SEC Contract Filing

Filing Date: 2018-05-08

Document Content:
<DOCUMENT>
<TYPE>EX-10.2
<SEQUENCE>3
<FILENAME>ex_113354.htm
<DESCRIPTION>EXHIBIT 10.2
<TEXT>
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<p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt; text-align: right;"><b><i>Exhibit 10.2</i></b></p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;font-variant:small-caps;margin:0pt;text-align:center;"><b><u>Amended and Restated Executive Change In Control and Severance Agreement</u></b></p>

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<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;"><b>This Amended and Restated Executive </b><b>Change in Control </b><b>and </b><b>Severance Agreement </b>(as modified, amended or restated from time to time in the manner provided herein, this &quot;<b><u>Agreement</u></b>&quot;), is dated as of September 5, 2017 (the &quot;<b><u>Effective Date</u></b>&quot;), and is by and between Kori G. Belzer, an individual (the &quot;<b><u>Employee</u></b>&quot;), and <b>SPAR Group, Inc</b>., a Delaware corporation (&quot;<b><u>SGRP</u></b>&quot; or the &quot;<b><u>Company</u></b>&quot;). The Employee and Company may be referred to individually as a &quot;<b><u>Party</u></b>&quot; and collectively as the &quot;<b><u>Parties</u></b>&quot;.</p>

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<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;">The Parties are parties to that certain existing Amended and Restated Change in Control Severance Agreement dated December 20, 2008 (the &quot;<b>Existing CICSA</b>&quot;), which the Parties now desire to amend, restate and completely upon the terms and provisions and subject to the conditions set forth in this Agreement.</p>

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<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;">In consideration of past, present and future employment by the Company, the mutual covenants below and other good and valuable consideration (the receipt and adequacy of which are hereby acknowledged by each Party), the Employee and Company, intending to be legally bound, hereby agree as follows:</p>

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<p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt; text-align: justify; text-indent: 63pt;">1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<b><u>Introduction and At Will Employment</u></b>. (a)&nbsp;<b>Introduction</b>. The Employee and the Company have entered into this Agreement in order to provide for the terms of the Employee&#39;s initial or continued &quot;at will&quot; employment with the Company, to provide for severance payments from the Company to the Employee under certain circumstances if the Employee leaves for Good Reason or is terminated other than in a Termination For Cause during the Protected Period (as all such terms are hereinafter defined), and to amend, restate and completely replace and supersede the Existing CICSA (which Existing CICSA shall have no further force or effect after the Effective Date).</p>

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<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;text-indent:36pt;">(b)&nbsp;<b>&nbsp;&nbsp;&nbsp;&nbsp;Positions</b>. Subject to any required approval by the SGRP Board and applicable SGRP Committee(s), the Company hereby appoints or re-appoints Employee to be the Chief Operating Officer of the Company, as well as an Officer and Executive of the Company (as such terms are defined in SGRP&#39;s By-Laws), and the Employee will continue (while employed by the Company) to hold such positions for the Protected Period, subject to the discretion of the Company and its Board and the SGRP Board and applicable SGRP Committee(s). The Employee also may be a director or officer of various of the Company&#39;s subsidiaries (as and to the extent designated and changed by the Company, its Board or the SGRP Board from time to time in its discretion), but the Employee will not be a director<b> </b>of the Company.</p>

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<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;text-indent:36pt;">(c)<b>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Indemnification and D&amp;O Insurance</b>. (i) The Employee, as a then current or former Officer or employee of the Company (as the case may be), will be indemnified by the Company in accordance with and to the maximum extent permitted by Delaware and other Applicable Law and SGRP&#39;s By-Laws (which SGRP By-Laws are intended to generally reflect the requirements of Delaware law), and will be covered by and in accordance with the terms of SGRP&#39;s D&amp;O Policy then in effect at the applicable time. The Employee acknowledges and understands that SGRP&#39;s corporate &quot;power&quot; to indemnify is provided and thus limited by statute, namely Section 145 of the General Corporation Code of the State of Delaware, that other Applicable Law (including Securities Law) also may place restrictions, limits or prohibitions on indemnifying or insuring various specified a