Document:

employmentagreementmjg.htm

    EMPLOYMENT
AGREEMENT

    

    

    AGREEMENT made this 6th day of
February, 2008 (the "Effective Date") by and between GAMCO Investors, Inc. (the
"Company"), a New York corporation, and Mario J. Gabelli (the
"Executive").

    

    WHEREAS, the Executive has served as an
executive of the Company since the inception of the Company and its predecessors
in 1976.

    

    WHEREAS, the Executive's skills,
position, knowledge and expertise in the management of portfolios such as those
managed by the Company are unique.

    

    WHEREAS, the Company is dependent upon
the efforts of the Executive, in the capacities described herein in which he
serves, and as the primary portfolio manager for a significant majority of the
Company's assets under management.

    

    WHEREAS, the loss of the Executive's
services would have a material adverse effect on the Company.

    

    WHEREAS, since the inception of the
Company and its predecessors in 1976, up until the Company’s initial public
offering in February 1999 (“IPO”), the Executive received an incentive-based
management fee of twenty percent (20%) of the pre-tax profits, if any, as
computed for financial reporting purposes in accordance with generally accepted
accounting principles as applied by the Company and its subsidiaries and
consolidated affiliates for financial reporting purposes (together,
"Subsidiaries") from time to time, for each fiscal year of each of the operating
divisions of the Company and each of its Subsidiaries before consideration of
this fee, less applicable payroll and tax deductions, accrued monthly and
payable at least annually.

    

    WHEREAS, the Company and the Executive
entered into an Employment Agreement dated February 9, 1999, in connection with
the Company’s IPO, which Employment Agreement, among other things, reduced the
Executive’s incentive-based management fee to ten percent (10%) of the Company’s
pre-tax profits, if any, as computed for financial reporting purposes in
accordance with generally accepted accounting principles as applied by the
Company and its Subsidiaries from time to time, for each fiscal year of each of
the operating divisions of the Company and its Subsidiaries before consideration
of this fee, less applicable payroll and tax deductions, accrued monthly and
payable at least annually.

    

    WHEREAS, the Company and the Executive
desire to amend and restate the Employment Agreement entered into in 1999 to
eliminate outdated provisions, allow for services to be performed for former
Subsidiaries that are spun off to shareholders or otherwise cease to be
Subsidiaries in similar transactions, allow for the management fee to be paid to
the Executive or an entity designated by him, and reflect the Company’s name
change, among other things.

    

    WHEREAS, the Compensation Committee of
the Board of Directors of the Company has reviewed and approved this amended and
restated Employment Agreement and believes it to be in the best interests of the
Company.

    

    WHEREAS, the Company desires that the
Executive or his designee continue to receive a management fee to provide an
incentive for the achievement of the Company's performance goals and the
enhancement of shareholder value.

    

    NOW THEREFORE, in consideration of the
foregoing and of the mutual promises hereinafter set forth, the parties hereto
agree as follows:

    

    1.           Employment.

    

    The Company hires and employs the
Executive, and the Executive agrees to work for the Company, under the terms and
conditions set forth herein.

    

    2.           Duties.

    

    The Executive shall serve as Chairman
of the Board, Chief Executive Officer and Chief Investment Officer of the
Company, as an executive in various capacities for certain of the Company's
Subsidiaries as determined by the Executive, and as Portfolio Manager for
certain investment companies and separate accounts managed by the Company and
its Subsidiaries as determined by the Executive.  The Executive or the
Company may at any time limit or terminate the Executive's service in one or
more of the capacities referred to above.

    

    3.           Term.

    

    The Term of this Agreement shall
commence on the Effective Date and continue through the third anniversary of the
Effective Date (the “Expiration Date”).  On each anniversary of the
Effective Date commencing on the first anniversary (each, an “Anniversary
Date”), this Agreement shall automatically be renewed and the Term extended for
an additional one (1) year period, unless such renewal is objected to by either
the Company or by the Executive on written notice delivered to the other not
less than ninety (90) days prior to an Anniversary Date.  The last day
of each such extension shall become the new Expiration Date.

