Exhibit
10.13(g)
Manpower
Inc.
100 Manpower
Place
Milwaukee, Wisconsin
53212
Effective November 10,
2008
Mara Swan
Senior Vice
President
Global Human
Resources
Manpower
Inc.
100 Manpower
Place
Milwaukee, WI
53212
Dear Mara:
Manpower
Inc. (the “Corporation”) desires to retain experienced,
well-qualified executives, like you, to assure the continued growth
and success of the Corporation and its direct and indirect
subsidiaries (collectively, the “Manpower
Group”). Accordingly, as an inducement for you to
continue your employment in order to assure the continued
availability of your services to the Manpower Group, we entered
into an agreement with you as of May 2, 2006 regarding certain
severance protections. Due to the requirements of
Internal Revenue Code (the “Code”) Section 409A
regarding deferred compensation and the potential application of
Code Section 409A to that agreement, as well as the
Corporation’s desire to provide consistent severance
protection for executives of the Corporation who are members of the
Executive Management Committee, we are amending and superseding
that letter dated May 2, 2006 and have agreed as
follows:
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Definitions
. For
purposes of this letter:
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Benefit
Plans . “Benefit
Plans” means all benefits of employment generally made
available to executives of the Corporation from time to
time.
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Cause
. Termination
by the Manpower Group of your employment with the Manpower Group
for “Cause” will mean termination upon (i) your
repeated failure to perform your duties with the Manpower Group in
a competent, diligent and satisfactory manner as determined by the
Corporation’s Chief Executive Officer in his reasonable
judgment, (ii) failure or refusal to follow the reasonable
instructions or direction of the Corporation’s Chief
Executive Officer, which failure or refusal remains uncured, if
subject to cure, to the reasonable satisfaction of the
Corporation’s Chief Executive Officer for five (5) business
days after receiving notice thereof from the Corporation’s
Chief Executive Officer, or repeated failure or refusal to follow
the reasonable instructions or directions of the
Corporation’s Chief Executive Officer, (iii) any act by
you of fraud, material dishonesty or material disloyalty involving
the Manpower Group, (iv) any violation by you of a Manpower
Group policy of material import, (v) any act by you of moral
turpitude which is likely to result in discredit to or loss of
business, reputation or goodwill of the Manpower Group, (vi) your
chronic absence from work other than by reason of a serious health
condition, (vii) your commission of a crime the circumstances
of which substantially relate to your employment duties with the
Manpower Group, or (viii) the willful engaging by you in
conduct which is demonstrably and materially injurious to the
Manpower Group. For purposes of this
Subsection 1(b), no act, or failure to act, on your part will
be deemed “willful” unless done, or omitted to be done,
by you not in good faith.
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Change of
Control . A
“Change of Control” will mean the first to occur of the
following:
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the acquisition (other
than from the Corporation), by any Person (as defined in Sections
13(d)(3) and 14(d)(2) of the Securities Exchange Act of 1934, as
amended (the “Exchange Act”)), directly or indirectly,
of beneficial ownership (within the meaning of Exchange Act Rule
13d-3) of more than 50% of the then outstanding shares of common
stock of the Corporation or voting securities representing more
than 50% of the combined voting power of the Corporation’s
then outstanding voting securities entitled to vote generally in
the election of directors; provided, however, no Change of Control
shall be deemed to have occurred as a result of an acquisition of
shares of common stock or voting securities of the Corporation
(A) by the Corporation, any of its subsidiaries, or any
employee benefit plan (or related trust) sponsored or maintained by
the Corporation or any of its subsidiaries or (B) by any other
corporation or other entity with respect to which, following such
acquisition, more than 60% of the outstanding shares of the common
stock, and voting securities representing more than 60% of the
combined voting power of the then outstanding voting securities
entitled to vote generally in the election of directors, of such
other corporation or entity are then beneficially owned, directly
or indirectly, by the persons who were the Corporation’s
shareholders immediately prior to such acquisition in substantially
the same proportions as their ownership, immediately prior to such
acquisition, of the Corporation’s then outstanding common
stock or then outstanding voting securities, as the case may be;
or
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the consummation of any
merger or consolidation of the Corporation with any other
corporation, other than a merger or consolidation which results in
more than 60% of the outstanding shares of the common stock, and
voting securities representing more than 60% of the combined voting
power of the then outstanding voting securities entitled to vote
generally in the election of directors, of the surviving or
consolidated corporation being then beneficially owned, directly or
indirectly, by the persons who were the Corporation’s
shareholders immediately prior to such merger or consolidation in
substantially the same proportions as their ownership, immediately
prior to such merger or consolidation, of the Corporation’s
then outstanding common stock or then outstanding voting
securities, as the case may be; or
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the consummation of any
liquidation or dissolution of the Corporation or a sale or other
disposition of all or substantially all of the assets of the
Corporation; or
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individuals who, as of
the date of this letter, constitute the Board of Directors of the
Corporation (as of such date, the “Incumbent Board”)
cease for any reason to constitute at least a majority of such
Board; provided, however, that any person becoming a director
subsequent to the date of this letter whose election, or nomination
for election by the shareholders of the Corporation, was approved
by at least a majority of the directors then comprising the
Incumbent Board shall be, for purposes of this letter, considered
as though such person were a member of the Incumbent Board but
excluding, for this purpose, any such individual whose initial
assumption of office occurs as a result of an actual or threatened
election contest which was (or, if threatened, would have been)
subject to Exchange Act Rule 14a-12(c); or
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whether or not
conditioned on shareholder approval, the issuance by the
Corporation of common stock of the Corporation representing a
majority of the outstanding common stock, or voting securities
representing a majority of the combined voting power of the
outstanding voting securities of the Corporation entitled to vote
generally in the election of directors, after giving effect to such
transaction.
