SEC Contract Filing

Filing Date: 2020-04-01

Document Content:
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<TYPE>EX-10.1
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<FILENAME>tm2014450d1_ex10-1.htm
<DESCRIPTION>EXHIBIT 10.1
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<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="text-align: right; margin: 0"><B>Exhibit 10.1</B></P>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="text-align: center; margin-top: 0; margin-bottom: 0"><B><I>Escalade, Incorporated</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><I>P.O. Box 889, Evansville, IN47706-0889</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><I>817 Maxwell Avenue, Evansville, IN 47711</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><I>T: (812) 467-4449 F: (812)467-1303</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><I>www.escaladeinc.com</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">March 30, 2020</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Mr. Scott Sincerbeaux</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">8698 Laurel Ridge Drive SE</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Alto, MI 49302</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Re: <I><U>Offer of Employment as CEO
and President of Escalade, Incorporated</U></I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Dear Scott:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We are pleased to offer you the positions
of Chief Executive Officer and President of Escalade, Incorporated (&ldquo;Escalade&rdquo; or the &ldquo;Company&rdquo;). We are
excited about the prospect of you joining Escalade and look forward to your vision and leadership in guiding our Company to achieve
its goals.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The following provides the terms and conditions
of your employment offer (this &ldquo;Offer Letter&rdquo;):</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">1.</TD><TD STYLE="text-align: justify"><B><U>Start Date</U></B>. Your employment will commence on April 27, 2020, or such other date as
we may mutually agree upon (the &ldquo;Start Date&rdquo;). Prior to your Start Date, you and the Company agree to work together
to onboard you to the Company, as your time permits. No compensation shall be made for the period ahead of the Start Date, however,
your travel costs will be reimbursed by the Company. On the later of your Start Date or the 2020 Annual Meeting of the Company&rsquo;s
Stockholders (currently scheduled for May 13, 2020), the Board of Directors also will appoint you as director to fill the vacancy
that will be created upon the Company&rsquo;s current Chief Executive Officer&rsquo;s retirement from the Board.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">2.</TD><TD STYLE="text-align: justify"><B><U>Reporting Relationship</U></B>. You will report directly to Escalade&rsquo;s Board of Directors.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">3.</TD><TD STYLE="text-align: justify"><B><U>Base Salary</U></B>. Your starting annualized base salary will be $435,000 which will be
pro-rated for the Company&rsquo;s 2020 fiscal year. Your base salary in 2021 will be set by the Compensation Committee of Escalade&rsquo;s
Board of Directors but shall not be reduced below $435,000. Salary will be paid in accordance with the Company&rsquo;s normal payroll
practices and will be subject to legally required tax withholdings.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">4.</TD><TD STYLE="text-align: justify"><B><U>Annual Bonus</U></B>. Beginning on your Start Date, you will be eligible to participate in
the Company&rsquo;s Annual Profit Improvement Plan (the &ldquo;PI Plan&rdquo;). Your PI Plan cash bonus target for fiscal year
2020 is $300,000, which will not be pro-rated and will not