STAY BONUS AGREEMENT
Exhibit 10.2
This Stay Bonus Agreement (this “Agreement”) is made as of February 6, 2007 by and between
Wellco Enterprises, Inc., a North Carolina corporation (the “Company”), and Xxxxx Xxxxxxx
(“Executive”).
Executive and cancelled in connection with the Company Sale Event, payment of the Stay Bonus shall
be in lieu of any other bonus or other consideration payable by the Company to Executive arising
from the Company Sale Event, including any change-in-control payment whether payable solely as a
result of a Company Sale Event or similar transaction or termination of Executive’s employment or
diminution of Executive’s responsibilities in connection with or within a specified period
following consummation of a Company Sale Event or similar transaction.
6. Governing Law. This Agreement shall be governed by and construed in accordance
with the laws of the State of North Carolina without regard to any choice or conflict of laws
provisions.
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/s/ Xxxxx Xxxxxxx | ||||
Xxxxx Xxxxxxx | ||||
WELLCO ENTERPRISES, INC. |
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By: | /s/ Xxxx X. Xxxxxxxx | |||
Xxxx X. Xxxxxxxx | ||||
Chairman, Compensation Committee of the Board of Directors | ||||
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