SEC Contract Filing

Filing Date: 2025-03-05

Document Content:
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<TYPE>EX-10.1
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<FILENAME>d936246dex101.htm
<DESCRIPTION>EX-10.1
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>Exhibit 10.1 </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>SEPARATION AND RELEASE AGREEMENT </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">This Separation and Release Agreement (this &#147;<B><I>Agreement</I></B>&#148;) is entered into by and between Daktronics, Inc. a South
Dakota corporation (the &#147;<B><I>Company</I></B>&#148;), and Reece A. Kurtenbach (&#147;<B><I>Employee</I></B>&#148;). Employee and the Company are sometimes referred to herein individually as a &#147;<B><I>Party</I></B>&#148; and collectively as
the &#147;<B><I>Parties</I></B>.&#148; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>WHEREAS</B>, Employee&#146;s employment with the Company terminated effective as of
March&nbsp;5, 2025 (the &#147;<B><I>Separation Date</I></B>&#148;); </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>WHEREAS</B>, Employee and the Company have entered into a
Consulting Agreement effective as of the Separation Date (the &#147;<B><I>Consulting Agreement</I></B>&#148;); </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>WHEREAS</B>, the
Parties have agreed that Employee shall receive severance payments in the sum of $1,800,000 and such other benefits as provided herein, which severance payments and benefits are conditioned upon Employee&#146;s execution, delivery and <FONT
STYLE="white-space:nowrap">non-revocation</FONT> of this Agreement; and </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>WHEREAS</B>, the Parties wish to resolve any and all claims
that Employee has or may have against the Company and the Company Parties (as defined below), including any claims that Employee has or may have arising from or relating to Employee&#146;s employment, or the end of Employee&#146;s employment, with
any Company Party. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>NOW, THEREFORE</B>, in consideration of the promises and benefits set forth herein, and for other good and valuable
consideration, the receipt and sufficiency of which are hereby acknowledged by Employee and the Company, the Parties hereby agree as follows: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">1. <B><U>Separation from Employment; Resignations</U></B>. <B></B>The Parties acknowledge and agree that Employee&#146;s employment with the
Company ended as of the Separation Date and that, as of the Separation Date, Employee was no longer employed by any Company Party. The Parties further acknowledge and agree that, as of the Separation Date, Employee automatically resigned
(i)&nbsp;Chief Executive Officer and President and (ii)&nbsp;as an officer of the Company and each of their respective Affiliates (as defined below) for which Employee served as an officer. Employee also agrees that upon the appointment by the Board
of a permanent Chief Executive Officer of the Company, Employee will resign as a member of the Board and will cooperate with the Company to execute any additional documentation to effectuate that resignation. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">2. <B><U>Separation Payments and Benefits</U></B>. Provided that Employee: (x)&nbsp;executes this Agreement on or after the Separation Date
and returns a signed copy of it to the Company, care of Carla Gatzke (Carla.Gatzke@daktronics.com), so that it is received no later than the close of business on the date that is <FONT STYLE="white-space:nowrap">twenty-one</FONT> (21)&nbsp;days
after Employee receives this Agreement, and it is not subsequently revoked by Employee in accordance with <U>Section</U><U></U><U>&nbsp;5</U>; (y) complies with the terms and conditions of the Consulting Agreement (including, by not limited to,
Section&nbsp;7 of the Consulting Agreement); and (z)&nbsp;satisfies the other terms and conditions set forth in this Agreement, then: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="5%" VALIGN="top" ALIGN="left">a.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Employee shall receive a payment in the amount of $1,800,000, less applicable taxes and withholdings (the
&#147;<B><I>Separation Payment</I></B>&#148;). The Separation Payment will be paid in substantially equal installments beginning no later than the Company&#146;s first regularly scheduled pay date that occurs on or after the date that is 45 days
following Separation Date (the &#147;<B><I>Initial Payment Date</I></B>&#148;) and ending on the regularly schedule pay date occurring on or first following the two year anniversary of the Initial Payment Date; and </P></TD></TR></TABLE>
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