Document:

STATE OF TENNESSEE

	
STATE OF TENNESSEE)
	 
	 	
AGREEMENT

	
COUNTY OF)
	 

 

This Agreement is entered into as of the 25th day of November, 1996, by and between Manufacturers Soap and Chemical Company, a corporation organized under the laws of the State of Tennessee (the "Corporation") and Ronald H. Braam, a resident of
Cleveland, Tennessee (the "Employee").
W I T N E S S E T H :

That in consideration of the agreements hereinafter contained, the parties hereto agree as follows:

	Employment. The Corporation agrees to employ the Employee and the Employee agrees to serve the Corporation beginning November 25, 1996 and continuing until November 25, 1999 as President and in such other capacity as the Board of Directors of
the Corporation (the "Board") may designate from time to time. On November 25, 1999 and each anniversary thereafter, this agreement shall be automatically extended for one year unless either party gives notice of intent to cancel this agreement ninety
days prior to an automatic extension date.
	Term. During the term of his employment, the Employee shall devote his full time, attention, skill and efforts to the performance of his duties for the Corporation.

	Compensation. The Corporation shall pay the Employee beginning November 25, 1996, and continuing during the term of his employment hereunder, a base salary of One Hundred, Fifty six Thousand Dollars ($156,000) per year together with
compensation payable as provided in Paragraph 4 below, unless forfeited by the occurrence of any of the events of forfeiture specified in Paragraph 8 below. 

	Incentive Compensation. Employee shall be a Designated Participant in any Synalloy Corporation Subsidiary and Divisional Management Incentive Plan covering Manufacturers Soap and Chemical Company. A copy of the Plan covering fiscal 1997 is
attached to and is part of this agreement. 

	Other Benefits. Employee shall be eligible to participate in all employee benefit plans in accordance with the terms of such plans. Corporation and Employee are parties to an agreement dated May 21, 1980, and modified June 16, 1985, which
provides for certain benefits to the parties thereto. This employment agreement does not change or modify any provision of that agreement as modified.

	Disability. If because of illness, physical or mental disability, or other incapacity, certified by a physician acceptable to the Corporation, Employee shall fail to render the services provided for by this Agreement, or if Employee contracts
an illness or injury, certified by a physician acceptable to the Corporation, which will permanently prevent the performance by him of the services provided for by this Agreement, then the "base salary" provided for in Paragraph 3 hereof shall continue
for a period of three (3) months from the date Employee's disability commenced; and any incentive compensation for that fiscal year shall be prorated to the date employee's disability commenced. 

	Death. If Employee dies during the term of this Agreement, then the "base salary" provided for in Paragraph 3 hereof shall continue for a period of three (3) months, which "base salary" shall be paid to the estate of Employee, with the
bonus-compensation for that fiscal year to be prorated to the date of Employee's death. In the event of Employee's death and the termination of this Agreement on the terms of this paragraph, all obligations of the Corporation under the Agreement shall
cease and terminate. 

	Termination for Cause. Nothing in this Agreement shall be construed to prevent the Corporation from terminating Employee's employment hereunder at any time (a) because of his fraud, dishonesty, gross negligence, wilful misconduct,
misappropriation, embezzlement, excessive absences from work (except for reasons of health), or the like, or (b) if he shall have violated any provision of this Agreement. Such termination of Employee's employment under the provision of this paragraph
shall not constitute a breach of this Agreement by the Corporation.

	Covenant Not to Compete. Employee agrees during the term of employment and for a period of two (2) years after his employment terminates, the Employee will not, without the prior written approval of the Board, become an officer, employee,
agent, partner, or director of any business enterprise in substantial, direct competition with the businesses of the Corporation or any subsidiary of the Corporation as they existed on the date his employment terminated and limited to the States of North
Carolina, South Carolina, Georgia, Tennessee and Alabama. 

	Severability. The invalidity or unenforceability of any provision hereof shall in no way affect the validity or enforceability of any other provision hereof.

	Arbitration. Any controversy or claim arising out of, or relating to this Agreement, or the breach thereof, shall be settled by arbitration in the City of Cleveland, State of Tennessee, in accordance with the rules then obtaining of the
American Arbitration Association, and judgment upon the award rendered may be entered in any Court having jurisdiction thereof. 

	Notices. Any notice required or permitted to be given under this Agreement shall be sufficient if in writing, and if sent by registered or certified mail to his residence in the case of Employee, or to its Executive Offices in the case of the
Corporation. 

	Benefit. This Agreement, in accordance with its terms and conditions, shall inure to the benefit of and be binding upon the Corporation, its successors and assigns, including but not limited to any corporation which may acquire all or
substantially all of the Corporation's assets and business, or with or into which the Corporation may be consolidated or merged, and Employee, his heirs, executors, administrators and legal representatives, provided that the obligations of Employee
hereunder may not be delegated. Employee agrees, however, that any such sale or merger shall not be deemed a termination hereunder provided that Employee's operational duties are not substantially reduced as a result thereof. 

	Situs. This Agreement shall be construed in accordance with and governed by the laws of the State of Tennessee.

	Entire Agreement. This instrument contains the entire agreement of the parties hereto. It may not be changed orally, but only by an agreement in writing signed by the party against whom enforcement of any waiver, change, modification,
extension or discharge is sought.

 

IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the day and year first above written. 

