Document:

exv10w1

Exhibit 10.1

FRIEDMAN INDUSTRIES INCORPORATED

JACK FRIEDMAN

CONSULTANT AGREEMENT

     This Agreement (this “Agreement”) is entered into on October 31, 2008, by and between Friedman
Industries, Incorporated, a Texas corporation (the “Company”), and Jack Friedman (“Consultant”).

     WHEREAS, Consultant is a director of the Company and previously served as Chairman of the Board and
Chief Executive Officer of the Company from 1972 until his retirement in 2006;

     WHEREAS, Consultant’s knowledge, expertise, experience and skills are valuable to the Company and
the Company wishes to retain Consultant in order to utilize his knowledge, expertise, experience
and skills, on the terms and conditions set forth below;

     NOW, THEREFORE, in view of the foregoing, the mutual promises and agreements contained herein and
other good and valuable consideration, the receipt and sufficiency of which are hereby
acknowledged, the Company and Consultant, intending legally to be bound, agree as follows:

     1. Engagement. The Company hereby agrees to engage Consultant, upon the terms and conditions
of this Agreement, and Consultant hereby accepts such engagement.

     2. Term. Subject to the specific provisions for termination set forth in Section 7 hereof,
the term of this Agreement shall be for the period beginning on the date hereof and ending on
December 31, 2009, and shall automatically renew thereafter for additional successive one-year
periods unless and until the Company shall send Consultant written notice of termination on or
prior to the 90th day preceding the last day of the then applicable one-year renewal
period (the “Term”).

     3. Nature of Relationship. The Company and Consultant hereby expressly acknowledge and agree
that (a) Consultant is to provide advisory and consulting services to the Company in the capacity
of an independent contractor and not as an employee of the Company and the Company is to have no
right to control or direct the manner in which such services are to be performed and (b) Consultant
is not authorized to enter into any contract or agreement on behalf of the Company or any affiliate
of the Company without the prior written authorization of such party. Consultant agrees to make no
representation to any person or entity inconsistent in any manner with the provisions of the
preceding sentence.

     4. Duties of Consultant.

          (a) General. During the Term, Consultant agrees to provide such advisory or consulting
services to the Company as may be requested by the Board of Directors of the Company (the “Board”),
the Chief Executive Officer of the Company or any Senior Vice President of the Company from time to
time during the Term. Consultant will comply with all provisions of all applicable laws, with all
corporate documents governing the conduct of the business and affairs of the Company and with all
policies of the Company.

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          (b) Other Activities. Notwithstanding the provisions of this Section 4 or any other
provisions hereof, it is understood that during the Term, Consultant may engage in such activities
on such terms and conditions for such other person as Consultant in his sole discretion shall
desire so long as such activities do not interfere materially with or detract materially from
Consultant’s performance of his duties hereunder. Notwithstanding the immediately-preceding
sentence, during the Term, Consultant may not engage in any activities for or any other company
that currently or in the future is engaged in any manner in any business in which the Company or
any of its subsidiaries is then engaged.

     5. Compensation. For all the duties to be performed by Consultant hereunder, during the Term,
Consultant shall receive a salary at an annual rate of $13,200.00, which monthly amount shall be
$1,100.00. Such salary shall be payable to Consultant in installments in accordance with the
Company’s policy for the payment of executives as in effect from time to time during the Term.

     6. Miscellaneous Provisions Regarding Duties, Compensation and Benefits.

          (a) Service on Board of Directors. The Company shall take all efforts reasonably within its
control to cause Consultant to remain a member of the Board until the annual meeting of
shareholders of the Company held in 2009, subject to any actions taken or not taken by any person
in respect of compliance with any applicable fiduciary duties.

          (b) Expenses. During the Term, Consultant shall be reimbursed for his reasonable business and
travel expenses in accordance with the general reimbursement policy of the Company then in effect
with respect to its executives and as such policy may be changed from time to time thereafter by
the Company, until the expiration of the Term, provided that the expenses are incurred in
connection with the performance of services by Consultant specifically requested in accordance with
Section 4(a) hereof and Consultant has submitted to the Company on a timely basis such
documentation as may be necessary to substantiate such expenses and the business purpose thereof.

