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EXHIBIT 10.2(d)
EMPLOYMENT AGREEMENT EXTENSION
This Employment Agreement Extension by and between OUTLOOK GROUP CORP.,
a Wisconsin corporation (the "Employer"), and Xxxxxx X. Xxxxxx (the "Employee")
is made as of the 1st day of June, 2001. Reference is made to the Employment
Agreement, made the 18th day of August, 1999, by and between Employer and
Employee (the "Employment Agreement"). A copy of the Employment Agreement is
attached hereto for convenient reference.
EMPLOYER AND EMPLOYEE AGREE, for the consideration of the mutual
promises and agreements hereinafter set forth, as follows:
1. EXTENSION. The Employer and the Employee hereby agree and
confirm that the Employment Agreement is hereby extended for a
period of two years, until May 31, 2003, and is renewable by
mutual consent on or before June 1, 2003.
2. COMPENSATION. Employer agrees to pay Employee during the term
of this Agreement, a compensation consisting of a salary,
along with an incentive earnings opportunity, also to be
determined annually, as provided in "Exhibit A," attached,
which is a part of this Agreement.
All compensation shall be subject to the customary withholding
tax and other employment taxes as required with respect to
compensation paid by a corporation to an employee. Employee
shall not be entitled to any other compensation except as
expressly provided for in this Agreement, or as provided for
by the Compensation Committee of the Board of Directors.
3. EMPLOYER INITIATED TERMINATION. For purposes of determining an
"Employer initiated termination" under Section 4 of the
Employment Agreement, such term shall include, without
limitation, a failure of the Employer to offer a renewal on or
before June 1, 2003 on terms at least substantially similar to
the terms hereof.
4. CHANGE IN CONTROL. "Change in control" as used in the
Employment Agreement shall mean a "change in control" as
defined in the Outlook Group Corp. 1999 Stock Option Plan.
5. OTHER PROVISIONS NOT MODIFIED. Except as modified hereby, the
other terms and conditions of the Employment Agreement remain
in full force and effect as provided therein.
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IN WITNESS WHEREOF, the parties have executed this Employment Agreement
Extension on the date first above written and by so executing, the parties
acknowledge that they have read and fully understand all the terms and
conditions included in this Extension and acknowledge receipt of an executed
copy of this Extension.
EMPLOYEE: OUTLOOK GROUP CORP.:
By:
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Xxxxxx X. Xxxxxx Xxxxxxx X. Xxxxxxx, Chairman
Enclosures: Exhibit "A" and the Employment Agreement.
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EXHIBIT "A"
TO EMPLOYMENT AGREEMENT (AS EXTENDED) BETWEEN|
OUTLOOK GROUP CORP. AND
XXXXXX X. XXXXXX
EFFECTIVE JUNE 1, 2001
COMPENSATION
1. SALARY EFFECTIVE JUNE 1, 2001
Employer agrees to pay Employee bi-weekly salary shall continue as
$8,653.85 each two (2 ) weeks ($225,000 per year equivalent) on its
regular payroll. That salary will be in effect each of fiscal 2002 and
fiscal 2003, unless modified by mutual agreement of the Employee and
the Employer.
2. INCENTIVE EARNINGS OPPORTUNITY
EBIT Level Incentive
$0 to $2,500,000 None
$2,500,001 to above 5% of the amount over $2,500,000
This is a quarterly program that is annualized. Payments will be made
quarterly with the fourth quarter distribution subject to the year end
audit. Annual plan payment is maximized at 75% of participant's salary.
This incentive payment opportunity shall be in effect in each of fiscal
2002 and 2003.
3. CAR ALLOWANCE
Monthly reimbursement rate is set at $850, which includes all auto
related expenses including gas.
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