSUs”) and performance stock units
(“PSUs”) consistent with recent practice. For fiscal year 2024, the aggregate target grant date value of the long-term incentive
awards for Mr. Asplund will not be less than $4,000,000. |
| · | Mr. Asplund will receive a cash sign-on bonus in the amount
of $500,000 to be paid in the first regular payroll following the Effective Date. If Mr. Asplund’s employment with the Company
terminates before the first anniversary of the Effective Date either by his voluntary resignation other than for good reason or by the
Company for cause (as such terms are defined in the Letter Agreement), then Mr. Asplund will be required promptly repay to the Company
the full gross amount of the sign-on bonus. |
| · | Mr. Asplund will receive new hire equity awards as an inducement
to Mr. Asplund accepting the offer of employment. These awards will be made under a new 2023 Employment Inducement Incentive Award
Plan to be adopted by the Company. These material features of these new hire awards are as follows: |
| o | Mr. Asplund will be granted an award of 250,000 RSUs as of
the Effective Date. The RSUs will vest over four years beginning on the first anniversary of the Effective Date, subject to Mr. Asplund’s
continued employment with the Company. |
| o | Mr. Asplund will be granted as of the Effective Date a target
award of 250,000 PSUs. The PSUs will vest based on continued service and performance over a three-year performance period (fiscal years
2024-2026) with the same performance goals as determined in November 2023 for the PSU awards granted to other senior executives as
part of the fiscal year 2024 long-term incentive program. |
| o | It is anticipated that Mr. Asplund may personally invest up
to $5,500,000 in shares of the Company’s common stock following the announcement of his acceptance of employment. To the extent
he does (within the period beginning three days after announcement of accepting employment and ending 30 days after the Effective Date),
he will receive a matching award of RSUs equal to the number of shares of the Company’s common stock that he purchased. The matching
RSUs will vest over four years beginning on the first anniversary of the Effective Date, subject to Mr. Asplund’s continued
employment with the Company. |
| · | Mr. Asplund will be eligible to participate in the employee
benefit plans generally available to employees of the Company. |
Upon Mr. Asplund’s
termination of employment without cause or voluntary resignation for good reason, then, subject to his timely execution and non-revocation
of a release of claims, he will be eligible to receive:
| · | a severance payment equal to his then-current annual base salary,
paid in periodic installments over a period of 12 months; |
| · | a pro-rated annual bonus in respect of the fiscal year in which
his termination occurs based on actual performance; |
| · | if his termination occurs after the end of the fiscal year but prior
to the time the bonus is paid, he will remain eligible to receive his earned annual bonus for the fiscal year in which his termination
occurs; |
| · | continuation of COBRA coverage at active employee rates (with the
Company paying the remainder of the premium) for up to 18 months following termination; and |
| · | outplacement services for 12 months following termination in an
amount not to exceed $7,500. |
In addition
to the severance payments and benefits described above, Mr. Asplund’s Letter Agreement also provides that if his employment
is terminated without cause or he voluntarily resigns for good reason within the one-year period following a change of control (as defined
in the Letter Agreement), he will be entitled to an additional severance payment equal to his target annual bonus for the year of termination.
The Letter
Agreement includes additional restrictive covenants, including covenants related to not competing with the Company and not soliciting
employees or customers.
The foregoing
description of the Letter Agreement does not purport to be complete and is subject to, and qualified in its entirety by, the full text
of the Letter Agreement, a copy of which is filed as Exhibit 10.1 hereto and is incorporated by reference herein.
Item 9.01. |
Financial Statements and Exhibits |
(d) Exhibits. The following
exhibits are filed herewith:
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934,
the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
|
BrightView Holdings, Inc. |
|
|
Date: August 28, 2023 |
By: |
/s/ Jonathan M. Gottsegen |
|
|
Jonathan M. Gottsegen |
|
|
Executive Vice President, Chief Legal Officer and Corporate
Secretary |
Exhibit 10.1
August 27, 2023 |
|
Mr. Dale Asplund
Dear Dale:
This letter agreement (“Agreement”)
sets forth the terms of your employment with BrightView Landscapes, LLC (the “Company” and the Company together with
BrightView Holdings, Inc. (“Parent”) and each of the Company’s and Parent’s subsidiaries, the “Company
Group”) in a new executive officer role as set forth below to be effective on October 1, 2023 (the “Effective Date”).
