Document:

ex10-2.htm

Exhibit 10.2

 

WASHINGTON PRIME GROUP

 

EMPLOYEE RESTRICTED STOCK UNIT AWARD AGREEMENT

 

This Restricted Stock Unit Award Agreement (“Agreement”) made as of October 6, 2016 (the “Award Date”) among Washington Prime Group Inc., an Indiana corporation (the “Company”), its subsidiary, Washington Prime Group, L.P., an Indiana limited partnership and the entity through which the Company conducts substantially all of its operations (the “Partnership”), and the individual listed as participant on the signature page hereto (together with his or her successors and assigns, the “Participant”).

 

Recitals

 

A.     The Participant is an employee of the Company or one of its Affiliates and provides services to the Partnership.

 

B.     The Partnership has adopted the Partnership’s 2014 Stock Incentive Plan (as further amended, restated or supplemented from time to time hereafter, the “Plan”) to provide, among others, employees of the Partnership or an Affiliate (including the Company) with equity-based incentives to maintain and enhance the performance and profitability of the Partnership and the Company. 

 

C.     Reference is made to the Employment Agreement between the Participant and the Company dated as of October 6, 2016 (the “Employment Agreement”). For purposes of this Award, the term “Cause” shall be as defined in the Employment Agreement. Defined terms that are not otherwise defined in this Agreement, are as defined in the Plan or the Employment Agreement, as applicable. This Award is intended to comply with the terms of the Employment Agreement and the terms of the Plan.

 

D.     This Agreement evidences an award (the “Award”) of the number of Restricted Stock Units specified in Section 2 of this Agreement, as approved by the Committee.

 

NOW, THEREFORE, the Company, the Partnership and the Participant agree as follows:

 

1.     Administration; Incorporation of the Plan. This Award shall be administered by the Committee which has the powers and authority as set forth in the Plan. The Committee will make the determinations and certifications required by this Award as promptly as reasonably practicable following the occurrence of the event or events necessitating such determinations or certifications. The provisions of the Plan are hereby incorporated by reference as if set forth herein. Should there be any conflict between the terms of this Agreement on the one hand, and the Plan on the other hand, the terms of this Agreement shall prevail. Should there be a conflict between the terms of this Agreement on the one hand, and the Employment Agreement on the other hand, the terms of the Employment Agreement shall prevail.

 

 

1

 

  

2.     Award.

 

(a)     Grant of RSUs. Pursuant to, and subject to, the terms and conditions set forth herein and in the Plan, the Participant is hereby granted Two Hundred Eight-Four Thousand Four Hundred and Eighty-Three (284,483) Restricted Stock Units as of the Award Date. Each Restricted Stock Unit represents a conditional right to receive one share of Common Stock.

 

(b)     Vesting. Subject to the Participant’s continued compliance with the provisions of Section 8 of the Employment Agreement, the Restricted Stock Units granted hereunder will vest and become nonforfeitable with respect to 100% of the Award on the earliest to occur of the following dates (i) the third anniversary of the Award Date, provided that the Participant remains in continuous employment with the Company or one of its Affiliates through such date, (ii) if the Participant’s employment with the Company and its Affiliates terminates before the third anniversary of the Award Date due to death, Disability, a termination by the Company for any reason other than for Cause, or a termination by the Participant for Good Reason, the first business day following the Release Deadline as provided in Section 4(a), Section 4(b), Section 4(c), or Section 5(b) of the Employment Agreement, as applicable; provided that the Participant has timely executed a Release and the period during which such Release may be revoked has expired prior to the Release Deadline, and (iii) in the event of a Change in Control (as defined in the Employment Agreement) that occurs prior to the third anniversary of the Award Date, the date provided in Section 5(a)(ii) of the Employment Agreement, subject to the conditions therein. The date on which the Restricted Stock Units become vested and non-forfeitable pursuant to this Section 2(a) is hereinafter referred to as the “Vesting Date.” For purposes of clarity, if the Participant terminates his employment without Good Reason prior to the Vesting Date or the Company terminates the Participant’s employment for Cause, the Restricted Stock Units shall be forfeited immediately upon the Date of Termination and the Participant shall have no further rights with respect to such Restricted Stock Units.

 

(c)     Settlement. Subject to Section 4 (pertaining to withholding of taxes), on the Vesting Date the Company shall deliver to the Participant one share of Common Stock in respect of each of the Restricted Stock Units that vested as of such Vesting Date free of any restrictions.

