Document:

Ex 10.1 Letter Agreement - A. Huerta CFO Appointment

		

			Exhibit 10.1

		

		

			

		

		
			﻿
		

		
			﻿
		

		
			
		

		
			May 6, 2022
		

		
			﻿
		

		
			Dear Alejandro:
		

		
			﻿
		

		
			I am very pleased to extend this offer for the position of Chief Financial Officer with Flexsteel Industries, Inc. reporting to me.   
		

		
			﻿
		

		
			This offer of employment is conditioned upon the satisfactory completion of certain requirements, as more fully explained in the following letter.  The key components of our offer are described below.
		

		
			﻿
		

		
			BASE SALARY
		

		
			As an exempt employee, your starting salary will be $290,000 per year.  In this position you will be paid semi-monthly with pay dates being on the 15th and last day of each month.
		

		
			﻿
		

		
			ANNUAL INCENTIVE 
		

		
			You will participate in the Flexsteel Cash Incentive Plan.  Annual cash awards under this Plan are based on the Company’s success in meeting specific annual goals as approved by the Compensation Committee of the Board.
		

		
			﻿
		

		
			Your participation in this Plan will be set at 50% of your base salary at Target Performance or “Funding” (i.e., $145,000 per year).  Maximum funding is 200% of Target, or $290,000 per year. Your participation be effective July 1, 2022 and be guaranteed at target for fiscal year 2023 (July 1, 2022 – June 30, 2023). 
		

		
			﻿
		

		
			LONG-TERM INCENTIVE
		

		
			You will be eligible to participate in Flexsteel’s annual long-term incentives (LTI) effective July 1, 2022.  Your participation level in the LTI will be 50% of base salary ($145,000) at target performance and will be granted as:  
		

			
	
			
				 ·
			

			
	
			
			60% ($87,000) at target performance shares under Flexsteel’s Long-term Incentive Plan.  The LTIP uses overlapping 3-Year performance cycles, and awards are based on the Company’s success in meeting specific goals approved by the Compensation Committee of the Board for the performance period.  Maximum funding is 200% at target, or $174,000 per year.  

			
	
			
				 ·
			

			
	
			
			40% ($58,000) of your annual LTI will be issued as Restricted Stock Units (RSUs) under Flexsteel’s Omnibus Stock Plan with a 3-year cliff vesting schedule.    

		
			﻿
		

		
			BENEFITS
		

		
			Flexsteel offers a comprehensive benefits package that includes, but is not limited to, health and welfare, retirement benefits.  
		

			
	
			
				 ·
			

			
	
			
			Comprehensive Health and Welfare Benefits

			
	
			
				 o
			

			
	
			
			Health Insurance: After a one month waiting period, this Company-sponsored plan provides medical, prescription, vision and dental coverage to office employees. There are two plan options:

		
			The first one is an 80/20 plan with $750 single and $1,500 family deductibles. The employee premium cost per month is currently $150 single, $300 employee plus one, and $400 family.  The second plan is a HDHP with $1,400 single and $2,800 family deductibles. The employee cost per month is currently $90 single, $220 employee plus one, and $250 family, and both plans are subject to annual review.
		

		 

		

			 

		

		

			 

		

 

			
	
			
				 ·
			

			
	
			
			Company Sponsored 401(k) Plan

			
	
			
				 o
			

			
	
			
			Flexsteel’s 401K plan matches 100% of the first 5% of gross wages. Based on what you contribute, total potential employer contribution equals 5%. You will be 100% vested in all contributions made by yourself and by Flexsteel.

			
	
			
				 ·
			

			
	
			
			Short / Long Term Disability

			
	
			
				 ·
			

			
	
			
			Life Insurance = $150,000

		
			﻿
		

		
			In addition to your current benefit package, you will be eligible for:
		

			
	
			
				 ·
			

			
	
			
			Supplemental Health Insurance:  This is a supplemental policy for executives that will pay the deductible and out-of-pocket expenses not covered by the regular health insurance, subject to policy limitations and exclusions.