1.
Position and Compensation:
a.
Position. Beginning on the Effective Date, the Company will employ you as President and Chief Executive Officer, reporting
to the Board of Directors of Parent (the “Board”). You will also serve, without additional compensation, as Chief Executive
Officer of Parent and hereby agree to serve, if so appointed, as an officer or director of any member of the Company Group, in each case
without additional compensation.
b.
Duties; Location. You shall have the powers, authorities, and duties of management usually vested in the office of the chief
executive officer of a corporation of a similar size and nature to the Company, subject to the legal directives of the Board in exercising
its general oversight function. You shall devote your full business time and attention to the performance of your duties hereunder and
shall not engage in any other business, profession or occupation for compensation or otherwise which would conflict or interfere with
the rendition of such services, either directly or indirectly; provided, that nothing herein shall preclude you from (i) with the
prior written consent of the Board, serving on the board of directors of other for-profit companies that do not compete with the Company
Group, (ii) serving on civic or charitable boards or committees and (iii) managing personal investments, so long as all such activities
described in (i) through (iii) above do not materially interfere with the performance of your duties and responsibilities under this Agreement.
c.
Base Salary. Your annual base salary will be $950,000 (as prorated to reflect
any partial year of employment with the Company in your new role starting with the Effective Date). The Board, the Compensation Committee
of the Board or any other duly authorized committee appointed by the Board may adjust this base salary upward on an annual basis or at
other times as it deems appropriate (your base salary, as it may be adjusted, “Base Salary”). The Base Salary shall
be paid in accordance with the Company’s standard payroll practice for its executive officers.
d.
Annual Bonus Opportunity. You will be eligible to participate in the executive annual bonus plan maintained for similarly
situated executives at a targeted level of 130% of Base Salary and other employee benefits programs offered by the Company Group generally
to the Company’s senior executive-level employees, in accordance with company policy and subject to the terms and conditions of
such programs, which programs may from time to time, and at any time, be amended, modified or terminated.
e.
Long-Term Incentive Awards. You will be eligible to receive long-term incentive awards in accordance with the Company’s
long-term incentive program for senior executives as in effect from time to time as determined by the Compensation Committee of the Board
(the “Committee”) in its discretion, taking into account factors such as market practice, cost, performance and such
other factors as determined appropriate by the Committee. Beginning with fiscal year 2024 (i.e., commencing October 1, 2023), you shall
receive awards with an aggregate target grant date value of not less than $4,000,000 as determined by the Committee in accordance with
its standard practices. Consistent with past practice and in consultation with you, we expect to grant such awards in the form of a combination
of time-vesting restricted stock units (“RSUs”) and three-year performance stock units (“PSUs”)
under the Company’s Omnibus Incentive Plan, consistent with the terms of awards for other senior executives as determined by the
Committee each year. All such awards shall be governed by the terms of the applicable award agreement and the Omnibus Incentive Plan under
which they are granted.
f.
Sign-On Bonus. As additional consideration for this Agreement and to replace the foregone bonus opportunity for the current
year at your prior employer, the Company shall pay to you in the first regular payroll following the Effective Date a cash sign-on bonus
in the amount of $500,000, subject to applicable withholdings. If your employment with the Company Group terminates before the first anniversary
of the Effective Date either (i) by your voluntary resignation other than for Good Reason under Section 2(a) or (ii) by the Company for
Cause under Section 2(d), then you shall promptly repay to the Company the full gross amount of the sign-on bonus.
g.
