Document:

Exhibit 10.2

 

SECOND AMENDMENT TO EMPLOYMENT, CONFIDENTIALITY AND

NONCOMPETE AGREEMENT

 

This Second Amendment (the “Amendment”) to the Employment, Confidentiality and Non-compete Agreement dated the 7th day of March, 2004 as amended (the “Agreement”) is made effective as of January 5, 2007  between BUILD-A-BEAR WORKSHOP, INC. (“Company”) and ROBERT SCOTT SEAY (“Employee” or “Mr. Seay”).

 

Recital

 

Company and Employee previously entered into the Agreement whereby Company hired Employee to provide various services to Company under the title of President and Chief Operating Bear.  Company and Employee now mutually desire to amend the Agreement pursuant to the terms of this Second Amendment.

 

NOW, THEREFORE, in consideration of the premises and agreements hereinafter set forth, and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties agree as follows:

 

Section 1(a) of the Agreement is hereby amended as follows:

 

Employee is hereby employed by Company, and Employee hereby accepts such employment, upon the terms and conditions hereinafter set forth. Employee shall serve as President and Chief Operating Bear, during the Employment Period, on a full-time basis. Employee shall carry out such duties as are assigned to him by Company’s President and Chief Executive Officer. 

 

Section 3(a) of the Agreement is hereby amended as follows:

 

Base Salary. During the Employment Period, Company shall pay Employee as compensation for his services an annual base salary of not less than Three Hundred Seventy Thousand Dollars ($370,000), payable in accordance with the Company’s usual practices. Employee’s annual base salary rate shall be reviewed by Company’s Compensation Committee at least annually for increase following each fiscal year so that Employee’s salary will be commensurate for similarly situated executives with firms similarly situated to Company; provided, however, that if Employee’s individualized performance targets (set for each fiscal year by Employee and Employee’s team leader) are achieved, Employee’s annual base salary rate shall not be subject to decrease at any time during the Employment Period and shall be subject to annual increase by no less than the average percentage
increase given to all other Company executive employees for such fiscal year (the “Average Increase”). 

 

 

Section 3(b) of the Agreement is hereby amended as follows:

 

Bonus.  Should Company exceed its sales, profits and other objectives for any fiscal year, Employee shall be eligible to receive a bonus for such fiscal year in the amount as determined by the Compensation Committee of the Board of Directors; provided however the potential bonus opportunity for Employee in any given fiscal year will be set by the Compensation Committee such that, if the Company exceeds its objectives, the Company will pay Employee an amount no less than fifty  percent (50%) of the Employee’s base salary for such fiscal year.  Any bonus payable to Employee will be payable in cash, stock or stock options, or a combination thereof, all as determined by the Compensation Committee.  Unless a different payout schedule is applicable for all executive employees of the Company, any such cash bonus payment will be payable in a single, lump sum payment.  In the event of
termination of this Agreement because of Employee’s death or disability (as defined by Section 4.1(b)), termination by the Company without Cause pursuant to Section 4.1(c) or pursuant to Employee’s right to terminate this Agreement for Good reason under Section 4.1(d), the bonus criteria shall not change and any bonus shall be pro-rated based on the number of full calendar weeks during the applicable fiscal year during which Employee was employed hereunder.

 

Such bonus, if any, shall be payable after Company’s accountants have finally determined the sales and profits and have issued their audit report with respect thereto for the applicable fiscal year, which determination shall be binding on the parties.  Any such bonus shall be paid within seventy-five (75) days after the end of each calendar year, regardless of Employee’s employment status at the time payment is due.  If timely payment is not made, the Company shall indemnify the Employee against any additional tax liability that the Employee may incur proximately as a result of the payment being made after the seventy-five day period.

 

Except to the extent expressly provided herein, the Agreement remains in full force and effect, in accordance with its terms.

 

IN WITNESS WHEREOF, the parties have executed this Second Amendment effective as of the date indicated above.

 

	
            ROBERT SCOTT SEAY
 	
             
 	
            BUILD-A-BEAR WORKSHOP, INC.
 
	
             
 	
             
 	
             
 	
             
 	
             
 
	
            By:
 	
            /s/ Robert Scott Seay
 	
             
 	
            By:
 	
            /s/ Maxine Clark
 
	
             
 	
            Robert Scott Seay
 	
             
 	
             
 	
            Maxine Clark
 
	
             
 	
             
 	
             
 	
             
 	
            Chief Executive BearEX-10.1

 

Exhibit 10.1

Summary of Base Salaries

for

Executive Officers of Park National Corporation

     On January 18, 2005, upon recommendation of the Compensation Committee, the Board of Directors
of Park National Corporation (“Park”) approved the base salaries for each of the executive officers
of Park: (a) C. Daniel DeLawder, Chairman of the Board and Chief Executive Officer of Park and The
Park National Bank, a subsidiary of Park; (b) David L. Trautman, President and Secretary of Park
and President of The Park National Bank; and (c) John W. Kozak, Chief Financial Officer of Park and
Senior Vice President and Chief Financial Officer of The Park National Bank, for the fiscal year
ended December 31, 2005 (the “2005 fiscal year”). The Compensation Committee also recommended that
the cash compensation paid to these three executive officers during the 2005 fiscal year be split
at 50% base salary and 50% incentive compensation. Messrs. DeLawder, Trautman and Kozak
historically had received the majority of their total cash compensation in incentive compensation.
The Compensation Committee reviewed independently generated peer group information of similarly
sized bank holding companies developed by SNL Securities which revealed that the individuals
holding these positions typically receive a majority of their cash compensation in base salary. To
be more consistent with peers, and at the suggestion of the management of Park and The Park
National Bank, the Compensation Committee considered and then approved a 50/50 split between base
salary and cash incentive compensation. Management also suggested that Messrs. DeLawder and
Trautman receive no increase in the aggregate amount of cash compensation paid during the 2005
fiscal year, but that the proportion of total cash compensation allocated to base salary and
incentive compensation for the 2005 fiscal year should change. Management suggested, and the
Compensation Committee concurred after reviewing peer data, to increase Mr. Kozak’s total cash
compensation. Accordingly, the base salaries for the 2005 fiscal year were $464,240 for Mr.
DeLawder, $307,108 for Mr. Trautman and $200,500 for Mr. Kozak.

