Document:

EX-10.1

 Exhibit 10.1 

CONVERSION AGREEMENT 

                       
      (the “Undersigned”), for itself and on behalf of the beneficial owners listed on Exhibit A hereto (“Accounts”) for whom the Undersigned holds contractual and
investment authority (each Account, as well as the Undersigned if it is exchanging Notes (as defined below) hereunder, a “Holder”), enters into this Conversion Agreement (this “Agreement”) with Merrimack
Pharmaceuticals, Inc. (the “Company”) on April     , 2016 whereby, in exchange for the Initial Shares (as defined below) and the Additional Shares (as defined below), the Holders will convert the Company’s
4.50% Convertible Senior Notes due 2020 (the “Notes”) into shares of common stock of the Company, par value $0.01 per share (the “Common Stock”) pursuant to the provisions of the Base Indenture, dated as of July 17,
2013 (the “Base Indenture”), as supplemented by the First Supplemental Indenture, dated as of July 17, 2013 (the “First Supplemental Indenture” and, together with the Base Indenture, the
“Indenture”), in each case between the Company and Wells Fargo Bank, National Association, as the Trustee (the “Trustee”). Capitalized terms used herein and not otherwise defined have the meanings given to such
terms in the Indenture as in effect on the date hereof. 
 On and subject to the terms and conditions set forth in this Agreement, the
parties hereto agree as follows: 
 Article I: Conversion of the Notes for Common Stock 

Section 1.1 Initial Shares. On the date hereof, the Undersigned hereby agrees to cause the Holders to comply with
the procedures of the Depositary to convert the Converted Notes (as defined below) pursuant to Section 14.02 of the First Supplemental Indenture. The Company shall elect Physical Settlement to settle conversions of the Converted Notes in
accordance with Section 14.02 of the First Supplemental Indenture. At the Initial Closing (as defined below), the Company shall deliver the Initial Shares specified below in settlement of the conversion of the Converted Notes: 

 

			
	 Principal amount of Notes to be converted:
	 	$
		 	  

		 	(the “Converted Notes”)
	Number of shares of Common Stock to be issued in the Initial Closing (136 shares per $1,000 principal amount of Notes):	 	                           shares
		 	(the “Initial Shares”)

 Section 1.2 Additional Shares. At each Additional Closing (as defined below), the
Company shall deliver the Daily Share Amount specified below as additional consideration in respect of the conversion of the Converted Notes. The Company’s obligation to deliver the Daily Share Amount at each Additional Closing is subject to
the Holders’ conversion of the Converted Notes at the Initial Closing. 
 For purposes hereof: 

“Additional Shares” means a number of shares of Common Stock equal to an amount that is the sum of the Daily Share Amounts
for each Trading Day of the Issuance Period. 

  
 1 

 “Conversion Date” means each Trading Day during the Issuance Period. 

“Daily Share Amount” means a number of shares (rounded to the nearest whole share) of Common Stock equal to an amount
calculated by [dividing the sum of (a) $[●]1 and (b) $[●]2, by the Daily VWAP]. 

“Daily VWAP” means, for each Conversion Date, the per share volume-weighted average price as displayed under the heading
“Bloomberg VWAP” on Bloomberg page “MACK <equity> AQR” (or its equivalent successor if such page is not available) in respect of the period from the scheduled open of trading until the scheduled close of trading of the
primary trading session on such Conversion Date (or if such volume-weighted average price is unavailable, the market value of one share of the Common Stock on such Conversion Date determined, using a volume-weighted average method, by a nationally
recognized independent investment banking firm retained for this purpose by the Company). The “Daily VWAP” shall be determined without regard to after-hours trading or any other trading outside of the regular trading session trading
hours. 
 “Issuance Period” means the 10 consecutive Trading Day period beginning on, and including, the first Trading Day
immediately succeeding the later of (a) the execution of this Agreement by the parties hereto, and (b) the issuance of a press release or filing of a Current Report on Form 8-K by the Company as contemplated by Section 3.5 herein. For the avoidance
of doubt, if this Agreement is executed and such press release is issued or Current Report on Form 8-K is filed prior to the regular trading session hours on any Trading Day hereof, then the Issuance Period shall commence on such Trading Day. 

“Last Reported Sale Price” of the Common Stock on any date means the closing sale price per share (or if no closing sale
price is reported, the average of the bid and ask prices or, if more than one in either case, the average of the average bid and the average ask prices) on that date as reported in composite transactions for the principal U.S. national or regional
securities exchange or market on which the Common Stock is traded. 
 “Market Disruption Event” means (a) a failure by the
primary U.S. national or regional securities exchange or market on which the Common Stock is listed or admitted for trading to open for trading during its regular trading session, or (b) the occurrence or existence prior to 1:00 p.m., New York City
time, on any Scheduled Trading Day for the Common Stock for more than one half-hour period in the aggregate during regular trading hours of any suspension or limitation imposed on trading (by reason of movements in price exceeding limits permitted
by the relevant stock exchange or otherwise) in the Common Stock or in any options contracts or future contracts relating to the Common Stock. 

 

	1 	To insert dollar amount equal to $23.00 per $1,000 principal amount of Notes. 

	2 	To insert dollar amount equal to $20.136 per $1,000 principal amount of Notes. 

  
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 “Scheduled Trading Day” means a day that is scheduled to be a Trading Day on the
principal U.S. national or regional securities exchange or market on which the Common Stock is listed or admitted for trading. 

“Trading Day” means a day on which (a) trading in the Common Stock generally occurs on The NASDAQ Global Market, (b) a
Last Reported Sale Price for the Common Stock is available on such securities exchange or market, and (c) there is no Market Disruption Event. 

Section 1.3 Closing. The closing of the Initial Shares (the “Initial Closing”) shall occur on a date
(the “Initial Closing Date”) no later than three business days after the date of this Agreement (assuming the timely submission of the Notes for conversion). At the Initial Closing, (a) the Undersigned shall cause each Holder to
submit its Converted Notes to the Trustee in accordance with the procedures specified in the Indenture, (b) the delivery of the Initial Shares shall be effected via DWAC (or other book-entry procedures) pursuant to the instructions to be provided to
the Company by the Holder upon the execution of this Agreement, and (c) the Company shall deliver to each Holder any cash payments in respect of fractional shares as specified in accordance with Section 14.02(j) of the First Supplemental Indenture.

 The closing of the Daily Share Amount for each Conversion Date (each, an “Additional Closing” and collectively, the
“Additional Closings” and, together with the Initial Closing, the “Closings,” and each, a “Closing”) shall occur on a date (each, an “Additional Closing Date” and collectively, the
“Additional Closing Dates” and, together with the Initial Closing Date, the “Closing Dates,” and each, a “Closing Date”) no later than three business days after such Conversion Date (assuming the
timely submission of the Notes for conversion). At each Additional Closing, the delivery of the Daily Share Amount shall be effected via DWAC (or other book-entry procedures) pursuant to the instructions to be provided to the Company by the
Holder after the execution of this Agreement. 
 Notwithstanding the above, the parties acknowledge that the delivery of the Initial Shares
and the Additional Shares (together, the “Shares”), as the case may be, to the Holders may be delayed due to procedures and mechanics within the system of the Depository Trust Company or The NASDAQ Global Market or other events
beyond the Company’s control and that such delay will not be a default under this Agreement or the Indenture so long as (i) the Company is using its commercially reasonable efforts to effect the issuance of the Shares, and (ii) such
delay is no longer than five business days. The occurrence of each Additional Closing is subject to the occurrence of the Initial Closing; to the extent that any Additional Closing Date would otherwise occur earlier than the Initial Closing
Date, such Additional Closing Date(s) will instead occur simultaneously with the Initial Closing Date. Simultaneously with or after each Closing, the Company may issue Common Stock and/or make cash payments to one or more other holders of
outstanding Notes or to other investors. 
 Article II: Covenants, Representations and Warranties of the Holders 

Each Holder (and, where specified below, the Undersigned) hereby covenants (solely as to itself) as follows, and makes the following
representations and warranties (solely as to itself), each of which is and shall be true and correct on the date hereof and at each Closing, to the Company and Cowen and Company, LLC, and all such covenants, representations and warranties shall
survive each Closing. 

