Document:

exhibit101kforcedunkelpa

1  Exhibit 10.1    PART-TIME EMPLOYMENT AGREEMENT    This Part-Time Employment Agreement (the “Agreement”) is made and entered into as of November  30, 2021, to be effective as of December 30, 2021 (the “Effective Date”), between Kforce Inc., a Florida  corporation Inc. (“Company”) and David L. Dunkel (“Employee”).  Together, the Company and Employee may  be referred to hereinafter as the “Parties.”     Whereas, Employee has served as the Company’s Chief Executive Officer since 1994, and previously  entered into an Employment Agreement, dated as of December 31, 2006, with the Company (the “Prior  Employment Agreement”).    Whereas, Employee has decided to retire as Chief Executive Officer and as an executive officer of the  Company as of the Effective Date.    Whereas, in order to insure the availability of the advice, counsel and experience of Employee, the  Company desires to continue to employ Employee on a limited, part-time basis following the Effective Date  pursuant to the terms of this Agreement.       NOW, THEREFORE, Company and Employee agree as follows:    1. Resignation as Chief Executive Officer.  Employee hereby resigns as Chief Executive Officer  and as an executive officer of the Company as of the Effective Date, and the Company accepts such  resignation.    2. Employment as Part-Time Employee.  Commencing on the Effective Date, Employee shall  become a part-time employee of the Company upon the terms and conditions set forth in this Agreement.    3. Term.  Unless earlier terminated herein in accordance with Section 7 hereof, Employee’s  employment with the Company shall be governed by the terms and conditions of this Agreement for a period  beginning on the Effective Date and ending on December 31, 2022 (the “Term”).  Commencing on December  31, 2022, and on each subsequent December 31 thereafter, the Term shall automatically be extended for one  (1) additional year unless, not later than thirty days (30) prior to any such extension date, either party hereto  shall have notified the other party hereto in writing that such extension shall not take effect.    4. Extent of Service.  During the Term, Employee shall provide advice, counsel and services to  Company on a limited, part-time basis at such times and in such manner as reasonably requested by the  Company from time to time, including, without limitation, providing transitional support to the successor  Chief Executive Officer, providing guidance in the development of the Company’s strategic direction,  participation in annual executive planning retreat, periodically meeting with the CEO and other executives,  discussions and meetings with the Company’s external stakeholders on an as needed basis and other duties  reasonably requested by the Board or the CEO.  Notwithstanding anything herein to the contrary, in no event  will Employee be expected or permitted to perform services for the Company at a level that would exceed  20% of the average level of bona fide services Employee performed for the Company during the 36-month  period preceding the Effective Date.    5. Compensation.    (a) As of the Effective Date, Employee’s base salary shall be at the rate of U.S. $437,500 per year  (“Base Salary”), less normal withholdings, payable in periodic installments in accordance with the Company’s  payroll practices for its employees from time to time.  The Board of Directors shall review Employee’s Base  Salary annually and may increase or decrease Employee’s Base Salary from time to time.  Such adjusted salary  then shall become the Employee’s Base Salary for purposes of this Agreement.    

 