    

    4.           Fees from
Revenue Generating Activities (Revenue Fees).

    

    For managing or overseeing the
management of investment companies or partnerships, attracting mutual fund
accounts or partnership investments, attracting or managing separate accounts,
providing investment banking services or otherwise generating revenues for the
Company or its Subsidiaries, the Executive will be paid a percentage of the
revenues or net operating contribution related to or generated by such business
activities, in a manner and at payment rates as agreed to from time to time by
the Executive and the Company or the affected Subsidiaries, which rates have
been and generally will be the same as those received by other professionals in
the Company or the affected Subsidiaries performing similar
services.  The Executive shall be entitled to receive such payments
within seventy-five (75) days of the date the Company actually receives the
funds related to the business activities from which the Executive will receive
payment.  Unless and until the Company receives such funds, the
Executive shall not be entitled to receive payment.

    

    

    5.           Incentive-Based
Management Fee (The Management Fee).

    

    The Executive or an entity designated
by him will be entitled to receive an incentive-based management fee in the
amount of ten percent (10%) of the aggregate annual pre-tax profits, if any, as
computed for financial reporting purposes in accordance with generally accepted
accounting principles as applied by the Company and its Subsidiaries from time
to time, of the Company and each of its Subsidiaries before consideration of
this fee, less applicable payroll and tax deductions, accrued monthly and
payable at least annually (the "Management Fee") but in no event later than
March 15 of the year following the year with respect to which the Management Fee
is being paid.  A committee or subcommittee (comprised solely of
independent directors) of the Board of Directors of the Company will review at
least annually all Management Fee payments for compliance with the terms
hereof.  In the event that the Executive is no longer an executive of
the Company or is no longer devoting the substantial majority of his working
time to the business of the Company and its Subsidiaries, the Executive's right
to accrue any additional Management Fee payments will terminate.  The
Management Fee is separate and distinct from the Executive's revenue fees
pursuant to Paragraph 4 above.

    

    6.           Extent of
Service-Restrictive Covenant.

    

    During the term of this Agreement, the
Executive shall not provide investment management services for compensation
other than in his capacity as an officer or employee of the Company or its
Subsidiaries, except to (a) the funds in existence on February 10, 1999 (the
"IPO Date") (which serve no investors other than those in the funds as of the
IPO Date, their successors, heirs, donees or immediate family, or new investors
pursuant to the next sentence) and accounts managed by the Executive outside the
Company under performance fee arrangements as of the IPO Date or pursuant to the
next sentence, and (b) successor funds and accounts ("New Outside Accounts")
which funds serve no investors other than those in the funds referred to in
clause (a) or their successors, heirs, donees or immediate family and which
accounts are for no investors other than those having an interest in the
accounts referred to in clause (a) or their successors, heirs, donees or
immediate family, which funds and accounts operate according to an investment
style similar to such other funds or accounts, which style was not used at the
Company as of the IPO Date, and which are subject to performance fee
arrangements (collectively, "Permissible Accounts").  The Permissible
Accounts may include new investors if all of the performance fees, less
expenses, earned on assets attributable to those investors are paid to the
Company or its Subsidiaries.  If any Subsidiaries of the Company are
spun off from the Company or otherwise cease to be Subsidiaries in similar
transactions, the Executive may continue providing investment management
services for compensation to such entities.  Prior to providing
investment management services for compensation to any New Outside Accounts
during the term hereof, the Executive agrees to have a committee or subcommittee
(comprised solely of independent directors) of the Board of Directors of the
Company review any proposed New Outside Accounts for compliance with the terms
hereof and accept the determination of such committee or subcommittee as
final.  The Company understands that the Executive intends to serve as
a director, Chief Executive Officer and Chief Investment Officer of GGCP, Inc.
and its affiliates and be compensated for such service, and the Company agrees
that such service and compensation is permissible under this
Agreement.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

       

    

    7.           Benefits.

    

    The Executive shall be entitled to
participate in all group health and insurance programs and all other fringe
benefit or retirement plans which the Company may, in its sole and absolute
discretion, elect to make available to its senior executives generally, provided
that the Executive meets the qualifications therefor.

    

    8.           Reimbursement
of Expenses.

    

    The Company shall reimburse the
Executive for all reasonable and legitimate business expenses incurred after the
date of employment by the Executive while conducting business, provided that the
Executive submits vouchers for such expenses in a manner and form prescribed
from time to time by the Company, except that up to $50,000 per year of such
expenses may be non-accountable.

