Document:

EXHIBIT 10.4

 

EMPLOYMENT
AGREEMENT

 

THIS EMPLOYMENT
AGREEMENT (“Agreement”), dated as of January 1, 2020, by and between WEYCO GROUP INC., a Wisconsin corporation
(the “Company”), and THOMAS W. FLORSHEIM, JR. of Milwaukee, Wisconsin (“Florsheim”).

 

W
I T N E S S E T H

 

WHEREAS, Florsheim
is the Chairman and Chief Executive Officer of the Company, and is familiar with the methods developed by the Company and the products
supplied by the Company to its customers; and

 

WHEREAS, the Company
desires to extend the period of its exclusive right to Florsheim’s services for the period commencing with the date hereof
and ending on December 31, 2022, in order to assure to itself the successful management of its business, and

 

WHEREAS, Florsheim
is willing to so extend the period of his employment, all on the terms and subject to the conditions hereinafter set forth.

 

NOW, THEREFORE, in
consideration of the mutual agreements hereinafter set forth, the parties hereto agree as follows:

 

1.            Employment.
The Company hereby employs Florsheim, during the term of this Agreement, in an executive and managerial capacity, to supervise
and direct the operations of the Company as they are now or may hereafter be constituted. Florsheim shall have such title and responsibilities
as the Company’s Corporate Governance and Compensation Committee of the Board of Directors shall from time to time assign
to him, but the duties which he shall be called upon to render hereunder shall not be of a nature substantially inconsistent with
those he has rendered and is currently rendering to the Company as its Chairman and Chief Executive Officer. During the term of
this Agreement, Florsheim shall serve also, without additional compensation, in such offices of the Company to which he may be
elected or appointed by the Company’s Board of Directors. The Company shall not require Florsheim, without his consent, to
serve principally at a place other than Milwaukee, Wisconsin or its immediate suburban area, and shall exert its best efforts so
as not to require him in the performance of his duties hereunder to be absent, without his consent, from said city or its immediate
suburban area during any weekend or legal holiday nor for more than ten (10) days in any calendar month. Florsheim hereby
accepts such employment and agrees to devote his full time, attention, knowledge and skill to the business and interest of the
Company throughout the period of his employment hereunder. Florsheim shall be entitled to take vacations in the same manner and
for the same periods of time as has been his custom during the previous three years.

  

     

     

    

 

2.            Compensation.

 

(a)            As
compensation for his services to the Company during the term of this Agreement in whatever capacity or capacities rendered, the
Company shall, subject to the provisions of Section 3 hereof, pay Florsheim a salary of $696,000.00 (Six Hundred Ninety-Six
Thousand Dollars) per annum, or such greater amount per annum as the Corporate Governance and Compensation Committee of the Board
of Directors of the Company may, in its discretion, fix; said salary is to be payable in equal, or approximately equal, bi-weekly
installments.

 

(b)            Nothing
herein shall preclude Florsheim from receiving any additional compensation, whether in the form of bonus or otherwise, or from
participating in any present or future profit-sharing, pension or retirement plan, insurance, sickness or disability plan, stock
option plan or other plan for the benefits of Florsheim or the employees of the Company, in each case to the extent and in the
manner approved or determined by the Company’s Board of Directors. The Company shall continue to provide Florsheim the use
of an automobile, and other benefits at least equal to those provided to him under his previous contract of employment. These benefits
are set forth in Schedule A hereto.

 

    	 	- 2 -	 

     

    

  

3.            Term.
The term of this Agreement shall be from the date hereof to and including December 31, 2022. Florsheim’s employment
hereunder shall be subject to the following:

 

(a)            If,
during the period of his employment hereunder, Florsheim is dismissed by the Company for cause, thereupon his employment shall
terminate. “Cause”, for purposes of this subparagraph, shall mean conduct or activities that cause a substantial demonstrable
detriment to the Company.

 

(b)            If
Florsheim’s employment terminates pursuant to Section 3(a) above, the Company shall be obligated to pay him his
salary and other payments due to be paid hereunder, on or prior to the date of termination; provided, that nothing herein shall
be deemed to entitle Florsheim to amounts accrued but not due to be paid, or to accelerate the date on which any payment of salary
or bonus is due.

