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EXHIBIT 10.10
May 18, 1998
Xxxxxxx X. Xxxxxx
Vice President, Treasurer and
Chief Operating Officer
Applied Extrusion Technologies, Inc.
0 Xxxxxxxxxx Xxxxx
Xxxxxxx, XX 00000
Dear Xxxx:
On behalf of Applied Extrusion Technologies, Inc. (the "Company"), this
letter confirms the agreement between you and the Company, as approved by
resolution of the Stock Option and Compensation Committee of the Board of
Directors dated May 17, 1998, providing that in consideration of your continued
services on behalf of the Company, in the event of a change of control of the
Company (as "change of control" is defined in Exhibit A to the Company's 1991
Stock Option Plan for Directors, a copy of which is attached), all outstanding
options held by you will vest (to the extent not already vested) immediately
upon such change of control.
Sincerely yours,
APPLIED EXTRUSION TECHNOLOGIES, INC.
By: /s/ Xxxxxx X. Xxxxxxxx
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Xxxxxx X. Xxxxxxxx,
President and Chief Executive Officer
Agreed and accepted this 19th day of May, 1998
/s/ Xxxxxxx X. Xxxxxx
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Xxxxxxx X. Xxxxxx
cc: Xxxxxx X. Xxxxxx, XX, General Counsel