	
IN THE PRESENCE OF:
	 	
MANUFACTURERS SOAP AND CHEMICAL COMPANY

	
                                    
                        
	
By
	
                                         
                   

	
ATTEST:
	
Its:
	
Chief Executive Officer

	
                                    
                        
	
By
	
                                         
                   

	
(SEAL)
	 	
Ronald H. BraamRESTATED SALARY AGREEMENT

 

RESTATED SALARY AGREEMENT

This Restated Agreement is effective the 1st day of January, 2001, between Manufacturers Soap and Chemical Company of Cleveland, Tennessee (hereinafter called "Company"), and Ronald H. Braam of Cleveland, Tennessee
(hereinafter called "Employee"):

WITNESSETH

WHEREAS, the Company and the Employee are parties to that certain Agreement dated the 21st day of May, 1980, as amended from time to time, setting forth the terms of the salary continuation agreement between the Company
and the Employee (the "Salary Continuation Agreement"); and

WHEREAS, the Company and the Employee desire to restate the Salary Continuation Agreement so the terms of the original Salary Continuation Agreement and all applicable previously adopted amendments thereto are reflected in one
agreement; and

WHEREAS,  Employee, President of the Company, has experience and knowledge in the conduct of the Company business and his services are of value to the Company; and

WHEREAS, Company wishes to offer Employee an additional financial inducement beyond his regular compensation to remain in Company's employ; and

WHEREAS, in order to comply with and fulfill this Agreement, Company agrees to buy an insurance and/or annuity contract (hereinafter called "Insurance Contract") with Indianapolis Insurance Company.  The provisions of the Insurance
Contract are expressly incorporated in this Agreement, and in case of any conflict between this contract and the Insurance Contract, the provisions of the Insurance Contract shall be governing.

WHEREAS,  retirement is defined as termination of employment after Employee has reached the age of sixty-five (65).

WHEREAS,Employee is willing to continue in the employ of Company until his retirement and is also willing to be available thereafter in an advisory and consultant capacity:

NOW, THEREFORE, IT IS MUTUALLY AGREED AS FOLLOWS:

	Upon such retirement, the Company agrees to pay Employee the sum of Forty Thousand Dollars ($40,000) per year in equal monthly installments for a period of ten (10) years.  If Employee dies before receiving one hundred twenty (120)
monthly payments, such monthly payments, in the same amount, shall be continued to his wife or to surviving children at her death until the full number of one hundred twenty (120) payments have been made.

	If Employee should die prior to actual retirement, his wife or at her death surviving children shall receive payments for a period of one hundred twenty (120) months at the rate of  Fifteen Thousand Dollars ($15,000) per year.

	The Employee agrees that the total number of payments to be received by him, his wife or surviving children in the aggregate is one hundred twenty (120).

	In the event that the increased cash values of the policy of insurance with Indianapolis Insurance Company (or any substituted insurance company) fail to generate the expected increase in revenue necessary to fund the levels of
compensation set forth in Paragraphs 1 and 2, then the amounts payable to Employee shall be modified as follows:

	Upon such retirement the Company agrees to pay Employee the sum of Thirty-five Thousand Dollars ($35,000.00) per year in equal monthly installments for a period of ten (10) years.  If the Employee dies before receiving one hundred
twenty (120) monthly payments, such monthly payments, in the same amount, shall be continued to his wife or to surviving children at her death until the full number of one hundred twenty (120) payments have been made; or

	If Employee should die prior to actual retirement, his wife or at her death surviving children shall receive payments for a period of one hundred twenty (120) months at a rate of Twelve Thousand Dollars ($12,000.00) per year. 

	Employee agrees that after retirement he shall be available for advice and consultation upon reasonable request by the Company.

	Employee, after retirement, shall not, without the written consent of Company, engage in or carry on, as an employee, director, or a partner of any corporation, partnership, or company in any business in competition with the
Company within a period of one hundred twenty months (120) months.

	The parties hereby agree that should Employee violate the terms of either Paragraph 5 or Paragraph 6 hereof, Employee shall forfeit the remaining payments due under this Agreement, said amount hereby being agreed upon as settled
and liquidated damages for such nonperformance.  However, sickness or illness on the part of the Employee for not attending consultations requested by the Company shall not be deemed to violate the terms of this Agreement.

	If the services of the Employee shall be terminated by the Company prior to retirement, the Company shall pay, in monthly installments over a period of one hundred twenty (120) months beginning at age sixty-five (65) an amount
equal to what the cash surrender value of said annuity was on the date of termination plus the then value of all accumulated dividends to the Employee or upon his death to his wife or at her death to surviving children.  Such payments shall be in lieu of
all other amounts due under this Agreement.  If Employee voluntarily terminates his employment prior to retirement and provided that such termination is not caused by accident or sickness, the Employee forfeits all rights under this Contract.

	Company agrees that it will not merge or consolidate with any other company or organization, or permit its business activities to be taken over by any other organization unless and until the succeeding or continuing company or
other organization shall expressly consent to the terms and conditions of this Agreement and assume the obligations thereof as herein set forth.

	The benefits provided hereunder shall be in addition to Employee's annual salary and compensation and shall not affect the right of Employee to participate in any retirement system or plan which is in effect or which may be adopted
by Company in the future.

	Any asset acquired by Company to fund Employee's rights and obligations hereunder shall not be deemed to be held in trust for the benefit of Employee.

	The rights and benefits of Employee and his beneficiaries under this Agreement are personal to him and to them; no such rights or benefits shall be subject to voluntary or involuntary alienation, assignment or transfer.

	Forty Thousand Dollars ($40,000 per year shall be the limit of Company's obligation under this contract, whether said amount is paid individually or jointly to Employee, his wife or surviving children.

 

IN WITNESS WHEREOF, and intending to be legally bound hereby, the parties hereto have hereunto set their hands and seals, the day and year first above written.

	 	
                                   
                         

	 	
Ronald H. Braam

	 	 
	 	
MANUFACTURERS SOAP AND CHEMICAL COMPANY

	 	 
	
By:
	
                                   
                         

	 	
James G. Lane, Jr.

	
Its:
	
Chairman and Chief Executive Officer

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