     7. Termination. Upon the termination of this Agreement by Consultant, the termination of this
Agreement by the Company in accordance with Section 2 hereof, an Event of Termination for Cause, or
the death or disability of Consultant, this Agreement shall terminate and the Company will pay to
Consultant and provide to Consultant only the amounts provided for herein earned and due but unpaid
through the date of such termination. An “Event of Termination for Cause” shall have occurred if
the Company reasonably shall determine and notifies Consultant that it reasonably has determined
that (i) Consultant willfully has neglected the performance of his duties hereunder, (ii)
Consultant has been convicted by a court of competent jurisdiction of a crime involving moral
turpitude, including but not limited to fraud, theft, embezzlement or any crime that results in or
is intended to result in personal enrichment at the expense of the Company or (iii) Consultant has
committed acts amounting to gross negligence or willful misconduct to the material detriment of the
Company.

     8. Severability. If any provision of this Agreement shall be held by a court of competent
jurisdiction invalid or unenforceable, the remainder of this Agreement shall nevertheless remain in
full force and effect. If any provision is held by a court of competent jurisdiction invalid or
unenforceable with respect to particular circumstances, it shall nevertheless remain in full force
and effect in all other circumstances.

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     9. Inurement. This Agreement shall be binding upon, and shall inure to the benefit of, the
Company and Consultant and their respective heirs, personal and legal representatives, successors
and assigns.

     10. Governing Law. This Agreement and the rights and obligations of the parties hereunder
shall be governed by, and construed and interpreted in accordance with, the laws of the State of
Texas and, to the extent controlling, applicable federal laws of the United States of America.

     11. Notices. Any notice required to be given shall be sufficient if it is in writing, hand
delivered or sent by certified or registered mail, return receipt requested, first-class postage
prepaid, in the case of Consultant, to his residence at the address set forth on the signature page
hereof or such other address of which
Consultant may hereafter notify the Company, and, in the case of the Company, to the office
address of the Company set forth on the signature page hereof or such other address of which the
Company may hereafter notify Consultant.

     12. Entire Agreement. This Agreement contains the entire agreement and understanding by and
between the Company and Consultant with respect to the subject matter hereof, and supersedes all
other representations, promises, agreements, understandings or negotiations between the parties
regarding the subject matter hereof, whether written or oral, not contained herein.

     13. Amendments and Waivers. No change or modification of this Agreement shall be valid or
binding unless it is in writing and duly executed by both parties hereto. No waiver of any
provision of this Agreement shall be valid unless it is in writing and signed by the party to be
charged thereby. No valid waiver of any provision of this Agreement at any time shall be deemed a
waiver of any other provision of this Agreement at such time or at any other time.

     14. Assignments. This Agreement is a personal services contract. The rights and obligations
of Consultant hereunder may not be sold, transferred, delegated, assigned, pledged or hypothecated
and any attempted assignment, transfer or sale shall be void.

     15. Captions. The captions of the various sections and subsections of this Agreement have
been inserted only for purposes of convenience and shall not be deemed in any manner to modify,
explain, enlarge or restrict any of the provisions of this Agreement.

     16. Consultant’s Representation. Consultant represents and warrants that he is free to enter into
this Agreement and to perform each of the terms and covenants of it. He further represents that he
has been advised by legal counsel as to the terms and provisions hereof and the effort thereof and
fully understands the consequences thereof.

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

	 	 	 	 	 
	 	“Company”:

FRIEDMAN INDUSTRIES, INCORPORATED

 	 
	 	/s/ WILLIAM E. CROW
 	 
	 	William E. Crow 	 
	 	Chief Executive Officer and President 	 

	 	 	 	 	 
	 	Company’s Office Address:

1121 Judson Road, Suite 124

Longview, Texas 75601

Attention: President

“Consultant”:

 	 
	 	/s/ JACK FRIEDMAN
 	 
	 	Jack Friedman 	 
	 
	 	Consultant’s Residence Address:

 	 
	 	 	 
	 	 	 
	 

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Exhibit 10.5.2

AMENDMENT #2 TO EXECUTIVE EMPLOYMENT AGREEMENT

          This AMENDMENT #2 TO EXECUTIVE EMPLOYMENT AGREEMENT, dated as of October 30, 2008 (this
“Amendment”), by and between INTERSTATE HOTELS & RESORTS, INC., a Delaware corporation (the
“Company”), INTERSTATE MANAGEMENT COMPANY, L.L.C., a Delaware limited liability company (the “LLC”)
and any successor employer, and THOMAS F. HEWITT (the “Executive”), an individual residing at
                                        , amends that certain EXECUTIVE EMPLOYMENT AGREEMENT, effective as of
February 17, 2005 (the “Agreement”), as amended, by and between the Company, the LLC and the
Executive.

