SEC Contract Filing

Filing Date: 2016-08-15

Document Content:
<DOCUMENT>
<TYPE>EX-10.1
<SEQUENCE>2
<FILENAME>d398460dex101.htm
<DESCRIPTION>EX-10.1
<TEXT>
<HTML><HEAD>
<TITLE>EX-10.1</TITLE>
</HEAD>
 <BODY BGCOLOR="WHITE">

 <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>EMPLOYMENT RELEASE AGREEMENT </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">As a result
of the separation of employment between Kelly Tacke (&#147;You&#148; or &#147;Employee&#148;) and CSW Industrials, Inc. (including its owners, shareholders, divisions, affiliates, subsidiaries, successors, employees, officers and directors) (the
&#147;Company&#148;), you and the Company enter into the following Employment Release Agreement (&#147;Agreement&#148;) and acknowledge and agree as follows: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B>NOTE: Any non-disclosure, non-disparagement or waiver provision in this Agreement does not prohibit or restrict you from initiating
communications directly with, or responding to any inquiry from, or providing testimony before, any self-regulatory organization or state or federal regulatory authority, regarding the Company, your employment, this release or its underlying facts
or circumstances.&nbsp;Any cooperation provision in the Agreement does not require you to contact the Company regarding the subject matter of any such communications before engaging in such communications. </B></P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">1.</TD>
<TD ALIGN="left" VALIGN="top">Your employment will terminate effective close of business, June&nbsp;15, 2016 (&#147;Termination Date&#148;). In conjunction with the termination of your employment, you shall resign all officer positions with the
Company. You must return this Agreement to the Company no later than twenty-one (21)&nbsp;days after receiving it; otherwise, the Company&#146;s offer shall expire. </TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">2.</TD>
<TD ALIGN="left" VALIGN="top">Severance: </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">a.</TD>
<TD ALIGN="left" VALIGN="top">As consideration for this Agreement, the adequacy of which you acknowledge, the Company agrees to pay you a discretionary severance payment in the gross amount of three hundred and ninety five thousand dollars
($395,000.00), less lawful withholdings, an amount to which you acknowledge you are not otherwise entitled (the &#147;Severance Payment&#148;). The Severance Payment will be paid to you on the Company&#146;s first payroll run following the
Termination Date in accordance with the Company&#146;s established payroll practices, but in no event later than June&nbsp;30, 2016. </TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman">As a condition to receipt of the Severance Payment, you must perform all of the following prior to the Termination Date in a manner
satisfactory to the Company: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="8%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">i.</TD>
<TD ALIGN="left" VALIGN="top">Execute the Form 10-K for the fiscal year ended March&nbsp;31, 2016 (the &#147;2016 Form 10-K&#148;) in your capacity as the Company&#146;s principal financial officer; </TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="8%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">ii.</TD>
<TD ALIGN="left" VALIGN="top">Execute all necessary certifications included as exhibits to the 2016 Form 10-K in your capacity as the Company&#146;s principal financial officer; and </TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="8%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">iii.</TD>
<TD ALIGN="left" VALIGN="top">Execute the representation letter, and any other required documentation, required by the Company&#146;s independent public accounting firm in connection with the 2016 Form 10-K and completion of the associated audit.
</TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman">The conditions contained in (i), (ii)&nbsp;and (iii)&nbsp;above constitute the full extent of work responsibilities that
will be required of you through the Termination Date, and subject to your compliance with the terms and conditions of this Agreement, there are no other conditions upon which your receipt of the Severance Payment is contingent. </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:CO