SEC Contract Filing

Filing Date: 2024-10-08

Document Content:
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<TYPE>EX-10.1
<SEQUENCE>2
<FILENAME>westwood-leahbennetttransi.htm
<DESCRIPTION>EX-10.1
<TEXT>
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<title>Document</title></head><body><div id="icb939ab80d9043a5abd35e98fcbcb01f_1"></div><div style="min-height:72pt;width:100%"><div><font><br></font></div></div><div style="margin-bottom:24pt;text-align:justify"><img alt="image_0.jpg" src="image_0.jpg" style="height:87px;margin-bottom:5pt;vertical-align:text-bottom;width:248px"></div><div style="margin-bottom:24pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:400;line-height:120%">October 7, 2024</font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:400;line-height:120%">Leah Bennett</font></div><div><font style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:400;line-height:120%">6402 Haskell St<br>Houston, TX 77007</font></div><div><font><br></font></div><div style="margin-bottom:12pt;text-align:justify;text-indent:36pt"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-style:italic;font-weight:400;line-height:120%">Re&#58; Resignation and Transition Agreement</font></div><div style="margin-bottom:12pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:400;line-height:120%">Dear Leah&#58;</font></div><div style="margin-bottom:12pt;text-align:justify;text-indent:36pt"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:400;line-height:120%">As we have discussed, you have decided to resign from Westwood Holdings Group, Inc. (&#8220;Westwood&#8221;) effective December 31, 2024. This letter agreement (&#8220;Agreement&#8221;) describes your expected duties and compensation during the transition period through your last day of work on December 31, 2024, the conditions for receiving any post-employment compensation, and your continuing obligations under the Employee Confidentiality and Non-Compete Agreement dated February 1, 2023, between you and Westwood (the &#8220;Restrictive Covenants Agreement&#8221;). Of course, as is standard for Westwood employees, and notwithstanding anything in this letter, your employment will remain at-will at all times, meaning that either you or Westwood may terminate your employment at any time, with or without cause. If you are in agreement with the transition plan described below, please sign the letter where indicated below and return the signed version to me.</font></div><div style="margin-bottom:12pt;text-align:justify;text-indent:36pt"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:400;line-height:120%">The expectations during your transition period will be as follows&#58;</font></div><div style="margin-bottom:12pt;padding-left:54pt;text-align:justify;text-indent:-18pt"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:700;line-height:120%">1.</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:700;line-height:120%;padding-left:8pt">Duration</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:400;line-height:120%">&#58; The transition period will begin as of the date you execute this letter and will continue through December 31, 2024. At the end of the business day on December 31, 2024, your last day of employment, your resignation will become effective automatically and your employment will end without any further action needed on your or Westwood&#8217;s part.</font></div><div style="margin-bottom:12pt;padding-left:54pt;text-align:justify;text-indent:-18pt"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:700;line-height:120%">2.</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:700;line-height:120%;padding-left:8pt">Position</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:400;line-height:120%">&#58; Your current position is President of Westwood Wealth Management. You will retain this title during the transition period. During the transition period, it is expected that you will complete your assigned duties and responsibilities necessary to successfully perform in your position. In particular, you agree to provide certain transition services, including working with Westwood&#8217;s Chief Executive Officer to transition the client services previously provided by you to other Westwood personnel. </font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div><font><br></font></div></div></div><hr style="page-break-after:always"><div style="min-height:72pt;width:100%"><div style="text-align:right"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">L. Bennett<br>Page 2</font></div></div><div style="margin-bottom:12pt;padding-left:54pt;text-align:justify;text-indent:-18pt"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:700;line-height:120%">3.</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:700;line-height:120%;padding-left:8pt">Compensation&#58; </font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:400;line-height:120%">Your annual salary will continue at its current level of $325,000 per year (plus any commissions earned), subject to normal payroll deductions, including income tax withholding, FICA and benefits contributions. You will continue to be eligible for applicable employee benefits, subject to the terms of the Company&#8217;s employee benefit plans. Pursuant to the terms of the Wealth Management Revenue Share I