SEC Contract Filing

Filing Date: 2019-01-28

Document Content:
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="right">Exhibit 10.1 </P>
<P STYLE="margin-top:120pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>STEIN MART, INC. </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>SEVERANCE POLICY </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>Effective January&nbsp;22, 2019 </B></P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>ARTICLE I </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B><U>PURPOSE AND TERM </U></B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman"><B>Section</B><B></B><B>&nbsp;1.01&nbsp;&nbsp;&nbsp;&nbsp; </B><B><U>Purpose of the Policy</U></B>. The purpose of the Policy is to provide
Eligible Employees with certain compensation and benefits as set forth in the Policy in the event the Eligible Employee&#146;s employment with the Company or a Subsidiary is terminated. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman">The benefits provided in connection with a Change in Control are controlled by a separate agreement between the Eligible Employee and the
Company. Such agreements are necessary as the Board believes it is imperative to diminish the inevitable distraction of the Eligible Employee by virtue of the personal uncertainties and risks created by a pending or threatened Change in Control and
to encourage the Eligible Employee&#146;s full attention and dedication to the Company currently and in the event of any threatened or pending Change in Control, and to provide the Eligible Employee with compensation and benefits arrangements for a
limited period following a Change in Control which ensure that the compensation and benefits expectations of the Eligible Employee will be satisfied and which are competitive with those of other corporations. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman">The Policy is not intended to be an &#147;employee pension benefit plan&#148; or &#147;pension plan&#148; within the meaning of
Section&nbsp;3(2) of ERISA. Rather, the severance provisions of this Policy are intended to be a &#147;welfare benefit plan&#148; within the meaning of Section&nbsp;3(1) of ERISA and to meet the descriptive requirements of a plan constituting a
&#147;severance pay plan&#148; within the meaning of regulations published by the Secretary of Labor at Title 29, Code of Federal Regulations, section <FONT STYLE="white-space:nowrap">2510.3-2(b).</FONT> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman"><B>Section</B><B></B><B>&nbsp;1.02&nbsp;&nbsp;&nbsp;&nbsp; </B><B><U>Term of the Policy</U></B>. The Policy will be effective as of
January&nbsp;22, 2019. The Policy is subject to further amendment from time to time. The Policy shall continue until terminated pursuant to Article VIII of the Policy. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>ARTICLE II </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B><U>DEFINITIONS </U></B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman"><B>Section</B><B></B><B>&nbsp;2.01&nbsp;&nbsp;&nbsp;&nbsp; </B><B><U>&#147;</U></B><B><U>Base Salary</U></B><B><U>&#148;</U></B> means the
annual base salary in effect as of the Participant&#146;s Separation from Service Date (determined prior to any reduction thereof if such reduction was the basis for the Participant&#146;s Good Reason Resignation). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman"><B>Section</B><B></B><B>&nbsp;2.02&nbsp;&nbsp;&nbsp;&nbsp; </B><B><U>&#147;</U></B><B><U>Board</U></B><B><U>&#148;</U></B> means the Board of
Directors of the Company, or any successor thereto, or a committee thereof specifically designated for purposes of making determinations hereunder. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman"><B>Section</B><B></B>&nbsp;<B>2.03</B><B>&nbsp;&nbsp;&nbsp;&nbsp; <U>&#147;</U><U>Cause</U><U>&#148;</U></B> means an Employee&#146;s
(a)&nbsp;substantial failure or refusal to perform the duties and responsibilities of his or her job as required by the Employer, (b)&nbsp;material violation of any fiduciary duty owed to the Company or its affiliates, (c)&nbsp;conviction of, or
entry of a plea of <I>nolo contendere</I> with respect to, a felony (excluding a DUI), (d) conviction of, or entry of a plea of <I>nolo contendere</I> with respect to, a misdemeanor which involves dishonesty, fraud, or morally repugnant behavior,
(e)&nbsp;dishonesty, (f) theft, (g)&nbsp;violation of Company rules or </P>
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