Executive Severance Agreement [Amendment] - Lance Inc. and Paul A. Stroup III
AMENDMENT TO
EXECUTIVE SEVERANCE AGREEMENT
THIS AMENDMENT TO EXECUTIVE SEVERANCE AGREEMENT (the "Amendment") is
made and entered into as of the 26th day of July, 2001, by and between LANCE,
INC., a North Carolina corporation (the "Company"), and PAUL A. STROUP, III (the
"Executive").
Statement of Purpose
The Company and Executive entered into an Executive Severance Agreement
dated November 7, 1997 (the "Executive Severance Agreement"). The purpose of
this Amendment is to modify the methodology for determining the "current value"
of the retirement benefits payable under the Executive Severance Agreement in
certain circumstances.
NOW, THEREFORE, in consideration of the premises and mutual covenants
contained herein, the parties hereto hereby agree that the Executive Severance
Agreement is amended effective as of the date hereof as follows:
1. Paragraph 4(b) of the Executive Severance Agreement is hereby
amended by deleting the second sentence of Paragraph 4(b) in its entirety and
substituting the following in lieu thereof:
"The "current value" of such per period amount of such
retirement benefits shall be the present value on the
Termination Date of such retirement benefits based on the
following assumptions:
(i) Payment of such per period amount of such
retirement benefits would commence with the
Period following the Period in which the
Termination Date occurred and would continue
through the end of the Period in which
occurs the 15th anniversary of the
Termination Date;
(ii) Such present value shall be determined by
using the interest rate equal to the yield
on the 10-year United States Treasury Bond
on the Termination Date; and
(iii) Such present value shall be determined
without any discount for mortality."
2. Except as expressly or by necessary implication amended hereby, the
Executive Severance Agreement shall remain in full force and effect.
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IN WITNESS WHEREOF, this Amendment has been duly executed by the
Company and Executive as of the day and year first above written.
LANCE, INC.
By /s/ B. Clyde Preslar
-----------------------
B. Clyde Preslar
Vice President
"Company"
/s/ Paul A. Stroup, III
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Paul A. Stroup, III
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