EXHIBIT 10.2
[PACKAGING DYNAMICS LETTERHEAD]
October 1, 2004
Xxxxx X. Xxxxxx
0000 Xxxxx Xxxxxx Xxxx
Xxxxxxxxx, XX 00000
Dear Xxxx:
Reference is hereby made to that certain Severance and Change of Control
Agreement (the "Severance Agreement"), dated as of January 23, 2003, by and
between Packaging Dynamics Corporation (the "Company") and you. This letter
agreement will confirm the understanding between you and the Company with
respect to your appointment as Vice President, Operations of the Company,
effective as of September 14, 2004 (the "Appointment").
It is hereby agreed and understood by you and the Company that the Appointment
shall in no way constitute (i) a termination of your employment by the Company
"Without Cause" as such term is defined in the Severance Agreement or (ii) a
"Good Reason" as such term is defined in the Severance Agreement. It is further
hereby agreed and understood by you and the Company that from and after
September 14, 2004, your position as set forth in Section 1 of the Severance
Agreement shall be changed from "Vice President and Chief Financial Officer" to
"Vice President, Operations."
Please indicate your agreement to the foregoing by signing in the space
provided below and returning an executed copy of this letter to the
undersigned.
Very truly yours,
PACKAGING DYNAMICS
CORPORATION
By: /s/ Xxxxx X. Xxxxxxx
--------------------------------
Name: Xxxxx X. Xxxxxxx
Title: Chairman and Chief Executive
Officer
Agreed to and accepted as of the date first written above:
By: /s/ Xxxxx X. Xxxxxx
--------------------------
XXXXX X. XXXXXX, individually