 

(c)           (i)     If,
during the term of this Agreement, the Company for any reason other than that contained in Section 3(a) terminates the
employment of Florsheim, or in the event that he terminates his employment following an event described in Section 6 hereof,
the Company shall pay to Florsheim as severance pay, on the first day of the seventh month which begins after the date of such
termination, a lump sum amount that, when added to any other payments or benefits which constitute “parachute payments”,
will be equal to 299% of Florsheim’s “base amount”, as those terms are defined in Section 280G of the Internal
Revenue Code of 1986 (the “Code”) and regulations promulgated by the Internal Revenue Service thereunder. The determination
of Florsheim’s base amount shall be made by the Company’s independent auditors.

 

    	 	- 3 -	 

     

    

  

(ii)            All
or a portion of the payment otherwise required to be made pursuant to the provisions of subparagraph (i) above shall be delayed
to the extent the Company reasonably anticipates that the Company’s deduction with respect to such payment would be limited
or eliminated by application of Code Section 162(m); provided, however that such payment shall be made on the earliest date
on which the Company anticipates that the deduction for payment of the amount will not be limited or eliminated by application
of Code Section 162(m). In any event, such payment shall be made no later than the last day of the calendar year in which
occurs the six (6) month anniversary of Florsheim’s termination of employment. Any deferred amounts shall earn interest
at the rate of 7% per annum until paid.

 

(d)          In
the event Florsheim is prevented from performing his duties by reason of disability, the salary provided by Section 2(a) of
this Agreement shall cease as of the date he becomes permanently disabled, except that the Company shall pay to Florsheim from
the date such salary ceases to December 31, 2022, inclusive, a salary at the rate equal to 75% of his then current salary,
less any amount received by Florsheim pursuant to a salary continuation insurance plan, the premiums for which are paid in whole
or in part by the Company. Florsheim shall be considered to be suffering from a “disability” if he is, by reason of
any medically determinable physical or mental impairment which can be expected to result in death or can be expected to last for
a continuous period of not less than 12 months, either (i) receiving income replacement benefits for a period of not less
than three months under a welfare plan covering employees of the Company or (ii) unable to engage in any substantial gainful
activity.

 

    	 	- 4 -	 

     

    

 

(e)            In
the event Florsheim dies prior to the termination of his employment hereunder (for purposes of this Section 3(e), such employment
shall not be deemed terminated if, at the time of his death, the Company was making payments pursuant to Section 3(d) above),
the salary provided by Section 2(a) (or Section 3(d), as the case may be) shall cease as of the date of his death
(prorated for part of any month), and the Company shall pay to the beneficiary or beneficiaries of Florsheim, as designated by
him pursuant to written direction given by him to the Company (or in the absence of such writing or in the event the last such
writing filed by him shall designate one or more persons who are not living at the time of his death or shall for any other reason
be wholly or partially ineffective, to the personal representatives of his estate) a death benefit equal to his salary hereunder
(at the annual rate which was being paid to him at the date of his death) for a three-year period. Such death benefits shall be
payable in thirty-six equal monthly installments, the first of which shall be paid within sixty days next following the date of
his death and the remaining of which shall be made on the date during each of the thirty-five next succeeding calendar months corresponding
to the date of such first payment. If any payments are required to be made under this Section 3(e) to a beneficiary of
Florsheim who shall have died after having commenced receiving payments hereunder, such payment shall be made to the personal representative
of said beneficiary’s estate.

  

4.            Restrictive
Covenants. During the term of this Agreement, Florsheim shall not, without the prior written consent of the Company, be engaged
in or connected or concerned with any business or activity which directly or indirectly competes with the business conducted by
the Company; nor will he take part in any activities detrimental to the best interest of the Company.

