SEC Contract Filing

Filing Date: 2018-05-09

Document Content:
<DOCUMENT>
<TYPE>EX-10.1
<SEQUENCE>2
<FILENAME>ex_113573.htm
<DESCRIPTION>EXHIBIT 10.1
<TEXT>
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<p style="margin-bottom: 0px; text-align: right; margin-top: 0px"><font style="font-family: 'Times New Roman', Times, serif; font-size: 10pt"><b>Exhibit 10.1</b></font></p>

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<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;"><b>EMPLOYMENT AGREEMENT</b></p>

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<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;"><b>THIS AGREEMENT</b>, made and entered into as of the 7th day of May 2018, by and between Air T, Inc., a Delaware corporation (&ldquo;<u>Company</u>&rdquo;), and Brett A. Reynolds (&ldquo;<u>Executive</u>&rdquo;).</p>

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<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;"><b>WITNESSETH:</b></p>

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<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;"><b>WHEREAS</b>, the Company desires to retain the services of Executive for and on behalf of the Company on the terms and subject to the conditions set forth herein.</p>

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<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;"><b>WHEREAS</b>, each of the parties acknowledge that they are receiving good and valuable consideration for entering into this Employment Agreement, and Executive acknowledges that this Employment Agreement, including the confidentiality, non-competition and non-disclosure agreements set forth hereinbelow, were negotiated between the parties hereto and that Executive received bargained for consideration in the form of benefits resulting to Executive from the terms and conditions of such employment, in exchange for entering into this Employment Agreement.</p>

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<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;"><b>NOW, THEREFORE</b>, in consideration of the mutual covenants contained herein, the sufficiency of which is hereby acknowledged, the parties hereto agree as follows:</p>

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<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;"><font style="text-transform:uppercase;"><b>Article I.</b></font><br>
<u><b>EMPLOYMENT AND TERM</b></u></p>

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<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;"><b>1.1.&nbsp; &nbsp; &nbsp; &nbsp;&nbsp;</b><u><b>EMPLOYMENT</b></u>. Upon the terms and subject to the conditions herein contained, the Company hereby employs Executive commencing May&nbsp;7, 2018 as Senior Vice President and Chief Financial Officer, and Executive hereby accepts such employment, subject to the supervision of the Board of Directors of the Company and the Chief Executive Officer.</p>

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<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;"><b>1.2.&nbsp; &nbsp; &nbsp; &nbsp;&nbsp;</b><u><b>TERM</b></u>. This Agreement shall take effect upon commencement of employment, and shall remain in effect until terminated in accordance with Article&nbsp;IV. Upon termination of this Agreement, except as otherwise provided herein, neither the Company nor Executive shall have any further rights, duties, privileges or obligations hereunder.</p>

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<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;"><font style="text-transform:uppercase;"><b>Article II.</b></font><br>
<u><b>COMPENSATION</b></u></p>

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<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;"><b>2.1.&nbsp; &nbsp; &nbsp; &nbsp;&nbsp;</b><u><b>BASE SALARY</b></u>. In exchange for the provision of services, the Company agrees that it will pay Executive commencing May&nbsp;7, 2018 at the rate of $265,000 per year, payable in accordance with standard pay practices of the Company, less any applicable withholdings or deductions.</p>

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<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;">Executive&rsquo;s position with the Company is classified as exempt, which means Executive is exempt under state and federal wage an