SEC Contract Filing

Filing Date: 2023-04-27

Document Content:
<DOCUMENT>
<TYPE>EX-10.1
<SEQUENCE>2
<FILENAME>ex_508641.htm
<DESCRIPTION>EXHIBIT 10.1
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<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt; text-align: right;">EXHIBIT 10.1</p>

<div><img alt="shyft.jpg" src="shyft.jpg"></div>

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<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt 0pt 0pt 12pt;">April 26, 2023</p>

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<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt 0pt 0pt 11pt;text-indent:1pt;">Todd Heavin</p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt 0pt 0pt 11pt;text-indent:1pt;">Chief Operating Officer</p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt 0pt 0pt 11pt;text-indent:1pt;">The Shyft Group, Inc.</p>

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<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt 0pt 0pt 11pt;text-indent:1pt;">Dear Todd,</p>

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<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt 0pt 0pt 11pt;text-indent:36pt;">We have recently discussed your consideration of retiring from your position as Chief Operating Officer of The Shyft Group, Inc. (&#8220;Shyft&#8221;) effective July 31, 2023<b> </b>(the "Retirement Date"). On behalf of the Shyft leadership team and the Shyft Board of Directors (the &#8220;Board&#8221;), thank you for the advance notification of your intent to retire, which notice provides ample time to help ensure a smooth organizational transition.</p>

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<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt 0pt 0pt 46pt;">In connection with your intent to retire, we, with the approval of the Board, have agreed as follows:</p>

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<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt 0pt 0pt 71pt; text-indent: 1pt;">1.&nbsp; &nbsp; &nbsp;You will be eligible to receive an annual cash incentive award earned with respect to 2023, if any, based on the prorated portion of the year you were employed and based on actual performance results in accordance with the terms of the Shyft Annual Incentive Compensation Plan ("AIC Plan"); provided that, any earned annual cash incentive award for 2023 will be paid in the ordinary course, notwithstanding your retirement from Shyft prior to the time such payment is payable under the AIC Plan.</p>

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<p style="margin: 0pt 0pt 0pt 71pt; font-family: &quot;Times New Roman&quot;; font-size: 10pt; text-indent: 1pt;">2.&nbsp; &nbsp; &nbsp;In connection with the Retirement Date, you will enter into a consulting agreement, substantially in the form attached as Exhibit A (the "Consulting Agreement"), pursuant to which you will be available to provide consulting services as requested by the CEO. The term of the Consulting Agreement will be for a period of 12 months, from the Retirement Date, subject to the Consulting Agreement&#8217;s relevant provisions on early termination by either party (the &#8220;Consulting Term&#8221;).</p>

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<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt 0pt 0pt 71pt; text-indent: 1pt;">3.&nbsp; &nbsp; &nbsp;Except as provided for under this letter, as of the Retirement Date, you will no longer be eligible for annual cash incentive, bonus, perquisites or other compensation and benefits commensurate with your role as the Chief Operating Officer of Shyft (such as compensation and benefits under the 2016 Shyft Stock Incentive Plan, as amended or amended and restated (the &#8220;Stock Incentive Plan&#8221;), and AIC Plan), subject to your eligibility as of the Retirement Date for accrued vested benefits under Shyft&#8217;s benefit plans, programs or arrangements (including any vested benefits under Shyft&#8217;s qualified and nonqualified retirement plans) pursuant to the terms of such plans, programs or arrangements.</p>

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