Termination Agreement - Lance Inc. and B. Clyde Preslar
TERMINATION AGREEMENT
THIS TERMINATION AGREEMENT, made as of this 7th day of November, 1997,
by and between B. CLYDE PRESLAR (Preslar) and LANCE, INC. (Lance).
STATEMENT OF PURPOSE
In connection with the execution by Preslar and Lance of the Executive
Severance Agreement dated the date hereof, Preslar and Lance have agreed that
the Salary Continuation Agreement dated April 28, 1996 shall be terminated along
with the letter agreement dated March 22, 1996 from Lance to Preslar.
NOW, THEREFORE, in consideration of the mutual promises and agreements
contained herein, the parties hereto agree as follows:
1. TERMINATION. The Salary Continuation Agreement dated April 29, 1996
between Preslar and Lance and the letter agreement from Lance to Preslar dated
March 22, 1996 are hereby terminated in all respects and are of no further force
or effect.
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
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B. Clyde Preslar
LANCE, INC.
By /s/ P. A. Stroup III
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President