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Exhibit 10.27
FORM OF
TERMINATION AGREEMENT
THIS TERMINATION AGREEMENT is made and entered into as of this ____ day of
January, 1998, by and between HAWK CORPORATION, a Delaware corporation
(hereinafter referred to as the "Corporation"), and XXXXXX X. XXXXXXXX,
individually (hereinafter referred to as the "Employee").
WHEREAS, the parties entered into a Wage Continuation Agreement dated June
30, 1995, as amended, which set forth the terms and conditions upon which the
Corporation would pay additional compensation to the spouse of the Employee
after the Employee's death;
WHEREAS, the parties in connection with the execution of this Agreement are
entering into a Split-Dollar Insurance Agreement (the "Split-Dollar Agreement"),
which provides that the Employee's designee shall receive certain insurance
proceeds upon the Employee's death; and
WHEREAS, the parties hereto wish to terminate the Wage Continuation
Agreement;
NOW, THEREFORE, in consideration of the premises and of the mutual promises
herein contained, the parties hereby terminate the Wage Continuation Agreement
effective as of the date of the execution of the Split-Dollar Agreement.
This Agreement may be executed in one or more counterparts, each of which
shall be deemed an original and all of which shall constitute one agreement.
IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of
the date first above written.
ATTEST: HAWK CORPORATION
By: By:
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Xxxxx X. Xxxxxx, Secretary Xxxxxx X. Xxxxxxx, President
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XXXXXX X. XXXXXXXX
"Employee"
