NN, INC. | |||||
BEYOND RELIABLE | |||||
NN, INC. | |||||
BEYOND RELIABLE | |||||
Duties | Directs all legal matters for the Company, helping the organization navigate legal complexities and make informed decisions that follow the law while supporting the company’s strategic objectives. The GC will develop and maintain a global legal program for the company, including compliance and risk, corporate governance, contract management, crisis management, intellectual property, and, in support with applicable subject matter or regional managers, licensing/statutory requirements across all relevant jurisdictions. The GC serves as a member of the senior leadership team. | ||||
Effective Date | As soon as practicable, but no later than Monday, July 8, 2024. The term “Effective Date” refers to the date you actively begin employment with NN. | ||||
Base Salary | Your gross pay will be at the bi-weekly rate of Thirteen Thousand Four Hundred Sixty-One Dollars and fifty-four cents ($13,461.54), which equates to an annualized sum of $350,000. You will receive regular performance and salary reviews to evaluate your progress in attaining goals; these will be conducted at intervals commensurate with similarly-situated associates. | ||||
Signing Bonus | In consideration of other sums that you have forfeited by joining the Company, Company will pay a one-time bonus of Twenty Thousand Dollars ($20,000.00) on the first full payroll period following your Effective Date. | ||||
Annual Incentive Award | You will be eligible to participate in a discretionary executive-level bonus plan; the target is 50% of your base annual salary during the year. If a bonus is offered, its availability will be dependent upon corporate, group and individual performance, and any bonus amounts will be determined in accordance with NN corporate guidelines. Bonuses of this type are distributed after completion of the year-end financial audit, which is typically completed in March. This award will be prorated for the portion of the 2024 year employed; however, subject to and in accordance with the terms of the EIC, we will guarantee a minimum award of $50,000 for 2024. Annual incentive awards are governed by the terms of the Executive Incentive Compensation (“EIC”) Program Document. | ||||
Equity Award | You will be eligible to participate in the Company’s Long-Term Incentive (“LTI”) program; awards are generally granted in March of each year. Your annual grant will be 85% of your base salary. The total dollar value of the equity award will be split as follows: •One-third of the grant date value will be issued as Restricted Stock Units (RSUs), which are time-based awards vesting ratably over three years; and, •Two-thirds of the grant date value will be issued as Performance Share Units (PSUs), performance-based awards tied to Relative Total Shareholder Returns (TSR). For 2024 only, these awards will be granted to you on your Effective Date, priced as of the closing stock price on that date. This award will be prorated for the portion of the 2024 year employed. LTI awards are governed by the terms of the LTI Program Document. | ||||
Separation Provisions | You will be eligible for additional separation provisions related to qualifying terminations—specifically, terminations both prior to and following a Change in Control. This Separation Agreement will be executed separately from the LOU. | ||||
Employment-at-Will | Except as expressly set forth herein, nothing in this Letter of Understanding and Relocation Agreement is intended to supersede NN, Inc.’s employment-at-will policy. Under these provisions, employment with NN, Inc. is voluntarily entered into, and the associate is free to resign at will at any time, with or without cause. Similarly, NN, Inc. may terminate the employment relationship at will at any time, with or without notice or cause, so long as there is no violation of applicable federal and state law. | ||||
Relocation | None. | ||||
Confidentiality | Since you will be in a position of trust requiring the maintenance of confidence, you will be required to sign a confidentiality and non-disclosure agreement on your first day of employment. A copy of the current agreement will be provided for your review. | ||||
Benefits | The Company offers a broad range of benefits for you and your eligible dependents. All such benefits are subject to the terms of the benefit plans and are available to employees generally. Plans include medical, dental, life, and disability benefits, as well as voluntary offerings such as vision, 401(k), and other voluntary offerings are also available; a copy of the current enrollment guide will be provided for your review. | ||||
Paid Leave | You are eligible to receive pay for holidays that NN, Inc. observes during your employ (currently eleven per year), and your annual PTO allocation will be unlimited. | ||||
NN, INC. | ||
BEYOND RELIABLE | ||
| Signed: | /s/ Jami Statham | ||||
| Printed Name: | Jami Statham | ||||
| Date: | June 10, 2024 | ||||