Document:

Performance Share and Performance Unit Grant Agreement (Fiscal 2006).

 EXHIBIT 10(q) 
  
 PERFORMANCE SHARE AND PERFORMANCE UNIT GRANT AGREEMENT 
  
 Dated: June 29, 2005 
  
 To: «FirstName» «Last Name» 
  
 Pursuant to Handleman Company’s 2004 Stock Plan (the “Plan”) and in
consideration for the covenants as stated in Paragraph E of this Performance Share and Performance Unit Agreement (“Agreement”), Handleman Company (the “Corporation”) hereby grants you the right to receive shares
(“shares”) of the Corporation’s common stock as well as cash-based performance units (“units”) upon the terms of this Agreement and the Plan, which may be amended from time to time, is made a part of and incorporated by
reference into this Agreement and is available upon request. 
  

	A.	Compensation 

  

	 	1.	You have been awarded Performance shares and units. The number of shares and units you may receive, under this Agreement shall be contingent upon achievement of performance goals as
well as your agreement to the covenants as outlined in Paragraph E below. 

  

	 	a.	If Free Cash Flow (defined below) for the Performance Period (defined below) is equal to or greater than the 30th percentile, but less than the 50th percentile of Free Cash Flow for
a Peer Group of companies (see Exhibit 2), the number of shares and units you may receive under this Agreement shall equal the sum of: 

  

	 	i.	fifty percent (50%) plus 

  

	 	ii.	the product of 50% multiplied by a percentage determined based upon where the Company’s actual Free Cash Flow performance is within the range between the 30th percentile and
the 50th percentile of Free Cash Flow for the Peer Group, calculated linearly, multiplied by the Target number of shares (see Exhibit 1). 

  

	 	b.	If Free Cash Flow for the Performance Period is equal to or greater than the 50th percentile, but less than the 70th percentile of Free Cash Flow for a Peer Group of companies, the
number of shares and units you may receive under this Agreement shall equal the sum of: 

  

	 	i.	one hundred percent (100%) plus 

	 	ii.	the product of 50% multiplied by a percentage determined based upon where the Company’s actual Free Cash Flow performance is within the range between the 50th percentile and
70th percentile of Free Cash Flow for the Peer Group, calculated linearly, multiplied by the Target number of shares (see Exhibit 1). 

  

	 	c.	If Free Cash Flow for the Performance Period is equal to or greater than the 70th percentile of Free Cash Flow for a Peer Group of companies, the number of shares and units you may
receive under this Agreement shall equal one hundred fifty percent (150%) of the Target Number. 

  

	 	d.	If Free Cash Flow for the Performance Period is less than the 30th percentile of Free Cash Flow for a Peer Group of companies, you shall not be entitled to receive any shares or
units under this Agreement. 

  

	 	e.	The pre-tax value of each performance unit will be equal to the closing price of the Company’s common stock on a day to be determined by the Compensation Committee. The
delivery vehicle for performance units will be cash, subject to ordinary tax withholding. 

  

	 	2.	Notwithstanding the foregoing, unless otherwise determined by the Committee (as defined in the Plan), you shall be entitled to receive shares or units under this Agreement only if
you remain in the employ of the Corporation or a Subsidiary (as defined in the Plan) for the entire duration of the Performance Period. 

  

	 	3.	Performance Shares and/or Units will be granted only after: 

  

	 	a.	Release by the Corporation of its audited consolidated financial statements for the last fiscal year of the Performance Period, and 

  

	 	b.	Certification by the Committee that a performance goal set forth in Paragraph A of this Agreement has been achieved. The Committee retains the right to modify the payment date at
its discretion. 

  

	 	4.	Shares and units which you are entitled to receive under this Agreement shall be issued to you without any payment by you. Until the certificates representing share ownership have
been issued, you will not have the rights that are associated with share ownership for these shares. 

