Document:

EX-10.2

 Exhibit 10.2             

AMENDMENT NO. 1 TO THE KENNAMETAL INC. 

SUPPLEMENTAL EXECUTIVE RETIREMENT PLAN 

WHEREAS, Kennametal Inc. (the “Company”) sponsors and maintains the KENNAMETAL INC. SUPPLEMENTAL EXECUTIVE RETIREMENT
PLAN, as amended December 30, 2008 (the “Plan”) (Capitalized terms not otherwise defined herein shall have the meaning ascribed thereto in the Plan); 

WHEREAS, in accordance with Section 9.7 of the Plan, the Company reserves the right to amend the Plan; and 

WHEREAS, with respect to funding of SERP Benefits under the Plan, the Company desires to amend the Plan to provide for the mandatory
setting aside of Company assets in the event of a Change in Control. 
 NOW, THEREFORE, the undersigned authorized officer of the
Company, hereby adopts the following amendments to the Plan: 

1.         Amendment.  Section 9.4 of the Plan is hereby amended restated
in its entirety to provide as follows: 
  

	“9.4	 Source of Benefit Payments.   This Plan is intended to be an unfunded plan of deferred compensation for a select group of
management or highly compensated individuals, and it is intended that a SERP Benefit payable hereunder will be paid from the general assets of the Company. However, in the event of a threatened or actual Change in Control of the Company, assets
shall be contributed to a “rabbi trust” (within the meaning of Rev. Proc. 92-64) established by the Corporation. The amount of such assets to be contributed shall be equal to the value of all amounts payable to each Participant or
Surviving Spouse or estate, under Sections 6 and 7 of the Plan, as determined by the actuary immediately prior to the date on which the assets are contributed to such trust. Any such trust shall be established as a grantor trust, of which the
Corporation is the grantor, within the meaning of subpart E, part I, subchapter J, chapter 1, subtitle A of the Code. Notwithstanding the foregoing provisions of this Section 9.4 or any provision of the Plan to the contrary: (i) no assets
shall be set aside in the deferred compensation trust or any other trust if the provisions of such trust restrict the assets of the trust in a manner that would result in a transfer of property as provided under Code Section 409A(b)(2)
(relating to the employer’s financial health) or Code Section 409A(b)(3) (relating to the funding status of the employer’s defined benefit plans); and (ii) no contribution to any such trust may be made during any “restricted
period” within the meaning of Code Section 409A(b)(3).” 

2.         Plan Continuing in Full Force and Effect; No Other
Modification.  Except as expressly amended by this Amendment, the Plan shall continue in full force and effect. This Amendment shall not be interpreted or construed to limit in any manner the Corporation’s ability to make
additional amendments to the Plan to the extent provided under the terms of the Plan. 

  
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 IN WITNESS WHEREOF, the Company’s duly authorized officer has executed this Amendment this 18th day
of June       , 2015 (the “Effective Date”). 
  

 

					
	Kennametal Inc.		
			
	By:		 /s/ Kevin G. Nowe
		
			  
           Kevin G.
Nowe
		
	Vice President, Secretary and General Counsel		

  
 Page 2 of 2Exhibit 10.1

 

 

AMENDMENT NO. 1 

TO  

EMPLOYMENT AGREEMENT  

BETWEEN AMERICA’S CAR-MART, INC.
AND WILLIAM H. HENDERSON

 

This Amendment No.
1 to the Employment Agreement (the “Amendment”) between America’s Car-Mart, Inc., an Arkansas corporation
(the “Company”) and William H. Henderson (the “Associate”) is entered into and effective
as of November 13, 2009.

 

RECITALS

 

WHEREAS, the
Company and the Associate have agreed to certain amendments to the Employment Agreement dated on or as of May 1, 2007 between the
Company and the Associate (the “Employment Agreement”) as set forth below;

 

WHEREAS, all
capitalized terms not defined herein shall have the same meaning given to such terms in the Employment Agreement.

