EXHIBIT 10(k)
AMENDMENT OF RETIREMENT AGREEMENT
WITH XXXXX X. XXXXXXXXX
Agreement made as of December 30, 1997 by Stanhome Inc., a
Massachusetts corporation, with its principal place of business at 000
Xxxxxxx Xxxxxx, Xxxxxxxxx, Xxxxxxxxxxxxx 00000 (the "Company") and Xxxxx X.
Xxxxxxxxx, 00 Xxxxxxxxxx Xxxx, Xxxxxxx, Xxxxxxxxxxxxx 00000 ("Xxxxxxxxx").
Whereas, the Company and Xxxxxxxxx have previously entered into a
Retirement Agreement as amended (the "Agreement");
Whereas, the Agreement provides for a reduction of the monthly
retirement benefit payable to Xxxxxxxxx thereunder by the value of the
benefit which Xxxxxxxxx is entitled to receive from any other qualified or
non-qualified plan maintained by the Company and further provides that the
value of the benefit in the case of a defined contribution plan shall be
determined by reference to an annuity table set forth in Exhibit A to the
Agreement;
Whereas, since the Company Employees' Profit-Sharing Retirement Plan
has been terminated as of September 3, 1997 and there will not be any
further changes in the account balances thereunder, it will no longer be
appropriate to determine the Profit-Sharing offset under the Agreement by
reference to Exhibit A thereto; and
Whereas, the Company and Xxxxxxxxx agree that the offset to the
benefit under the Agreement should, in the case of the Profit-Sharing Plan,
henceforth simply be determined by using the same offset method as used in
the Company's Pension Plan;
NOW, THEREFORE, in consideration of the premises and mutual agreements
hereinafter maintained, the parties do amend the Agreement as set forth
below, effective as of the date hereof;
The second paragraph of Section 1(b) of the Agreement is amended: (i)
to substitute the words "Subdivision 18 of Article 1 of the Stanhome Inc.
Pension Plan as in effect on the date hereof" for the words "the annuity
table set forth in Exhibit A attached" after the phrase "by reference to"
in the fourth line thereof; (ii) to delete the last two sentences of the
paragraph; and (iii) to delete Exhibit A to the Agreement.
IN WITNESS WHEREOF the parties have executed this Amendment effective
as of the date first written above.
STANHOME INC.
/s/ Xxxxx X. Xxxxxxxxx By: /s/ H. L. Tower
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Xxxxx X. Xxxxxxxxx X. X. Tower
Chairman, President and CEO
ATTEST:
/s/ Xxxx X. Xxxxx
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Assistant Secretary
