SEC Contract Filing

Filing Date: 2021-11-30

Document Content:
<DOCUMENT>
<TYPE>EX-10.1
<SEQUENCE>2
<FILENAME>ex_312006.htm
<DESCRIPTION>EXHIBIT 10.1
<TEXT>
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<p style="margin-bottom: 0px; text-align: right; margin-top: 0px"><font style="font-family: 'Times New Roman', Times, serif; font-size: 10pt"><b>Exhibit 10.1</b></font></p>

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<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;"><b><u>EMPLOYMENT AGREEMENT</u></b></p>

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<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt;"><b>THIS EMPLOYMENT AGREEMENT </b>(&#8220;Agreement&#8221;), dated and effective as of November 30, 2021, is by and between Delta Apparel, Inc., a Georgia corporation (&#8220;Company&#8221;), and SIMONE C. WALSH (&#8220;Executive&#8221;).</p>

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<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt;">WHEREAS, Executive and the Company desire to enter into a separate written agreement providing for the terms of Executive's employment by the Company during the Term (as defined below).</p>

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<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt;">NOW, THEREFORE, in consideration of the mutual covenants set forth herein, and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties agree as follows:</p>

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<p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt; text-indent: 18pt;">1.&nbsp;<u>Employment</u>. Executive agrees to be employed with the Company, and the Company agrees to employ Executive, during the Term and on the terms and conditions set forth in this Agreement. Executive agrees during the term of this Agreement to devote substantially all of Executive&#8217;s business time, efforts, skills and abilities to the performance of Executive&#8217;s duties to the Company and to the furtherance of the Company's business.</p>

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<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt;">Executive's job title will be Vice President, Chief Financial Officer and Treasurer, and Executive&#8217;s duties will be those as are determined by the Company&#8217;s Chief Executive Officer. The principal place of Executive&#8217;s employment shall be the Company&#8217;s offices currently located in Duluth, Georgia; recognizing that Executive will be required to travel on Company business, as business needs dictate.</p>

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<p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt; text-indent: 18pt;">2.&nbsp;<u>Compensation</u>.</p>

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<p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt; text-indent: 27pt;">(a)&nbsp;<u>Base Salary</u>. During the term of Executive's employment with the Company pursuant to this Agreement, the Company shall pay to Executive as compensation for Executive&#8217;s services an annual base salary of not less than $400,000.00 (&#8220;Base Salary&#8221;). Executive's Base Salary will be payable in arrears in accordance with the Company's normal payroll procedures and will be reviewed annually and subject to upward adjustment from Executive&#8217;s then-current base salary at the discretion of Executive&#8217;s direct supervisor. Nothing in this Agreement entitles Executive to an annual base salary of more than the above-referenced Base Salary amount.</p>

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<p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt; text-indent: 27pt;">(b)&nbsp;<u>Sign-On Bonus</u>. The Company shall pay to Executive a one-time Sign-on Bonus of $100,000, payable on the first pay cycle.</p>

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<p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt; text-indent: 27pt;">(c) <u>Incentive Compensation</u>. During the term of this Agreement, Executive shall be entitled to participate in the Company's Short-Term Incentive Compensation Plan as in effect from time to time. Any cash compensation payable under this paragraph shall be referred to as &#8220;Incentive Compensation&#8221; in this Agreement. The Company reserves the right to amend and/or terminate its Short-Term Incentive Compensation Plan and nothing in this Agreement entitles Executive to any particul