  

	 	5.	At the discretion of the Committee and subject to the terms of the Plan, in lieu of issuing all or a portion of the shares you are entitled to receive pursuant to this Agreement,
the Corporation may pay you cash in an amount based upon the then fair market value of the shares in a manner similar to performance units. 

  

 2 

	 	6.	Your employment is and shall remain employment at will, unless otherwise provided pursuant to a written employment agreement between you and the Corporation or a Subsidiary. As
such, nothing contained in this Agreement or in the Plan, nor any action taken by the Committee, shall confer upon you any right with respect to continuation of your employment by the Corporation or any Subsidiary, nor interfere in any way with the
right of the Corporation or a Subsidiary to terminate your employment at any time. 

  

	 	7.	If, upon or as a result of your receipt of shares (or cash in lieu of shares) or units under this Agreement, there shall be payable by the Corporation or a Subsidiary any amount for
income or employment tax withholding, you will reimburse the Corporation or Subsidiary for such tax withholding by means of paying such amount to the Corporation or by such other means as may be permitted by the Committee in accordance with the
Plan. 

  

	 	8.	This Agreement, nor any rights under this Agreement, may be transferred by you otherwise than by will or by the laws of descent and distribution. 

  

	 	9.	The Committee will maintain the right to resolve all questions which may arise in connection with this Agreement and the Plan. Any interpretation, determination or other action made
or taken by the Committee regarding this Agreement and the Plan shall be final, binding and conclusive. 

  

	B.	Performance Period 

  

	 	1.	The performance period for this Agreement shall be the three fiscal year period running from May 1, 2005 to May 3, 2008. 

  

	C.	Peer Group 

  

	 	1.	The peer group is made up of twenty-one (21) companies listed on Exhibit 2. Handleman Company Free Cash Flow, measured as a percent of sales, will be compared to Peer Group Free
Cash Flow, with performance levels at the 30th, 50th and 70th percentiles within the Peer Group representing Threshold, Target and Maximum, respectively. The Target Number of shares applicable to this Agreement shall be «M_2005_Shares»
shares and units. 

  

	 	2.	Free Cash Flow will be calculated for each peer company during each year of the Performance Period. The 30th, 50th, and 70th percentiles for the Peer Group’s Free Cash Flow as
a percentage of sales over the three year period will then be determined, with the final Peer Group Free Cash Flow being the average for the three annual 30th, 50th, and 70th percentile Free Cash Flow levels. 

  

 3 

	D.	Performance Measure Definition: Free Cash Flow 

  

	 	1.	For the purposes of this Agreement, Free Cash Flow is defined as: 

  

	 	a.	Cash Flow from Operations 

  

	 	b.	Minus Capital Expenditures 

  

	 	c.	Plus-or-minus Gains/Losses from Disposition of Property & Equipment divided by Sales. 

  

	E.	Covenants 

  
 In addition to your achievement of the performance goals as stated in Paragraph A of this Agreement your right to receive shares and units under this Agreement shall be contingent upon your agreement to the following
covenants: 
  

	 	1.	Confidentiality 

  

	 	a.	Except as otherwise required in your duties to the Company or as authorized in writing by the Company, you shall not at any time, either during or after your employment with the
Company, disseminate, disclose, use, communicate or otherwise appropriate, either directly or indirectly, through any individual, person or entity, any Confidential Information (as defined below), and you shall retain all such information in trust
in a fiduciary capacity for the sole use and benefit of the Company. You acknowledge that the Confidential Information is valuable, special, proprietary and unique to the Company, that the Company’s business depends on such Confidential
Information, and that the Company wishes to protect such Confidential Information by keeping it secret and for the sole use and benefit of the Company. You shall take all steps necessary and all steps reasonably requested by the Company to insure
that all such Confidential Information is kept secret and confidential for the sole use and benefit of the Company. All records and other materials pertaining to the Confidential Information, whether or not developed by you, shall be and remain the
exclusive property of the Company. Upon termination of your employment or at any other time that the Company in writing so requests, you shall promptly deliver to the Company all materials concerning any Confidential Information and all copies of
such materials and any other materials of the Company which are in your possession or under your control, and you shall not make or retain any copies or extracts of such materials. 

