Document:

ex10-2.htm

 

Exhibit 10.2

 

NATIONAL Holdings Corporation

410 Park Avenue, 14th Floor

New York, NY 10022

 

 

                                  March 30, 2015 

 

Mr. Alan B. Levin

605 NW 111th Way

Coral Springs, FL 33071

 

Dear Alan:

 

Reference is made to your Employment Agreement, dated as of July 1, 2008 (“Agreement”), by and between National Holdings Corporation, a Delaware corporation (the “Company”) and you (the “Executive”). This Agreement has been extended pursuant to its terms.

 

In consideration of the premises and mutual conveyance set forth herein, for the payment of Ten Dollars ($10.00) to you and for other good and valuable consideration, the receipt and sufficiency of which are mutually acknowledged, the Company and the Executive hereby agree as follows:

 

1.        Paragraph 2(b) is hereby amended as follows: the first sentence of such paragraph is hereby deleted in its entirety and the following inserted in its place: 

 

“During the Term of Employment, the Executive shall have such financial duties, titles, power and authority as maybe delegated to him, from time to time, by the Company’s Chief Executive Officer. At present, such duties, titles, power and authority shall encompass being employed and serving as the Chief Financial Officer and Chief Accounting Officer.” 

 

2.        Paragraph 6(i) is hereby deleted in its entirety and replaced with the following:

 

“Change in Control of the Company. If the Executive elects to terminate his employment for Good Reason during the thirty (30) day period immediately following the Change in Control of the Company, then the Executive shall be entitled to the same payments and benefits as provided in Section 6(e) above for a termination due to the Executive’s Termination Without Cause. Notwithstanding the foregoing, for purposes of this Paragraph only, the definition of Good Reason contained in Paragraph 1(q)(i) relating to a material diminution in such position, authority, duties or responsibilities after the date of the Change in Control, shall be determined based on the Executive’s position, authority, duties, and responsibilities as of immediately prior to the Change of Control of the Company.”

 

 

 

 

 

3.             Paragraph 1(t) is hereby amended as follows: “50%” is hereby deleted and substituted in its place by “100%”.

 

4.             Paragraph 1(u) is hereby amended as follows: “six (6)” is hereby deleted and substituted in its place by “twelve (12)”. 

 

Except as amended hereby, all terms and provisions of the Agreement shall continue unmodified and remain in full force and effect. 

 

	
 
	 	
NATIONAL HOLDINGS CORPORATION
	
 

	 	 	 	 
	
 
	 	
 
	
 
	
 

	
 
	 	
By: 
	
/s/ Mark Goldwasser
	
 

	
 
	 	
Name:
	
Mark Goldwasser
	
 

	
 
	 	
Title:
	
President 
	
 

	 	 	 	 	 
	 	 	 	 	 
	AGREED AND ACCEPTED:	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	/s/ Alan B. Levin	 	 	 	 
	Alan B. Levinmfrm_Ex10-13

		
			Exhibit 10.13
		

		
			 
		

		
			
		

		
			 
		

		
			Mattress Firm, Inc,  5815 Gulf Freeway  Houston, TX 77023
		

		
			 
		

		
			May 21, 2012
		

		
			 
		

		
			Kindel Elam
		

		
			 
		

		
			Dear Kindel:
		

		
			 
		

		
			Mattress Firm, Inc. (MFI) is pleased to extend to you, the position of Vice President and General Counsel, as a full-time employee, reporting directly to Jim Black, Chief Financial Officer, effective on or before June 30, 2012, or at a mutually agreed upon date.
		

		
			 
		

		
			Compensation
		

		
			You will be compensated with a monthly rate of $18,750.00 (annualized at $225,000) subject to normal withholdings, paid semi-monthly. Your first ninety (90) days of full-time employment with Mattress Firm are considered an introductory period (the "Introductory Period"). Completion of the Introductory Period does not guarantee continued employment for any specified period of time, nor does it require that a dismissal be based on cause.
		

