SUN hydraulics corporation
Exhibit 10.1
SUN hydraulics corporation
0000 XXXXXX XXXX XXXX · X.X. XXX 0000
XXXXXXXX, XX 00000
TELEPHONE: 813/000-0000
April 22, 1981
Mr. Xxxxx Xxxxxx
00 Xxxx Xxxxx
Xxxxxxxxxx, Xxxxxxxxxxxx
Xxxxxxx
Dear Xxxxx:
This letter is a confirmation of an employment agreement between Sun Hydraulics Corporation (“Sun”) and Xxxxx Xxxxxx (“Xxxxxx”) reached in our phone conversation of April 21, 1981, as follows:
| I. | General Conditions: |
| x. | Xxxxxx will give notice to his present employer effective May 1, 1981. Sun recognizes that Xxxxxx has a six-month termination clause and may not be released from his existing contract for six months. |
| b. | Employment will begin with a wholly owned subsidiary of Sun as soon as Xxxxxx is released from his present contract. |
| c. | Sun will review Xxxxxx’x salary on November 1, 1981, without regard to the actual date employment begins. |
| d. | This contract may be terminated by either party upon giving six months’ notice in writing to the other party. |
| II. | Remuneration: |
| a. | Sun will pay Xxxxxx a beginning salary of £ 10,000 per year. |
| b. | Sun will pay for medical insurance supplement equal to Bupacare’s family coverage – National Scale. |
| c. | Sun will pay a retirement supplement equal to ten per cent (10%) of Xxxxxx’x base salary. Xxxxxx will choose a private plan approved by the Inland Revenue for tax deferral. |
| Mr. Xxxxx Xxxxxx | April 22, 1981 |
| III. | Transportation and Expenses: |
| a. | Sun will purchase a Ford Xxxxxxx XX or equivalent car for Xxxxxx’x use. |
| b. | Sun will pay Xxxxxx’x travel expenses (including car maintenance). |
| c. | Sun will provide £500 expense advance to Xxxxxx. This fund will be replenished from time to time upon presentation by Xxxxxx of paid expense vouchers |
| IV. | Office Costs: |
| a. | Sun will provide suitable office space. |
| b. | Sun will provide necessary secretarial service. |
| c. | Sun will provide telephone and Telex service. |
If you concur with the summary of our agreement, please sign the enclosed copy and return it to me.
All of us at Sun Hydraulics are please that you are joining us and look forward to your visit to Sarasota.
| Sun Hydraulics Corporation |
| /s/ Xxxxxxx X. Xxxxxxxxx |
| Xxxxxxx X. Xxxxxxxxx |
| Secretary and Treasurer |
| /s/ Xxxxxx X. Xxxxx |
| Xxxxxx X. Xxxxx |
| President |
| Accepted: |
| /s/ Xxxxx Xxxxxx |
| Xxxxx Xxxxxx |
Page 2
