Document:

Exhibit 103

		
			Exhibit 10.3
		

		
			AMENDMENT TO terms of employment
		

		
			THIS AMENDMENT TO TERMS OF EMPLOYMENT (this “Amendment”) is entered into as of April 21, 2017 (the “Effective Date”), between Tile Shop Holdings, Inc. (the “Company”) and Kirk Geadelmann (“Executive”). 
		

		
			RECITALS
		

		
			WHEREAS, the parties entered into a written agreement governing Executive’s employment with the Company as its Chief Financial Officer on August 12, 2014, which includes the Company’s Nondisclosure, Confidentiality, Assignment and Noncompetition Agreement attached as Exhibit A thereto (together, the “Employment Agreement”); 
		

		
			WHEREAS, the Company intends to provide the Executive certain benefits in the event of a Change of Control (as defined herein) or in the event of Executive’s termination without Severance Cause (as defined herein) or resignation for Good Reason (as defined herein); and 
		

		
			WHEREAS, the parties have mutually agreed to memorialize the terms of such agreement. 
		

		
			NOW THEREFORE, in consideration of the mutual promises and provisions contained in this Amendment, the parties, intending to be legally bound, agree as follows:
		

		
			AGREEMENT
		

		
			1.Scope.  The parties agree that the terms of the Employment Agreement remain in full force and effect except as modified by a specific provision of this Amendment.
		

		
			2. Change of Control.  
		

		
			A. In the event of Change of Control of the Company (as defined in the Company’s 2012 Omnibus Award Plan (the “Plan”)), if the Executive is (a) not offered employment or continued employment by the Successor Entity (as defined in the Plan) upon consummation of such Change of Control, or (b) if prior to the first anniversary of such Change of Control, (i) the Executive is discharged by the Successor Entity other than for Cause (as defined in the Plan) or (ii) the Executive resigns from his employment with the Successor Entity as a result of a Constructive Termination (as defined below), all of the Executive’s unvested stock options will vest and become exercisable immediately prior to such Change of Control or cessation of employment, as applicable.
		

		
			B. “Constructive Termination” will occur if the Executive resigns from his employment with the Successor Entity within thirty (30) days following (i) a material reduction in his annual base salary or job responsibility or (ii) the relocation of his principal office location to a facility or location located more than fifty (50) miles from his principal office location on the date of the Change of Control.
		

		
			3.Severance.  
		

		
			A.If the Executive is terminated without Severance Cause (as defined below) or resigns for Good Reason (as defined below), he will be entitled to receive an amount equal to (i) his then-current base salary for a six-month period commencing with the effective date of his termination of employment with the Company (the “Severance Period”) and (ii) an amount equal to six (6) times the monthly amount that the Company paid for his participation in the Company’s health insurance plan during the month immediately preceding his termination date. The foregoing amounts will be payable pro rata over the Severance Period in accordance with the Company’s normal payroll practices; provided, however, that the Company will not make any severance payments unless and until (x) the Executive executes and delivers to the Company a general release (the “Release”), (y) such Release is executed and delivered to the Company within twenty-one (21) days after his termination date and (z) all time periods for revoking the Release have lapsed. If the Executive is terminated during the month of December of any calendar year and is owed severance hereunder, no severance payments will be made prior to January 1st of the next calendar year and any amount that would have otherwise been payable to the Executive in December of the preceding calendar year will be paid to the Executive on the first date in January on which he would otherwise be entitled to any payment. Following the Executive’s termination date, all benefits offered by the Company, including health insurance benefits, will cease. From and after such date, the Executive may elect to continue his participation in the Company’s health insurance benefits at his expense pursuant to COBRA by notifying the Company in the time specified in the COBRA notice he will be provided and paying the monthly premium himself. Notwithstanding the above, if the Executive is a “specified employee” within the meaning of Section 409A of the Internal Revenue Code of 1986, as amended (the “Code”), then any amounts payable to him during the first six (6) 
		

		 

 

		months and one day following the date of termination that constitute nonqualified deferred compensation within the meaning of Section 409A of the Code (as determined by the Company in its sole discretion) will not be paid to the Executive until the date that is six (6) months and one day following such termination to the extent necessary to avoid adverse tax consequences under Section 409A of the Code.
		

		
			B. “Severance Cause” will mean (i) willful misconduct in connection with the Executive’s employment or willful failure to perform his responsibilities in the best interests of the Company, as determined by the Company’s Board of Directors; (ii) conviction of, or plea of nolo contendre or guilty to, a felony other than an act involving a traffic related infraction; (iii) any act of fraud, theft, embezzlement or other material dishonesty by him which harmed the Company; (iv) intentional violation of a federal or state law or regulation applicable to the Company’s business which violation was or is reasonably likely to be injurious to the Company; or (v) repeated failure to perform his duties and obligations of his position with the Company which failure is not cured within thirty (30) days after notice of such failure from the Company’s Board of Directors to him.
		

		
			C. “Good Reason” for the Executive’s resignation will exist if the Executive resigns from his employment with the Company as a result of (i) a material reduction in his annual base salary or job responsibility or (ii) the relocation of his principal office location to a facility or location located more than fifty (50) miles from your current principal office location.
		

		
			4. Representations. Executive represents and warrants that: (1) he has had the opportunity to review this Amendment with counsel of his own selection before signing it, (2) he has carefully read and understands this Amendment, and (3) he acknowledges that he is bound by the Company’s Nondisclosure, Confidentiality, Assignment and Noncompetition Agreement, and that he has complied with its terms in all respects and that he will continue to do so. 
		

