Exhibit 10.7
[LOGO] AEROSONIC
SUPPLEMENTAL PENSION PLAN
This supplemental pension plan (the "Plan"), made as of this 1st day January,
2004, by and between Aerosonic Corporation, a Delaware corporation (the
"Company"), and Xxxxxxx X. Xxxxxx (the "Retiree") residing at 0000 Xxxxxx Xxxx
Xxx, Xxxxxxxxxx, XX 00000.
WHEREAS, the Company wishes to provide the Retiree with a guaranteed pension for
the retiree for over thirty-five years of service to the Company.
NOW, THEREFORE, the Company and Retiree hereby agree as follows:
Duration of Agreement. Upon execution of this document, the agreement shall be
for a period of three years and can be renewed upon mutual agreement of the
parties and approval of the Board of Directors of Aerosonic Corporation.
Compensation of Retiree. During the term of this agreement, the Retiree shall
receive a guaranteed monthly pension payment in the amount of $4,166.67 in US
dollars.
Termination of Plan. This Plan shall terminate upon the expiration date being
three years from date of execution of the Plan, the death of the Retiree, or a
good faith determination by the Board of Directors of the Company that the
Retiree has been guilty of willful misconduct materially affecting the Company
or its public image.
Assignment. This Plan may not be assigned without prior written consent of the
parties hereto, except that the Company may assign this Plan: (i) to any of the
Company's divisions, subsidiaries or affiliates or (ii) upon the Retiree's prior
consent, which consent shall not be unreasonably withheld, to any assignee,
licensee or purchaser of the Company.
Notices. Any notice or other communication given or rendered hereunder by either
party hereto shall be in writing and delivered personally or sent by registered
or certified mail, postage prepaid, if to the Company, addressed to the Company
at 0000 X. Xxxxxxxx Xxxxxx, Xxxxxxxxxx, XX 00000, Attention: Xxxxx X. Xxxxxxx or
his designee, and if to the Retiree, addressed to the Retiree at his residence
address as set forth above.
IN WITNESS WHEREOF, this Plan has been executed by the parties hereto as of the
date first above written.
Retiree: Company:
/s/ Xxxxxxx X. Xxxxxx /s/ Xxxxx X. Xxxxxxx
------------------------------------ -----------------------------------------
Xxxxxxx X. Xxxxxx Xxxxx X. Xxxxxxx
President
Chief Executive Officer