New Hire Equity Awards. As additional consideration for this Agreement and further inducement for you to accept the Company’s
offer of employment, the Company shall grant to you the following new hire equity awards under the Company’s 2023 Employment Inducement
Incentive Award Plan (the “Inducement Award Plan”). The new hire equity awards shall be governed by the terms of the
Inducement Award Plan and applicable award agreements which shall be consistent with the following terms:
i. New
Hire RSU and PSU Awards. You shall be granted effective as of the Effective Date an award of 250,000 RSUs and a target award of
250,000 PSUs. The RSUs shall vest based on your continued employment with the Company Group in equal annual installments over four
years beginning on the first anniversary of the Effective Date. The PSUs shall vest based on continued service and performance over
a three-year performance period (fiscal years 2024-2026). The performance goals shall be determined by the Committee, in
consultation with you, and shall be the same as the performance goals for the fiscal year 2024 PSUs granted to other senior
executives, with payout ranges from 0% (for below threshold performance) to 200% (for maximum performance). Such final
determinations are expected to occur in November 2024 following standard timing for annual long-term incentive award determinations. Vesting
treatment for termination of employment or a change in control of the Company for the RSUs and PSUs shall be consistent with RSU and
PSU awards made to other senior executives.
ii.
Matching RSU Awards. You intend to make a personal investment of up to $5,500,000 in Company stock no earlier than the third
business day after the date that the Company issues a press release announcing your acceptance of employment under this Agreement and
no later than thirty (30) days after the Effective Date. If you do, you shall be granted an award of RSUs equal to the number of shares
of Company stock purchased by you. The RSUs shall be granted as soon as administratively practicable after receipt by the Company from
you of written confirmation of the number of shares so purchased, which written confirmation shall be provided as soon as practicable
after you complete the purchases and in no event later than forty (40) days after the Effective Date. The RSUs shall vest based on your
continued employment with the Company Group in equal annual installments over four years beginning on the first anniversary of the Effective
Date. Vesting treatment for termination of employment or a change in control of the Company before the end of the performance period shall
be consistent with awards made to senior executives last year as part of the fiscal year 2023 long-term incentive awards.
h.
Vacation. You shall be eligible for paid vacation days each year in accordance with the Company’s vacation policy,
as may be in effect from time to time (as prorated to reflect any partial year of employment with the Company).
2.
Termination: Your employment with the Company is “at will” subject to the terms of this Agreement, as follows:
a.
Voluntary Resignation without Good Reason: Should you desire to resign from your employment with the Company without Good
Reason, you will provide the Company with one (1) month’s prior written notice of termination. Upon such resignation, you will receive
only (i) accrued and unpaid Base Salary through your termination date, (ii) unused but accrued vacation as of your termination date in
accordance with company policy, (iii) any unpaid or unreimbursed business expenses incurred as of your termination date in accordance
with company policy, and (iv) any benefits as provided under the terms of any employee benefit plan of the Company Group in which you
participate (collectively, the “Accrued Obligations”). The Company, in its discretion, may choose to waive all
or any portion of the notice period, in which case you will receive only the Accrued Obligations through the earlier termination date
agreed upon by you and the Company, and if no agreement is reached, through your last date of employment as determined solely by the Company.
b.
Injury, Illness or Incapacity: In the event you are unable to perform your duties for the Company by reason of illness,
injury or incapacity for a continuous period of six (6) months and you qualify for benefits under the Company Long Term Disability Plan,
you may, following the Company’s assessment and determination regarding your potential for recovery, be terminated by the Company
in its sole discretion as of the end of such six (6)-month period. In such event, you will receive only the Accrued Obligations.
c.
Death: In the event that you die while actively employed by the Company, the Company shall pay to your executors or administrators
only the Accrued Obligations, provided that the Company will also continue to pay your Base Salary through the end of the month
in which your death occurs.
d.
Termination For Cause: Should the Company desire to terminate your employment for Cause, it will provide you with written
notice of such termination, including the grounds for such termination. For purposes of this Agreement, “Cause” shall
mean dishonesty, misconduct, conviction of a crime involving moral turpitude, substance abuse, misappropriation of funds, gross neglect
of your duties, or violation of your representations and obligations in paragraphs 4, 5(a) or 9 of this Agreement. In the event your employment
is terminated for Cause, you will receive only the Accrued Obligations.
e.
Termination Without Cause: Should the Company desire to terminate your employment for any reason other than 1) for Cause,
or 2) by reason of your death, injury, illness or incapacity, then, in addition to the Accrued Obligations, and subject to clause (vii)
below:
i.
