Document:

brenthatch-firstamendmen

            FIRST AMENDMENT TO SECOND AMENDED AND RESTATED EMPLOYMENT  AGREEMENT  THIS FIRST AMENDMENT TO SECOND AMENDED AND RESTATED  EMPLOYMENT AGREEMENT (this “Amendment”), dated April 30, 2021, is by and between  Profire Energy, Inc., a Nevada corporation (the “Company”), and Brenton W. Hatch  (“Executive”).  RECITALS  WHEREAS, the parties previously entered into the Second Amended and Restated  Employment Agreement dated July 2, 2020 (the “Agreement”); and  WHEREAS, as permitted by the Agreement, the parties wish to modify the Agreement  relating to compensation as set forth herein.  AGREEMENT  NOW, THEREFORE, in consideration of the mutual covenants and agreements  hereinafter set forth and for other good and valuable consideration, the receipt and sufficiency of  which are hereby acknowledged, the parties hereto agree as follows:  1. Amendment of Section 3.    (a) Amendment of Section 3.1.  Effective as of the execution of this  Amendment, Section 4.1 of the Agreement is hereby amended and restated in its entirety to read  as follows:  “3.1  Base Salary. The Company shall pay Executive an annual rate of base  salary in periodic installments in accordance with the Company’s customary payroll  practices and applicable wage payment laws, but no less frequently than monthly, such  annual base salary, as in effect from time to time, hereinafter referred to as “Base  Salary”, as follows:  (a)  during the first half of the Executive Chairman Term, from the  Effective Date through December 31, 2020, $350,000, provided, that in  connection with the Company’s response to the COVID-19 pandemic, with  Executive’s consent, from September 1, 2020 until December 31, 2020,  Executive’s Base Salary was reduced to $322,000 US;  (b)  during second half of the Executive Chairman Term, from January  1, 2021until June 30, 2021, $400,000; and  (c)  during the Special Advisor Term, from July 1, 2021 until June 30,  2022, $400,000, which shall be apportioned as $150,000 for serving as Chairman  and $250,000 for advisory services.”    

 

 -2-         2. Continuing Effectiveness.  Except as modified by this Amendment, the  Agreement shall remain in full force and effect and is hereby ratified and confirmed in all  respects.  This Amendment shall not constitute an amendment or waiver of any provision of the  Agreement not expressly referred to herein.    3. Counterparts.  This Amendment may be executed in any number of identical  counterparts (and by facsimile copy).  If so executed, each of such counterparts is deemed to be  an original for all purposes, and all such counterparts shall collectively constitute one agreement.  4. Governing Law.  This Amendment, and the rights of the parties hereunder and all  actions or proceedings arising in connection herewith or therewith, shall be governed by and  construed and enforced in accordance with the laws of the State of Utah without regard to  conflicts of laws principles thereof that would cause the application of the laws of any other  jurisdiction.  [SIGNATURE PAGE FOLLOWS]  

 

    Signature Page to First Amendment to Second Amended and Restated Employment  Agreement (Brenton W. Hatch)         IN WITNESS WHEREOF, the parties hereto have caused this First Amendment to  Amended and Restated Employment Agreement to be executed as of the date first written above.  THE COMPANY    PROFIRE ENERGY, INC.    /s/ Ryan W. Oviatt  Ryan W. Oviatt   Co-Chief Executive Officer, Co-President    EXECUTIVE  /s/Brenton W. Hatch  Brenton W. Hatchryanoviatt-firstamendmen

            FIRST AMENDMENT TO SECOND AMENDED AND RESTATED EMPLOYMENT  AGREEMENT  THIS FIRST AMENDMENT TO SECOND AMENDED AND RESTATED  EMPLOYMENT AGREEMENT (this “Amendment”), dated April 30, 2021, is by and between  Profire Energy, Inc., a Nevada corporation (the “Company”), and Ryan W. Oviatt  (“Executive”).  RECITALS  WHEREAS, the parties previously entered into the Second Amended and Restated  Employment Agreement dated July 2, 2020 (the “Agreement”);   WHEREAS, as permitted by the Agreement, the parties wish to modify the Agreement  relating to compensation as set forth herein; and   WHEREAS, the parties acknowledge that, in connection with such compensation  modifications, Executive and the Company entered into a Restricted Stock Award Agreement  dated February 18, 2021 pursuant to which Executive received an award of 18,852 shares of the  Company’s common stock pursuant to the Company’s 2014 Equity Incentive Plan, as amended.  AGREEMENT  NOW, THEREFORE, in consideration of the mutual covenants and agreements  hereinafter set forth and for other good and valuable consideration, the receipt and sufficiency of  which are hereby acknowledged, the parties hereto agree as follows:  1. Amendment of Section 4.    (a) Amendment of Section 4.1.  Effective as of the execution of this  Amendment, Section 4.1 of the Agreement is hereby amended and restated in its entirety to read  as follows:  “4.1  Base Salary. The Company shall pay Executive an annual base salary (as  adjusted from time to time as provided herein, the “Base Salary”) in periodic  installments in accordance with the Company’s customary payroll practices and  applicable wage payment laws, but no less frequently than monthly. From the execution  of the Agreement until August 31, 2020, Base Salary was $275,000 US.  In connection  with the Company’s response to the COVID-19 pandemic, with Executive’s consent,  effective September 1, 2020, Executive’s Base Salary was reduced to $253,000 US and  shall remain at such amount until July 1, 2021 at which time the Base Salary shall  increase to $300,000 US, provided, the compensation committee of the Board (the  “Compensation Committee”) may cause such increase to occur sooner in its discretion.  Generally, Executive’s Base Salary shall be reviewed at least annually by the  Compensation Committee, and it may, but shall not be required to, increase Executive’s  Base Salary at any time during the Employment Term. Executive’s Base Salary shall be  adjusted to $330,000 US on January 1, 2022.”  

