Document:

ex_262609.htm

 

Exhibit 10.65

 

SECOND AMENDMENT TO 

AMENDED AND RESTATED EMPLOYMENT AGREEMENT

 

This Second Amendment (“Amendment”) to the Amended and Restated Employment Agreement by and between Natural Alternatives International, Inc., a Delaware corporation (“Company”), and Mark LeDoux (“Employee”), dated effective as of October 1, 2015 and previously amended September 18, 2020, (“Agreement”), is made and entered into effective as of July 1, 2021. Unless otherwise defined herein, capitalized terms shall have the meanings given them in the Agreement.

 

1.          Pursuant to Section 4. a., of the Agreement Employee’s base salary is hereby increased to Four Hundred Seventy-Five Thousand dollars ($475,000) per year effective as of July 1, 2021.

 

2.         Sub-section 5. b. is amended such that upon Employee's delivery to the Company of an executed Release, Employee shall be entitled to not only a severance benefit in the amount of one (1) year's base salary, but also one year of continuing group health insurance coverage pursuant to COBRA paid for by the Company for the one year period.

 

2.         Sub-section 5 d. is hereby modified and replaced so it reads as follows, "Resignation or Retirement. This Agreement shall be terminated upon Employee’s voluntary retirement or resignation, and no severance benefit shall be due to Employee if Employee resigns or retires from employment at any time for other than Good Reason. “Good Reason” means a voluntary resignation that occurs not more than 90 days following the initial existence of one or more of the following conditions arising without the Employee’s consent, and the Company after receiving written notice thereof has not within 30 days of such notice cured one or more of the following conditions: (i) a material diminution in the Employee’s authority, duties, or responsibilities; (ii) a requirement that the Employee report to someone other than the Board of Directors; (iv) a material change in the geographic location at which the Employee must perform the services and/or (v) any other action or inaction that constitutes a material breach by the Company of this Agreement. In the event Employee resigns for Good Reason the amount, time and form of severance payment made because of a termination of employment under this Section 5 shall be the same as a payment made following a termination without Cause pursuant to sub-section 5. b."

 

Except as set forth herein, all other terms and conditions of the Agreement shall remain in full force and effect.

 

 

signatures on following page

 

1

 

 

 

IN WITNESS WHEREOF, the undersigned have executed this Amendment as of July 8, 2021.

 

EMPLOYEE

 

 

 

 

	/s/ Mark A. LeDoux	 
	Mark A. LeDoux	 

           

 

COMPANY

 

Natural Alternatives International, Inc.,

a Delaware corporation

 

 

	/s/ Kenneth E. Wolf	 
	Kenneth E. Wolf, President	 

                  

 

2ex_262610.htm

 

Exhibit 10.66

 

SECOND AMENDMENT TO 

AMENDED AND RESTATED EMPLOYMENT AGREEMENT

 

This Second Amendment (“Amendment”) to the Amended and Restated Employment Agreement by and between Natural Alternatives International, Inc., a Delaware corporation (“Company”), and Kenneth E. Wolf (“Employee”), dated effective as of October 1, 2015, and previously amended September 18, 2020, (“Agreement”), is made and entered into effective as of July 1, 2021. Unless otherwise defined herein, capitalized terms shall have the meanings given them in the Agreement.

 

1.          Pursuant to Section 4. a. of the Agreement Employee’s base salary is hereby increased to Four Hundred Fifty Thousand dollars ($450,000) per year.

 

2.         2.         Sub-sections 5. b. (i) and 5. b. (ii) of the Agreement are hereby amended to change the six months referenced in both subsections to one year.

 

3.         Sub-section 5 d. is hereby modified and replaced so it reads as follows, "Resignation or Retirement. This Agreement shall be terminated upon Employee’s voluntary retirement or resignation, and no severance benefit shall be due to Employee if Employee resigns or retires from employment at any time for other than Good Reason. “Good Reason” means a voluntary resignation that occurs not more than 90 days following the initial existence of one or more of the following conditions arising without the Employee’s consent, and the Company after receiving written notice thereof has not within 30 days of such notice cured one or more of the following conditions: (i) a material diminution in the Employee’s authority, duties, or responsibilities; (ii) a material diminution in the authority, duties, or responsibilities of the Chief Executive Officer, (iii) a requirement that the Employee report to someone other than the Chief Executive Officer and the Board of Directors; (iv) a material change in the geographic location at which the Employee must perform the services and/or (v) any other action or inaction that constitutes a material breach by the Company of this Agreement. In the event Employee resigns for Good Reason the amount, time and form of severance payment made because of a termination of employment under this Section 5 shall be the same as a payment made following a termination without Cause pursuant to sub-section 5. b."

