Exhibit 10.e
Page 15 of 17
THIS AGREEMENT made and entered into this 24th day of November 2003, by and
between RONSON CORPORATION, a corporation of the State of New Jersey, having its
principal place of business at Corporate Park III, Campus Drive, Post Office Box
6707, Somerset, New Jersey 08875-6707 (hereinafter called the "Corporation"),
and XXXXX X. XXXXXXX XX, residing at X.X. Xxx 0, Xxxxxxx, Xxx Xxxxxx 00000
(hereinafter called "Xxxxxxx"):
W I T N E S S E T H:
WHEREAS, the September 19, 2001 agreement by its terms expires on December
31, 2004; and
WHEREAS, the Corporation desires to continue in its employ Xxxxxxx and
Xxxxxxx is willing to accept continued employment with the Corporation in an
executive capacity as General Manager, President and Chief Executive Officer of
all domestic and foreign operations; and
WHEREAS, the Corporation is cognizant of Xxxxxxx'x substantial contribution
to the Corporation's operations and the importance of having him continue in the
discharge of his present duties; and
WHEREAS, the Corporation and Xxxxxxx desire to fix and determine the terms
and conditions of such employment;
NOW, THEREFORE, for and in consideration of the promises and mutual
covenants and agreements herein contained, the parties agree as follows:
1. The Corporation agrees to and does hereby employ Xxxxxxx to do and
perform all duties and services of a managerial and executive character as
General Manager, President and Chief Executive Officer of the Corporation's
manufacturing, marketing, financial and other operations which may be
required of Ronson by the Board of Directors of the Corporation for a
period of three (3) years, beginning January 1, 2005 and ending December
31, 2007. The Corporation further agrees that this Agreement will continue
after December 31, 2007 from year to year -- that is to say: from January
1, 2008 to December 31, 2008 and for each succeeding year following 2007,
subject to the same terms and conditions herein contained unless the
employment
shall be terminated by not less than twelve months prior notice in writing
given by either party to the other, or unless the parties agree to a new
employment contract prior to the expiration date of this Agreement. The
earliest termination date, however, shall be December 31, 2007. The
Corporation agrees that Xxxxxxx'x annual salary shall be payable
semi-monthly or shall be paid as requested by Xxxxxxx with the
understanding that the sum drawn by Xxxxxxx shall not on an annual basis
exceed the annual base salary.
2. Xxxxxxx shall have the general control and management of the
business of the Corporation and all persons employed in or about the same.
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3. Xxxxxxx shall be entitled to four (4) weeks vacation with full
compensation in each year which, at the option of Xxxxxxx, may be
accumulated during the term of his employment under this Agreement or
extensions thereof, and if conditions or events affecting Xxxxxxx or the
business do not permit the taking of vacation in a given year by Xxxxxxx,
the time and/or pay therefor can be accumulated at Xxxxxxx'x option.
4. Xxxxxxx hereby accepts such employment and agrees that during the
aforementioned period of three (3) years, or extensions thereof, he will
serve the Corporation faithfully and to the best of his ability, and that
during the term of such employment he will devote his energy and abilities
to the fulfillment of the duties and services to be performed by him, as
set forth in this Agreement.
5. For the services to be rendered by Xxxxxxx to the Corporation
during the aforementioned three-year period of his employment, the
Corporation agrees that it will, during the term hereof:
(a) Pay Xxxxxxx an annual base salary, commencing with January 1,
2005 equivalent to the base salary Xxxxxxx earned in 2003 or 2004,
whichever is higher, payable semi-monthly or at other stated periods
as may be mutually agreed. Said annual base salary shall annually, on
January 1, be increased by three and one-half percent (3 1/2%)
providing Ronson Corporation consolidated has an operating profit the
prior year. In the event Ronson Corporation does not have an operating
profit in the preceding year, then the base salary will be the same as
the prior year without any increase.
(b) Xxxxxxx shall be entitled to all benefits provided by the
Corporation, and he shall be included in the Corporations' Top
Management Incentive Plan;
(c) Reimburse Xxxxxxx for all ordinary and reasonable expenses
incurred by him in connection with and related to the duties performed
and services rendered to the Corporation by him hereunder;
(d) Make available to Xxxxxxx a suitable automobile for his use
and pay all expenses in connection therewith;
(e) In the event of the death of Xxxxxxx prior to the expiration
of this Agreement, the Corporation will pay to the widow of Xxxxxxx
(or, in the event of her death, to his designated beneficiary or
beneficiaries) the equivalent of two (2) full years' compensation,
including any of the incentive compensation, deferred or otherwise,
that was payable to Xxxxxxx during the year immediately preceding his
death. These sums of money shall be paid in equal quarterly
installments over a period of three (3) years and until these sums of
money have been fully paid and satisfied, interest on any unpaid
balance shall be at the prime interest rate as determined by Citibank,
N.A.
Page 17 of 17
(f) In the event Xxxxxxx, during the term of this Agreement, is
unable to perform his duties because of illness or other reason beyond
his control, he shall continue to receive full compensation, payable
monthly during the remainder of this Agreement. If any of the events
referred to above takes place in the last twelve months of this
Agreement, then, following the end of the term of this Agreement,
Xxxxxxx shall be entitled to receive one full year of additional
compensation, payable monthly, under the terms of this Agreement.
6 In the event of the reorganization, acquisition, merger or
consolidation of the corporation with another corporation, or any other
entity (trust, etc.), the Corporation, or any other entity (trust, etc.)
undertakes and accepts the conditions of this Agreement and the obligation
to continue the employment of Xxxxxxx with such reorganized, acquired,
merged or consolidated corporation in accordance with the terms and
conditions of this Agreement.
7 This Agreement shall be binding upon and inure to the benefit of
Xxxxxxx and his heirs and legal representatives and to the Corporation or
its successors and assignees.
IN WITNESS WHEREOF, the Corporation has caused this instrument to be
executed by its duly authorized officers and its corporate seal to be affixed,
and Xxxxxxx has hereunto set his hand and seal the day and year first above
written.
ATTEST: RONSON CORPORATION
By:/s/ Xxxxxx X. Xxxxxx
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Xxxxxx X. Xxxxxx, Secretary
WITNESS:
/s/ Xxxxx X. Xxxxxxx XX
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Xxxxx X. Xxxxxxx XX
