Document:

Exhibit 10.1

      

    

      KASPIEN HOLDINGS INC.

    

    

    Personal and Confidential

    

    

    March 11, 2022

    

    

    Mr. Kunal Chopra

    

    

    Dear Kunal:

    

    

    Reference is made to the letter agreement dated July 5, 2019, as amended on July 20, 2019 from Kaspien Holdings Inc., which at the time was named Trans World
      Entertainment Corporation, (the “Company”) to you pursuant to which you have served as Chief Executive Officer of the Company and Chief Executive Officer of Kaspien Inc. (formerly known as etailz and referred
      to herein as “etailz”), a wholly-owned subsidiary of the Company (the “Letter Agreement”).  This agreement (the “Agreement”) sets
      forth the terms of your separation from employment by the Company, etailz and their subsidiaries.

    

    

    1.          Separation. 
        Your employment with the Company and its affiliates ended on March 11, 2022 (the “Separation Date”).  You hereby resign from all positions and offices, if any, that you hold with the Company, etailz or any
        entity that is a subsidiary of, or is otherwise related to or affiliated with, the Company, effective on the Separation Date.

    

    

    2.          Severance. 
        You will receive your accrued but unpaid base salary through the Separation Date (in the amount of $17,307).  You do not have any accrued but unused vacation, and you do not have any unreimbursed business expenses.  In consideration for the Release
        set forth below, (x) you will continue to be paid your current base salary, at the annualized rate of $500,000, for a period of six months following the Separation Date (such six month period is referred to herein as the “Separation Period”), and (y) provided you are, and continue to be, in compliance with your covenants set forth herein, you will be paid an amount of cash equal to $150,000, one fourth of which ($37,500) shall be payable to you on
        each of March 31, 2022, June 30, 2022, September 30, 2022 and December 30, 2022.  In addition, options to purchase 5000 shares of common stock of the Company granted to you on September 3, 2019 and options to purchase 5000 shares of common stock of
        the Company granted to you on September 3, 2021 will each continue to be exercisable for ninety (90) days after the Separation Date, after which time they will be forfeited for no consideration.  All other equity based compensation awards granted
        to you by the Company will be forfeited for no consideration on the Separation Date.  Provided that you are participating in the Company’s group health, dental and vision plans on the Separation Date, you may elect to continue that participation in
        some or all of such plans through the federal law commonly known as “COBRA” at your own cost in accordance with the applicable rules under COBRA and the plans.  Except as specifically set forth in this Section 2, you agree that you will not be
        entitled to any other compensation or benefits from the Company, etailz or their affiliates after the Separation Date.  Notwithstanding the foregoing, if you obtain a subsequent employment position or engagement
          prior to the expiration of the Severance Period, any compensation or fees you earn or receive during the Severance Period pursuant to such subsequent employment or engagement shall reduce the Company’s severance payment obligations under clause
          (x) above on a dollar for dollar basis.  You will provide the Company with written notice as soon as practicable following the date you obtain a subsequent position, which notice shall further specify the amount of compensation you will earn or
          receive from such subsequent employment or engagement during the Severance Period.

     

        

    
      
        

    

