SEC Contract Filing

Filing Date: 2023-05-11

Document Content:
<DOCUMENT>
<TYPE>EX-10.1
<SEQUENCE>2
<FILENAME>ex_506232.htm
<DESCRIPTION>EXHIBIT 10.1
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<p style="margin: 0pt; text-align: right; font-size: 10pt; font-family: &quot;Times New Roman&quot;;"><font style="font-family: 'Times New Roman', Times, serif; font-size: 10pt"><b>Exhibit 10.1</b></font></p>

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<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt 0pt 0pt 72pt;">&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; <font style="font-size:12pt;">&nbsp;&#174;</font></p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 36pt; font-variant: normal; margin: 0pt;"><b>Holley</b></p>

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<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt 0pt 0pt 273pt; text-indent: 486pt;"><b><u>Holley&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;</u></b></p>

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<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt 0pt 0pt 273pt; text-indent: 485pt;">1801 Russellville Road. Bowling Green, KY 42101</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt 0pt 0pt 273pt; text-indent: 485pt;">http://www.holley.com</p>

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<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt 0pt 0pt 231pt;">February 20, 2023</p>

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<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt 0pt 0pt 41pt;">Michelle Gloeckler</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt; text-indent: 36pt;"><i>[address redacted]</i></p>

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<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt 0pt 0pt 41pt;">Dear Michelle,</p>

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<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt 0pt 0pt 41pt;text-indent:36pt;">This Letter Agreement ("Letter Agreement") sets forth the understanding between us, Holley Inc. (the "Company") and yourself, Michelle Gloeckler ("Gloeckler") regarding our agreement regarding the remuneration due to you in connection with your service as Interim President and Chief Executive Officer of the Company. Notwithstanding anything to the contrary, the parties hereto agree you are providing services to the Company as Interim President and Chief Executive Officer in a non-employee, independent contractor capacity.</p>

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<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt 0pt 0pt 41pt;text-indent:37pt;">In consideration for such your services as Interim President and Chief Executive Officer and for so long as you remain in that role, the Company will pay Gloeckler: (i) a consulting fee at an annual rate of $530,000, payable monthly in arrears, (ii) an award of 100,000 restricted stock units ("RSUs"), which will vest at the later of February 6, 2024 or the completion of your duties as Interim President and Chief Executive Officer, (iii) an additional award of 65,000 RSUs if you continue to serve as Interim President and Chief Executive Officer through May 6, 2023, which award will be granted on or about May 6, 2023 and will vest on the same vesting schedule as your initial grant, and (iv) an opportunity to earn an annual cash bonus for 2023 with a target level equal to 100% of the annual cash consulting fee, based on the achievement of pre-determined performance objectives for 2023 and subject to pro ration based on the period of your service as Interim President and Chief Executive Officer in 2023. For the avoidance of doubt, you will not receiv