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EMPLOYMENT RETENTION AGREEMENT

Employee Retention Agreement

EMPLOYMENT RETENTION AGREEMENT 

     
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This Employee Retention Agreement involves

LESCO INC/OH | BRUCE K. THORN

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Title: EMPLOYMENT RETENTION AGREEMENT
Date: 2/20/2007
Industry: CHMMFG     Sector: BASICM

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EX-10.3
 

EXHIBIT 10.3

EMPLOYMENT RETENTION AGREEMENT

     THIS EMPLOYMENT RETENTION AGREEMENT (this “Agreement”), is entered into between LESCO, Inc., an Ohio corporation (the “Company”), and BRUCE K. THORN (“Employee”), in accordance with the LESCO, Inc. Employment Retention Plan (the “Plan”), and is made this 19th day of February, 2007.

1.

 

INTRODUCTION

     The Company established the Plan for the purpose of providing certain of its employees with incentives to continue employment with the Company on an objective and impartial basis in the event of the Company’s Change in Control. The Employee desires to continue in the Company’s employment in accordance with the terms and conditions set forth in the Plan, a copy of which is attached hereto as Exhibit A and is incorporated herein by reference. In the event any Plan term or condition conflicts with any term or condition of the Agreement, the Plan’s term or condition shall, at all times, control. All terms capitalized throughout the Agreement shall have the meaning set forth in the Plan, unless otherwise specifically provided for herein.

     The Company and Employee (the “Parties”) now enter into this Agreement to establish their rights and obligations under the Plan, and, to the extent not expressly set forth in the Plan, to provide for certain additional rights and responsibilities of the Parties. In consideration of the Parties’ mutual promises and obligations contained herein and as further established under the Plan, the Parties, intending to be legally bound, hereby agree to the terms and conditions set forth below or provided for within the Plan.

2.

 

TERM OF AGREEMENT

     The Term of the Agreement shall be the period commencing on the Effective Date and ending on the date that is the earlier of the Employee’s Separation from Service or the first anniversary of the Effective Date.

3.

 

CHANGE IN CONTROL PERIOD

     Change in Control Period shall mean the period commencing with the Effective Date and ending on the second (2nd) anniversary of such Effective Date.

4.

 

SEVERANCE PAYMENTS

 

(a)

 

Upon the occurrence of a Triggering Event, Company shall pay to Employee the amounts set forth below, which shall be payable in one lump sum payment within thirty (30) days of the Triggering Event, unless otherwise specifically provided for in the Plan or the subsections below:

 

 

(i)

 

all amounts specifically set forth in Article II of the Plan; and

 


 

 

 

(ii)

 

an amount equal to the product of two (2) times the Employee’s Annual Base Salary; and

 

 

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