    
    3.          Release. 
        By executing this Agreement, which includes this Release (“Release”), you have advised the Company and etailz that you waive any and all claims against the Company, etailz and their subsidiaries and
        affiliated or related entities, and any and all of their respective predecessors, successors, assigns and employee benefit plans, and in such capacities their respective past, present or future officers, directors, shareholders, employees,
        trustees, fiduciaries, administrators, agents or representatives (collectively, the “Releasees”) and you irrevocably and unconditionally release and forever discharge any such claims except as specifically
        provided below.  You understand and agree that this Release extends to all claims, demands, liabilities and causes of action of every kind, nature and description whatsoever, whether known, unknown or suspected to exist, which you ever had or may
        now have against the Releasees, including, without limitation, any claims, demands, liabilities and causes of action arising from your employment with the Company, etailz or any of their affiliates and the termination of that employment, including
        any claims for severance or vacation pay, business expenses, and/or pursuant to any federal, state, county, or local employment laws, regulations, executive orders, or other requirements, including, but not limited to, the Civil Rights Acts, the
        Age Discrimination in Employment Act, the Americans with Disabilities Act, the Workers Adjustment and Retraining Notification Act, Sections 503 and 504 of the Rehabilitation Act, the Employee Retirement Income Security Act, the Sarbanes-Oxley Act,
        the Washington State laws against discrimination, all as amended, and any other local, state or federal fair employment laws, and any contract or tort claims.  However, you do not waive or release any rights you may have relating to (i)
        tax-qualified retirement benefits accrued and vested prior to the Separation Date, (ii) accrued and unpaid welfare benefit claims incurred prior to your termination of participation in such plans, (iii) the benefits specifically provided in Section
        2 above, and (iv) any rights or claims which cannot legally be waived or released.  In consideration of the terms of this Agreement, you waive any claims you may have for employment by the Company or its subsidiaries and agree not to seek such
        employment or reemployment by the Company or its subsidiaries in the future.

    

    

    4.          Covenant
            Not to Sue.  It is understood and agreed that you are waiving your right to initiate an action in state or federal court by you or on your behalf alleging discrimination on the basis of race, sex, religion, national origin, age,
        disability, marital status, or any other protected status or involving any contract or tort claims based on your termination of employment from the Company and its subsidiaries that are released hereby, except as may be necessary to enforce this
        Agreement or to seek a determination of the validity of the waiver of your rights under the ADEA.  It is also acknowledged that your termination was not in any way related to any work related injury.  While the release of claims contained herein
        does not prevent you from in the future filing a charge or complaint with any government entity, you acknowledge and agree that if you file a charge or complaint with a government entity, or a government entity asserts a claim on your behalf, your
        release of claims and waiver of your right to seek reemployment set forth in Section 3 of this Agreement shall bar you from receiving monetary relief or reinstatement, except you do not waive: (i) your right to receive an award from a government
        entity under its whistleblower program for reporting in good faith a possible violation of law to such government entity, (ii) any recovery to which you may be entitled pursuant to workers’ compensation and unemployment insurance laws, and (iii)
        any other right where a waiver is expressly prohibited by law.

     

      

    
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    5.          Consideration
            Period.  You acknowledge that you have been afforded a twenty-one (21) day period after the delivery of this Agreement during which to consider the effect of the Release.  At your option, you
        may elect to execute this Agreement prior to the expiration of the twenty-one (21) day period.  Additionally, you have seven (7) days after the date you execute this Agreement to revoke it.  As a result, this Agreement will not be effective until
        eight (8) days after you execute it, and any amount that would have otherwise been payable under the Agreement to you prior to that time will instead be payable on such effective date.  The Company is also advising you to consult with legal counsel
        prior to executing a copy of this Agreement.  You understand that any notice revoking this Agreement must be in writing and hand-delivered or emailed to the Chief Financial Officer of the Company at the address of the Company [above] (or if by
        email, to the following email address of the Chief Financial Officer: esapienza@kaspien.com).

    

    

    6.          Restrictive Covenants.  You hereby reaffirm your covenants relating to Non-Solicitation, Non-Compete and Confidentiality set forth in Sections 13, 14 and 15 in the Letter Agreement, each of which are
        incorporated herein by reference, may be enforced by the Company and/or etailz and shall continue in effect following the Separation Date in accordance with their terms.  For the avoidance of doubt, references in the Letter Agreement to Trans World
        Entertainment will be considered to refer to Kaspien Holdings Inc.

    

    

    7.          Return
            of Company Property.  You agree that, not later than the Separation Date, you will return to the Company or etailz all property of the Company, etailz, or any of their subsidiaries in your
        possession or control, including, without limitation, all computers, records, paper and electronic files, documents, software programs, and copies thereof, pertaining to the business of the Company, etailz, or any of their subsidiaries as such
        records, files, documents and programs may constitute trade secrets and proprietary information belonging solely to the Company, etailz, or any of their subsidiaries.  You may not retain copies of any such records, files, documents or programs, and
        hereby relinquish and assign to the Company any and all rights, if any, that you may have in any such records, files, documents or programs.

