SEC Contract Filing

Filing Date: 2015-03-26

Document Content:
<DOCUMENT>
<TYPE>EX-10.18
<SEQUENCE>2
<FILENAME>e1018-10k14.htm
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<HTML>
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<TITLE>Exh 10.18-Form 10K-12/31/14</TITLE>
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<B><P ALIGN="RIGHT">EXHIBIT 10.18</P>
<P ALIGN="CENTER">COMPENSATORY ARRANGEMENTS OF EXECUTIVE OFFICERS AND DIRECTORS</P>
</B><FONT SIZE=2><P>Each of our executive officers is employed on an at will basis. The current annual salaries of our executive officers are set forth in the chart below:</P></FONT>
<TABLE CELLSPACING=0 BORDER=0 WIDTH=708 DIR="LTR">
<TR><TD WIDTH="22%" VALIGN="TOP" COLSPAN=4>
<B><U><FONT SIZE=1><P>Executive Officers </B></U></FONT></TD>
<TD WIDTH="34%" VALIGN="TOP">
<B><U><FONT SIZE=1><P ALIGN="CENTER">Title</B></U></FONT></TD>
<TD WIDTH="8%" VALIGN="TOP" COLSPAN=2>
<B><U><FONT SIZE=1><P ALIGN="CENTER">Salary</B></U></FONT></TD>
<TD WIDTH="36%" VALIGN="TOP" COLSPAN=2>
<B><U><FONT SIZE=1><P ALIGN="CENTER">Incentive Component</B></U></FONT></TD>
</TR>
<TR><TD WIDTH="22%" VALIGN="TOP" COLSPAN=4>
<FONT SIZE=2><P>Robert E. Matthiessen</FONT></TD>
<TD WIDTH="34%" VALIGN="TOP">
<FONT SIZE=2><P>President, CEO and Director</FONT></TD>
<TD WIDTH="8%" VALIGN="TOP" COLSPAN=2>
<FONT SIZE=2><P ALIGN="CENTER">$317,242</FONT></TD>
<TD WIDTH="36%" VALIGN="TOP" COLSPAN=2>
<FONT SIZE=2><P>1.5% of consolidated pre-tax profits plus 1.5% of each product segment's pre-tax profits.</FONT></TD>
</TR>
<TR><TD WIDTH="22%" VALIGN="TOP" COLSPAN=4>
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="34%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="8%" VALIGN="TOP" COLSPAN=2>
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="36%" VALIGN="TOP" COLSPAN=2>
<FONT SIZE=2><P>&nbsp;</FONT></TD>
</TR>
<TR><TD WIDTH="22%" VALIGN="TOP" COLSPAN=4>
<FONT SIZE=2><P>Hugh T. Regan, Jr.</FONT></TD>
<TD WIDTH="34%" VALIGN="TOP">
<FONT SIZE=2><P>Secretary, Treasurer and CFO</FONT></TD>
<TD WIDTH="8%" VALIGN="TOP" COLSPAN=2>
<FONT SIZE=2><P ALIGN="CENTER">$224,422</FONT></TD>
<TD WIDTH="36%" VALIGN="TOP" COLSPAN=2>
<FONT SIZE=2><P>Discretionary (1)</FONT></TD>
</TR>
<TR><TD WIDTH="22%" VALIGN="TOP" COLSPAN=4>
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="34%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="8%" VALIGN="TOP" COLSPAN=2>
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="36%" VALIGN="TOP" COLSPAN=2>
<FONT SIZE=2><P>&nbsp;</FONT></TD>
</TR>
<TR><TD WIDTH="22%" VALIGN="TOP" COLSPAN=4>
<FONT SIZE=2><P>Daniel J. Graham</FONT></TD>
<TD WIDTH="34%" VALIGN="TOP">
<FONT SIZE=2><P>Sr. Vice President, General Manager - Mechanical Products Segment and General Manager-Electrical Products Segment</FONT></TD>
<TD WIDTH="8%" VALIGN="TOP" COLSPAN=2>
<FONT SIZE=2><P ALIGN="CENTER">$220,000</FONT></TD>
<TD WIDTH="36%" VALIGN="TOP" COLSPAN=2>
<FONT SIZE=2><P>2.5% of pre-tax profits of the Mechanical Products segment and 2.5% of pre-tax profits of the Electrical Products segment</FONT></TD>
</TR>
<TR><TD WIDTH="22%" VALIGN="TOP" COLSPAN=4>
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="34%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="8%" VALIGN="TOP" COLSPAN=2>
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="36%" VALIGN="TOP" COLSPAN=2>
<FONT SIZE=2><P>&nbsp;</FONT></TD>
</TR>
<TR><TD WIDTH="22%" VALIGN="TOP" COLSPAN=4>
<FONT SIZE=2><P>James Pelrin</FONT></TD>
<TD WIDTH="34%" VALIGN="TOP">
<FONT SIZE=2><P>Vice President and General Manager-Thermal Products Segment</FONT></TD>
<TD WIDTH="8%" VALIGN="TOP" COLSPAN=2>
<FONT SIZE=2><P ALIGN="CENTER">$220,000</FONT></TD>
<TD WIDTH="36%" VALIGN="TOP" COLSPAN=2>
<FONT SIZE=2><P>2.5% of pre-tax profits of the Thermal Products segment.</FONT></TD>
</TR>
<TR><TD WIDTH="22%" VALIGN="TOP" COLSPAN=4>
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="34%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="8%" VALIGN="TOP" COLSPAN=2>
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="36%" VALIGN="TOP" COLSPAN=2>
<FONT SIZE=2><P>&nbsp;</FONT></TD>
</TR>
<TR><TD WIDTH="22%" VALIGN="TOP" COLSPAN=4>
<FONT SIZE=2><P>Alyn R. Holt</FONT></TD>
<TD WIDTH="34%" VALIGN="TOP">
<FONT SIZE=2><P>Executive Chairman</FONT></TD>
<TD WIDTH="8%" VALIGN="TOP" COLSPAN=2>
<FONT SIZE=2><P ALIGN="CENTER">$180,180</FONT></TD>
<TD WIDTH="36%" VALIGN="TOP" COLSPAN=2>
<FONT SIZE=2><P>None</FONT></TD>
</TR>
<TR><TD WIDTH="22%" VALIGN="TOP" COLSPAN=4>
<P>&nbsp;</TD>
<TD WIDTH="34%" VALIGN="TOP">
<P>&nbsp;</TD>
<TD WIDTH="8%" VALIGN="TOP" COLSPAN=2>
<P>&nbsp;</TD>
<TD WIDTH="36%" VALIGN="TOP" COLSPAN=2>
<P>&nbsp;</TD>
</TR>
</TABLE>