 

3.     Restrictions. Subject to any exceptions set forth in the Plan, no Restricted Stock Unit granted hereunder may be sold, exchanged, transferred, assigned, pledged, hypothecated or otherwise disposed of or hedged, in any manner (including through the use of any cash-settled instrument), whether voluntarily or involuntarily and whether by operation of law or otherwise, other than by will or by the laws of descent and distribution. Any sale, exchange, transfer, assignment, pledge, hypothecation, or other disposition in violation of the provisions of this Section 3 will be null and void and any Restricted Stock Unit which is hedged in any manner will immediately be forfeited. All of the terms and conditions of the Plan and this Agreement will be binding upon any permitted successors and assigns. Except as provided in Section 5 of this Agreement, a Restricted Stock Unit shall not entitle the Participant to any incidents of ownership (including, without limitation, dividend and voting rights) in any Share until the Participant is issued the Share to which such Restricted Stock Unit relates pursuant to Section 2(c) hereof.

 

 

2

 

  

4.     Tax Withholding. No later than the date as of which an amount first becomes includible in the gross income of the Participant for federal, state, local or foreign income tax purposes with respect to any Restricted Stock Units, the Participant will pay to the Company or make arrangements satisfactory to the Company regarding the payment of any United States federal, state or local or foreign taxes of any kind required by law to be withheld with respect to the Restricted Stock Units. The obligations of the Company under this Agreement shall be conditioned on compliance by the Participant with this Section 4, and the Company shall, to the extent permitted by law, have the right to deduct any such taxes from any payment otherwise due to the Participant, including deducting such amount from the delivery of Shares issued upon settlement of the Restricted Stock Units, that gives rise to the withholding requirement. Further, at his election, the Participant may choose to fulfill his tax obligations under this Section 4 by requiring that the Company deduct such amount from the delivery of Shares issued upon settlement of the Restricted Stock Units (i.e., net withhold); provided that in no event shall the Company be required to deduct an amount from such delivery of Shares in excess of the maximum amount that will not result in adverse consequences to the Company for financial accounting purposes.

 

5.     Dividend Equivalent Rights. So long as the Award is outstanding, the Participant shall be paid dividend equivalent payments equal to the regular cash dividends paid on the shares of Common Stock covered by this Award as if such Shares had been delivered pursuant to such Award, notwithstanding that such Shares are in respect of unvested Restricted Stock Units. Such amounts will be paid in cash at the same time as the applicable dividends are paid on shares of Common Stock. For the avoidance of doubt, the provisions of this Section 5 shall not apply to any extraordinary dividends or distributions. The Participant will have only the rights of a general unsecured creditor of the Company in respect of such dividend equivalent payments until paid as specified herein.

 

6.     Amendment. No amendment of this Agreement shall materially adversely impair the rights of the Participant without the Participant’s consent, except such an amendment made to comply with applicable law (including Applicable Exchange listing standards or accounting rules).    

 

7.     Successors and Assigns. This Agreement will be binding upon and inure to the benefit of the successors and assigns of the Company. Subject to the restrictions on transfer set forth herein, this Agreement will be binding upon the Participant and the Participant’s beneficiary, if applicable.

 

8.     Captions. Captions provided herein are for convenience only and shall not affect the scope, meaning, intent or interpretation of the provisions of this Agreement.

 

9.    Severability; Entire Agreement. If any provision of the Plan, this Agreement or the Employment Agreement is finally held to be invalid, illegal or unenforceable (whether in whole or in part), such provision will be deemed modified to the extent, but only to the extent, of such invalidity, illegality or unenforceability and the remaining provisions will not be affected thereby; provided that if any of such provision is finally held to be invalid, illegal, or unenforceable because it exceeds the maximum scope determined to be acceptable to permit such provision to be enforceable, such provision will be deemed to be modified to the minimum extent necessary to modify such scope in order to make such provision enforceable hereunder. The Plan, this Agreement and the Employment Agreement contain the entire agreement of the parties with respect to the subject matter thereof and supersede all prior agreements, promises, covenants, arrangements, communications, representations and warranties between them, whether written or oral with respect to the subject matter thereof.