    

    

    8.          Nondisparagement. 
        You will not criticize or disparage the Company, etailz or their affiliates or any of their directors, officers, employees, vendors, products or services.  Notwithstanding the foregoing, nothing in this Section 8 shall prevent you from making any
        truthful statement to the extent, but only to the extent (A) necessary with respect to any litigation, arbitration or mediation involving this Agreement in the forum in which such litigation, arbitration or mediation properly takes place or (B)
        required by law, legal process or by any court, arbitrator, mediator or administrative or legislative body (including any committee thereof) with apparent jurisdiction over you.  Notwithstanding your obligations under this Section 8, you shall have
        the right to make the disclosures specifically permitted under the last two paragraphs of Section 15 of the Letter Agreement.

     

      

    
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    9.          Future
            Cooperation.  Following the Separation Date, you agree that you shall, without any additional compensation, respond to reasonable requests for information from the Company or etailz regarding matters that may arise in the business of
        the Company, etailz or their affiliates.  You agree that you will respond to any such requests promptly.  You further agree to fully and completely cooperate with the Company and etailz, their advisors and their legal counsel with respect to any
        litigation that is pending against the Company, etailz or their affiliates and any claim or action that may be filed against them in the future.  Such cooperation shall include making yourself available at reasonable times and places for
        interviews, reviewing documents, testifying in a deposition or a legal or administrative proceeding, and providing advice to the Company and etailz in preparing defenses to any pending or potential future claims against the Company, etailz or their
        affiliates.  The Company will reimburse you for any approved reasonable travel expenses incurred as a result of your cooperation with the Company, and etailz will reimburse you for any approved reasonable travel expenses incurred as a result of
        your cooperation with it.

    

    

    10.          Taxes. 
        The Company and/or etailz may withhold from any amounts payable under this Agreement all federal, state, city or other taxes as they are required to withhold pursuant to any applicable law, regulation or ruling.

    

    

    11.          Governing
            Law.  This Agreement shall in all respects be interpreted, construed and governed by and in accordance with the internal substantive laws of the State of Washington, without regard to the conflict of laws provisions thereof.

    

    

    12.          Severability. 
        Should any provision of this Agreement be declared or be determined by any court to be invalid, the validity of the remaining parts, terms or provisions shall not be affected thereby, and said invalid part, term or provision shall be deemed not to
        be part of this Agreement.  The waiver of a breach of any of the provisions of this Agreement shall not operate or be construed as a waiver of any other provision of this Agreement or a waiver of any subsequent breach of the same provision.

    

    

    13.          Voluntary
            Execution.  You acknowledge that you are executing this Agreement voluntarily and of your own free will and that you fully understand and intend to be bound by the terms of this Agreement.  Further, you acknowledge that you have had
        an opportunity to carefully review this Agreement with your attorney prior to executing it or warrant that you have chosen not to have your attorneys review this Agreement prior to signing.  You hereby
        acknowledge that the benefits and amounts to be paid to you hereunder exceed any benefit to which you are otherwise entitled.  This Agreement may be executed in counterparts and by signatures transmitted by fax or email.

    

    

    14.          Entire
            Agreement.  This Agreement constitutes the entire agreement between the Company, etailz and you with respect to the subject matter of this Agreement, and there are no other written or oral agreements, understandings or arrangements
        except as set forth herein.  Except to the extent its provisions are specifically incorporated herein, this Agreement supersedes the Letter Agreement.  Any amendments, additions or other modifications to this Agreement must be done in writing,
        signed by all parties, and subject to approval of the Company’s Chief Executive Officer in order to be binding.

     

      

    
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    15.          Successors
            and Assigns.  This Agreement shall bind and inure to the benefit of and be enforceable by you, the Company, etailz and their respective heirs, executors, personal representatives, successors and assigns, except that no party may
        assign any rights or delegate any obligations hereunder without the prior written consent of the other parties.  You hereby consent to the assignment by the Company and/or etailz of all of their rights and obligations hereunder to any successor to
        the Company and/or etailz, as the case may be, by merger or consolidation or any purchaser of all or substantially all of the assets of the Company and/or etailz, as the case may be.

