EXHIBIT 10.10.1
TERMINATION AGREEMENT
THIS TERMINATION AGREEMENT, dated as of the 31st day of December, 1996,
by and between TREDEGAR INDUSTRIES, INC., a Virginia corporation (the "Company")
and XXXXXX X. XXXXX, an individual residing at 0 Xxxxxxxxx Xxxx, Xxxxxxxx,
Xxxxxxxx 00000 ("Executive").
WHEREAS, the Company and Executive have entered into that certain
Employment Agreement dated as of June 1, 1989 (the "Employment Agreement") and
the Company and Executive desire to terminate such Employment Agreement;
NOW, THEREFORE, in consideration of mutual promises contained herein,
and other good and valuable consideration, the receipt and sufficiency of which
are hereby acknowledged, the parties hereto agree as follows:
1. Effective as of the close of business on December 31, 1996, the
Employment Agreement is hereby terminated and shall have no further force or
effect with respect to the employment relationship between the Company and
Executive.
2. Except for the termination of the Employment Agreement the rights
and obligations of the Company and Executive set forth therein, this Termination
Agreement shall not otherwise affect the employment relationship between the
Company and Executive, including without limitation Executive's obligations
under the Patent and Confidentiality Agreement referred to in the Employment
Agreement and any independently existing obligations of the Company under the
compensation, benefit and welfare plans in which the Company's senior management
is eligible to participate.
3. This Termination Agreement shall be binding upon and inure to the
benefit of the parties hereto and their respective successors and assigns.
4. This Termination Agreement shall be governed by and construed in
conformity with the laws of the Commonwealth of Virginia.
IN WITNESS WHEREOF, parties hereto have executed this Termination
Agreement as of the date first above written.
TREDEGAR INDUSTRIES, INC.
By: /s/ Xxxx X. Xxxxxxxx
Xxxx X. Xxxxxxxx
President
/s/ X. X. Xxxxx
Xxxxxx X. Xxxxx
