Form of 2024 Retention Incentive Opportunity Agreement
Exhibit 10.1
April ___, 2024
Via E-Mail ***@***)
[NAME]
Dear ____________:
As our Company continues to navigate the challenging operating conditions in effect across much of our business, I want to make sure you know that our Board of Directors is keenly focused on the near-term development and implementation of a comprehensive plan to move our Company forward in a manner that rewards shareholders and creates opportunities for employees. Your time, efforts and patience throughout this difficult period are greatly appreciated and our Board considers your leadership a key component in our Company’s return to growth and profitability.
In recognition of your contributions to the success of our Company, we are offering you a retention-based cash incentive opportunity in the amount of $________________ (the “Retention Incentive”). This Retention Incentive is contingent upon the satisfaction of all of the following criteria:
| ● | You must remain continuously employed with the Company through December 31, 2024; |
| ● | A fiscal plan for the Company’s fiscal year 2025 (“Fiscal 2025”) must be developed and then approved by the Board; |
| ● | The Company’s Annual Report on Form 10-K for its fiscal year 2024 must be timely filed with the SEC; and |
| ● | The Notice of Annual Meeting and Proxy Statement applicable to the Company’s annual meeting of shareholders to be held in Fiscal 2025 must be timely filed with the SEC. |
If all of the above-referenced criteria are fully satisfied, the Retention Incentive will be paid to you on or before January 9, 2025. Please note that this retention-based cash incentive opportunity is in addition to any other cash incentive and/or equity incentive opportunities previously awarded to you.
Thank you again for all that you do for our Company.
Sincerely,
/s/ David G. Whalen
David G. Whalen
Compensation Committee Chair
Delta Apparel, Inc. Board of Directors
ACKNOWLEDGED AND AGREED
| [NAME] | [DATE] |
