SEC Contract Filing

Filing Date: 2018-10-11

Document Content:
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<TYPE>EX-10.2
<SEQUENCE>3
<FILENAME>hart_agreement.htm
<DESCRIPTION>EMPLOYMENT AGREEMENT WITH JOSEPH HART
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<div style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman', serif; FONT-WEIGHT: bold; TEXT-ALIGN: center"><u>EXECUTIVE EMPLOYMENT AGREEMENT</u></div>

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<div style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: justify; TEXT-INDENT: 36pt"><font style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman', serif; FONT-WEIGHT: bold">THIS EXECUTIVE EMPLOYMENT AGREEMENT</font> (the &#8220;<font style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman', serif; FONT-WEIGHT: bold">Agreement</font>&#8221;) is made the 8<sup style="vertical-align: text-top; line-height: 1; font-size: smaller">th</sup> day of October, 2018, between ADDvantage Technologies Group, Inc. (&#8220;<font style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman', serif; FONT-WEIGHT: bold">Company</font>&#8221;) and Joseph E. Hart (&#8220;<font style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman', serif; FONT-WEIGHT: bold">Executive</font>&#8221;).</div>

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<div style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: justify; TEXT-INDENT: 36pt"><font style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman', serif; FONT-WEIGHT: bold">WHEREAS</font>, the Company and Executive desire to memorialize the terms and conditions under which Executive will be employed by the Company as its President and Chief Executive Officer;</div>

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<div style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: justify; TEXT-INDENT: 36pt"><font style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman', serif; FONT-WEIGHT: bold">NOW, THEREFORE</font>, intending to be legally bound, the Company agrees to employ Executive, and Executive hereby agrees to be employed by the Company, upon the following terms and conditions:</div>

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<div style="MARGIN-BOTTOM: 12pt; TEXT-INDENT: 36pt"><font style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman', serif; FONT-WEIGHT: bold">1.</font><font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 1px; WIDTH: 36pt; DISPLAY: inline-block; TEXT-INDENT: 0px">&#160;</font><font style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman', serif"><font style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman', serif; FONT-WEIGHT: bold"><u>Term of Agreement</u></font>.&#160; The Company hereby employs Executive to serve as President and Chief Executive Officer of the Company and Executive accepts such employment, subject to all of the terms and conditions of this Agreement.&#160; Except as otherwise expressly provided herein, the term of this Agreement and of Executive&#8217;s employment under this Agreement will commence on September 1, 2018 (the &#8220;<font style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman', serif; FONT-WEIGHT: bold">Effective Date</font>&#8221;) and continue in effect until Executive ceases to be employed by the Company pursuant to Section 4 (the &#8220;<font style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman', serif; FONT-WEIGHT: bold">Term</font>&#8221;).</font></div>

<div style="MARGIN-BOTTOM: 12pt; TEXT-INDENT: 36pt"><font style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman', serif; FONT-WEIGHT: bold">2.</font><font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 1px; WIDTH: 36pt; DISPLAY: inline-block; TEXT-INDENT: 0px">&#160;</font><font style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman', serif"><font style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman', serif; FONT-WEIGHT: bold"><u>Duties</u></font>.&#160; Executive will serve as President and Chief Executive Officer of the Company with such duties assigned to Executive under the Bylaws of the Company and by the Board of Directors of the Company.&#160; Executive shall report to the Board of Directors.&#160; Executive agrees to use his best efforts to promote the interests of the Company, and to devote his full productive time and working attention to the business and affairs of the Company.</font></div>

<div style="MARGIN-BOTTOM: 12pt; TEXT-INDENT: 36pt"><font style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman', serif; FONT-WEIGHT: bold">3.</font><font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 1px; WIDTH: 36pt; DISPLAY: inline-block; TEXT-INDENT: 0px">&#160;</font><font style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman', serif"><font style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman', serif; FONT-WEIGHT: bold"><u>&#160;Compensation, Benefits and Expenses</u></font>.</font></div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 72pt"><font style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman', serif">3.1.</font><font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 1px; WIDTH: 36pt; DISPLAY: inline-block; TEXT-INDENT: 0px">&#160;</font><font style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman', serif"><font style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman', serif"><u>Base Salary</u></font>.&#160; Commencing on the Effective Date, the Company shall pay to Executive an annual base salary (&#8220;<font style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman', serif; FONT-WEIGHT: bold">Annual Base Salary</font>&#8221;) of three hundred thousand dollars ($300,000.00) for all services to be rendered by Executive hereunder.&#160; The Annual Base Salary shall be payable in accordance with the Company&#8217;s normal payroll practices for employees, and the Company shall deduct or cause to be deducted from the Annual Base Salary all taxes and amounts required by law to be withheld.&#160; Executive&#8217;s performance and base salary will be reviewed annually by the compensation committee of the Board of Directors.&#160; Fut