2  (b) During the Term, Employee shall have an opportunity to receive an annual bonus under the  Company’s annual incentive program, based upon the achievement of performance goals established from  year to year by the Compensation Committee (the “Annual Bonus”).    (c) During the Term, Employee shall be eligible for grants of stock-based awards under the  Company’s long-term incentive plan or plans. Nothing herein requires the Company to make grants of stock- based awards in any year.    (d) During the Term, Employee shall be eligible for participation in the welfare benefit plans,  practices, policies and programs provided by the Company, if any, to the extent generally available to other  employees of the Company, subject to eligibility requirements and terms and conditions of each such  plan; provided, however, that nothing herein shall limit the ability of the Company to amend, modify or  terminate any such benefit plans, policies or programs at any time and from time to time.    (e) During the Term, Employee shall be entitled to receive prompt reimbursement from the  Company for all reasonable and customary expenses incurred by Employee in the course of performing the  duties and responsibilities under this Agreement, in accordance with the policies, practices and procedures of  the Company with respect to travel, entertainment and other business expenses.    (f) During the Term, any shares of restricted stock or other equity awards held by Employee as  of the Effective Date shall remain outstanding and shall continue to vest in accordance with their existing  terms.    6. Other Employment. Except as provided in Sections 4, 9 and 10 hereof, nothing herein shall  be construed as in any way prohibiting or preventing Employee from accepting employment with any other  entity subsequent to the Effective Date.    7. Termination; Obligations of the Company Upon Termination.    (a) The Company may terminate Employee’s employment during the Term with or without  Cause upon written notice to Employee.  For purposes of this Agreement, “Cause” shall be as defined in the  Prior Employment Agreement.    (b) Employee may terminate Employee’s employment during the Term at any time upon written  notice to Company.    (c) Upon termination of Employee’s employment for any reason, the Company shall pay to  Employee the amount of any earned but unpaid Base Salary through the date of termination.  In addition, in  the event the Company terminates Employee’s employment without Cause, and such termination occurs in  connection with or following a Change in Control (as such term is defined in the Prior Employment  Agreement) and within twelve (12) months following the Effective Date, the Company shall pay to Employee  an amount equal to $2,150,000, payable in a lump sum within thirty (30) days following the date of  termination, and subject to Employee executing and not revoking a full general release of claims and covenant  not to sue in a form satisfactory to the Company.      8. Entire Agreement; Status of Other Agreements.  Except as provided herein, this Agreement  contains the entire agreement between the Company and Employee with respect to the subject matter hereof  and, from and after the Effective Date, this Agreement shall supersede any other agreement (including the  Prior Employment Agreement) between the parties with respect to the subject matter hereof.  By entering  into this Agreement, Employee acknowledges and agrees that the Prior Employment Agreement shall be  terminated, without further action by the Parties, and hereby waives any and all rights to any compensation  and/or severance benefits under the Prior Employment Agreement (including, without limitation, any  severance benefits payable upon a termination of employment for any reason).    

 

3  9. Amendment to and Continuation of Confidential Information Agreement and Restrictive  Covenant.  The Company and Employee are parties to that certain Confidential Information Agreement and  Restrictive Covenant, dated as of December 31, 2006, and attached as Exhibit A to the Prior Employment  Agreement (the “Restrictive Covenant Agreement”).  The Company and Employee agree that the Restrictive  Covenant Agreement shall be and is hereby amended to provide that the “Restriction Period” means the  period of time commencing as of the date of the Prior Employment Agreement and ending on the second  anniversary of the termination of Employee’s employment pursuant to this Agreement.  As so amended, and  notwithstanding Section 8 above, the Parties acknowledge and agree that the Restrictive Covenant shall  remain in full force and effect.    10. Agreement Not to Compete.  In consideration and view of (i) the valuable consideration  furnished to Employee by the Company entering into this Agreement, (ii) Employee’s access to confidential  information and trade secrets of the Company, and (iii) the value of such confidential information and trade  secrets to the Company, during the period commencing on the Effective Date and ending on the second  anniversary of the end of the Term, Employee shall not render services to any other firm, person, corporation,  partnership or other entity or individual engaged in the business of temporary, contract or permanent  placement of individuals or in the staffing services business (including, but not limited to, any executive  recruiting firm, employment agency or temporary personnel service). The covenants of Employee contained  in this Section 10 are in addition to, and not in amendment, modification or replacement of, any obligations of  Employee contained in the Restrictive Covenant Agreement or any other agreement between Employee and  the Company.    11. Insider Trading Policy.  Notwithstanding Employee’s resignation as an executive officer of  the Company, Employee acknowledges and agrees that he shall remain subject to the Company’s Insider  Trading Policy, as in effect during the Term.     12. Miscellaneous.    (a) Governing Law; Forum Selection; Consent to Jurisdiction.  The Company and Employee agree  that this Agreement shall be governed by and construed and interpreted in accordance with the laws of the  State of Florida without giving effect to its conflicts of law principles. Employee agrees that the exclusive  forum for any action to enforce this Agreement, as well as any action relating to or arising out of this  Agreement, shall be the state or federal court of the State of Florida. With respect to any such court action,  Employee hereby (a) irrevocably submits to the personal jurisdiction of such courts; (b) consents to service  of process; (c) consents to venue; and (d) waives any other requirement (whether imposed by statute, rule of  court, or otherwise) with respect to personal jurisdiction, service of process, or venue.    (b) Captions.  The captions of this Agreement are not part of the provisions hereof and shall  have no force or effect.    (c) Amendments.  This Agreement may not be amended or modified otherwise than-by a  written agreement executed by the parties hereto or their respective successors and legal representatives.    (d) Notices.  All notices and other communications hereunder shall be in writing and shall be  given by hand delivery to the other party or by registered or certified mail, return receipt requested, postage  prepaid, addressed as follows:     