You will be entitled to a severance payment equal to your then-current annual Base Salary. Such severance payment will be paid
to you in substantially equal biweekly installments paid pursuant to the Company’s payroll practices over the one (1)-year period
following your termination date, commencing as follows: this severance payment will commence within sixty (60) days following your termination
date with the first payment being made on the first regularly scheduled payroll date that occurs after the revocation period for the release
and waiver of claims described in clause (vii) below has expired without you revoking such release and waiver of claims; provided,
that if the sixty (60) day period spans two calendar years, then such payment shall not commence until the second calendar year if the
portion of such payment that would be payable within such sixty (60) day period is subject to the requirements of Section 409A (as defined
below).
ii.
You will remain eligible to receive an annual bonus in respect of the fiscal year in which your termination occurs, payable at
the time, in the manner and in the amount (if any) that the bonus would otherwise been paid had your employment not terminated, provided
that the amount of the bonus (if any) will be prorated to reflect the portion of the year during which you were actually employed.
iii.
If your employment terminates after the end of a fiscal year, but prior to the date the annual bonus for such year becomes payable,
you will remain eligible to receive the annual bonus in respect of such year, payable at the time, in the manner and in the amount (if
any) that the bonus would otherwise been paid had your employment not terminated.
iv. If
your employment terminates within the one (1)-year period following a Change of Control (as defined in the Second Amended and
Restated Limited Partnership Agreement of BrightView Parent, L.P., dated as of June 30, 2014, as amended, amended and restated,
supplemented or otherwise modified and in effect from time to time), in addition to the payments set forth in clauses (i) through
(iii), you will be entitled to an additional severance payment equal to your then-current annual Base Salary multiplied by your
target bonus percentage. This payment will be paid to you over the one (1)-year period following your termination date in the manner
described in clause (i) above.
v.
If you timely elect COBRA coverage under the Company’s then existing health plans, then the Company will pay a portion of
your COBRA premiums equal to the employer portion of the premium for active employees for you, and, where such individuals were covered
immediately prior to your termination date, your eligible dependents, through the earlier of (A) eighteen (18) months following your termination
date and (B) the date on which you become eligible for group health coverage from a new employer. The foregoing sentence does not disqualify
you from receiving benefits coverage after the time periods in subparts (A) and (B), as such sentence relates solely to the payment of
COBRA premiums by the Company as described above. If payment of such portion of the COBRA premiums could result in adverse tax consequences
or penalties to the Company, then the Company may instead pay you a monthly payment equal to such portion of the COBRA premiums for the
same period that the Company would otherwise have been obligated to pay such portion.
vi.
You will be entitled to outplacement services for a period of twelve (12) months following the date of termination of your employment,
at a level commensurate with your position in accordance with the Company’s practices as in effect from time to time, in an amount
not to exceed $7,500. These services will be provided by a national firm whose primary business is outplacement assistance, selected by
the Company. Notwithstanding the above, if you accept employment with another employer, these outplacement benefits shall cease.
vii.
You agree and acknowledge that the severance payments and benefits provided for in this subparagraph 2(e) are in lieu of any other
severance payments or benefits under any Company severance pay plan generally applicable to the Company employees. You also agree and
acknowledge that the severance payments and benefits provided for in this subparagraph 2(e) are expressly conditioned upon your (A) execution
within forty-five (45) days of the date of your termination of employment and non-revocation of a release and waiver of claims in a form
acceptable to the Company and (B) continued compliance with the provisions of paragraphs 4 and 5 hereof.
f.
Voluntary Resignation for Good Reason. Should you resign from your employment for Good Reason, you will be treated
as if your employment had been terminated without Cause pursuant to subparagraph 2(e) above. “Good Reason” shall mean
the occurrence of any of the following events or conditions, unless you have expressly consented in writing thereto: (i) a material reduction
in your Base Salary or target annual bonus opportunity; (ii) a material reduction of your duties and responsibilities; or (iii) the Company
provides you with notice that your principal office location is or will be moved to a location more than fifty (50) miles from your principal
office location immediately before such notice, other than to a location that is within the greater Philadelphia metropolitan area. Notwithstanding
the foregoing, you shall not have Good Reason for termination unless you give written notice of termination for Good Reason within sixty
(60) days after the event giving rise to Good Reason occurs and the Company does not correct the action or failure to act that constitutes
the grounds for Good Reason, as set forth in your notice of termination, within thirty (30) days after the date on which you give written
notice of termination.