 

    	 	- 5 -	 

     

    

 

5.            Remedy
for Breach. In the event of the breach by Florsheim of any of the terms and conditions of this Agreement to be performed by
him (including, but not limited to, leaving the Company’s employment or performing services for any person, firm or corporation
engaged in a competing or similar line of business with the Company without the written consent of the Company), the Company shall
be entitled, if it so elects, to institute and prosecute proceedings in any court of competent jurisdiction, either at law or in
equity, to obtain damages for any breach of this Agreement, and to enjoin him (without the necessity of proving actual damage to
the Company) from performing services for any such other person, firm or corporation in violation of the terms of this Agreement,
or both. The Company shall not be so entitled, however, in the event Florsheim should voluntarily leave the Company’s employment
after the happening of any of the events specified in Section 6 hereof during the term of this Agreement. The remedies provided
herein shall be cumulative and in addition to any and all other remedies which the Company may have at law or in equity.

 

6.            Specific
Events. The following specific events will affect the rights and obligations of the parties in the event of Florsheim’s
leaving the employ of the Company as set forth at Sections 3(c) and 5.

 

(a)            The
replacement of two or more of the existing members of the Company’s Board of Directors by persons not nominated by the Board
of Directors; or

 

(b)            Any
amendment to Section 2 of Article III of the Company’s By-Laws to enlarge the number of directors of the Company
if the change was not supported by the existing Board of Directors; or

 

(c)            Any
change in Florsheim’s duties or powers such that his duties or powers, as changed, would be of a nature substantially inconsistent
with those he has rendered in the past and is currently rendering to the Company as its chief executive officer; or

 

    	 	- 6 -	 

     

    

 

(d)            A
successful tender offer for 15% or more of the shares or merger or consolidation or transfer of assets of the Company; or

 

(e)            A
change in control of more than 15% of the shares in the Company, such that Florsheim decides in good faith that he can no longer
effectively discharge his duties.

 

7.            Non-Disclosure
of Secret or Confidential Information, etc. Anything herein to the contrary notwithstanding, Florsheim, shall hold in
a fiduciary capacity for the benefit of the Company all knowledge of customer or trade lists and all other secret or confidential
information, knowledge or data of the Company obtained by him during his employment by the Company, which shall not be generally
known to the public or to the Company’s industry (whether or not developed by Florsheim) and shall not, during his employment
hereunder or after the termination of such employment, communicate or divulge any such information, knowledge or data to any person,
firm or corporation other than the Company or persons, firms or corporation designated by the Company.

 

8.            Reimbursement
for Expenses. Florsheim shall be reimbursed by the Company, upon his submission of appropriate vouchers, for all items of traveling,
entertainment and miscellaneous expenses, including membership dues at clubs used primarily for business purposes, reasonably incurred
by him on behalf of the Company within the scope of and during his employment hereunder.

 

9.            Assignment.
This Agreement shall inure to the benefit of and shall be binding upon the successors and assigns of the Company, including any
company or corporation with which the Company may merge or consolidate or to which the Company may transfer substantially all of
its assets. Florsheim shall have no power, without the prior written consent of the Company, to transfer, assign, anticipate, mortgage
or otherwise encumber in advance any of the payments provided for herein nor shall said payments be subject to levy, seizure, or
sequestration for the payment of any debts, judgments, alimony or separate maintenance owed by Florsheim nor shall they be transferable
by operation of law in the event of bankruptcy, insolvency or otherwise.

 

    	 	- 7 -	 

     

    

  

10.            Notices.
Any notice required or permitted hereunder shall be sufficiently given if sent by registered mail, with postage and registration
fee prepaid, to the party to be notified at his or its last known address as determined by due diligence by the party sending such
notice.

 

11.            Severability.
Nothing in this Agreement shall be construed so as to require the commission of any act contrary to law, and wherever there may
be any conflict between any provision of this Agreement and any contrary material statute, ordinance, regulation, or other rule of
law pursuant to which the parties have no legal right to contract, the latter shall prevail; but in such event the provision of
this Agreement so affected shall be curtailed and limited only to the extent necessary to bring it within the requirements of such
law. In no event shall such illegality or invalidity affect the remaining parts of this Agreement.

 

12.            Prior
Employment Agreements. This Agreement supersedes all oral or written employment agreements heretofore made by and between the
parties with respect to the subject matter hereof, and any and all such agreements are hereby canceled and terminated in their
entirety.