 

4    If to the Employee: David L. Dunkel  Address on file with the Company      If to the Company: Kforce Inc.  1001 East Palm Avenue  Tampa, Florida 33605  Attention: CEO    or to such other address as either party shall have furnished to the other in writing in accordance  herewith. Notice and communications shall be effective when actually received by the addressee.    (e) Severability.  The invalidity or unenforceability of any provision of this Agreement shall not  affect the validity or enforceability of any other provision of this Agreement.    (f) Withholding.  The Company may withhold from any amounts payable under this Agreement  such Federal, state, local or foreign taxes as shall be required to be withheld pursuant to any applicable law or  regulation.    (g) Waivers.  The Employee’s or the Company’s failure to insist upon strict compliance with any  provision of this Agreement or the failure to assert any right Employee or the Company may have hereunder,  shall not be deemed to be a waiver of such provision or right or any other provision or right of this  Agreement.    (h) Counterparts.  This Agreement may be executed in two or more counterparts, and it shall not  be necessary that the signatures of the parties hereto be contained on any one counterpart hereof. Each  counterpart shall be deemed an original but all counterparts together shall constitute one and the same  instrument. Any signature page of any such counterpart, or any electronic facsimile thereof, may be attached  or appended to any other counterpart to complete a fully executed counterpart of this Agreement, and any  telecopy or other electronic transmission of any signature shall be deemed an original and shall bind such  party.      IN WITNESS WHEREOF, the parties hereto have duly executed and delivered this Agreement as of the  date first above written.      Kforce Inc.    By: /s/ DAVID M. KELLY  David M. Kelly      /s/ DAVID L. DUNKEL  David L. Dunkelex_319151.htm

Exhibit 10.1

 

	
			

				Escalade, Incorporated

			P.O. Box 889, Evansville, IN 47706-0889

			817 Maxwell Avenue, Evansville, IN 47711

			T: (812) 467-4449 F: (812) 467-1303

			www.escaladeinc.com	 

 

December 20, 2021

Mr. Walt Glazer

60 Oyster Cut

Vero Beach, FL 32967

 

Re: Offer of Employment as CEO and President of Escalade, Incorporated

 

Dear Walt:

 

The Board wanted to express its appreciation of your leadership in the role of interim CEO and President during Escalade’s transition during 2021. The interim time has given the Board time to evaluate your capabilities and capacities as CEO and has given you time to adjust and understand the expectations, time commitment, and complexities of this most important position for the Company. At this point, the Board would like to employ you as the Company’s full time CEO and President. The Board also intends to continue your role as Chairman of the Escalade Board of Directors, which Chairman position will be voted upon yearly by the Board.

 

Subject to your mutual agreement and a start date of January 1, 2022, we are pleased to offer you the positions of Chief Executive Officer and President of Escalade, Incorporated (“Escalade” or the “Company”), removing Interim from your title.

 

As CEO and President, your primary responsibilities will include -

	 	
			●

				
			Overall Business Strategy, planning and management, and customer focus

			

	 	
			●

				
			Executive team leadership, succession planning, and working closely with the Board

			

	 	
			●

				
			Leading, building and protecting the high-performance Escalade culture

			

	 	
			●

				
			Leadership on effective capital allocation, investments, acquisitions, and divestitures

			

	 	
			●

				
			Focused on driving appropriate ROA, ROI, EPS, and carefully managing risk

			

 

The Board expects that your full-time focus on these primary CEO/President responsibilities will result in profitably growing the Company and leading its employees, as well as, significantly improving shareholder value and returns. It is expected that you will continue to have a professional, open, and transparent working relationship with the Board of Directors. With a 100 years of business history, we are excited about this chapter for Escalade and look forward to your vision and leadership in guiding our Company to achieve its goals going forward.

