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CONSULTING AND RELEASE AGREEMENT

Release Agreement

CONSULTING AND RELEASE AGREEMENT | Document Parties: NEENAH ENTERPRISES, INC. You are currently viewing:
This Release Agreement involves

NEENAH ENTERPRISES, INC.

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Title: CONSULTING AND RELEASE AGREEMENT
Governing Law: Wisconsin     Date: 9/16/2009

CONSULTING AND RELEASE AGREEMENT, Parties: neenah enterprises  inc.
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Exhibit 10.1

CONSULTING AND RELEASE AGREEMENT

     THIS CONSULTING AGREEMENT (“Agreement”) is made and entered into by and between the undersigned Neenah Enterprises, Inc. and its related entities (“Company”) and the undersigned, John Andrews, as an individual (“Consultant” or “Andrews”).

      WHEREAS , Andrews will be retiring as the Corporate Vice President of Manufacturing of the Company on May 1, 2010; and

      WHEREAS , the Company and Consultant wish to enter into an agreement which provides for an orderly and amicable ending of the employment relationship; and

      WHEREAS , the Company desires thereafter to retain the services of Andrews for a period of time as a consultant in order to provide transitional assistance to the Company regarding responsibilities previously performed by Andrews in his role of Corporate Vice President and to further provide consultative efforts to the Company for the purposes of furthering and developing the business; and

      WHEREAS , Andrews is desirous of entering into such an arrangement,

      NOW THEREFORE , in consideration of the mutual covenants and agreements contained herein, the parties mutually agree as follows:

     1.  PERFORMANCE BY CONSULTANT :

     A. AVAILABILITY: Consultant agrees to provide consultative services to the Company during the term of this Agreement. The specific schedule of availability and the compensation arrangements associated with same are outlined in 2. below (Compensation).

     B. REPORTING: The Consultant shall report directly to the president of the Company, Robert Ostendorf or his designee.

     2.  COMPENSATION :

     The Consultant will be paid $11,126.25 per month during the term of this Agreement in addition to any supplemental daily fees as defined below.

     In exchange for this payment of $133,515.00, the Consultant agrees to provide ten (10) days of consultative onsite services to the Company per month of this Agreement. If the Consultant is required to spend more than ten (10) days in any one month in order to provide consultative services, the Consultant shall be paid for each supplemental additional day the sum of $1,335.15.

     The Company will additionally reimburse the Consultant for all necessary expenses associated with the performance of his duties including lodging, meals and travel if same is required to provide said services.

     The Consultant agrees to provide the Company with a reasonable itemization including receipts if requested to substantiate all business related expenses.

     3.  TAXES :

 

(a)

 

Income Taxes . Consultant shall pay all taxes and fees (including penalties and interest) imposed by any Federal, Provincial, State or local government on account of the receipt of income by Consultant for Services rendered under this Agreement. Company shall, as required by law, provide Consultant with IRS Form 1099 (US).

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(b)

 

Insurance and Indemnification . The Company hereby agrees to ensure and to indemnify and hold harmless the Consultant from any and all claims and causes of action arising out of the performance of his duties for the Company as a Consultant to the same extent that it ensures and indemnifies its officers and directors.

             The Consultant shall be provided authorization to continue to use the Company gas credit card to provide payment for automobile expenses including fuel.

             The Company further agrees that at option of the Consultant it shall, upon expiration of the Consulting Agreement, transfer title to the corporate vehicle that has been assigned to him to utilize during the term of the Consulting Agreement consistent with the Corporate policy that applies to transferring such vehicles to executives.

     4.  TERM OF AGREEMENT :

     The term of this Agreement shall be for one (1) year commencing upon May 1, 2010 and expiring April 30, 2011.

     5.  REASONABLE EFFORTS :

     Consultant shall perform Services and consultative efforts in compliance with all applicable laws and regulations and further shall make every reasonable effort to perform Services hereunder in a prompt, competent and diligent manner consistent with Company’s standards.

     6.  PROPRIETARY RIGHTS :

     Consultant agrees that all information, discoveries, inventions, improvements, strategies or overall business plan concepts arising from the services Consultant


 
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