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Title: |
Employment Agreement |
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Date: |
2003 |
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Preview shows 6KB of 51KB total |
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Price: |
$43 |
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ID: |
#1626393 |
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EMPLOYMENT AGREEMENT
THIS AGREEMENT is made and entered into as of the 1st day of July, 2003, by and between LYDALL, INC., a Delaware corporation (the ?Company?), and CHRISTOPHER R. SKOMOROWSKI (the ?Executive?).
W I T N E S S E T H
WHEREAS, the Company and the Executive (the ?Parties?) have agreed to enter into this agreement (the ?Agreement) relating to the employment of the Executive by the Company;
NOW, THEREFORE, in consideration of the premises and mutual covenants contained herein and for other good and valuable consideration, the Parties, intending to be legally bound, agree as follows:
1. Term of Employment; Termination of Prior Agreement.
(a) The Company agrees to continue to employ the Executive, and the Executive agrees to remain in the employment of the Company, in accordance with the terms and provisions of this Agreement.
(b) The Employment Period under this Agreement shall be the period commencing as of the date of this Agreement and ending on the date of termination of the Executive?s employment pursuant to Section 5, 6 or 7 below, whichever is applicable.
(c) Immediately upon the commencement of the Executive?s employment pursuant to the terms of this Agreement, that certain Agreements by and between the Executive and the Company dated as of March 1, 2000, February 1, 2000 and February 1, 1999, as amended, shall terminate and shall be of no further force or effect.
2. Duties. It is the intention of the Parties that during the term of his employment under this Agreement, the Executive will serve as Chief Operating Officer of the Company. During the Employment Period, the Executive will devote his full business time and attention and best efforts to the affairs of the Company and his duties as its Chief Operating Officer. The Executive will have such duties as are appropriate to his position as Chief Operating Officer, and will have such authority as required to enable him to perform these duties. Consistent with the foregoing, the Executive shall comply with all reasonable instructions of the Board of Directors of the Company (the ?Board?).
3. Compensation and Benefits.
3.1 Salary. During the Employment Period, the Company will pay the Executive a base salary at an initial annual rate of Four Hundred Twenty Thousand Dollars ($420,000). The Board may, in its sole and absolute discretion, increase the Executive?s base salary in light of the Executive?s performance, inflation, changes in the cost of living and other factors deemed relevant by the Board. The Executive?s base salary may not be decreased during the term of this Agreement. The Chief Executive Officer of the Company shall meet with the Executive annually to review the Executive?s performance, objectives and compensation, including salary, bonus and stock options, and the Chief Executive Officer shall then meet with the Compensation and Stock Option Committee of the Board (the
? 1 ?
?Compensation Committee?) to discuss the same. If the Compensation Committee determines that any adjustments thereto are appropriate, such committee shall make a recommendation to the full Board and the Board shall make such adjustments, if any, as the Board deems appropriate and consistent with this Agreement. The Executive?s base salary will be paid in accordance with the standard practices for other corporate executives of the Company.
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