<TABLE CELLSPACING=0 BORDER=0 WIDTH=701 DIR="LTR">
<TR><TD WIDTH="5%" VALIGN="TOP">
<FONT SIZE=2><P>(1)</FONT></TD>
<TD WIDTH="95%" VALIGN="TOP" COLSPAN=8>
<FONT SIZE=2><P>Subject to the company having consolidated pre-tax profits and subject to the recommendation of the Chief Executive Officer and the approval of the Compensation Committee of the Board of Directors.</FONT></TD>
</TR>
</TABLE>

<FONT SIZE=2><P>Each of the foregoing officers receives our standard benefits package. Messrs. Matthiessen, Regan, Graham and Pelrin are parties to Change of Control Agreements with us that provide for the payment of certain benefits upon the executive's termination of employment following a change of control, as defined therein. <BR>
<BR>
Directors who are not also our officers (each a "non-employee director") currently receive an annual retainer of $25,000 (Steven J. Abrams, Esq., Joseph W. Dews IV and William Kraut). Non-employee members of the Executive Committee are paid an additional annual retainer of $15,000 (Mssrs. Abrams and Dews) and the Lead Independent Director is paid an additional annual retainer of $10,000 (Mr. Kraut). The chairmen of the committees of the Board are paid an additional annual fee as follows: the Chairman of the Audit Committee is paid an additional annual fee of $20,000 (Mr. Kraut); the Chairman of the Compensation Committee is paid an additional annual fee of $10,000 (Mr. Dews); and the Chairman of the Nominating and Corporate Governance Committee is paid an additional a