SEC Contract Filing

Filing Date: 2018-06-26

Document Content:
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<TYPE>EX-10.1
<SEQUENCE>2
<FILENAME>a18-16067_1ex10d1.htm
<DESCRIPTION>EX-10.1
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<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Exhibit&nbsp;10.1</font></b><a name="Exhibit10_1_024722"></a></p>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">EMPLOYMENT AGREEMENT</font></b></p>
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<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">This EMPLOYMENT AGREEMENT (&#147;<u>Agreement</u>&#148;) is effective as of the 20th day of June, 2018 (the &#147;<u>Effective Date</u>&#148;), between Global Power Equipment Group Inc. (the &#147;<u>Company</u>&#148;) and Tracy D. Pagliara (&#147;<u>Executive</u>&#148;).&#160;&#160; In consideration of the mutual covenants contained herein and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows:</font></p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">1.</font></b>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <b>Employment Term</b>.&#160; The Company shall continue to employ Executive, and Executive accepts continued employment with the Company, upon the terms and subject to the conditions set forth in this Agreement, for the period beginning on the Effective Date and ending on the first anniversary of the Effective Date, unless terminated earlier pursuant to the provisions of this Agreement (the &#147;<u>Term</u>&#148;).&#160; The Term shall be automatically renewed for successive one-year periods on the terms and subject to the conditions of this Agreement commencing on the first anniversary of the Effective Date, and on each anniversary date thereafter, unless terminated earlier pursuant to the provisions of this Agreement or unless either the Company or Executive gives the other party written notice, at least 90 calendar days prior to the end of such initial or extended Term, of its or his intention not to renew this Agreement or the employment of Executive.&#160; For purposes of this Agreement, any reference to the &#147;Term&#148; of this Agreement shall include the original term and any extension thereof.</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt 4.5pt;text-indent:31.5pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">2.</font></b>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <b>Position and Duties</b><b>; Location</b>.</p>
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<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Position and Duties</u>.&#160; During the Term, Executive shall be employed by the Company as President and Chief Executive Officer.&#160; Executive shall report solely to the Board of Directors of the Company (the &#147;<u>Board</u>&#148;) and shall have such duties, responsibilities and authorities as are customarily associated with his position (including, but not limited to, the general management of the affairs of the Company) and such additional duties and responsibilities consistent with his positions as may, from time to time, be properly and lawfully assigned to him.</font></p>
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<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Board Service</u>.&#160; During the Term, the Company shall cause the Nominating and Corporate Governance Committee of the Board (the &#147;<u>Nominating Committee</u>&#148;) to nominate Executive to serve as a member of the Board each year Executive&#146;s term of Board service is to be slated for reelection to the Board. If, during the Term, the Company&#146;s stockholders vote in favor of the Nominating Committee&#146;s nomination of Executive to serve as a member of the Board, Executive agrees to serve in such capacity and also agrees that any such Board service shall be without additional compensation.</font></p>
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<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(c)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Engaging in Other Activities</u>.&#160; During the Term, Executive shall devote substantially all of his business time, energies and talents to serving as President and Chief Executive Officer of the Company, and shall perform his duties conscientiously and faithfully, subject to the reasonable and lawful directions of the Board and in accordance with the policies, rules&nbsp;and decisions adopted from time to time by the Company and the Board.&#160; During the Term, it shall not be a violation of this Agreement for Executive, subj