1
EXHIBIT 12
[ABP LETTERHEAD]
October 15, 1999
Xx. Xxxxxx X. XxXxxxxxxxx
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RE: AMERICAN BUSINESS PRODUCTS, INC.
Dear Xxx:
This letter is to document the recent arrangement entered into between
you and the Board of Directors of American Business Products, Inc. ("ABP").
Upon the resignation of Xxxxx X. Xxxxxxxxxxx, III as Chairman, Chief Executive
Officer and President of ABP, the Board asked you to serve as Acting Chief
Executive Officer and President of ABP. You have agreed to assume the
responsibilities of Acting Chief Executive Officer and President until such
time as your successor has been elected by the Board.
Pursuant to the arrangement, as approved by the Board at its meeting
on September 16, 1999, you will receive compensation in the amount of $30,000
per month for your services as Acting Chief Executive Officer and President of
ABP. The amount and terms of your compensation under this arrangement will be
reviewed no later than December 31, 1999.
Please sign this letter as your acknowledgement of the terms of this
arrangement.
Very truly yours,
/s/ X. Xxxxxxx Xxxxxx
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On Behalf of the ABP Board of Directors
AGREED AND ACKNOWLEDGED:
/s/ Xxxxxx X. XxXxxxxxxxx
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Xxxxxx X. XxXxxxxxxxx
Date: 10/15/99
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AMERICAN BUSINESS PRODUCTS, INC.
0000 XXXXXXXXX XXXXXXX, XXXXX 0000
XXXXXXX, XX 00000
December 31, 1999
Xx. Xxxxxx X. XxXxxxxxxxx
0000 Xxxxxx Xxxxx Xxxx #00
Xxxxxx, XX 00000
RE: AMERICAN BUSINESS PRODUCTS, INC.
Dear Xxx:
The purpose of this letter is to terminate that certain letter
agreement dated October 15, 1999, between you and American Business Products,
Inc. ("ABP"), effective as of December 31, 1999.
Upon the resignation of Xxxxx X. Xxxxxxxxxxx, III as Chairman, Chief
Executive Officer and President of ABP, the Board of Directors of ABP asked you
to serve as Acting Chief Executive Officer and President of ABP. You agreed to
assume the responsibilities of Acting Chief Executive Officer and President and
have served in that position. Upon the Board's hiring Xxxxxx Xxxxxxxxx to
assume the position of Chief Executive Officer and President as of December 6,
1999, you ceased to serve in that position on that date.
At the Board's request, you have agreed to act as a consultant to ABP
through January 31, 2000, to assist Xx. Xxxxxxxxx and to effect a smooth
transition of the Chief Executive Officer and President duties. This letter is
to confirm that your compensation under the October 15, 1999 letter agreement
will continue through January 31, 2000.
Please sign this letter as your acknowledgement of the terms of this
arrangement.
Very truly yours,
/s/ X. Xxxxxxx Xxxxxx
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On Behalf of the ABP Board of Directors
AGREED AND ACKNOWLEDGED:
/s/ Xxxxxx X. XxXxxxxxxxx
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Xxxxxx X. XxXxxxxxxxx
Date: 12/31/99
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