Assignment and Assumption Agreement
Exhibit 10.2
Assignment and Assumption Agreement
Pursuant to paragraph 15 of the Employment Agreement (the “Employment Agreement”) between Xxxxxx Industries, Inc., a Delaware Corporation (“Xxxxxx”) and Xx. Xxxxxxx X. Xxxxxx dated as of September 9, 2005, as amended, Xxxxxx hereby assigns to Xxxxxxx Water Products, Inc., a Delaware Corporation (“Xxxxxxx”), and Xxxxxxx hereby assumes, all of Walter’s rights and obligations under the Employment Agreement and under the Executive Change-In-Control Severance Agreement dated September 16, 2005 between Xxxxxx and Xx. Xxxxxx; provided, however, that Xxxxxx shall retain the obligation to determine and pay Xx. Xxxxxx’x incentive compensation payment for calendar year 2006 in accordance with the terms of the Xxxxxx Industries, Inc. Executive Incentive Plan.
Executed as of the close of business on this 14th day of December, 2006
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XXXXXX INDUSTRIES, INC. |
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XXXXXXX WATER PRODUCTS, INC. |
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/s/ Xxxxxx X. Xxxxxxx |
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/s/ Xxxxxxxx Xxxxxx |
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By: |
Xxxxxx X. Xxxxxxx |
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By: |
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Xxxxxxxx Xxxxxx |
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Title: |
Vice Chairman |
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Title: |
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Executive Vice President |
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Accepted and Agreed: |
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/s/ Xxxxxxx X. Xxxxxx |
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Xxxxxxx X. Xxxxxx |
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