 

13.            Applicable
Law. This Agreement, executed in the State of Wisconsin, shall be construed in accordance with and governed in all respects
by the laws of the State of Wisconsin to the extent not governed by federal law.

 

14.            Waiver, etc.
No amendment or modification of this Agreement shall be valid or binding on the Company unless made in writing and signed by a
duly authorized officer of the Company or upon Florsheim unless made in writing and signed by him. The waiver of a breach of any
provision of this Agreement by either party or the failure of either party to otherwise insist upon strict performance of any provision
hereof shall not constitute a waiver of any subsequent breach of any subsequent failure to strictly perform.

 

    	 	- 8 -	 

     

    

  

15.         Headings, etc.
Section headings and numbers herein are included for convenience of reference only, and this Agreement is not to be construed
with reference thereto. If there shall be any conflict between such numbers and headings and the text of this Agreement, the text
shall control.

 

16.         Counterparts.
This Agreement may be executed in one or more counterparts, each of which shall be deemed to be an original, but all of which together
shall constitute one and the same instrument.

 

17.         Section 409A.

 

(a)            In
order to facilitate compliance with Section 409A of the Internal Revenue Code, the Company and Florsheim agree that they shall
neither accelerate nor defer or otherwise change the time at which any payment due hereunder is to be made, except as may otherwise
be permitted under Code Section 409A of the Internal Revenue Code and regulations thereunder.

 

(b)            Whether
a termination of employment has occurred will be construed in a manner consistent with the requirements described in IRS regulations
under Code Section 409A. Termination of employment by the Company on the one hand or by Florsheim on the other hand (other
than by death of Florsheim) shall be communicated by a written notice of termination to the other. That notice shall indicate the
specific termination provision in this Agreement relied upon and, to the extent applicable, shall set forth in reasonable detail
the facts and circumstances claimed to provide a basis for termination under the provisions so indicated and the termination date.
The termination date shall be no later than thirty (30) days after the date such written notice is provided but may be earlier
if so specified in the notice.

 

    	 	- 9 -	 

     

    

 

18.            Termination
of Certain Benefits. Coverage under the arrangements described in Section 2(b) shall end upon the Florsheim’s
date of termination of employment (or earlier death described in Section 3(e) or earlier disability described in Section 3(d));
provided, however, that Florsheim (or his beneficiaries) shall be permitted to elect COBRA continuing health benefits coverage
in accordance with the usual rules of the Company’s health plan and such coverage shall be continued in accordance with
those rules so long as Florsheim or his beneficiaries pays the full COBRA premium generally applicable to other terminating
employees (and their beneficiaries).

 

 

IN WITNESS WHEREOF,
Florsheim has duly executed this Agreement and the Company has caused this Agreement to be executed by its duly authorized officers
and its corporate seal to be affixed hereunto, all as of the day and year first above written.

 

	 	 	 	WEYCO GROUP, INC.

a Wisconsin corporation,
	 
	 	By	 /s/ John W. Florsheim
	 	 	 
	 	Its	President
	 
	Attest:	/s/ John Wittkowske	 	 	 
	 	Its Secretary
	 	/s/ Thomas W. Florsheim,Jr.
	 	Thomas W. Florsheim,Jr.

 

(SEAL)

 

    	 	- 10 -	 

     

    

 

SCHEDULE A

  

Life and Accidental Death and Dismemberment
Insurance

 

Health Insurance

 

Weyco Group, Inc. Pension

 

Plan

 

Deferred Compensation Agreement

 

Weyco Group, Inc. Deferred Compensation
Plan

 

Weyco Group, Inc. Excess Benefits
Plan

 

    	 	- 11 -	 

     

    

 

February 21, 2020

 

	TO:	WEYCO GROUP, INC.

 

Pursuant to Section 3(e) of the
Employment Agreement dated as of January 1, 2020, by and between Weyco Group, Inc., a Wisconsin corporation, and Thomas
W. Florsheim, Jr. of Milwaukee, Wisconsin, I hereby designate Jennifer Florsheim as beneficiary of the death benefits
equal to my salary hereunder for a three-year period.

 

	 	/s/
    Thomas W. Florsheim, Jr.
	 	Thomas
    W. Florsheim, Jr.