 

NOW, THEREFORE,
in consideration of the mutual covenants and promises contained herein, the parties hereto, each intending to be legally bound
hereby, agree as follows:

 

1.Amendment
of Section 3. Section 3 of the Employment Agreement is hereby deleted in its entirety and replaced with the following:

 

Term. Unless otherwise terminated
in accordance with Sections 8, 9, 10 or 11, the Employment Term shall be for a term ending April 30, 2015. This Agreement shall
be automatically renewed for successive additional Employment Terms of one (1) year each unless notice of termination is given
in writing by either party to the other party at least thirty (30) days prior to the expiration of the initial Employment Term
or any renewal Employment Term.

 

2.Amendment
of Section 4(a). Section 4(a) of the Employment Agreement is hereby deleted in its entirety and replaced with the following:

 

(a)Base Salary and Benefits. The
base annual salary of the Associate for his employment services hereunder shall be $300,000 or such higher annual salary, if any,
as shall be approved by the Board of Directors of the Parent Company from time to time (the “Base Salary”), which shall
be payable in accordance with the Company’s payroll policy. Effective as of May 1, 2010, the Base Salary for the Associate
shall be $350,000 or such higher annual salary, if any, as shall be approved by the Board of Directors of the Parent Company from
time to time. Nothing contained herein shall affect or in any way limit the Associate’s rights as an Associate of the Company
to participate in any Company 401(k) profit sharing plan or medical and life insurance programs offered by the Company to its employees,
or affect or in any way limit any other benefits provided to the Associate as of the date hereof or as may be approved by the Board
of Directors of the Parent Company from time to time, all of which shall be available to the Associate to the same extent as if
this Agreement had not existed, and compensation received by the Associate hereunder shall be in addition to the foregoing.

 

    	 

    	 

    

3.Amendment
to Section 4(b). Section 4(b) of the Employment Agreement is hereby deleted in its entirety and replaced with the following:

 

(b)Bonus.

 

(i)In addition to the Base Salary
and fringe benefits described above, the Associate shall be eligible to earn an annual cash bonus (the “Bonus”) during
the term beginning May 1, 2007 and ending April 30, 2010. The Bonus range shall be $40,000 to $60,000 per fiscal year, and shall
be based upon Parent Company’s Economic Profit Per Share as defined and described below. The Bonus will depend on the Parent
Company attaining a minimum of 85% of its projected economic profit per share (in which case a $40,000 bonus would be paid) and
will increase ratably up to 115% of its projected economic profit per share (in which case a $60,000 bonus would be paid), as set
forth in Appendix A to this Agreement; provided however, Associate expressly acknowledges and agrees that the projected
Parent Company Economic Profit Per Share for fiscal 2009 and fiscal 2010 shall be subject to adjustment by the Compensation Committee
of the Board of Directors of the Parent Company, in its sole discretion.

 

(ii)In addition to the Base Salary
and fringe benefits described above and the Bonus described above, the Associate shall be eligible to earn an additional cash bonus
of $60,000 for the period beginning May 1, 2009 and ending April 30, 2010 if for such period Parent Company’s GAAP Earnings
Per Share (as defined below) is $2.20 or more; provided, however, that for purposes of this Section 4(b)(ii), the Parent Company’s
GAAP Earnings Per Share shall exclude any and all compensation expense or charges associated with the amendments dated as of November
13, 2009 to the Employment Agreements dated as of May 1, 2007, between the Company and its “named executive officers”
(as listed in the Parent Company’s annual definitive proxy statement filed with the Securities and Exchange Commission).

 

(iii)In addition to the Base Salary
and fringe benefits described above, the Associate shall be eligible to earn a Bonus for each of the fiscal years during the term
beginning May 1, 2010 and ending April 30, 2015. The Bonus shall be based upon Parent Company’s projected fully diluted earnings
per share calculated in accordance with GAAP for each fiscal year (“GAAP Earnings Per Share”). The Bonus will depend
on the Parent Company attaining a minimum of 95% of its projected GAAP Earnings Per Share, as set forth in Appendix C to
this Agreement.

 

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(iv)“Parent Company’s
Economic Profit Per Share” shall be defined as net operating profit after tax, less a capital charge (after tax) applied
to the “Economic Capital” required to generate said profits, divided by fully diluted shares outstanding. “Economic
Capital” is defined as net assets plus debt plus cumulative after tax interest expense at the end of the fiscal year. The
Parent Company Economic Profit Per Share shall exclude any and all compensation associated with the Employment Agreements dated
as of May 1, 2007, between the Company and its “named executive officers” (as listed in the Parent Company’s
annual definitive proxy statement filed with the Securities and Exchange Commission).

