EXHIBIT 10(m)
SUPPLEMENTAL EMPLOYEE RETIREMENT AGREEMENT
THIS SUPPLEMENTAL EMPLOYEE RETIREMENT AGREEMENT ("SERP Agreement") is
entered into the 22nd day of February, 2005, and effective the 20th day of
April, 2005, by and between Xxxxx Industries, Inc., an Ohio corporation
("Xxxxx"), and Xxxxxx X.. Xxxxxxx ("Xxxxxxx").
R E C I T A L S:
X. Xxxxxxx has been employed by Xxxxx for many years and Wiskind is
retiring effective April 20, 2005.
X. Xxxxx desires to provide an additional retirement amount to Wiskind
pursuant to and in consideration of a settlement and release agreement, of even
date, between Xxxxx and Xxxxxxx (the "Settlement Agreement").
NOW, THEREFORE, in consideration of the mutual agreements hereinafter set
forth and in consideration of the Settlement Agreement, the parties hereto,
intending to be legally bound, mutually agree as follows:
1. Retirement from Active Employment. Wiskind is retiring effective April
20, 2005.
2. Payments Upon Termination of Active Employment. Conditioned upon the
execution and effectiveness of the Settlement Agreement between Xxxxx and
Xxxxxxx as of April 20, 2005, commencing with the first day of May, 2005, Xxxxx
shall under this SERP Agreement pay to Wiskind the sum of Two Thousand
Eighty-Three and 33/100 Dollars ($2,083.33) per month for a period of ten (10)
years. If Wiskind dies before the expiration of the payment period, then said
monthly payments after Wiskind's death and during the remaining term of the
payment period, shall be made by Xxxxx to Xxxxx Xxxxxxx, Xxxxxxx'x surviving
spouse, until her death or the balance of the original ten (10) year period,
whichever date is first in time.
3. Assignability. Except to the extent that this provision may be contrary
to law, no assignment, pledge, collateralization, hypothecation or attachment of
any of the benefits under this Agreement shall be valid or recognized by Xxxxx.
4. Facility of Payments. If Wiskind shall, in the sole opinion of Xxxxx,
be physically or mentally incapacitated to receive or properly receipt for such
payments, Xxxxx may make such payments to any member of the family of Wiskind
for the use and benefit of Wiskind or to any person or institution providing
care for Wiskind; and all payments so made by Xxxxx shall, to the amounts
thereof, fully discharge and acquit Xxxxx.
5. Rights. This SERP Agreement creates no obligation of Mysers to employ
Wiskind. Further, this SERP Agreement does not create any other rights in
Wiskind or obligations on the part of Xxxxx, except those set forth in this SERP
Agreement.
6. Acceleration of Benefit Payments. Xxxxx hereby reserves the right to
accelerate the payment of any sums required to be paid by it pursuant hereto
without the consent of Wiskind or his spouse.
7. Filing. The parties hereto acknowledge that a statement concerning this
SERP Agreement may be filed with the U.S. Department of Labor and Xxxxx agrees
to prepare and file such statement.
8. Binding Effect. This SERP Agreement shall be binding upon and shall
inure to be benefit of the successors and assigns of the Xxxxx.
9. Law Governing. This SERP Agreement shall be governed by the laws of the
State of Ohio.
IN WITNESS WHEREOF, the parties hereto have executed this SERP Agreement
as of the day and year first above written.
Xxxxx Industries, Inc.
By: /s/ Xxxxxxx X. Xxxxx
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Xxxxxxx X. Xxxxx, Chairman and Chief
Executive Officer
/s/ Xxxxxx X. Xxxxxxx
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Xxxxxx X. Xxxxxxx
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