EX-10.1
from 10-Q
22 pages
As We Have Discussed, the Purpose of This Letter Agreement (This “Agreement”) Is to Set Forth Our Mutual Agreement Regarding the Terms and Conditions of Your New Role With PROG Holdings, Inc., and Its Subsidiaries and Related Entities (“Prog”). Please Review This Agreement Carefully And, if You Are in Agreement With the Terms Contained Herein, Please Sign and Return It to John Karr. 1. New Role and Term. (A) You Will Resign From Employment With PROG and All Offices of PROG (Including, but Not Limited To, the President and Chief Revenue Officer Positions) Effective as of April 1, 2021 (Your “Resignation Date”). You Will No Longer Be an Employee or Officer of PROG After the Resignation Date. (B) for a 12-Month Period Beginning on April 1, 2021 (The “Transition Services Period”), You Will Serve as a Consultant and Independent Contractor to PROG Pursuant to Which You Will Provide Transition and Consulting Services to PROG as Further Described Below. (C) During the Transition Services Period, You Will Be Required to Perform Such Transition and Consulting Services as May Be Reasonably Requested by PROG From Time to Time, Including By: (I) Assisting PROG Management With Respect to Transitioning Your Role and Responsibilities, (II) Assisting PROG With Respect to Any Resolved, Pending or Future Regulatory Matters, and (III) Assisting PROG With Respect to Stakeholder Communications and Its Relationships With Its Pos Partners
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