1
EXHIBIT 10.15
[AQUA-CHEM, INC. LOGO]
X.X. XXX 000, XXXXXXXXX, XXXXXXXXX 00000 - 000-000-0000 - FAX: 000-000-0000
XXXXXXX X. XXXXXX
CHAIRMAN and CHIEF EXECUTIVE OFFICER
June 23, 1998
Xx. Xxxxxx X. Xxxxxx
0000 X. Xxxxxxx Xxxx
Xxxxxxx, Xxxxxxxx 00000
Dear Xxxxxx:
This letter will set forth the terms of the consulting arrangement
between Aqua-Chem, Inc. ("AQM") and you, which are as follows:
1. TERM. The term of the agreement will commence on the closing date of
AQM's acquisition of National Development corporation ("NDC") and continue
thereafter for such period as AQM determines to be necessary, but in no event
more than six months.
2. DUTIES. Your duties shall consist of consulting with and advising AQM
management on a part time basis as requested by AQM with respect to matters
pertaining to the historic business of NDC and generally assisting (in a manner
consistent with your status as the prior Chief Financial Officer of NDC) with
the transition and integration of that business into AQM.
3. INDEPENDENT CONTRACTOR STATUS. During the term of the consulting
arrangement, you would be a part-time independent contractor and not an employee
of AQM. Accordingly, AQM will not withhold income, social security or other
taxes from the payments to be made to you and you will be solely responsible for
and indemnify AQM with respect thereto. During the first one month of the
consulting arrangement, I would anticipate that your services would be required
on a more or less full time basis. For the next one month, the time required of
you will be no more than half-time. After the initial two month period, the time
commitment on your part will be minimal and your duties during this period will
be limited to consulting with respect to specific questions that may arise from
time to time. I am sure that after the initial two month period we will be able
to coordinate the performance of consulting services so as not to interfere with
any travel or other personal plans you may have.
4. COMPENSTION. During the initial two month period, you will be
compensated at the rate of $625.00 per day for services requested by AQM.
Thereafter, you will be compensated at the rate of $80.00 per hour for services
requested by AQM. In addition, AQM will provide you with an office and
secretarial support at NDC's office and reimburse you for any out of town travel
and related expenses incurred by you at AQM's request.
2
EXHIBIT 10.15
Xx. Xxxxxx X. Xxxxxx
June 23, 1998
Page Two
If you are in agreement with the preceding, please so indicate by
signing and returning the enclosed copy of this letter.
Sincerely,
/s/ XX Xxxxxx
Xxxxxxx X. Xxxxxx
Agreed to and accepted this 19th day of June, 1998.
/s/ Xxxxxx X. Xxxxxx
-----------------------------------
Xxxxxx X. Xxxxxx
