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Griffon Corp. – ‘10-K’ for 9/30/22 – ‘EX-10.15’

On:  Thursday, 11/17/22, at 9:39pm ET   ·   As of:  11/18/22   ·   For:  9/30/22   ·   Accession #:  50725-22-90   ·   File #:  1-06620

Previous ‘10-K’:  ‘10-K’ on 11/17/21 for 9/30/21   ·   Next & Latest:  ‘10-K’ on 11/16/23 for 9/30/23   ·   2 References:   

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  As Of               Filer                 Filing    For·On·As Docs:Size

11/18/22  Griffon Corp.                     10-K        9/30/22  136:19M

Annual Report   —   Form 10-K

Filing Table of Contents

Document/Exhibit                   Description                      Pages   Size 

 1: 10-K        Annual Report                                       HTML   4.00M 
 3: EX-10.13    Material Contract                                   HTML     42K 
 4: EX-10.15    Material Contract                                   HTML     42K 
 5: EX-10.19    Material Contract                                   HTML     42K 
 2: EX-10.9     Material Contract                                   HTML     42K 
 6: EX-21       Subsidiaries List                                   HTML     42K 
 7: EX-23       Consent of Expert or Counsel                        HTML     35K 
 8: EX-31.1     Certification -- §302 - SOA'02                      HTML     40K 
 9: EX-31.2     Certification -- §302 - SOA'02                      HTML     40K 
10: EX-32       Certification -- §906 - SOA'02                      HTML     38K 
16: R1          Cover                                               HTML     99K 
17: R2          Auditor Information                                 HTML     41K 
18: R3          Consolidated Balance Sheets                         HTML    161K 
19: R4          Consolidated Balance Sheets (Parentheticals)        HTML     54K 
20: R5          Consolidated Statements of Operations and           HTML    175K 
                Comprehensive Income (Loss)                                      
21: R6          Consolidated Statements of Cash Flows               HTML    154K 
22: R7          Consolidated Statements of Shareholders' Equity     HTML    105K 
23: R8          Description of Business and Summary of Significant  HTML    102K 
                Accounting Policies                                              
24: R9          Revenue                                             HTML     46K 
25: R10         Acquisitions                                        HTML     65K 
26: R11         Inventories                                         HTML     43K 
27: R12         Property, Plant and Equipment                       HTML     47K 
28: R13         Credit Losses                                       HTML     48K 
29: R14         Goodwill and Intangibles                            HTML     76K 
30: R15         Discontinued Operations                             HTML     95K 
31: R16         Accrued Liabilities                                 HTML     49K 
32: R17         Restructuring Charges                               HTML     95K 
33: R18         Warranty Liability                                  HTML     47K 
34: R19         Long-Term Debt                                      HTML    197K 
35: R20         Employee Benefit Plans                              HTML    232K 
36: R21         Income Taxes                                        HTML    138K 
37: R22         Stockholders' Equity and Equity Compensation        HTML     69K 
38: R23         Commitments and Contingent Liabilities              HTML     51K 
39: R24         Earnings Per Share                                  HTML     53K 
40: R25         Reportable Segments                                 HTML    168K 
41: R26         Other Income (Expense)                              HTML     38K 
42: R27         Other Comprehensive Income (Loss)                   HTML     88K 
43: R28         Leases                                              HTML    154K 
44: R29         Subsequent Events                                   HTML     38K 
45: R30         Schedule Ii Valuation and Qualifying Accounts       HTML     84K 
46: R31         Description of Business and Summary of Significant  HTML    133K 
                Accounting Policies (Policies)                                   
47: R32         Acquisitions (Tables)                               HTML     63K 
48: R33         Inventories (Tables)                                HTML     44K 
49: R34         Property, Plant and Equipment (Tables)              HTML     46K 
50: R35         Credit Losses (Tables)                              HTML     44K 
51: R36         Goodwill and Intangibles (Tables)                   HTML     78K 
52: R37         Discontinued Operations (Tables)                    HTML     90K 
53: R38         Accrued Liabilities (Tables)                        HTML     49K 
54: R39         Restructuring Charges (Tables)                      HTML     91K 
55: R40         Warranty Liability (Tables)                         HTML     46K 
56: R41         Long-Term Debt (Tables)                             HTML    197K 
57: R42         Employee Benefit Plans (Tables)                     HTML    227K 
58: R43         Income Taxes (Tables)                               HTML    141K 
59: R44         Stockholders' Equity and Equity Compensation        HTML     54K 
                (Tables)                                                         
60: R45         Earnings Per Share (Tables)                         HTML     51K 
61: R46         Reportable Segments (Tables)                        HTML    167K 
62: R47         Other Comprehensive Income (Loss) (Tables)          HTML     92K 
63: R48         Leases (Tables)                                     HTML    106K 
64: R49         Description of Business and Summary of Significant  HTML    336K 
