Exhibit 10.1
CONSULTING AGREEMENT
Consultant is retiring from his employment with the Corporation on
November 30, 2007. The Corporation wishes to retain Consultant
to provide certain limited consulting services, as defined in the
Section titled “Scope”, below (the “Consulting
Services”) for a three month period commencing
December 1, 2007 and ending February 29, 2008. The
Corporation and Consultant wish to enter into an agreement under
which Consultant will perform the Consulting Services as an
independent contractor.
Scope: The C.E.O. of
the Corporation has requested John Brocci provide consulting
services from December 1, 2007 through February 29, 2008
in transitioning his current duties and responsibilities to others
within the organization and performing special assignments and/or
projects as requested by the CEO (collectively, the
“Services”).
Agreement Kaydon
Corporation (the “Corporation”) seeks to benefit from
the experience and expertise of John Brocci (the
“Consultant”) by retaining the Consultant to provide
the Services outlined in the Scope above. The parties agree that
Consultant’s duties and responsibilities as they existed
prior to retirement on December 1, 2007 will cease on that
date, that Consultant will have no day-to-day line responsibilities
after that date and that his role will be limited to providing
advice and guidance to those to whom such responsibilities have
transitioned. The Consultant is willing to perform Services for the
Corporation under these terms and accordingly, the Corporation and
the Consultant agree as follows:
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Relationship of the Parties :
Consultant’s relationship with
the Corporation is that of an independent contractor and nothing in
this Agreement is intended to or should be construed to create a
partnership, agency, joint venture or employment relationship.
Except for all Corporation benefits which have inured to John
Brocci based upon his prior employment by the Corporation,
Consultant agrees that the Services he will provide under this
Agreement do not entitle him to any benefits that may be available
to the Corporation’s employees, including, but not limited
to: vacation pay, holiday pay; health care, life insurance, pension
benefits, 401k plan benefits, etc. |
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Consultant will have no authority to enter into contracts or
agreements on behalf of the Corporation or to obligate the
Corporation in any manner without the express written consent of
the CEO. Consultant is not an agent of the Corporation and does not
have, nor will he hold himself out as having, any right, power or
authority to create any contract or obligation, either expressed or
implied, on behalf of, in the name of, or binding upon the
Corporation, or to pledge the Corporation’s credit or to
extend credit in the Corporation’s name. The Corporation is
interested only in the results obtained by Consultant, who will
have sole control of the manner and means of performance under this
Agreement. |
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| 2) |
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Services : The
Consultant will provide advice, counsel and Services to the
Corporation as provided in the Scope above. |
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| 3) |
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Duration : This
Agreement covers the period from December 1, 2007 through
February 29, 2008. |
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| 4) |
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Expenses: The
Corporation will provide the Consultant prompt reimbursement for
all necessary business expenses (including but not limited to
mileage for the use of his personal vehicle per IRS rules, lodging,
air travel, meals, etc.) associated with his carrying out Services
for the Corporation. |
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| 5) |
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Compensation and Other Special Considerations:
As full consideration for the
Services provided by the Consultant, the Corporation will: |
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a) |
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At the first of each calendar month for the months of
December 2007, January 2008 and February 2008, pay
the Consultant $15,617.00; and, |
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