EXHIBIT 10.1
EMPLOYMENT AGREEMENT
THIS AGREEMENT is made and entered into as of the 28th
day of September, 2009,
by and between BLOUNT INTERNATIONAL, INC., a Delaware corporation (the
"Company"), and JOSHUA L. COLLINS ("Executive").
W I T N E S S E T H:
WHEREAS, the Company desires to hire Executive and Executive desires to accept
such employment; and
WHEREAS, the Company and Executive desire to enter into an agreement providing
for Executive's employment by the Company and specifying the terms and
conditions of such employment.
NOW, THEREFORE, in consideration of the premises and the mutual covenants and
agreements contained herein, the parties hereby agree as follows:
1.
EMPLOYMENT AND TERM.
(A)
SUBJECT TO THE TERMS AND CONDITIONS OF THIS
AGREEMENT, THE COMPANY HEREBY EMPLOYS EXECUTIVE AND EXECUTIVE HEREBY ACCEPTS
EMPLOYMENT AS THE PRESIDENT, CHIEF OPERATING OFFICER AND CHIEF EXECUTIVE
OFFICER-DESIGNATE OF THE COMPANY AND SHALL HAVE SUCH RESPONSIBILITIES, DUTIES
AND AUTHORITY THAT ARE CONSISTENT WITH SUCH POSITIONS AS MAY BE FROM TIME TO
TIME ASSIGNED TO EXECUTIVE BY THE BOARD OF DIRECTORS, PROVIDED THAT EFFECTIVE
JANUARY 4, 2010, UPON THE RETIREMENT OF THE COMPANY'S CURRENT CHIEF EXECUTIVE
OFFICER ("CEO"), EXECUTIVE SHALL ALSO SERVE AS THE COMPANY'S CEO.
CONSISTENT
WITH HIS POSITIONS, EXECUTIVE SHALL, IN CONSULTATION WITH THE BOARD AND OTHER
SENIOR COMPANY EXECUTIVES, HAVE MEANINGFUL AUTHORITY OVER THE HIRING, FIRING AND
PROMOTION OF HIS DIRECT REPORTS AND OTHER SENIOR EXECUTIVES.
THE COMPANY AGREES
TO NOMINATE EXECUTIVE FOR ELECTION AS A DIRECTOR OF THE COMPANY COMMENCING
WITH THE ANNUAL STOCKHOLDERS MEETING IN CALENDAR YEAR 2010 AND TO CONTINUE TO
NOMINATE EXECUTIVE FOR ELECTION AS A DIRECTOR DURING THE TERM.
EXECUTIVE AGREES
THAT DURING THE TERM OF THIS AGREEMENT HE WILL DEVOTE SUBSTANTIALLY ALL HIS
WORKING TIME, ATTENTION AND ENERGIES TO THE DILIGENT PERFORMANCE OF HIS DUTIES
AND RESPONSIBILITIES FOR THE COMPANY; PROVIDED THAT FOR A PERIOD OF UP TO TEN
(10) YEARS AFTER THE EFFECTIVE DATE (ALTHOUGH EXECUTIVE REASONABLY EXPECTS THIS
PERIOD WILL NOT EXCEED FIVE (5) YEARS), EXECUTIVE MAY SPEND ONE (1) DAY PER
CALENDAR QUARTER AND UP TO FIVE (5) HOURS A MONTH PERFORMING SERVICES IN
CONNECTION WITH AN INVESTMENT FUND FOR WHICH HE CURRENTLY PERFORMS SERVICES.
WITH THE CONSENT OF THE BOARD OF DIRECTORS, EXECUTIVE MAY SERVE AS A DIRECTOR ON
THE BOARDS OF DIRECTORS OR TRUSTEES OF ADDITIONAL COMPANIES AND ORGANIZATIONS.
(B)
UNLESS EARLIER TERMINATED AS PROVIDED
HEREIN, EXECUTIVE'S EMPLOYMENT UNDER THIS AGREEMENT SHALL BE FOR A ROLLING,
TWO-YEAR TERM (THE "TERM) COMMENCING ON OCTOBER 15, 2009 (THE "EFFECTIVE DATE")
AND SHALL BE DEEMED TO EXTEND AUTOMATICALLY, WITHOUT FURTHER ACTION BY EITHER
THE COMPANY OR EXECUTIVE, EACH DAY FOR AN ADDITIONAL DAY, SUCH THAT THE
REMAINING TERM OF THE AGREEMENT SHALL CONTINUE TO BE TWO YEARS; PROVIDED,
HOWEVER, THAT EITHER PARTY MAY, BY WRITTEN NOTICE TO THE OTHER, CAUSE THIS
AGREEMENT TO CEASE TO EXTEND AUTOMATICALLY AND, UPON SUCH NOTICE, THE "TERM" OF
THIS AGREEMENT SHALL BE THE TWO-YEAR PERIOD FOLLOWING THE DATE OF SUCH NOTICE
AND THIS AGREEMENT SHALL TERMINATE UPON THE EXPIRATION