 

The following provides the terms and conditions of your employment offer (this “Offer Letter”):

 

	
			1.

				
			Start Date. Your full-time employment will commence on January 1, 2022.

			

 

	
			2.

				
			Reporting Relationship. You will report directly to Escalade’s Board of Directors.

			

 

	
			3.

				
			Base Salary. Your starting annualized base salary will be $500,004. Any changes to your base salary in the future will be set by the Compensation Committee of Escalade’s Board of Directors. Salary will be paid in accordance with the Company’s normal payroll practices and will be subject to legally required tax withholdings.

			

 

1

 

 

Escalade, Incorporated

P.O. Box 889, Evansville, IN 47706-0889

817 Maxwell Avenue, Evansville, IN 47711

T: (812) 467-4449 F: (812) 467-1303

www.escaladeinc.com

 

 

	
			4.

				
			Annual Bonus. You will participate in the Company’s Annual Profit Improvement Plan (the “PI Plan”). Your PI Plan bonus as CEO in 2022 and all future years will be determined by the Compensation Committee in accordance with and at the same time as bonus determinations are made for the Company’s other executive officers. Future bonuses may include performance and/or other conditions established by the Board.

			

 

	
			5.

				
			Equity Grants. Effective on your Start Date, you will be eligible to participate in the Company’s 2017 Incentive Plan.

			

 

	 	
			a.

				
			Initial Restricted Stock Units. On your Start Date, the Company will grant you $900,000 worth of restricted stock units (“RSUs”) to be settled one-for-one in shares of Escalade common stock. The number of RSUs to be granted shall be determined based on the trailing 30-day volume weighted average trading per share prices of Escalade common stock on The Nasdaq Stock Market ending on the Start Date. These RSUs will vest solely based on time. Vesting will be evenly spread out over three years, with 1/3 of the RSU’s vesting on January 1 of 2023, 2024, and 2025.

			

 

	 	
			b.

				
			Future Grants. It has been the practice of the Board of Directors and the Compensation Committee to make annual grants of equity incentives to the Company’s executive officers and key employees. We anticipate continuing such practice, including annual grants to you as the Company’s Chief Executive Officer and President, in such amounts and having such terms as determined by the Board of Directors and Compensation Committee. Such grants may be in the form of RSUs, restricted stock, stock options, or other similar incentives as authorized by the Company’s 2017 Incentive Plan.

			

 

	 	
			c.

				
			Other Incentive Plans. You will be eligible to participate in other Company incentive plans that the Board of Directors may create from time to time in which the Company’s executive officers are eligible to participate.

			

 

	
			6.

				
			Severance Benefits. In the event your employment with the Company is terminated for any reason, the Company will have no obligation to pay any severance benefits.

			

 

	
			7.

				
			Benefits. If you choose, you will be enrolled in the Company’s standard health and welfare benefit programs generally applicable to similarly situated executives upon your Start Date, subject to the eligibility requirements of such plans. In addition to the Company’s group life and accidental death and dismemberment insurance, you will be eligible to purchase additional voluntary term life insurance in such coverage amounts as you may elect from time to time. You will be eligible to receive vacation in accordance with Escalade’s vacation policy. The Company reserves the right to change or amend its benefit plans it offers to employees at any time, but you will be entitled to participate in such plans as are then offered by the Company.

			

 

	
			8.

				
			Location. Your primary place of employment shall be at the Company’s principal executive offices located in Evansville, Indiana. It is expected that you will spend appropriate time at all of Escalade’s business locations, wherever located, and travel when necessary and as required to conduct your duties as Escalade’s Chief Executive Officer and President. The Company will have no obligation to pay any relocation expenses.

			

 

2

 

 

Escalade, Incorporated

P.O. Box 889, Evansville, IN 47706-0889

817 Maxwell Avenue, Evansville, IN 47711

T: (812) 467-4449 F: (812) 467-1303

www.escaladeinc.com

 

 

	
			9.

