Exhibit 10.1
CERTAIN MATERIAL (INDICATED BY ASTERISKS) HAS BEEN OMITTED FROM THIS DOCUMENT PURSUANT TO A REQUEST FOR
CONFIDENTIAL TREATMENT. THE OMITTED MATERIAL HAS BEEN FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE
COMMISSION.
EXECUTION COPY
EMPLOYMENT AGREEMENT
AGREEMENT made effective e as of the 5th day of November, 2007 by and between ACTION PRODUCTS INTERNATIONAL, INC., a Florida corporation, (the “Company”) and R
OBERT L. BURROWS (the “Executive”).
WHEREAS
, the Company wishes to employ the Executive and the Executive wishes to accept such employment, upon the terms and conditions hereinafter set forth.
NOW, THEREFORE
, in consideration of the mutual covenants and agreements hereinafter set forth, and intending to be legally bound hereby, the Company and the Executive hereby
agree as follows:
1. Employment
The Company agrees to employ the Executive during the Term specified in Section 2, and the Executive agrees to accept such employment, upon the
terms and conditions hereinafter set forth.
2. Term
Subject to the provisions contained in Sections 6 and 7, the Executive’s employment by the Company shall be for a term commencing on the date
hereof through December 31, 2008 (the “
Initial Term”), and shall automatically renew for successive one (1) year terms thereafter (each a “Renewal Term
”, and together with the Initial Term, the “Term”) unless either party delivers written notice of termination (a “Notice of Termination
”) to the other at least 120 days prior to the end of the Initial Term or any Renewal Term, as the case may be. The date on which the Executive ceases to be employed
by the Company, regardless of the reason therefore, is referred to in this Agreement as the “Date of Termination”.
3. Duties and Responsibilities
(a) During the Term, the Executive shall have the position of Chief Financial Officer. The Executive shall report to the Chief Executive Officer and to
the Board of Directors of the Company (the “Board”).
(b) The Executive shall perform such executive and manage