Employment Agreement between FastenTech, Inc. and Paul J. Komaromy
This agreement outlines the terms of employment for Paul J. Komaromy as Executive Vice-President and Chief Operating Officer of FastenTech, Inc. Mr. Komaromy will receive a $300,000 annual salary, a potential annual bonus of 50% of his salary based on company performance, and opportunities to purchase company shares and stock options. He will also receive reimbursements for a country club membership and vehicle expenses, and participate in executive benefit programs. If terminated without cause, he will receive 12 months of salary and medical insurance reimbursement. The position is based in Scottsdale, AZ, with possible future relocation.
Exhibit 10.8
 | FastenTech, Inc.
World Headquarters 8500 Normandale Lake Blvd. Suite 1230 Minneapolis, MN 55437 |
| Ronald B. Kalich | Telephone: | 952 ###-###-#### | ||
| President and CEO | Corporate Fax: | 952 ###-###-#### | ||
| Email: | ***@*** |
PRIVATE AND CONFIDENTIAL
October 9, 2003
Paul J. Komaromy
12040 E. Welsh Trail
Scottsdale, Arizona 85259
Dear Paul:
This letter confirms your opportunity to accept the position of Executive Vice-President and Chief Operating Officer of FastenTech, Inc., reporting directly to me.
Your starting salary will be $300,000.00 per year, and will be reviewed annually. Your annual bonus potential will be 50% of salary, based upon corporate performance. You will be given an opportunity to purchase 5756.1 Class A Common Shares (currently a .3% position in the common equity of the Company) and 4547.3 Class C 12% Junior Preferred Shares of FastenTech, Inc., on the same terms as the original investors. In addition, in the next Award cycle, you will be granted an Option to purchase 5756.1 Class A Common Shares (currently a .3% position in the common equity of the Company) according to the terms and conditions of the FastenTech, Inc. 2001 Stock Incentive Plan. You will receive reimbursement for an approved Country Club membership and associated monthly dues and fees, as well as reimbursement for a leased vehicle, or alternatively, a monthly car allowance. In addition, you will participate in any benefit programs that are made generally available to senior executives of the Company on the same terms and conditions as such other executives.
We anticipate the position can be adequately handled from your resident location in Scottsdale, AZ. If at some future time we mutually determine that it would be more appropriate to office at the Corporate Office in Minneapolis, MN, you would receive a full relocation package.
In the event that your employment is terminated in the future for other than cause or your voluntary resignation, you would receive monthly payments of your salary in effect at that time, plus reimbursement of medical insurance, for a period of twelve (12) months following such event. We anticipate your commencement date to be on or before January 1, 2004.
| Offered by: | /s/ RONALD B. KALICH | |
| FastenTech, Inc. | ||
| Accepted by: | ||