  
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 Section 2.1 Power and Authorization. Each of the Undersigned and the
Holder is duly organized, validly existing and in good standing, and has the power, authority and capacity to execute and deliver this Agreement, to perform its obligations hereunder, and to consummate the transactions contemplated hereby. If
the Undersigned is executing this Agreement on behalf of Accounts, (a) the Undersigned has all requisite discretionary and contractual authority to enter into this Agreement on behalf of, and bind, each Account, and
(b) Exhibit A hereto is a true, correct and complete list of (i) the name of each Account, (ii) the principal amount of such Account’s Converted Notes, (iii) the number of Initial Shares to be
issued to such Account in respect of its Converted Notes, and (iv) the number of Additional Shares to be issued to such Account in respect of its Converted Notes. 

Section 2.2 Valid and Enforceable Agreement; No Violations. This Agreement has been duly executed and delivered by the
Undersigned and the Holder and constitutes a legal, valid and binding obligation of the Undersigned and the Holder, enforceable against the Undersigned and the Holder in accordance with its terms, except that such enforcement may be subject to
(a) bankruptcy, insolvency, fraudulent transfer, reorganization, moratorium or other similar laws affecting or relating to enforcement of creditors’ rights generally, and (b) general principles of equity, whether such enforceability
is considered in a proceeding at law or in equity (the “Enforceability Exceptions”). This Agreement and consummation of the transactions contemplated hereby will not violate, conflict with or result in a breach of or default under
(i) the Undersigned’s or the Holder’s organizational documents, (ii) any agreement or instrument to which the Undersigned or the Holder is a party or by which the Undersigned or the Holder or any of their respective assets are
bound, or (iii) any laws, regulations or governmental or judicial decrees, injunctions or orders applicable to the Undersigned or the Holder, except in the case of clauses (ii) or (iii), where such violations or conflicts would not affect the
relevant Holder business or its ability to consummate the transactions contemplated hereby in any material respect.. 
 Section 2.3
Title to the Converted Notes. The Holder is the sole beneficial owner of, and on the relevant Closing Dates will be the sole legal and beneficial owner of, the Converted Notes set forth opposite its name on
Exhibit A hereto (or, if there are no Accounts, the Undersigned is the sole beneficial owner of, and on the relevant Closing Dates will be the sole legal and beneficial owner of, all of the Converted Notes). The Holder has
good, valid and marketable title to its Converted Notes, free and clear of any mortgage, lien, pledge, charge, security interest, encumbrance, title retention agreement, option, equity or other adverse claim thereto (collectively,
“Liens”) (other than pledges or security interests that the Holder may have created in favor of a prime broker under and in accordance with its prime brokerage agreement with such broker). The Holder has not, in whole or in part,
except as described in the preceding sentence, (a) assigned, transferred, hypothecated, pledged, exchanged or otherwise disposed of any of its Converted Notes or its rights, title or interest in or to its Converted Notes, or (b) given any
person or entity any transfer order, power of attorney or other authority of any nature whatsoever with respect to its Converted Notes. Upon the Holder’s submission of its Converted Notes to the Trustee in connection with this Agreement and the
transactions contemplated hereby, such Converted Notes shall be free and clear of all Liens created by the Holder, and the Company’s delivery of the Initial Shares and the Additional Shares shall be deemed to satisfy in full the Company’s
obligations in respect of the Converted Notes. 

  
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 Section 2.4 Qualified Institutional Buyer. The Holder is a “qualified
institutional buyer” within the meaning of Rule 144A promulgated under the Securities Act of 1933, as amended (the “Securities Act”). 

Section 2.5 No Affiliate Status. The Holder is not, and has not been during the consecutive three month period preceding
the date hereof, a director, officer or “affiliate” within the meaning of Rule 144 promulgated under the Securities Act (an “Affiliate”) of the Company. To its knowledge, the Holder did not acquire any of the Converted
Notes, directly or indirectly, from an Affiliate of the Company. The Holder and its Affiliates collectively beneficially own and will beneficially own as of each Closing Date (but without giving effect to the transactions contemplated hereby, as
applicable) (a) less than 5% of the outstanding Common Stock, and (b) less than 5% of the aggregate number of votes that may be cast by holders of those outstanding securities of the Company that entitle the holders thereof to vote generally on all
matters submitted to the Company’s stockholders for a vote (the “Voting Power”). 
 Section 2.6 No
Illegal Transactions. Each of the Undersigned and the Holder has not, directly or indirectly, and no person acting on behalf of or pursuant to any understanding with it has, disclosed to a third party any information regarding this Agreement
or the transactions contemplated hereby or engaged in any transactions in the securities of the Company (including, without limitation, any Short Sales (as defined below) involving any of the Company’s securities) since the time that the
Undersigned was first contacted by either the Company or Cowen and Company, LLC or any other person regarding this Agreement, the transactions contemplated hereby. Each of the Undersigned and the Holder covenants that neither it nor any person
acting on its behalf or pursuant to any understanding with it will disclose to a third party any information regarding this Agreement or the transactions contemplated hereby or engage, directly or indirectly, in any transactions in the securities of
the Company (including Short Sales) prior to the first to occur of (i) the time the transactions contemplated by this Agreement are publicly disclosed, or (ii) 8:30 a.m. (prevailing Eastern time) on the first business day following the
date of this Agreement. “Short Sales” include, without limitation, all “short sales” as defined in Rule 200 of Regulation SHO promulgated under the Securities Exchange Act of 1934, as amended (the “Exchange
Act”), and all types of direct and indirect stock pledges, forward sale contracts, options, puts, calls, short sales, swaps, derivatives and similar arrangements (including on a total return basis), and sales and other transactions through
non-U.S. broker-dealers or foreign regulated brokers. Solely for purposes of this Section 2.6, subject to the Undersigned’s and the Holder’s compliance with their respective obligations under the U.S. federal securities laws and the
Undersigned’s and the Holder’s respective internal policies, (a) “Undersigned” and “Holder” shall not be deemed to include any employees, subsidiaries or affiliates of the Undersigned or the Holder that are
effectively walled off by appropriate “Chinese Wall” information barriers approved by the Undersigned’s or the Holder’s respective legal or compliance department (and thus have not been privy to any information concerning this
Agreement or the transactions contemplated hereby), and (b) the foregoing representations and covenants of this Section 2.6 shall not apply to any transaction by or on behalf of an Account that was effected without the advice or participation
of, or such Account’s receipt of information regarding this Agreement or the transactions contemplated hereby provided by, the Undersigned. 

