SEC Contract Filing

Filing Date: 2020-05-21

Document Content:
<DOCUMENT>
<TYPE>EX-10.3
<SEQUENCE>4
<FILENAME>ck1723866-ex103_15.htm
<DESCRIPTION>EX-10.3
<TEXT>
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<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">EXHIBIT 10.3</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&nbsp;</p>
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-weight:bold;font-size:11pt;text-transform:uppercase;font-family:Times New Roman;font-style:normal;font-variant: normal;">RETENTION AGREEMENT</p>
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-weight:bold;;font-size:11pt;">&nbsp;</p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;text-indent:7.69%;font-size:11pt;text-transform:uppercase;font-family:Times New Roman;font-weight:normal;font-style:normal;font-variant: normal;">This retention Agreement<font style="text-transform:none;"> (this &#8220;</font><font style="text-decoration:underline;text-transform:none;">Agreement</font><font style="text-transform:none;">&#8221;) is made and entered into this 13th day of March, 2020 by and between </font>S<font style="text-transform:none;">elect Interior Concepts, Inc., a Delaware corporation (the &#8220;</font><font style="text-decoration:underline;text-transform:none;">Company</font><font style="text-transform:none;">&#8221;) and Kendall Hoyd (&#8220;</font><font style="text-decoration:underline;text-transform:none;">Executive</font><font style="text-transform:none;">&#8221;).</font></p>
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-size:11pt;">&nbsp;</p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;text-indent:7.69%;font-size:11pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><a name="_DV_M73"></a><a name="_DV_M78"></a><a name="_DV_M186"></a><a name="_DV_M187"></a><a name="_DV_M189"></a><a name="_DV_M191"></a><a name="_DV_M192"></a><a name="_DV_M193"></a><a name="_DV_M194"></a><a name="_DV_M195"></a><a name="_DV_M196"></a><a name="_DV_M197"></a><a name="_DV_M199"></a><a name="_DV_M200"></a><a name="_DV_M201"></a><a name="_DV_M202"></a><a name="_DV_M203"></a><a name="_DV_M204"></a><a name="_DV_M205"></a><a name="_DV_M206"></a><a name="_DV_M207"></a><a name="_DV_M208"></a><a name="_DV_M209"></a><a name="_DV_M210"></a><a name="_DV_M211"></a>1.<font style="margin-left:36pt;"></font><font style="text-decoration:underline;">Retention Payment</font>.&nbsp;&nbsp;Subject to the terms and conditions of this Agreement, the Company shall pay to Executive the Retention Payment, less withholding for all applicable taxes, in a single lump sum within thirty (30) days following the Retention Date, provided that, except as otherwise provided in Section 2 and Section 3 hereof, Executive is employed by the Company on the Retention Date.&nbsp;&nbsp;</p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;text-indent:7.69%;font-size:11pt;">&nbsp;</p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;text-indent:7.69%;font-size:11pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">2.<font style="margin-left:36pt;"></font><font style="text-decoration:underline;color:#000000;">Termination of Employment</font><font style="color:#000000;">.&nbsp;&nbsp;</font>Notwithstanding anything in this Agreement to the contrary, if Executive incurs a Qualifying Termination prior to the Retention Date, then the Company shall pay to Executive the Retention Payment, less withholdings for all applicable taxes, in a single lump sum within thirty (30) days following the date of Executive&#8217;s Qualifying Termination, provided <font style="color:#000000;">that (i) Executive executes a Release Agreement within the time period specified in the Release Agreement and does not revoke such Release Agreement within any revocation period specified in the Release Agreement.&nbsp;&nbsp;</font>If Executive&#8217;s employment with the Company is terminated for any reason other than by reason of a Qualifying Termination prior to the Retention Date, then Executive shall not be entitled to the Retention Payment.</p>
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.69%;text-indent:0%;font-size:11pt;">&nbsp;</p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;text-indent:7.69%;font-size:11pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">3.<font style="margin-left:36pt;"></font><font style="text-decoration:underline;">Change in Control</font>.&nbsp;&nbsp;Notwithstanding anything in this Agreement to the contrary, in the event of a Change in Control prior to the Retention Date, the Company shall pay to Executive the Retention Payment, less withholdings for all applicable taxes, in a single lump sum within thirty (30) days following the consummation of the Change in Control.</p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-size:11pt;">&nbsp;</p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;text-indent:7.69%;font-size:11pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">4.<font style="margin-left:36pt;"></font><font style="text-decoration:underline;">Definitions</font>.&nbsp;&nbsp;For purposes of this Agreement, the following terms shall have the following meanings:</p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-size:11pt;">&nbsp;</p>
<p style="text-align:justify;margin-bottom:0pt;margin-to