Exhibit 10
AMENDMENT TO
EMPLOYMENT AND SEVERANCE BENEFITS AGREEMENT
THIS AMENDMENT (the "Amendment"), by and between Chesapeake
Forest Products Company (The "Company"), and Xxxx X. Xxxx (the
"Employee") to the Employment and Severance Benefits Agreement
dated as of February 27, 1997 by and between the Company and the
Employee (the "Agreement").
WHEREAS, the Company and the Employee entered into the
Agreement and the Company and the Employee now desire to amend
the Agreement.
NOW, THEREFORE, in consideration of the promises and mutual
covenants and agreement set forth in this Amendment the parties
agree as follows:
1. A new Section 6 (d) is added to the Agreement as set
forth below:
(d)The Company further agrees that if, during the two
year period specified in Section 6(b) above, the Employee's
employment is terminated by the Company as a result of the
sale of all or substantially all of the assets or the
outstanding stock of the Company and the Employee is not
employed by Chesapeake Corporation or the purchaser or any
of their affiliates, the Employee will be entitled to
continue to receive his base salary on the normal payroll
dates for the remainder of the two year period or for a
period of twelve (12) months whichever is longer (his
"Severance Period"). In addition, the Employee shall
continue, during his Severance Period, to be eligible to
participate in all life, medical, dental and retirement
benefit plans or programs or arrangements in which he
participates immediately prior to his date of termination on
such terms as are then in effect, provided that his
continued participation is possible under the general terms
and provisions of such plans and programs. In the event that
the Employee's participation in any such plan or program is
barred by its terms, the Company shall arrange to provide
the Employee with benefits substantially similar to those
which he is entitled to receive under such plans and
programs. Further, if the Employee elects retirement from
the Company after his Severance Period, the Employee's
retirement benefits under the Chesapeake Corporation
Retirement Plan for Salaried Employees (the "Qualified
Plan") and the Chesapeake Corporation Executive Supplemental
Retirement Plan (the "Supplemental Plan") will be enhanced
by adding five (5) years to his age and service under both
plans. The enhancement amount will be paid as an additional
benefit under the Supplemental Plan and will be subject to
the provisions of the Supplemental Plan.
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IN WITNESS WHEREOF, the Company has caused this Amendment to
be duly executed on its behalf and the Employee has duly executed
this Amendment, all as of the date first written above.
Chesapeake Forest Products
Company
By: /s/ Xxxx X. Xxxx
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Xxxx X. Xxxx
Chairman
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