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EXHIBIT 10.1(w)
AGREEMENT, DATED JULY 27, 1998,
BETWEEN AMERICAN BUSINESS PRODUCTS, INC.
AND XXXXXX X. XXXXXX
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[LOGO] AMERICAN BUSINESS PRODUCTS, INC.
EXECUTIVE XXXXXXX XXXX XXXXXX XXX 000000 XXXXXXX, XXXXXXX 00000
(000) 000-0000 Fax (000) 000-0000
July 27, 1998
Xx. Xxxxxx X. Xxxxxx
0000 Xxxx Xxxxxx Xxxxxx
Xxxxxxx, Xxxxxxx 00000
Dear Xxxxxx,
This letter will confirm our offer and your acceptance of the position of Vice
President of Corporate Planning and Strategy for American Business Products,
Inc. Your employment will begin on August 1, 1998.
The key terms and conditions of your employment are as follows:
Salary - $105,000/year
Vacation - 4 weeks paid vacation per year
Since there is a 30 day waiting period to begin American Business Products,
Inc.'s medical and dental plans, we will reimburse you for the cost of one
month's COBRA coverage if you pay this cost to your COBRA provider.
You will be eligible to participate in all other normal Company benefit
programs such as life insurance plans, medical and dental plans, profit sharing
retirement plan, 401-K plan, disability plans, etc., according to their terms.
Your job performance will be reviewed on an annual basis starting January 1,
1999. At that time, you will be considered for a merit compensation increase.
At the end of American Business Products, Inc.'s fiscal year, December 31,
1998, you shall receive a minimum incentive bonus in the amount of $12,000.
If your employment is terminated for any reason other than for cause,
including, but not limited to, any act of fraud or dishonesty (whether or not
against or involving American Business Products, Inc.); competing with American
Business Products, Inc., either directly or indirectly, the breach of any
provision of this letter agreement (or any other agreement to which both you
and American Business Products, Inc. are parties); failure to discharge your
duty of loyalty to American Business Products, Inc.; the indictment or
conviction of you of any misdemeanor or felony; any willful act by you that
adversely affects American Business Products, Inc., its financial condition or
its business reputation; or any other matter constituting "good cause" under
the laws of the State of Georgia, you shall be entitled to Salary Continuation
of 9 months at your then current monthly base compensation in lieu of any and
all other payments, bonus or other compensation to which you may have been
entitled. Additionally, a payment of $15,000 to an outplacement service chosen
by American Business Products, Inc. will be made by American Business Products,
Inc. for your benefit.
0000 XXXXXXXXX XXXXXXX, XXXXX 0000, XXXXXXX, XXXXXXX 00000
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Please confirm your acceptance of this offer and the terms and conditions above
by executing below and returning to us one original copy of this letter. Please
note that nothing in this letter creates a contract between us for a definite
period of employment; either you or we may decide to end an employment
relationship at any time.
As a normal course, we perform a background check on all employees. This offer
and acceptance is conditional based upon your consent to such background check
and on those results being satisfactory to us.
Xxxxxx, we are pleased that you have agreed to join us and we look forward to
a long and mutually beneficial association.
Sincerely,
/s/ Xxxxx X. Xxxxxxxxxxx, III
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Xxxxx X. Xxxxxxxxxxx, III
AGREED AND ACCEPTED:
/s/ Xxxxxx X. Xxxxxx
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Xxxxxx X. Xxxxxx
Date: July 27, 1998
