Document:

Exhibit 10.1

 

 

 

November 20, 2014

Dennis Halligan

7614 Oak Fern

Houston, TX  77040

Dear Dennis:

We are pleased to offer you a promotion to the position of Vice President of Marketing with Sharps Compliance, Inc. (“Sharps” or the “Company”), effective Thursday, November 20, 2014, and reporting directly to me.

Your new compensation will include a base salary of $4,615.38 per pay period (twenty-six pay periods per year).  As an employee of Sharps, you will continue to be eligible to participate in the Company’s group benefit program which includes: group health, vision, dental, disability insurance and 401(k).

You will also receive a grant of 25,000 options to purchase the Company’s common stock to be issued on Thursday, November 20, 2014. Stock option grants are subject to the terms of the Sharps Compliance Corp. 2010 Stock Plan (“Plan”). Additionally and under the Plan, the strike price of stock option grants would be equal to the price of the Company’s common stock (as traded on NASDAQ) at closing on November 20, 2014 which is $4.28.

You will be eligible to participate in the Company’s Executive Incentive Compensation Plan (the “EICP Plan”) beginning with fiscal year 2015 and effective every fiscal year thereafter, unless terminated or modified by the Compensation Committee of the Company Board of Directors. The EICP is more fully described in the Company’s October 1, 2014 Proxy Statement, as amended and filed with the Securities and Exchange Commission.

Sharps Compliance Inc.

9220 Kirby Drive  Suite 500  Houston, TX 77054

Direct  713.660.3514    Fax 713.660.3574

Email dtusa@sharpsinc.com

Website   www.sharpsinc.com

Page 2

Halligan

This offer does not constitute an employment contract or guarantee of employment for any specific period of time since the Company is an “at-will” employer.  At-will employment means that either you or the Company, with or without cause and with or without prior notice, may terminate the employment relationship at any time.  Additionally, your employment will be subject to the Company’s policies and procedures, a copy of which was provided to you when you joined the Company (and as amended thereafter).

This new compensation arrangement replaces, in its entirety, all prior compensation arrangements including sales commission, base salary and otherwise (except stock options previously granted).

Finally, your employment continues to be subject to the Company’s Confidentiality, Intellectual Property and Restrictive Covenant Agreements you signed when you joined the Company. You agree to sign any updated agreements covering the items noted in the prior sentence.

Should the above be acceptable to you, please sign your acceptance, scan and e-mail to Michele Guzman at mguzman@sharpsinc.com.

Sincerely,

/s/David P. Tusa

Chief Executive Officer & President

Accepted and Agreed:

/s/Dennis Halligan

Sharps Compliance Inc.

9220 Kirby Drive  Suite 500  Houston, TX 77054

Direct  713.660.3514    Fax 713.660.3574

Email dtusa@sharpsinc.com

Website   www.sharpsinc.comEX-10.1

 Exhibit 10.1 

Amendment to the 

Employment Agreement between 

Fraternity Federal Savings and Loan Association and Thomas K. Sterner 

WHEREAS, Fraternity Federal Savings and Loan Association (the “Bank”) and Thomas K. Sterner (the “Executive) are parties to an
amended and restated Employment Agreement dated as of September 2, 2013 (the “Agreement); 
 WHEREAS, the parties desire to modify
the Agreement pursuant to Section 8.8 thereof to make certain changes the parties deem necessary and appropriate; 
 NOW, THEREFORE, in
consideration of the mutual covenants herein contained, the parties hereby agree as follows: 
 First Change 

Section 1.3(b) is revised to read as follows: 

(b) The current term of the Agreement expires on September 2, 2017. On each September 2nd during the term of this Agreement,
the term shall be extended for an additional year, so that the remaining term of the Agreement again becomes thirty-six (36) months from the applicable anniversary date, unless either the Bank or the Executive gives proper written notice at
least sixty (60) days prior to the anniversary date of their intention not to extend the Agreement for an additional year. 

Second Change 
 Section 3(b)
is revised to read as follows: 
 “Disability. By delivery of written notice thirty (30) days in advance to the
Executive, the Bank may terminate the Executive’s employment due to the Executive’s Disability (as defined below). For purposes of this Agreement, “Disability” shall mean a physical or mental condition due to which the Executive
shall have been absent from his duties on a full-time basis for a twelve (12) consecutive month period. The Executive’s employment shall be deemed to have terminated as a result of Disability on the date provided in the notice of
termination provided to the Executive by the Bank. The Executive shall not be considered Disabled, however, if the Executive has returned to employment on a full-time basis within thirty (30) days of receiving such notice. Upon termination of
the Executive’s employment under this Section 3.1(b), the Bank shall continue to pay the Executive’s Base Salary for a period of six (6) months at its full rate and, thereafter, at the rate of two-thirds (2/3) of the
Executive’s Base Salary through the earliest to occur of (i) the Executive’s death or (ii) the date on which the then current term of the Agreement would have expired but for the termination of the Executive’s employment
pursuant to this paragraph 3.1(b); provided, however, that the amount of any payments by the Bank to the Executive under this Section 3.1(b) shall be reduced by the amount, if any, payable to the Executive during the same period under any
disability benefit plan of the Bank covering the Executive at the time of his termination.” 

