SEC Contract Filing

Filing Date: 2015-12-18

Document Content:
<DOCUMENT>
<TYPE>EX-10.5
<SEQUENCE>6
<FILENAME>a105zimmermankeith-amendme.htm
<DESCRIPTION>EXHIBIT 10.5
<TEXT>
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<a name="s0A04BBEBA1F3A5569C1EABD1A1709A6B"></a><div></div><br><div style="line-height:120%;padding-bottom:24px;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;font-weight:bold;">EXHIBIT 10.5</font></div><div style="line-height:120%;padding-bottom:24px;text-align:center;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;font-weight:bold;">AMENDMENT NO.&#160;1 TO <br>EMPLOYMENT AGREEMENT</font></div><div style="line-height:120%;padding-bottom:16px;text-align:justify;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">This AMENDMENT NO.&#160;1 TO EMPLOYMENT AGREEMENT (this &#8220;Amendment No. 1&#8221;) is entered into as of January 1, 2016 (the &#8220;Effective Date&#8221;) by and between Gregg Appliances, Inc., an Indiana corporation (the &#8220;Company&#8221;) and Keith Zimmerman (&#8220;Executive&#8221;). The Company and Executive are referred to herein as the &#8220;parties.&#8221;</font></div><div style="line-height:120%;padding-bottom:16px;text-align:center;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;font-weight:bold;">RECITALS</font></div><div style="line-height:120%;padding-bottom:16px;text-align:justify;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">WHEREAS, the Company and Executive are parties to that certain Employment Agreement dated as of January 5, 2015 (the &#8220;Employment Agreement&#8221;); and</font></div><div style="line-height:120%;padding-bottom:16px;text-align:justify;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">WHEREAS, the parties desire to amend the Employment Agreement to remove Executive&#8217;s mitigation obligations in connection with certain termination events, to provide Executive certain increased severance benefits if his employment is terminated without cause in connection with a change in control and such other modifications as set forth herein. </font></div><div style="line-height:120%;padding-bottom:16px;text-align:justify;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">NOW, THEREFORE, in consideration of the promises and obligations contained herein and in the Employment Agreement, the parties agree to amend the Employment Agreement as follows, with each such amendment to be effective on the Effective Date: </font></div><div style="line-height:120%;padding-bottom:16px;text-align:center;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;font-weight:bold;">AGREEMENT</font></div><div style="line-height:120%;padding-bottom:16px;text-align:justify;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">1.&#160;&#160;&#160;&#160;Section 1.7(a) of the Employment Agreement shall be amended by deleting the last two sentences thereof. </font></div><div style="line-height:120%;padding-bottom:16px;text-align:justify;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">2.&#160;&#160;&#160;&#160;Section 1.7(d)(i) of the Employment Agreement shall be deleted and replaced with the following: </font></div><div style="line-height:120%;padding-bottom:16px;text-align:left;padding-left:96px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">(d)&#160;&#160;&#160;&#160;</font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">Termination Because Of Change In Control</font><font style="font-family:inherit;font-size:12pt;">.</font></div><div style="line-height:120%;padding-bottom:16px;text-align:justify;padding-left:144px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">(i)&#160;&#160;&#160;&#160;If the Company terminates Executive&#8217;s employment within twelve (12) months following a Change in Control (as defined below), the Company shall pay Executive, as severance pay, an amount equivalent to twenty-four (24) months of Executive&#8217;s base salary, subject to applicable withholdings and deductions. Payment will be made ratably over the twenty-four (24) month period immediately following the termination of Executive&#8217;s employment, (the &#8220;Change in Control Severance Period&#8221;) consistent with the customary payroll practices of the Company. Provided, however, Executive will not be entitled to the severance discussed in this Section 1.7(d)(i) if Executive voluntarily resigns his employment or if the Company terminates his employment for Cause (as defined below). </font></div><br><div><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div></div><hr style="page-break-after:always"><a name="s0A04BBEBA1F3A5569C1EABD1A1709A6B"></a><div></div><br><div style="line-height:120%;padding-bottom:16px;text-align:justify;padding-left:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">3.&#160;&#160;&#160;&#160;Section 1.7(d)(iii) of the Employment Agreement shall be deleted and replaced with the following: </font></div><div style="line-height:120%;padding-bottom:16px;text-align:left;padding-left:96px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">(d)&#160;&#160;&#160;&#160;</font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">Termination Because Of Change In Control</font><font style="font-family:inherit;font-size:12pt;">.</font></div><div style="line-height:120%;padding-bottom:16px;text-align:justify;padding-left:144px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">(iii)&#160;&#160;&#