Exhibit 10.3

 

APPLIANCES & ELECTRONICS

 

LOGO

 

Compensation Agreement

 

Employee Name: John Hickey

Position: Vice President - Commercial Business Development

Promotion: —

Effective Date:

 

Wages

 

Salary:

 

  — 2004-2005 Year 1: $125,000 annual — $4,807.69 per two-week pay period

 

  — 2006 Year 2: $135,000 annual — $5,192.30 per two-week pay period

 

  — 2007 Year 3: $145,000 annual — $5,576.92 per two-week pay period

 

Bonus:

 

  — 2004 Year-End: $100,000

 

  — thereafter - $100,000 potential based on targets payable end of Fiscal year ($50,000 guaranteed for 2005)

 

Commission:

 

  — 50% of profit on HH Gregg Distribution & Sales not to HH Gregg—split 3 ways; (J. Hickey to receive 1/3)

 

Long-Term Compensation:

 

  — Stay on incentive of $375,000 payable at end of 5 years employment

 

  — Stock options same as other management level plans

[Involuntary termination of employment prior to 5 years will result in early payout of Stay On Incentive; Voluntary termination will result in forfeiture]

 

Incentive Benefits:

 

  — Participation in Non-Qualified Pension

 

  — 401(k)

 

  — 3 weeks vacation beginning 2005

 

Other

 

Company provided cellular phone/plan

 

Car Allowance of $500 per month

 

As agreed this 10th day of September, 2004:

 

/s/ John S. Hickey       /s/ Jerry W. Throgmartin
Signature       Signature
John S. Hickey       Jerry W. Throgmartin
Printed Name       Printed Name
September 7, 2004       September 7, 2004
Date       Date