SEC Contract Filing

Filing Date: 2021-02-23

Document Content:
<DOCUMENT>
<TYPE>EX-10.44
<SEQUENCE>2
<FILENAME>ldl-20201231exhibit1044xq4.htm
<DESCRIPTION>EX-10.44
<TEXT>
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<title>Document</title></head><body><div id="ib27e5d8c50de4759bef8cca4276cde91_1"></div><div style="min-height:72pt;width:100%"><div style="text-align:right"><font><br></font></div></div><div style="margin-bottom:24pt;text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:120%;text-decoration:underline">AGREEMENT</font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:120%">THIS AGREEMENT is made and entered by and between LYDALL, INC., a Delaware corporation (the &#34;Company&#34;), and John J. Tedone (&#8220;the &#34;Employee&#34;), effective May 5, 2020.</font></div><div><font><br></font></div><div style="margin-bottom:24pt;text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:120%;text-decoration:underline">W I T N E S S E T H</font></div><div style="margin-bottom:12pt;text-indent:72pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:120%">WHEREAS, the Company and the Employee (the &#34;Parties&#34;) have agreed to enter into this agreement (the &#34;Agreement) relating to the termination of the employment of the Employee&#59;</font></div><div style="margin-bottom:12pt;text-indent:72pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:120%">NOW, THEREFORE, in consideration of the premises and mutual covenants contained herein and for other good and valuable consideration, the Parties, intending to be legally bound, agree as follows&#58;</font></div><div style="margin-bottom:12pt;padding-left:72pt;padding-right:-0.7pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:120%">a.</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:120%;padding-left:28.37pt;text-decoration:underline">Termination of Employment by the Company</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:120%">.</font></div><div style="margin-bottom:12pt;text-indent:66.2pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:120%">i.</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:120%;text-decoration:underline">Termination by the Company Other Than For Cause</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:120%">. The Company may terminate the Employee's employment at any time other than for Cause (as defined in Section 1.2), by giving the Employee a written notice of termination at least 30 days before the date of termination (or such lesser notice period as the Employee may agree to). In the event of such a termination of employment pursuant to this Section&#160;1.1, the Employee shall be entitled to receive (i) the benefits described in Section&#160;3 if such termination of employment does not occur within 18 months following a &#34;Change of Control&#34; (as defined in Section&#160;5), or (ii) the benefits described in Section&#160;4 if such termination of employment occurs within 18 months following a Change of Control.</font></div><div style="margin-bottom:12pt;text-indent:63.15pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:120%">ii.</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:120%;text-decoration:underline">Termination for Cause</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:120%">. The Company may terminate the Employee's employment immediately for Cause for any of the following reasons&#58; (i)&#160;an act or acts of dishonesty or fraud by the Employee relating to the performance of his services to the Company&#59; (ii)&#160;a breach by the Employee of his duties or responsibilities under this Agreement resulting in significant demonstrable injury to the Company or any of its subsidiaries&#59; (iii)&#160;the Employee's conviction of a felony or any crime involving moral turpitude&#59; (iv)&#160;the Employee's material failure (for reasons other than death or Disability) to perform his duties under this Agreement or insubordination (defined as refusal to execute or carry out directions from the Board or its duly appointed designees) where the Employee has been given written notice of the acts or omissions constituting such failure or insubordination and the Employee has failed to cure such conduct, where susceptible to cure, within ten days following such notice&#59; or (v) a breach by the Employee of any provision of any material policy of the Company or of his obligations under the confidentiality, non-competition and invention ownership agreement executed by the Employee and attached hereto as Exhibit A (the &#34;Confidentiality Agreement&#34;). The Company shall exercise its right to terminate the Employee's employment for Cause by giving the Employee written notice of termination specifying in reasonable detail the circumstances constituting such Cause. In the event of such termination of the Employee's employment for Cause, the Employee shall be entitled to receive only (i)&#160;his base salary earned through the date of such termination of employment plus his base salary for the period o