EXHIBIT 10.2
[XXXXXXXX INDUSTRIES, INC. LETTERHEAD]
March 4, 1998
To: Xxxx Xxxxxxxxx
From: Xxxx Xxxxxxx
Dear Xxxx,
The purpose of this memorandum is to document our agreement relative to
severance compensation should the company decide to terminate your employment.
This arrangement is in recognition of twenty four years of service with Xxxxxxxx
Adhesives in a number of responsible positions and for your willingness to make
a transition from a plant operations environment into a corporate role.
If the company chooses to end your employment you will be entitled to salary and
benefits continuation, at your current rate of compensation, for a period of
twelve months from the date of termination. The use of a company vehicle will
end coincident with your date of termination.
Regards,
/s/ Xxxxxxx X. Xxxxxxx
Chairman & CEO