			
	
			
				 ·
			

			
	
			
			Tax Preparation & Filing:  The Company will pay your annual income tax preparation and filing fees.  

			
	
			
				 ·
			

			
	
			
			Furniture Purchase Program:  As an officer, you are eligible to obtain Flexsteel furniture for personal use at no cost with the requirement that if/when you remove the furniture from your home, you return all proceeds from sale to the Company. 

		
			﻿
		

		
			RELOCATION
		

		
			This offer of employment is contingent on the relocation of you and your family to the Dubuque, IA area within 90 days of your start date. You are eligible for the relocation benefits described herein to relocate. These benefits remain available to you for up to 180 days following your date of hire.  Flexsteel will either pay directly or reimburse you for the following: 
		

		
			﻿
		

			
	
			
				 ·
			

			
	
			
			Closing Cost: Reasonable and customary closing costs for a new home in the Dubuque area which typically includes loan cost, buyer closing costs, legal and other expenses associated with the acquisition of a new home. Mortgage interest points will not be paid and/or reimbursed. The total payment or reimbursement will not exceed five percent (5%) of the purchase price of the new home. 

			
	
			
				 ·
			

			
	
			
			Relocation of Personal Belongings: Household goods will be packed, loaded, moved and unpacked via van line with full replacement insurance from your Texas home to your Dubuque, IA area home. Two bids must be submitted to us including one from Key City Moving and Storage in Dubuque IA, and we will select the moving company. 

			
	
			
				 ·
			

			
	
			
			Storage: Storage cost to store your household belongings until they can be moved into your new home in the Dubuque, IA area.

			
	
			
				 ·
			

			
	
			
			House Hunting: House hunting trip expenses (mileage, hotel, meals) for you and your wife to conduct up to two trips lasting 2-3 days each. 

		
			We understand that every relocation is unique and are committed to working with you to ensure a timely and smooth transition. Additional benefits such as temporary living, dual rent/mortgage assistance, etc. may be made available to you upon my approval. If you leave the company, for any reason, within 2 years of your original start date, all relocations benefits/expenses (prorated for length of service within the 2 years) will be immediately repayable to Flexsteel. 
		

		
			﻿
		

		
			SEVERANCE
		

		
			You will be eligible to participate in the Flexsteel Industries, Inc. Severance Plan for Management Employees.  Per this plan, upon a qualifying termination from the company, as defined within the plan, you will be eligible for:
		

			
	
			
				 ·
			

			
	
			
			Salary continuation for 12 months after separation

			
	
			
				 ·
			

			
	
			
			A lump sum equal to the value of your annual cash incentive at target performance  

			
	
			
				 ·
			

			
	
			
			A lump sum equal to 12 months COBRA health coverage premium

		
			﻿
		

		
			As an employee, you will be subject to all applicable employment and other policies of Flexsteel Industries, Inc, as outlined in the company handbook and elsewhere; and agree to devote your full business time, attention and best efforts to the performance of your duties and to the furtherance of Flexsteel’s interest during your employment. 
		

		
			﻿
		

		
			Your employment will be at-will, meaning that you or Flexsteel Industries, Inc. may modify compensation and benefits, and may terminate the employment relationship at any time, with or without cause, and with or without notice.  Upon your termination of employment, whether by your resignation or termination by the company for any reason, you cease to be eligible for any and all of the company’s benefits plans except as expressly provided otherwise in the plan documents. 
		

		

		

		 

		

			2

		

		

			 

		

 

		﻿
		

		
			This offer is contingent upon the following:
		

			
	
			
				 (a)
			

			
	
			
			Successful completion of a pre-employment drug screen

			
	
			
				 (b)
			

			
	
			
			Satisfactory completion of a background & credit check 

			
	
			
				 (c)
			

			
	
			
			Verification of your right to work in the United States, as demonstrated by your completion of the I-9 form upon hire and your submission of acceptable documentation (as noted on the I-9) for verifying your identity and work authorization within three days of starting employment.

