Severance Agreement - Maytag Corp. and Joseph F. Fogliano
August 28, 1995
Joseph F. Fogliano
1310 Golf View Lane
Newton, Iowa 50208
Dear Joe,
In addition to the enhanced separation benefits offered to you in Len Hadley's
letter dated August 10, 1995, the following items will amend or add to
Section II:
6. (Amended) - Maytag will purchase your Newton, Iowa residence through
a third party for $400,000.
7. (Amended) - Maytag will pay for the relocation of your household
goods currently located in Newton, Iowa per the applicable provisions
of the Maytag Relocation Policy to a location of your choice within
the continental United States provided the move takes place prior to
December 31, 1995. Alternatively, Maytag will at your request pay
for the movement of such household goods to storage for up to one (1)
year not to exceed $24,000. Additionally, Maytag will pay for the
transport and storage of up to two (2) automobiles for up to one (1)
year not to exceed $4,800.
9. (Amended) - Maytag will approve outplacement services through Drake
Beam Morin not to exceed 15% of your ending base salary ($60,750).
10. (Amended) - You may remove portable appliances from your current
residence, but not built-in appliances. You will not incur a
prorated charge.
11. (Added) - Maytag will pay consultant fees and reasonable business
travel expenses for your trip to the Center for Creative Leadership
in Colorado Springs, Colorado for the purpose of receiving instrument
feedback.
12. (Added) - You may maintain the use of the Corporate VISA and MCI
cards through December 31, 1995 for bona fide job search purposes not
otherwise eligible for reimbursement by a prospective employer, not
to exceed $10,000 in aggregate.
13. (Added) - Maytag will provide income tax preparation services for
calendar year 1995, not to exceed $1,000 in fees.
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Please understand that all enhanced separation benefits offered to you must be
contingent upon your returning to Maytag any and all documents in your
possession that would be considered company sensitive, including copies of
materials presented to the Maytag Board of Directors.
It is my understanding that these additional considerations will bring this
matter to a satisfactory conclusion. If you have any questions, please feel
free to call me.
Sincerely,
s/s J.O. Nicholas<PAGE>