    

    

    16.          409A. 
        The parties intend that this Agreement and the payments and benefits provided hereunder will be exempt from the application of Section 409A of the Internal Revenue Code of 1986, as amended, and the rules and
          regulations issued thereunder, to the maximum extent possible, whether pursuant to the short-term deferral exception described in Treasury Regulation Section 1.409A-1(b)(4), the involuntary separation pay plan exception described in Treasury
          Regulation Section 1.409A-1(b)(9)(iii), or otherwise.

    

    

    17.          Miscellaneous: You hereby agree and acknowledge that (i) the restrictions set forth in Sections 13, 14 and 15 of the Letter Agreement (which have been incorporated herein) (A)
          are reasonable as to time and scope, (B) are reasonable and necessary in order to protect the legitimate interests of the Company and its affiliates, (C) do not impose on you undue hardship and (D) are not injurious to the public, (ii) the
          Company and its affiliates compete for clients and customers throughout the world, (iii) the Company would not have entered into this Agreement in the absence of the restrictions set forth herein, (iv) a breach or threatened breach of your
          covenants and restrictions could cause irreparable harm to the Company and its affiliates for which they would have no adequate remedy at law.  Accordingly, notwithstanding any language contained in this Agreement, and in addition to any remedies
          which the Company may have at law, in the event of an actual or threatened breach of your covenants and restrictions contained in this Agreement, the Company shall have the absolute right to apply to any court of competent jurisdiction in the
          State of Washington for such injunctive or other equitable relief as such court may deem necessary or appropriate in the circumstances (without the requirement of posting a bond or any other type of undertaking).  Additionally, you agree that in
          the event that any court of competent jurisdiction should hold that the duration, area, scope or other term of a restriction set forth in this Agreement is unreasonable or unenforceable under circumstances now or hereafter existing, the maximum
          duration, area and scope of restriction and other term reasonable under the circumstances shall be substituted.  In the event that you or the Company initiates any proceeding in an attempt to confirm or enforce either of your rights under Section
          13 or 14 of the Letter Agreement, the parties agree that the time period during which you are restricted pursuant to this Agreement will be tolled to the furthest extent allowed under applicable law.  In the event of any proceeding relating to
          the foregoing, or otherwise relating to the enforcement of any of the provisions of this Agreement, the prevailing party shall be entitled to recover its reasonable attorneys’ fees and expenses.  This Agreement may be executed in one or more
          counterparts, each of which shall be deemed to be an original but all of which together shall constitute one and the same instrument.

    

    

    FINALLY, THIS IS TO EXPRESSLY ACKNOWLEDGE:

     

    

    
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    	•	
            You have been provided a period of at least twenty-one (21) days within which to consider the terms of this Agreement, and you have seven (7) days after executing this Agreement to revoke the Agreement via the revocation procedure
              described in Section 5 above;

          

     

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            You have been advised by the Company to consult with an attorney of your choosing in connection with this Agreement;

          

     

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            You fully understand the significance of all of the terms and conditions of this Agreement, and are signing it voluntarily and of your own free will and without reservation or duress and assent to all the terms and conditions contained
              herein; and

          

     

    	•	
            No promises or representations, written or oral, have been made to you by any person to induce you to sign this Agreement other than the benefits outlined in this Agreement.

          

     

    YOU HEREBY STATE THAT YOU HAVE CAREFULLY READ THIS AGREEMENT AND THAT YOU ARE SIGNING THIS AGREEMENT KNOWINGLY AND VOLUNTARILY WITH THE FULL
      INTENT OF RELEASING THE RELEASEES FROM ANY AND ALL CLAIMS, EXCEPT AS SET FORTH HEREIN.  FURTHER, IF SIGNED PRIOR TO THE COMPLETION OF THE TWENTY-ONE (21) DAY REVIEW PERIOD, THIS IS TO ACKNOWLEDGE THAT YOU KNOWINGLY AND VOLUNTARILY SIGNED THIS
        AGREEMENT ON AN EARLIER DATE.

