SEC Contract Filing

Filing Date: 2019-12-19

Document Content:
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<TYPE>EX-10.2
<SEQUENCE>3
<FILENAME>cicseveranceagreement.htm
<DESCRIPTION>CHANGE IN CONTROL SEVERANCE AGREEMENT
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 <div style="text-align: center;"><font style="font-weight: bold; font-size: 12pt;">Exhibit 10.2</font><font style="font-size: 12pt;"><br>
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 <div style="text-align: center; font-family: 'Times New Roman',Times,serif; font-weight: bold;"><u>CHANGE IN CONTROL SEVERANCE AGREEMENT</u></div>
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 <div style="font-family: 'Times New Roman',Times,serif; font-size: 12pt;">This Change in Control Severance Agreement (this &#8220;Agreement&#8221;) made this 16th day of December, 2019, by and between Michael E. Longo (&#8220;Executive&#8221;) and Hibbett Sports, Inc. (the
 &#8220;Company&#8221;).</div>
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 <div style="font-family: 'Times New Roman',Times,serif; font-size: 12pt;">WHEREAS, the Compensation Committee of the Board of Directors of the Company (the &#8220;Board&#8221;) has determined that it is in the best interest of the Company to assure that the
 Company will have the continued dedication of the Executive, notwithstanding the possibility of a Change in Control of the Company.</div>
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 <div style="font-family: 'Times New Roman',Times,serif; font-size: 12pt;">NOW, THEREFORE, in consideration of the mutual promises and agreements contained herein, the receipt and sufficiency of which are hereby acknowledged, the parties agree as
 follows:</div>
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 <div style="font-family: 'Times New Roman',Times,serif; font-size: 12pt;">1.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Change in Control Payments</u>.&#160;&#160;If Executive&#8217;s employment with the Company is terminated by the Company without Cause or by the Executive for Good Reason
 within: (i) two years following a Change in Control; or (ii) within a six-month period prior to a Change in Control if Executive&#8217;s termination or resignation is also directly related to or occurs in connection with a Change in Control, then within
 thirty (30) days of Executive&#8217;s termination date (the &#8220;Termination Date&#8221;) or the Change in Control date, whichever is later, the Company shall pay Executive severance in the amount equal to one and one-half (1.5) times the sum of Executive&#8217;s
 Covered Salary and Executive&#8217;s Covered Bonus, less the amount, if any, payable to Executive as severance compensation under an employment agreement with the Company or any subsidiary or affiliate of the Company (assuming for purposes of calculating
 this reduction that any release, restrictive covenant, or restrictive agreement requirements in such employment agreement are satisfied).</div>
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 <div style="font-family: 'Times New Roman',Times,serif; font-size: 12pt;">To the extent that Executive has been granted options, stock awards or other equity compensation under the Company&#8217;s equity compensation plan or plans, Executive&#8217;s interest in
 such awards shall be fully exercisable, vested and nonforfeitable as of the Change in Control date, to the extent not already exercisable or vested as of such date.</div>
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 <div style="font-family: 'Times New Roman',Times,serif; font-size: 12pt;">2.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Definitions</u>.</div>
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 <div style="text-indent: 36pt; font-family: 'Times New Roman',Times,serif;">(a)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#8220;Cause,&#8221; for purposes of this Agreement, means felony conviction or plea to same, fraud or dishonesty, willful misconduct or failure to perform duties,
 intentional acts resulting in material injury to the Company or acts of moral turpitude.</div>
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 <div style="text-indent: 36pt; font-family: 'Times New Roman',Times,serif;">(b)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#8220;Change in Control,&#8221; for purposes of this Agreement, occurs if:</div>
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 <div style="text-indent: 72pt; font-family: 'Times New Roman',Times,serif;">(i)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;The individuals who, as of the date of this Agreement, constitute the Board of Directors of the Company (the &#8220;Incumbent Board&#8221;), cease for any reason to
 constitute at least a majority of the Board; provided, however, that any individual becoming a director subsequent to the date of this Agreement whose election, or nomination for election by the Company&#8217;s shareholders, was approved by a vote of at
 least a majority of the directors then comprising the Incumbent Board shall be considered a member of the Incumbent Board, but excluding, for this purpose, any such individual whose initial assumption of office occurs as a result of an actual or
 threatened election contest with respect to the election or removal of