 

    	 	- 12 -exhibit
10.5

 

EMPLOYMENT
AGREEMENT

 

THIS EMPLOYMENT
AGREEMENT (“Agreement”), dated as of January 1, 2020, by and between WEYCO GROUP INC., a Wisconsin corporation
(the “Company”), and JOHN W. FLORSHEIM of Milwaukee, Wisconsin (“Florsheim”).

 

W
I T N E S S E T H

 

WHEREAS, Florsheim
is the President and Chief Operating Officer of the Company, and is familiar with the methods developed by the Company and the
products supplied by the Company to its customers; and

 

WHEREAS, the Company
desires to extend the period of its exclusive right to Florsheim’s services for the period commencing with the date hereof
and ending on December 31, 2022, in order to assure to itself the successful management of its business, and

 

WHEREAS, Florsheim
is willing to so extend the period of his employment, all on the terms and subject to the conditions hereinafter set forth.

 

NOW, THEREFORE, in
consideration of the mutual agreements hereinafter set forth, the parties hereto agree as follows:

 

1.            Employment.
The Company hereby employs Florsheim, during the term of this Agreement, in an executive and managerial capacity, to help supervise
and direct the operations of the Company as they are now or may hereafter be constituted. Florsheim shall have such title and responsibilities
as the Company’s Corporate Governance and Compensation Committee of the Board of Directors shall from time to time assign
to him, but the duties which he shall be called upon to render hereunder shall not be of a nature substantially inconsistent with
those he has rendered and is currently rendering to the Company as its President and Chief Operating Officer. During the term of
this Agreement, Florsheim shall serve also, without additional compensation, in such offices of the Company to which he may be
elected or appointed by the Company’s Board of Directors. The Company shall not require Florsheim, without his consent, to
serve principally at a place other than Milwaukee, Wisconsin or its immediate suburban area, and shall exert its best efforts so
as not to require him in the performance of his duties hereunder to be absent, without his consent, from said city or its immediate
suburban area during any weekend or legal holiday nor for more than ten (10) days in any calendar month. Florsheim hereby
accepts such employment and agrees to devote his full time, attention, knowledge and skill to the business and interest of the
Company throughout the period of his employment hereunder. Florsheim shall be entitled to take vacations in the same manner and
for the same periods of time as has been his custom during the previous three years.

 

     

     

    

  

2.            Compensation.

 

(a)            As
compensation for his services to the Company during the term of this Agreement in whatever capacity or capacities rendered, the
Company shall, subject to the provisions of Section 3 hereof, pay Florsheim a salary of $665,250.00 (Six Hundred Sixty-Five
Thousand, Two Hundred Fifty Dollars) per annum, or such greater amount per annum as the Corporate Governance and Compensation Committee
of the Board of Directors of the Company may, in its discretion, fix; said salary is to be payable in equal, or approximately equal,
bi-weekly installments.

 

(b)            Nothing
herein shall preclude Florsheim from receiving any additional compensation, whether in the form of bonus or otherwise, or from
participating in any present or future profit-sharing, pension or retirement plan, insurance, sickness or disability plan, stock
option plan or other plan for the benefits of Florsheim or the employees of the Company, in each case to the extent and in the
manner approved or determined by the Company’s Board of Directors. The Company shall provide Florsheim the use of an automobile.
The current benefits are set forth in Schedule A hereto.

 

    	 	 - 2 -	 

     

    

 

3.            Term.
The term of this Agreement shall be from the date hereof to and including December 31, 2022. Florsheim’s employment
hereunder shall be subject to the following:

 

(a)            If,
during the period of his employment hereunder, Florsheim is dismissed by the Company for cause, thereupon his employment shall
terminate. “Cause”, for purposes of this subparagraph, shall mean conduct or activities that cause a substantial demonstrable
detriment to the Company.

 

(b)            If
Florsheim’s employment terminates pursuant to Section 3(a) above, the Company shall be obligated to pay him his
salary and other payments due to be paid hereunder, on or prior to the date of termination; provided, that nothing herein shall
be deemed to entitle Florsheim to amounts accrued but not due to be paid, or to accelerate the date on which any payment of salary
or bonus is due.