 

 

3

 

  

10.     Governing Law; Choice of Forum; Waiver of Jury Trial. This Agreement shall be governed by and construed in accordance with the laws of the State of Indiana, without regard to the principles of conflict of laws. 

 

11.     Acceptance. The Participant hereby acknowledges receipt of a copy of the Plan and this Agreement. The Participant has read and understands the terms and provisions thereof, and accepts the Restricted Stock Units subject to all of the terms and conditions of the Plan and this Agreement.

 

12.     Section 409A. The amounts payable under this Agreement are intended to avoid the incurrence of tax penalties under Section 409A of the Code. This Agreement shall in all respects be administered in accordance with Section 409A of the Code. Each payment under this Agreement shall be treated as a separate payment for purposes of Section 409A of the Code. In no event may the Participant, directly or indirectly, designate the calendar year of any payment to be made under this Agreement. Notwithstanding anything herein to the contrary, in the event that the Participant is a “specified employee” within the meaning of Section 409A of the Code (as determined in accordance with the methodology established by the Company as in effect on the Date of Termination), amounts that constitute “nonqualified deferred compensation” within the meaning of Section 409A of the Code that would otherwise be payable and benefits that would otherwise be provided hereunder during the six-month period immediately following the Participant’s separation from service shall instead be paid, with interest in the case of cash payments (calculated at the applicable federal rate) determined as of the separation from service, or provided on the first business day after the date that is six months following the Participant’s separation from service; provided that, if the Participant dies following the Participant’s separation from service and prior to the payment of the any amounts delayed on account of Section 409A of the Code hereunder, such amounts shall be paid to the personal representative of the Participant’s estate within 30 days after the date of the Participant’s death. Neither the Company nor its Affiliates shall have any liability to the Participant with respect to the Participant’s tax obligations that result under any tax law, and neither the Company nor the Partnership make any representation with respect to the tax treatment of the payments and/or benefits provided under this Agreement. 

 

 

4

 

  

IN WITNESS WHEREOF, the undersigned have caused this Agreement to be executed as of the 6th day of October, 2016.

 

 

	
 
	
WASHINGTON PRIME GROUP INC., 
an Indiana corporation
	
 

	
 
	
 
	 	
 
	
 

	
 
	
 
	 	
 
	
 

	
 
	
By: 
	
/s/ Mark E. Yale 
	
 

	
 
	
 
	
Name: Mark E. Yale
	
 

	
 
	
 
	
Title: EVP and CFO
	
 

	 	 	 	 	 
	 	 	 	 	 
	 	WASHINGTON PRIME GROUP, L.P., 
an Indiana limited partnership	 
	 	 	 	 	 
	 	By:	Washington Prime Group Inc., 
an Indiana corporation, its general partner	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	By:	/s/ Mark E. Yale	 
	 	 	 	Name: Mark E. Yale	 
	 	 	 	Title: EVP and CFO	 
	 	 	 	 	 
	 	 	 	 	 
	 	PARTICIPANT	 
	 	 	 	 	 
	 	By:	/s/ Louis G. Conforti	 
	 	Name:	LOUIS G. CONFORTI  	 

 
 

 

 

 

[Signature Page to WPG Employee RSU Award Agreement]

 

 

5EX-10.1

 Exhibit 10.1 

SECOND AMENDMENT TO SETTLEMENT AGREEMENT 

This Second Amendment to the Settlement Agreement (this “Amendment”) dated October 10, 2016, is entered into by and
among the persons and entities listed on Schedule A (collectively, the “Stadium Capital Group”, and each, individually, a “member” of the Stadium Capital Group), Big 5 Sporting Goods Corporation
(the “Company”), Dominic P. DeMarco, in his individual capacity and as a member of the Stadium Capital Group, and Nicholas Donatiello, Jr., in his individual capacity. 

