SEC Contract Filing

Filing Date: 2023-04-14

Document Content:
<DOCUMENT>
<TYPE>EX-10.3
<SEQUENCE>4
<FILENAME>ea176918ex10-3_brileyfin.htm
<DESCRIPTION>AMENDED AND RESTATED EMPLOYMENT AGREEMENT, DATED APRIL 11, 2023 BY AND BETWEEN THE REGISTRANT AND PHILLIP J. AHN
<TEXT>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Exhibit
10.3</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><U>AMENDED
AND RESTATED EMPLOYMENT AGREEMENT</U></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>THIS
AMENDED AND RESTATED EMPLOYMENT AGREEMENT </B>(&ldquo;<B>Agreement</B>&rdquo;) is entered into by and between B. Riley Financial, Inc.
(the &ldquo;<B>Company</B>&rdquo;) and Phillip J. Ahn (&ldquo;<B>Executive</B>&rdquo;), effective as of April 11, 2023 (&ldquo;<B>Effective
Date</B>&rdquo;).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>WHEREAS</B>,
the Company desires to continue to retain the services of Executive, and Executive desires to continue to be employed by the Company;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>WHEREAS</B>,
the Company and Executive are parties to an Employment Agreement, effective as of January 1, 2018, as amended, (the &ldquo;<U>Prior Agreement</U>&rdquo;);
and</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>WHEREAS</B>,
the Company and Executive desire to amend and restate the Existing Agreement.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>NOW,
THEREFORE, </B>in consideration of the mutual covenants and agreements set forth herein, the Company and Executive, intending to be legally
bound, hereby agree as follows:</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.
<B><U>Employment</U></B>. The Company shall continue to employ Executive as Chief Financial Officer &amp; Chief Operating Officer of
the Company (&ldquo;<B>Position</B>&rdquo;), and Executive agrees to continue such employment, upon the terms and conditions set forth
in this Agreement commencing on the Effective Date. The term of this Agreement (the &ldquo;<B>Employment Period</B>&rdquo;) shall initially
be for a period of two (2) years following the Effective Date, which term shall automatically renew for additional one (1) year terms,
unless either party notifies the other of non-renewal at least ninety (90) days prior to the end the then-current term.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.
<B><U>Position and Duties</U></B>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.1
<B><U>Services with the Company</U></B>. Executive shall perform all duties and functions customarily performed by the Position of a
business of the size and nature similar to that of the Company, and such other employment duties as the Company shall assign to him or
her from time to time. Executive shall devote substantially all of his or her business time and attention to the performance of Executive&rsquo;s
duties hereunder and will not engage in any other business, profession or occupation for compensation or otherwise which would conflict
or interfere with the performance of such services either directly or indirectly without the prior written consent of the Company&rsquo;s
Co-Chief Executive Officers. Notwithstanding the foregoing, Executive will be permitted to act or serve as a director, trustee, committee
member or principal of any type of business, civic or charitable organization as long as such activities are disclosed in writing in
advance to the Company&rsquo;s Co-Chief Executive Officers and does not interfere with the discharge of his or her duties hereunder.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.
<B><U>Compensation</U></B>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.1
<B><U>Base Salary</U></B>. As compensation for services to be rendered by Executive under this Agreement, the Company shall pay to Executive
an annualized salary of four hundred fifty thousand Dollars ($450,000), less applicable tax and other authorized applicable withholdings
(the &ldquo;<B>Base Salary</B>&rdquo;), which shall be paid in accordance with the Company&rsquo;s normal payroll p