1
EXHIBIT 10(r)
March 4, 1998
Xx. Xxxxxx X. Xxxxxx
Springs Industries, Inc.
000 Xxxxx Xxxxx Xxxxxx
Xxxx Xxxx, XX 00000
Dear Xxxx:
This letter is to confirm the agreement which has been approved by the
Management Compensation and Organization Committee of the Board of Directors for
you to surrender for cancellation your 274,000 outstanding units of incremental
stock equivalents under the Company's Deferred Unit Stock Plan in exchange for
credits under a deferred compensation account for you which will mirror the
Company's Deferred Compensation Plan, as amended from time to time. The amount
of the credits shall be $9,448,289.17 which is based on the average of the
closing prices of the Company's Class A common stock on the New York Stock
Exchange for February 9, 10, and 11 of this year; and the transaction shall be
deemed to be effective February 12, 1998.
You have also agreed that the terms of the non-competition agreement dated July
22, 1991, which you entered into in connection with the grants of incremental
stock equivalents in 1990 and 1991, shall apply with respect to your new
deferred compensation account.
If the foregoing terms and conditions accurately reflect our agreement, please
signify your agreement by signing and returning to the corporate secretary the
enclosed copy of this letter.
Sincerely yours,
/s/ Xxxxxxx X. Xxxxx
Xxxxxxx X. Xxxxx, Chairman
Management Compensation &
Organization Committee
Accepted and agreed, this 9th day of
March, 1998.
/s/ Xxxxxx X. Xxxxxx
---------------------------------------
Xxxxxx X. Xxxxxx