WHEREAS, on April 30, 2015, the parties hereto entered into the Settlement Agreement (the “Original Agreement”), which
was subsequently amended by the Amendment to Settlement Agreement, dated March 4, 2016 (as amended, the “Agreement”); 

WHEREAS, the Agreement includes certain covenants and obligations of the parties during the period until the earlier of (i) ten (10) days
prior to the deadline for submission of stockholder nominees for the 2017 Annual Meeting or (ii) the date that is 100 days prior to the first anniversary of the 2016 Annual Meeting (the “Standstill Period”); 

WHEREAS, on September 9, 2016, Mr. DeMarco notified the Company of his resignation from the Company’s Board of Directors (the
“Board”) and from all committees of the Board on which he serves, effective as of such date; 
 WHEREAS, in
connection with Mr. DeMarco’s resignation from the Board, the parties to the Agreement now wish to waive and further amend certain provisions of the Agreement; 

WHEREAS, the parties to the Agreement provided that the Agreement may be waived or amended only by an agreement in a writing executed by the
parties to the Agreement; and 
 WHEREAS, the parties to the Agreement intend to waive and amend only those specific provisions addressed in
this Amendment, and otherwise not to change or affect any of the other provisions of the Agreement. 

NOW, THEREFORE, in consideration of and reliance upon the mutual covenants and 
agreements contained herein and in the Agreement, and for other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the parties hereto agree to waive and amend the Agreement as follows: 

1. Capitalized Terms. Capitalized terms used but not defined herein have the meaning ascribed to them in the
Agreement. 
 2. Board and Board Committees. 

(a) Agreement Not to Nominate Stadium Capital Replacement Director. In connection with Mr. DeMarco’s resignation from
the Board, the Stadium Capital Group hereby agrees not to exercise its right to nominate a Stadium Capital Replacement Nominee (as provided for in Section 1(c) of the Original Agreement) at any time prior to December 1, 2016. 

(b) Board Size and Replacement Director. Prior to December 1, 2016, the Board and all committees and subcommittees of the
Board shall not seek to increase the size of the Board to more than seven (7) members; provided, however, that during the remainder of the Standstill Period after December 1, 2016, the Board and all committees and subcommittees of the
Board shall not seek to increase the size of the Board to more than eight (8) members; provided further, that in either case the Board may recruit potential directors or director nominees, announce retirements or departures of directors and
replace retired or departed directors (a “Replacement Director”) without the prior written consent of the Stadium Capital Group so long as (i) the Board is not increased to more than seven (7) or eight (8) members, as
applicable, and (ii) any Replacement Director is appointed to the same class of the Board as the departing director whom he or she replaces. The Company also agrees that any Replacement Director
appointed pursuant to this Section 2(b) shall (A) meet all director independence and other standards of Nasdaq and the Securities and Exchange Commission (the “SEC”) and applicable provisions of the Securities Exchange
Act of 1934, as amended and the rules and regulations promulgated thereunder and (B) be 

  
 1 

 qualified to serve as a director under the Delaware General Corporation Law (clauses (A) and (B), the
“Independence Conditions”). Each Replacement Director will promptly advise the Nominating Committee if he or she ceases to satisfy any of the Independence Conditions. 

(c) Lead Independent Director. Effective as of the date of this Amendment, the Board shall establish and, for so
long as the offices of Chairman of the Board and Chief Executive Officer are held by the same person during the Standstill Period and thereafter at the discretion of the Board, maintain the position of “Lead Independent
Director.” As described in the Lead Independent Director Charter attached as Exhibit A hereto, the Lead Independent Director shall generally have responsibility for coordinating the other members of the Board who qualify as
“independent” pursuant to the standards of Nasdaq (the “Independent Directors”), including (i) presiding as chairman of executive sessions of Independent Directors and all meetings of the Board at which the Chairman
of the Board and Chief Executive Officer of the Company are not present, (ii) possessing the authority to call meetings of Independent Directors, (iii) leading an annual evaluation by the Independent Directors of the Chairman of the Board and Chief
Executive Officer of the Company, (iv) functioning as a liaison between the Independent Directors and the Chairman of the Board and Chief Executive Officer of the Company, (v) approving the scheduling, agendas and provision of information for all
meetings of the Board and facilitating the Board’s approval of the number and frequency of Board meetings, and (vi) if requested by major stockholders of the Company, ensuring that he/she is available, when appropriate, for consultation and
direct communication with such stockholders. Effective as of the date of this Amendment, the Lead Independent Director shall be Mr. Van B. Honeycutt; provided that, (x) the Lead Independent Director will hereafter be elected annually
by the Independent Directors and (y) if during the Standstill Period, and prior to such annual election, Mr. Honeycutt ceases to serve as the Lead Independent Director, then a replacement Lead Independent Director shall be elected by the Independent
Directors. 
 (d) Committees of the Board. 