     On February 7, 2006, the Compensation Committee approved the base salaries for each of Messrs.
DeLawder, Trautman and Kozak for the fiscal year ended December 31, 2006 (the “2006 fiscal year”).
Management suggested that Messrs. DeLawder, Trautman and Kozak receive the same base salary for the
2006 fiscal year as they had received for the 2005 fiscal year and the Compensation Committee
concurred after reviewing independently generated peer group information of similarly sized bank
holding companies developed by SNL Securities.

     On December 27, 2006, the Compensation Committee determined the base salaries for each of
Messrs. DeLawder, Trautman and Kozak for the fiscal year ending December 31, 2007. Effective
January 1, 2007, those base salaries are the following:

	 	*	 	C. Daniel DeLawder — $473,525
	 
	 	*	 	David L. Trautman — $313,250
	 
	 	*	 	John W. Kozak — $214,455EX-10.2

 

Exhibit 10.2

	 	 	 	 	 
	 

	 	Summary of Incentive Compensation Plan
	 	 
	 

	 	of Park National Corporation	 	 
	 

	 	 	 	 

     The Compensation Committee of the Board of Directors of Park National Corporation (“Park”)
administers Park’s incentive compensation plan which enables the officers of The Park National Bank
(the Park National Division, the Fairfield National Division, the Consolidated Computer Center
Division and The Park National Bank of Southwest Ohio & Northern Kentucky division), The Richland
Trust Company, Century National Bank, The First-Knox National Bank of Mount Vernon (the First-Knox
National Division and the Farmers and Savings Division), Second National Bank, United Bank, N.A.,
The Security National Bank and Trust Co. (the Security National Division and the Unity National
Division), The Citizens National Bank of Urbana, Scope Leasing, Inc. and Guardian Financial
Services Company (collectively, “Park’s Principal Subsidiaries”) to share in any above-average
return on equity (net income divided by average shareholders’ equity) which Park and its
subsidiaries on a consolidated basis may generate during a twelve-month period ended September 30.
During the fiscal year ended December 31, 2006 (the “2006 fiscal year”), all officers of Park’s
Principal Subsidiaries, including C. Daniel DeLawder (who served as Chairman of the Board and Chief
Executive Officer of Park and The Park National Bank during the 2006 fiscal year and continues to
so serve), David L. Trautman (who served as President and Secretary of Park and as President of The
Park National Bank during the 2006 fiscal year and continues to so serve), and John W. Kozak (who
served as Chief Financial Officer of Park and as Senior Vice President and Chief Financial Officer
of The Park National Bank during the 2006 fiscal year and continues to so serve) were eligible to
participate in the incentive compensation plan. For the fiscal year ending December 31, 2007 (the
“2007 fiscal year”), all officers of Park’s Principal Subsidiaries (including Messrs. DeLawder,
Trautman and Kozak) will also be eligible to participate.

     Above-average return on equity is defined as the amount by which the net income to average
shareholders’ equity ratio of Park and its subsidiaries on a consolidated basis for a twelve-month
period ended September 30 exceeds the median net income to average shareholders’ equity ratio of
all U.S. bank holding companies of similar asset size ($3 billion to $10 billion). A formula
determines the amount, if any, by which Park’s return on equity ratio exceeds the median return on
equity ratio of these peer bank holding companies. Approximately twenty percent (20%) of that
amount on a before-tax equivalent basis is available for incentive compensation. If Park’s return
on equity ratio is equal to or less than that of the peer group, no incentive compensation will be
available with respect to that twelve-month period.

     The Compensation Committee of the Board of Directors of Park met on December 27, 2006 to
determine the amount of incentive compensation to be paid to each of Messrs. DeLawder, Trautman and
Kozak, Park’s executive officers, in respect of the twelve-month period ended September 30, 2006
(the “2006 Incentive Compensation Period”). The following schedule indicates the incentive
compensation to be paid to each of Park’s executive officers for the 2006 Incentive Compensation
Period:

	 	•	 	C. Daniel DeLawder — $473,525
	 
	 	•	 	David L. Trautman — $313,250
	 
	 	•	 	John W. Kozak — $214,455

 

 

This incentive compensation is expected to be paid on January 26, 2007.

     After deducting the incentive compensation to be paid to Messrs. DeLawder, Trautman and Kozak,
the remaining amount available for incentive compensation pay will be distributed to the officers
of Park’s Principal Subsidiaries on the basis of their respective contributions to Park’s meeting
its short-term and long-term financial goals during the 2006 Incentive Compensation Period, which
contributions are subjectively determined by the Chairman of the Board and Chief Executive Officer
and the President and Secretary of Park and approved by Park’s Board of Directors, upon
recommendation of the Compensation Committee. Recommendations of the presidents of Park’s
Principal Subsidiaries are considered when determining incentive compensation amounts for officers
(other than the internal audit staff) of those subsidiaries. The incentive compensation paid to
the internal audit staff of Park’s Principal Subsidiaries is determined by the Audit Committee of
Park’s Board of Directors.

-2-

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00115-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00115-of-00352.parquet"}], [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00115-of-00352.parquet"}]]