Compensation and Promotion Agreement between Superior Group of Companies, Inc. and Jordan Alpert
This agreement outlines the compensation and promotion terms for Jordan Alpert at Superior Group of Companies, Inc. (SGC). Alpert's base salary will be $284,500 for 2024 and $330,000 for 2025, with a target bonus of 40% of base salary and a bonus scale at least as favorable as other non-CEO/CFO executives. He will receive 25,000 restricted shares vesting over five years, be eligible for stock options, and receive change of control protections. Alpert is promoted to Chief Legal Officer and Secretary, effective immediately.
Exhibit 10.42
February 12, 2024
Re: Compensation Arrangement
Jordan,
I am glad that we were able to conclude with respect to your near-future compensation. In our discussion, we agreed as follows (and which the Compensation Committee now has approved):
● | Your base salary for 2024 shall be $284,500.00; |
● | Your base salary for 2025 shall be $330,000.00; |
● | Your target bonus percentage for 2024 (and for future years) shall be 40% of base salary; |
● | The earnings scale applicable to your bonus shall be at least as favorable to you as is the most employee-favorable earnings scale applicable to any non CEO/CFO C-suite executive; |
● | You shall receive a restricted stock agreement dated on or about February 12, 2024 that grants you 25,000 shares of SGC common stock with it vesting as follows: 60% (15,000 shares) after year 3 (i.e., on or about February 12, 2027); 20% (5,000 shares) after year 4 (i.e., on or about February 12, 2028); and 20% (5,000 shares) after year 5 (i.e., on or about February 12, 2029) so long as you are employed by SGC or an affiliate of it on the date(s) of vesting; |
● | You shall be eligible to receive options in an amount determined by SGC’s Compensation Committee. |
● | You shall be given change of control protections related to a divesture, sale, spinoff, or the like of a portion of SGC that are at least as favorable as the most employee-favorable protections given to any non CEO/CFO C-suite executive and/or division segment president; and |
● | Effective immediately, your title shall be changed from Senior Vice President, General Counsel & Secretary to Chief Legal Officer and Secretary. |
Congratulations on the well-earned compensation package and promotion. I look forward to continue working with you.
Please countersign below to indicate your agreement to these terms.
Best,
Michael Benstock
AGREED AND ACKNOWLEDGED
______________________________
Jordan Alpert
Date Signed: __________________