 

(c)           (i)     If,
during the term of this Agreement, the Company for any reason other than that contained in Section 3(a) terminates the
employment of Florsheim, or in the event that he terminates his employment following an event described in Section 6 hereof,
the Company shall pay to Florsheim as severance pay, on the first day of the seventh month which beings after the date of such
termination, a lump sum amount that, when added to any other payments or benefits which constitute “parachute payments”,
will be equal to 299% of Florsheim’s “base amount”, as those terms are defined in Section 280G of the Internal
Revenue Code of 1986 (the “Code”) and regulations promulgated by the Internal Revenue Service thereunder. The determination
of Florsheim’s base amount shall be made by the Company’s auditors.

 

    	 	 - 3 -	 

     

    

  

(ii)            All
or a portion of the payment otherwise required to be made pursuant to the provisions of subparagraph (i) above shall be delayed
to the extent the Company reasonably anticipates that the Company’s deduction with respect to such payment would be limited
or eliminated by application of Code Section 162(m); provided, however that such payment shall be made on the earliest date
on which the Company anticipates that the deduction for the payment of the amount will not be limited or eliminated by application
of Code Section 162(m). In any event, such payment shall be made no later than the last day of the calendar year in which
occurs the six (6) month anniversary of Florsheim’s termination of employment. Any deferred amounts shall earn interest
at the rate of 7% per annum until paid.

 

(d)          In
the event Florsheim is prevented from performing his duties by reason of disability, the salary provided by Section 2(a) of
this Agreement shall cease as of the date he becomes permanently disabled, except that the Company shall pay to Florsheim from
the date such salary ceases to December 31, 2022, inclusive, a salary at the rate equal to 75% of his then current salary,
less any amount received by Florsheim pursuant to a salary continuation insurance plan, the premiums for which are paid in whole
or in part by the Company. Florsheim shall be considered to be suffering from a “disability” if he is, by reason of
any medically determinable physical or mental impairment which can be expected to result in death or can be expected to last for
a continuous period of not less than 12 months, either (i) receiving income replacement benefits for a period of not less
than three months under an accident and health plan covering employees of the Company or (ii) unable to engage in any substantial
gainful activity.

 

    	 	 - 4 -	 

     

    

 

(e)            In
the event Florsheim dies prior to the termination of his employment hereunder (for purposes of this subparagraph, such employment
shall not be deemed terminated if, at the time of his death, the Company was making payments pursuant to Section 3(d) above),
the salary provided by Section 2(a) (or Section 3(d), as the case may be) shall cease as of the date of his death
(prorated for part of any month), and the Company shall pay to the beneficiary or beneficiaries of Florsheim, as designated by
him pursuant to written direction given by him to the Company (or in the absence of such writing or in the event the last such
writing filed by him shall designate one or more persons who are not living at the time of his death or shall for any other reason
be wholly or partially ineffective, to the personal representatives of his estate) a death benefit equal to his salary hereunder
(at the annual rate which was being paid to him at the date of his death) for a three-year period. Such death benefits shall be
payable in thirty-six equal monthly installments, the first of which shall be paid within sixty days next following the date of
his death and the remaining of which shall be made on the date during each of the thirty-five next succeeding calendar months corresponding
to the date of such first payment. If any payments are required to be made under this Section 3(e) to a beneficiary of
Florsheim who shall have died after having commenced receiving payments hereunder, such payment shall be made to the personal representative
of said beneficiary’s estate.

 

    	 	 - 5 -	 

     

    

  

4.            Restrictive
Covenants. During the term of this Agreement, Florsheim shall not, without the prior written consent of the Company, be engaged
in or connected or concerned with any business or activity which directly or indirectly competes with the business conducted by
the Company; nor will he take part in any activities detrimental to the best interest of the Company.

