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Title: |
Employment Agreement |
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Entities: |
Flowserve Corp. |
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Date: |
2007 |
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Size: |
Preview shows 5KB of 24KB total |
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Price: |
$43 |
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ID: |
#2875966 |
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Start of
Preview |
EMPLOYMENT AGREEMENT
This EMPLOYMENT AGREEMENT (this Agreement) dated and effective May 7, 2007 (the Effective Date), is made and entered into between Flowserve Corporation (the Company) and Mark Blinn (Executive).
RECITALS
A. The Company desires to continue to employ Executive and secure his services for the period provided in this Agreement upon the terms and conditions provided herein and Executive desires to be so employed.
D. As a condition to the Companys employment of Executive, the Company desires to receive from Executive certain covenants and agreements.
E. The Company and Executive desire to set forth in writing the terms and conditions of their agreement and understandings with respect to the employment of Executive.
AGREEMENT
NOW, THEREFORE, in consideration of the mutual promises and agreements herein contained and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Company and Executive (collectively Parties) agree as follows:
1. Employment.
(a) Position and Duties of the Executive. During Executives employment pursuant to this Agreement, Executive will serve as a Senior Vice President and the Chief Financial Officer of the Company. As Chief Financial Officer, Executive is responsible for the overall financial management and operation of the Company and Affiliated Companies. For purposes of this Agreement, Affiliated Companies means any entity in which the Company, directly or indirectly, holds a majority of the voting power or profits or capital interest of such entity. The title, powers, and duties of Executive will be more specifically determined by the Company and may be modified by the Company from time to time in its sole discretion. Executive will report to the Chief Executive Officer (CEO).
(b) Performance. During the Term (as defined below), Executive will use his best efforts in performing his duties and will devote on a full-time basis all necessary time, energy and skill in performing his duties. Executive will comply with all the employee policies and written manuals of the Company and Affiliated Companies including the Code of Business Conduct and the Flowserve Financial Management Code of Ethics. Executive will not work for any other business or enterprise during the Term. Executive further agrees that he will not, directly or indirectly, engage or participate in any activity during the Term which may injure the interests of the Company or the Affiliated Companies, whether such interests are business-related, financial or otherwise. Executive may serve on corporate, civic, or charitable boards or committees and manage Executives personal investments and affairs, provided that: (1) such activities do not interfere with the performance of Executives duties under this Agreement; (2) such activities do not cause Executive to breach his obligations in Section 7 of this Agreement; and (3) Executive keeps the Company informed of Executives commitments. Additionally, Executive must notify and seek permission from the Companys Board of Directors before he can serve as a director on a corporate board of directors. If the Company determines that any of Executives
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