Document:

Exhibit 10.2

 

AMENDMENT NO. 1 TO EMPLOYMENT AGREEMENT

 

THIS AMENDMENT NO. 1 TO EMPLOYMENT AGREEMENT (this “Amendment”), dated as of July 17, 2017 (the “Effective Date”), is between FRED’S INC., a Tennessee corporation (the “Company”), and JASON JENNE a resident of the State of Tennessee (“Employee”).

 

W I T N E S S E T H:

 

WHEREAS, the Company and Employee desire to amend that certain Employment Agreement, dated as of April 10, 2017, by and between the Company and Employee (the “Original Agreement”).

 

NOW, THEREFORE, in consideration of the foregoing and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereby agree as follows:

 

1. Amendments.  The Original Agreement is hereby amended as follows:

 

(a) Section 2 of the Original Agreement is hereby deleted in its entirety and shall be replaced with the following:

 

(2) Duties.  Employee agrees to serve as Executive Vice President, Chief Financial Officer and Secretary. During the term of Employee’s employment hereunder, Employee shall perform the duties consistent with that which the Company shall from time to time reasonably assign to Employee. Employee shall devote his full business time, best efforts, and ability to the business of the Company, shall comply with the overall policies established by the Company, and shall do all reasonably in Employee’s power to promote, develop and enhance the profitability of the business of the Company.  Without limiting the generality of the foregoing, during his employment by the Company, Employee shall not, without the prior written consent of the Company, render services, other than as an employee of the Company, to or for any person, firm, partnership, limited liability company, corporation, or other organization for compensation.

 

(b) Section 3(a) is hereby deleted in its entirety and shall be replaced with the following:

 

(a) Base Pay. The Company shall pay Employee an annual salary (the “Base Pay”) of $400,000, which shall be payable in accordance with the Company’s regular payroll practices as in effect from time to time, and less any amounts required to be withheld under applicable state and Federal tax and other related laws and regulations.  On the six month anniversary of Employee’s appointment to the office of Executive Vice President, Chief Financial Officer and Secretary, Employee’s Base Pay and/or other elements of compensation may, upon recommendation of the Chief Executive Officer and with the approval of the Compensation Committee of the Company, be adjusted based on a review of Employee’s performance.  Employee’s Base Pay and other elements of compensation are subject to the Company’s annual review practices.  While Employee’s Base Pay may be increased by the Company from time to time, in no event will Employee’s Base Pay be reduced below $400,000 (same as above).

(c) Section 3(b) is hereby deleted in its entirety and shall be replaced with the following:

 

(b) Management Incentive Program.  For each fiscal year completed during Employee’s employment under this Agreement, Employee will be eligible to participate in the Company’s Management Incentive Program at the Executive Vice President level, which Program specifies the parameters of an annual bonus payable based upon Employee’s performance and that of the Company against achievement of pre-established and approved goals and targets (the “Annual Bonus”).  The Management Incentive Program currently provides for an Annual Bonus in the range of 70%-140% of Base Pay, but the Program and these parameters are subject to change from time to time by the Company in its sole discretion.  But for the percentages included in this Agreement, the Company’s Management Incentive Plan will control all process and procedure. Employee must be an employee in good standing throughout the fiscal year in which an Annual Bonus is earned and on the date the Annual Bonus is paid in order to be eligible for payment of such Annual Bonus.  The Annual Bonus, if any is earned, will be paid by the Company within the timeframe specified by the Management Incentive Program policies and procedures.

 

(d) As used in the Original Agreement, the term “Change of Control” shall have the meaning ascribed to the term “Change in Control” as set forth in the Fred’s, Inc. 2017 Long-Term Incentive Plan, as amended, or in any successor plan adopted by the Company.

 

2. Promotion Grant.  Upon Employee’s appointment to the office of Executive Vice President, Chief Financial Officer and Secretary, Employee shall be entitled to receive a one-time award of shares of restricted stock of the Company in an amount equal to $200,000, which award shall be made pursuant to the terms and conditions set forth in a grant agreement, the form, terms and conditions of which shall be satisfactory to the Company and its counsel.  The terms of such grant agreement shall control with respect to such award notwithstanding any other provision to the contrary in the Original Agreement.