  
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 Section 2.7 Adequate Information; No Reliance. The Holder
acknowledges and agrees that (a) the Holder has been furnished with all materials it considers relevant to making an investment decision to enter into this Agreement and to consummate the transactions contemplated hereby and has had the opportunity
to review the Company’s filings and submissions with the Securities and Exchange Commission (the “SEC”), including, without limitation, all information filed or furnished pursuant to the Exchange Act, (b) the Holder has
had a full opportunity to ask questions of and receive answers from the officers of the Company concerning the Company, its business, operations, financial performance, financial condition and prospects, and the terms and conditions of the
transactions contemplated hereby, (c) the Holder, together with its professional advisers, is a sophisticated and experienced investor and is capable of evaluating, to its satisfaction, the accounting, tax, financial, legal and other risks
associated with this Agreement and the transactions contemplated hereby, and that such Holder has had the opportunity to consult with its accounting, tax, financial and legal advisors to be able to evaluate the risks involved in this Agreement and
the transactions contemplated hereby and to make an informed investment decision with respect thereto, and that such Holder is capable of sustaining any loss resulting therefrom without material injury, (d) the Holder understands that no federal or
state agency has passed upon the merits or risks of an investment in the Common Stock or made any finding or determination concerning the fairness or advisability of this investment, and (e) the Holder is not relying, and has not relied, upon
any statement, advice (whether accounting, tax, financial, legal or other), representation or warranty made by the Company or any of its affiliates or representatives including, without limitation, Cowen and Company, LLC, except for the
representations and warranties made by the Company in this Agreement. 
 The Holder specifically understands and acknowledges that, on the
date of this Agreement and on each Closing Date, the Company has in its possession non-public information that could be material to the market price of the Notes and/or the Common Stock, including but not limited to non-public information related to
the Company’s financial and operational results for the quarter ended March 31, 2016, that it has not disclosed to the Holder. The Holder hereby represents and warrants that, in entering into this Agreement and consummating the transactions
contemplated hereby, it does not require the disclosure of such non-public information to it by the Company in order to make an investment in the Common Stock or a disposition of the Notes, and hereby waives all present or future claims arising out
of or relating to the Company’s failure to disclose such non-public information to the Holder. 
 The Holder also specifically
acknowledges that the Company would not enter into this Agreement or any related documents in the absence of such Holder’s representations and acknowledgments set out in this Agreement, and that this Agreement, including such representations
and acknowledgments, is a fundamental inducement to the Company, and a substantial portion of the consideration provided by such Holder, in this transaction, and that the Company would not enter into this transaction but for this inducement. 

The Holder agrees that it will, upon request, execute and deliver any additional documents reasonably deemed by the Company, the Trustee or
the transfer agent to be necessary or desirable to complete the transactions contemplated hereby. 

  
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 Section 2.8 Tax Consequences. The Holder understands that the
tax consequences of the transactions contemplated hereby will depend in part on its own tax circumstances. The Holder acknowledges that it must consult its own tax adviser about the federal, foreign, state and local tax consequences peculiar to
its circumstances. 
 Article III: Covenants, Representations and Warranties of the Company 

The Company hereby covenants as follows, and makes the following representations and warranties, each of which is and shall be true and
correct on the date hereof and at each Closing, to the Holders and Cowen and Company, LLC, and all such covenants, representations and warranties shall survive each Closing. 

Section 3.1 Power and Authorization. The Company is duly incorporated, validly existing and in good standing under
the laws of its state of incorporation, and has the power, authority and capacity to execute and deliver this Agreement, to perform its obligations hereunder, and to consummate the transactions contemplated hereby. 

Section 3.2 Valid and Enforceable Agreement; No Violations. This Agreement has been duly executed and delivered by
the Company and constitutes a legal, valid and binding obligation of the Company, enforceable against it in accordance with its terms, except that such enforcement may be subject to the Enforceability Exceptions. This Agreement and consummation
of the transactions contemplated hereby will not violate, conflict with or result in a breach of or default under (a) the Company’s charter, bylaws or other organizational documents, (b) any agreement or instrument to which the
Company is a party or by which the Company or any of its assets are bound, or (c) any laws, regulations or governmental or judicial decrees, injunctions or orders applicable to the Company, except in the case of clauses (b) or (c), where such
violations or conflicts would not affect the Company’s business or its ability to consummate the transactions contemplated hereby in any material respect. 

Section 3.3 Valid Issuance of the Shares. The Shares (a) are duly authorized and, upon their issuance in
connection with this Agreement and the transactions contemplated hereby against delivery of the Converted Notes, will be validly issued, fully paid and non-assessable, (b) will not, at any Closing, be subject to any preemptive, participation,
rights of first refusal or other similar rights, (c) assuming the accuracy of each Holder’s representations and warranties hereunder, (i) will be issued in connection with this Agreement and the transactions contemplated hereby exempt
from the registration requirements of the Securities Act pursuant to Section 4(a)(2) of the Securities Act, and (ii) will, at each applicable Closing, be free of any restrictive legend and free of any restrictions on resale by such Holder
pursuant to Rule 144 promulgated under the Securities Act and will be issued in book-entry form, and (d) upon issuance, will be free and clear of all Liens created by the Company. 

Section 3.4 Listing. When issued in connection with this Agreement and the transactions contemplated hereby,
the Shares shall be listed on each national securities exchange upon which the Common Stock is then listed. 
 Section 3.5
Disclosure. At or before 8:30 a.m. (prevailing Eastern time) on the first business day following the date of this Agreement, the Company shall issue a publicly available 

  
 7 

 
press release or file with the SEC a Current Report on Form 8-K disclosing all material terms of the transactions contemplated hereby (to the extent not previously publicly
disclosed). For the avoidance of doubt, such disclosure will not include the names of or other information on the Undersigned or any other Holder that is participating in the conversion. Subject to the existence of the transaction
contemplated hereby, the Company confirms that neither it nor any representative acting on its behalf has provided the Holder or its agents or counsel with any information that constitutes or could reasonably be expected to constitute material,
nonpublic information about the Company, its subsidiaries and affiliates. In the event that the Company fails to timely file the Current Report on Form 8-K as contemplated by the first sentence of this Section 3.5, then this Agreement shall be
terminable by the Undersigned upon written notice to the Company. 
 Section 3.6 Public Filings. The Company’s
Annual Report on Form 10-K, Quarterly Reports on Form 10-Q, definitive proxy statement on Schedule 14A and Current Reports on Form 8-K, filed with the SEC on or after January 1, 2016, when filed with the SEC, conformed in all material respects to
the requirements of the Exchange Act, and did not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements therein, in the light of the circumstances under which they were made, not
misleading. 
 Article IV: Miscellaneous 

Section 4.1 Entire Agreement. This Agreement and any documents and agreements executed in connection herewith embody
the entire agreement and understanding of the parties hereto with respect to the subject matter hereof and supersede all prior and contemporaneous oral or written agreements, representations, warranties, contracts, correspondence, conversations,
memoranda and understandings between or among the parties or any of their agents, representatives or affiliates relative to such subject matter, including, without limitation, any term sheets, emails or draft documents. 

Section 4.2 Construction. References in the singular shall include the plural, and vice versa, unless the context
otherwise requires. References in the masculine shall include the feminine and neuter, and vice versa, unless the context otherwise requires. Headings in this Agreement are for convenience of reference only and shall not limit or otherwise
affect the meanings of the provisions hereof. Neither party, nor its respective counsel, shall be deemed the drafter of this Agreement for purposes of construing the provisions of this Agreement, and all language in all parts of this Agreement
shall be construed in accordance with its fair meaning, and not strictly for or against either party. 
 Section 4.3 Costs and
Expenses. The Undersigned, the Holders and the Company shall each pay their own respective costs and expenses incurred in connection with the negotiation, preparation, execution and performance of this Agreement, including, but not limited
to, attorneys’ fees. 
 Section 4.4 Governing Law. This Agreement shall in all respects be construed in
accordance with and governed by the substantive laws of the State of New York, without reference to its choice of law rules. 

  
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 Section 4.5 Counterparts. This Agreement may be executed in
counterparts, each of which shall be deemed an original, but all of which taken together shall constitute one and the same instrument. Any counterpart or other signature hereon delivered by facsimile shall be deemed for all purposes as
constituting good and valid execution and delivery of this Agreement by such party. 
 [Signature Pages Follow] 

  
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 IN WITNESS WHEREOF, each of the parties hereto has caused this Agreement to be executed as of the
date first above written. 
  

									
		 		 		 	 “COMPANY”: 
  

MERRIMACK PHARMACEUTICALS, INC.

					
		 		 		 	By:	 	  

		 		 		 	Name:	 	  

		 		 		 	Title:	 	  

	 “UNDERSIGNED”:
  

(in its capacities described in the first paragraph hereof)
	 		 		 	
					
	By:	 	  
	 		 		 	
	Name:	 	  
	 		 		 	
	Title:	 	  
	 		 		 	
		 		 		 		 	
		 		 		 		 	

 [Signature Page to Conversion Agreement] 

 EXHIBIT A 

Converting Beneficial Owners 
  

							
	 Name of

Beneficial Owner
	 	 Principal Amount

of Converted Notes
	 	 Number of

Initial Shares
	  	 Number of

Additional SharesEmployment Agreement

 Exhibit 10.1 

GARY L. PIERCE 

AGREEMENT 
 WITH

 STEIN MART, INC. 

