Salary Continuation Agreement - Lance Inc. and B. Clyde Preslar
SALARY CONTINUATION AGREEMENT
THIS AGREEMENT made as of April 29, 1996 by and between B. Clyde Preslar
(Preslar) and Lance, Inc. (Lance).
STATEMENT OF PURPOSE
In connection with Preslar's employment by Lance as its Vice President
and Chief Financial Officer, he has relocated to Charlotte, North Carolina.
Preslar and Lance have agreed that in the event that Preslar is terminated
without cause, Preslar shall receive salary continuation payments as provided
in this Agreement.
NOW, THEREFORE, in consideration of the mutual promises and agreements
contained herein, the parties hereto agree as follows:
1. Salary Continuation. In the event that Preslar's employment with
Lance is terminated without cause by Lance, Preslar's base salary in effect at
the date of such termination shall be continued for a period of 18 months. Such
salary continuation benefit shall be in lieu of payments or benefits under any
other Lance plan or policy with respect to salary continuation or severance
pay.
2. Miscellaneous. This Agreement shall be binding upon the parties
hereto, their heirs and assigns; this Agreement may not be amended or modified
except by written amendment signed by the parties hereto and this Agreement
shall be construed and interpreted under the laws of the State of North
Carolina.
IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of
the day and year first above written.
/s/ B. Clyde Preslar
---------------------------------
B. Clyde Preslar
LANCE, INC.
By /s/ Paul A. Stroup, III
------------------------------
President