  

 4 

	 	b.	For purposes of Paragraph E.1.a., Confidential Information means and includes all information known or used by the Company in the Company’s business and/or developed by or for
the Company by any person, including you, which is not otherwise explicitly, consciously, properly, legally and generally known in any industry in which the Company is or may become engaged. Confidential information does not include general skills
and general knowledge of any industry obtained by reason of your association with the Company. 

  

	 	c.	Confidential Information specifically includes, but is not limited to, such information, whether now possessed or later obtained, concerning plans, marketing, sales and inventory
methods, materials, processes, procedures, devices used by the Company, business forms, prices, suppliers, retail merchants with which the Company deals, organizations or other entities or persons associated with such retail merchants, contractors,
representatives and customers of the Company, plans for the development of new products and services and expansion into new areas or markets, internal operations and any variations, purchasing policies, bidding practices or procedures, pricing
policies, customer identities and lists, trade secrets, trade names, trademarks, service marks, copyrights, and other proprietary or confidential information of any type, together will all written, graphic and other materials relating to all or any
part of the same. 

  

	 	2.	Non-Solicitation 

  
 During the period of your employment with the Company and for a period of one (1) year after the termination of your employment with the Company, you
shall not, either directly or indirectly, yourself or through or for any person or entity wherever located: 
  

	 	a.	Solicit, attempt to hire or hire any person who is then employed by, is a consultant to, or is an agent of, the Company or who was within the prior four months employed by, a
consultant to, or an agent of, the Company. 

  

	 	b.	Encourage, induce or attempt to induce, or aid, assist or abet any other party or person in encouraging, inducing or attempting to induce, any such employee, consultant or agent to
alter or terminate his or her employment, consultation or agency with the Company. 

  

	 	c.	 Solicit any Company Customer (as defined below) to supply products or perform services for the Company Customer of a similar nature to those products provided or
services performed by the Company in the Company’s business during your employment with the Company. For purposes of this Paragraph E.2.c., the term “Company Customer” means any person or entity with whom you have been involved or in
contact 

  

 5 

	 	 
within the prior year and to or for whom the Company, within the prior year: 

  

	 	i.	provided products or performed services, or entered into an agreement for the providing of products or performances of services; or 

  

	 	ii.	Submitted a bid for, or otherwise negotiated for, the providing of products or the performing of services. 

  

	 	3.	Non-Competition 

  
 During the period of your employment with the Company and for a period of one year after your termination of employment with the Company, you shall not,
either directly or indirectly, yourself or through or for any individual, person or entity wherever located: 
  

	 	a.	Engage in any activities, perform any services or conduct any businesses which are competitive with any business of the Company and which are the same or similar to the business of
the Company conducted by you, at your direction or under your supervision during the term of your employment with the Company (“Your Company Business”); or 

  

	 	b.	Be engaged by, employed by, consult with, own any capital stock of, or have any financial interest of any kind in, any individual, person or entity wherever located, which conducts
a business which is competitive with any business of the Company and which is the same as or similar to Your Company Business. Notwithstanding the foregoing, you may own, for investment purposes only, up to 5% of the stock of any publicly-traded
entity whose stock is either listed on a national stock exchange or on the NASDQ National Market System (if you are not otherwise affiliated with such entity). 

  

	 	4.	Remedies. 

  
 You acknowledge and agree that the covenants and undertakings contained in Paragraph E of this Agreement relate to matters which are of a special, unique and extraordinary character and that a violation of any of the
terms of this Agreement will cause irreparable injury to the Company and the Company’s business, and that the amount of such injury will be difficult, if not impossible, to estimate or determine and cannot be adequately compensated by monetary
damages. Therefore, you acknowledge that: 
  

	 	a.	Any outstanding rights to receive performance shares or performance units or and/or to maintain awards of performance shares or performance units will terminate upon a breach of
Paragraph E of this Performance Share and Performance Unit Grant Agreement, and 

  

 6 

	 	b.	The Company shall be entitled, in addition to all other rights and remedies available under applicable law, as a matter of course, to an injunction, restraining order or other
equitable relief from any court of competent jurisdiction, restraining any violation or threatened violation of any such terms by you and by such other persons as the court shall order. 