(i) Compensation and Nominating Committees. In connection with Mr. DeMarco’s resignation from the Board, the
Board shall take all actions necessary to appoint Mr. Donatiello as a member of the Compensation Committee, and Mr. Donatiello shall continue to serve as a member of the Nominating Committee. In each case, Mr. Donatiello will serve on such
committees during the Standstill Period, unless he ceases to satisfy the applicable Independence Conditions, and after the Standstill Period at the discretion of the Board. 

(ii) Value Creation Committee. The charter for the Value Creation Committee shall be amended as set forth on
Exhibit B hereto. Additionally, with the exception of Steven G. Miller, the Value Creation Committee shall be comprised solely of Independent Directors. The Value Creation Committee shall be co-chaired by Mr. Robert Galvin and
Mr. Honeycutt; the other member of the Value Creation Committee shall be Mr. Miller. In the event any of Messrs. Galvin, Honeycutt or Miller is unable to serve on the Value Creation Committee at any time during the Standstill Period, the
Value Creation Committee will continue with the remaining member(s) until the additional member(s) is appointed. During the Standstill Period, the Value Creation Committee (i) shall have no more than three (3) members, one of whom shall be
designated by the Stadium Capital Group and (ii) shall have two (2) co-chairs, one of whom shall be designated by the Stadium Capital Group. Effective as of the date of this Amendment, and unless and until Mr. Galvin ceases to be a member of the
Board during the Standstill Period, the member and co- chair of the Value Creation Committee designated by the Stadium Capital Group shall be Mr. Galvin. 

3. Representations of the Company. The Company represents and warrants as follows: (a) the
Company has the power and authority to execute, deliver and carry out the terms and provisions of this Amendment and to consummate the transactions contemplated hereby; (b) this Amendment has been duly and validly authorized, executed and delivered
by the Company, constitutes a valid and binding obligation and agreement of the Company and is enforceable against the Company in accordance with its terms; and (c) the execution, delivery and performance of this Amendment by the Company does
not and will not violate or conflict with (i) any law, rule, regulation, order, judgment or decree applicable to the Company, or (ii) result in any breach or violation of or constitute a default (or an event which with notice or lapse of time or
both could constitute such a breach, violation or default) under or pursuant to, or result in the loss of a material benefit under, or give any right of termination, amendment, acceleration or cancellation of, any organizational document, agreement,
contract, commitment, understanding or arrangement to which the Company is a party or by which it is bound. 

  
 2 

 4.
Representations of the Stadium Capital Group. The
Stadium Capital Group, jointly and severally, represents and warrants as follows: (a) the Stadium Capital Group has the power and authority to execute, deliver and carry out the terms and provisions of this Amendment and to consummate
the transactions contemplated hereby; (b) this Amendment has been duly and validly authorized, executed and delivered by the Stadium Capital Group, constitutes a valid and binding obligation and agreement of the Stadium Capital Group and is
enforceable against the Stadium Capital Group in accordance with its terms; and (c) the Stadium Capital Group, together with the Stadium Capital Affiliates, beneficially owns, directly or indirectly, an aggregate of 2,580,295
shares of Common Stock and such shares of Common Stock constitute all of the Common Stock beneficially owned by the Stadium Capital Group, the Stadium Capital Affiliates or in which the Stadium Capital Group, the Stadium Capital Affiliates have any
interest or right to acquire, whether through derivative securities, voting agreements or otherwise. 
 5. Report of Stadium Capital
Group Stock Ownership. Within two (2) business days of a written inquiry by the Company during the Standstill Period, the Stadium Capital Group agrees to report to the Company in writing how many shares of Common Stock the Stadium Capital
Group, together with the Stadium Capital Affiliates, beneficially owns as of the date of such report. 
 6. Entire Agreement;
Amendment. Other than as expressly set forth in this Amendment, the terms of the Agreement shall remain in full force and effect. 

7. Press Release. Neither the Company nor the Stadium Capital Group shall issue any press release or public announcement
regarding the Agreement or this Amendment or the matters contemplated thereby or hereby without the prior written consent of the other party hereto. 

8. SEC Filings. 

(a) The Company shall file promptly with the SEC a Form 8-K reporting entry into this Amendment (the “Form 8-K”) and
appending this Amendment as an exhibit thereto. 
 (b) The Stadium Capital Group shall promptly, but in no case prior to the date of filing
of the Form 8-K by the Company, file an amendment to the Stadium Capital Schedule 13D, reporting the entry into this Amendment and appending this Amendment as an exhibit thereto. 

