SEC Contract Filing

Filing Date: 2018-05-03

Document Content:
<DOCUMENT>
<TYPE>EX-10.1
<SEQUENCE>2
<FILENAME>lqdtexhibit101.htm
<DESCRIPTION>EXHIBIT 10.1
<TEXT>
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<div><a name="s94ed33b13f024f7480ad3b2513b1fb53"></a></div><div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></div><div><br></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;padding-bottom:10px;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">March 2, 2018</font></div><div style="line-height:120%;padding-bottom:10px;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">Dear Roger,</font></div><div style="line-height:120%;padding-bottom:10px;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">I am pleased to provide you with details regarding the supplemental cash bonus that we recently discussed. Capitalized terms used in this letter, but not otherwise defined, will have the same meaning given to them in the Executive Employment Agreement between Liquidity Services, Inc. (the &#8220;</font><font style="font-family:inherit;font-size:11pt;font-weight:bold;">Company</font><font style="font-family:inherit;font-size:11pt;">&#8221;) and you dated January 8, 2018.</font></div><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:36px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:11pt;padding-left:0px;"><font style="font-family:inherit;font-size:10pt;">&#8226;</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">The Company will pay you a supplemental cash bonus in an amount not to exceed Five Hundred Thousand United States Dollars (US$500,000) subject to the terms in this letter (the &#8220;</font><font style="font-family:inherit;font-size:11pt;font-weight:bold;">Bonus</font><font style="font-family:inherit;font-size:11pt;">&#8221;).</font></div></td></tr></table><div style="line-height:120%;padding-bottom:10px;text-align:justify;padding-left:36px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:36px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:11pt;padding-left:0px;"><font style="font-family:inherit;font-size:10pt;">&#8226;</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">The Company will accrue the benefit to you of 50% of the Bonus if you achieve, to the satisfaction of the Chief Executive Officer (the &#8220;</font><font style="font-family:inherit;font-size:11pt;font-weight:bold;">CEO</font><font style="font-family:inherit;font-size:11pt;">&#8221;) and the Compensation Committee of the Board of Directors (the &#8220;</font><font style="font-family:inherit;font-size:11pt;font-weight:bold;">Compensation Committee</font><font style="font-family:inherit;font-size:11pt;">&#8221;), the FY 2018 LOT Roadmap. &#8220;</font><font style="font-family:inherit;font-size:11pt;font-weight:bold;">FY&#160;2018 LOT Roadmap</font><font style="font-family:inherit;font-size:11pt;">&#8221; means the plan to develop and launch into production specific technology solutions relating to the Company&#8217;s LiquidityOne Transformation by September 30, 2018. The Compensation Committee may waive completion of any portion of the FY&#160;2018 LOT Roadmap in its sole discretion (for example, a part of the FY 2018 LOT Roadmap is made moot by changes in Company strategy). Within sixty (60) days after September 30, 2018, the CEO will present his recommendation to the Compensation Committee on what percent of the FY 2018 LOT Roadmap has been achieved for the Committee&#8217;s review and approval. </font></div></td></tr></table><div style="line-height:120%;padding-bottom:10px;text-align:justify;padding-left:36px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:36px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:11pt;padding-left:0px;"><font style="font-family:inherit;font-size:10pt;">&#8226;</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">The Company will accrue the benefit to you of the remaining 50% of the Bonus if you achieve, to the satisfaction of the CEO and the Compensation Committee, the FY2019 IT Roadmap. &#8220;</font><font style="font-family:inherit;font-size:11pt;font-weight:bold;">FY 2019 IT Roadmap</font><font style="font-family:inherit;font-size:11pt;">&#8221; means the plan to: (i) complete the final remaining elements of the LiquidityOne Transformation; (ii) realize post-LiquidityOne Transformation cost-benefits from retiring legacy systems to the extent not already realized; and (iii) develop and launch into production specific additional technology solutions by September 30, 2019. The Compensation Committee may waive completion of any portion of the FY 2019 IT Roadmap in its sole discretion (for example, a part of the FY 2019 IT Roadmap is made moot by changes in Company strategy). Within sixty (60) days after September 30, 2