Item 5.02 Departure of Directors or Certain Officers; Election of Directors;
Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
On January 5, 2022, Legacy Housing Corporation (the "Company") entered into an
amended and restated employment agreement (the "Employment Agreement") with
Curtis D. Hodgson, Executive Chairman of the Company. The Employment Agreement
supersedes and replaces the employment agreement between the Company and Mr.
Hodgson, the term of which expired on December 31, 2021.
The Employment Agreement provides for a term that commences on January 1, 2022
and expires on June 16, 2024, unless earlier terminated (the "Employment
Period"). Pursuant to the Employment Agreement, Mr. Hodgson will continue to
serve in his current position with the Company, as set forth above, and will
have duties, responsibilities, and authority that are customary to such
position.
The Employment Agreement provides for Mr. Hodgson to receive a base salary of
$200,000 per year and a signing bonus of 150,000 shares of restricted stock,
which shall be vested upon grant. Mr. Hodgson is also eligible for an annual
incentive bonus and equity awards. The annual inventive bonus will be determined
by the Board but will not exceed 100% of Mr. Hodgson's base salary. An equity
award of 175,000 shares of the Company's restricted stock will be granted if the
Company's stock price reaches and remains for a period of fifteen consecutive
market days at a closing price of $36 per share. An additional equity award of
175,000 shares of the Company's restricted stock will be granted if the
Company's stock price reaches and remains for a period of fifteen consecutive
market days at a closing price of $48 per share. Mr. Hodgson is also entitled to
receive such health, death, disability, and other insurance benefits, and to
participate in such retirement and other plans, as are made available to other
executive officers of the Company.
The Executive Employment Agreement contains certain customary non-competition,
non-solicitation and confidentiality provisions.
The foregoing summary and description of the Employment Agreement are not and do
not purport to be complete and are subject to, and qualified in its entirety by,
the full text of the Employment Agreement, a copy of which is filed as exhibit
10.1 is incorporated herein by reference.
Item 9.01 Financial Statements and Exhibits.
(d)Exhibits
Exhibit No. Description
Amended and Restated Employment Agreement, effective as of January
1, 2022 by and between Legacy Housing Corporation and Curtis D.
10.1 Hodgson
104 Cover Page Interactive Data File (formatted as Inline XBRL).
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