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Exhibit (10)(i)(A)(iii)
AGREEMENT
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Morry, this will confirm our 6/25/91 agreement regarding my continuing
employment as an American Greetings Corporation (AG) officer and employee:
On 6/24/96, AG will pay Xxxxxxxxxxx $250,000, less normal withholdings. If prior
to 6/24/96, Xxxxxxxxxxx dies, becomes disabled, is terminated or is otherwise no
longer an AG employee, AG shall pay Xxxxxxxxxxx, his trust, estate or other
designee a PRO RATA portion of such $250,000. Provided AG shall owe Xxxxxxxxxxx
none of the $250,000 if prior to 6/24/96 he unilaterally and voluntarily leaves
AG's employ, without having been terminated, whether constructively or
otherwise. Beginning 4/25/96, Xxxxxxxxxxx'x base salary will not be less than
the then current base salary + $50,000.
AMERICAN GREETINGS CORPORATION
By:
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Xxxxx Xxxxx, President & CEO Xxx Xxxxxxxxxxx, Xx.
Dated: 7/17/91
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This will confirm our agreement that American Greetings' payment of $250,000,
less normal withholdings, to Xxx Xxxxxxxxxxx, Xx., previously payable on 6/24/96
under our agreement of 6/25/91, will not be payable until, and will be paid on,
1/2/98. However, the $250,000 will be considered fully earned as of 6/24/96.
If prior to 1/2/98 Xxxxxxxxxxx dies, becomes disabled, is terminated or is
otherwise no longer an AG employee, AG shall, within ten days of such date, pay
Xxxxxxxxxxx, his trust, estate or other designee a PRO RATA portion of such
$250,000 if such event occurs prior to 6/24/96 and the full amount if such event
occurs between 6/24/96 and 1/2/98. AG shall, however, owe Xxxxxxxxxxx none of
the $250,000 if prior to 6/24/96, he unilaterally and voluntarily leaves AG's
employ, without having been terminated, whether constructively or otherwise.
During the period from 6/24/96 to 1/2/98, the $250,000 will earn a return equal
to the highest return of the investment vehicle options available under the
Company's Deferred Compensation Plan during the same period. Such return will be
paid to Xxxxxxxxxxx, his trust, estate or other designee, as the case may be, on
the same date that the $250,000 is paid.
All other provisions of our 6/25/91 agreement remain unchanged and in effect.
AMERICAN GREETINGS CORPORATION
By:
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Xxxxx Xxxxx, Chairman & CEO Xxx Xxxxxxxxxxx, Xx.
Dated: February 21, 1994
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AMENDMENT
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Under our 6/25/91 agreement, beginning 6/25/96, Xxx Xxxxxxxxxxx'x base salary
will not be less than his then-current base salary + $50,000.
This will confirm our agreement that such new base salary will be earned daily
on a PRO RATA basis, but American Greetings Corp. will defer payment of
$76,301.00 ([$50,000/365 da.] * 557 da. {6/25/96-1/2/98}) to Xxxxxxxxxxx until
1/2/98.
If prior to 1/2/98, Xxxxxxxxxxx dies, becomes disabled, is terminated or is
otherwise no longer an AG employee, AG shall, within ten days of such date, pay
Xxxxxxxxxxx, his trust, estate or other designee a PRO RATA portion of such
$76,301.00 if such event occurs prior to 1/2/98.
During the period 6/25/96 to 1/2/98, the earned portion of the $76,301.00 will
earn a return equal to the highest return each month of the investment vehicle
options available each month under the Company's Deferred Compensation Plan
during the same period. AG will pay such return to Xxxxxxxxxxx, his trust,
estate or other designee, as the case may be, on the same date that such
deferred base salary is paid.
All other provisions of our 6/25/91 agreement and 2/21/94 amendment thereto
remain unchanged and in effect.
AMERICAN GREETINGS CORPORATION
By:
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Xxxxx Xxxxx, Chairman & CEO Xxx Xxxxxxxxxxx, Xx.
Dated: June 18, 1996
