SEC Contract Filing

Filing Date: 2019-03-18

Document Content:
<DOCUMENT>
<TYPE>EX-10.15
<SEQUENCE>4
<FILENAME>synl-20181231x10kex1015.htm
<DESCRIPTION>EXHIBIT 10.15
<TEXT>
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<div><a name="sF36ECEE0566EBEFE9EC77297EE5D2695"></a></div><div><div style="line-height:120%;text-align:right;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">Exhibit 10.15</font></div><div style="line-height:120%;text-align:justify;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div></div><div><br></div><div style="line-height:240%;text-align:center;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;font-weight:bold;">EMPLOYMENT AGREEMENT</font></div><div style="line-height:240%;text-align:left;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">This Employment Agreement (the &#8220;Agreement&#8221;) is made and entered into as of March&#160;1, 2019 by and between Synalloy Corporation, a Delaware corporation (the &#8220;Corporation&#8221;), and Dennis M. Loughran, a resident of Richmond, Virginia (the &#8220;Employee&#8221;).</font></div><div style="line-height:240%;text-align:center;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">RECITALS</font></div><div style="line-height:240%;text-align:left;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">WHEREAS, the Corporation and the Employee executed and delivered an Employment Agreement dated January 11, 2016 and a Confidentiality, Non-Competition and Non-Solicitation Agreement dated June 13, 2015 (collectively, the &#8220;Prior Agreement&#8221;); and</font></div><div style="line-height:240%;text-align:left;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">WHEREAS, the Corporation and the Employee desire to terminate the Prior Agreement and to effectuate this Agreement as of March 1, 2019 according to the terms herein.</font></div><div style="line-height:240%;text-align:center;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">AGREEMENTS</font></div><div style="line-height:240%;text-align:left;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">NOW, THEREFORE, in consideration of the above premises and the terms and provisions hereinafter set forth, and for other good and valuable consideration, the receipt and sufficiency of which hereby are acknowledged, and intending to be legally bound hereby, the Corporation and the Employee hereby agree as follows: &#160;&#160;&#160;&#160; </font></div><div style="line-height:240%;padding-left:0px;text-align:left;text-indent:48px;"><font style="text-align:left;font-family:inherit;font-size:12pt;padding-right:48px;">1.</font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">Employment</font><font style="font-family:inherit;font-size:12pt;">. The Corporation and the Employee hereby terminate the Prior Agreement effective March 1, 2019. The parties agree this Agreement then and thereafter shall be the sole employment agreement between the Corporation and the Employee pursuant to the terms and provisions set forth herein. The Corporation agrees to employ the Employee and the Employee agrees to serve as Senior Vice President and Chief Financial Officer of the Corporation, and in such other capacities as the Board of Directors of the Corporation (the &#8220;Board&#8221;) may designate from time to time, for a period of one (1) year beginning March 1, 2019, the effective date of this Agreement (this original term together with any extensions thereof shall </font></div><div><br></div><div><div style="line-height:100%;text-align:left;text-indent:288px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">1</font></div></div><hr style="page-break-after:always"><div></div><div><br></div><div style="line-height:240%;padding-left:0px;text-align:left;"><font style="font-family:inherit;font-size:12pt;">be referred to collectively as the &#8220;Term&#8221;); </font><font style="font-family:inherit;font-size:12pt;font-style:italic;">provided, however,</font><font style="font-family:inherit;font-size:12pt;">&#32;that, commencing on March 1, 2020 and on each one-year anniversary of this Agreement thereafter, the Term shall automatically be extended for one (1) additional year unless, not later than ninety (90) days prior to the conclusion of the then current Term, the Corporation or Employee shall have given written notice that it does not wish to extend this Agreement; </font><font style="font-family:inherit;font-size:12pt;font-style:italic;">provided</font><font style="font-family:inherit;font-size:12pt;">, </font><font style="font-family:inherit;font-size:12pt;font-style:italic;">further</font><font style="font-family:inherit;font-size:12pt;">, that in no event shall any termination of this Agreement result in any forfeiture of rights that accrued prior to the date of such termination. During the Term, the Employee shall devote his full time, attention, skill and efforts to the performance of his duties for the Corporation. </font></div><div style="line-height:240%;padding-left:0px;text-align:left;text-indent:48px;"><font style="text-align:left;font-family:inherit;font-size:12pt;padding-right:48px;">2.</font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">Compensation</font><font style="font-family:inherit;font-size:12pt;">. Subject to the Committee&#8217;s (as defined below) annual review and adjustment as set forth herein, the Corporation shall pay the Employee during the Term hereunder a base salary of Three Hundred Twenty-Two Thousand and Five Hundred and No Dollars ($322,500.00) per year (the &#8220;Base Salary&#8221;) together with