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Following
the occurrence of an event which is not a Change of Control whereby
there is a successor holding company to the Corporation, or, if
there is no such successor, whereby the Corporation is not the
surviving corporation in a merger or consolidation, the surviving
corporation or successor holding company (as the case may be), for
purposes of this letter, shall thereafter be referred to as the
Corporation.
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Good Reason
. “Good
Reason” will mean, without your consent, the occurrence of
any one or more of the following during the Term:
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(i) a
material dimunition in your authority, duties or
responsibilities;
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any material breach of
this agreement by the Corporation or of any material obligation of
any member of the Manpower Group for the payment or provision of
compensation or other benefits to you;
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a material dimunition
in your base salary or a failure by the Manpower Group to provide
an arrangement for you for any fiscal year of the Manpower Group
giving you the opportunity to earn an incentive bonus for such
year;
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your being required by
the Corporation to materially change the location of your principal
office; provided such new location is one in excess of fifty miles
from the location of your principal office before such change;
or
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a material dimunition
in your annual target bonus opportunity for a given fiscal year
within two years after the occurrence of a Change of Control, as
compared to the annual target bonus opportunity for the fiscal year
immediately preceding the fiscal year in which a Change of Control
occurred.
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Notwithstanding
Subsections 1(d)(i) – (v) above, Good Reason does not exist
unless (i) you object to any material dimunition or breach
described above by written notice to the Corporation within twenty
(20) business days after such dimunition or breach occurs, (ii) the
Corporation fails to cure such dimunition or breach within thirty
(30) days after such notice is given and (iii) your employment with
the Manpower Group is terminated by you within ninety (90) days
after such dimunition or breach occurs. Further,
notwithstanding Subsections 1(d)(i)-(v), above, Good Reason does
not exist if, at a time that is not during a Protected Period or
within two years after the occurrence of a Change of Control, the
Corporation’s Chief Executive Officer, in good faith and with
a reasonable belief that the reassignment is in the best interest
of the Manpower Group, reassigns you to another senior executive
level position in the Manpower Group provided that your base
compensation (either base salary or target bonus opportunity for
any year ending after the date of reassignment) is not less than
such base salary or target bonus opportunity in effect prior to
such reassignment for the year in which such reassignment
occurs.
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Notice of
Termination . Any
termination of your employment by the Manpower Group, or
termination by you for Good Reason, during the Term will be
communicated by Notice of Termination to the other party
hereto. A “Notice of Termination” will mean
a written notice which specifies a Date of Termination (which date
shall be on or after the date of the Notice of Termination) and, if
applicable, indicates the provision in this letter applying to the
termination and sets forth in reasonable detail the facts and
circumstances claimed to provide a basis for termination of your
employment under the provision so indicated.
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Date of
Termination . “Date
of Termination” will mean the date specified in the Notice of
Termination where required (which date shall be on or after the
date of the Notice of Termination) or in any other case upon your
ceasing to perform services for the Manpower Group.
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Protected
Period . The
“Protected Period” shall be a period of time determined
in accordance with the following:
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if a Change of Control
is triggered by an acquisition of shares of common stock of the
Corporation pursuant to a tender offer, the Protected Period shall
commence on the date of the initial tender offer and shall continue
through and including the date of the Change of Control, provided
that in no case will the Protected Period commence earlier than the
date that is six months prior to the Change of Control;
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if a Change of Control
is triggered by a merger or consolidation of the Corporation with
any other corporation, the Protected Period shall commence on the
date that serious and substantial discussions first take place to
effect the merger or consolidation and shall continue through and
including the date of the Change of Control, provided that in no
case will the Protected Period commence earlier than the date that
is six months prior to the Change of Control; and
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in the case of any
Change of Control not described in Subsections 1(g)(i) or (ii),
above, the Protected Period shall commence on the date that is six
months prior to the Change of Control and shall continue through
and including the date of the Change of Control.
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Term
. The
“Term” will be a period beginning on November 10, 2008
and ending on the first to occur of the following: (a)
the date which is the two-year anniversary of the occurrence of a
Change of Control; (b) the date which is the three-year anniversary
of May 2, 2006 if no Change of Control occurs between November 10,
2008 and such three-year anniversary; or (c) the Date of
Termination.
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Compensation and
Benefits on Termination .
