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EMPLOYMENT AGREEMENT
This Employment Agreement is entered into by and between Xxxx
International Corp. ("the Company") and Xxxxxx X. Xxxx ("Xxxx") as of
October 1, 1996.
In consideration of the mutual promises exchanged herein, the parties
agree as follows:
1. EMPLOYMENT AND DUTIES. The Company hereby employs Xxxx, and Xxxx
hereby accepts employment, to perform the following duties: management of
discontinued operations activities in Xxxxxxxxx, Xxxxxxxxx xxx Xxxxxxx, Xxxxxx;
management of sublease and re-sublease of corporate offices in Dayton, Ohio;
sale or lease of Colonel Xxxxx facility; and assistance as reasonably requested
by the officers of the Company with respect to pension plan administration,
insurance, litigation, historical financial data and other matters involving
the Company with which Xxxx has had experience. Xxxx shall report to the
Chairman and the President of the Company.
2. TERM. The term of this Agreement shall commence on October 1, 1996 and
end on May 31, 1997. This Agreement may be renewed for additional periods of
six months by mutual agreement of the parties.
3. COMPENSATION. The Company shall pay to Xxxx a total of $60,000 as
follows: $10,000 on October 1, 1996, $10,000 on June 1, 1997 and $5,000 per
month during the eight month period commencing with October 1996 and ending
with May 1997 such payments to be made in accordance with the schedule of
salary payments to other officers of the Company.
4. BENEFITS. Xxxx shall continue to participate in medical insurance,
group life insurance and other benefits plans on the same basis as other
officer-employees of the Company.
5. OUTSIDE INTERESTS. Xxxx shall devote a reasonable portion of his
professional time to the Company to discharge his duties hereunder; provided,
however, that he shall not be precluded
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from engaging in other business activities so long as such activities do not
interfere with his obligations to the Company.
6. REIMBURSEMENT OF EXPENSES. The Company shall reimburse Xxxx promptly
for any and all reasonable and necessary expenses incurred on behalf of or in
the conduct of the Company's business, subject to compliance with the Company's
policies concerning such matters.
7. NOTICES. Any written notices required to be given pursuant to this
Agreement may be give by one party to the other at the following address:
If to the Company: Xxxx International Corp.
0000 Xxxxxxxx Xxxxx
Xxxxxxx, Xxxxx 00000
If to Xxxx: Xxxxxx X. Xxxx
0000 Xxxxxxxxx Xxxxxxxxx
Xxxxxx, Xxxx 00000
8. CHOICE OF LAW. This Agreement shall be governed and construed in
accordance with the laws and judicial decisions of the State of Ohio.
9. ENTIRE AGREEMENT. This Agreement constitutes the entire agreement
between the parties and supersedes all prior understandings, whether written or
verbal between the parties.
IN WITNESS WHEREOF, the parties have entered into this Employment
Agreement as of the date first above written.
/s/ Xxxxxx X. Xxxx
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XXXXXX X. XXXX
XXXX INTERNATIONAL CORP.
By: /s/ X. X. Xxxxxx
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