Attached files
file | filename |
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8-K - FORM 8-K - Speed Commerce, Inc. | c60271e8vk.htm |
EX-99.1 - EX-99.1 - Speed Commerce, Inc. | c60271exv99w1.htm |
EX-99.2 - EX-99.2 - Speed Commerce, Inc. | c60271exv99w2.htm |
Exhibit 10.1
FIRST AMENDMENT TO
AMENDED AND RESTATED
EXECUTIVE SEVERANCE AGREEMENT
AMENDED AND RESTATED
EXECUTIVE SEVERANCE AGREEMENT
THIS FIRST AMENDMENT TO AMENDED AND RESTATED EXECUTIVE SEVERANCE AGREEMENT (this Amendment)
is made as of this 10th day of August, 2010 (the Effective Date) by and between Navarre
Corporation, a Minnesota corporation (the Company) and J. Reid Porter, a resident of the State of
Minnesota (the Executive).
WHEREAS, Company and Executive previously entered into that certain Amended and Restated
Executive Severance Agreement dated March 20, 2008 (the Executive Agreement); and
WHEREAS, In recognition of the Executives promotion to Chief Operating Officer and Chief
Financial Officer of the Company, the Company and Executive now desire to amend the Executive
Agreement pursuant to the terms and conditions set forth herein.
NOW, THEREFORE, in consideration of the above recitals and the mutual promises herein
contained, the parties hereto agree as follows:
1. Term of Executive Agreement. The term of the Agreement is hereby amended to expire in two (2)
years on August 10, 2012.
2. Good Reason. The parties contemplate that during the Term of the Executive Agreement (as
amended above) a new Chief Financial Officer may be appointed and may or may not report to
Executive. Executive agrees that such event shall not be cause for his recognition for Good
Reason, and, therefore, Paragraph 1d of the Executive Agreement (definition of Good Reason) is
hereby amended so that clause (ii) reads as follows:
(ii) A material reduction in Executives duties, responsibilities or authority as Chief
Operating Officer of the Company; or
3. Cash Compensation. In connection with Executives promotion, Executives minimum Base Salary
shall remain $333,000.00 and Executives target level bonus opportunity under the Companys annual
incentive bonus plan shall increase to 75% of Base Salary. Executives performance will be
reviewed by the Compensation Committee annually to determine merit increases to the Base Salary as
the Compensation Committee deems appropriate and in accordance with its customary procedures and
practices applicable to other executives. Such increases, once granted, are not subject to
revocation except pursuant to a program of salary reductions applicable to the Companys executive
officers generally.
4. Equity Compensation. In connection with Executives promotion, the Compensation Committee has
approved a grant of 100,000 time-vested restricted stock units under the Companys 2004 Amended and
Restated Stock Plan (the Stock Plan) to be effective on the first date after approval by the
Companys shareholders of the currently proposed amendment to the Stock Plan to increase the number
of shares available for issuance under the Stock Plan that is in an open trading window as provided
in the Companys Insider Trading Policy. If effective, the restricted stock units vest in two
equal installments on August 10, 2011 and 2012 and are subject to all other terms and provisions of
the Stock Plan and the form of Restricted Stock Unit Award Agreement approved by the Compensation
Committee.
5. Covenant Not To Compete. The definition of Restricted Period in paragraph 5b of the Executive
Agreement is hereby amended to read during his employment with the Company and for a period of one
(1) year thereafter.
6. The parties hereto hereby acknowledge and agree that except as expressly amended hereby, the
Executive Agreement remains in full force and effect in accordance with its terms, and that this
Amendment, together with the Executive Agreement, reflect the entire agreement of the parties
hereto.
7. This Agreement may be executed in counterparts, each of which will be deemed an original but all
of which will constitute one and the same instrument.
[signature page follows]
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IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed as of the day
and year first above written.
NAVARRE CORPORATION , | EXECUTIVE | |||
By:
|
/s/ Cary L. Deacon | /s/ J. Reid Porter | ||
Cary L. Deacon | J. Reid Porter | |||
Its: President and CEO |
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