CONSULTATION CONTRACT
This is an agreement signed this 2nd day of February, 2000, between RGC
Resources, Inc. ("Company") and Xxxxxx X. Xxxxxxxxxx "Retired Director").
In consideration of the premises and the mutual promises and covenants of
the parties to this contract, it is agreed as follows:
1. Engagement: The Company agrees to engage the Retired Director and the
Retired Director agrees to serve the Company as a consultant.
2. Term: The term of this agreement shall commence on February 1, 2000
and shall continue for ten years until January 31, 2010.
3. Services: The Retired Director shall use his best efforts on a
strictly part-time basis to consult with the Company and help the
Company on such matters as the Company deems reasonably appropriate.
By example, the Company may request the Retired Director to help the
Company improve a business relationship with another business in the
operating area of the Company, etc.
4. Compensation: As compensation for the services to be rendered by the
Retired Director, the Company shall pay the Retired Director
compensation at the rate of $7,200.00 per year for each year this
agreement is in effect, such compensation to be paid on a monthly
basis on the first day of each month this agreement is in effect.
5. Expenses: The Retired Director shall also be entitled to reimbursement
for all reasonable expenses necessarily incurred by him in the
performance of his duties upon presentation of a voucher indicating
the amount and business purposes. Such expenses must normally be
approved in advance by a person or persons designated by the Company.
6. Termination: Either party may terminate this agreement upon any
annual, anniversary date of signing of this agreement. Further, this
agreement shall be terminated upon the death or complete disability of
the Retired Director. The foregoing notwithstanding, this agreement
shall be terminated upon the expiration of ten years from the
anniversary date of signing of this agreement, whether or not the
Retired Director is deceased or permanently disabled at that time.
Finally, this
agreement is immediately terminable by the Company, if the Retired
Director directly or indirectly competes with the Company or reveals
confidential information of the Company to an organization, person or
entity which is directly or indirectly competing with the Company.
Upon any termination under this agreement, the Retired Director shall
be entitled to compensation through the date of termination.
7. Successors and Assigns: This agreement shall inure to the benefit of
and be binding upon the parties hereto; their successors and heirs.
8. Applicable Law: This agreement shall be governed by the laws of
Virginia.
RGC RESOURCES, INC.
s/ Xxxx X. Xxxxxxxxxx, III
President & CEO
s/ Xxxxxx X. Xxxxxxxxxx
Retired Director