 Third Change 

Clause (x)(1) of Section 3.4(e) is revised to read as follows: 

“(1) any reduction of the Executive’s Base Salary, (unless the reduction is part of a company-wide restructuring of
compensation)” 
 In all other respects, the terms of the Agreement are hereby ratified and confirmed. This Amendment may executed by
the parties in counterparts. 
 [signature page follows] 

 IN WITNESS WHEREOF, the parties have executed this Amendment, effective as of November 18, 2014.

  

			
	 FRATERNITY FEDERAL SAVINGS AND LOAN ASSOCIATION

	
	 /s/ William D. Norton

	Name:	 	William D. Norton
	Title:	 	Chairman of the Compensation Committee of the Board of Directors
	
	 /s/ Thomas K. Sterner

	Thomas K. SternerEX-10.2

 Exhibit 10.2 

Amendment to the 

Employment Agreement between 

Fraternity Federal Savings and Loan Association and Richard C. Schultze 

WHEREAS, Fraternity Federal Savings and Loan Association (the “Bank”) and Richard C. Schultze (the “Executive) are parties to
an amended and restated Employment Agreement dated as of September 2, 2013 (the “Agreement); 
 WHEREAS, the parties desire to
modify the Agreement pursuant to Section 8.8 thereof to make certain changes the parties deem necessary and appropriate; 
 NOW,
THEREFORE, in consideration of the mutual covenants herein contained, the parties hereby agree as follows: 
 First Change 

Section 1.3(b) is revised to read as follows: 

(b) The current term of the Agreement expires on September 2, 2017. On each September 2nd during the term of this Agreement, the
term shall be extended for an additional year, so that the remaining term of the Agreement again becomes thirty-six (36) months from the applicable anniversary date, unless either the Bank or the Executive gives proper written notice at least
sixty (60) days prior to the anniversary date of their intention not to extend the Agreement for an additional year. 
 Second
Change 
 Section 3(b) is revised to read as follows: 

“Disability. By delivery of written notice thirty (30) days in advance to the Executive, the Bank may terminate the
Executive’s employment due to the Executive’s Disability (as defined below). For purposes of this Agreement, “Disability” shall mean a physical or mental condition due to which the Executive shall have been absent from his duties
on a full-time basis for a twelve (12) consecutive month period. The Executive’s employment shall be deemed to have terminated as a result of Disability on the date provided in the notice of termination provided to the Executive by the
Bank. The Executive shall not be considered Disabled, however, if the Executive has returned to employment on a full-time basis within thirty (30) days of receiving such notice. Upon termination of the Executive’s employment under this
Section 3.1(b), the Bank shall continue to pay the Executive’s Base Salary for a period of six (6) months at its full rate and, thereafter, at the rate of two-thirds (2/3) of the Executive’s Base Salary through the earliest
to occur of (i) the Executive’s death or (ii) the date on which the then current term of the Agreement would have expired but for the termination of the Executive’s employment pursuant to this paragraph 3.1(b); provided, however,
that the amount of any payments by the Bank to the Executive under this Section 3.1(b) shall be reduced by the amount, if any, payable to the Executive during the same period under any disability benefit plan of the Bank covering the Executive
at the time of his termination.” 

 Third Change 

Clause (x)(1) of Section 3.4(e) is revised to read as follows: 

“(1) any reduction of the Executive’s Base Salary, (unless the reduction is part of a company-wide restructuring of
compensation)” 
 In all other respects, the terms of the Agreement are hereby ratified and confirmed. This Amendment may executed by
the parties in counterparts. 
 [signature page follows] 

 IN WITNESS WHEREOF, the parties have executed this Amendment, effective as of November 18, 2014.

  

			
	 FRATERNITY FEDERAL SAVINGS AND LOAN ASSOCIATION

	
	 /s/ William D. Norton

	Name:	 	William D. Norton
	Title:	 	 Chairman of the Compensation Committee of

the Board of Directors

	
	 /s/ Richard C. Schultze

	Richard C. Schultze

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