SEC Contract Filing

Filing Date: 2023-05-08

Document Content:
<DOCUMENT>
<TYPE>EX-10.1
<SEQUENCE>2
<FILENAME>ex_515446.htm
<DESCRIPTION>EXHIBIT 10.1
<TEXT>
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<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:right;margin:0pt;"><b>Exhibit 10.1</b></p>

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<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:right;margin:0pt;"><b><u>EXECUTION VERSION </u></b></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>RETIREMENT AGREEMENT AND GENERAL RELEASE</u></b></p>

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<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt; text-indent: 36pt; text-align: justify;">This Retirement Agreement and General Release (hereinafter &#8220;Agreement&#8221;) is hereby entered into effective as of May 3, 2023 by and between ROCKY MOUNTAIN CHOCOLATE FACTORY, INC. (hereinafter &#8220;the Company&#8221;) and GREGORY L. POPE (hereinafter &#8220;Mr. Pope&#8221;), who are collectively referred to herein as the &#8220;Parties.&#8221; As set forth in more detail below, by signing this Agreement, Mr. Pope understands that he, among other things, is giving up claims (both known and unknown) he might have against the Company, is releasing the Company from all liability, and is agreeing not to file a lawsuit of any kind against the Company. In consideration of the mutual promises contained herein, and other good and valuable consideration as hereinafter recited, the receipt and adequacy of which is hereby acknowledged, the Parties, intending to be legally bound, agree as follows:</p>

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<p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; margin: 0pt; text-indent: 36pt; text-align: justify;">1.&nbsp;&nbsp;&nbsp;&nbsp;The Company and Mr. Pope agree that Mr. Pope will retire from employment with the Company on May 3, 2023.</p>

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<p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; margin: 0pt; text-indent: 36pt; text-align: justify;">2.&nbsp;&nbsp;&nbsp;&nbsp;In full and complete settlement as stated herein, the Company agrees to provide the following payments and benefits to Mr. Pope:</p>

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<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt; text-indent: 63pt; text-align: justify;">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Provided that Mr. Pope makes himself available in a satisfactory manner to consult with Company employees between May 4, 2023 and December 31, 2023 (the &#8220;Consulting Period&#8221;) to the extent requested by the Company&#8217;s Chief Executive Officer or his designee (not to exceed 35 hours per week), the Company shall pay Mr. Pope a monthly consulting fee of $22,000 as of the last day of each month during the Consulting Period. As an independent contractor, Mr. Pope shall be solely responsible for the payment of all taxes, including self-employment tax, with respect to the consulting fee. In connection with such consulting services and as a condition to the Company&#8217;s payment for such services, Mr. Pope agrees to provide all consulting services freely and without restriction or reservation.</p>

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<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt; text-indent: 63pt; text-align: justify;">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Company shall provide Mr. Pope with a retirement bonus in the form of twenty six (26) bi-weekly payments of $12,500.00 each, payable starting on November 14, 2023 and ending on October 29, 2024, in accordance with the Company&#8217;s normal payroll cycle and subject to usual income and payroll tax withholding, and in compliance with Treasury Regulation Section 1.409A-3(a)(4).</p>

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<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt; text-indent: 63pt; text-align: justify;">(c)&nbsp; &nbsp; &nbsp; &nbsp; &nbsp;The 8,332 nonvested restricted stock units held by Mr. Pope shall become fully vested as of the date this Agreement becomes irrevocable.</p>

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<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt; text-indent: 63pt; text-align: justify;">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Provided that Mr. Pope timely elects COBRA continuation coverage, the Compan