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EXHIBIT 10.1
CONSULTING AGREEMENT
THIS CONSULTING AGREEMENT is made of May 19, 2008 by
and between Omega Flex, Inc. (the “Principal”), having
a principal place of business at 213 Court St., S. 701, Middletown,
Ct, 06457 and E. Lynn Wilkinson (the “Consultant”), a
natural person with a principal residence at 2 Friendly Pines Ln.,
Kennbunk, ME 04043.
1.
Consulting Services .
The Consultant, as the former Vice President – Finance of
Principal has extensive knowledge of the Principal’s
financial and accounting systems, hereby agrees to provide the
consulting services (the “Services”) and Principal
agrees to accept such services on the terms and conditions set
forth herein. The Services include without limitation: (a) advice
on financial and accounting matters for Principal, (b) perform
accounting tasks and prepare financial statements tasks for
Principal's subsidiary, Omega Flex Limited, and (c) such other
duties consistent with his position as a consultant and as directed
from time to time by Principal. Consultant acknowledges and agrees
that in performing the Services, he may be required to travel from
time to time to the Principal’s offices in Middletown,
Connecticut and Exton, Pennsylvania, and Principal agrees that such
travel will be kept to a minimum. Any special projects that may
require special travel and significant time, including without
limitation projects relating to Omega Flex Limited, will be
considered outside the scope of this Agreement, and will be
negotiated separately.
2.
Term . The appointment
hereunder shall commence on the date hereof, and will continue
thereafter for a period of 6 months. This Agreement may be renewed
for successive renewal terms of 90 days each on the prior written
consent of the parties.
3.
Consideration . For the
full and faithful performance of the Services, Consultant shall be
paid by Principal a retainer of $52,000, which will be paid in
equal weekly installments.
4.
Expenses . During the
term of this Agreement, Consultant shall be reimbursed by Principal
for the reasonable business and travel expenses incurred by him in
connection with the provision of the Services hereunder in
accordance with the general policy of Principal regarding the
reimbursement of business and travel expenses. All expense reports
for expens
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