This Agreement (this “Agreement”) entered into in the City of Jacksonville and State of Florida between Stein Mart,
Inc., a Florida corporation and its divisions, subsidiaries and affiliates (the “Company”), and GARY L. PIERCE (“Executive”), is made as of May 1, 2016 (the “Effective
Date”). 
 In consideration of the promises and mutual covenants contained herein, the parties, intending to be legally bound,
agree as follows: 
 SECTION 1.            TERM OF EMPLOYMENT 

(a) Term. The Company agrees to employ Executive, and Executive agrees to be employed by the Company, for a period of
two (2) year(s) beginning on the Effective Date (the “Term”). 
  

	SECTION	2.            DEFINITIONS 

“Board of Directors” means the Board of Directors of Stein Mart, Inc. and any of its divisions, affiliates or
subsidiaries. 
 “Cause” means the occurrence of any one or more of the following: 

(a) Executive has been convicted of, or pleads guilty or nolo contendere to, a felony involving dishonesty, theft,
misappropriation, embezzlement, fraud crimes against property or person, or moral turpitude which negatively impacts the Company; or 

(b) Executive intentionally furnishes materially false, misleading, or omissive information concerning a substantial matter to
the Company or persons to whom the Executive reports; or 
 (c) Executive intentionally fails to fulfill any assigned
responsibilities for compliance with the Sarbanes-Oxley Act of 2002 or violates the same; or 
 (d) Executive intentionally
and wrongfully damages material assets of the Company; or 

 (e) Executive intentionally and wrongfully discloses material Confidential
Information of the Employer; or 
 (f) Executive intentionally and wrongfully engages in any competitive activity which would
constitute a material breach of the duty of loyalty; or 
 (g) Executive intentionally breaches any stated material
employment policy or any material provision of the Company’s Ethics Policy which could reasonably be expected to expose the Company to liability, or 

(h) Executive intentionally commits a material breach of this Agreement, or 

(i) Executive intentionally engages in acts or omissions which constitute failure to follow reasonable and lawful directives of
the Company, provided, however, that such acts or omissions are not cured within five (5) days following the Company’s giving notice to Executive that the Company considers such acts or omissions to be “Cause” under this
Agreement. 
 No act, or failure to act, on the part of Executive shall be deemed “intentional” if it was due primarily to an error in judgment or
negligence, but shall be deemed “intentional” only if done, or omitted to be done, by the Executive not in good faith and without reasonable belief that his action or omission was in or not opposed to the best interests of the Company.
Failure to meet performance standards or objectives shall not constitute Cause for purposes hereof. 
 “Change in
Control” means the occurrence of any of the following: (a) the Board approves the sale of all or substantially all of the assets of the Company in a single transaction or series of related transactions; (b) the Company sells
and/or one or more shareholders sells a sufficient amount of its capital stock (whether by tender offer, original issuance, or a single or series of related stock purchase and sale agreements and/or transactions) sufficient to confer on the
purchaser or purchasers thereof (whether individually or a group acting in concert) beneficial ownership of at least 35% of the combined voting power of the voting securities of the Company; (c) the Company is party to a merger, consolidation
or combination, other than any merger, consolidation or combination that would result in the holders of the voting securities of the Company outstanding immediately prior thereto continuing to represent (either by remaining outstanding or by being
converted into voting securities of the surviving entity) more than 50% of the combined voting power of the voting securities of the Company (or such surviving entity) outstanding immediately after such merger, consolidation or combination; or
(d) a majority of the board of directors consists of individuals who are not Continuing Directors (for this purpose, a Continuing Director is an individual who (i) was a director of the Company on January 1, 2016 or (ii) whose
election or nomination as a director of the Company is approved by a vote of at least a majority of the directors then comprising the Continuing Directors). For purposes hereof, the definition of a Change of Control shall be construed and
interpreted so as to comply with the definition contained in Code Section 409A. 

  
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 “Code” means the Internal Revenue Code of 1986, as amended. Any reference
to a specific provision of the Code shall be deemed to refer to any successor provision thereto and the regulations promulgated thereunder. 

“Commencement Date” means February 2, 2010, the date the Executive shall report for work and assume
Executive’s responsibilities hereunder. 
 “Compensation Committee” means the Company’s Compensation
Committee or, if no such committee exists, the term Compensation Committee shall mean the Company’s Board of Directors. 

“Continuation Period” means a period following the Termination Date of the Executive’s employment with the
company equal to: 
 (a) twelve (12) months (i) following a termination by the Company due to a non-renewal of the Term of this
Agreement under §5(a) hereof, or (ii) following a termination by the Company without Cause or by the Executive for Good Reason under §5(b) hereof, or 

(b) twenty-four (24) months following a termination (i) by the Company without Cause following a Change in Control under
§5(f)(i) hereof, or (ii) by the Executive for Good Reason following a Change in Control under §5(b) as the definition of Good Reason is expanded in §5(b)(i) hereof. 

The Continuation Period is zero months following (i) a termination by the Company for Cause, (ii) a termination by the Executive without Good
Reason, or (iii) a failure of the Executive to accept the Company’s offer of renewal of the Term of this Agreement under §5(a) hereof. 

“Current Insurance Coverage” means medical, dental, life and accident and disability insurance with coverage
consistent with the lesser of (i) the coverage in effect at Executive’s termination, or (ii) the coverage in effect from time to time as applied to persons in positions similar to the position held by Executive at the time of
termination. 
 “Disability” means Executive’s incapacity due to physical or mental illness or cause, which
results in the Executive being unable to perform his duties with Company on a full-time basis for a period of six (6) consecutive months. Any dispute as to disability shall be conclusively determined by written opinions rendered by two
qualified physicians, one selected by Executive, and one selected by Company; provided that if such opinions are conflicting, then such physicians shall select a mutually agreeable third physician whose opinion shall be conclusive and binding. 

  
 3 

 “Earned Bonus” means the bonus paid, if any, pursuant to the
Company’s incentive compensation plans in effect from time to time. Earned Bonus shall be prorated based on the ratio of the number of days during such year that Executive was employed to 365. 

“Good Reason” means the occurrence of any one or more of the following: 

 

	 	(i)	a material and continuing failure to pay to Executive compensation and benefits (as described in Section 4) that have been earned, if any, by Executive, except failure to pay or provide compensation or
benefits that are in dispute between the Company and the Executive unless such failure continues following the resolution of such dispute; or 

  

	 	(ii)	a material reduction in Executive’s compensation or benefits (as described in Section 4) which is materially more adverse to the Executive than similar reductions applicable to other executives of a
similar level of status within the Company as Executive; or 

  

	 	(iii)	a reduction in the incentive compensation or deferred compensation arrangements through reductions in Threshold, Target, Superior, or Outstanding performance level earnings percentages of base compensation or
contribution matching levels which reductions were applicable to Executive only without similar reductions applicable to other executive officer of the Company, or 

(iv) any failure by the Company to comply with any of the material provisions of this Agreement and which is not remedied by the Company within thirty
(30) days after receipt of notice thereof given by Executive: or 
 vany requirement that Executive perform duties that, in the good faith and
reasonable professional judgment of Executive, after consultation with the Board of Directors of the Company, are inconsistent with ethical or lawful business practices; or 

viExecutive’s being required to relocate to a principal place of employment more than one-hundred (100) miles from his current principal place of
employment in Jacksonville, Florida during the Term unless the Company shall pay all reasonable costs and expenses related thereto; or 