 

 -2-         (b) Amendment of Section 4.2.  Effective as of the execution of this  Amendment, Section 4.2 of the Agreement is hereby amended and restated in its entirety to read  as follows:  “4.2  Annual Incentive Plan.  For each calendar year of the Employment Term,  Executive shall be eligible to receive an annual bonus (the “Annual Bonus”), in the  amount (if any) determined by the Compensation Committee in accordance with the  terms and eligibility requirements of the Company’s then-current Annual Incentive Plan  or its successor plan as adopted by the Compensation Committee from time to time.  In  connection to the Company’s response to the COVID-19 pandemic, and with Executive’s  consent, the Compensation Committee did not implement any Annual Incentive Plan or  similar bonus program for the Company’s 2020 fiscal year and no bonus was awarded to  Executive for such fiscal year.”  (c) Amendment of Section 4.3.  Effective as of the execution of this  Amendment, Section 4.3 of the Agreement is hereby amended and restated in its entirety to read  as follows:  “4.3  Long-Term Incentive Plan.  During the Employment Term, Executive  shall be eligible to participate in the Company’s then-current Long-Term Incentive Plan  or any successor plan, subject to the terms of the Long-Term Incentive Plan or its  successor plan, as determined by the Compensation Committee, in its discretion. In  connection to the Company’s response to the COVID-19 pandemic, and with Executive’s  consent, the Compensation Committee did not make any award to Executive under any  Long-Term Incentive Plan or similar program for the Company’s 2020 fiscal year.”  2. Continuing Effectiveness.  Except as modified by this Amendment, the  Agreement shall remain in full force and effect and is hereby ratified and confirmed in all  respects.  This Amendment shall not constitute an amendment or waiver of any provision of the  Agreement not expressly referred to herein.    3. Counterparts.  This Amendment may be executed in any number of identical  counterparts (and by facsimile copy).  If so executed, each of such counterparts is deemed to be  an original for all purposes, and all such counterparts shall collectively constitute one agreement.  4. Governing Law.  This Amendment, and the rights of the parties hereunder and all  actions or proceedings arising in connection herewith or therewith, shall be governed by and  construed and enforced in accordance with the laws of the State of Utah without regard to  conflicts of laws principles thereof that would cause the application of the laws of any other  jurisdiction.  [SIGNATURE PAGE FOLLOWS]  

 

    Signature Page to First Amendment to Second Amended and Restated Employment  Agreement (Ryan Oviatt)          IN WITNESS WHEREOF, the parties hereto have caused this First Amendment to  Amended and Restated Employment Agreement to be executed as of the date first written above.  THE COMPANY    PROFIRE ENERGY, INC.    /s/ Cameron M. Tidball  Cameron M. Tidball  Co-Chief Executive Officer, Co-President    EXECUTIVE  /s/Ryan W. Oviatt  Ryan W. Oviattcamerontidball-firstamen

