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EXHIBIT 10.26
AGREEMENT REGARDING SEVERANCE BENEFIT
This AGREEMENT REGARDING SEVERANCE BENEFIT ("Agreement") is made as of
the 28th day of April, 1997 by and between SL INDUSTRIES, INC., a New Jersey
corporation, and XXXXX X. XXXXXXXXXXXX ("Employee").
Background
A. Employee has this date commenced employment with the Company
as its Vice President - Operational Development.
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 in the event of a termination by the Company without
cause.
NOW THEREFORE, for good and valuable consideration and intending to be
legally bound hereby, the undersigned agree as follows:
1. The Company may terminate Employee's employment with the Company,
without payment of severance benefits, upon the occurrence of any of
the following:
a. Any breach of any of the terms of this Agreement, if such
breach has not been corrected within twenty (20) days
following written notice from the Company;
b. The repeated failure or neglect by Employee to perform his
assigned duties and responsibilities;
c. The commission by Employee of any act that tends to bring
Employee, the Company or any of its affiliates into disrepute,
or that results in or reasonably may result in any material
harm to the business of the Company or any of its affiliates;
d. The conviction of Employee of a felony; or
e. Employee's death or disability. For purposes of this
Agreement, the term "disability" shall mean the inability of
Employee, due to a physical or mental condition, to perform
the essential functions of his job with reasonable
accommodation that does not impose an undue hardship on the
Company.
2. The Company may also terminate Employee's employment with the
Company for any other or no reason, in its sole discretion, upon
written notice.
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3. Upon any termination under paragraph 2, above, and subject to the
terms and conditions of paragraph 4, below, the Company shall pay to
Employee an amount equal to twelve (12) months' salary at the
Employee's annual base salary in effect on the date of termination (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. The Severance Benefit shall be
the Company's sole obligation to Employee in the event of such a
termination.
4. 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.
5. 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 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. Xxxxxxxxxxxx
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Xxxx Xxxxxx, President and XXXXX X. XXXXXXXXXXXX
Chief Executive Officer
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