                Accounting Policies (Details)                                    
65: R50         Revenue (Details)                                   HTML     41K 
66: R51         ACQUISITIONS - Narrative (Details)                  HTML     93K 
67: R52         ACQUISITIONS - Schedule of pro forma information    HTML     42K 
                (Details)                                                        
68: R53         ACQUISITIONS - Schedule of assets acquired and      HTML     83K 
                liabilities assumed (Details)                                    
69: R54         ACQUISITIONS - Schedule of goodwill and intangible  HTML     51K 
                asset classifications (Details)                                  
70: R55         INVENTORIES - Summary of inventories stated at      HTML     44K 
                lower cost (Details)                                             
71: R56         PROPERTY, PLANT AND EQUIPMENT - Summary of          HTML     51K 
                property plant and equipment (Details)                           
72: R57         CREDIT LOSSES - Schedule of accounts receivable,    HTML     47K 
                allowance for credit losses (Details)                            
73: R58         GOODWILL AND INTANGIBLES - Narrative (Details)      HTML     64K 
74: R59         GOODWILL AND INTANGIBLES - Summary of changes in    HTML     54K 
                carrying value of goodwill (Details)                             
75: R60         GOODWILL AND INTANGIBLES - Summary of gross         HTML     52K 
                carrying value and accumulated amortization of                   
                intangible assets (Details)                                      
76: R61         DISCONTINUED OPERATIONS - Narrative (Details)       HTML     63K 
77: R62         DISCONTINUED OPERATIONS - Income statement          HTML     74K 
                information (Details)                                            
78: R63         DISCONTINUED OPERATIONS - Balance sheets            HTML     87K 
                information of discontinued operations (Details)                 
79: R64         DISCONTINUED OPERATIONS - Balance sheets            HTML     59K 
                information of installation services and other                   
                discontinued activities (Details)                                
80: R65         ACCRUED LIABILITIES - Schedule of accrued           HTML     55K 
                liabilities (Details)                                            
81: R66         RESTRUCTURING CHARGES - Narrative (Details)         HTML     88K 
82: R67         RESTRUCTURING CHARGES - Summary of the              HTML     53K 
                restructuring and other related charges (Details)                
83: R68         RESTRUCTURING CHARGES - Summary of accrued          HTML     57K 
                liability for the restructuring and related                      
                charges (Details)                                                
84: R69         WARRANTY LIABILITY - Narrative (Details)            HTML     45K 
85: R70         WARRANTY LIABILITY - Summary of changes in warrant  HTML     45K 
                liability included in accrued liabilities                        
                (Details)                                                        
86: R71         LONG-TERM DEBT - Summary of long-term debt          HTML     79K 
                (Details)                                                        
87: R72         LONG-TERM DEBT - Summary of interest expense        HTML     78K 
                incurred (Details)                                               
88: R73         LONG-TERM DEBT - Narrative (Details)                HTML    287K 
89: R74         EMPLOYEE BENEFIT PLANS - Narrative (Details)        HTML     86K 
90: R75         EMPLOYEE BENEFIT PLANS - Schedule of net periodic   HTML     73K 
                costs (Details)                                                  
91: R76         EMPLOYEE BENEFIT PLANS - Weighted-average           HTML     48K 
                assumptions used in determining the net periodic                 
                benefit costs (Details)                                          
92: R77         EMPLOYEE BENEFIT PLANS - Plan assets and benefit    HTML    121K 
                obligation of the defined benefit plans (Details)                
93: R78         EMPLOYEE BENEFIT PLANS - Schedule of weighted       HTML     41K 
                average assumptions used in determining benefit                  
                obligations (Details)                                            
94: R79         EMPLOYEE BENEFIT PLANS - Estimated future benefit   HTML     53K 
                payments to retirees (Details)                                   
95: R80         EMPLOYEE BENEFIT PLANS - Actual and                 HTML     51K 
                weighted-average assets allocation for qualified                 
                benefit plans (Details)                                          
96: R81         EMPLOYEE BENEFIT PLANS - Pension and                HTML     97K 
                post-retirement plan assets by asset category                    
                (Details)                                                        
97: R82         EMPLOYEE BENEFIT PLANS - Significant unobservable   HTML     47K 
                inputs (Details)                                                 
98: R83         EMPLOYEE BENEFIT PLANS - ESOP shares (Details)      HTML     42K 
99: R84         INCOME TAXES - Components of Income before taxes    HTML     45K 
                and discontinued operations (Details)                            
100: R85         INCOME TAXES - Provision (Benefit) for Income       HTML     54K  
                Taxes on Income From Continuing Operations                       
