EXHIBIT 10.11
October __, 2000
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Dear _______:
This letter will confirm your employment arrangements with RBX
Industries, Inc. (the "Company"), which will be effective through
[_______________], 2002.
Base Salary: [__________] annually, payable bi-weekly at the rate of [_______], subject to customary
withholdings.
Bonus: Continued eligibility under the Company's Annual Incentive Plan for 2001 and 2002.
Retirement: Continued eligibility under the Company's Pension Plan and 401(k) Savings Plan.
Vacation: Four weeks annually, subject to normal Company policy regarding exercise of vacation days.
Health/Life Insurance: See attached Benefits outline.
STD/LTD: See attached Benefits outline.
Term: Employment is at will and may be terminated at any time by the Company. If your employment
is terminated by the Company prior to [_________], 2002 for any reason other than For Cause
(as defined below), you will receive your base salary, health insurance, life insurance and
STD/LTD benefits, and accrued and unused vacation pay through [________], 2002. If your
employment is terminated by the Company prior to [__________], 2002 For Cause, you will
receive your base salary health insurance, life insurance and STD/LTD benefits and accrued
and unused vacation pay through the date of your termination. If prior to [________], 2002,
a purchaser acquires all or substantially all of the Company's assets and you are offered
comparable employment on comparable terms with the successor entity, your employment will
not be deemed to have been terminated under this agreement.
Severance: Eligibility under the Company's new standard severance program, subject to the approval and
adoption by the Board of Directors of the Company.
For Cause: "For Cause" means termination of your employment by the Company upon a good faith
determination by the President and Chief Executive Officer of the Company that any of the
following has occurred:
(i) you shall have committed an act of fraud, embezzlement, misappropriation or breach of
fiduciary duty against the Company or any of its subsidiaries; (ii) you shall have been
convicted by a court of competent jurisdiction of, or pleaded guilty or nolo contendere to,
any felony or any crime involving moral turpitude; (iii) you shall have committed a breach
of any confidentiality covenant contained in any agreement between you and the Company or
any of its subsidiaries;
(iv) you shall have willfully failed to perform your duties on a regular basis and such willful
failure shall have continued for a period of ten days after written notice to you specifying
such willful failure in reasonable detail; (v) you shall have committed acts of gross misconduct
or acts constituting grounds for immediate dismissal pursuant to the Company's then-effective
employee handbook; or (vi) you shall have engaged in the unlawful use or possession of illegal
drugs on the Company's premises.
We appreciate your continued efforts on behalf of the Company and look forward
to working with you to meet the Company's Stretch-Plan Goals and Objectives.
Sincerely,
Xxxxxx X. Xxxxx
President and Chief Executive Officer
Agreed this
[__] day of
[___________], 2001.
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[Name of Employee]
