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Employment Agreement

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Title:

Employment Agreement

Entities:

LMI Aerospace, Inc.

Date:

2006

Size:

Preview shows 8KB of 28KB total

Price:

$42

ID:

#1004776

► Capital Goods ► Aerospace

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EMPLOYMENT AGREEMENT

LMI AEROSPACE, INC., a Missouri corporation (the "Corporation"), and LAWRENCE E. DICKINSON ("Employee") hereby agree as follows:

1. Employment. The Corporation hereby employs Employee, and Employee accepts employment from the Corporation, upon the terms and conditions hereinafter set forth. Any and all employment agreements heretofore entered into between the Corporation and Employee are hereby terminated and cancelled, and each of the parties hereto mutually releases and discharges the other from any and all obligations and liabilities heretofore or now existing under or by virtue of any such employment agreements, it being the intention of the parties hereto that this Agreement, effective immediately, shall supersede and be in lieu of any and all prior employment agreements between them.

2. Term of Employment.

(A) The initial term of Employee's employment under this Agreement shall commence on January 1, 2006 and shall terminate on December 31, 2007; provided, however, that this Agreement shall be automatically extended for additional terms of one year each unless not later than October 31 of any year beginning in 2007, either party has given written notice to the other party of its or his intention not to extend the term of this Agreement; and provided, further, that the term of employment may be terminated upon the earlier occurrence of any of the following events:

(1) Upon the termination of the business or corporate existence of the Corporation;

(2) At the Corporations option, in the event the Corporation determines that Employee is not performing the duties required of him hereunder to the satisfaction of the Corporation;

(3) Upon the death of the Employee;

(4) At the Corporation's option, if Employee shall suffer a permanent disability; (For the purposes of this Agreement, "permanent disability" means any physical or mental impairment that renders the Employee unable for a period of six (6) months or more to perform the essential job functions of his position, even with reasonable accommodation, as determined by a physician selected by the Corporation. The Employee acknowledges and agrees that he shall voluntarily submit to a medical or psychological examination for the purpose of determining his continued fitness to perform the essential functions of his position whenever requested to do so by the Corporation. If the Corporation elects to terminate the employment relationship on this basis, the Corporation shall notify the Employee or his representative in writing and the termination shall become effective on the date that such notification is given;

(5) At the Corporation's option, upon ten (10) calendar days written notice to Employee, in the event of any breach or default by Employee of any of the terms of this Agreement or of any of Employee's duties or obligations hereunder. In lieu of providing ten (10) calendar days advance written notice, the Corporation, at its sole option, may terminate the Employees services immediately and pay him an amount that is equivalent to ten (10) calendar days of his salary, less any deductions required by law;

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