            FIRST AMENDMENT TO AMENDED AND RESTATED EMPLOYMENT  AGREEMENT  THIS FIRST AMENDMENT TO AMENDED AND RESTATED EMPLOYMENT  AGREEMENT (this “Amendment”), dated April 30,  2021, is by and between Profire Energy,  Inc., a Nevada corporation (the “Company”), and Cameron Tidball (“Executive”).  RECITALS  WHEREAS, the parties previously entered into the Amended and Restated Employment  Agreement dated July 2, 2020 (the “Agreement”);   WHEREAS, as permitted by the Agreement, the parties wish to modify the Agreement  relating to compensation as set forth herein; and   WHEREAS, the parties acknowledge that, in connection with such compensation  modifications, Executive and the Company entered into a Restricted Stock Award Agreement  dated February 18, 2021, pursuant to which Executive received an award of 18,852 shares of the  Company’s common stock pursuant to the Company’s 2014 Equity Incentive Plan, as amended.  AGREEMENT  NOW, THEREFORE, in consideration of the mutual covenants and agreements  hereinafter set forth and for other good and valuable consideration, the receipt and sufficiency of  which are hereby acknowledged, the parties hereto agree as follows:  1. Amendment of Section 4.    (a) Amendment of Section 4.1.  Effective as of the execution of this  Amendment, Section 4.1 of the Agreement is hereby amended and restated in its entirety to read  as follows:  “4.1  Base Salary. The Company shall pay Executive an annual base salary (as  adjusted from time to time as provided herein, the “Base Salary”) in periodic  installments in accordance with the Company’s customary payroll practices and  applicable wage payment laws, but no less frequently than monthly. From the execution  of the Agreement until August 31, 2020, Base Salary was $275,000 US.  In connection  with the Company’s response to the COVID-19 pandemic, with Executive’s consent,  effective September 1, 2020, Executive’s Base Salary was reduced to $253,000 US and  shall remain at such amount until July 1, 2021 at which time the Base Salary shall  increase to $300,000 US, provided, the compensation committee of the Board (the  “Compensation Committee”) may cause such increase to occur sooner in its discretion.  Generally, Executive’s Base Salary shall be reviewed at least annually by the  Compensation Committee, and it may, but shall not be required to, increase Executive’s  Base Salary at any time during the Employment Term. Executive’s Base Salary shall be  adjusted to $330,000 US on January 1, 2022.”  

 

 -2-      (b) Amendment of Section 4.2.  Effective as of the execution of this  Amendment, Section 4.2 of the Agreement is hereby amended and restated in its entirety to read  as follows:  “4.2  Annual Incentive Plan.  For each calendar year of the Employment Term,  Executive shall be eligible to receive an annual bonus (the “Annual Bonus”), in the  amount (if any) determined by the Compensation Committee in accordance with the  terms and eligibility requirements of the Company’s then-current Annual Incentive Plan  or its successor plan as adopted by the Compensation Committee from time to time.  In  connection to the Company’s response to the COVID-19 pandemic, and with Executive’s  consent, the Compensation Committee did not implement any Annual Incentive Plan or  similar bonus program for the Company’s 2020 fiscal year and no bonus was awarded to  Executive for such fiscal year.”  (c) Amendment of Section 4.3.  Effective as of the execution of this  Amendment, Section 4.3 of the Agreement is hereby amended and restated in its entirety to read  as follows:  “4.3  Long-Term Incentive Plan.  During the Employment Term, Executive  shall be eligible to participate in the Company’s then-current Long-Term Incentive Plan  or any successor plan, subject to the terms of the Long-Term Incentive Plan or its  successor plan, as determined by the Compensation Committee, in its discretion. In  connection to the Company’s response to the COVID-19 pandemic, and with Executive’s  consent, the Compensation Committee did not make any award to Executive under any  Long-Term Incentive Plan or similar program for the Company’s 2020 fiscal year.”   2. Continuing Effectiveness.  Except as modified by this Amendment, the  Agreement shall remain in full force and effect and is hereby ratified and confirmed in all  respects.  This Amendment shall not constitute an amendment or waiver of any provision of the  Agreement not expressly referred to herein.    3. Counterparts.  This Amendment may be executed in any number of identical  counterparts (and by facsimile copy).  If so executed, each of such counterparts is deemed to be  an original for all purposes, and all such counterparts shall collectively constitute one agreement.  4. Governing Law.  This Amendment, and the rights of the parties hereunder and all  actions or proceedings arising in connection herewith or therewith, shall be governed by and  construed and enforced in accordance with the laws of the State of Utah without regard to  conflicts of laws principles thereof that would cause the application of the laws of any other  jurisdiction.  [SIGNATURE PAGE FOLLOWS]  

 

    Signature Page to First Amendment to Amended and Restated Employment Agreement  (Cameron Tidball)         IN WITNESS WHEREOF, the parties hereto have caused this First Amendment to  Amended and Restated Employment Agreement to be executed as of the date first written above.  THE COMPANY    PROFIRE ENERGY, INC.    /s/ Ryan W. Oviatt  Ryan W. Oviatt   Co-Chief Executive Officer, Co-President    EXECUTIVE  /s/ Cameron M. Tidball  Cameron M. Tidball

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00327-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00327-of-00352.parquet"}], [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00327-of-00352.parquet"}]]