AMENDMENT TO EMPLOYMENT AGREEMENT
Exhibit 10.2
Execution Version
AMENDMENT TO EMPLOYMENT AGREEMENT
This Amendment to Employment Agreement (“Amendment”)
is entered into as of April 11, 2021, by and between Xxxxxxx Xxxxxx Xxxxxxx, an individual (“Employee”), and Ollie’s Bargain Outlet, Inc. (the “Company”), an indirect, wholly-owned subsidiary of Ollie’s Bargain Outlet Holdings, Inc. (“Bargain
Holdings”).
WHEREAS, the Company and the Employee are party to that certain employment agreement dated April 15, 2014, as amended
on July 15, 2015 (together, the “Employment Agreement”);
WHEREAS, the Company has determined that it is in the best interests of the Company to amend the Employment Agreement
to reflect the changes set forth herein; and
WHEREAS, capitalized terms that are not defined herein shall have the same meaning as set forth in the Employment
Agreement.
NOW, THEREFORE, in consideration of the mutual covenants and agreements herein contained, the parties agree as follows:
1. Amendment to Employment Agreement.
a. The First sentence of Section 2 of the Employment is amended and restated in its entirety to read as follows:
“During the Term of Employment you will be the SVP, General Counsel.”
b. The first sentence of Section 3 of the Employment Agreement is amended and restated in its entirety to read as follows:
“As compensation for all services provided by you during the Term of Employment, and subject to your performance in
accordance with the terms of this Agreement, the Company shall pay you a base salary at a rate of $240,000 per annum (the per annum amount in effect from time to time being referred to herein as the “Base Salary”).
c.
The last sentence of Section 3 of the Employment Agreement are amended and restated in its entirety to read as follows:
“The amount of Base Salary shall be re-evaluated annually by the Compensation Committee of the Board of Directors of
the Company, or, if no such committee exists, the Board of Directors of the Company (the “Board”); provided, that the Base Salary may not be reduced to an amount below $240,000.”
1
d.
With respect to the first paragraph of Section 4 and the table immediately following such paragraph (i) the percentage referenced in subparagraph (c)
shall be 80%, and (ii) the references to “Bonus Amount” in the chart immediately following the paragraph shall adjusted accordingly to that the bonus associated with Company EBITDA for fiscal year that is equal to or greater than Maximum EBITDA
Threshold shall be 80% of Base Salary.
e.
With respect to Section 13, the required copy to CCMP Capital Advisors shall be deleted in its entirety, and the required copy to Xxxx Xxxxxxx shall
be sent to the attention of Xxxxx Xxxxxx.
| 2. |
References. All references in the Employment Agreement to “this
Agreement” and any other references of similar import shall hereinafter refer to the Employment Agreement as amended by this Amendment.
|
| 3. |
Remaining Provisions. Except as expressly modified by this
Amendment, the Employment Agreement shall remain in full force and effect. This Amendment embodies the entire agreement and understanding of the parties hereto with respect to the subject matter hereof, and supersedes all prior and
contemporaneous agreements and understandings, oral or written, relative thereto.
|
| 4. |
Governing Law. This Amendment is made in Harrisburg,
Pennsylvania, and shall be construed and interpreted in accordance with the laws of the Commonwealth of Pennsylvania.
|
| 5. |
Amendment Effective Date. This Amendment shall be effective
April 11, 2021.
|
| 6. |
Counterparts. This Amendment may be executed by either of the
parties hereto in counterparts, each of which shall be deemed to be an original, but all such counterparts shall together constitute one and the same instrument.
|
[THE REMAINDER OF THIS PAGE IS INTENTIONALLY
LEFT BLANK]
2
IN WITNESS WHEREOF, the parties have executed this Amendment as of the date first set forth above.
|
OLLIE’S BARGAIN OUTLET, INC.
|
|
|
By: /s/ Xxxx Xxxxxxx
|
|
|
Name: Xxxx Xxxxxxx
|
|
|
Title: President & CEO
|
|
ACCEPTED AND AGREED:
|
|
|
/s/ Xxxxxxx Xxxxxx Xxxxxxx
|
|
|
Xxxxxxx Xxxxxx Xxxxxxx
|
[Signature Page to 2021 Amendment to Employment Agreement – Xxxxxxx]
3
