Orchard Supply Hardware Strs – Orchard Supply Hardware Stores Corporation Provides Update on Efforts to Improve Its Capital Structure Company Expands Asset-Based Credit Facility to $145 Million and Obtains Waiver From Term Loan Holders Reports Preliminary Fourth Quarter and Fiscal Year 2012 Sales Results Remains Committed to Repositioning Strategy (February 15th, 2013)
SAN JOSE, Calif.--Feb 15, 2013-- Orchard Supply Hardware Stores Corporation (Nasdaq:OSH), a neighborhood hardware and garden store focused on paint, repair and the backyard, today provided an update on the Company's efforts to refinance or modify its Term Loan debt and otherwise work to improve its capital structure. Additionally, Orchard provided an update on select preliminary fourth quarter fiscal 2012 financial performance and reiterated the Company's commitment to its repositioning strategy, including opening new and renovating existing stores. The Company's updates include the following:
Orchard Supply Hardware Strs – Executive Severance Agreement (December 22nd, 2011)
By this Executive Severance Agreement dated and effective as of December 19, 2011 (Agreement), Orchard Supply Hardware Stores Corporation and its parents, affiliates and subsidiaries (OSH or the Company) and Chris Newman (Executive), intending to be legally bound, and for good and valuable consideration, agree as follows:
Orchard Supply Hardware Strs – December 19, 2011 To: Chris D. Newman Dear Chris, (December 22nd, 2011)
Congratulations! I am pleased to extend to you this offer to serve as Executive Vice President, Chief Financial Officer and Treasurer of Orchard Supply Hardware Stores Corporation (Orchard or Company). In this capacity you will be the Companys Principal Financial Officer and Principal Accounting Officer and will report directly to the Companys Chief Executive Officer. This letter serves as confirmation of our offer and will modify certain terms of your November 7, 2011 offer letter agreement with the Companys subsidiary Orchard Supply Hardware LLC (Subsidiary) (Prior Offer Letter). Some key elements of the offer contained in this letter agreement are as follows:
Orchard Supply Hardware Strs – Contract (December 5th, 2011)
COMMON INCORPORATED UNDER THE LAWS OF THE STATE OF DELAWARE SEE REVERSE SIDE FOR CERTAIN DEFINITIONS CUSIP 685691 40 4 THIS CERTIFIES THAT is the owner of FULLY PAID AND NON-ASSESSABLE CLASS A COMMON STOCK, $0.01 PAR VALUE, OF ORCHARD SUPPLY HARDWARE STORES CORPORATION transferable on the books of the Corporation by the holder hereof in person or by Attorney upon surrender of this certificate properly endorsed. This certificate is not valid until countersigned and registered by the Transfer Agent and Registrar. IN WITNESS WHEREOF, the said Corporation has caused this certificate to be signed by facsimile signatures of its duly authorized officers. Dated: MARK R. BAKER, PRESIDENT MICHAEL W. FOX, SECRETARY COUNTERSIGNED AND REGISTERED: WELLS FARGO BANK, N.A. TRANSFER AGENT AND REGISTRAR BY AUTHORIZED SIGNATURE AMERICAN FINANCIAL PRINTING INCORPORATED MINNEAPOLIS
This Agreement Contains a RELEASE. We Advise That You Consult an ATTORNEY. (November 5th, 2010)
THIS SEPARATION AGREEMENT AND RELEASE OF ALL CLAIMS (Agreement) is made and entered into by and between Mark R. Baker (Employee) and The Scotts Company LLC (Company) and shall be fully effective upon execution by both parties (the Effective Date);
First Amendment to Employment Agreement (December 16th, 2009)
This First Amendment to the Employment Agreement (Amendment) dated effective the first day of October 2008 (Agreement) by and between The Scotts Company LLC (Company) and Mark Baker (Executive) is effective as of this 10th day of December, 2009.
Re: Second Amendment to Employment Agreement (July 13th, 2007)
This letter sets forth our agreement to modify the terms of your current employment agreement (the Employment Agreement), entered into March 1, 2006 and amended January 24, 2007, between yourself (Executive) and Gander Mountain Company (the Company).
EMPLOYMENT AGREEMENT (Mark R. Baker) (March 7th, 2006)
THIS EMPLOYMENT AGREEMENT (this Agreement) is entered into as of March 1, 2006 (the Effective Date) by and between Gander Mountain Company, a Minnesota corporation (the Company), and Mark R. Baker, a resident of Minnesota (Executive).
AMENDMENT NO. 1 TO SHARED SERVICES AGREEMENT (Holiday Companies / Gander Mountain Company) (March 18th, 2005)
This AMENDMENT NO. 1 TO SHARED SERVICES AGREEMENT (this Amendment No. 1) is entered into as of March 17, 2005 by and between HOLIDAY COMPANIES, a Minnesota corporation (Holiday), and GANDER MOUNTAIN COMPANY, a Minnesota corporation (Gander Mountain).