SEC Contract Filing

Filing Date: 2015-12-10

Document Content:
<DOCUMENT>
<TYPE>EX-10.1
<SEQUENCE>2
<FILENAME>v426658_ex10-1.htm
<DESCRIPTION>EXHIBIT 10.1
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<P STYLE="margin: 0; text-align: right"><B>Exhibit 10.1</B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>AGREEMENT AND RELEASE</B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The following agreement and release (the
&ldquo;<U>Agreement</U>&rdquo;) is made and entered into on this 7<SUP>th</SUP> day of December, 2015 by and between Robert J.
Keller (&ldquo;<U>Executive</U>&rdquo;) and Escalade, Incorporated, an Indiana corporation (&ldquo;<U>Escalade</U>&rdquo;) regarding
Executive&rsquo;s termination from all positions held by Executive with Escalade and its various subsidiaries and affiliates. Escalade
and Executive are sometimes referred to collectively as the &ldquo;<U>parties</U>&rdquo; and individually as a &ldquo;<U>party</U>,&rdquo;
and the term &ldquo;<U>Company</U>&rdquo; shall mean Escalade and its various subsidiaries and affiliates collectively.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#9;</P>

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#9;A.&#9;Executive is the Chief Executive Officer and President
of Escalade, a director of Escalade, and an officer and/or director of various subsidiaries and affiliates of Escalade; and</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#9;B.&#9;Executive&rsquo;s employment with the Company has
terminated; and</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#9;C.&#9;Executive and the Company are parties to that certain
Executive Severance Agreement dated as of September 14, 2012 (the &ldquo;<U>Executive Agreement</U>&rdquo;), which Executive Agreement
represents the parties&rsquo; mutual agreement with respect to all matters related to Executive&rsquo;s termination of employment
with the Company. All capitalized terms used in this Agreement and not defined herein shall have the meaning set forth in the Executive
Agreement.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">NOW, THEREFORE, in consideration of the
mutual promises contained in this Agreement, the Company and Executive agree as follows:</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#9;1.&#9;<U>Termination</U>. Executive hereby affirms his termination
without cause from his positions as Chief Executive Officer and President of Escalade and from all other executive officer and
director positions that he holds with Escalade and any of Escalade&rsquo;s subsidiaries and their affiliates, effective as of December
7, 2015 (the &ldquo;<U>Employment End Date</U>&rdquo;). Executive acknowledges and agrees as of the Employment End Date he also
retires as a trustee or other administrator of any and all Company benefit plans, including without limitation the Company&rsquo;s
retirement plan. Executive and the Company agree that Executive&rsquo;s resignation as a Director of Escalade is not related to
any disagreement between them (other than as may relate to the termination of the Executive&rsquo;s employment with the Company).</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">2.&#9;<U>Compensation and Benefits</U>.
Provided that Executive fulfills his obligations as set forth in this Agreement, the Company shall pay to Executive the following
Severance Benefits:</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&#9;(a)&#9;the Company shall continue to pay the Executive his
Base Salary and continue his Employee Benefits through the end of the Company&rsquo;s 2015 fiscal year;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(b) &#9;the Company will pay Executive the
amount of Two Hundred Seventy Five Thousand Dollars ($275,000.00), which amount the Company and Executive agree represents the
full incentive compensation amount payable to Executive for the Company&rsquo;s 2015 fiscal year, payable upon the later of 75
days of the end of the Company&rsquo;s 2015 fiscal year or the date the Company makes incentive payments to other employees receiving
similar Incentives;</P>

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