3.
Termination and Equity: Regardless of the reason for termination, your rights and obligations with respect to any equity
you have been granted shall be determined and governed solely by the terms of the definitive documentation, including the award agreements,
pursuant to which such equity was granted.
4.
Restrictive Covenants: In consideration of this Agreement, you agree as follows:
a.
During your employment with the Company and for a period of one (1) year after the termination of that employment, regardless of
the reason for termination, you will not, within the Geographic Area (as defined below), directly or indirectly own, manage, operate,
finance, or be connected as an officer, director, employee, partner, agent or consultant with any business or enterprise which, directly
or through an affiliated subsidiary organization, provides (a) landscape maintenance services (including work orders for such services),
(b) landscape enhancement, design and build services (e.g., construction), (c) snow and ice removal services (including sanding and salting),
(d) irrigation installation and maintenance services, (e) chemical application services for lawn and plant care or (f) any other business
activity that is competitive with the business, activities, products or services of the type conducted, authorized, offered, or provided
by the Company Group, or with respect to which the Company Group has spent significant time or resources analyzing for the purposes of
assessing expansion opportunities by the Company Group, during the twenty-four (24) month period prior to your termination of employment.
For purposes of this Agreement, the term “Geographic Area” means any state in which the Company Group is maintaining
a business office as of the date of the termination of your employment with the Company.
b.
During your employment with the Company and for a period of one (1) year after the termination of that employment, regardless of
the reason for termination, you will not, either directly or indirectly:
i.
call on or solicit any person, firm, corporation or other entity who or which at the time of such termination was, or within one
(1) year prior thereto had been, a customer of the Company Group within the Geographic Area in connection with any of the business activities
referred to above;
ii.
solicit, induce or encourage any employee of the Company Group to leave the employment of the Company Group; or
iii.
solicit the employment of any person who was employed by the Company Group on a full or part time basis on the date of your termination
of employment or within the six (6) month period prior thereto.
c. You
recognize and acknowledge that by reason of your employment by and service with the Company, you have and will continue to have
access to confidential information of the Company Group, including, without limitation, information and knowledge pertaining to
products and services in development, pricing information, innovations, new product designs, computer programs and data, ideas,
trade secrets, proprietary information, advertising, distribution and sales methods and systems, sales and profit figures, and
customer and provider information and lists (“Confidential Information”). You acknowledge that such Confidential
Information is a valuable and unique asset and covenant that you will not, either during employment or after the termination of
employment, disclose any such Confidential Information to any person for any reason whatsoever (except as your duties as an employee
of the Company may require) without the prior written authorization of the Board, unless such information is in the public domain
through no fault of you or except as may be required by law. Similarly, you acknowledge and agree that during your employment with
the Company you are bound by the Company’s Statement of Corporate Ethics and Code of Business Conduct Policy as it exists at
the date of this Agreement and as it may be modified or enlarged from time to time at the sole discretion of the Company.
d. You
acknowledge and agree that all Inventions, and all intellectual property rights arising therein or thereto, are and shall be the
sole and exclusive property of the Company Group. You further acknowledge and agree that any rights arising in any invention,
discovery, improvement or innovation made, conceived or first actually reduced to practice by you, whether alone or jointly with
others, during the one (1)-year period following the date of your termination of employment and relating in any way to work
performed by you for the Company Group during your employment with the Company Group (“Post-employment
Inventions”), shall also be the sole and exclusive property of the Company Group. For consideration acknowledged and
received, you hereby irrevocably assign, convey and set over to the Company all of your right, title and interest in and to the
Inventions and Post-employment Inventions, including without limitation all intellectual property rights arising therein or thereto.
