SEC Contract Filing

Filing Date: 2017-05-05

Document Content:
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<TYPE>EX-10
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<FILENAME>e10.htm
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 <TITLE>exb101rick_jonesemploymentag.htm - Prepared by EDGARX.com</TITLE>
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<font face="Times New Roman" lang=EN-US>&nbsp;</font></p>

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<font face="Times New Roman" lang=EN-US>Exhibit 10.1</font></p>

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<img border="0" src="tilogoblue.jpg" width="150" height="63">&nbsp;</p>

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<font face="Times New Roman" lang=EN-US>EXECUTIVE EMPLOYMENT AGREEMENT</font></b></p>

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<font face="Times New Roman" lang=EN-US>&nbsp;</font></b></p>

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<font face="Times New Roman" lang=EN-US>THIS AGREEMENT (hereinafter
&quot;Agreement&quot;) is made and entered into this 5th day of May, 2017 (the
&#8220;Effective Date&#8221;), by and between Mechanical Technology, Incorporated, a
corporation organized and doing business under the laws of the State of New
York (hereinafter &quot;MTI&quot;), having a principal office for the
transaction of business located at 325 Washington Avenue Extension, Albany, New
York 12205, and Frederick (Rick) Jones (hereinafter &quot;Executive&quot;).</font></p>

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<font face="Times New Roman" lang=EN-US>&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;text-indent:.5in;">
<font face="Times New Roman" lang=EN-US>WHEREAS, Executive is currently employed
as an at-will employee and executive of MTI;</font></p>

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<font face="Times New Roman" lang=EN-US>&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;text-indent:.5in;">
<font face="Times New Roman" lang=EN-US>WHEREAS, MTI desires to continue to employ
Executive in accordance with the terms of this Agreement; and</font></p>

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<font face="Times New Roman" lang=EN-US>&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;text-indent:.5in;">
<font face="Times New Roman" lang=EN-US>WHEREAS, Executive desires to be so
employed by MTI.</font></p>

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<font face="Times New Roman" lang=EN-US>&nbsp;</font></p>

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<font face="Times New Roman" lang=EN-US>NOW, THEREFORE, in view of the foregoing, and in
consideration of the following terms, covenants and conditions, and other good
and valuable consideration, the parties hereto agree as follows:</font></p>

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<font face="Times New Roman" lang=EN-US>&nbsp;</font></p>

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	<li>
	<p style="margin-bottom:12.0pt;margin-right:0in;margin-top:0in;text-align:justify;">
	<b><font face="Times New Roman" lang=EN-US>Employment. </font></b>
	<font face="Times New Roman" lang=EN-US>MTI employs Executive and
Executive accepts employment with MTI in the position of Chief Executive
Officer and Chief Financial Officer.&#160; Executive shall be employed as an exempt,
full-time employee.</font></p></li>
	<li>
	<p style="margin-bottom:12.0pt;margin-right:0in;margin-top:0in;text-align:justify;">
	<b><font face="Times New Roman" lang=EN-US>Term.</font></b><font face="Times New Roman" lang=EN-US>&#160; The term of this Agreement shall commence on the
execution date of this Agreement, and shall continue to and including December
31, 2018 (the &#8220;Initial Term&#8221;), unless terminated earlier in accordance with
this Agreement.&#160; Unless earlier terminated as provided herein, at the
expiration of the Initial Term, Executive&#8217;s employment and the term of this
Agreement shall automatically extend and continue for successive one (1) year
periods (each, an &#8220;Additional Term&#8221;), unless either party gives written notice
of termination no later than ninety (90) days prior to the expiration of the
Initial Term or any Additional Term, as the case may be.&#160; The Initial Term and
all Additional Term(s), taken together, shall be referred to herein as the
&#8220;Employment Term.&#8221;</font></p></li>
	<li>
	<p style="margin-bottom:12.0pt;margin-right:0in;margin-top:0in;text-align:justify;">
	<b><font face="Times New Roman" lang=EN-US>Duties. </font></b>
	<font face="Times New Roman" lang=EN-US>Executive at all times will faithfully, industriously
and lawfully render full-time, exclusive professional services, attention, and
best professional efforts to performing all duties that may be required in the
positions of Chief Executive Officer and Chief Financial Officer, all duties
set forth in MTI&#8217;s bylaws, and such other duties and responsibilities as
directed by MTI&#8217;s Board of Directors.</font></p></li>
	<li>
	<p style="margin-bottom:12.0pt;margin-right:0in;margin-top:0in;text-align:justify;">
	<b><font face="Times New Roman" lang=EN-US>Compensation and Benefits. </font>
	</b><font face="Times New Roman" lang=EN-US>In consideration of the services to be rendered by
Executive under or in connection with this Agreement, Executive shall be paid such compensation and benefits
as are set forth in the following paragraph:</font></p></li>
</ol>
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 <p style="margin-bottom:12.0pt;margin-right:0in;margin-top:0in;text-align:justify;">
 <b><font face="Times New Roman" lang=EN-US>Base Salary.</font></b><font face="Ti