9. Expenses. All attorneys’ fees, costs and expenses incurred in connection with this Amendment and all
matters related hereto will be paid by the party incurring such fees, costs or expenses. 
 10. Counterparts. This Amendment
may be executed in two or more counterparts either manually or by electronic or digital signature (including by facsimile or electronic mail transmission), each of which shall be deemed to be an original and all of which together shall constitute a
single binding agreement on the parties hereto, notwithstanding that not all parties are signatories to the same counterpart. 

[Signature pages follow.] 

  
 3 

 IN WITNESS WHEREOF, each of the parties hereto has executed this SECOND AMENDMENT TO SETTLEMENT
AGREEMENT or caused the same to be executed by its duly authorized representative as of the date first above written. 
  

					
	Big 5 Sporting Goods Corporation
			
		 	By:	 	 /s/ Steven G. Miller

		 	Name:	 	 Steven G. Miller

		 	Title:	 	 Chairman and CEO

 [Signature Page — Second Amendment to Settlement Agreement] 

 IN WITNESS WHEREOF, each of the parties hereto has executed this SECOND AMENDMENT TO SETTLEMENT
AGREEMENT or caused the same to be executed by its duly authorized representative as of the date first above written. 
  

					
	Stadium Capital Management, LLC
			
		 	By:	 	 /s/ Alexander Seaver

		 	Name:	 	 Alexander Seaver

		 	Title:	 	 Managing Director

	
	Stadium Capital Management GP, L.P.
			
		 	By:	 	 /s/ Alexander Seaver

		 	Name:	 	 Alexander Seaver

		 	Title:	 	 Managing Director

	
	Stadium Capital Partners, L.P.
			
		 	By:	 	 /s/ Alexander Seaver

		 	Name:	 	 Alexander Seaver

		 	Title:	 	 Managing Director

	
	Stadium Capital Qualified Partners, L.P.
			
		 	By:	 	 /s/ Alexander Seaver

		 	Name:	 	 Alexander Seaver

		 	Title:	 	 Managing Director

	
	 /s/ Dominic P. DeMarco

	 Dominic P. DeMarco

	
	 /s/ Nicholas Donatiello, Jr.

	 Nicholas Donatiello, Jr.

 [Signature Page — Second Amendment to Settlement Agreement] 

 Schedule A 

Members of Stadium Capital Group 
 Stadium
Capital Management, LLC 
 Stadium Capital Management GP, L.P. 

Stadium Capital Partners, L.P. 
 Stadium Capital Qualified
Partners, L.P. 
 Dominic P. DeMarco 

 Exhibit A 

Lead Independent Director Charter 

(Attached) 

 BIG 5 SPORTING GOODS CORPORATION

 ROLE OF LEAD INDEPENDENT DIRECTOR 

If the offices of Chairman of the Board and Chief Executive Officer are held by the same person, the independent members of the Board of Directors will
annually elect an independent Director to serve in a lead capacity (the “Lead Independent Director”). The Lead Independent Director shall be so identified on the Company’s web site, and shall generally have responsibility for
coordinating the activities of the other independent Directors, and perform such other duties and responsibilities as the Board of Directors may determine. 

The specific responsibilities of the Lead Independent Director shall include the following: 

Presides at Executive Sessions 
  

	 	•	 	Presides at all meetings of the Board at which the Chairman and CEO is not present, including executive sessions of the independent Directors. 

Calls Meetings of Independent Directors 
  

	 	•	 	Has the authority to call meetings of the independent Directors. 

 Leads Evaluation of Chair and CEO

  

	 	•	 	Conducts, in consultation with the other independent Directors, an evaluation of the Chairman/CEO, including an annual evaluation of the Chairman/CEO’s interactions with the Board and effectiveness as Board Chair.

 Functions as Liaison with the Chairman and CEO 
  

	 	•	 	Serves as liaison between the independent Directors and the Chairman and CEO. 

 Approves the scheduling,
agendas and provisioning of information for all Board meetings 
  

	 	•	 	Approves information sent to the Board, including the quality, quantity and timeliness of such information, as well as approving meeting agendas. 