You further agree to disclose in writing to the Board any such Inventions or Post-employment Inventions, promptly following their
conception or reduction to practice. Such disclosure shall be sufficiently complete in technical detail and appropriately
illustrated by sketch or diagram to convey to one skilled in the art of which the Invention or Post-employment Invention pertains, a
clear understanding of the nature, purpose, operations, and, to the extent known, the physical, chemical, biological or other
characteristics of the Invention or Post-employment Invention. You agree to execute and deliver such deeds of assignment or other
documents of conveyance and transfer as the Company may request to confirm in the Company Group the ownership of the Inventions and
Post-employment Inventions, without compensation beyond that provided in this Agreement. You further agree, upon the request of the
Company and at its expense, that you will execute any other instrument and document necessary or desirable in applying for and
obtaining patents in the United States and in any foreign country with respect to any Invention or Post-employment Invention. You
further agree, whether or not you are then an employee or other service provider of the Company Group, to cooperate to the extent
and in the manner reasonably requested by the Company in the prosecution or defense of any claim involving a patent covering any
Invention or Post-employment Invention or any litigation or other claim or proceeding involving any Invention or Post-employment
Invention covered by this Agreement, but all reasonable expenses thereof shall be paid by the Company or its designee. You shall
not, on or after the date of this Agreement, directly or indirectly challenge the validity, enforceability or scope of the ownership
by the Company Group of any Invention or Post-employment Invention, including without limitation any patent issued on, or patent
application filed in respect of, an Invention or Post-employment Invention. For purposes of this Agreement,
“Invention” means any invention, discovery, improvement or innovation with regard to any facet of the business of
the Company Group, whether or not patentable, made, conceived, or first actually reduced to practice by you, alone or jointly with
others, in the course of, in connection with, or as a result of your employment or other service with the Company Group, including
any art, method, process, machine, manufacture, design or composition of matter, or any improvement thereof.
e.
You also acknowledge and agree that all works of authorship, in any format or medium, and whether published or unpublished, created
wholly or in part by you, whether alone or jointly with others, in the course of performing your duties for the Company Group, or while
using the facilities, equipment or other resources of the Company Group, whether or not during your work hours (“Works”),
are works made for hire as defined under United States copyright law, and that the Works (and all copyrights arising in the Works) are
owned exclusively by the Company. To the extent any such Works are not deemed to be works made for hire, for consideration acknowledged
and received, you hereby irrevocably assign, transfer, convey and set over to the Company, without compensation beyond that provided in
this Agreement, all right, title and interest in and to such Works, including without limitation all rights of copyright arising therein
or thereto, and further agrees to execute such assignments or other deeds of conveyance and transfer as the Company may request to vest
in the Company or its nominee all right, title and interest in and to such Works, including all rights of copyright arising in or related
to the Works.
f.
You acknowledge that the provisions set forth in this paragraph 4 are reasonable and necessary to protect the legitimate interests
of the Company Group, and that a violation of any of those provisions will cause irreparable harm to the Company Group. You acknowledge
that the Company may seek injunctive relief for your violation of such provisions. You represent that your experience and capabilities
are such that the provisions contained in this paragraph 4 will not prevent you from obtaining employment or otherwise earning a living
at the same general level of economic benefit as earned with the Company.
g.
In the event that any of the provisions of this Agreement should ever be adjudicated to exceed the time, geographic, product or
service, or other limitations permitted by applicable law in any jurisdiction, then the affected provisions shall be deemed reformed in
such jurisdiction to the maximum time, geographic, product or service, or other limitations permitted by applicable law.
h.
The rights and protections of the Company hereunder shall extend and may be assigned to any successors of the Company and to any
member of the Company Group.
i.
To the extent permitted by law, upon receipt of any subpoena, court order or other legal process requiring you to disclose Confidential
Information, you shall give prompt prior written notice to the Company’s General Counsel in order to provide the Company reasonable
opportunity to take appropriate steps to protect its Confidential Information to the fullest extent possible.
j. Nothing
in this Agreement shall prohibit or impede you from communicating, cooperating or filing a complaint with any U.S. federal, state or
local governmental or law enforcement branch, agency or entity (collectively, a “Governmental Entity”) with
respect to possible violations of any U.S. federal, state or local law or regulation, or otherwise making disclosures to any
Governmental Entity, in each case, that are protected under the whistleblower provisions of any such law or regulation, provided
that in each case such communications and disclosures are consistent with applicable law. You understand and acknowledge that an
individual shall not be held criminally or civilly liable under any federal or state trade secret law for the disclosure of a trade
secret that is made (i) in confidence to a federal, state, or local government official or to an attorney solely for the purpose of
reporting or investigating a suspected violation of law, or (ii) in a complaint or other document filed in a lawsuit or other
proceeding, if such filing is made under seal. You understand and acknowledge further that an individual who files a lawsuit for
retaliation by an employer for reporting a suspected violation of law may disclose the trade secret to the attorney of the
individual and use the trade secret information in the court proceeding, if the individual files any document containing the trade
secret under seal; and does not disclose the trade secret, except pursuant to court order. You do not need the prior authorization
of (or to give notice to) the Company regarding any such communication or disclosure. Notwithstanding the foregoing, under no
circumstance are you authorized to disclose any information covered by the Company’s attorney-client privilege or attorney
work product without prior written consent of the Company.