          WHEREAS, the Company, the LLC and the Executive seek to amend the Agreement pursuant to the
terms and conditions of this Amendment.

          NOW, THEREFORE, in consideration of the mutual covenants set forth herein and other good and
valuable consideration the parties hereto hereby agree as follows:

          1. Term. Paragraph 1 of the Agreement is hereby amended and restated in its entirety
as follows:

          “1. Employment; Term. The Company and the LLC each hereby employ the
Executive, and the Executive agrees to be employed by the Company and the LLC, upon the
terms and subject to the conditions set forth herein, for a term commencing on February 17,
2005 (the “Commencement Date”), and ending on March 31, 2011, unless terminated earlier in
accordance with Section 5 of this Agreement; provided that such term shall
automatically be extended from time to time for additional periods of one calendar year
from the date on which it would otherwise expire unless the Executive, on the one hand, or
the Company and the LLC, on the other, give notice to the other party at least 120 calendar
days prior to such date that it elects to permit the term of this Agreement to expire
without extension on such date. (The initial term of this Agreement as the same may be
extended in accordance with the terms of this Agreement is hereinafter referred to as the
“Term”).”

          2. To the extent that a bonus is to be paid to the Executive pursuant to the Company’s 2010
Bonus Plan and the Company has not yet paid such bonuses for 2010 to the Company’s executives as of
the last day of the Term, Executive will continue to have the right to receive his 2010 bonus when
paid to the Company’s other Executives following the end of the Term.

          3. Miscellaneous.:

                    a. Ratification. Except as amended herein, all other terms, conditions and provisions
contained in the Agreement, as previously amended, shall continue to apply and are expressly
ratified and confirmed and the parties hereby acknowledge that the Agreement is in full force and
effect and neither party is in default or breach thereof.

 

 

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                    b. Facsimile Signatures. This Amendment may be executed by facsimile. Facsimile
signatures shall be deemed effective for all purposes.

                    c. Counterparts. This Amendment may be executed in any number of counterparts and
each such counterpart shall be deemed an original, but all of which, when taken together, shall
constitute one and the same agreement.

                    d. Capitalized Terms. All capitalized terms not otherwise defined in this Amendment
shall have the same meanings herein as are given to them in the Agreement.

                    e. Governing Law. This Amendment shall be governed by and construed and enforced in
accordance with the internal laws of the State of Delaware, without regard to conflict of laws
principles.

          IN WITNESS WHEREOF, the parties hereto have executed this Amendment effective as of the date
first above written.

	 	 	 	 	 	 	 	 	 
	 	 	EXECUTIVE:	 	 	 	 
	 
	 	 	 	/s/ Thomas F. Hewitt	 	 
	 	 	 	 	 	 	 
	 	 	 	 	Thomas F. Hewitt	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	COMPANY:	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	 	 	INTERSTATE HOTELS & RESORTS, INC.	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	 	 	By:	/s/ Christopher L. Bennett	 	 
	 

	 	 	 	 

	 	 
	 

	 	 	 	Name:
	 	 

Christopher L. Bennett
	 	 
	 

	 	 	 	Title:
	 	Executive Vice President and General Counsel	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	LLC:	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	 	 	INTERSTATE MANAGEMENT COMPANY, LLC	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	 	 	By:  Interstate Operating Company, L.P., a member	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	 	 	 	 	By: Interstate Hotels & Resorts, Inc.,

       its general partner	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	 	 	By:	/s/ Christopher L. Bennett	 	 
	 

	 	 	 	 

	 	 
	 

	 	 	 	Name:
	 	Christopher L. Bennett	 	 
	 

	 	 	 	Title:
	 	Executive Vice President and General Counsel

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