 

3. Effect of Amendment.  All amendments set forth herein shall become effective as of the Effective Date. Except as otherwise may be set forth expressly hereinabove, all terms of the Original Agreement shall be and remain in full force and effect, and shall constitute the legal, valid, binding, and enforceable obligations of the Company and Employee, as applicable.

 

4. Successors and Assigns.  This Amendment and all rights under this Amendment are personal to Employee and shall not be assignable nor delegable. All of Employee’s rights under the Amendment shall inure to the benefit of his heirs, personal representatives, designees or other legal representatives, as the case may be. This Amendment shall inure to the benefit of and be binding upon the Company and its successors and assigns.

 

5. Governing Law. This Amendment (and any claims or controversies arising out of or relating to this Amendment) shall be construed in accordance with and governed by the laws of the State of Tennessee without regard to the conflicts of laws principles that would result in the application of any law other than the law of the State of Tennessee.

 

6. Counterparts. This Amendment may be signed in any number of counterparts, each of which shall be an original, with the same effect as if the signatures thereto and hereto were upon the same instrument. This Amendment shall become effective when each party hereto shall have received counterparts hereof signed by the other party hereto. The exchange of copies of this Amendment and of signature pages by facsimile or email transmission shall constitute effective execution and delivery of this Amendment as to the parties and may be used in lieu of the original Amendment for all purposes. Signatures of the parties transmitted by facsimile or email shall be deemed to be their original signatures for all purposes.

 

7. No Strict Construction. The parties hereto have participated jointly in the negotiation and drafting of this Amendment. In the event an ambiguity or question of intent or interpretation arises, this Amendment shall be construed as if drafted jointly by the parties hereto, and no presumption or burden of proof shall arise favoring or disfavoring any party by virtue of the authorship of any of the provisions of this Amendment.

 

[SIGNATURE PAGES FOLLOW]

 

 

IN WITNESS WHEREOF, the Company has caused this Amendment to be executed by one of its duly authorized officers, and Employee has manually signed his name hereto, all as of the day and year first above written.

	 	
FRED’S, INC.

	 	 
	 	
By:

	
/s/ Michael K. Bloom

	 	
Name:

	
Michael K. Bloom

	 	
Title:

	
Chief Executive Officer

 

	 	EMPLOYEE 
	 	 
	 	 
	 	
/s/ Jason Jenne

	 	
Jason JenneExhibit

Exhibit 10.1
    
SLM Corporation 2012 Omnibus Incentive Plan

2017 Independent Director Restricted Stock Agreement
Pursuant to the terms and conditions of the SLM Corporation 2012 Omnibus Incentive Plan (the “Plan”), SLM Corporation (the “Corporation”) hereby grants to _______________(the “Grantee”) _______ shares of common stock of the Corporation, par value $0.20 (the “Restricted Stock”), on June 22, 2017 (the “Grant Date”) subject to the terms and conditions below.  All capitalized terms used herein that are not defined shall have the meanings as set forth in the Plan. 
100 percent of the Restricted Stock is subject to a risk of forfeiture and is non-transferable on the Grant Date. 
Upon the Corporation’s 2018 annual meeting of stockholders (the “Vesting Event”), 100 percent of the Restricted Stock will vest and become transferable unless vested earlier as set forth below. 
The Restricted Stock will vest and become transferable prior to the Vesting Event upon any of the following events: (i) the Grantee’s death or Disability or (ii) upon a Change in Control. 
100 percent of the Restricted Stock will be forfeited if the Grantee ceases to be a director of the Corporation’s Board of Directors prior to the Vesting Event for any reason other than death, Disability (as defined below) or a Change in Control. 
The Restricted Stock will be held in an account in the Grantee’s name at the Corporation’s transfer agent, currently Computershare.  The Grantee is entitled to vote the shares of Restricted Stock. 
Dividends declared on unvested shares of Restricted Stock will not be paid currently.  Instead, amounts equal to such dividends will be credited to an account established on behalf of the Grantee, and such amounts will be deemed to be invested in additional shares of the Corporation’s common stock (“Dividend Equivalents”).  Such Dividend Equivalents will be subject to the same vesting schedule to which the Restricted Stock is subject.  At the time that the underlying Restricted Stock vests, the amount of Dividend Equivalents allocable to such Restricted Stock will also vest and will be settled in shares of the Corporation’s common stock (provided that any fractional share amount shall be paid in cash).  Dividend Equivalents declared on unvested shares of Restricted Stock are not subject to income tax until vesting, at which time they are taxed as ordinary income. 
The Corporation may impose such restrictions, conditions or limitations as it determines appropriate as to the timing and manner of any transfer or sale by the Grantee of any shares of Common Stock, including without limitation (a) restrictions under an insider trading policy and (b) restrictions that may be necessary in the absence of an effective registration statement under the Securities Act of 1933, as amended, covering the shares of the Corporation’s common stock.  The sale of the shares must also comply with other applicable laws and regulations governing the sale of such shares. 