5.
Non-Disparagement; Cooperation:
a.
You agree not to make any negative comments or otherwise disparage any member of the Company Group or any of their officers, directors,
employees, shareholders, agents or products and services and the Company shall use its commercially reasonable efforts to cause the members
of the Company Group and their senior officers to not make negative comments or otherwise disparage you. The foregoing is subject to subparagraph
4(j) and shall not be violated by truthful statements in response to legal process, performance reviews while you are employed, required
governmental testimony or filings, or administrative or arbitral proceedings (including, without limitation, depositions in connection
with such proceedings).
b.
You agree that upon the Company’s reasonable request following your termination of employment and provided such cooperation
is not adverse to your legal interests, you will use reasonable efforts to assist and cooperate with the Company in connection with the
defense or prosecution of any claim with respect to which you may have knowledge that may be helpful to the Company that is made against
or by the Company Group (other than by or against you), or in connection with any ongoing or future investigation by, or any proceeding
before, any arbitral, administrative, regulatory, self-regulatory, judicial, legislative, or other body or agency involving the Company
Group. The Company will pay reasonable out-of-pocket expenses (including travel expenses and the costs of counsel to the extent reasonably
necessary) incurred in connection with providing such assistance.
6.
Taxes:
a. Section
409A. Notwithstanding any provision to the contrary, all provisions of this Agreement are intended to be construed and
interpreted to comply with section 409A of the Internal Revenue Code of 1986, as amended (“Section 409A”), to the
extent applicable. Accordingly, all provisions herein, or incorporated by reference, shall be construed and interpreted to comply
with Section 409A and, if necessary, any such provision shall be deemed amended to comply with Section 409A and the regulations
thereunder. Severance benefits under this Agreement are intended to be exempt from Section 409A under the “short-term
deferral” exception, to the maximum extent applicable, and any remaining amount is intended to be exempt from Section 409A
under the “separation pay” exception, to the maximum extent applicable. All payments to be made upon a termination of
employment under this Agreement that constitute deferred compensation subject to Section 409A will only be paid upon a
“separation from service” within the meaning of Section 409A. Notwithstanding anything in this Agreement to the
contrary, if required by Section 409A, if you are considered a “specified employee” for purposes of Section 409A and if
payment of any amounts under this Agreement are required to be delayed for a period of six (6) months after separation from service
pursuant to Section 409A, payment of such amounts shall be delayed as required by Section 409A and the accumulated amounts shall be
paid in a lump sum payment within ten (10) days after the end of the six (6)-month period. For purposes of Section 409A, each
payment under this Agreement is treated as a separate payment and the right to a series of installment payments is treated as the
right to a series of separate payments. In no event may you, directly or indirectly, designate the calendar year of payment. No
action or failure to act pursuant to this paragraph shall subject the Company nor any affiliate thereof to any claim, liability or
expense, and none of the Company nor any affiliate thereof shall have any obligation to indemnify or otherwise protect you from the
obligation to pay any taxes pursuant to Section 409A.
b.
Withholding. All payments hereunder shall be subject to applicable withholding taxes as required by law. The Company’s
obligation to make any such payments may be satisfied by any member of the Company Group.