    

    9.           Section
409A Compliance.

     

    This
Agreement is intended to comply with Section 409A of the Internal Revenue Code
of 1986, as amended, so as to avoid the imposition of any tax pursuant to
Section 409A, and, in the case of any ambiguity, shall be interpreted
accordingly.  In the event that the Company or the Executive
subsequently determine that the provisions of this Agreement would subject the
Executive to tax under Section 409A, Company and the Executive shall negotiate
in good faith to revise the Agreement so as to prevent the imposition of such
tax, if possible, while preserving the original intent of the
Agreement.

    

    10.           Assignability
Clause.

    

    This Agreement is binding upon the
Company, the Executive and their respective successors and
assigns.  The rights and obligations set forth under this Agreement
may be assigned by the Company or by the Executive to a successor or to an
assign, except the Executive acknowledges that the duties set fort in Paragraph
2 of this Agreement are personal to him.

    

    11.           Governing
Law.

    

    This Agreement shall be governed by the
law of the State of New York, without giving effect to the principles of
conflicts of laws thereof.  The Executive and the Company agree that
any claim arising hereunder shall be brought before the state or federal courts
sitting in New York, New York, and the Executive and the Company each consent to
jurisdiction and venue in New York, New York, as being proper and appropriate
for the resolution of any such claim.

    

    12.           Entire
Agreement; Modification.

    

    This Agreement supersedes all prior and
contemporaneous agreements, understandings, negotiations and discussions,
written or oral, of the parties hereto, relating to the matters covered by this
Agreement.  This Agreement may not be modified or amended except by a
further written instrument duly executed by the Executive and the Company with
the approval of a committee or subcommittee (comprised solely of independent
directors) of the Board of Directors of the Company.

    

    

    IN WITNESS WHEREOF, the parties hereto
have duly executed this Agreement on the date first written above.

    

    

    

    /s/ Mario J.
Gabelli                                                                

    Mario J.
Gabelli

    

    

    

    

    GAMCO
INVESTORS, INC.

    

    

    

    By: /s/ Douglas  R.
JamiesonFiled by Automated Filing Services Inc. (604) 609-0244 - Norpac Technologies Inc. - Exhibit 10.1

Mountain View Holdings, LLC
12510 East
Iliff Avenue, Suite 200
Aurora, Colorado, 80014

C O N S U L T I N G   A G R E E M E N T

This Consulting Agreement (“AGREEMENT”) is made as of February
1, 2008 by and between NorPac Technologies, Inc. maintaining its principal
offices at 103 East Holly Street, Suite 410, Bellingham, WA (hereinafter
referred to as "Client") and Mountain View Holdings, LLC., (hereinafter referred
to as "Consultant"), a Colorado LLC, maintaining its principal offices at 12510
E. Iliff Avenue, Suite 200, Aurora, CO 80014. 

W I T N E S S E T H:

     WHEREAS, Consultant is engaged in
the business of providing and rendering investor relations and communications
services and has knowledge, expertise and personnel to render the requisite
services to Client; and

     WHEREAS, Client is desirous of
retaining Consultant for the purpose of obtaining investor relations and
corporate communications services so as to better, more fully and more
effectively deal and communicate with the client, its shareholders and the
financial community.

     NOW, THEREFORE, in consideration
of the premises and of the mutual covenants and agreements contained herein, it
is agreed as follows:

     I. Engagement of Consultant.
Client herewith engages Consultant and Consultant agrees to render to Client
investor relations, communications, advisory and consulting services.

     A. The consulting services to be
provided by the Consultant shall include, but are not limited to, the
development, implementation and maintenance of an ongoing program to increase
the investment community's awareness of Client's activities and to stimulate the
investment community's interest in Client’s stock. Client acknowledges that
Consultant's ability to relate information regarding Client's activities is
directly related to the information provided by Client to the Consultant.

     B. All services to be performed
by the Consultant under this Agreement shall be in accordance with all
applicable securities and other laws. The Consultant shall not engage in
spamming or other manipulative practices.

     C. Client acknowledges that
Consultant will devote such time as is reasonably necessary to perform the
services for Client, having due regard for Consultant's commitments and
obligations to other businesses for which it performs consulting services.

     II. Compensation and Expense
Reimbursement.

1

     A.      Client
will pay the Consultant Fifteen Hundred USD ($1,500.) per month, as compensation
for the services provided for in this Agreement. Client will reimburse
Consultant for expenses incurred by Consultant on Client's behalf. All expenses
exceeding $500.00 require Client’s written authorization in advance of incurring
expense.

