SEC Contract Filing

Filing Date: 2018-11-01

Document Content:
<DOCUMENT>
<TYPE>EX-10.1
<SEQUENCE>2
<FILENAME>ex101-metcalfmichaelwxcfoe.htm
<DESCRIPTION>EXHIBIT 10.1
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<div><a name="sE9278C47DB129171CAB2CBE8C65872D0"></a></div><div><div style="line-height:120%;padding-bottom:16px;text-align:right;text-indent:288px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"></font><font style="font-family:inherit;font-size:12pt;font-weight:bold;">Exhibit 10.1</font></div><div style="line-height:120%;padding-bottom:16px;text-align:center;"><img src="ex101metcalfmichaelwc_image1.jpg" alt="ex101metcalfmichaelwc_image1.jpg" style="height:53px;width:172px;"></div></div><div><br></div><div style="line-height:120%;text-align:center;font-size:14pt;"><font style="font-family:inherit;font-size:14pt;font-weight:bold;">EXECUTIVE EMPLOYMENT AGREEMENT</font></div><div style="line-height:120%;text-align:justify;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:justify;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;padding-bottom:16px;text-align:justify;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">THIS EMPLOYMENT AGREEMENT</font><font style="font-family:inherit;font-size:10pt;">&#32;and an ancillary agreement to be effective simultaneously herewith entitled "Confidentiality, Non-Competition and Non-Solicitation Agreement" (the "Confidentiality Agreement"), a copy of which is attached hereto as Attachment A, and incorporated herein by reference for all purposes, (this agreement and the Confidentiality Agreement being hereinafter collectively referred to as "this Agreement") is entered into effective as of </font><font style="font-family:inherit;font-size:10pt;font-weight:bold;">November 5, 2018</font><font style="font-family:inherit;font-size:10pt;">&#32;(the "Effective Date"), by and between Powell Industries, Inc. and its affiliates (the "Company") and Michael W. Metcalf ("Executive").</font></div><div style="line-height:120%;padding-bottom:16px;text-align:justify;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">WHEREAS</font><font style="font-family:inherit;font-size:10pt;">, the Company desires to employ Executive as Executive Vice President &amp; Chief Financial Officer of the Company from and after the Effective Date until such date as his employment shall end pursuant to the terms and conditions contained herein; and</font></div><div style="line-height:120%;padding-bottom:16px;text-align:justify;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">WHEREAS</font><font style="font-family:inherit;font-size:10pt;">, Executive desires to be employed with the Company in such position pursuant to the terms and conditions contained herein;</font></div><div style="line-height:120%;padding-bottom:16px;text-align:justify;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">NOW, THEREFORE, IT IS HEREBY AGREED AS FOLLOWS:</font></div><div style="line-height:120%;padding-left:0px;padding-bottom:16px;text-align:justify;text-indent:0px;"><font style="padding-bottom:16px;text-align:justify;font-family:inherit;font-size:10pt;font-weight:bold;padding-right:0px;">I.</font><font style="font-family:inherit;font-size:10pt;font-weight:bold;">EMPLOYMENT TERM.</font></div><div style="line-height:120%;padding-bottom:16px;text-align:justify;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The term of this Agreement shall commence on the Effective Date and continue until terminated pursuant to the provisions of this Agreement regarding termination, resignation or retirement. Executive and the Company acknowledge that the employment relationship provided herein may be terminated at any time, upon written notice to the other party for any reason, at the option of either the Company or Executive. However, as provided in this Agreement, Executive may be entitled to certain severance benefits depending upon the circumstances of Executive's termination of employment. The period Executive is employed by the Company under this Agreement is referred to herein as the "Employment Term."</font></div><div style="line-height:120%;padding-left:0px;padding-bottom:16px;text-align:justify;text-indent:0px;"><font style="padding-bottom:16px;text-align:justify;font-family:inherit;font-size:10pt;font-weight:bold;padding-right:0px;">II.</font><font style="font-family:inherit;font-size:10pt;font-weight:bold;">CERTAIN DEFINITIONS</font></div><div style="line-height:120%;padding-bottom:16px;text-align:justify;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">A.</font><font style="font-family:inherit;font-size:10pt;">&#160;&#160;&#160;&#160;</font><font style="font-family:inherit;font-size:10pt;">"</font><font style="font-family:inherit;font-size:10pt;text-decoration:underline;">Accrued Rights</font><font style="font-family:inherit;font-size:10pt;">" shall mean:</font></div><div style="line-height:120%;padding-bottom:13px;text-align:justify;padding-left:54px;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">1.</font><font style="font-family:inherit;font-size:10pt;">&#160;&#160;&#160;&#160;</font><font style="font-family:inherit;font-size:10pt;">Executive's earned, but unpaid compensation, to include base salary, vehicle allowance, short term incentive and long term incentive compensation through the date of termination;</font></div><div style="line-he