Exhibit 10.2
July 7, 2002
Xx. Xxxxxxx Xxxxxx
0000 Xxxxxxx Xxxxx
Xxxxxxxx, XX 00000
Dear Xxx:
You have expressed your desire to retire effective July of this year. Following
various discussions you have agreed to continue to help our company move forward
on its path for one additional year, retiring Monday, July 7, 2003. In
consideration for this agreement and provided you complete this period of
service, we have agreed to provide you with the following additional benefits:
1) For the purpose of determining your retirement benefits under our
Supplemental Executive Retirement Plan (SERP) the company will:
A) Add three (3) full years to your actual age at retirement, and
B) Eliminate the offset for pension benefit entitlement from your
previous employer, Bayer Corporation.
2) Your Short Term Bonus for the year 2003 will be calculated on a pro
rata basis, i.e., 7/12 of the amount to which you would have been
entitled for a full fiscal year. This pro rata bonus will be paid in
2003.
3) You will receive X.X. Xxxxxx'x U.S. home sale protection benefit on the
sale of your current residence in Minnesota.
I believe that these listed incentives are an accurate and complete
representation of our agreement and, if you agree, please sign and date this
letter as required below and return a signed copy to me at your earliest
convenience.
Best regards,
/s/ Al Stroucken
Al Stroucken
Signature: /s/ Xxxxxxx X. Xxxxxx
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Xxxxxxx X. Xxxxxx
Date: July 7, 2002
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