G-Estate Liquidation Stores, Inc. - FORM S-1/A - EX-10.3 - RICHARD H. HEYMAN SEVERANCE AGREEMENT LETTER, DATED JANUARY 12, 2010. - June 4, 2010

Attached files

file filename
EX-10.1 - REGISTRATION AGREEMENT BY AND AMONG MIDWEST SHOPPES HOLDING CORP. - G-Estate Liquidation Stores, Inc.dex101.htm
EX-10.6 - JOHANNA K. LEWIS SEVERANCE AGREEMENT LETTER, DATED JANUARY 12, 2010. - G-Estate Liquidation Stores, Inc.dex106.htm
EX-10.9 - LOAN, GUARANTY AND SECURITY AGREEMENT - G-Estate Liquidation Stores, Inc.dex109.htm
EX-23.1 - CONSENT OF GRANT THORNTON LLP, INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM. - G-Estate Liquidation Stores, Inc.dex231.htm
EX-10.7 - MICHAEL S. MORAND SEVERANCE AGREEMENT LETTER, DATED JANUARY 12, 2010. - G-Estate Liquidation Stores, Inc.dex107.htm
EX-21.1 - LIST OF SUBSIDIARIES OF GORDMANS STORES, INC. - G-Estate Liquidation Stores, Inc.dex211.htm
EX-10.2 - JEFFREY J. GORDMAN EMPLOYMENT LETTER AGREEMENT, DATED OCTOBER 16, 2008. - G-Estate Liquidation Stores, Inc.dex102.htm
EX-10.5 - DEBRA A. KOUBA SEVERANCE AGREEMENT LETTER, DATED JANUARY 12, 2010. - G-Estate Liquidation Stores, Inc.dex105.htm
EX-10.28 - BONUS AGREEMENT BY AND BETWEEN GORDMANS STORES, INC. AND RICHARD HEYMAN - G-Estate Liquidation Stores, Inc.dex1028.htm
EX-10.19 - 2009 STOCK OPTION PLAN OF GORDMANS STORES, INC. - G-Estate Liquidation Stores, Inc.dex1019.htm
EX-10.13 - LEASE AGREEMENT - G-Estate Liquidation Stores, Inc.dex1013.htm
EX-10.21 - RETENTION BONUS AGREEMENT BY AND BETWEEN GORDMANS, INC. AND MICHAEL REMSEN - G-Estate Liquidation Stores, Inc.dex1021.htm
EX-10.26 - BONUS AGREEMENT BY AND BETWEEN GORDMANS STORES, INC. AND MICHAEL MORAND - G-Estate Liquidation Stores, Inc.dex1026.htm
EX-10.11 - NOTICE OF REQUEST FOR REVOLVER INCREASE, DATED AS OF MARCH 31, 2009. - G-Estate Liquidation Stores, Inc.dex1011.htm
EX-10.12 - SECOND AMENDMENT TO LOAN, GUARANTY AND SECURITY AGREEMENT - G-Estate Liquidation Stores, Inc.dex1012.htm
EX-10.25 - RETENTION BONUS AGREEMENT BY AND BETWEEN GORDMANS, INC. AND NORM FARRINGTON - G-Estate Liquidation Stores, Inc.dex1025.htm
EX-10.14 - INDUSTRIAL BUILDING LEASE - G-Estate Liquidation Stores, Inc.dex1014.htm
EX-10.29 - BONUS AGREEMENT BY AND BETWEEN GORDMANS STORES, INC. AND MICHAEL JAMES - G-Estate Liquidation Stores, Inc.dex1029.htm
EX-10.10 - FIRST AMENDMENT TO LOAN, GUARANTY AND SECURITY AGREEMENT - G-Estate Liquidation Stores, Inc.dex1010.htm
EX-10.31 - BONUS AGREEMENT BY AND BETWEEN GORDMANS STORES, INC. AND JOHANNA LEWIS - G-Estate Liquidation Stores, Inc.dex1031.htm
EX-10.18 - GORDMANS, INC. EXECUTIVE DEFERRED COMPENSATION PLAN - G-Estate Liquidation Stores, Inc.dex1018.htm
EX-10.20 - FORM OF GRANT AGREEMENT PURSUANT TO 2009 STOCK OPTION PLAN - G-Estate Liquidation Stores, Inc.dex1020.htm
EX-10.23 - RETENTION BONUS AGREEMENT BY AND BETWEEN GORDMANS, INC. AND MICHAEL JAMES - G-Estate Liquidation Stores, Inc.dex1023.htm
EX-10.16 - SECOND AMENDMENT TO INDUSTRIAL BUILDING LEASE - G-Estate Liquidation Stores, Inc.dex1016.htm
EX-10.24 - RETENTION BONUS AGREEMENT BY AND BETWEEN GORDMANS, INC. AND DEBRA KOUBA - G-Estate Liquidation Stores, Inc.dex1024.htm
EX-10.27 - BONUS AGREEMENT BY AND BETWEEN GORDMANS STORES, INC. AND JEFFREY GORDMAN - G-Estate Liquidation Stores, Inc.dex1027.htm
EX-10.22 - RETENTION BONUS AGREEMENT BY AND BETWEEN GORDMANS, INC. AND RONALD HALL - G-Estate Liquidation Stores, Inc.dex1022.htm
EX-10.15 - FIRST AMENDMENT TO INDUSTRIAL BUILDING LEASE - G-Estate Liquidation Stores, Inc.dex1015.htm
EX-10.17 - AMENDED AND RESTATED SUBLEASE AGREEMENT - G-Estate Liquidation Stores, Inc.dex1017.htm
EX-10.30 - BONUS AGREEMENT BY AND BETWEEN GORDMANS STORES, INC. AND DEBRA KOUBA - G-Estate Liquidation Stores, Inc.dex1030.htm
S-1/A - AMENDMENT NUMBER 1 TO FORM S-1 - G-Estate Liquidation Stores, Inc.ds1a.htm
EX-10.4 - MICHAEL D. JAMES SEVERANCE AGREEMENT LETTER, DATED JANUARY 12, 2010. - G-Estate Liquidation Stores, Inc.dex104.htm