 

4.         Sub-section 7. c. is hereby amended such that upon Employee's delivery to the Company of an executed Release, the amount of the Change in Control Severance Benefit shall be two (2) year's base salary, or such greater amount as the Board of Directors determines in the manner set forth in the Agreement.

 

Except as set forth herein, all other terms and conditions of the Agreement shall remain in full force and effect.

 

signatures on following page

 

1

 

 

IN WITNESS WHEREOF, the undersigned have executed this Amendment as of July 8, 2021.

 

 

EMPLOYEE

 

 

	/s/ Kenneth E. Wolf	 
	 Kenneth E. Wolf	 

                  

 

COMPANY

 

Natural Alternatives International, Inc.,

a Delaware corporation

 

 

	/s/ Mark A. LeDoux 	 
	Mark LeDoux, Chief Executive Officer	 

                 

 

 

2ex_262611.htm

 

Exhibit 10.67

 

FOURTH AMENDMENT TO 

EMPLOYMENT AGREEMENT

 

This Fourth Amendment (“Amendment”) to the Employment Agreement by and between Natural Alternatives International, Inc., a Delaware corporation (“Company”), and Michael E. Fortin (“Employee”), dated effective as of October 1, 2015, and previously amended on September 1, 2016, September 20, 2018, and July 1, 2019 (“Agreement”), is made and entered into effective as of July 1, 2021. Unless otherwise defined herein, capitalized terms shall have the meanings given them in the Agreement.

 

1.          Section 4. a. of the Agreement is hereby amended to increase Employee’s base salary to Three Hundred Thousand dollars ($300,000) per year commencing July 1, 2021.

 

2.         Sub-sections 5. b. (i) and 5. b. (ii) of the Agreement are hereby amended to change the six months referenced in both subsections to one year.

 

3.         Sub-section 5 d. is hereby modified and replaced so it reads as follows, "Resignation or Retirement. This Agreement shall be terminated upon Employee’s voluntary retirement or resignation, and no severance benefit shall be due to Employee if Employee resigns or retires from employment at any time for other than Good Reason. “Good Reason” means a voluntary resignation that occurs not more than 90 days following the initial existence of one or more of the following conditions arising without the Employee’s consent, and the Company after receiving written notice thereof has not within 30 days of such notice cured one or more of the following conditions: (i) a material diminution in the Employee’s authority, duties, or responsibilities; (ii) a material diminution in the authority, duties, or responsibilities of the Chief Executive Officer or the President of the Company, (iii) a requirement that the Employee report to someone other than the Board of Directors; (iv) a material change in the geographic location at which the Employee must perform the services and/or (v) any other action or inaction that constitutes a material breach by the Company of this Agreement. In the event Employee resigns for Good Reason the amount, time and form of severance payment made because of a termination of employment under this Section 5 shall be the same as a payment made following a termination without Cause pursuant to sub-section 5. b."

 

4.         Sub-section 7. c. is hereby amended such that upon Employee's delivery to the Company of an executed Release, the amount of the Change in Control Severance Benefit shall be two (2) year's base salary, or such greater amount as the Board of Directors determines in the manner set forth in the Agreement.

 

Except as set forth herein, all other terms and conditions of the Agreement shall remain in full force and effect.

 

 

signatures on the following page

 

1

 

 

IN WITNESS WHEREOF, the undersigned have executed this Amendment on July 8, 2021.

 

EMPLOYEE

 

 

	/s/ Michael E. Fortin	 
	Michael E. Fortin	 

                 

 

COMPANY

 

Natural Alternatives International, Inc.,

a Delaware corporation

 

 

	/s/ Kenneth E. Wolf	 
	Kenneth E. Wolf, President	 

                                             

2Exhibit 10.1

		

			EXHIBIT 10.1

		

		
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			SIGMATRON INTERNATIONAL, INC.
		