 

(v)The Bonus, if any, shall be paid
each fiscal year, within fifteen (15) days following the Parent Company’s filing of its annual report on Form 10-K for such
fiscal year, based upon the Parent Company’s Economic Profit Per Share or GAAP Earnings Per Share for that fiscal year. Any
Bonus shall be deemed to be earned by the Associate if the Associate was an employee of the Company as of the last day of the fiscal
year in question.

 

4.Addition
of Section 4(e). A new Section 4(e) is hereby inserted into the Employment Agreement after Section 4(d) but before Section
5:

 

(e)Additional Equity
Awards. On November 27, 2009, the Parent Company will grant to the Associate the following equity awards: (i) a non-qualified stock
option to purchase 240,000 shares of Parent Company common stock pursuant to the Parent Company’s 2007 Stock Option Plan,
which options shall vest in equal installments (48,000 options) on each of April 30, 2011, April 30, 2012, April 30, 2013, April
30, 2014 and April 30, 2015; and (ii) 10,000 shares of restricted stock pursuant to the Parent Company’s Stock Incentive
Plan, which shares of restricted stock shall vest on April 30, 2015 if the Parent Company attains at least 70% of its cumulative
projected GAAP Earnings Per Share for the period commencing on May 1, 2010 and ending on April 30, 2015.

 

5.Addition
of Appendix C. A new Appendix C, as attached to this Amendment, is hereby appended to the Employment Agreement after Appendix
B.

 

6.Reaffirmation.
Except to the extent the provisions of the Employment Agreement are specifically amended, modified or superseded by this Amendment,
the Employment Agreement is in full force and effect and is hereby ratified and confirmed.

 

7.Amendment.
This Amendment and the Employment Agreement may only be amended by a writing signed by each party hereto.

 

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8.Counterparts.
This Amendment may be executed in counterpart signature pages, each of which shall constitute an original but all taken together
to constitute one instrument.

 

[SIGNATURE PAGE FOLLOWS.]

 

 

 

 

 

 

 

 

 

 

 

 

 

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IN WITNESS WHEREOF,
the parties have executed this Amendment on and effective as of the date first written above.

 

COMPANY:

 

AMERICA’S CAR-MART, INC.

 

By: /s/ Jeffrey A. Williams 

Name: Jeffrey A. Williams 

Title: Vice President Finance,
Secretary and Chief Financial Officer

 

ASSOCIATE:

 

/s/ William H. Henderson 

William H. Henderson

 

 

 

 

 

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APPENDIX C

 

Applicable to the Bonus pursuant to
Section 4(b)(iii)

of the

Employment Agreement

Fiscal 2011-2015

 

	 	Fiscal Year
	 	2011	2012	2013	2014	2015
	Projected GAAP Earnings Per Share	2010 Actual GAAP Earnings Per Share multiplied by 1.15	2011 Projected GAAP Earnings Per Share multiplied by 1.15	2012 Projected GAAP Earnings Per Share multiplied by 1.15	2013 Projected GAAP Earnings Per Share multiplied by 1.15	2014 Projected GAAP Earnings Per Share multiplied by 1.15
	Bonus Potential:	$125,000	$137,500	$151,250	$166,375	$183,013

 

If Parent Company’s actual GAAP Earnings
Per Share equals 95-99% of Parent Company’s projected GAAP Earnings Per Share (rounded to the nearest whole percentage point),
the Bonus for such fiscal year shall be the Bonus Potential for such fiscal year multiplied by 0.67.

 

If Parent Company’s actual GAAP Earnings
Per Share equals 100-104% of Parent Company’s projected GAAP Earnings Per Share (rounded to the nearest whole percentage
point), the Bonus for such fiscal year shall be the Bonus Potential for such fiscal year multiplied by 1.00.

 

If Parent Company’s actual GAAP Earnings
Per Share equals 105% or more of Parent Company’s projected GAAP Earnings Per Share (rounded to the nearest whole percentage
point), the Bonus for such fiscal year shall be the Bonus Potential for such fiscal year multiplied by 1.33.

 

 

 

 

C-1

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