SEC Contract Filing

Filing Date: 2020-08-27

Document Content:
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<TYPE>EX-10.1
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<FILENAME>ex10-1.htm
<DESCRIPTION>EX-10.1
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt; text-align: center"><B>Exhibit 10.1</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt; text-align: center"><B>Employment Agreement &ndash; William
H. Craig</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt; text-align: center"><B>EMPLOYMENT AGREEMENT</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">THIS AGREEMENT (this &ldquo;Agreement&rdquo;)
is made on the 27<SUP>st</SUP> day of August, 2020 by and between William H. Craig (the &ldquo;<U>Employee</U>&rdquo;) and IEH
Corporation, a New York corporation (the &ldquo;<U>Company</U>&rdquo;), provided that the effective date of this Agreement shall
be the next business day after (i) the date the Company files with the U.S. Securities and Exchange Commission its Annual Report
on Form 10-K, and (ii) the official retirement date of Robert Knoth, the current Chief Financial Officer of the Company (the &ldquo;<U>Effective
Date</U>&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>W I T N E S S E T H:</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">WHEREAS, the Company and
its subsidiaries are engaged in the business of designing, developing and manufacturing printed circuit and plastic circular connectors
for high performance applications utilizing the HYPERBOLOID contact design; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">WHEREAS, the Employee desires
to be employed by the Company as the Chief Financial Officer and Treasurer of the Company, and the Company desires to employ the
Employee and secure for the Company the experience, ability and services of the Employee;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">WHEREAS, the Employee desires
to become employed by the Company, pursuant to the terms and conditions herein set forth, superseding all prior oral and written
employment agreements, and term sheets and letters between the Company, its subsidiaries and/or predecessors and Employee; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">WHEREAS, this Agreement
supersedes any and all prior oral and written agreements and writings between the Employee and the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">NOW, THEREFORE, it is mutually
agreed by and between the parties hereto as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>ARTICLE I</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>DEFINITIONS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">1.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accrued
Compensation.</I> &ldquo;<U>Accrued Compensation</U>&rdquo; shall mean an amount which shall include all amounts earned or accrued
through the Termination Date (as defined below) but not paid as of the Termination Date, including: (a) Base Salary; (b) reimbursement
for business expenses incurred by the Employee on behalf of the Company, pursuant to the Company&rsquo;s expense reimbursement
policy in effect at such time; (c) vacation pay; and (d) unpaid bonuses and incentive compensation earned and awarded prior to
the Termination Date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">1.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cause</I>.
&ldquo;<U>Cause</U>&rdquo; shall mean: (a) willful disobedience by the Employee of a material and lawful instruction of the Chief
Executive Officer or Board of Directors of the Company (the &ldquo;<U>Board</U>&rdquo;); (b) formal charge, indictment or conviction
of the Employee of any misdemeanor involving fraud or embezzlement or similar crime, or any felony; (c) conduct amounting to fraud,
dishonesty, gross negligence, willful misconduct or recurring insubordination; or (d) excessive absences from work, other than
for illness or Disability; provided that the Company shall not have the right to terminate the employment of Employee pursuant
to the foregoing clauses (a), (c), and (d) above unless written notice specifying such breach shall have been given to the Emp