		
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			EMPLOYEE BONUS PLAN FOR FISCAL YEAR 2022
		

		
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				 1.
			

			
	
			
			PURPOSE.  The purpose of the Employee Bonus Plan for Fiscal Year 2022 of SigmaTron International, Inc., a Delaware Corporation (the “Company”) is to align stockholder and employee objectives, motivate employees, and increase stockholder value.  

		
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				 2.
			

			
	
			
			DEFINITIONS.  Capitalized terms shall have the meanings ascribed in this Section 2 or as otherwise defined in this Plan:

		
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				 a.
			

			
	
			
			“Award Year” shall mean the Company’s fiscal year to which bonuses under this Plan relate.

			
	
			
				 b.
			

			
	
			
			“Board” shall mean the Board of Directors of the Company.

			
	
			
				 c.
			

			
	
			
			“CEO” shall mean the Chief Executive Officer of the Company.

			
	
			
				 d.
			

			
	
			
			“CFO” shall mean the Chief Financial Officer of the Company.

			
	
			
				 e.
			

			
	
			
			“Committee” shall mean the Compensation Committee of the Company.

			
	
			
				 f.
			

			
	
			
			“Executive Officer” shall mean any employee designated by the Company as an executive officer pursuant to the Securities Exchange Act of 1934 and the rules and regulations promulgated thereunder.   

			
	
			
				 g.
			

			
	
			
			“GAAP” shall mean U.S. Generally Accepted Accounting Principles.

			
	
			
				 h.
			

			
	
			
			“Pre-Tax Income” shall mean income, as determined by GAAP, prior to deduction of the Bonus Pool (as hereinafter defined) and income taxes, and if applicable, after the deduction of any bonus pool of a future officer bonus plan adopted by the Company relating to an applicable Award Year and adjustments approved by the Board as described herein.

			
	
			
				 i.
			

			
	
			
			“Officer” shall mean any full-time Company employee with a corporate ranking of Vice-President or higher who is not designated as an Executive Officer.

			
	
			
				 j.
			

			
	
			
			“Participant” shall mean any U.S. payroll employee, Officer, or Executive Officer, except for employees under a collective bargaining agreement, who are not covered by this Plan.

			
	
			
				 k.
			

			
	
			
			“Plan” shall mean this Employee Bonus Plan for Fiscal Year 2022.

		
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				 3.
			

			
	
			
			ADMINISTRATION.  The Board shall have the power to adopt, modify and revoke such rules for the administration, interpretation and application of the Plan as are consistent therewith.  Except as otherwise directed herein, the Board shall administer and interpret the Plan in accordance with its provisions.

		
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				 4.
			

			
	
			
			TIMING AND ELIGIBILITY REQUIREMENTS FOR BONUS PAYOUTS.

		
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				 a.
			

			
	
			
			Bonuses pursuant to this Plan shall be determined at the end of the Award Year and paid as soon as practicable after the Bonus Pool is calculated and awards under the Plan are approved.    

		
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				 b.
			

			
	
			
			To be eligible for a bonus pursuant to this Plan, each Participant must be on the Company’s payroll on the last day of the Award Year, absent special circumstances approved by the Board.

		

		

		 

		

			1

		

		

			 

		

 

		

			EXHIBIT 10.1

		

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				 5.
			

			
	
			
			BONUS POOL; DETERMINATION AND CALCULATION OF BONUS AWARDS.

		
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				 a.
			

			
	
			
			The aggregate bonus pool fund from which bonuses shall be awarded under this Plan (“Bonus Pool”) shall be calculated as a percentage of Pre-Tax Income pursuant to a graduated scale as further stated in Exhibit A attached hereto and incorporated herein, which shall not exceed $1,500,000 without the approval of the Board.

			
	
			
				 b.
			

			
	
			
			The Committee, in its sole discretion, may recommend to the Board for its approval adjustments to the calculation of Pre-Tax Income.  Any such adjustments to the calculation of Pre-Tax income recommended by the Committee and subsequently approved by the Board will be made no later than the end of the Award Year.

