EXHIBIT 10(a)
THIS AGREEMENT made and entered into this 17th day of
December 1998, 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 Corporation and Xxxxxxx entered into an
Agreement dated December 21, 1978, which was extended and modified by
Agreements dated July 24, 1980, July 1, 1982, October 11, 1985, July 7,
1988, May 10, 1989, August 22, 1991, May 22, 1995 and as further amended
on June 11, 1997, concerning Xxxxxxx'x 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 June 11, 1997 Agreement by its terms expires on
December 31, 2000; and
WHEREAS, the Corporation is cognizant of Xxxxxxx'x
substantial contribution to the Corporation's operations and the
importance of assuring the continuity of his services in the best
interests of the Corporation; and
WHEREAS, the Corporation wishes to amend the June 11, 1997
Agreement's expiration date from December 31, 2000 to December 31, 2002,
and said extension is agreeable to Xxxxxxx;
NOW THEREFORE,
For and in consideration of the premises and mutual
covenants and agreements herein contained, the parties agree as follows:
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(1) The May 10, 1989 Agreement, and as further amended on
August 22, 1991 and as further amended on May 22, 1995, and further
amended on June 11, 1997, is hereby extended for a period of two (2)
years as follows:
(a) 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 Xxxxxxx by the Board of
Directors of the Corporation to December 31, 2002. The Corporation
further agrees that this Agreement will continue after December 31, 2002
from year to year -- that is to say, from January 1, 2003 to December
31, 2003 and for each succeeding year following 2003, 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. The earliest
termination date, however, shall be December 31, 2002. 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.
(b) In the event of the death of Xxxxxxx prior to the
expiration of this Agreement, the Corporation shall pay to the widow of
Xxxxxxx (or in the event of her death, to his designated beneficiary or
beneficiaries) the equivalent of two 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 years, and until the 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.
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(2) All of the terms, conditions and obligations, as set
forth in the December 21, 1978, July 24, 1980, July 1, 1982, October 11,
1985, July 7, 1988, May 10, 1989, August 22, 1991, May 22, 1995 and June
11, 1997 Agreements, shall continue in full force and effect, except to
the extent specifically modified in this Agreement.
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
/s/Xxxxx X. Xxxx BY: /s/Xxxxxx X. Xxxxxx
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Xxxxx X. Xxxx Xxxxxx X. Xxxxxx
WITNESS:
/s/Xxxxxxxxx X. Xxxxxxxx /s/Xxxxx X. Xxxxxxx XX
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Xxxxxxxxx X. Xxxxxxxx Xxxxx X. Xxxxxxx XX
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