			
	
			
				 (d)
			

			
	
			
			Successful completion of the Confidentiality and Non-Competition Agreement

		
			﻿
		

		
			By accepting this offer, you confirm that you are able to accept this job and carry out the work that it will involve without breaching any legal restrictions on your activities, such as restrictions imposed by a current or former employers.  You also confirm that you will inform Flexsteel about any such restrictions and provide as much information about them as possible, including any agreements between you and your current or former employer describing such restrictions on your activities.   
		

		
			﻿
		

		
			We are eager to have you join our team upon acceptance of this letter. To confirm your acceptance of this offer, please sign and return this letter to me by Monday, May 9th.  
		

		
			﻿
		

		
			﻿
		

		
			﻿
		

		
			Sincerely,
		

		
			﻿
		

		
			﻿
		

		
			﻿
		

		
			/s/ Jerry Dittmer
		

		
			President & CEO
		

		
			﻿
		

		
			﻿
		

		
			﻿
		

		
			Accepted by:
		

		
			﻿
		

		
			﻿
		

		
			﻿
		

		
			___________________________________Date: ___May 9, 2022_______________
		

		
			/s/ Alejandro Huerta
		

		
			﻿
		

		 

		

			3Document

Exhibit 4.1

(face of certificate)

						
	Number 1	69,141 Shares

Senior Non-Cumulative Perpetual Preferred Stock, Series C

PCB BANCORP
A California Corporation

AUTHORIZED CAPITAL STOCK: 70,000,000 Shares

						
	Preferred Stock: 10,000,000 Shares	Common Stock: 60,000,000 Shares

THIS CERTIFIES THAT The United States Department of the Treasury is the record holder of 69,141 fully paid and nonassessable shares of Fixed Rate Cumulative Perpetual Preferred Stock, Series C of 

PCB BANCORP,

a California corporation, transferable only on the share register of said corporation, in person or by duly authorized attorney, upon surrender of this certificate properly endorsed or assigned.

This certificate and the shares represented hereby are issued and shall be held subject to all the provisions of the Articles of Incorporation and the Bylaws of said corporation and any amendments thereto, to all of which the holder of this certificate, by acceptance hereof, assents.

A statement of all rights, preferences, privileges and restrictions granted to or imposed upon the respective classes and/or series of shares of stock of the corporation and upon the holders thereof may be obtained by any shareholder upon request and without charge, at the principal office of the corporation, and the corporation will furnish any shareholder, upon request and without charge, a copy of such statement.

WITNESS the Seal of the corporation and the signatures of its duly authorized officers this 24th day of May, 2022.

									
	/s/ Henry Kim		/s/ Timothy Chang
	Henry Kim, President & CEO		Timothy Chang, CFO

[Corporate Seal]

(back of certificate)

FOR VALUE RECEIVED,                                                                        HEREBY SELLS, ASSIGNS AND TRANSFERS UNTO                                                             ,                 SHARES REPRESENTED BY THE WITHIN CERTIFICATE AND DOES HEREBY IRREVOCABLY CONSTITUTE AND APPOINT                                                              AS THE ATTORNEY TO TRANSFER THE SAID SHARES ON THE SHARE REGISTER OF THE WITHIN NAMED CORPORATION WITH FULL POWER OF SUBSTITUTION IN THE PREMISES.

DATED:                                   , 2022

IN PRESENCE OF:
						
	Witness:
		
	By:	
		
	Shareholder:
		
	By:	
		
	By:	

NOTICE: THE SIGNATURE ON THIS ASSIGNMENT MUST CORRESPOND WITH THE NAME AS WRITTEN UPON THE FACE OF THIS CERTIFICATE, IN EVERY PARTICULAR, WITHOUT ALTERATION OR ENLARGEMENT, OR ANY CHANGE WHATSOEVER.