			
	
			
				 c.
			

			
	
			
			Prior to any Bonus Pool awards to Executive Officers, the CEO shall identify and submit orally or in writing to the Committee for its recommendation to the Board Award Year an assessment of the performance for each Executive Officer (“Assessment”).  The CEO’s Assessment shall be identified by mutual agreement of the committee and CEO which the Committee shall then recommend to the Board for approval.  The bonus amount awarded to an Executive Officer shall be based, in part and at the sole discretion of the Board, after receiving the recommendation of the committee, on such Executive Officer achieving his/her Assessment during the Award Year.

			
	
			
				 d.
			

			
	
			
			During any Award Year, the CEO may recommend to the Committee, the Committee may recommend to the Board and the Board may approve changes to the Assessment.

			
	
			
				 e.
			

			
	
			
			As soon as reasonably practicable after the Bonus Pool is calculated, the CEO shall recommend and submit to the Committee for its recommendation to the Board a percentage or dollar allocation of the Bonus Pool for: (1) each Executive Officer and Officer, individually; and (2) all other Participants, in the aggregate.  The total allocation to Participants will in no event be less than 100% of the Bonus Pool.

			
	
			
				 f.
			

			
	
			
			Awards shall be granted and paid to the Participants only upon satisfaction of the following condition:

		
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				 i.
			

			
	
			
			At the end of the Award Year, the Company is in compliance with all covenants under its primary credit facility (currently with JPMorgan Chase Bank, N.A.), or has obtained a waiver of covenant compliance from the bank.

		
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				 6.
			

			
	
			
			RESTATEMENT OF FINANCIAL STATEMENTS FOR A FISCAL YEAR TO WHICH A BONUS RELATES.  

		
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				 a.
			

			
	
			
			CLAWBACK.  If the Company is required to restate all or a portion of its financial statements (“Restated Financial Statements”) due to material non-compliance with financial reporting requirements under securities laws for a fiscal year to which bonuses were previously awarded (“Awarded FY”), and the amount of the Bonus Pool for the Awarded FY (“Awarded Bonus Pool”) would have been lower had the financial results been properly reported, the Board shall require reimbursement from each Executive Officer who received a bonus from the Awarded Bonus Pool (“Awarded Bonus”) equal to the difference between the amount of the Awarded 
		

		 

		

			2

		

		

			 

		

 

		

			EXHIBIT 10.1

		

			Bonus and the bonus that would have been paid if calculated according to the Restated Financial Statements. 

		
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				 b.
			

			
	
			
			CLAWBACK LIMITATIONS.  The clawback provisions of paragraph 6(a) of this Plan shall be limited to 3 years from the date on which the Company is required to prepare the Restated Financial Statements.

		
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				 c.
			

			
	
			
			CLAWBACK NOTICE.  In the event of any such required reimbursement, the Company shall give written notice thereof to each Executive Officer stating the amount of the required reimbursement and the reasons therefor.  Each Executive Officer shall make such reimbursement within 45 days from the date notice is delivered.

		
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				 d.
			

			
	
			
			RESTATED FINANCIAL STATEMENTS RESULTING IN HIGHER BONUS POOL.  If the Company restates all or a portion of its financial statements for an Awarded FY, and the amount of the Awarded Bonus Pool would have been greater had the financial results been properly reported, the Board may add the difference between the amount of the bonus pool calculated according to the Restated Financial Statements and Awarded Bonus Pool to the Bonus Pool for the fiscal year in which the Restated Financial Statements are completed.  Bonus awards pursuant to this subparagraph 6(d) shall be awarded pursuant to paragraph 5 of this Plan. 

		
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				 7.
			

			
	
			
			EMPLOYMENT AND PLAN RIGHTS.  This Plan shall neither be deemed to give any Participant the right to be employed by the Company, nor impair the Company’s right to discharge any Participant at any time, subject to the terms of an employment agreement between a Participant and the Company, if any.

		
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				 8.
			

			
	
			
			AMENDMENT, SUSPENSION OR TERMINATION.  This Plan may be amended, suspended, or terminated, at any time or from time to time, by the Board of Directors.

		
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			3

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