SEC Contract Filing

Filing Date: 2018-10-30

Document Content:
<DOCUMENT>
<TYPE>EX-10.1
<SEQUENCE>2
<FILENAME>flexsteel182363_ex10-1.htm
<DESCRIPTION>AMENDMENT TO RETIREMENT AGREEMENT AND RELEASE, DATED OCTOBER 25, 2018
<TEXT>
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<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0; text-align: right">Exhibit 10.1</P>

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<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: center"><B><U>AMENDMENT TO RETIREMENT AGREEMENT AND RELEASE
</U></B></P>

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<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">This AMENDMENT TO RETIREMENT
AGREEMENT AND RELEASE (&ldquo;<B>Amendment</B>&rdquo;) by and between Flexsteel Industries, Inc. (the &ldquo;<B>Company</B>&rdquo;)
and Karel Czanderna (&ldquo;<B>Executive</B>&rdquo;) is effective as of the date set forth below.</P>

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<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: center"><B>RECITALS</B></P>

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<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 36pt"><B>A.</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Executive
and the Company are parties to a Retirement Agreement and Release executed on September 21, 2018 (the &ldquo;<B>Retirement Agreement</B>&rdquo;).
All capitalized terms used and not otherwise defined in this Amendment shall have the meanings assigned to them in the Retirement
Agreement.</P>

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<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 36pt"><B>B.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B>Executive
and the Company desire to clarify through this Amendment certain issues related to options to purchase the Company&rsquo;s stock
that were granted to Executive by the Company before the Retirement Date.</P>

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<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: center"><B>AGREEMENT</B></P>

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<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">In consideration of the above
recitals, which are hereby incorporated, and the promises set forth in this Amendment, the parties agree as follows:</P>

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<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>1.<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Amendment
to Retirement Agreement</U>. </B>Executive and the Company agree to amend the Retirement Agreement to clarify that no provision
of the Retirement Agreement waived Executive&rsquo;s right to exercise any and all options to purchase shares of the Company&rsquo;s
stock that were granted to Executive by the Company, and that remain outstanding on the Retirement Date (such options, herein,
the &ldquo;<B>Options</B>&rdquo;). Further, notwithstanding any other provision of the Retirement Agreement or any other agreement
related to the Options, Executive and the Company agree that Executive shall have until the date that is three (3) years after
the Retirement Date to exercise the Options, and that after the date that is three (3) years after the Retirement Date, Executive
shall have no right to exercise the Options.</FONT></P>

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<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>2.<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Retirement
Agreement Not Otherwise Modified; Miscellaneous</U>. </B>This Amendment does not change or modify the Retirement Agreement or
any other agreement between Executive and the Company except as set forth in Section 1 above. All other terms of the Retirement
Agreement are unmodified and apply to this Amendment as well as the Retirement Agreement. No representations as to tax consequences
of this Agreement have been made to Executive by the Company or any of its representatives. The Company has not made any representations
or oral or written statements on which Executive has relied in executing this Amendment.</FONT>&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">This Amendment is effective
on the 25th day of October 2018.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">&nbsp;<