 

5.            Remedy
for Breach. In the event of the breach by Florsheim of any of the terms and conditions of this Agreement to be performed by
him (including, but not limited to, leaving the Company’s employment or performing services for any person, firm or corporation
engaged in a competing or similar line of business with the Company without the written consent of the Company), the Company shall
be entitled, if it so elects, to institute and prosecute proceedings in any court of competent jurisdiction, either at law or in
equity, to obtain damages for any breach of this Agreement, and to enjoin him (without the necessity of proving actual damage to
the Company) from performing services for any such other person, firm or corporation in violation of the terms of this Agreement,
or both. The Company shall not be so entitled, however, in the event Florsheim should voluntarily leave the Company’s employment
after the happening of any of the events specified in Section 6 hereof during the term of this Agreement. The remedies provided
herein shall be cumulative and in addition to any and all other remedies which the Company may have at law or in equity.

 

    	 	 - 6 -	 

     

    

 

6.            Specific
Events. The following specific events will affect the rights and obligations of the parties in the event of Florsheim’s
leaving the employ of the Company as set forth at Sections 3(c) and 5.

 

(a)            The
replacement of two or more of the existing members of the Company’s Board of Directors by persons not nominated by the Board
of Directors; or

 

(b)            Any
amendment to Section 2 of Article III of the Company’s By-Laws to enlarge the number of directors of the Company
if the change was not supported by the existing Board of Directors; or

 

(c)            Any
change in Florsheim’s duties or powers such that his duties or powers, as changed, would be of a nature substantially inconsistent
with those he has rendered in the past and is currently rendering to the Company as its chief executive officer; or

 

(d)            A
successful tender offer for 15% or more of the shares or merger or consolidation or transfer of assets of the Company; or

 

    	 	 - 7 -	 

     

    

  

(e)            A
change in control of more than 15% of the shares in the Company, such that Florsheim decides in good faith that he can no longer
effectively discharge his duties.

 

7.            Non-Disclosure
of Secret or Confidential Information, etc. Anything herein to the contrary notwithstanding, Florsheim, shall hold in
a fiduciary capacity for the benefit of the Company all knowledge of customer or trade lists and all other secret or confidential
information, knowledge or data of the Company obtained by him during his employment by the Company, which shall not be generally
known to the public or to the Company’s industry (whether or not developed by Florsheim) and shall not, during his employment
hereunder or after the termination of such employment, communicate or divulge any such information, knowledge or data to any person,
firm or corporation other than the Company or persons, firms or corporation designated by the Company.

 

8.            Reimbursement
for Expenses. Florsheim shall be reimbursed by the Company, upon his submission of appropriate vouchers, for all items of traveling,
entertainment and miscellaneous expenses, including membership dues at clubs used primarily for business purposes, reasonably incurred
by him on behalf of the Company within the scope of and during his employment hereunder.

 

9.            Assignment.
This Agreement shall inure to the benefit of and shall be binding upon the successors and assigns of the Company, including any
company or corporation with which the Company may merge or consolidate or to which the Company may transfer substantially all of
its assets. Florsheim shall have no power, without the prior written consent of the Company, to transfer, assign, anticipate, mortgage
or otherwise encumber in advance any of the payments provided for herein nor shall said payments be subject to levy, seizure, or
sequestration for the payment of any debts, judgments, alimony or separate maintenance owed by Florsheim nor shall they be transferable
by operation of law in the event of bankruptcy, insolvency or otherwise.

 

    	 	 - 8 -	 

     

    

  

10.            Notices.
Any notice required or permitted hereunder shall be sufficiently given if sent by registered mail, with postage and registration
fee prepaid, to the party to be notified at his or its last known address as determined by due diligence by the party sending such
notice.

 

11.            Severability.
Nothing in this Agreement shall be construed so as to require the commission of any act contrary to law, and wherever there may
be any conflict between any provision of this Agreement and any contrary material statute, ordinance, regulation, or other rule of
law pursuant to which the parties have no legal right to contract, the latter shall prevail; but in such event the provision of
this Agreement so affected shall be curtailed and limited only to the extent necessary to bring it within the requirements of such
law. In no event shall such illegality or invalidity affect the remaining parts of this Agreement.

 

12.            Prior
Employment Agreements. This Agreement supersedes all oral or written employment agreements heretofore made by and between the
parties with respect to the subject matter hereof, and any and all such agreements are hereby canceled and terminated in their
entirety.

