SEC Contract Filing

Filing Date: 2015-03-19

Document Content:
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<TYPE>EX-10.2
<SEQUENCE>3
<FILENAME>exh10-2houghagreement.htm
<DESCRIPTION>EXHIBIT 10.2 HOUGH EMPLOYMENT AGREEMENT
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<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 146.65pt; FONT-SIZE: 10pt">Exhibit 10.2</div>

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<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">AGREEMENT, dated as of January 1, 2015 (the "Effective Date"), between GSE Systems, Inc. a Delaware corporation with principal executive offices at 1332 Londontown Blvd., Sykesville, MD&#160; 21784 (the "Company"), and Jeffery G. Hough, residing at 12263 Bare Bush Path, Columbia, MD 21044 ("Employee").</div>

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<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">WHEREAS, Employee was employed by the Company pursuant to a two-year Employment Agreement that expired on December 31, 2014. The Company desires to enter into a new employment agreement (the "Agreement") with the Employee <font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">in order to continue and secure the employment of Employee with the Company, on the terms and conditions contained in this Agreement with the understanding the Employee is being offered secure terms of employment in this Agreement in exchange for Employee's agreement to the restrictive covenants contained in this Agreement, including a non-compete and non-solicit, among other things.</font></div>

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<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">NOW, THEREFORE, in consideration of the premises, the mutual promises, covenants, and conditions herein contained and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto intending to be legally bound hereby agree as follows:</div>

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<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Section 1.<font style="LETTER-SPACING: 9pt; FONT-SIZE: 1px">&#160;&#160;</font></font><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Employment.</font></div>

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<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">The Company hereby agrees to continue to employ Employee, and Employee hereby agrees to continue his employment with the Company, upon the terms and subject to the conditions set forth in this Agreement.</div>

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<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Section 2.<font style="LETTER-SPACING: 9pt; FONT-SIZE: 1px">&#160;&#160;</font></font><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Capacity and Duties.</font></div>

<div style="TEXT-ALIGN: justify; MARGIN-TOP: 12pt; TEXT-INDENT: 36pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Employee shall be employed in the capacity of Senior Vice President and Chief Financial Officer of the Company and shall have the duties, responsibilities, and authorities normally performed by a Senior Vice President and Chief Financial Officer of a company and such other duties, responsibilities, and authorities as are assigned to him by the Board of Directors of the Company (the "Board") so long as such additional duties, responsibilities, and authorities are consistent with Employee's position and level of authority as Senior Vice President and Chief Financial Officer of the Company of the Company. The Employee shall devote substantially all of his business time and attention to the performance of his duties hereunder and will not engage in any other business, profession or occupation for compensation or otherwise which would materially conflict or interfere with the performance of such duties either directly or indirectly. The Employee will be permitted to act or serve as a director, trustee, or committee member of any type of civic or charitable organization as long as such activities do not materially interfere with the performance of the Employee's duties and responsibilities to the Company as provided hereunder.</div>

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<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Section 3.<font style="LETTER-SPACING: 9pt; FONT-SIZE: 1px">&#160;&#160;</font></font><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Term of Employment.</font></div>

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<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">The term of this Agreement shall commence on the Effective Date and continue for a period of two years (the "Term").&#160; On each anniversary of the Effective Date,&#160; the Ter