		
			 
		

		
			We are also pleased to offer you a signing bonus equal to $10,000, subject to normal withholdings within two weeks of your start of employment with Mattress Firm. This bonus is to be held confidentially and is contingent upon completion of one year of employment. If you leave the Company's employment for any reason other than position elimination within one (1) year of your start date, you agree to repay a pro-rated share of the signing bonus with Mattress Firm.
		

		
			 
		

		
			Additionally, you will be eligible to participate in the Company’s management-level bonus program. This program will provide you with the opportunity to earn an annual target bonus award in an amount equal to 35% of your earned wages for the year. Based on the achievement of bonus-award goals, the actual bonus can be in the range of zero percent of earned wages to twice the target bonus percent (or 70%) of earned wages. The Company reserves the right to amend or terminate any bonus programs at its discretion.
		

		
			 
		

		
			As soon as administratively feasible after beginning work, you will receive a grant of non-qualified stock options for the purchase of 35,284 shares of Mattress Firm Holding Corp, common stock at an exercise price equal to the fair value of the shares on the grant date. The grant will be made pursuant to the Mattress Firm Holding Corp. 2011 Omnibus incentive Plan. Additional Information regarding the plan and terms of the stock option grant will be provided to you at a future date.
		

		
			 
		

		
			Policies and Benefits
		

		
			As a full time employee of our Company, you will be provided with insurance booklets,  personnel policies and benefits programs that will become effective during and/or following your first 90 days of employment. Any questions regarding Mattress Firm, Inc. policies, benefits administration or eligibility should be directed to our Benefits Specialist.
		

		
			 
		

		
			In addition to Insurance benefits, Mattress Firm offers an employer-sponsored 401(k) plan. Employees are eligible to participate after they have completed three months of service and attained age 20. Mattress Firm matches 33·1/3% of each dollar contributed by the participant up to six percent of his/her pay. During any calendar year, matching contributions cease on participant contributions on earned wages in excess of $80,000. Vesting occurs 20% each year with 100% vesting occurring after completion of five years of service, Mattress Firm reserves the right to amend the provisions of the 401(k) plan at its discretion.
		

		
			 
		

		
			The Company also has a non-qualified deferred compensation plan which you may participate in, if you choose. 
		

		
			 
		

		
			You are also eligible for the following additional benefits:
		

		

		

		 

		

			 

		

 

		
		

			
	
			
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			20 days paid vacation In a 12-month period to be accrued and used In accordance with company policy, except that all accrued and unused vacation days available to you at the end of fiscal year 2012 (ending January 29, 2013) will rollover Into fiscal 2013;

			
	
			
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			8 days paid Corporate Holidays;

			
	
			
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			3 floating holidays per calendar year, available to use following 6 months of employment, in accordance with company policy; and

			
	
			
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			5 Incidental absences per calendar year to be used In accordance with company policy, except that 5cdays will be awarded automatically upon start date.

		
			 
		

		
			Severance Clause
		

		
			If you are terminated without cause after completing one year of servlce1 the Company agrees to pay you a sum equal to six months base pay (no bonus) In return for a release of all claims against the Company.
		

		
			 
		

		
			At-Will Employment
		

		
			If you choose to accept this offer, please understand your employment is "at will," voluntarily entered into and is for no specific period. As a result, you are free to resign at any time, for any reason or for no reason. Similarly, Mattress Firm, Inc. Is free to conclude its at-will employment relationship with you at any time, with or without cause, and this letter does not constitute a contract of employment.
		

		
			 
		

		
			Authorization to Work/Drug Testing/Background Investigation
		

		
			As a condition of employment  you will be required to show proof of authorization to work in the U.S. within three business days of your date of hire. Additionally, you will be required to pass a drug test, criminal background investigation, and reference check as a condition of your employment. Your employment with Mattress Firm, Inc. does not begin until you successfully complete the pre-employment process.
		

