Back to top

EMPLOYMENT AGREEMENT

Employment Agreement

EMPLOYMENT AGREEMENT | Document Parties: CONTINENTAL GLOBAL GROUP, INC You are currently viewing:
This Employment Agreement involves

CONTINENTAL GLOBAL GROUP, INC

. RealDealDocs™ contains millions of easily searchable legal documents and clauses from top law firms. Search for free - click here.
Title: EMPLOYMENT AGREEMENT
Governing Law: Alabama     Date: 6/7/2007

EMPLOYMENT AGREEMENT, Parties: continental global group  inc
50 of the Top 250 law firms use our Products every day

Exhibit 10.8

EMPLOYMENT AGREEMENT

This Employment Agreement (this "Agreement") is made effective as of

March 26, 2007 (the "Effective Date") by CONTINENTAL GLOBAL GROUP, INC., a

Delaware corporation (the "Employer"), and Jeffrey A. Behrendt, an individual

resident at 329 Canton Stone Drive, Franklin, TN 37067, (the "Executive").

RECITALS

A. Employer is a holding company headquartered at 438 Industrial

Drive, Winfield, Alabama 35594 (the "Headquarters"). Through

its subsidiaries, Employer is primarily engaged in the

worldwide manufacture and distribution of bulk material

handling equipment, conveyors, and replacement equipment,

primarily for use in the mining industry (the "Business").

B. The Employer and the Executive hereby agree upon employment of

the Executive upon terms herein set forth.

C. The Executive will report directly to the President and Chief

Executive Officer.

D. The Employer wishes to employ the Executive as Vice President

and Chief Financial Officer and the Executive wishes to be

employed by the Employer in such capacity and according to the

terms and conditions stated herein.

AGREEMENT

The parties, in consideration of the mutual promises and covenants

contained herein, hereby agree as follows:

1. EMPLOYMENT/DUTIES

1.1 EMPLOYMENT

The Executive shall commence employment no later than March 26, 2007, by

reporting to the Chief Executive Officer at the Winfield, Alabama facility. The

Executive shall be employed by the Employer on a guaranteed first, one year

basis, after which employment will continue on an at-will basis.

1.2 DUTIES

The Executive will have such duties as are assigned or delegated to the

Executive by the Chief Executive Officer, and will serve as Vice President and

Chief Financial Officer of the Employer. The Executive shall maintain his

principal office at the headquarters in Pittsburgh, Pennsylvania. The Executive

shall be required to travel outside that area to the extent reasonably necessary

in the good faith judgment of the Chief Executive Officer to advance the

interests of the Business. The Executive will be required to oversee the

Employer's financial operations outside the U.S.A., which will require

substantial travel to various countries. The Executive will devote his entire

business time exclusively to the business of the Employer, will use his best

efforts to promote the success of the Employer's business, and will cooperate

fully with the Chief Executive Officer in the advancement of the best interests

of the Employer. If the Executive is elected as a director of the Employer or as

a director or officer of any of its affiliates, the Executive will fulfill his

duties as such director or officer without additional compensation.

 

 

<PAGE>

 

2. COMPENSATION

(a) Salary. The Executive will be paid a base Salary of Twenty

Thousand Eight Hundred Thirty-Three and 34/100 Dollars

($20,833.34), per month (the "Salary"). The Salary shall be

payable in equal periodic installments according to the

Employer's customary payroll practices and policies and shall

be subject to such withholdings as required by law or as

otherwise permissible under such practices or policies.

(b) Retirement and Health Benefits. The Executive will be

permitted to participate in such defined contribution pension

plan, and 401K, hospitalization, and major medical plans of

the Employer that may be in effect from time-to-time, to the

extent the Executive is eligible under the terms of those

plans (collectively, the "Benefits").

(c) Bonuses. The Employer shall pay bonuses to the Executive in

the amount, and subject to the terms and conditions set forth

in Schedule A attached hereto, provided however, for the

fiscal year 2007, the bonus will be guaranteed at 35% of the

base salary applied on a pro-rata basis.

(d) Life Insurance. During the Executive's employment, the

Employee shall be eligible to participate in the Employer's

term or group life insurance benefit plan to the extent the

Employee meets applicable underwriting criteria at the expense

of the Employer.

(e) Vacation. During his first full year of employment, the

Executive shall be entitled to two weeks vacation in

accordance with the Employer's then applicable vacation

policy. Thereafter, the Executive shall be entitled to three

weeks of vacation in accordance with the Employer's then

applicable vacation policy.