		
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			[Signatures on following page.]
		

		
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			IN WITNESS WHEREOF, the parties have caused this Amendment to be duly executed and delivered as of the day and year first above written.
		

		
			TILE SHOP HOLDINGS, INC.
		

		
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			/s/ Chris Homeister                         
		

		
			By: Chris Homeister
		

		
			Chief Executive Officer
		

		
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			/s/ Kirk Geadelmann
		

		
			Kirk Geadelmann
		

		
			
		

		
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			﻿Exhibit 104

		
			Exhibit 10.4
		

		
			February 17, 2017
		

		
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			Joyce Maruniak
		

		
			17199 Acorn Ridge 
		

		
			Eden Prairie, MN  55347
		

		
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			Dear Joyce:
		

		
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			I am delighted to offer you a position at Tile Shop Holdings, Inc. (the “Company”). This letter serves to confirm the terms of our offer of employment:
		

			
					
						Position:

					
					
						 

					
					
						Senior Vice President – Supply Chain, Logistics, Store Warehouses, and Manufacturing

				
	
					
						Start date:

					
					
						 

					
					
						March 6, 2017 

				
	
					
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						Status:

					
					
						 

					
					
						Full-time, Regular

				
	
					
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						Reporting to:

					
					
						 

					
					
						Chris Homeister, CEO

				
	
					
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						Compensation:

					
					
						 

					
					
						Base salary (annualized) of $240,000, paid in accordance with the Company’s normal payroll procedures.

					
						You should note that the Company may modify salaries and benefits from time to time as its Board of Directors or the Compensation Committee thereof deems necessary or appropriate, and all forms of compensation which are referred to in this offer letter are subject to applicable withholding and payroll taxes. 

				
	
					
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						Bonus:

					
					
						 

					
					
						The Bonus opportunity would be 50% of pay and it would be based on achieving Company-wide goals and personal goals and objectives, pro-rated for the partial year during which you are employed by the Company.

				
	
					
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						Benefits:

					
					
						 

					
					
						You will be eligible to receive the Company’s standard benefit package for employees of your level.  

				
	
					
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						Stock Options:

					
					
						Subject to approval by the Company’s Board of Directors, you will be granted options to purchase 40,000 shares of the Company’s common stock. The exercise price of the options will be the fair market value of the Company’s common stock as of the date of grant.  These options will vest over a five-year period and will otherwise be subject to the terms of the Company’s 2012 Equity Award Plan (the “Plan”) and your Stock Option Agreement entered into pursuant thereto.  The options will vest evenly over the course of 5 years at 20% per year.  The options will have a 7-year life upon issuance.

				
	
					
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						Restricted Stock:

					
					
						Subject to approval by the Company’s Board of Directors, you will be granted Restricted Stock Shares in the amount of 20,000 shares of the Company’s common stock. These restricted shares will vest over a five-year period and will otherwise be subject to the terms of the Company’s 2012 Equity Award Plan (the “Plan”) Agreement entered into pursuant thereto.  The restricted shares will vest evenly over the course of 5 years at 20% per year.  

				
	
					
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						Technology:

					
					
						 

					
					
						A laptop, tablet, and cell phone of your choosing will be issued on your start date.

				

		
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			If a copy of your Social Security Card is not already on file with the Company, please provide the Company with your Social Security Card when you execute and return this letter.  We will make a copy of your card and it will be kept in your employee file for payroll purposes.
		

		
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			Please understand that your employment with the Company is for no specified period and constitutes “at-will” employment.  As a result, you are free to resign at any time, for any reason or for no reason, with or without notice.  Similarly, the Company is free to conclude its employment relationship with you at any time, with or without cause, and with or without notice.  This offer of employment is valid for consideration by the candidate until Friday, February 24, 2017.  
		

		
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		The Company reserves the right to conduct background investigations and/or reference checks on all of its potential employees.  Your job offer, therefore, is contingent upon a clearance of such a background investigation and/or reference check, if any.
		

		
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			For purposes of federal immigration law, you will be required to provide to the Company documentary evidence of your identity and eligibility for employment in the United States, if you have not already done so.  Such documentation must be provided to the Company within three (3) business days of your date of hire, or our employment relationship with you may be terminated. 
		

		
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			Like all Company employees of your level, you will be required, as a condition of your employment with the Company, to sign the Company’s Nondisclosure, Confidentiality, Assignment and Noncompetition Agreement, a copy of which is attached hereto as Exhibit A (the “Non-Competition and Non-Disclosure Agreement”).
		

		
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			You agree that, during the term of your employment with the Company, you will not engage in any other employment, occupation, consulting or other business activity directly related to the business in which the Company is now involved or becomes involved during the term of your employment, nor will you engage in any other activities that conflict with your obligations to the Company.
		

		
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			To indicate your acceptance of our offer, please sign and date the attached Acceptance and Acknowledgement.  This letter, along with the Company’s Non-Competition and Non-Disclosure Agreement, set forth the terms of your employment with the Company and supersede any prior representations or agreements, whether written or oral.  This letter may not be modified or amended except by a written agreement, signed by an Officer of the Company and by you.
		

		
			Joyce, I am looking forward to your arrival and expect your direct contributions to have a significant positive impact on the organization.
		

		
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			Kindest personal regards, 
		

		
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			/s/ Chris Homeister
		

		
			Chris Homeister, Chief Executive Officer
		

		
			TILE SHOP HOLDINGS, INC.

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