Amendment to SUPPLEMENTAL RETIREMENT BENEFITS AGREEMENT
This Amendment to the Supplemental Retirement Benefits
Agreement dated March 14, 1990 (but retroactively effective as of
September 1, 1989) is made this 15th day of February, 1995, by
and between Best Lock Corporation (the "Corporation") and Xxxxxx
X. Best (the "Employee").
Whereas, the Parties entered into the Supplemental
Retirement Benefits Agreement dated March 14, 1990 which, in
recognition of Employee's services to Corporation during
employment with Corporation, provides for supplemental retirement
benefits to Employee upon retirement or other termination of
employment with Corporation; and
Whereas, by this Amendment, the parties desire to amend the
Supplemental Retirement Benefits Agreement to clarify that
Employee is not required to or expected to perform services on
behalf of Corporation after retirement from or other termination
of employment with Corporation as a condition of receiving such
supplemental retirement benefits.
NOW, THEREFORE, the Supplemental Retirement Benefits
Agreement is amended as follows:
Section 1. Incorporation and Recitals. The Recitals set
forth above are incorporated in and made a part of this
Amendment.
Section 2. Nature and Effect of Amendment. Except as
otherwise provided hereunder, the terms of the Supplemental
Retirement Benefits Agreement shall remain unchanged.
Section 3. New Section 2.7. A new Section 2.7 is added
which states as follows:
Section 2.7. No Performance of Services by
Employee After Date of Termination of Employee.
Employee shall have no duty to perform services
pursuant to the terms of this Agreement after the
termination of his employment with the Corporation.
All payments to be made by the Corporation hereunder
shall be in consideration for services provided to the
Corporation by Employee prior to the date of Employee's
termination of employment.
WHEREFORE, the Parties hereby amend the Supplemental
Retirement Benefits Agreement dated March 14, 1990 as set forth
above as of this 15th day of February, 1995.
BEST LOCK CORPORATION
By: /s/ Xxxxxxx X. Best
-----------------------------
Xxxxxxx X. Best,
Chief Executive Officer
Attest:
By: /s/ Xxxx X. Xxxxxx
------------------------
Xxxx X. Xxxxxx
Its: Associate Counsel
/s/ Xxxxxx X. Best
-------------------------
Xxxxxx X. Best (Employee)