 

	 	•	 	Facilitates the Board’s approval of the number and frequency of Board meetings, and approves meeting schedules to assure that there is sufficient time for discussion of all agenda items. 

Shareholder Communication 
  

	 	•	 	If requested by major shareholders, ensures that he/she is available, when appropriate, for consultation and direct communication. 

 Exhibit B 

Revised Value Creation Committee Charter 

(Attached) 

 VALUE CREATION COMMITTEE CHARTER 

Big 5 Sporting Goods Corporation 

Value Creation Committee 
 Purpose

 The Value Creation Committee is appointed by the Board of Directors (the “Board”) of Big 5 Sporting Goods Corporation (the
“Company”) to, among other things, review the Company’s business, operations, capital allocations and strategy, explore profit enhancement opportunities for the Company’s business, and identify possible areas of value creation
for the Company’s business and its stockholders, and to make recommendations to the Board on these issues. Additionally, the Committee shall continue to have primary responsibility for
overseeing any independent financial advisors retained by the Committee in connection with the Committee’s purpose. 
 Membership and Meetings

 The Committee shall consist of a maximum of three (3) directors. The Committee shall be co-chaired by Mr. Robert C. Galvin and Mr. Van B.
Honeycutt; the other member of the Committee shall be Mr. Steven G. Miller. Subject to the terms of any agreement to which the Company may be party, the members of the Committee shall be appointed and may be removed solely for cause as defined by
Delaware law, and shall serve for such term as the Board determines or until their successors are elected or appointed. 
 The Committee shall (i) meet as
often as its members shall determine to be necessary, or meetings may be called by either Co-Chairman or any two (2) members of the Committee or the Chairman of the Board and (ii) hold meetings on at least two
(2) business days’ prior written notice or such shorter period as to which the members of the Committee agree. The Committee shall keep minutes and other relevant documentation of all meetings held. The Co-Chairs of the Committee shall be
responsible for scheduling all meetings of the Committee, determining the agenda for each meeting (following consultation with other members of the Committee), ensuring that the agenda for each meeting is circulated to each Committee member in
advance of the meeting, presiding over meetings of the Committee and coordinating reporting to the Board. A vote of a majority of all members of the Committee will constitute an act of the Committee. 

The Committee shall have reasonable access to members of management, and management shall furnish to the Committee (as well as its advisors) such financial
information, projections and other information, support and cooperation as the Committee reasonably requests to assist it in performing its duties. In addition, the Committee may obtain reasonable
assistance from officers of the Company, and shall have the authority to retain and engage independent financial, legal and/or other advisors or consultants as reasonably necessary at the expense of the Company in furtherance of the purposes and
authority of the Committee as set forth above and below. 

 The Committee shall make regular reports to the Board, and all recommendations of the Committee shall be reported
to the Board at the next regular meeting of the Board or otherwise as appropriate. 
 The Committee shall remain in effect until (A) the earlier of (i) ten
(10) days prior to the deadline for submission of stockholder nominees for the Company’s 2017 annual meeting of stockholders or (ii) the date that is one hundred (100) days prior to the first anniversary of the Company’s 2016 annual
meeting of stockholders or (B), if determined by the Board, thereafter. 
 Purpose and Authority 

The Committee shall have the authority to do the following: 

1. review the Company’s business, strategy, performance and market conditions; 

2. explore profit enhancement opportunities for the Company’s business; 

3. develop an operating improvement plan for the Company’s business; 

4. identify ways to maximize the value of the business for the Company and its stockholders; 

5. retain independent financial, legal and/or other advisors and consultants at the expense of the Company to advise and assist it in
considering these issues; and 
 6. make recommendations to the Board for the Board’s consideration in deciding whether or not to
approve and implement any (or all) of the above-referenced matters. 
 Confidentiality 

Subject to and consistent with each Committee Member’s fiduciary and/or contractual duties to the Company and its stockholders, each member of the
Committee shall preserve the confidentiality of the Committee’s communications, deliberations and recommendations and of information and material supplied to the Committee in the course of its duties (collectively, the “Confidential
Information”). Consistent with the above-provision, no member of the Committee shall use any Confidential Information for a purpose other than as contemplated by this Charter or disclose any Confidential Information other than to (i) the Board,
(ii) the Committee’s outside advisors or (iii) any person to whom disclosure of Confidential Information is required by law. 
 *****

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00263-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00263-of-00352.parquet"}]]