AMENDMENT NO 1
TO
SECOND AMENDED AND RESTATED
EMPLOYMENT AGREEMENT
This Amendment
No. 1 to Second Amended and Restated Employment Agreement (the
“Amendment”) is made and entered into as of the 5th day
of March, 2009, by and between Big 5 Sporting Goods
Corporation, a Delaware corporation (the “ Company
”), Big 5 Corp., a Delaware corporation and wholly owned
subsidiary of the Company (“ Big 5 Corp. ”), and
Steven G. Miller, an individual (the “ Executive
”).
A. Executive
is currently employed as President, Chief Executive Officer and
Chairman of the Board of Directors of the Company and as President,
Chief Executive Officer and Chairman of the Board of Directors of
Big 5 Corp. pursuant to a Second Amended and Restated Employment
Agreement (the “ Employment Agreement ”) between
the Company, Big 5 Corp. and Executive dated as of
December 31, 2008.
B. The
Company, Big 5 Corp. and Executive desire to amend the Employment
Agreement regarding the terms and conditions of Executive’s
severance upon certain termination events.
NOW, THEREFORE, in
consideration of the foregoing recitals and the terms, covenants
and conditions contained herein, and in consideration of $1.00
payable by the Company to Executive upon the execution hereof, the
Company, Big 5 Corp. and Executive agree as follows:
1.
Definitions Incorporated . Initially capitalized
terms used but not defined in this Amendment have the respective
meanings set forth in the Employment Agreement .
2.
Reduction of Severance Period . Section 5.3 of the
Employment Agreement is hereby amended and restated in its entirety
as follows:
5.3
Termination by the Company without Just Cause or by Executive for
Good Reason . In the event the Company terminates Executive
without Just Cause, or if Executive terminates his employment with
the Company for Good Reason, this Second Amended Agreement shall
terminate immediately and all parties shall thereupon be released
and discharged of and from all further obligations hereunder except
that any provisions that by their nature survive termination shall
so survive (including Executive’s ongoing obligations
pursuant to Sections 7.1 and 7.2(a)) and the Company shall pay
to Executive, on the Termination Date, all amounts accrued and
unpaid as of the Termination Date in respect of
(i) Executive’s salary and annual cash bonus, computed
in accordance with Section 3.2, for services rendered through
such date, (ii) vacation pay to the
- 1 -