  

									
	 Very Truly Yours,
	 	 	 	 The above is agreed to and accepted by:

			
	 HANDLEMAN COMPANY,
 a Michigan corporation
	 	 	 	 
				
	By:	 	 	 	 	 	 
	 	 	Stephen Strome	 	 	 	 	 	«FirstName» «LastName»
	Its:	 	Chairman of the Board and CEO	 	 	 	Dated:	 	____________________________

  

 7Restricted Stock Agreement Long term Performance Incentive Grant.

 EXHIBIT 10(r) 
  
 HANDLEMAN COMPANY RESTRICTED STOCK AGREEMENT 
 LONG TERM PERFORMANCE INCENTIVE GRANT 
 XXX, 200X 

 
 TO: «FirstName» «LastName» 
  
 WHEREAS, Handleman Company (together with its subsidiaries and affiliates,
including joint ventures, referred to herein as the “Company”) wishes to grant you, and you wish to receive, certain shares of the common stock of the Company (“Restricted Stock”), subject to restrictions on transfer and subject
to forfeiture under certain conditions, in accordance with the Handleman Company 2001 Stock Option and Incentive Plan, as amended (herein referred to as the “Plan”), the Plan being incorporated herein by reference; and 
  
 WHEREAS, you are a key employee of the Company with access to various
confidential and proprietary information of the Company, and with valuable expertise and business relationships provided in part by virtue of your employment with the Company; and 
  
 WHEREAS, the Company wishes to preserve the confidentiality of its confidential and proprietary information, and wishes to
maintain for its benefit the business relationships provided by virtue of your employment with the Company. 
  
 NOW, THEREFORE, you and the Company agree as follows: 
  
 1. GRANT OF RESTRICTED STOCK 
  

	 	(a)	Shares Granted. Pursuant to the terms of the Plan you have been granted «M_Shares» shares of the common stock of the Company (the “Restricted
Shares”). Upon your execution of this Restricted Stock Agreement (“Agreement”), and in consideration of the terms, Restricted Shares shall be issued in your name, subject to the restrictions contained in this Agreement and in the
Plan, including restrictions that prevent the transfer or other disposition of the Restricted Shares unless the restrictions lapse as herein provided. 

  

	 	(b)	Restrictions. If certificates representing the Restricted Shares granted to you are issued, they shall bear a legend that states that they are subject to the terms of
this Agreement, and you agree to execute a stock power in blank and to deposit the certificates with the Company. Upon the lapse of the restrictions provided under this Agreement, in whole or in part, any such certificates previously issued shall be
surrendered, and new certificates shall be issued. Certificates representing Restricted Shares for which the restrictions have lapsed shall not bear the legend described in this paragraph, nor shall you be required to deposit such certificates with
the Company. You also agree to execute such additional stock powers, tax forms, transfer instructions and such other documents as may be necessary to fulfill the intent of this Agreement. 

	 	(c)	Dividends and Voting Rights. You shall be the shareholder of record for any shares of Restricted Shares awarded to you, and shall have all of the rights of a
shareholder in respect to the shares, including the right to receive dividends and to vote the shares. If the Company shall pay a stock dividend or split its stock, however, or in case of similar events described in paragraph 17 of the Plan under
circumstances which would make the receipt of additional shares from such stock dividend or split or other event not subject to current income tax under the Internal Revenue Code of 1986, as amended (“Code”), then such additional shares
shall be considered as Restricted Shares for which the restrictions have not lapsed. In such event this Agreement shall continue to apply, with the number of Restricted Shares appropriately adjusted to reflect the stock dividend or split or other
event. Certificates representing additional shares received by virtue of such stock split or stock dividend or other event shall bear the legend described in Paragraph 1(b) of this Agreement, and you agree to deposit them with the Company.