                (Details)                                                        
101: R86         INCOME TAXES - Schedule of effective income tax     HTML     71K  
                rate reconciliation (Details)                                    
102: R87         INCOME TAXES - Schedule of deferred tax assets and  HTML     82K  
                liabilities (Details)                                            
103: R88         INCOME TAXES - Components of net deferred tax       HTML     46K  
                asset (Liability), by Balance Sheet Account                      
                (Details)                                                        
104: R89         INCOME TAXES - Narrative (Details)                  HTML     59K  
105: R90         INCOME TAXES - Schedule of unrecognized tax         HTML     47K  
                benefits (Details)                                               
106: R91         STOCKHOLDERS' EQUITY AND EQUITY COMPENSATION -      HTML    199K  
                Narrative (Details)                                              
107: R92         STOCKHOLDERS' EQUITY AND EQUITY COMPENSATION -      HTML     41K  
                Summary of stock-based compensation expense                      
                (Details)                                                        
108: R93         STOCKHOLDERS' EQUITY AND EQUITY COMPENSATION -      HTML     61K  
                Summary of restricted stock activity (Details)                   
109: R94         Commitments and Contingent Liabilities (Details)    HTML     48K  
110: R95         EARNINGS PER SHARE - Narrative (Details)            HTML     41K  
111: R96         EARNINGS PER SHARE - Basic and diluted EPS from     HTML     56K  
                continuing operations (Details)                                  
112: R97         REPORTABLE SEGMENTS - Narrative (Details)           HTML     52K  
113: R98         REPORTABLE SEGMENTS - Disaggregation of revenue by  HTML     45K  
                segment (Details)                                                
114: R99         REPORTABLE SEGMENTS - Schedule of summary of        HTML     81K  
                reconciliation of segment profit before taxes and                
                operations (Details)                                             
115: R100        REPORTABLE SEGMENTS - Schedule of summary of        HTML     51K  
                segment depreciation and amortization and capital                
                expenditures (Details)                                           
116: R101        REPORTABLE SEGMENTS - Schedule of summary of        HTML     62K  
                segment assets (Details)                                         
117: R102        REPORTABLE SEGMENTS - Schedule of disaggregated     HTML     61K  
                revenue by segment (Details)                                     
118: R103        REPORTABLE SEGMENTS - Schedule of disaggregated     HTML     68K  
                revenue by geographic region (Details)                           
119: R104        Other Income (Expense) (Details)                    HTML     50K  
120: R105        Other Comprehensive Income (LOSS) - Summary of      HTML     59K  
                other comprehensive income (Details)                             
121: R106        Other Comprehensive Income (LOSS) - Accumulated     HTML     50K  
                other comprehensive income (Details)                             
122: R107        Other Comprehensive Income (LOSS) - Total           HTML     54K  
                comprehensive income (Loss) (Details)                            
123: R108        Other Comprehensive Income (LOSS) - Summary of      HTML     65K  
                amounts reclassified from accumulated other                      
                comprehensive income (Details)                                   
124: R109        LEASES - Narrative (Details)                        HTML     68K  
125: R110        LEASES - Schedule of lease cost (Details)           HTML     44K  
126: R111        LEASES - Supplemental cash flow information         HTML     42K  
                (Details)                                                        
127: R112        LEASES - Summary of supplemental balance sheet      HTML     66K  
                information (Details)                                            
128: R113        LEASES - Summary of future maturities of lease      HTML     76K  
                payments for operating leases (Details)                          
129: R114        LEASES - Weighted average lease terms and discount  HTML     47K  
                rates (Details)                                                  
130: R115        Subsequent Events (Details)                         HTML     39K  
131: R116        SCHEDULE II VALUATION AND QUALIFYING ACCOUNTS -     HTML     54K  
                Schedule of valuation and qualifying accounts                    
                (Details)                                                        
134: XML         IDEA XML File -- Filing Summary                      XML    253K  
132: XML         XBRL Instance -- gff-20220930_htm                    XML   5.18M  
133: EXCEL       IDEA Workbook of Financial Reports                  XLSX    318K  
12: EX-101.CAL  XBRL Calculations -- gff-20220930_cal                XML    418K 
13: EX-101.DEF  XBRL Definitions -- gff-20220930_def                 XML   1.39M 
14: EX-101.LAB  XBRL Labels -- gff-20220930_lab                      XML   3.04M 
15: EX-101.PRE  XBRL Presentations -- gff-20220930_pre               XML   2.00M 
11: EX-101.SCH  XBRL Schema -- gff-20220930                          XSD    316K 
135: JSON        XBRL Instance as JSON Data -- MetaLinks              709±  1.12M  
136: ZIP         XBRL Zipped Folder -- 0000050725-22-000090-xbrl      Zip    991K  


