SEC Contract Filing

Filing Date: 2018-04-16

Document Content:
<DOCUMENT>
<TYPE>EX-10.65
<SEQUENCE>4
<FILENAME>glpw-20171231ex1065b8fcb.htm
<DESCRIPTION>EX-10.65
<TEXT>
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 <font style="display:inline;font-weight:bold;font-size:11pt;">Exhibit 10.65</font>
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 <font style="display:inline;font-size:11pt;">&nbsp;</font>
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 <font style="display:inline;font-family:Times New Roman,Times,serif;font-weight:bold;color:#000000;font-size:11pt;">SEPARATION AGREEMENT</font>
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 <font style="display:inline;font-family:Times New Roman,Times,serif;color:#000000;font-size:11pt;">This Separation Agreement (this &#x201C;</font><font style="display:inline;font-family:Times New Roman,Times,serif;color:#000000;font-size:11pt;text-decoration:underline;">Agreement</font><font style="display:inline;font-family:Times New Roman,Times,serif;color:#000000;font-size:11pt;">&#x201D;) is made and entered into as of April 13, 2018, by and between Craig E. Holmes (&#x201C;</font><font style="display:inline;font-family:Times New Roman,Times,serif;color:#000000;font-size:11pt;text-decoration:underline;">Executive</font><font style="display:inline;font-family:Times New Roman,Times,serif;color:#000000;font-size:11pt;">&#x201D;) and Global Power Equipment Group Inc. (the &#x201C;</font><font style="display:inline;font-family:Times New Roman,Times,serif;color:#000000;font-size:11pt;text-decoration:underline;">Company</font><font style="display:inline;font-family:Times New Roman,Times,serif;color:#000000;font-size:11pt;">&#x201D;).&nbsp;&nbsp;The Company and Executive are sometimes collectively referred to herein as the &#x201C;</font><font style="display:inline;font-family:Times New Roman,Times,serif;color:#000000;font-size:11pt;text-decoration:underline;">Parties</font><font style="display:inline;font-family:Times New Roman,Times,serif;color:#000000;font-size:11pt;">&#x201D; and individually as a &#x201C;</font><font style="display:inline;font-family:Times New Roman,Times,serif;color:#000000;font-size:11pt;text-decoration:underline;">Party</font><font style="display:inline;font-family:Times New Roman,Times,serif;color:#000000;font-size:11pt;">.&#x201D;</font>
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 <font style="display:inline;font-family:Times New Roman,Times,serif;font-weight:bold;color:#000000;font-size:11pt;">WHEREAS</font><font style="display:inline;font-family:Times New Roman,Times,serif;color:#000000;font-size:11pt;">, Executive and the Company have determined to provide for the termination of Executive&#x2019;s employment with the Company on the terms and subject to the conditions set forth herein.</font>
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 <font style="display:inline;font-family:Times New Roman,Times,serif;font-weight:bold;color:#000000;font-size:11pt;">NOW, THEREFORE</font><font style="display:inline;font-family:Times New Roman,Times,serif;color:#000000;font-size:11pt;">, in consideration of the foregoing recitals, the mutual promises contained herein, and for other good and valuable consideration, the receipt and adequacy of which are hereby acknowledged, the Parties agree as follows:</font>
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 <font style="display:inline;font-family:Times New Roman,Times,serif;font-weight:bold;color:#010000;font-size:11pt;">1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><font style="display:inline;font-family:Times New Roman,Times,serif;font-weight:bold;color:#000000;font-size:11pt;">Termination of Employment; Resignations.&nbsp; </font><font style="display:inline;font-family:Times New Roman,Times,serif;color:#000000;font-size:11pt;">Effective as of April 13, 2018 (the &#x201C;</font><font style="display:inline;font-family:Times New Roman,Times,serif;color:#000000;font-size:11pt;text-decoration:underline;">Separation Date</font><font style="display:inline;font-family:Times New Roman,Times,serif;color:#000000;font-size:11pt;">&#x201D;), Executive&#x2019;s employment with the Company and its affiliates (including, without limitation, as Co-President and Co-Chief Executive Officer of the Company) shall terminate and Executive shall cease to be an employee and officer of any and all of the foregoing.&nbsp;&nbsp;In addition, as of the Separation Date, Executive shall, and by execution of this Agreement he does, resign from any and all directorships Executive may hold with the Company or any of its affiliates, including from the Board of Directors of the Company (the &#x201C;</font><font style="display:inline;font-family:Times New Roman,Times,serif;color:#000000;font-size:11pt;text-decoration:underline;">Board</font><font style="display:inline;font-family:Times New Roman,Times,serif;color:#000000;font-size:11pt;">&#x201D;).&nbsp;&nbsp;Executive hereby agrees to execute any and all additional documentation the Company may deem necessary or appropriate to effectuate such resignations upon request by the Company, but he shall be treated for all purposes as having so resigned upon the Separation Date, regardless of when or whether he executes any such additional documentation.&nbsp;&nbsp;As used in this Agreement, the