  

	 	(d)	Lapse of Restrictions. The restrictions contained in this Agreement and in the Plan shall lapse and cease to apply with respect to the Restricted Shares as follows: In
the event you remain in the continuous employ of the Company from the date hereto through XXX, 200X, on XXXX, 200X the restrictions shall lapse and cease to apply with respect to 100% of the Restricted Shares. 

  
 Notwithstanding the foregoing, in the event your employment with the Company
shall have been terminated prior to XXXX, 200X, by the Company without cause (as defined below), then in such instance, subject to the discretion of the Committee, all of the restrictions contained in this Agreement with respect to all of your
Restricted Shares shall lapse and cease to apply as of the date of the Committee’s determination, and if your employment is terminated by reason of your death, disability or retirement at a retirement age permitted by the Company’s
retirement plan, then in such event all of the restrictions contained in this Agreement shall lapse and cease to apply effective on the date of the termination of your employment. 
  
 Upon the lapse of restrictions, new Certificates shall be issued in accordance with Paragraph 1(b), which shall not bear the
legend described in Paragraph 1(b) and which shall be delivered outright to you. 
  

	 	(e)	Forfeiture. Restricted Shares for which the restrictions shall not have lapsed shall be forfeited, in whole or in part, upon the occurrence of any of the following
events: 

  

	 	(i)	In whole, if the Compensation and Stock Option Committee (the “Committee”) that administers the Plan shall reasonably determine that you have violated, or that you are
likely to violate, any of the provisions of Paragraph 2 of this Agreement. 

  

	 	(ii)	 In whole or in part (or no forfeiture to any extent) in the discretion of the Committee, in the event your employment with the Company terminates for cause.
“Cause” is defined in this Agreement as a violation of any Company rule, policy or agreement; determination by the Committee of a violation or likely violation of Paragraph 2 of this Agreement; failure to perform employment duties in a
satisfactory manner; misfeasance; malfeasance; or the 

  

 -2- 

 
engagement in any conduct or action contrary to the Company’s best interest. The determination by the Committee of whether termination of employment was
for “cause” shall be final and conclusive. 
  

	 	(f)	Withholding Taxes. You shall be liable for any withholding taxes incurred as a result of the lapse of restrictions under this Agreement. Certificates representing
shares not subject to restrictions shall not be issued to you until you have deposited funds with the Company sufficient to pay such tax, or have made arrangements satisfactory to the Company to sell shares on which the restrictions have lapsed
sufficient to pay such tax, or, with the consent of the Committee, you have agreed to the reduction of the number of Restricted Shares to be delivered to you to pay such tax. The Company reserves the right to refuse to allow such a sale if such sale
would violate the provisions of Section 16 or any other Section of the Securities Exchange Act of 1934, or if such sale would require registration of such stock under the provisions of any state or federal securities law. 

 
 2. CONFIDENTIALITY AND NON-COMPETITION 
  

	 	(a)	Confidentiality. Except as otherwise required in your duties to the Company or as authorized in writing by the Company, you shall not at any time, either during or
after your employment with the Company, disseminate, disclose, use, communicate or otherwise appropriate, either directly or indirectly, through any individual, person or entity, any Confidential Information (as defined below), and you shall retain
all such information in trust in a fiduciary capacity for the sole use and benefit of the Company. You acknowledge that the Confidential Information is valuable, special, proprietary and unique to the Company, that the Company’s business
depends on such Confidential Information, and that the Company wishes to protect such Confidential Information by keeping it secret and for the sole use and benefit of the Company. You shall take all steps necessary and all steps reasonably
requested by the Company to insure that all such Confidential Information is kept secret and confidential for the sole use and benefit of the Company. All records and other materials pertaining to the Confidential Information, whether or not
developed by you, shall be and remain the exclusive property of the Company. Upon termination of your employment or at any other time that the Company in writing so requests, you shall promptly deliver to the Company all materials concerning any
Confidential Information and all copies of such materials and any other materials of the Company which are in your possession or under your control, and you shall not make or retain any copies or extracts of such materials. 