‘EX-10.15’   —   Material Contract


This Exhibit is an HTML Document rendered as filed.  [ Alternative Formats ]



 <!   C:   C: 
  Document  
Exhibit 10.15
AMENDMENT NO. 1 TO EMPLOYMENT AGREEMENT

AMENDMENT NO. 1 TO THE EMPLOYMENT AGREEMENT (this “Amendment”) made as of November 14, 2022 by and between GRIFFON CORPORATION, a Delaware corporation (hereinafter “Griffon”) and Robert F. Mehmel (hereinafter “Mehmel”).
WITNESSETH:
WHEREAS, Griffon and Mehmel entered into that certain Employment Agreement, dated as of December 7, 2012 (hereinafter, the “Employment Agreement”).
NOW, THEREFORE, the parties hereto agree to amend the Employment Agreement as follows, effective as of the date hereof.
1.Clause (ii) of Section 1(i) of the Employment Agreement shall be deleted in its entirety and replaced with the following:
“(ii)    a reduction by Griffon in Mehmel’s Salary, target annual bonus amount or target long-term bonus amount, other than a percentage reduction applied equally to all senior executives that does not exceed 10% of any such component of compensation;”
2.Clause (iii) of Section 9(g) of the Employment Agreement shall be deleted in its entirety and replaced with the following:
“(iii)     for the period commencing on the date of Mehmel’s termination of employment and continuing until December 31 of the second calendar year following the calendar year in which Mehmel’s employment terminates (the “Continuation Period”), either (x) subject to Mehmel making a timely election and continued eligibility to elect benefits under COBRA and Mehmel’s continued payment of premiums at active employee rates, continued medical and other group health coverage for Mehmel and his eligible dependents under Griffon’s medical and group health plans (which expressly include Griffon’s Group Health Plan, the ArmadaCare Ultimate Health Plan and the Supplemental Health Benefits Plan for Senior Executives) or (y) if Griffon determines in its sole discretion that any such coverage cannot be provided under the governing plan documents or that providing such coverage would result in a fine, penalty or other violation of law, monthly payments equal to the premium amounts (including both employer and employee portions) or other claims paid by Griffon under such coverages; provided, however, that in the event that any such coverage is discontinued following a Change in Control or Griffon or any successor otherwise fails to provide Mehmel access to such coverage following a Change in Control, Griffon shall either provide equivalent coverage, provide Mehmel an amount in cash to procure equivalent coverage on an individual basis or otherwise continue to pay applicable claims that would have been reimbursed under such coverage.”

3.The following shall be added at the end of Section 11 of the Employment Agreement:
12720705.2




“Mehmel and Griffon hereby agree that the calculation of any reduction in payments contemplated by this Section 11 and any tax withholding due in connection with any Excise Tax shall be made by Golden Parachute Tax Solutions LLC (or another nationally recognized certified public accounting or professional firm that is recognized as an expert in determinations and calculations for purposes of Section 280G of the Code, selected by Griffon and consented to by Mehmel, such consent not to be unreasonably withheld or delayed) (the “Calculating Firm”) and the determination of any such reduction in payments or Excise Tax withholding shall be conclusive and binding on Mehmel absent manifest error. All fees and expenses of the Calculating Firm shall be borne solely by Griffon. Prior to any reduction in payments contemplated by this Section 11, Griffon shall provide Mehmel with a report setting forth its calculations and the amount of such reduction, along with adequate supporting information.”
4.The parties hereby agree that except as specifically provided in and modified by this Amendment, the Employment Agreement is in all other respects hereby ratified and confirmed. This Amendment shall be construed in accordance with the laws of the State of Delaware (without regard to principles of conflicts of law). This Amendment may be executed in one or more counterparts (including by facsimile, “portable document format,” or other electronic means) each of which shall be deemed an original and all of which, taken together, shall constitute one and the same instrument.

IN WITNESS WHEREOF, the undersigned have executed this Amendment as of the day and year first written above.


GRIFFON CORPORATION
By: ___/s/ Seth L. Kaplan__________
Name: Seth L. Kaplan
Title: Senior Vice President



___/s/ Robert F. Mehmel___________
Robert F. Mehmel
2
12720705.2


Dates Referenced Herein   and   Documents Incorporated by Reference

This ‘10-K’ Filing    Date    Other Filings
Filed as of:11/18/22
Filed on:11/17/224,  4/A,  8-K
11/14/22
For Period end:9/30/22
12/7/128-K
 List all Filings 


2 Subsequent Filings that Reference this Filing

  As Of               Filer                 Filing    For·On·As Docs:Size             Issuer                      Filing Agent

11/16/23  Griffon Corp.                     10-K        9/30/23  136:17M
 1/31/23  Griffon Corp.                     10-Q       12/31/22  104:10M
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Filing Submission 0000050725-22-000090   –   Alternative Formats (Word / Rich Text, HTML, Plain Text, et al.)

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