Page 1

As an essential term of this award, the Grantee consents to the collection, use and transfer, in electronic or other form, of personal data as described herein for the exclusive purpose of implementing, administering and managing the Grantee’s participation in the Plan.  By accepting this award, the Grantee acknowledges that the Corporation holds certain personal information about the Grantee, including, but not limited to, name, home address and telephone number, date of birth, social security number or other identification number, salary, tax rates and amounts, nationality, job title, any shares of stock held in the Corporation, details of all options or any other entitlement to shares of stock awarded, canceled, exercised, vested, unvested or outstanding, for the purpose of implementing, administering and managing the Plan (“Data”).  The Grantee acknowledges that Data may be transferred to any third parties assisting in the implementation, administration and management of the Plan, that these recipients may be located in jurisdictions that may have different data privacy laws and protections, and the Grantee authorizes the recipients to receive, possess, use, retain and transfer Data, in electronic or other form, for the purposes of implementing, administering and managing the Plan, including any requisite transfer of such Data as may be required to a broker or other third party with whom the Grantee or the Corporation may elect to deposit any shares of the Corporation’s common stock.  The Grantee acknowledges that Data may be held to implement, administer and manage the Grantee’s participation in the Plan as determined by the Corporation, and that the Grantee may request additional information about the storage and processing of Data, require any necessary amendments to Data or refuse or withdraw the consents herein, in any case without cost, provided however, that refusing or withdrawing the Grantee’s consent may adversely affect the Grantee’s ability to participate in the Plan. 
The Corporation may, in its sole discretion, decide to deliver any documents related to any awards granted under the Plan by electronic means or to request Grantee’s consent to participate in the Plan by electronic means.  Grantee hereby consents to receive such documents by electronic delivery and, if requested, to agree to participate in the Plan through an on-line or electronic system established and maintained by the Corporation or another third party designated by the Corporation, and such consent shall remain in effect throughout Grantee’s term of service with the Corporation and thereafter until withdrawn in writing by Grantee.  
“Disability” means the absence of the Grantee from the Corporation’s Board of Directors duties for 180 consecutive days as a result of incapacity due to mental or physical illness which is determined to be total and permanent by a physician selected by the Corporation or its insurers and reasonably acceptable to the Grantee or the Grantee’s legal representative.
The Grantee is deemed to accept this award of Restricted Stock under this Agreement and to agree that such award is subject to the terms and conditions set forth in this Agreement and the Plan unless the Grantee provides the Corporation written notification of the Grantee’s rejection of this award of Restricted Stock not later than 30 days after the Grantee’s receipt of notice of the posting of this Agreement on-line or through electronic means (in which case such award will be forfeited and the Grantee shall have no further right or interest therein as of such date).

Page 2

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00272-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00272-of-00352.parquet"}]]