SEC Contract Filing

Filing Date: 2017-03-16

Document Content:
<DOCUMENT>
<TYPE>EX-10.12
<SEQUENCE>4
<FILENAME>ex101220170102tippamendede.htm
<DESCRIPTION>EXHIBIT 10.12
<TEXT>
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<div><a name="s9a7219ffebe84d2b948967ed812503a8"></a></div><div><div style="line-height:120%;text-align:right;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">Exhibit 10.12</font></div></div><div><br></div><div style="line-height:120%;text-align:center;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><div style="line-height:120%;text-align:center;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;font-weight:bold;">AMENDED AND RESTATED EXECUTIVE EMPLOYMENT AND </font></div><div style="line-height:120%;text-align:center;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;font-weight:bold;">NON-COMPETITION AGREEMENT</font></div><div style="line-height:120%;text-align:justify;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><div style="line-height:120%;text-align:justify;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><div style="line-height:120%;padding-bottom:16px;text-align:justify;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">This AMENDED AND RESTATED EXECUTIVE EMPLOYMENT AND NON-COMPETITION AGREEMENT (this &#8220;</font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">Agreement</font><font style="font-family:inherit;font-size:12pt;">&#8221;), dated as of the 27th day of July, 2016, by and between Papa Murphy&#8217;s Holdings, Inc., a Delaware corporation (the &#8220;</font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">Company</font><font style="font-family:inherit;font-size:12pt;">&#8221;), and Jayson Tipp, a resident of Portland, Oregon (&#8220;</font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">Executive</font><font style="font-family:inherit;font-size:12pt;">&#8221;) amends and restates the Executive Employment Agreement and Non-competition Agreement dated as of the 7</font><font style="font-family:inherit;font-size:12pt;"><sup style="vertical-align:top;line-height:120%;font-size:8pt">th</sup></font><font style="font-family:inherit;font-size:12pt;">&#32;day of January, 2013, by and between PMI Holdings, Inc., a Delaware corporation and the Company&#8217;s predecessor, and Executive.</font></div><div style="line-height:120%;padding-bottom:16px;text-align:justify;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">WHEREAS, the Company&#8217;s predecessor and Executive entered into that certain Executive Agreement and Non-Competition Agreement dated as of the 7</font><font style="font-family:inherit;font-size:12pt;"><sup style="vertical-align:top;line-height:120%;font-size:8pt">th</sup></font><font style="font-family:inherit;font-size:12pt;">&#32;day of January, 2013;</font></div><div style="line-height:120%;padding-bottom:16px;text-align:justify;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">WHEREAS, the parties desire to amend the Agreement as set forth herein;</font></div><div style="line-height:120%;padding-bottom:16px;text-align:justify;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">WHEREAS, the Company desires to be assured that the confidential information and goodwill of the Company will be preserved for the exclusive benefit of the Company;</font></div><div style="line-height:120%;padding-bottom:16px;text-align:justify;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">WHEREAS, the Company desires to be assured that the unique and expert services of Executive will continue to be available to the Company, and that Executive is willing and able to continue to render such services on the terms and conditions hereinafter set forth; and</font></div><div style="line-height:120%;padding-bottom:16px;text-align:justify;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">NOW, THEREFORE, in consideration of such employment and the mutual covenants and promises herein contained, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Company and Executive agree as follows:</font></div><div style="line-height:120%;padding-left:0px;padding-bottom:16px;text-align:justify;text-indent:0px;"><font style="padding-bottom:16px;text-align:justify;font-family:inherit;font-size:12pt;padding-right:48px;">1.</font><font style="font-family:inherit;font-size:12pt;font-weight:bold;text-decoration:underline;">Employment</font><font style="font-family:inherit;font-size:12pt;">. The Company hereby agrees to continue to employ Executive, and Executive hereby agrees to accept continued employment with the Company, upon the terms and conditions contained in this Agreement, to be effective on the date of this Agreement (the &#8220;</font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">Effective Date</font><font style="font-family:inherit;font-size:12pt;">&#8221;). Executive&#8217;s employment with the Company shall continue, subject to earlier termination of such employment pursuant to the terms hereof, until April&#160;1, 2017 after the Effective Date (the &#8220;</font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">Employment Period</font><font style="font-family:inherit;font-size:12pt;">&#8221;). Notwithstanding anything herein to the contrary, this Agreement shall be of no force or effect until the Effective Date. On April&#160;1, 2017 and on each anniversary thereof