  
 4 

 viiIf following a Change in Control only, there occurs a material change in Executive’s duties, roles, or
responsibilities. For purposes of this subsection, “material change” shall be of such a character that a reasonable person serving in a like or similar executive capacity would feel compelled to resign from employment. Examples of
“material change” include, but are not limited to substantial reduction of Executive’s authority to make decisions relating to his or her business responsibilities; Executive being required to assume or perform substantially greater
responsibilities (without additional compensation) than previously required to perform; substantial reduction of Executive’s responsibilities for personnel matters relating to his or her business operations; substantial alteration or change in
Executive’s work schedule; any restructuring or reassignment of any of the Executive’s responsibilities, in a manner that diminishes them or is materially adverse to the Executive, from that which was in effect at the time of the Change in
Control; and other substantial changes in Executive’s terms or conditions of employment not related to Executive’s principal business responsibilities. Good Reason pursuant to this subsection shall not exist unless (a) the
Executive’s “material change” has existed for a period of at least six months; (b) Executive has consulted with management senior to Executive and his or her supervisor, in a good faith effort to resolve the issues giving
Executive reason to believe a “material change” has occurred; and (c) Executive gives written notice of Executive’s resignation for Good Reason under this paragraph within eight months following the commencement of the
“material change”. 
 “Termination Date” means the date of Executive’s termination of employment, or
if the Executive continues to provide services to Stein Mart, Inc. or its 409A affiliates following his termination of employment, such later date as is considered a separation from service from Stein Mart, Inc. and its 409A affiliates within the
meaning of Code Section 409A. For purposes of this Agreement, the Executive’s “termination of employment” shall be presumed to occur when Stein Mart, Inc. and the Executive reasonably anticipate that no further services will be
performed by the Executive for Stein Mart, Inc. and its 409A affiliates or that the level of bona fide services the Executive will perform as an employee of Stein Mart, Inc. and its 409A affiliates will permanently decrease to no more than 20% of
the average level of bona fide services performed by the Executive (whether as an employee or independent contractor) for Stein Mart, Inc. and its 409A affiliates over the immediately preceding 36-month period (or such lesser period of services).
Whether the Executive has experienced a termination of employment shall be determined by Stein Mart, Inc. in good faith and consistent with Section 409A of the Code. Notwithstanding the foregoing, if the Executive takes a leave of absence for
purposes of military leave, sick leave or other bona fide reason, the Executive will not be deemed to have experienced a termination of employment for the first six (6) months of the leave of absence, or if longer, for so long as the
Executive’s right to reemployment is provided either by statute or by contract, including this Agreement; provided that if the leave of absence is due to a medically determinable physical or mental impairment that can be expected to
result in 

  
 5 

 
death or last for a continuous period of not less than six (6) months, where such impairment causes the Executive to be unable to perform the duties of his position of employment or any
substantially similar position of employment, the leave may be extended by Stein Mart, Inc. for up to 29 months without causing a termination of employment. For purposes hereof, the term “409A affiliate” means each entity that is required
to be included in Stein Mart, Inc.’s controlled group of corporations within the meaning of Section 414(b) of the Code, or that is under common control with Stein Mart, Inc. within the meaning of Section 414(c) of the Code;
provided, however, that the phrase “at least 50 percent” shall be used in place of the phrase “at least 80 percent” each place it appears therein or in the regulations thereunder. 

SECTION 3.            TITLE, POWERS AND RESPONSIBILITIES 

(a) Title. Executive shall be a Executive Vice-President and Director of Stores of the Company or such
other title as designated by the Chief Executive Officer or the Company’s Board of Directors. Executive shall assume those duties on the Commencement Date. 

(b) Powers and Responsibilities. 
  

	 	(i)	Executive shall use Executives best efforts to faithfully perform the duties of his employment and shall perform such duties as are usually performed by a person serving in Executive’s position with a business
similar in size and scope as the Company and such other additional duties as may be prescribed from time to time by the Company which are reasonable and consistent with the Company’s operations, taking into account officer’s expertise and
job responsibilities. Executive agrees to devote Executive’s full business time and attention to the business and affairs of the Company. Executive shall serve on such boards and in such offices of the Company or its subsidiaries as the
Company’s Board of Directors reasonably requests without additional compensation. 

  

	 	(ii)	Executive, as a condition to his employment under this Agreement, represents and warrants that he can assume and fulfill responsibilities described in Section 3(b)(i) without any risk of violating any non-compete
or other restrictive covenant or other agreement to which he is a party. During the Employment Term Executive shall not enter into any agreement that would preclude, hinder or impair his ability to fulfill responsibilities described in
Section 3(b)(i) specifically or this Agreement generally. 

 SECTION
4.            COMPENSATION AND BENEFITS 
 (a) Annual Base
Salary. Executive’s base salary shall be $363,000 per year (“Annual Base Salary”) beginning on the Commencement Date, which amount may be periodically reviewed at the discretion of the Compensation Committee. The

  
 6 

 
Annual Base Salary and any payments to the Executive during any Continuation Period shall be payable in accordance with the Company’s standard payroll practices and policies (unless
otherwise expressly provided herein) and shall be subject to such withholdings as required by law or as otherwise permissible under such practices or policies. 

(b) Earned Bonus; Incentive Compensation; Executive shall be eligible to receive an Earned Bonus. Executive shall also
be eligible to participate in such annual and long term incentive plans as are in effect from time to time as applicable to persons at Executive’s level of authority and position. Nothing in this Section 4(b) guarantees that any Earned
Bonus or other incentive compensation will be paid. 
 (c) Employee Benefit Plans. Executive shall be entitled to
receive the benefits described in Schedule A attached hereto, if and for as long as the Company sponsors such plans and such plans remain in effect for other executives with the same level of status as Executive. 

(d) Stock Options. The Board of Directors, in its discretion, may grant rights to Executive under the Stein Mart, Inc.
Omnibus Plan (the “Option Plan”) on terms set by the Board of Directors or the Compensation Committee. 

(e) Deferred Compensation. Executive will participate in the Stein Mart Executive Deferred Compensation Plan (the
“Deferred Compensation Plan”). The Company reserves the right to alter, modify, revise or eliminate the Deferred Compensation Plan provided that any such change to the terms will apply to Executive and similarly situated
participants. 
 (f) Vacation, Holidays and Salary Continuation. Executive shall receive a total of 27 days of paid
vacation, or holidays on a pro rata basis during any 365 day period of the Term. The amount may be adjusted in accordance with the Company’s standard policy or as directed by the Company’s Board of Directors. Any vacation or holiday
leave time not used during any 365 day period of the Term will not carry forward to the next 365 period and will be forfeited. 

(g) Expense Reimbursements. Executive shall have the right to expense reimbursements in accordance with the
Company’s standard policy on expense reimbursements as in effect from time to time. 
 (h) Indemnification. With
respect to Executive’s acts or failures to act during his employment in his capacity as an officer, employee or agent of the Company, Executive shall be entitled to indemnification from the Company, and to liability insurance coverage (if any),
on the same basis as other officers of the Company. Executive shall be indemnified by Company, and Company shall pay Executive’s related expenses when and as incurred, all to the full extent permitted by

  
 7 

 
law. Subject to applicable law, the Company reserves the right to discontinue indemnification in the event the Company determines that the Executive has breached this Agreement or the Executive
has advances, or intends to advance, a business or legal position contrary to the Company’s interests. Notwithstanding the foregoing, Executive shall not be entitled to any indemnification if a judgment or other final adjudication establishes
that any act or omission of Executive was material to the cause of action so adjudicated and that such act or omission constituted: (i) a criminal violation, unless Executive had reasonable cause to believe that Executive’s conduct was
lawful or had no reasonable cause to believe that such conduct was unlawful, (ii) a transaction from which Executive derived an improper personal benefit, or (iii) willful misconduct or a conscious disregard for the best interests of the
Company. 
 (i) Automobile Allowance. The Company will pay Executive $13,200 per year (paid quarterly) which shall be
used for the lease, purchase, maintenance and/or operation of a vehicle that Executive is to use for business travel or may use for personal travel. Executive shall be solely responsible for any taxes associated with the automobile allowance
afforded to him. Executive shall be expected to maintain a valid driver’s license and retain appropriate automobile and liability insurance coverage. 