 
 For purposes of this Paragraph 2(a), Confidential Information means and
includes all information known or used by the Company in the Company’s business and/or developed by or for the Company by any person, including you, which is not otherwise explicitly, consciously, properly, legally and generally known in any
industry in which the Company is or may become engaged. Confidential Information does not include general skills and general knowledge of any industry obtained by reason of your association with the Company. 
  
 Confidential Information specifically includes, but is not limited to, such
information, whether now possessed or later obtained, concerning plans, marketing, sales and inventory methods, 

  

 -3- 

 
materials, processes, procedures, devices used by the Company, business forms, prices, suppliers, retail merchants with which the Company deals,
organizations or other entities or persons associated with such retail merchants, contractors, representatives and customers of the Company, plans for the development of new products and services and expansion into new areas or markets, internal
operations and any variations, purchasing policies, bidding practices or procedures, pricing policies, customer identities and lists, trade secrets, trade names, trademarks, servicemarks, copyrights, and other proprietary or confidential information
of any type, together with all written, graphic and other materials relating to all or any part of the same. 
  

	 	(b)	Non-solicitation. During the period of your employment with the Company and for a period of one (1) year after the termination of your employment with the Company, you
shall not, either directly or indirectly, yourself or through or for any person or entity wherever located: 

  

	 	(i)	Solicit, attempt to hire or hire any person who is then employed by, is a consultant to, or is an agent of, the Company or who was within the prior four months employed by, a
consultant to, or an agent of, the Company. 

  

	 	(ii)	Encourage, induce or attempt to induce, or aid, assist or abet any other party or person in encouraging, inducing or attempting to induce, any such employee, consultant or agent to
alter or terminate his or her employment, consultation or agency with the Company. 

  

	 	(iii)	Solicit any Company Customer (as defined below) to supply products or perform services for the Company Customer of a similar nature to those products provided or services performed
by the Company in the Company’s business during your employment with the Company. For purposes of this Paragraph 2(b)(iii), the term “Company Customer” means any person or entity with whom you have been involved or in contact within
the prior year and to or for whom the Company, within the prior year: (A) provided products or performed services, or entered into an agreement for the providing of products or performance of services; or (B) submitted a bid for, or otherwise
negotiated for, the providing of products or the performing of services. 

  
 The provisions of this Paragraph 2(b) shall not apply to you after the termination of your employment with the Company if the Company without cause (of which the Committee shall be the sole judge) terminates your
employment. 
  

	 	(c)	Covenant Not to Compete. During the period of your employment with the Company and for a period of one year after your termination of employment with the Company, you
shall not, either directly or indirectly, yourself or through or for any individual, person or entity wherever located: 

  

	 	(i)	Engage in any activities, perform any services or conduct any businesses which are competitive with any business of the Company or which are the same as or similar to the business
of the Company conducted by you, at your direction or under your supervision during the term of your employment with the Company; or 

  

 -4- 

	 	(ii)	Be engaged by, employed by, consult with, own any capital stock of, or have any financial interest of any kind in, any individual, person or entity wherever located, which conducts
a business which is competitive with any business of the Company and which is the same as or similar to the Company’s business. Notwithstanding the foregoing, you may own, for investment purposes only, up to 5% of the stock of any publicly
traded entity whose stock is either listed on a national stock exchange or on the NASDAQ Stock Market (if you are not otherwise affiliated with such entity). 

  
 The provisions of this Paragraph 2(c) shall not apply to you after the termination of your employment with the Company if
your employment is terminated either (i) by the Company without cause (of which the Committee shall be the sole judge) or (ii) by you, voluntarily, because your compensation is reduced, or not increased, and such reduction or non-increase is
inconsistent with the treatment of other executives at a level, or with responsibilities, similar to yours (of which the Committee shall be the sole judge). 
  

