Exhibit 10.6
SUPPLEMENTAL PENSION PLAN
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This supplemental pension plan (the "Plan"), made as of this 1st day of January,
2001, 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.
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: J. Xxxxxx Xxxxxx 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/ J. Xxxxxx Xxxxxx
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Xxxxxxx X. Xxxxxx J. Xxxxxx Xxxxxx, CEO, President
Chairman of the Board