(j) Other Perquisites. The Company will provide Executive with such other perquisites as may be made generally available
to others in a similar level of executive position within the Company. 
 SECTION
5.            TERMINATION OF EMPLOYMENT 
 (a) General;
Non- Renewal. The Board of Directors shall have the right to terminate Executive’s employment and this Agreement at any time with or without Cause, and Executive shall have the right to terminate his employment and this Agreement at any
time with or without Good Reason; provided that obligations under this Section 5, Section 6 and Section 7 shall survive termination of the Agreement. The Board of Directors may delegate its powers to terminate the Executive to
the persons to whom the Executive reports. In the event the Company elects not to renew the Executive’s employment following the end of the Term with compensation and benefits not materially less advantageous to the Executive than those set
forth in this Agreement, but the Executive is willing and able to enter into a renewal of this Agreement with compensation and benefits not materially less advantageous to the Executive than those set forth in this Agreement, then upon termination
of the Executive’s employment, (i) the Company shall pay the Executive his normal base twelve (12) months salary over a six month period beginning six (6) months following the Termination Date (subject in each case to such
withholdings as required by law), and (ii) the Company shall continue until the earlier to occur of the end of the Continuation Period or until such time as the Executive commences a new job, to

  
 8 

 
maintain in effect for such Executive at the Company’s cost the Executive’s Current Insurance Coverage; provided that if the taxable value of the continued life and accident and
disability coverage to Executive during the first six (6) months following the Termination Date exceeds the annual dollar limit in effect under Code Section 402(g)(1)(B) for the year of such termination, then the Executive shall pay the
premiums in excess of such limit for such coverage during such six (6)-month period and after the end of such six (6)-month period, the Company shall reimburse the Executive for the amount of the premiums paid by the Executive, without interest
thereon. If the Company intends to offer to renew the Executive’s employment following the end of the Term it will present its offer no later than thirty (30) days before the end of the Term. If the offer contains compensation and benefits
not materially less advantageous to the Executive than those set forth in this Agreement and the Executive does not accept that offer within thirty (30) days following the offer having been made, then upon the expiration of the then
current Term of this Agreement, the Executive shall be deemed to have terminated his or her employment without Good Reason. 

(b) Termination by Board of Directors without Cause or by Executive for Good Reason. If (i) the Board of Directors
terminates Executive’s employment without Cause, or (ii) Executive resigns for Good Reason, then in either of those circumstances, the Company’s only obligation to Executive under this Agreement (except as provided in §5(f)
hereof) shall be to pay Executive his earned but unpaid base salary, if any, up to the date of his termination of employment, plus 100% of his current total Annual Base Salary as specified in Section 4(a) (subject to such withholdings as
required by law) payable in periodic payments (consistent with the payroll periods then in effect) for twelve (12) consecutive months beginning six (6) months following the Termination Date. During the Continuation Period the Executive
shall also continue to receive, at the Company’s cost, the Current Insurance Coverage; provided that if the taxable value of the continued life and accident and disability coverage to Executive during the first six (6) months following the
Termination Date exceeds the annual dollar limit in effect under Code Section 402(g)(1)(B) for the year of such termination, then the Executive shall pay the premiums in excess of such limit for such coverage during such six (6)-month period
and after the end of such six (6)-month period, the Company shall reimburse the Executive for the amount of the premiums paid by the Executive, without interest thereon. 

(c) Termination by the Board of Directors for Cause or by Executive without Good Reason. If the Board of Directors of
the Company terminates Executive’s employment for Cause or Executive resigns without Good Reason, the Company’s only obligation to Executive under this Agreement shall be to pay Executive his earned but unpaid base salary, if any, up to
the date of his termination of employment, and the Company shall have no obligation to pay any Earned Bonus 

  
 9 

 
or Incentive Compensation with respect to the year during which the Termination Date occurs. The Company shall only be obligated to make such payments and provide such benefits under any employee
benefit plan, program or policy in which Executive was a participant as are explicitly required to be paid to Executive by the terms of any such benefit plan, program or policy following the Termination Date. 

(d) Termination for Disability. Subject to the definitions and requirements of Section 2 (“Disability”),
after six (6) consecutive months of such disability leave of absence, Executive’s service may be terminated by Company. In the event Executive is terminated from employment due to Disability, the Company shall: 

(i) pay Executive his Annual Base Salary through the end of the month in which his employment terminates as soon as practicable after his
employment terminates; provided that if such payment exceeds the applicable dollar amount in effect under Code Section 402(g)(1)(B) for the year in which such termination occurs, then the payment in excess of such applicable dollar
amount shall be paid following six (6) months after the Executive’s Termination Date; 
 (ii) pay Executive his Earned Bonus,
pro rata and if any, for the fiscal year in which such termination of employment occurs, which amount shall be paid at the same time the Earned Bonus would have been paid had Executive remained in employment; 

(iii) pay Executive an additional nine (9) months of compensation at the then-Annual Base Salary, which aggregate amount shall be payable
in equal semi-monthly installments beginning not earlier than six (6) months following the Termination Date and continuing for nine (9) months thereafter; 

(iv) pay or cause the payment of benefits to which Executive is entitled under the terms of any disability plan of the Company covering the
Executive at the time of such Disability: 
 (v) pay premiums for COBRA coverage as provided in Section 5(g); 

(vi) make such payments and provide such benefits as otherwise called for under the terms of each other employee benefit plan, program and
policy in which Executive was a participant; provided no payments made under Section 5(d)(ii) or Section 5(d)(iii) shall be taken into account in computing any payments or benefits described in this Section 5(d)(iv); and 

  
 10 

 (vii) in the event the Executive has any options or restricted shares (but excluding
“performance shares” which shall be governed by the terms set forth in the grant as to such shares) which are not vested on the date of termination for Disability, then pay to the Executive (i) as to any unvested options, the net
value of the excess, if any, of the closing price of the Company’s shares on the NASDAQ for the day on which the termination due to Disability occurs and the exercise price of such unvested options multiplied by the number of shares subject to
options which failed to vest; and (ii) as to any unvested restricted shares, the value of the closing price of the Company’s shares on the NASDAQ for the day on which the termination due to Disability occurs multiplied by the number of
restricted shares, if any, which failed to vest due to such termination of employment for Disability. 
 Notwithstanding the Executive’s
Disability, during the period of Disability leave, Executive shall be paid in full (net of insurance) as if he or she were actively performing services. Executive agrees to simultaneously utilize available leave under the Family and Medical Leave
Act of 1993 during such disability leave of absence. During the period of such Disability leave of absence, the Board of Directors may designate someone to perform Executive’s duties. Executive shall have the right to return to full-time
service so long as he is able to resume and faithfully perform his full-time duties. 
 (e) Death. If Executive’s
employment terminates as a result of his death, the Company shall: 
 (i) pay to Executive’s estate his Annual Base
Salary through the end of the month in which his employment terminates as soon as practicable after his death; 
 (ii) pay to
Executive’s estate his Earned Bonus, when actually determined, for the year in which Executive’s death occurs; 

(iii) make such payments and provide such benefits as otherwise called for under the terms of each other employee benefit plan,
program and policy in which Executive was a participant; provided no payments made under Section 5(e)(ii) shall be taken into account in computing any payments or benefits described in this Section 5(e)(iii); and 

  
 11 

 (iv) in the event the Executive has any options or restricted shares (but
excluding “performance shares” which shall be governed by the terms set forth in the grant as to such shares) which are not vested on the date of termination for death, then pay to the Executive’s estate (i) as to any unvested
options, the net value of the excess, if any, of the closing price of the Company’s shares on the NASDAQ for the day on which the death occurred and the exercise price of such unvested options multiplied by the number of shares subject to
options which failed to vest; and (ii) as to any unvested restricted shares, the value of the closing price of the Company’s shares on the NASDAQ for the day on which the death occurred multiplied by the number of restricted shares, if
any, which failed to vest due to such termination of employment for death. 
 Any amounts payable to Executive under this Agreement which are
unpaid at the date of Executive’s death or payable hereunder or otherwise by reason of his death, shall be paid in accordance with the terms of this Agreement to Executive’s estate; provided that if there is a specific beneficiary
designation in place for any specific amount payable, then payment of such amount shall be made to such beneficiary. 
 (f)
Change in Control. If a Change in Control occurs, then for a period beginning on the occurrence of the Change in Control and ending two years following that occurrence (the “Post Change in Control Period”): 