Exhibit 10.3

Gordmans Holding Corp.

12100 West Center Road

Omaha, NE 68144

January 12, 2010

Mr. Richard Heyman

Vice President and CIO

Gordmans Holding Corp.

12100 West Center Road

Omaha, NE 68144

Dear Richard:

As we discussed, it is the intention of Gordmans Holding Corp. (the “Company”) to provide you with the separation benefit described below.

If your employment is terminated by the “Company without “cause” (as such term is defined in the Company’s stock option plan), or within nine months after a change in control (as such term is defined in the Company’s stock option plan) the location of your place of work is moved more than 50 miles from the current location or your position and scope of responsibilities in the Company are significantly reduced, then subject to the execution of a satisfactory release by you, you will receive:

 

  •  

Salary continuation (payable in accordance with the Company’s payroll practice as in effect at the time of your termination) until the earlier of (x) the period of time equal to the number of months you were employed by the Company, not to exceed six months and (y) the date on which you are employed by a third party (the “Salary Continuation Period”); and

 

  •  

Continued medical and dental coverage in accordance with the Company’s plans that are then in place until the end of the Salary Continuation Period (maximum of six months) or, at the Company’s option, cash payments in the amount of such coverage in order for you to make COBRA elections or coverage under another medical and/or dental plan.

You shall immediately notify the Company in writing when you have accepted employment with a third party. Your salary continuation and other benefits will start being paid (or provided) to you following your execution of a satisfactory release. Such release must be executed within 60 days (or such shorter period specified in the release) following your termination. Upon any termination, you shall have a duty to mitigate damages and costs to the Company.

January 12, 2010

Page 2

 

This letter is intended to comply with applicable law. Without limiting the foregoing, this letter is intended to comply with the requirements of section 409A of the Internal Revenue Code (“409A”), and, specifically, with the separation pay and short term deferral exceptions of 409A. Notwithstanding anything in the letter to the contrary, separation pay may only be made upon a “separation from service” under 409A and only in a manner permitted by 409A. For purposes of 409A, the right to a series of installment payments under this letter shall be treated as a right to a series of separate payments. In no event may you, directly or indirectly, designate the calendar year of a payment. All reimbursements and in-kind benefits provided in this letter shall be made or provided in accordance with the requirements of 409A (including, where applicable, the reimbursement rules set forth in the regulations issued under 409A). If you are a “specified employee” of a publicly traded corporation on your termination date (as determined by the Company in accordance with 409A), to the extent required by 409A, separation pay that is due under this letter will be delayed for a period of six months. Any separation pay that is postponed because of 409A will be paid to you (or, if you die, your beneficiary) within 30 days after the end of the six-month delay period.

 

Best regards,

/s/ Jeff Gordman

Jeff Gordman
President and CEO
Acknowledged:

/s/ Richard Heyman

Richard Heyman

G-Estate Liquidation Stores, Inc. Reports

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