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EXHIBIT 10.1(v)
AGREEMENT, DATED MARCH 24, 1998,
BETWEEN AMERICAN BUSINESS PRODUCTS, INC.
AND XXXXXXXXXXX X. XXXXXXXX
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[LOGO]
EXECUTIVE OFFICES AMERICAN BUSINESS PRODUCTS, INC.
XXXX XXXXXX XXX 000000 XXXXXXX, XXXXXXX 00000
(000) 000-0000 Fax (000) 000-0000
March 24, 1998
Mr. Xxxxx Xxxxxxxx
000 Xxxxxxx Xxxxx Xxxxx
Xxxxxxxxxx, Xxxxxxx 00000
Dear Xxxxx,
This letter will confirm our offer and your acceptance of the position of Chief
Information Officer for American Business Products, Inc. Your employment will
begin on March 30, 1998.
The key terms and conditions of your employment are as follows:
SALARY - $143,500/year
VACATION - 4 weeks paid vacation per year
Since there is a 30 day waiting period to begin American Business Products,
Inc.'s medical and dental plans, we will reimburse you for the cost of one
month's COBRA coverage if you pay this cost to your COBRA provider.
You will be eligible to participate in all other normal Company benefit programs
such as life insurance plans, medical and dental plans, profit sharing
retirement plan, 401-K plan, disability plans, etc., according to their terms.
Your job performance will be reviewed on an annual basis starting January 1,
1999. At that time, you will be considered for a merit compensation increase.
At the end of American Business Products, Inc.'s fiscal year, December 31, 1998,
you shall receive a minimum incentive bonus in the amount of 35% of your 1998
earned salary.
You will participate in the Company's stock option plan. Management will
recommend to the Board of Directors that you be granted options on 5,000 shares
of Company common stock for 1997.
If your employment is terminated for any reason other than for cause, including,
but not limited to, any act of fraud or dishonesty (whether or not against or
involving American Business Products, Inc.); competing with American Business
Products, Inc., either directly or indirectly, the breach of any provision of
this letter agreement (or any other agreement to which both you and American
Business Products, Inc. are parties); failure to discharge your duty of loyalty
to American Business Products, Inc.; the indictment or conviction of you of any
misdemeanor or felony; any willful act by you that adversely affects American
Business Products, Inc., its financial condition or its business reputation; or
any other matter constituting "good cause" under the laws of the State of
Georgia, you shall be entitled to a severance payment in the form of Salary
Continuation of 9 months at your then current monthly base compensation in lieu
of any and all other payments, bonus or other compensation to which you may have
been entitled. Additionally, a payment of $15,000, to an outplacement service
chosen by American Business Products, Inc. will be made by American Business
Products, Inc. for your benefit.
0000 XXXXXXXXX XXXXXXX, XXXXX 0000, XXXXXXX, XXXXXXX 00000
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Mr. Xxxxx Xxxxxxxx
March 24, 1998
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Please confirm your acceptance of this offer and the terms and conditions above
by executing below and returning to us one original copy of this letter. Please
note that nothing in this letter creates a contract between us for a definite
period of employment; either you or we may decide to end an employment
relationship at any time.
As a normal course, we perform a background check on all employees. This offer
and acceptance is conditional based upon your consent to such background check
and on those results being satisfactory to us.
Xxxxx, we are pleased that you have agreed to join us and we look forward to a
long and mutually beneficial association.
Sincerely,
/s/ Xxxxx X. Xxxxxxxxxxx
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Xxxxx X. Xxxxxxxxxxx
CEO and President
AGREED AND ACCEPTED:
/s/ Xxxxx Xxxxxxxx
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Xxxxx Xxxxxxxx
Date: 3/30/98
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