Retirement and Consulting Agreement between FutureFuel and Samuel Dortch

Contract Categories: Human Resources › Retirement Agreements
Summary

This agreement outlines the retirement of Samuel Dortch from FutureFuel at the end of 2017. Starting January 1, 2018, Mr. Dortch will serve as a consultant on an as-needed basis at $100 per hour, with a guaranteed minimum of $100,000 in consultancy fees for 2018. After 2018, consulting continues at the same hourly rate without a minimum. Travel expenses for work-related travel will be reimbursed, but travel time is not compensated. If Mr. Dortch cannot sell his Batesville residence after listing it for six months, FutureFuel will purchase it at fair market value.

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EX-10.1 2 ex10-1.htm EXHIBIT 10.1 ex10-1.htm

EXHIBIT 10.1

 

Via email

June 13, 2017

 

Mr. Samuel Dortch

2800 Gap Road

Batesville, Arkansas 72501

 

 

Re:     Retirement from FutureFuel

 

 

 

Sam, as further discussed, below confirms our understanding on your retirement.

 

 

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You will retire at the end of 2017.

 

 

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Beginning January 1, 2018, you will be a consultant on an as needed basis at a rate of $100 per hour. For 2018, you will receive minimum aggregate consultancy fees of $100,000.

 

 

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After 2018, consulting remains on an as needed basis at a rate of $100 per hour.

 

 

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No consultancy fee will be paid for your travel time, however, FutureFuel will reimburse your travel expenses for related work. Reimbursement for such travel expenses will apply even if you relocate your primary residence from Batesville as long as your relocation is within the contiguous United States.

 

 

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If you decide to move from your current primary residence in Batesville before the end of 2017 and have listed it on the market for sale for at least six consecutive months prior to July 1, 2018 without success of sale, FutureFuel will purchase your current primary residence in Batesville for fair market value. If fair market value cannot be agreed between you and FutureFuel, fair market value will be determined by the average of the prices of two appraisals (one to be conducted on behalf of you and another on behalf of FutureFuel).

 

 

/s/ Paul A. Novelly

Paul A. Novelly