		
			 
		

		
			Acceptance
		

		
			To indicate your acceptance of this offer, please sign below. This offer shall remain open until May 25, 2012 at 5 p.m. CST. This letter, along with the Mattress Firm, Inc. Associates Manual, sets forth the terms of your employment with Mattress Firm, Inc. and supersedes any prior representations or agreements, whether written or oral. This letter may only be modified by written agreement signed by you and Mattress Firm's Chief Financial Officer. Please return this signed letter to Human Resources indicating your acceptance of this offer. You may fax a signed copy to (707) 832-0710.
		

		
			 
		

		
			Kindel, welcome to the Mattress Firm team.  We hope you agree that you have a great contribution to make to our team and that you will find working here a rewarding experience.
		

		
			 
		

		
			 
		

			
					
						 

					
					
						 

				
	
					
						Welcome aboard

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						/s/ Christine Brinkley

					
					
						 

					
					
						 

				
	
					
						Christine Brinkley

					
					
						 

					
					
						 

				
	
					
						Vide President, Human Resources

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						Agreed to and Accepted by:

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						/s/ Kindel Elam

					
					
						 

					
					
						5/21/2012

				
	
					
						Kindel Elam

					
					
						 

					
					
						Date

				

		
			 
		

		
			 
		

		

		

		 

		

			 

		

 

		 
		

		
			
		

		
			 
		

		
			March 6, 2014
		

		
			 
		

		
			Dear Kindel:
		

		
			 
		

		
			Title:
		

		
			Effective March 10, 2014, Mattress Firm, Inc. (“Mattress Firm”) is pleased to extend to you the position of Executive Vice President (EVP), Legal and General Counsel, as a full-time employee, reporting directly to Steve Stagner, President and Chief Executive Officer.
		

		
			 
		

		
			Compensation:
		

		
			Effective February 1, 2014, you will be compensated at a monthly rate of $23,750 (Annualized at $285,000) subject to normal withholdings, paid semi-monthly. If you accept this pay revision, your retroactive pay will be included in the next pay cycle(s). In addition to your salary, you will be eligible to participate in Mattress Firm Holding Corp’s management-level bonus program. This program will provide you with the opportunity to earn an annual target bonus award in an amount equal to 35% of your earned wages for the year. Based on the achievement of bonus-ward goals, the actual bonus can be in the range of zero percent of earned wages to twice the target bonus percent (70%) of earned wages. Mattress Firm reserves the right ot amend or terminate any bonus program at its discretion.
		

		
			 
		

		
			Policies and Benefits:
		

		
			There is no change to any other of your benefits. The Company reserves the right to amend or terminate any benefits program presently offered at its discretion at any time.
		

		
			 
		

		
			At-Will Employment:
		

		
			If you choose to accept this offer, please understand your employment is “at will”, voluntarily entered into and is for no specific period. As a result, you are free to resign at any time, for any reason or for no reason. Similarly, Mattress Firm is free to conclude its at-will employment relationship with you at any time, with or without cause, and this letter does not constitute a contract of employment.
		

		
			 
		

		
			Acceptance:
		

		
			To indicate your acceptance of this offer, please sign below. This letter, along with the Mattress Firm, Inc. Associate Handbook, sets forth the terms of your employment with Mattress Firm and supersedes any prior representations or agreement, whether written or oral. This letter may only be modified by a written agreement signed by you and the president and Chief Executive Officer of Mattress Firm.
		

		
			 
		

		
			Please return this signed letter to Jim Tillis, Senior Vice President of Human Resources of Mattress Firm indicating your acceptance of this offer.
		

		
			 
		

		
			Kindel, thank you for your continued efforts on behalf of our Company:
		

		

		

		 

		

			1

		

 

		
		

		
			 
		

			
					
						 

					
					
						 

					
					
						 

				
	
					
						Sincerely,

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						/s/ Steve Stagner

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						Steve Stagner

					
					
						 

					
					
						 

				
	
					
						President and Chief Executive Officer

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						Agreed to and Accepted by:

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						/s/ Kindel Elam

					
					
						 

					
					
						3/11/14

				
	
					
						Kindel Elam

					
					
						 

					
					
						Date

				

		
			 
		

		 

		

			2

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