	 	(d)	Remedies. You acknowledge and agree that the covenants and undertakings contained in Paragraph 2 of this Agreement relate to matters which are of a special, unique and
extraordinary character and that a violation of any of the terms of this Agreement will cause irreparable injury to the Company and the Company’s business, and that the amount of such injury will be difficult, if not impossible, to estimate or
determine and cannot be adequately compensated by monetary damages. Therefore, you acknowledge that (i) any Restricted Shares held by you will be forfeited upon a breach of Paragraph 2 of this Agreement and (ii) the Company shall be entitled in
addition to all other rights and remedies available under applicable law, as a matter of course, to an injunction, restraining order or other equitable relief from any court of competent jurisdiction, restraining any violation or threatened
violation of any such terms by you and by such other persons as the court shall order. 

  
 3. MISCELLANEOUS PROVISIONS 
  

	 	(a)	The rights and remedies provided for in this Agreement shall be cumulative, and shall be in addition to all rights and remedies otherwise available to the parties under this
Agreement, any other agreements or applicable law. 

  

	 	(b)	This Agreement and the rights and obligations of the parties under this Agreement shall be governed by, and construed and enforced in accordance with, the laws of the State of
Michigan, excluding any such laws which direct the application of laws of any other jurisdiction. 

  

	 	(c)	In case any one or more of the provisions contained in this Agreement shall for any reason be held to be invalid, illegal or unenforceable in any respect, such invalidity,
illegality or unenforceability shall not affect any other provisions of this Agreement, but this Agreement shall be construed as if such invalid, illegal or unenforceable provision had never been contained in this Agreement. If, moreover, any one or
more of the provisions contained in this Agreement shall, for any reason, be held to be excessively broad as to time, duration, geographical scope, activity or subject, it shall be construed by limiting and reducing it so as to be enforceable to the
extent compatible with the applicable law as it shall then appear. 

  

 -5- 

	 	(d)	No waiver of any breach of any agreement or provision in this Agreement shall be deemed a waiver of any preceding or succeeding breach of this Agreement or any other agreement or
provision contained in this Agreement. No extension of time for performance of any obligation or act shall be deemed an extension of time for performance of any other obligation or act. 

  

	 	(e)	This Agreement may not be changed orally, but only by an agreement in writing, signed by the party against whom enforcement of any waiver, change, modification or discharge is
sought. 

  

	 	(f)	In the event of your death or incapacity this Agreement, including the provisions of Paragraph 2, shall be binding on your estate and your heirs, and your executors, administrators,
guardians or other personal representatives shall be obligated to execute such stock powers, transfer instructions, tax forms and such other documents as may be necessary to fulfill the intent of this Agreement. 

  

	 	(g)	Nothing contained in the Plan, nor in this Agreement, shall be considered to create a contract of employment, or to confer upon you any right to continued employment by the Company.
Your employment status with the Company shall continue to be a contract at will, except only if you and the Company shall have entered into a written employment agreement (which is signed on behalf of the Company by the Chief Executive Officer).

  

			
	 Very truly yours,

	 HANDLEMAN COMPANY

		
	 By:
	 	 /s/ Stephen Strome

	 	 	 Stephen Strome

	 	 	 Chairman of the Board and Chief Executive Officer

  
 THIS AGREEMENT
IS ACCEPTED AND AGREED TO BY THE UNDERSIGNED, AFTER THE UNDERSIGNED HAS CONSULTED WITH LEGAL COUNSEL, OR BEEN GIVEN THE OPPORTUNITY TO CONSULT WITH LEGAL COUNSEL, AND THE UNDERSIGNED HAS CAREFULLY READ AND UNDERSTANDS ALL THE TERMS AND PROVISIONS OF
THIS AGREEMENT. 
  

			
	 By:
	 	 
	 	 	 «FirstName» «LastName», Grantee

  

 -6-

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00087-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00087-of-00352.parquet"}]]