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Title: |
Executive Employment Agreement |
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Date: |
2007 |
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Preview shows 5KB of 31KB total |
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Price: |
$42 |
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ID: |
#2875266 |
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EXECUTIVE EMPLOYMENT AGREEMENT
This Executive Employment Agreement (this "Agreement") is dated as of
January 22, 2007, between Aerospace Products International, Inc., a Delaware
corporation, 3778 Distriplex Drive North, Memphis, TN 38118 (the "Company"), and
Bill L. Reznicek, an individual, U.S. citizen, residing at 1137 Cambridge Road,
Coshocton, OH 43812(the "Executive").
WITNESSETH:
WHEREAS, the Company believes that the Executive will be a valued
employee of the Company and wishes to secure his employment with the Company and
document the terms of the Executive's employment by the Company, and the
Executive wishes to become employed by the Company.
WHEREAS, the Company also has determined that it is in the best
interests of the Company and its shareholders to reinforce and encourage the
continued attention and dedication of certain key members of the Company's
management, including the Executive, to their assigned duties without
distraction in uncertain circumstances arising from the possibility of a change
in control of the Company.
NOW, THEREFORE, taking into account the foregoing and in consideration
of the mutual promises and conditions contained herein, the parties hereto agree
as follows:
I
EMPLOYMENT
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.1 Employment. The Company employs the Executive and the Executive
hereby accepts employment as its Chief Financial Officer (CFO) upon the terms
and conditions hereinafter set forth.
.2 Term. The employment of the Executive by the Company under the
terms and conditions of this Agreement will commence on January 22, 2007 and
continue, subject to Article IV hereof, for a period of two years, through
January 22, 2009 ("Employment Term").
.3 Executive Duties. As the Chief Financial Officer of the Company,
the Executive shall perform such duties customary to such office as are
reasonably requested by and shall report directly to the Company's President and
Chief Executive Officer. The Executive agrees to devote his full business time
(with allowances for vacations and sick leave) and attention and best efforts to
the affairs of the Company and its parent, subsidiaries and affiliates during
the Employment Term. Executive shall not, while an employee of the Company,
directly or indirectly, be engaged (including as a stockholder owning more than
five (5) percent of a company's stock, proprietor, general partner, limited
partner, trustee, consultant, employee, director, officer, lender, investor or
otherwise) in any business or activity that is competitive with that of the
Company, its parent or any of its subsidiaries, or affiliates.
Page 1 of 9
{PAGE}
II
COMPENSATION AND BENEFITS
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.1 Base Salary. During the Employment Term, the Company shall pay
to the Executive an annualized base salary of One Hundred Seventy Thousand
Dollars ($170,000) per year (the "Base Salary"), payable in substantially equal
biweekly installments of Six Thousand Five Hundred Thirty Eight Dollars and
Forty Six Cents ($6538.46). The Company will review annually and may, but is not
required to, in the sole discretion of the Board of Directors of the Company,
increase such Base Salary in light of the Executive's performance, inflation in
cost of living, or other factors. The Company shall not decrease Executive's
Base Salary during the Employment Term unless other Executive Base Salaries have
been reduced as part of a program to increase profitability and cash flow.
.2 Signing Bonus. The Executive shall be paid Signing Bonus of
Twenty Thousand Dollars ($20,000) on the date of his first biweekly salary
payment after the commencement of the Employment Term. Should the Executive
leave the company prior to 24 months, the Executive shall reimburse a pro-rated
monthly amount to the company. For example, if the Executive leaves in 12
months, the Executive shall reimburse 1/2 of the bonus.
.3 Benefits. During the Employment Term, the Executive shall be
permitted to participate in and be covered under any and all such performance
bonus, profit sharing, and other compensation plans, and such medical, dental,
disability, life, and other insurance plans, as are generally available to other
employees of the Company in similar employment positions, subject to meeting
applicable eligibility requirements (collectively referred to herein as the
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