TERMS OF CONSULTING AGREEMENT FOR STEPHEN J. GATTO FROM 2004 THROUGH 2010
Exhibit 10.36
TERMS OF CONSULTING AGREEMENT FOR XXXXXXX X. XXXXX
FROM 2004 THROUGH 2010
CONSULTING TERM
The Consultant’s terms of engagement will commence on January 1, 2004 and end on May 17, 2010.
POSITION & DUTIES
The Consultant shall serve as the Company’s CEO and Chairman of the Board during the Consulting
Term. As CEO and Chairman of the Board, the Consultant shall have such duties, authorities and
responsibilities commensurate with the duties, authorities and responsibilities of persons in
similar capacities in similarly sized companies and such other duties and responsibilities as the
Company’s Board shall designate that are consistent with the Consultant’s position as CEO and
Chairman of the Board.
COMPENSATION, BENEFITS, AND EXPENSES
Compensation. The Company agrees to pay the Consultant a salary at an annual rate of not
less than Two Hundred and Fifty Thousand Dollars ($250,000), from 2004 through 2005, to be
increased to Three Hundred Thousand ($300,000) from 2005 through 2007, and to be increased to Three
Hundred and Sixty Thousand Dollars ($360,000) from 2007 through May 17, 2010.
Bonus. Consultant shall be eligible for a One Million Dollar ($1,000,000) bonus, with
Five Hundred Thousand ($500,000) to be paid based upon the successful finalization of contractual
agreements to build the Clearfield, PA plant and Five Hundred Thousand ($500,000) to be paid upon
the successful completion of construction of the Clearfield, PA plant.
Tax and Financial Planning. Consultant shall receive an allowance of up to Eighteen
Thousand Dollars ($18,000.00) per year for actual costs associated with financial planning, tax
planning and preparation, and estate planning.
Automobile Allowance. Consultant shall receive an automobile allowance of up to Two
Thousand, Eighty-Three Dollars and Thirty-Three cents ($2,083.33) per month. This allowance shall
cover actual costs associated with the ownership or lease of Consultant’s vehicle, including
monthly payments and costs associated with obtaining automobile liability, property damage, and
comprehensive insurance coverage and the normal and necessary expenses for operation and
maintenance of such vehicle.
Business Expenses. The Company shall pay or reimburse the Consultant for all reasonable
and documented expenses actually incurred or paid by the Consultant during the Consulting Term in
the performance of Consultant’s services, upon presentation of expense statements or vouchers or such other supporting information as it may require.