(i) In addition to the other events constituting Good Reason under this Agreement, the following shall also constitute Good
Reason: if the Executive is willing and able to continue employment with the Company but the Company exercises its right to either not renew this Agreement, or only offers to renew this Agreement only under conditions or terms which would constitute
a “material change” (as that term is defined in the definition of Good Reason), provided, however, that notice of exercise of the Executive’s termination for Good Reason must be received by the Company during the Post Change in
Control Period and not later than thirty (30) days after the Company exercises its right not to renew this Agreement or to renew the Agreement only on terms which would constitute a “material change”; and 

(ii) In the event of termination of the Executive’s employment with the Company pursuant to §5(b) hereof either by
the Company without Cause, or by the Executive for Good Reason (as such term is expanded to include the circumstances described in §5(f)(i) above), with notice of such termination given within the Post Change in Control Period, then the
Executive shall receive the following (the “CIC Severance Payments”) in a lump sum payable in funds immediately available in Jacksonville, Florida not earlier than six (6) months following the Termination Date and not later
than seven (7)

  
 12 

 
months following Termination Date: an amount equal to 200% of the sum of (A) the total of severance payments (other than continued insurance coverage) provided under §5(b) of this
agreement (and in lieu thereof), and (B) the Earned Bonus in the year of the Termination Date. For purposes of this subsection (f) Earned Bonus shall not be prorated and shall be an amount equal to “Target” bonus as defined in
the Company’s incentive compensation plan in effect from time to time. 
 (g) Benefit Continuation. Provided
Executive is eligible for COBRA coverage, and has not been terminated from employment for Cause or resigned without Good Reason, then the Company shall pay the Executive’s COBRA premiums commencing on the date of the Executive’s
termination of employment and continuing for the applicable Continuation Period in order to continue Executive’s health insurance coverage and maintain such coverage in effect; provided that following the end of the COBRA continuation period,
if Executive’s health insurance coverage is provided under a health plan that is subject to Code Section 105(h), benefits payable under such health plan shall comply with the requirements of Treasury Regulation
Section 1.409A-3(i)(1)(iv) and, if necessary, the Company shall amend such health plan to comply therewith. 
 (h)
Relinquishment of Corporate Positions. Executive shall automatically cease to be an officer and/or director of the Company and its affiliates as of his date of termination of employment. 

(i) Limitation. Anything in this Agreement to the contrary notwithstanding, Executive’s entitlement to or payments
under any other plan or agreement shall be limited to the extent necessary so that no payment to be made to Executive on account of termination of his employment with the Company will be subject to the excise tax imposed by Code Section 4999,
but only if, by reason of such limitation, Executive’s net after tax benefit shall exceed the net after tax benefit if such reduction were not made. “Net after tax benefit” shall mean (i) the sum of all payments and benefits that
Executive is then entitled to receive under any section of this Agreement or other plan or agreement that would constitute a “parachute payment” within the meaning of Section 280G of the Code, less (ii) the amount of federal
income tax payable with respect to the payments and benefits described in clause (i) above calculated at the maximum marginal income tax rate for each year in which such payments and benefits shall be paid to Executive (based upon the rate in
effect for such year as set forth in the Code at the time of the first payment of the foregoing), less (iii) the amount of excise tax imposed with respect to the payments and benefits described in clause (i) above by Section 4999 of
the Code. Any limitation under this Section 5(i) of Executive’s entitlement to payments shall be made in the manner and in the order directed by Executive. 

  
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 SECTION 6.            COVENANTS BY EXECUTIVE

 (a) Company Property. Upon the termination of Executive’s employment for any reason, Executive shall
promptly return all Company Property which had been entrusted or made available to Executive by the Company. “Property” means all records, files, memoranda, communication, reports, price lists, plans for current or
prospective business operations, customer lists, drawings, plans, sketches, keys, codes, computer hardware and software and other property of any kind or description prepared, used or possessed by Executive during Executive’s employment by the
Company (and any duplicates of any such Property) together with any and all information, ideas, concepts, discoveries, processes, intellectual property, inventions and the like conceived, made, developed or acquired at any time by Executive
individually or with others during Executive’s employment which relate to the Company or its products or services or operations. 

(b) Trade Secrets. Executive agrees that Executive shall hold in a fiduciary capacity for the benefit of the Company and
shall not directly or indirectly use or disclose any Trade Secret that Executive may have acquired during the term of Executive’s employment by the Company for so long as such information remains a Trade Secret. “Trade
Secret” means information, including, but not limited to, technical or non-technical data, a formula, a pattern, a compilation, a program, a device, a method, a technique, a drawing or a process that (1) derives economic value,
actual or potential, from not being generally known to, and not being generally readily ascertainable by proper means by, other persons who can obtain economic value from its disclosure or use and (2) is the subject of reasonable efforts by the
Company to maintain its secrecy. This Section 6(b) is intended to provide rights to the Company which are in addition to, not in lieu of, those rights the Company has under the common law or applicable statutes for the protection of trade
secrets. 
 (c) Confidential Information. During the Employment Term and continuing thereafter indefinitely, Executive
shall hold in a fiduciary capacity for the benefit of the Company, and shall not directly or indirectly use or disclose, any Confidential Information that Executive may have acquired (whether or not developed or compiled by Executive and whether or
not Executive is authorized to have access to such information) during the term of, and in the course of, or as a result of Executive’s employment by the Company without the prior written consent of the Board of Directors unless and except to
the extent that such disclosure is (i) made in the ordinary course of Executive’s performance of his duties under this Agreement or (ii) required by any subpoena or other legal process (in which event Executive will give the Company
prompt notice of such subpoena or other legal process in order to permit the Company to seek appropriate protective orders). “Confidential Information” means any secret, confidential or proprietary information possessed by
the Company or any of its subsidiaries or affiliates, including, without limitation, trade 

  
 14 

 
secrets, customer or supplier lists, details of client or consultant contracts, current and anticipated customer requirements, pricing policies, price lists, market studies, business plans,
operational methods, marketing plans or strategies, advertising campaigns, information regarding customers or suppliers, computer software programs (including object code and source code), data and documentation data, base technologies, systems,
structures and architectures, inventions and ideas, past current and planned research and development, compilations, devices, methods, techniques, processes, financial information and data, business acquisition plans and new personnel acquisition
plans and the terms and conditions of this Agreement that has not become generally available to the public. 
 (d)
Remedies. Executive recognizes that his duties will entail the receipt of Trade Secrets and Confidential Information as defined in this Section 6. Those Trade Secrets and Confidential Information have been developed by the Company at
substantial cost and constitute valuable and unique property of the Company. Accordingly, the Executive acknowledges that protection of Trade Secrets and Confidential Information is a legitimate business interest. If the Executive shall breach the
covenants contained in this Section 6, the Company shall have no further obligation to make any payment to the Executive pursuant to this Agreement and may recover from the Executive all such damages as it may be entitled to at law or in
equity. In addition, the Executive acknowledges that any such breach is likely to result in irreparable harm to the Company. The Company shall be entitled to specific performance of the covenants in this Section 6, including entry of a
temporary restraining order in state or federal court, preliminary and permanent injunctive relief against activities in violation of this Section 6, or both, or other appropriate judicial remedy, writ or order, in addition to any damages and
legal expenses which the Company may be legally entitled to recover. Executive acknowledges and agrees that the covenants in this Section 6 shall be construed as agreements independent of any other provision of this Agreement or any other
agreement between the Company and Executive, and that the existence of any claim or cause of action by Executive against the Company, whether predicated upon this Agreement or any other agreement, shall not constitute a defense to the enforcement by
the Company of such covenants. 
 (e) Non-Solicitation. During the Employment Term and for a period of two years
hereafter (such period is referred to as the “No Recruit Period”), the Executive will not solicit or attempt to either directly or indirectly, any person that he knows or should reasonably know to be an employee of the Company, whether any
such employees are now or hereafter through the No Recruit Period so employed or engaged to terminate or alter their employment with the Company. The foregoing is not intended to limit any legal rights or remedies that any employee of the Company
may have under common law with regard to any interference by Executive at any time with the contractual relationship the Company may have with any of its employees. 

