BANDAG, INCORPORATED AND SUBSIDIARIES
Exhibit 10.1
TERMINATION AGREEMENT
THIS TERMINATION AGREEMENT is entered into as of the 20th day of
January, 2000 by and between Bandag, Incorporated, an Iowa corporation
("Bandag") and Xxx Xxxxxxx XX ("Employee").
RECITALS
WHEREAS, Bandag and Employee are parties to that certain Severance
Agreement dated as of the 4th day of May, 1999 (the "Bandag Severance
Agreement"); and
WHEREAS, Employee is voluntarily terminating his employment and all
positions with Bandag and is simultaneously being employed as an at-will
employee by Tire Distribution Systems, Inc. ("TDS"), an indirect wholly-owned
subsidiary of Bandag; and
WHEREAS, contemporaneously with the execution of a new severance
agreement between Employee and TDS, the parties hereto wish to terminate the
Bandag Severance Agreement in its entirety;
NOW, THEREFORE, in consideration of the covenants and agreements of
the parties herein contained, the sufficiency of which is acknowledged by each
party, the parties hereto agree as follows:
1. Effective with the execution and delivery by Employee and TDS of
a severance agreement between Employee and TDS, the Bandag
Severance Agreement shall be terminated and shall be of no
further force or effect and all obligations of Bandag and
Employee thereunder shall thereupon terminate.
IN WITNESS WHEREOF, the parties hereto have executed this Termination
Agreement as of the day and year first above written.
Employee: Bandag, Incorporated
/s/ Xxx Xxxxxxx XX By: /s/ Xxxxxx X. Xxxxxx
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Xxx Xxxxxxx XX Xxxxxx X. Xxxxxx, Chairman of the
Board, Chief Executive Officer and
President