    

    

    [The remainder of this page was intentionally left blank.]

     

    

    
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    Please acknowledge your agreement to the foregoing by signing below (including inserting the date) and returning the signed Agreement to me.

     

      

    Sincerely,

    

    

    
      	
              KASPIEN HOLDINGS INC.

            	 
	 	 
	
              ____________________________

            	 
	
              Jonathan Marcus

            	 
	
              Director, Kaspien Holdings Inc.

            	 
	 	 
	
              KASPIEN INC.

            	 
	 	 
	
              ____________________________

            	 
	
              Jonathan Marcus

            	 
	
              Director, Kaspien Holdings Inc.

            	 
	 	 
	
              ACKNOWLEDGED AND AGREED TO:

            	 
	 	 
	
              ____________________________

            	 
	
              Kunal Chopra

            	 
	 	 
	
              Date: ____________________

            	 

    

    

    

  

   

    

  
    7Exhibit 10.2

          

         

          

         

         

          

        March 24, 2022

        

        

        Brock Kowalchuk

        5410 E 18th Ln.

        Spokane Valley, WA 99212

        

        

        Dear Brock: 

        

        

        This offer is to confirm your new title and compensation with Kaspien Inc. (referred to in this letter as “Kaspien” or the “Company”).  The
          effective date for these changes is March 16, 2022. 

        

        

        This letter will confirm our offer and your acceptance to continue with the Kaspien team as Interim

            Chief Executive Officer and Chief Operating Officer of Kaspien Holdings Inc. reporting to the Board of Directors of Kaspien Holdings Inc.  The details of our offer are outlined below.  

        

        

        Compensation

        

        

        Base Salary 

        

        

        You will receive base salary at the annual rate of $280,000 (subject to applicable
          withholdings) paid in accordance with the Company’s normal payroll practices.  Your employment status is Exempt, which means that you are not entitled to overtime compensation.  Kaspien
          reserves the right to change your compensation in its discretion, in accordance with applicable law.  

        

        

        Of course, except as otherwise provided in the Severance Agreement (as defined below), all amounts paid to you as compensation by Kaspien will
          cease upon termination of your employment and will be reduced by any tax or other withholdings required by law and by other deductions you authorize.  

        

        

        Performance Bonus

        

        

        Your performance bonus target will be $112,000 or 40% of your annual base salary. Performance bonuses are not guaranteed, and whether you receive a bonus as well as the amount of the bonus, may depend upon Kaspien overall performance, business unit performance, and
          your individual performance, among other factors at the discretion of Kaspien, all as determined in the sole discretion of the Compensation Committee of the Board of Directors of Kaspien Holdings Inc.(the “Committee”). You must be employed on the
          day the performance bonus is paid in order to be entitled to payment (which is set to be March 31, 2023 in the case of the bonus for the current year). The terms and conditions of the performance bonus are subject to modification in the sole
          discretion of the Committee. 

        

        

        Transition Bonus 

        

        

        For accepting the Interim CEO position, you are eligible for a transition bonus of $100,000,
          for a successful transition of change in leadership, and support of the organizational review process.  $50,000 is payable on September 30, 2022, and the remaining $50,000 is payable on March 31, 2023.  Such payments are contingent on your
          remaining employed through the applicable payment date, and they are subject to applicable withholdings.

         

      

      
        
          

      

      
        
           

        

         

        

        Stock Option Grant

        

        

        Upon approval by the Committee, pursuant to Kaspien Holdings Inc.’s 2005 Long Term Incentive and Share Award Plan, as amended and restated (the
          “Plan”), you will be granted options to purchase 15,000 shares of common stock of Kaspien Holdings Inc.  The stock options will vest in four equal annual installments commencing on the
          first anniversary of the date of grant.  The exercise price per share will be equal to the closing trading price per share on the date of grant on the Nasdaq stock market.  The vesting of the stock options will be subject to your continued
          employment with the Company on the applicable vesting date, except such options will become immediately vested and exercisable in full upon your death, upon termination of your employment due to your disability or upon a change of control of
          Kaspien Holdings Inc. (as defined in the Plan).  Except as otherwise set forth in this offer letter, the terms of your stock options shall be governed by the Plan as in effect from time to time, as well as the individual award agreement between
          you and Kaspien Holdings Inc. 