7. Applicable
Law; Forum; Waiver of Jury Trial: ALL ISSUES AND QUESTIONS CONCERNING THE APPLICATION, CONSTRUCTION, VALIDITY,
INTERPRETATION AND ENFORCEMENT OF THIS AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE
COMMONWEALTH OF PENNSYLVANIA, WITHOUT GIVING EFFECT TO ANY CHOICE OF LAW OR CONFLICT OF LAW RULES OR PROVISIONS (WHETHER OF THE
COMMONWEALTH OF PENNSYLVANIA OR ANY OTHER JURISDICTION) THAT WOULD CAUSE THE APPLICATION OF THE LAWS OF ANY JURISDICTION OTHER THAN
THE COMMONWEALTH OF PENNSYLVANIA. EACH OF THE PARTIES HERETO HEREBY (I) IRREVOCABLY SUBMITS TO THE EXCLUSIVE JURISDICTION OF ANY
COURT LOCATED IN THE COMMONWEALTH OF PENNSYLVANIA FOR THE PURPOSES OF ANY SUIT, ACTION OR OTHER PROCEEDING ARISING OUT OF THIS
AGREEMENT; (II) AGREES THAT THE SERVICE OF ANY PROCESS, SUMMONS, NOTICE OR DOCUMENT BY U.S. REGISTERED MAIL TO SUCH PERSON’S
ADDRESS SET FORTH HEREIN SHALL BE EFFECTIVE SERVICE OF PROCESS FOR ANY ACTION, SUIT OR PROCEEDING IN THE COMMONWEALTH OF
PENNSYLVANIA WITH RESPECT TO ANY MATTERS TO WHICH IT HAS SUBMITTED TO JURISDICTION AS SET FORTH HEREIN IN THE IMMEDIATELY PRECEDING
CLAUSE (I); AND (III) IRREVOCABLY AND UNCONDITIONALLY WAIVES (AND AGREES NOT TO PLEAD OR CLAIM) ANY OBJECTION TO THE LAYING OF VENUE
OF ANY ACTION, SUIT OR PROCEEDING ARISING OUT OF THIS AGREEMENT IN ANY STATE OR FEDERAL COURT LOCATED IN THE COMMONWEALTH OF
PENNSYLVANIA, OR THAT ANY SUCH ACTION, SUIT OR PROCEEDING BROUGHT IN ANY SUCH COURT HAS BEEN BROUGHT IN AN INCONVENIENT FORUM. EACH
OF THE PARTIES TO THIS AGREEMENT HEREBY IRREVOCABLY WAIVES, AND SHALL CAUSE ITS AFFILIATES TO WAIVE, ALL RIGHT TO A TRIAL BY JURY IN
ANY ACTION, PROCEEDING OR COUNTERCLAIM ARISING OUT OF OR RELATING TO THIS AGREEMENT OR THE OTHER AGREEMENTS AND INSTRUMENTS
DELIVERED HEREUNDER OR THE TRANSACTIONS CONTEMPLATED HEREBY OR THEREBY.
8.
Amendment, Assignability, and Entire Agreement: This Agreement may only be amended or modified by a written agreement
executed by you and the Company (or any successor). This Agreement may be assigned by the Company to any successor (whether direct or
indirect, by purchase, merger, consolidation or otherwise) to all or substantially all of the business and/or assets of the Company, without
your consent, and any such successor shall be bound by the terms of this Agreement if so assigned. This Agreement supersedes any and all
prior written or oral agreements you may have had with any member of the Company Group as it relates to your employment.
9.
Prior Employment Post-Employment Restrictions: You represent, acknowledge, and agree that there are no restrictions
on your ability to perform your duties under this Agreement by reason of post-employment restrictions which are applicable to you and
which arise from your prior employment. You also represent, acknowledge, and agree that you will not disclose to the Company or use in
your employment with the Company any confidential information from your prior employment. You understand and agree that any violation
of your representations and agreements in this paragraph 9 may be considered Cause for termination by the Company under subparagraph 2(d)
of this Agreement.
Please indicate your acceptance
of the terms and conditions of this Agreement as set forth herein by signing the attached copy of this letter in the space below.
[Signature pages follow]
|
Sincerely, |
|
|
|
BRIGHTVIEW LANDSCAPES, LLC |
|
|
|
|
|
By: |
/s/ Jim Abrahamson |
|
|
Name: Jim Abrahamson |
|
|
Title: Interim CEO |
Signature Page to Agreement
I agree
to and accept the terms and conditions of the Agreement as set forth above.
8-27-23 |
|
/s/ Dale Asplund |
Date |
|
Dale Asplund |
Signature Page to Agreement
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