				
			No Prior Agreements. You represent and warrant (a) that you are not bound by any agreement with any previous employer or other party that you would breach by accepting employment with the Company or performing your duties as an employee of the Company or that would otherwise limit your ability to perform such duties, and (b) that, in the performance of your duties with the Company, you will not utilize or disclose any confidential information in breach of an agreement with a previous employer or any other party. You further agree to indemnify the Company for any damages, losses, or expenses that the Company may incur for any breaches of the representations and warranties set forth in this Section 11.

			

 

	
			10.

				
			Nature of Employment. Your employment with the Company is on an “at-will” basis, meaning that either you or the Company may terminate the employment relationship at any time, for any reason, with or without cause and with or without notice, subject to the severance provisions set forth in the Executive Severance Agreement. In addition, this Offer Letter sets out the initial terms of your employment with the Company, which shall be valid and binding upon you and the Company but is not intended to create an ongoing contract of employment for any specific duration between you and the Company.

			

 

	
			11.

				
			Company Policies. As a Company employee and as a director, you will be expected to continue to comply with and be bound by the operating policies, procedures, practices and rules and regulations of the Company. You will also be expected to sign and comply with our Code of Ethics and our Insider Trading Policy. You also agree that, during the term of your employment with the Company, you will not engage in any other employment, occupation, consulting, or other business activity directly related to the business in which the Company is now involved or becomes involved during the term of your employment, nor will you engage in any other activities that conflict with your obligations to the Company.

			

 

	
			12.

				
			Governing Law. This Offer Letter and all actions taken relating hereto shall be governed as to validity, construction, interpretation, and administration by the laws of the State of Indiana and applicable federal law, without regard to the choice of law provisions thereof.

			

 

	
			13.

				
			Arbitration. Any dispute that may arise between the Company and you, including but not limited to this Offer Letter, shall be settled by binding arbitration in accordance with the Employment Arbitration Rules of the American Arbitration Association and judgment on the award rendered by the arbitrator(s) may be entered in any court having jurisdiction thereof. Any and all such arbitrations shall take place in Evansville, Indiana.

			

 

	
			14.

				
			Indemnification and Directors’ and Officers’ Liability Insurance. The Company shall indemnify you for your acts and omissions as a director and officer of the Company to the maximum extent permitted under the laws of the state of incorporation of the Company. During the term of your employment and for three years following your termination of service, the Company will use its commercially reasonable efforts to maintain directors’ and officers’ liability insurance that will cover you for your acts and omissions taken or made during the time that you serve in such capacity or capacities; provided, however, that Escalade may substitute for its existing policy a policy of at least the same coverage and amounts containing terms and conditions which are not less advantageous than Escalade’s existing policy and that in no event shall Escalade be required to expend in any one year an amount in excess of 125% of the annual premiums currently paid by Escalade for such insurance.

			

 

3

 

 

Escalade, Incorporated

P.O. Box 889, Evansville, IN 47706-0889

817 Maxwell Avenue, Evansville, IN 47711

T: (812) 467-4449 F: (812) 467-1303

www.escaladeinc.com

 

 

	
			15.

				
			Acceptance of Offer Letter. To indicate your acceptance of this Offer Letter, please sign and date this letter in the space provided below and return it to my attention no later than December 20, 2021. This Offer Letter sets forth the initial terms of your employment with the Company and supersedes any prior representations or agreements, whether written or oral. This letter may not be modified or amended except by a written agreement, signed by the Chairman of the Compensation Committee and by you.

			

 

Upon commencement of employment, it will also be necessary for you to furnish I-9 proof of U.S. employment eligibility.

 

The Board greatly appreciates the time and effort you have devoted to Escalade in 2021 as Interim CEO/President. Driving shareholder value is the main responsibility of the Board and CEO; working together we can make this happen! We enthusiastically look forward to 2022, and the bright future that lies ahead for Escalade.

 

Congratulations on your employment as CEO and President of Escalade!

 

 

Sincerely,

 

 

ESCALADE, INCORPORATED 

 

 

 

By: /s/ EDWARD E. WILLIAMS

Name: Edward E. Williams

Title: Compensation Committee Chairman and Director 

 

 

 

 

 

Accepted and agreed to as of December 20, 2021

 

 

 

By: /s/ WALTER P. GLAZER, JR.

Walt Glazer

 

 

4

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