Letterhead of Sara Lee Corporation]
Exhibit 10(23)
[Letterhead of Xxxx Xxx Corporation]
February 26, 2002
Xx. Xxxxxxx Xxxxxxxxxx
Chief Executive
Officer
Xxxx Xxx Foods
00000 Xxxxxx Xxxx
Cincinnati, OH 45242
PERSONAL & CONFIDENTIAL
Dear Xxxx:
In recognition of your agreement to delay your planned retirement, Xxxx Xxx is pleased to provide you with the special retirement
arrangement described below. The terms of this agreement were approved by the Compensation and Employee Benefits Committee of the Xxxx Xxx Corporation Board of Directors at its January 30, 2002 meeting.
· |
It is understood that you will continue your full-time, active employment status until December 31, 2002. Beginning on January 1, 2003 and ending on June 28,
2003, you will be available to Xxxx Xxx, on a reasonable-time basis, in a consultative capacity to assist in various trade relations matters, including attendance at the following: |
· |
GMA Industry Affairs Meeting |
· |
Xxxx Xxx Foods Retail Council Meeting |
· |
AMI Board of Directors Meeting and one Executive Committee Meeting |
Your salary will be paid through December 31, 2002.
· |
You will be entitled to a full fiscal year 2003 bonus, as if you had been actively employed and had continued to receive your salary through June 28, 2003. Your
fiscal year 2003 bonus will be based upon the actual performance results of the Xxxx Xxx Foods group. Your Individual Standards of Performance for that year, if any, will be mutually agreed upon by you and Xxxxx XxXxxxxx at the beginning of fiscal
year 2003. |
· |
You will receive pension credit under the Xxxx Xxx Corporation Supplemental Pension Plan as if you had been actively employed and received your salary through
June 28, 2003. |
Xx. Xxxxxxx Xxxxxxxxxx
Page 2
· |
Any payout you are entitled to receive under the Xxxx Xxx Corporation Fiscal Years 2001-2003 Long-Term Performance Incentive Plan will, for purposes of
computing service under the Plan, assume that you were actively employed through June 28, 2003. |
If you have any questions about the matter, please feel free to call me.
Sincerely,
/s/ Xxx X. Xxxxxx
LAC/d
c. Xxxxx XxXxxxxx
Xxx Xxxx