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Termination by the
Manpower Group for Cause or by You Other Than for Good
Reason . If your
employment with the Manpower Group is terminated by the Manpower
Group for Cause or by you other than for Good Reason, the
Corporation will pay or provide you with (i) your full base
salary as then in effect through the Date of Termination,
(ii) your unpaid bonus, if any, attributable to any complete
fiscal year of the Manpower Group ended before the Date of
Termination (but no incentive bonus will be payable for the fiscal
year in which termination occurs), and (iii) all benefits to
which you are entitled under any Benefit Plans in accordance with
the terms of such plans. The Manpower Group will have no
further obligations to you.
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Termination by Reason
of Disability or Death . If your
employment with the Manpower Group terminates during the Term by
reason of your disability or death, the Corporation will pay or
provide you with (i) your full base salary as then in effect
through the Date of Termination, (ii) your unpaid bonus, if
any, attributable to any complete fiscal year of the Manpower Group
ended before the Date of Termination, (iii) a bonus for the
fiscal year during which the Date of Termination occurs equal to
your target annual bonus for the fiscal year in which the Date of
Termination occurs, but prorated for the actual number of days you
were employed during such fiscal year, payable within sixty days
after the Date of Termination, and (iv) all benefits to which
you are entitled under any Benefit Plans in accordance with the
terms of such plans. For purposes of this letter,
“disability” means that you (i) are unable to engage in
any substantial gainful activity by reason of any medically
determinable physical or mental impairment which can be expected to
result in death or can be expected to last for a continuous period
of not less than twelve months, or (ii) are, by reason of any
medically determinable physical or mental impairment which can be
expected to result in death or can be expected to last for a
continuous period of not less than twelve months, receiving income
replacement benefits for a period of not less than three months
under an accident and health plan covering employees of the
Corporation or the Manpower Group. The Manpower Group
will have no further obligations to you.
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Termination for Any
Other Reason .
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If, during the Term and
either during a Protected Period or within two years after the
occurrence of a Change of Control, your employment with the
Manpower Group is terminated for any reason not specified in
Subsections 2(a) or (b), above, you will be entitled to the
following:
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the Corporation will
pay you, your full base salary through the Date of Termination at
the rate in effect at the time Notice of Termination is
given;
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the Corporation will
pay you, your unpaid bonus, if any, attributable to any complete
fiscal year of the Manpower Group ended before the Date of
Termination;
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the Corporation will
pay you, a bonus for the fiscal year during which the Date of
Termination occurs equal in amount to your target annual bonus for
the fiscal year in which the Change of Control occurs; provided,
however, that if the Change of Control occurs prior to the date on
which the Executive Compensation Committee of the Board approves a
bona fide target annual bonus for the fiscal year in which the
Change of Control occurs, the bonus paid hereunder shall be equal
in amount to your target annual bonus for the fiscal year prior to
the fiscal year in which the Change of Control occurs;
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(D)
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the Corporation will
pay, as a severance benefit to you, a lump-sum payment equal to two
times the sum of (1) your annual base salary at the highest
rate in effect during the Term and (2) your target annual
bonus for the fiscal year in which the Change of Control occurs
(or, to the extent the Change of Control occurs prior to the date
on which the Executive Compensation Committee of the Board approves
a bona fide target annual bonus for the fiscal year in which the
Change of Control occurs, your target annual bonus for the fiscal
year prior to the fiscal year in which the Change of Control
occurs);
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for up to an
eighteen-month period after the Date of Termination, the
Corporation will arrange to provide you and your eligible
dependents, at the Manpower Group's expense, with Health Insurance
Continuation (defined below), or other substantially similar
coverage, in which you were participating on the Date of
Termination; provided, however, that benefits otherwise receivable
by you pursuant to this subsection 2(c)(i)(E) will be reduced to
the extent other comparable benefits are actually received by
you during the eighteen-month period following your termination,
and any such benefits actually received by you or your dependents
will be reported to the Corporation; and provided, further that any
insurance continuation coverage that you may be entitled to receive
under the Consolidated Omnibus Budget Reconciliation Act of 1986,
as amended ("COBRA"), or similar foreign or state laws will
commence on the Date of Termination.
For purposes of this
Subsection 2(c)(i)(E), “Health Insurance Continuation”
means that, if, and to the extent, you or any of your eligible
dependents, following the Date of Termination, elect to continue
coverage under the Corporation’s group medical and dental
insurance plans, in accordance with the requirements of COBRA or
similar foreign or state laws, the Manpower Group will pay the
total cost of such COBRA coverage for the first eighteen months for
which you and/or your eligible dependents are eligible for such
coverage; provided, however, that if you, your spouse or any other
eligible dependent commences new employment during such
eighteen-month period and becomes eligible for health insurance
benefits from such new employer, the Corporation’s obligation
to provide such Corporation-subsidized COBRA coverage to you or
such eligible dependent shall terminate as of the date you or such
dependent becomes eligible to receive such health insurance
benefits from such new employer. Immediately following
this period of Corporation-subsidized COBRA coverage, you and/or
your eligible dependents, as applicable, will be solely responsible
for payment of the entire cost of COBRA coverage if such coverage
remains available and you and/or your eligible dependents
choos
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