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EXHIBIT 10.1
AGREEMENT REGARDING SEVERANCE BENEFIT
This AGREEMENT REGARDING SEVERANCE BENEFIT ("Agreement") is made as of the 1st
day of December, 1997, by and between SL INDUSTRIES, INC. (the "Company"), a New
Jersey corporation, and XXXXX X. XXXXX ("Employee").
BACKGROUND
A. Employee has this date commenced employment with the
Company as its Vice President - Finance and Administration
and Secretary.
B. In connection with his employment with the Company,
Employee, because of the at-will nature of his employment,
has requested, and the Company has agreed to provide, the
following Severance Benefit (as defined below) in the
event of a change in control of the Company.
NOW, THEREFORE, for good and valuable consideration and intending to be legally
bound hereby, the undersigned agree as follows:
1. In the event that any action or series of actions shall take
place which shall result in a change in the control of the
Company, Employee shall be entitled to receive the Severance
Benefit, upon Employee's termination of employment with the
Company, within six months of such change in control. The
Severance Benefit shall be an amount equal to Employee's
annual base salary for a period not greater than 24 months,
or until he secures new employment, whichever comes first,
but, in any event, not less than 12 months (the "Severance
Benefit"). The Severance Benefit shall be paid to Employee
at the same time and in the same manner as Employee's base
salary was paid to Employee, immediately prior to
termination, and shall be subject to deduction for any
amounts that are required to be withheld or deducted
according to applicable law. Employee shall be entitled to
receive the Severance Benefit regardless of whether his
employment is terminated voluntarily or involuntarily, or
with or without cause.
2. As consideration for the payment of the Severance Benefit,
Employee shall provide to the Company a general release from
all liability, in form and substance satisfactory to the
Company in its reasonable discretion.
3. This Agreement may not be modified or amended except by
writing signed by both parties; shall be binding upon and
inure to the benefit of the parties hereto and their
respective heirs, legal representatives, successors and
assigns; sets forth
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the entire agreement and understanding of the parties hereto
with respect to the specific subject matter hereof and
supersedes any and all prior discussions, agreements or
understandings, whether oral or written; may be executed in
counterparts and delivered by facsimile transmission or
comparable means; and, shall be governed by and construed in
accordance with the laws of the State of New Jersey without
reference to any principles of conflicts of law.
This Agreement is hereby executed and delivered by the undersigned as of the
date and year first above written.
SL INDUSTRIES, INC.
By: /s/XXXX XXXXXX /s/ XXXXX X. XXXXX
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Xxxx Xxxxxx, President Xxxxx X. Xxxxx
and Chief Executive Officer
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