SUN hydraulics corporation
Exhibit 10.1
SUN hydraulics corporation
▇▇▇▇ ▇▇▇▇▇▇ ▇▇▇▇ ▇▇▇▇ · ▇.▇. ▇▇▇ ▇▇▇▇
▇▇▇▇▇▇▇▇, ▇▇ ▇▇▇▇▇
TELEPHONE: 813/▇▇▇-▇▇▇▇
April 22, 1981
Mr. ▇▇▇▇▇ ▇▇▇▇▇▇
▇▇ ▇▇▇▇ ▇▇▇▇▇
▇▇▇▇▇▇▇▇▇▇, ▇▇▇▇▇▇▇▇▇▇▇▇
▇▇▇▇▇▇▇
Dear ▇▇▇▇▇:
This letter is a confirmation of an employment agreement between Sun Hydraulics Corporation (“Sun”) and ▇▇▇▇▇ ▇▇▇▇▇▇ (“▇▇▇▇▇▇”) reached in our phone conversation of April 21, 1981, as follows:
| I. | General Conditions: |
| ▇. | ▇▇▇▇▇▇ will give notice to his present employer effective May 1, 1981. Sun recognizes that ▇▇▇▇▇▇ 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 ▇▇▇▇▇▇ is released from his present contract. |
| c. | Sun will review ▇▇▇▇▇▇’▇ 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 ▇▇▇▇▇▇ 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 ▇▇▇▇▇▇’▇ base salary. ▇▇▇▇▇▇ will choose a private plan approved by the Inland Revenue for tax deferral. |
| Mr. ▇▇▇▇▇ ▇▇▇▇▇▇ | April 22, 1981 |
| III. | Transportation and Expenses: |
| a. | Sun will purchase a Ford ▇▇▇▇▇▇▇ ▇▇ or equivalent car for ▇▇▇▇▇▇’▇ use. |
| b. | Sun will pay ▇▇▇▇▇▇’▇ travel expenses (including car maintenance). |
| c. | Sun will provide £500 expense advance to ▇▇▇▇▇▇. This fund will be replenished from time to time upon presentation by ▇▇▇▇▇▇ 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/ ▇▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇▇▇ |
| ▇▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇▇▇ |
| Secretary and Treasurer |
| /s/ ▇▇▇▇▇▇ ▇. ▇▇▇▇▇ |
| ▇▇▇▇▇▇ ▇. ▇▇▇▇▇ |
| President |
| Accepted: |
| /s/ ▇▇▇▇▇ ▇▇▇▇▇▇ |
| ▇▇▇▇▇ ▇▇▇▇▇▇ |
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