THE SECURITIES REPRESENTED BY THIS INSTRUMENT ARE NOT SAVINGS ACCOUNTS, DEPOSITS OR OTHER OBLIGATIONS OF A BANK AND ARE NOT INSURED BY THE FEDERAL DEPOSIT INSURANCE CORPORATION OR ANY OTHER GOVERNMENTAL AGENCY. THE SECURITIES REPRESENTED BY THIS INSTRUMENT HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933 (THE “SECURITIES ACT”), OR THE SECURITIES LAWS OF ANY STATE, OR (IF THE ISSUER IS A NATIONAL BANK OR FEDERAL SAVINGS ASSOCIATION) PART 16 OF THE REGULATIONS OF THE OFFICE OF THE COMPTROLLER OF THE CURRENCY (“PART 16”) AND MAY NOT BE TRANSFERRED, SOLD OR OTHERWISE DISPOSED OF EXCEPT WHILE A REGISTRATION STATEMENT RELATING THERETO IS IN EFFECT UNDER SUCH ACT AND APPLICABLE STATE SECURITIES LAWS AND PART 16 (IF APPLICABLE) OR PURSUANT TO AN EXEMPTION FROM REGISTRATION UNDER SUCH ACT OR SUCH LAWS OR SUCH REGULATIONS, AS APPLICABLE. EACH PURCHASER OF THE SECURITIES REPRESENTED BY THIS INSTRUMENT IS NOTIFIED THAT THE SELLER MAY BE RELYING ON THE EXEMPTION FROM SECTION 5 OF THE SECURITIES ACT PROVIDED BY RULE 144A THEREUNDER (IF THE ISSUER IS A NATIONAL BANK OR FEDERAL SAVINGS ASSOCIATION, AS INCORPORATED INTO PART 16). ANY TRANSFEREE OF THE SECURITIES REPRESENTED BY THIS INSTRUMENT BY ITS ACCEPTANCE HEREOF (1) REPRESENTS THAT IT IS A “QUALIFIED INSTITUTIONAL BUYER” (AS DEFINED IN RULE 144A UNDER THE SECURITIES ACT), (2) AGREES THAT IT WILL NOT OFFER, SELL OR OTHERWISE TRANSFER THE SECURITIES REPRESENTED BY THIS INSTRUMENT EXCEPT (A) PURSUANT TO A REGISTRATION STATEMENT WHICH IS THEN EFFECTIVE UNDER THE SECURITIES ACT OR PART 16, AS APPLICABLE, (B) FOR SO LONG AS THE SECURITIES REPRESENTED BY THIS INSTRUMENT ARE ELIGIBLE FOR RESALE PURSUANT TO RULE 144A, TO A PERSON IT REASONABLY BELIEVES IS A “QUALIFIED INSTITUTIONAL BUYER” AS DEFINED IN RULE 144A UNDER THE SECURITIES ACT THAT PURCHASES FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT OF A QUALIFIED INSTITUTIONAL BUYER TO WHOM NOTICE IS GIVEN THAT THE TRANSFER IS BEING MADE IN RELIANCE ON RULE 144A (IF THE ISSUER IS A NATIONAL BANK OR FEDERAL SAVINGS ASSOCIATION, AS INCORPORATED INTO PART 16), (C) TO THE ISSUER OR (D) PURSUANT TO ANY OTHER AVAILABLE EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT AND PART 16, AS APPLICABLE AND (3) AGREES THAT IT WILL GIVE TO EACH PERSON TO WHOM THE SECURITIES REPRESENTED BY THIS INSTRUMENT ARE TRANSFERRED A NOTICE SUBSTANTIALLY TO THE EFFECT OF THIS LEGEND. 
THIS INSTRUMENT IS ISSUED SUBJECT TO THE RESTRICTIONS ON TRANSFER AND OTHER PROVISIONS OF A SECURITIES PURCHASE AGREEMENT BETWEEN THE ISSUER OF THESE SECURITIES AND THE INVESTOR REFERRED TO THEREIN, A COPY OF WHICH IS ON FILE WITH THE ISSUER. THE SECURITIES REPRESENTED BY THIS INSTRUMENT MAY NOT BE SOLD OR OTHERWISE TRANSFERRED EXCEPT IN COMPLIANCE WITH SAID AGREEMENT. ANY SALE OR OTHER TRANSFER NOT IN COMPLIANCE WITH SAID AGREEMENT WILL BE VOID.

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00345-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00345-of-00352.parquet"}]]