 

13.            Applicable
Law. This Agreement, executed in the State of Wisconsin, shall be construed in accordance with and governed in all respects
by the laws of the State of Wisconsin to the extent not governed by federal law.

 

14.            Waiver, etc.
No amendment or modification of this Agreement shall be valid or binding on the Company unless made in writing and signed by a
duly authorized officer of the Company or upon Florsheim unless made in writing and signed by him. The waiver of a breach of any
provision of this Agreement by either party or the failure of either party to otherwise insist upon strict performance of any provision
hereof shall not constitute a waiver of any subsequent breach of any subsequent failure to strictly perform.

 

    	 	 - 9 -	 

     

    

  

15.          Headings, etc.
Section headings and numbers herein are included for convenience of reference only, and this Agreement is not to be construed
with reference thereto. If there shall be any conflict between such numbers and headings and the text of this Agreement, the text
shall control.

 

16.          Counterparts.
This Agreement may be executed in one or more counterparts, each of which shall be deemed to be an original, but all of which together
shall constitute one and the same instrument.

 

17.          Section 409A.

 

(a)            In
order to facilitate compliance with Section 409A of the Internal Revenue Code, the Company and Florsheim agree that they shall
neither accelerate nor defer or otherwise change the time at which any payment due hereunder is to be made, except as may otherwise
be permitted under Code Section 409A of the Internal Revenue Code and regulations thereunder.

 

(b)            Whether
a termination of employment has occurred will be construed in a manner consistent with the requirements described in IRS regulations
under Code Section 409A. Termination of employment by the Company on the one hand or by Florsheim on the other hand (other
than by death of Florsheim) shall be communicated by a written notice of termination to the other. That notice shall indicate the
specific termination provision in this agreement relied upon, to the extent applicable, shall set forth in reasonable detail the
facts and circumstances claimed to provide a basis for termination under the provisions so indicated and the termination date.
The termination date shall be no later than thirty (30) days after the date such written notice is provided but may be earlier
if so specified in the notice.

 

18.            Termination
of Certain Benefits. Coverage under the arrangements described in Section 2(b) shall end upon Florsheim’s date
of termination of employment (or earlier death described in Section 3(e) or earlier disability described in Section 3(d));
provided, however, that Florsheim (or his beneficiaries) shall be permitted to elect COBRA continuing health benefits coverage
in accordance with the usual rules of the Company’s health plan and such coverage shall be continued in accordance with
those rules so long as Florsheim (or his beneficiaries) pays the full COBRA premium generally applicable to other terminating
employees (and their beneficiaries).

 

    	 	 - 10 -	 

     

    

  

IN WITNESS WHEREOF,
Florsheim has duly executed this Agreement and the Company has caused this Agreement to be executed by its duly authorized officers
and its corporate seal to be affixed hereunto, all as of the day and year first above written.

 

	 	WEYCO GROUP, INC.

a Wisconsin corporation,
	 
	 	By	/s/ Thomas W. Florsheim, Jr.
	 	 	Its Chairman of
the Board
	 
	Attest:
	 

 

	/s/ John Wittkowske	 	 
	Its Secretary	 	 
	 	 	/s/ John W. Florsheim
	 	 	John W. Florsheim

 

(SEAL)

 

    	 	 - 11 -	 

     

    

 

SCHEDULE A

 

Life and Accidental Death and Dismemberment
Insurance

 

Health Insurance

 

Weyco Group, Inc. Pension Plan

 

Deferred Compensation Agreement

 

Weyco Group, Inc. Deferred Compensation
Plan

 

Weyco Group, Inc. Excess Benefits
Plan

 

    	 	 - 12 -	 

     

    

 

February 21, 2020

  

TO:     WEYCO
GROUP, INC.

 

Pursuant to Section 3(e) of the
Employment Agreement dated as of January 1, 2020, by and between Weyco Group, Inc., a Wisconsin corporation, and John
W. Florsheim of Milwaukee, Wisconsin, I hereby designate Linda Yeager as beneficiary of the death benefits equal to my salary
hereunder for a three-year period.

 

	 	/s/
    John W. Florsheim
	 	John
    W. Florsheim

 

    	 	 - 13 -

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