Exhibit 10.3
Executive Agreement
This agreement is entered into between ▇▇▇▇▇▇▇ ▇. Beer ("Beer") and Maytag
Corporation ("Maytag") as of May 7, 2001.
WHEREAS, effective August 31, 2000, Mr. Beer resigned his employment with Maytag
as President, Maytag Appliances;
WHEREAS, upon such resignation, Mr. Beer received from Maytag $516,229 in
severance and long and short-term incentive compensation;
WHEREAS, Mr. Beer was entitled to $180,532 of that amount for his service in
2000 based on Maytag's long and short-term incentive compensation plans;
resulting in $335,697 in total severance and incentive benefits,
WHEREAS, effective February 1, 2001, Mr. Beer accepted re-employment with Maytag
as President, Maytag Appliances; and
WHEREAS, Mr. Beer desires to return $250,000 of the severance and incentive
benefits he received, given his return to employment with Maytag:
NOW, THEREFORE, IT IS AGREED AS FOLLOWS:
1. Promptly after the execution of this Agreement, Mr. Beer will pay to
Maytag $250,000. In determining the amount to be so paid, the parties recognize
that Mr. Beer would have been entitled to $180,532.00 in long and short term
incentive payments if he had not resigned in August 2000. Therefore, Mr. Beer
will have returned about 75% of the enhanced severance and incentive payments
paid to him ($250,000/($516,229 - $180,532).
2. Mr. Beer will not have a break in service for purposes of vacation,
pension, service awards or other benefit plans of Maytag.
3. Medical and life insurance will be continued.
/s/ ▇▇▇▇▇▇▇ ▇. Beer Date: May 7, 2001
------------------------------------------------ -----------------
▇▇▇▇▇▇▇ ▇. Beer, President Maytag Appliances
/s/ ▇▇▇ ▇. ▇▇▇▇▇▇▇▇, ▇▇. Date: May 7, 2001
----------------------------------------------- -----------------
▇▇▇ ▇. ▇▇▇▇▇▇▇▇, ▇▇. V.P. Human Resources