        

        

        Errors in Compensation Payments

        

        

        The Company endeavors to manage payroll and post-employment payments to employees as accurately as possible.  Despite best efforts, occasionally
          there are errors in payments to employees.  In the event of either an underpayment or over-payment, you agree to notify the Company as soon as possible by contacting Human Resources.  In the event of an underpayment, the Company will pay the
          additional amounts due as soon as practicable after verification of the underpayment.  In the event of an over-payment, you agree to repay the over-payment immediately.  You further agree and expressly authorize the Company to deduct such
          over-payments from future amounts due you from the Company, including, without limitation, your subsequent paycheck(s), your final paycheck, any future incentive payments and any other moneys due you (e.g., payment for unused PTO, and bonuses,
          where applicable.)  You further agree that the Company’s right to withhold over-payments from current and future payments, does not limit, negate or otherwise negatively affect the Company’s right to demand immediate payment.  Company payments of
          underpayments and your return of over-payments are subject to any applicable state laws.  

        

        

        Your Representations, Covenants & Warranties to Kaspien 

        

        

        You agree to abide by all applicable Company policies and procedures, including but not limited to the Company’s Code of Ethics and Employee
          Handbook.  

        

        

        Severance Agreement Continues in Effect

        

        

        The Severance and Restrictive Covenant Agreement between the Company (formerly known as etailz Inc.) and you dated as of July 31, 2020 (the
          “Severance Agreement”) will remain in effect in accordance with its terms, as modified below.  In consideration for the additional compensation and new position set forth herein, the applicable restriction periods set forth in Section 3.C.(1)
          (non-solicitation of customers or prospective customers) and Section 3.C.(2) (non-solicitation of employees) of the Severance Agreement will each be extended to 12 months following termination of your employment (from 6 months following such
          termination).  For purposes of the Severance Agreement, “Good Reason” shall not exist by virtue of your ceasing to be Interim Chief Executive Officer and/or Chief Operating Officer of Kaspien Holdings Inc.

        

        

      

      
        
          

      

      

         

      

       

        

      Employment At-Will

      
        

        

        The terms of this letter do not imply employment for any specific period of time.  Rather, as is generally the case with all employees within
          Kaspien, your employment is at-will.  Either you or Kaspien have the right to terminate your employment at any time with or without cause or notice. 

        

        

        Miscellaneous

        

        

        This offer letter, together with the Severance Agreement, sets forth the entire agreement among the parties hereto and supersedes any prior
          understanding, agreements or representations by or among the parties, written or oral, that may have related in any way to the subject matter hereof.  This offer letter shall be governed by and construed and interpreted in accordance with the
          laws of the State of Washington without reference to the principles of conflict of laws thereof.  The terms of this offer letter are intended to be exempt from, or comply with, Section 409A of the Internal Revenue Code of 1986, as amended, and
          they will be interpreted on a basis consistent with such intent.  This offer letter may be executed in one or more counterparts, each of which shall be deemed to be an original but all of which together shall constitute one and the same
          instrument.  Signatures delivered by facsimile or PDF shall be effective for all purposes.

        

        

        Conclusion

        

        

        We believe that you are capable of making an outstanding contribution to the Company and that we can offer you a challenging and rewarding
          career opportunity.  Please review this letter and return the signed copy on or before March 28, 2022. 

        

        

        If you have any questions regarding the contents of this letter, or the policies and procedures referenced herein, or if there is any way I can
          help you further, please do not hesitate to call.  

        

        

        Sincerely, 

        

        

      

      Kaspien Board of Directors

       

      Jon Marcus

       

      Mike Reickert

       

      Tom Simpson

       

      CC: Lisa Wideman, Chief People Officer

       

      ACKNOWLEDGED AND AGREED TO:

       

      	 	 	 
	
              Brock Kowalchuk

            	
              Date:

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