Amendment to Employment Agreement between Flexsteel Industries, Inc. and Donald D. Dreher
This amendment updates the employment agreement between Flexsteel Industries, Inc. and Donald D. Dreher. It changes the employee's role to include consulting with the CEO to find and hire a successor, and extends the agreement's term and related compensation dates from 2009 to 2012. All other terms of the original agreement remain unchanged.
Exhibit 10.3
AMENDMENT TO EMPLOYMENT AGREEMENT
This Amendment to Employment Agreement is made and entered into this 27th day of June, 2008, by and between FLEXSTEEL INDUSTRIES, INC., a Minnesota corporation (hereafter “Employer”) and DONALD D. DREHER, (hereafter “Employee”).
RECITALS
WHEREAS, Employer and Employee executed an Employment Agreement (“Agreement”) dated October 1, 2006; and
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| WHEREAS, the Employer and Employee wish to amend the Agreement. |
NOW THEREFORE, in consideration of the mutual terms, covenants and conditions herein contained, the parties agree as follows:
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| 1. | Section 1. EMPLOYMENT. Paragraph B of the Agreement is deleted and replaced with the following: |
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| B. | Employee will consult with the CEO of Flexsteel Industries, Inc. and use his best efforts to establish a timeline for the identification and hiring of a successor for Employee. |
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| 2. | Section 2. TERM. Two (2) references to December 31, 2009 are amended to September 30, 2012. |
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| 3. | Section 8. COMPENSATION UPON TERMINATION OF EMPLOYMENT. |
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| a. | Paragraph A. December 1, 2009 is amended to September 1, 2012. |
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| b. | Paragraph A. (i) December 31, 2009 is amended to September 30, 2012. |
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| 4. | In all other respects, the Agreement is hereby ratified and confirmed. |
| EMPLOYEE |
| FLEXSTEEL INDUSTRIES, INC. | |
| /s/ Donald D. Dreher |
| By: |
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| Donald D. Dreher |
| R. J. Klosterman, CEO and President | |
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