(f) Relocation. The Employer shall pay reasonable relocation and

moving expenses for Executive and his immediate family's

personal and household goods. Prior to incurring any such

expenses, Executive shall obtain three competitive bids for

any relocation or moving services and submit such bids for

approval by the Employer. For any new residence that Executive

will purchase in the close vicinity of Pittsburgh, or another

location approved by the Chief Executive Officer, the Employer

will also reimburse the Executive for closing costs of both

properties, subject to the following:

<PAGE>

 

(i) The Employer shall pay reasonable travel and

lodging expenses for three house-hunting trips for the

Executive and spouse. These, and any other miscellaneous

related relocation and moving expenses, shall not exceed

$10,000. The Employer shall gross up to the Executive, the

projected tax liability for payment of such expense by the

Employer. The commissions on the sale of the existing house

shall not exceed 5%. Points paid by the Executive to acquire a

new mortgage will not be reimbursed.

(ii) Temporary housing for up to 90 days (or until he

is permanently relocated), before Executive's permanent

relocation in the Pittsburgh area, will be reimbursed for all

reasonable expenses, by the Employer.

(iii) The Executive shall permanently re-locate to

the Pittsburgh area by moving his family and household within

90 days from commencement of employment.

(g) Signing Bonus. Executive shall receive a signing bonus of

Fifty Thousand Dollars ($50,000.00), payable 90 days after the

start of employment.

3. TERMINATION

3.1 EVENTS OF TERMINATION

All rights of the Executive under this Agreement or otherwise as an

employee of the Employer will terminate:

(a) upon the death of the Executive;

(b) upon the disability of the Executive (as defined in Section

3.2) immediately upon notice from either party to the other;

(c) for cause (as defined in Section 3.3), immediately upon notice

from the Employer to the Executive, or at such later time as

such notice may specify; or

(d) upon not less than ninety (90) days' prior notice by either

party to the other.

3.2 DEFINITION OF DISABILITY

For purposes of Section 3.1, the Executive will be deemed to have a "disability"

if, for physical or mental reasons, the Executive is unable to perform the

essential functions of the Executive's duties under this Agreement for 60

consecutive days, or 120 days during any twelve month period, as determined in

accordance with this Section 3.2. The disability of the Executive will be

determined by a medical doctor selected by the Employer, upon fifteen days'

advance written notice to the Executive. The Executive must submit to a

reasonable number of examinations by the medical doctor making the determination

of disability under this Section 3.2, and the Executive hereby authorizes the

disclosure and release to the Employer of such determination and all supporting

medical records. The determination of the medical doctor selected under this

Section 3.2 will be binding on both parties.

<PAGE>

3.3 DEFINITION OF "FOR CAUSE"

For purposes of this Agreement, the phrase "for cause" means: (a) the

Executive's material breach of this Agreement; (b) the Executive's violation of

any written Employer policy for which other employees would be subject to

termination; (c) the appropriation (or attempted appropriation) of a business

opportunity of the Employer, including attempting to secure or securing any

personal profit in connection with any transaction entered into on behalf of the

Employer; (d) the misappropriation (or attempted misappropriation) of any of the

Employer's funds or property; (e) the conviction of, the indictment for (or its

procedural equivalent), or the entering of a guilty plea or plea of no contest

with respect to, a felony, the equivalent thereof, or any other crime, with

respect to which imprisonment is the punishment; or (f) the Executive's failure

to obey a written directive of the Chief Executive Officer, Board of Directors

or Chairman of the Board, having a bearing on the Executive's duties.

3.4 TERMINATION PAY

Effective upon the termination of the Executive's employment, the Employer will

be obligated to pay the Executive (or, in the event of his death, his estate)

only such compensation as is provided in this Section 3.4, and in lieu of all

other amounts and in settlement and complete release of all claims the Executive

may have against the Employer.

(a) Termination by the Employer for Cause. If the Employer terminates

this Agreement for Cause, the Executive will be entitled to receive his Salary

and Benefits only through the date such termination is effective.

(b) Termination upon Disability. If this Agreement is terminated by

either party as a result of the Executive's disability, as determined under

Section 3.2, the Employer will continue to pay the Executive his Salary through

the remainder of the calendar month during which such termination is effective

and for the lesser of twelve consecutive months thereafter or the period until

disability insurance benefits commence under any disability insurance coverage

furnished by the Employer to the Executive.

(c) Termination upon Death. If this Agreement is terminated because of

the Executive's death, the Executive will be entitled to receive his Salary and

Benefits through the end of the calendar month in which his death occurs.

(d) Termination by Notice by the Employer. After the guaranteed first

year term, if this Agreement is terminated by Employer upon the provision of

ninety (90) days' notice to the Executive thereof in accordance with Section

3.1(d), the Employer will continue to pay the Executive his Salary and Benefits

(excluding pension contribution) for six consecutive months after the date of

such notice.

<PAGE>

(e


 
SITE SEARCH

AGREEMENTS / CONTRACTS

Document Title:

Entire Document: (optional)

Governing Law:(optional)


Try our advanced search >>
 

CLAUSES

Search Contract Clauses >>

Browse Contract Clause Library>>

Get Email Updates
Email:
This is only a partial view of this document. We have millions of legal documents and clauses drafted by top law firms. learn more search for free browse for free learn more