     Term and Termination. This
Agreement shall be for a period of six (6) months from execution hereof, and
shall automatically renew in 30-day-period intervals thereafter, beginning on
August 1, 2008. Either party hereto shall have the right to terminate this
Agreement, beginning in the first monthly renewal period, upon 15 days advance
written notice.

     Treatment of Confidential
Information. Consultant shall not disclose, without the consent of Client, any
financial and business information concerning the business, affairs, plans and
programs of Client which are delivered by Client to Consultant in connection
with Consultant's services hereunder. The Consultant will not be bound by the
foregoing limitation in the event (i) the Confidential Information is otherwise
disseminated and becomes public information or (ii) the Consultant is required
to disclose the Confidential Informational pursuant to a subpoena or other
judicial order.

     Representation by Consultant of
other clients. Client acknowledges and consents to Consultant rendering public
relations, consulting and/or communications services to other clients of the
Consultant engaged in the same or similar business as that of Client. Client
acknowledges that Consultant will represent Client and the Client’s Corporation
name as one of the companies it counsels for investor relations and marketing
purposes. The client name and logo will appear publicly in connection with the
services that Consultant offers.

     Clarification by Client as to
Information Provided to Consultant. Client acknowledges that Consultant, in the
performance of its duties, will be required to rely upon the accuracy and
completeness of information supplied to it by Client's officers, directors,
agents and/or employees. Client agrees to indemnify, hold harmless and defend
Consultant, its officers, agents and/or employees from any proceeding or suit
which arises out of or is due to the inaccuracy or incompleteness of any
material or information supplied by Client to Consultant.

     Independent Contractor. It is
expressly agreed that Consultant is acting as an independent contractor in
performing its services hereunder. Client shall carry no workers compensation
insurance or any health or accident insurance on Consultant or consultant's
employees. Client shall not pay any contributions to social security,
unemployment insurance, Federal or state withholding taxes nor provide any other
contributions or benefits which might be customary in an employer-employee
relationship.

     Non-Assignment. This Agreement
shall not be assigned by either party without the written consent of the other
party.

     Notices. Any notice to be given
by either party to the other hereunder shall be sufficient if in writing and
sent by registered or certified mail, return receipt requested, addressed to
such party at the address specified on the first page of this Agreement or such
other address as either party may have given to the other in writing.

2

     Entire Agreement. The Agreement
contains the entire agreement and understanding between the parties and
supersedes all prior negotiations, agreements and discussions concerning the
subject matter hereof.

     Modification and Waiver. This
Agreement may not be altered or modified except by writing signed by each of the
respective parties hereof. No breach or violation of this Agreement shall be
waived except in writing executed by the party granting such waiver.

     Law to Govern; Forum for
Disputes. This Agreement shall be governed by the laws of the State of Colorado
without giving effect to the principle of conflict of laws. Each party
acknowledges to the other that courts within the City of Denver, Colorado shall
be the sole and exclusive forum to adjudicate any disputes arising under this
agreement. In the event of delinquent fees owed to the Consultant, Client will
be responsible for pay for all fees associated with the collection of these
fees.

     B.      In
addition to the compensation and expense reimbursement referred to in Section
2(A) above, Consultant shall be entitled to receive from Client a "Transaction
Fee", as a result of any Transaction (as described below) between Client and any
other company, entity, person, group or persons or other party which is
introduced to, or put in contact with, Client by Consultant, or by which Client
has been introduced to, or has been put in contact with, by Consultant. A
"Transaction" shall mean sale of stock, issuance of debt, sale of assets,
consolidation or other similar transaction or series or combination of
transactions.

     The calculation of a Transaction
Fee shall be based upon the total value of the consideration, securities,
property, business, assets or other value given, paid, transferred or
contributed by, or to, the Client and shall equal 3% of the dollar value of the
Transaction. Such fee shall be paid by certified funds at the closing of the
Transaction.

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

	NorPac Technologies, Inc. 	  	 
	 	 	 
	By:	/s/ John P. Thornton 	February 1, 2008 	 
	 	 	 	 
	 	John P. Thornton, President 	Date 	 
	 	 	 	 
	 	 	 	 
	Mountain View Holdings, LLC 	  	 
	 	 	 
	By:	/s/ Randy J. Sasaki 	February 4, 2008 	 
	 	 	 	 
	 	Randy J. Sasaki, Managing Partner 	Date 	 

3

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