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Title: |
Employment Agreement |
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Entities: |
Graham Corp. |
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Date: |
2006 |
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Size: |
Preview shows 5KB of 33KB total |
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Price: |
$41 |
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ID: |
#2071815 |
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Start of
Preview |
EMPLOYMENT AGREEMENT
THIS AGREEMENT, is made and entered into as of December 1, 1993 by and among Graham Manufacturing Co., Inc., a New York corporation with offices at 20 Florence Avenue, Batavia, New York 14020 (?GMC?), Graham Corporation, a Delaware corporation with offices at 20 Florence Avenue, Batavia, New York 14020 (?Holding Company?) and James R. Lines, currently residing at 11 Hillside Parkway, Lancaster, New York 14086 (the ?Executive?).
The parties hereto, intending to be legally bound hereby, and in consideration of the mutual covenants herein contained, agree as follows:
1. Employment.
GMC hereby employs the Executive and the Executive hereby accepts employment (such employment, hereafter, the ?Employment?) as Vice President of Marketing in charge of the Application and Computer Engineering Departments of GMC upon the terms and conditions hereinafter set forth. Failure in any year of the Board of Directors of GMC (?GMC Board?) at its Annual Meeting to elect the Executive to the office of Vice President of Marketing shall constitute termination of the Executive?s employment without cause for purposes of this Agreement.
2. Duties. The Executive is engaged as Vice President of Marketing of GMC. The Executive shall have authority and responsibility for the operation and management, on a day to day basis, of the Application and Computer Engineering Departments of GMC, and shall perform such duties consistent with Executive?s title as may from time to time be required of Executive by the GMC Board or by either the Chairman and Chief Executive Officer or the President of GMC, to whom Executive shall be directly responsible. The Executive?s office shall be at GMC?s headquarters office in Batavia, New York, or within a reasonable commuting distance thereof. The Executive agrees to travel to the extent reasonably necessary for the performance of his duties hereunder. The Executive shall devote his full business time to the business and affairs of GMC and shall use his best efforts, skill and ability in performing his duties on behalf of GMC.
3. Term.
(a) Except as otherwise provided in this Agreement to the contrary, the terms and conditions of this Agreement shall be and remain in effect during the period of employment (?Term?) established under this Section 3. The Term shall be for a term of one (1) year commencing on December I, 1993, plus such extensions, if any, as are provided pursuant to Section 3(b).
(b) Except as provided in Section 3(c), beginning on the date of this Agreement, the Term shall be automatically extended for one (1) additional day each day, unless either GMC or the Executive elects not to extend the Term further by giving written notice to the other party, in which case the Term shall end on the first anniversary of the date on which such written notice is given; provided, however, that in any event, the Term shall end on the last day of the month in which the Executive attains age sixty-five (65). Upon termination of the Executive?s employment with GMC for any reason whatsoever, any daily extensions provided pursuant to this Section 3, if not theretofore discontinued, shall cease and the remaining unexpired Term under this Agreement shall