  
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 (f) Reasonable and Continuing Obligations. Executive agrees that
Executive’s obligations under this Section 6 are obligations which will continue beyond the date Executive’s employment terminates and that such obligations are reasonable, fair and equitable in scope. The terms and duration are
necessary to protect the Company’s legitimate business interests and are a material inducement to the Company to enter into this Agreement. Executive further acknowledges that the consideration for this Section 6 is his employment or
continued employment. Executive will not be paid any additional compensation during this Restricted Period for application or enforcement of the restrictive covenants contained in this Section 6. 

(g) Work Product. The term “Work Product” includes any and all information, programs, concepts, processes,
discoveries, improvements, formulas, know-how and inventions, in any form whatsoever, relating to the business or activities of the Company, or resulting from or suggested by any work developed by the Executive in connection with the Company, or by
the Executive at the Company’s request. Executive acknowledges that all Work Product developed during the Term is property of the Company and accordingly, Executive does hereby irrevocably assign all Work Product developed by the Executive to
the Company and agrees: (a) to assign to the Company, free from any obligation of the Company to the Executive, all of the Executive’s right, title and interest in and to Work Product conceived, discovered, researched, or developed by the
Executive either solely or jointly with others during the term of this Agreement and for three (3) months after the termination or nonrenewal of this Agreement; and (b) to disclose to the Company promptly and in writing such Work Product
upon the Executive’s acquisition thereof. 
 Cooperation. During and subsequent to termination of the employment of the Executive, the Executive
will cooperate with Company and furnish any and all complete and truthful information, testimony or affidavits in connection with any matter that arose during the Executive’s employment, that in any way relates to the business or operations of
the Company or any of its subsidiary corporations, divisions or affiliates, or of which the Executive may have any knowledge or involvement; and will consult with and provide information to Company and its representatives concerning such matters.
Subsequent to the termination of the employment of the Executive, the parties will make their best efforts to have such cooperation performed at reasonable times and places and in a manner as not to unreasonably interfere with any other employment
in which Executive may then be engaged. Nothing in this Agreement shall be construed or interpreted as requiring the Executive to provide any testimony, sworn statement or declaration that is not complete and truthful. If Company requires the
Executive to travel outside the metropolitan area in the United States where the Executive then resides to 

  
 16 

 
provide any testimony or otherwise provide any such assistance, then Company will reimburse the Executive for any reasonable, ordinary and necessary travel and lodging expenses incurred by
Executive to do so provided the Executive submits all documentation required under Company’s standard travel expense reimbursement policies and as otherwise may be required to satisfy any requirements under applicable tax laws for Company to
deduct those expenses. Nothing in this Agreement shall be construed or interpreted as requiring the Executive to provide any testimony or affidavit that is not complete and truthful 

SECTION 7.            MISCELLANEOUS 

(a) Notices. Notices and all other communications shall be in writing and shall be deemed to have been duly given when
personally delivered or when mailed by United States registered or certified mail. Notices to the Company shall be sent to: 
 STEIN MART,
INC 
 Attention: General Counsel 

1200 Riverplace Boulevard, 10th Floor 

Jacksonville, FL 32207 

Facsimile: (904) 346-1297 

Notices and communications to Executive shall be sent to the address Executive most recently provided to the Company. 

(b) No Waiver. No failure by either the Company or Executive at any time to give notice of any breach by the other of,
or to require compliance with, any condition or provision of this Agreement shall be deemed a waiver of any provisions or conditions of this Agreement. 

(c) Governing Law. This Agreement shall be governed by Florida law without reference to the choice of law principles
thereof. 
 (d) Assignment. This Agreement shall be binding upon and inure to the benefit of the Company and any
successor in interest to the Company or any segment of such business. The Company may assign this Agreement to any affiliate 

  
 17 

 
or successor that acquires all or substantially all of the assets and business of the Company or a majority of the voting interests of the Company. The Company will require any successor (whether
direct or indirect, by operation of law, by purchase, merger, consolidation or otherwise to all or substantially all of the business and/or assets of Company) to expressly assume and agree to perform this Agreement in the same manner and to the same
extent that Company would be required to perform it if no such succession had taken place. As used in this Agreement, “Company” shall mean Company as defined above and, unless the context otherwise requires, any successor to its business
and/or assets as aforesaid which assumes and agrees to perform this Agreement by operation of law, or otherwise. Executive’s rights and obligations under this Agreement are personal and shall not be assigned or transferred. 

(e) Other Agreements. This Agreement replaces and merges any and all previous agreements and understandings regarding
all the terms and conditions of Executive’s employment relationship with the Company, and this Agreement constitutes the entire agreement between the Company and Executive with respect to such terms and conditions. 

(f) Amendment. No amendment to this Agreement shall be effective unless it is in writing and signed by the Company and
by Executive. 
 (g) Invalidity and Severability. If any part of this Agreement is held by a court of competent
jurisdiction to be invalid or otherwise unenforceable, the remaining part shall be unaffected and shall continue in full force and effect, and the invalid or otherwise unenforceable part shall be deemed not to be part of this Agreement. 

(h) Litigation. In the event that either party to this Agreement institutes litigation against the other party to
enforce his or its respective rights under this Agreement, each party shall pay its own costs and expenses incurred in connection with such litigation. As a material part of the consideration for this Agreement, BOTH PARTIES HERETO WAIVE ANY RIGHT
TO A TRIAL BY A JURY in the event of any litigation arising from this Agreement. All legal actions arising out of or connected with this Agreement must be instituted solely in the Circuit Court of Duval County, Florida, or in the Federal District
Court for the Middle District of Florida, Jacksonville Division, and all parties hereto do hereby agree to submit to the exclusive personal jurisdiction of such courts. Each of the parties hereby expressly and irrevocably submits to the jurisdiction
of such courts for the purposes of any such action and expressly and irrevocably waives, to the fullest extent permitted by law, any objection which it may have or hereafter may have to the laying of venue of any such action brought in any such
court and any claim that any such action has been brought in an inconvenient forum. 

  
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 (i) Counterparts. This Agreement may be executed in counterparts each of
which shall be deemed an original, but all of which together shall constitute one and the same instrument. 
 IN WITNESS WHEREOF, the
Company and Executive have executed this Agreement effective as of the Effective Date. 
  

							
	STEIN MART, INC.	 	 	 	EXECUTIVE
				
	By:	 	 /s/ D. Hunt Hawkins
	 		 	 /s/ Gary L. Pierce

	Name:	 	D. Hunt Hawkins	 		 	Gary L. Pierce
	Title:	 	President and COO	 		 	
	Date:	 	April 12, 2016	 		 	Date: April 12, 2016

  

  
 19 

 SCHEDULE A 

BENEFITS 
  

	1.	Retirement Plan/Life Insurance/AD&D 

 The Executive shall be entitled to participate
in all retirement plans and will be entitled to life insurance and AD&D benefits which other senior executives of the Company or affiliates of the Company are eligible. 
  

	2.	Long-Term Disability 

 The Executive shall be entitled to participate in all Long-Term
and Life Time Disability plans which other senior executives of the Company or affiliates of the Company are eligible. 
  

	3.	Medical/Dental Benefits 

 The Executive shall be entitled to medical/dental benefits
which other senior executives of the Company or affiliates of the Company are eligible. 

  
 A-1

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