EXHIBIT 10.16
THIS AGREEMENT between Champion International Corporation, a New York
corporation (the "Company"), and Xxxxxx X. Xxxxxx (the "Executive") is effective
as of November 21, 1996.
WHEREAS, the Company and the Executive entered into a Letter Agreement
dated November 17, 1994, as amended August 15, 1996 (the "Letter Agreement");
and
WHEREAS, the parties desire to amend the Letter Agreement in the manner set
forth below;
NOW THEREFORE, it is hereby agreed by and between the parties as follows:
1. The paragraph of the Letter Agreement that begins with the words "In
consideration for" is hereby amended in its entirety to read:
"In consideration for the performance of the duties of advisor
and consultant, you will (i) be compensated at an annual rate of
$50,000 for a period of five years from the date of your retirement;
(ii) have the right, for a period of ten years from the date of your
retirement, to the use of an airplane on the terms more fully
described in Exhibit "A" hereto; and (iii) be provided, during your
lifetime, with suitable office accommodations, appropriate secretarial
and chauffeur services, all telephone, fax and other customary
administrative support services that you may require. Each annual
payment of $50,000 will be made in a single lump sum on the
anniversary of the date of your retirement. You also will be entitled
to reimbursement for all reasonable expenses incurred in the
performance of your duties as advisor and consultant."
2. The Letter Agreement as amended by this Agreement shall be governed by
and construed in accordance with the laws of the State of New York.
3. The Company and the Executive understand and agree that all references
in the Letter Agreement to the provisions thereof that are amended hereby shall
be deemed to be references to such provisions as amended hereby.
4. Except as amended hereby, all of the terms and conditions set forth in
the Letter Agreement, including without limitation Exhibit "A" thereto, shall
continue in full force and effect without change.
IN WITNESS WHEREOF, the Company has caused this Agreement to be executed
and its seal to be affixed hereto, and the Executive has executed this
Agreement, all as of November 21, 1996.
Champion International Corporation
By /s/ Xxxxxxxx X. Xxxx
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Chairman of the Compensation and
Stock Option Committee
ATTEST:
/s/ Xxxxxxxx X. Xxx
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Vice President and Secretary
/s/ Xxxxxx X. Xxxxxx
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Xxxxxx X. Xxxxxx
