EXHIBIT 99
(AGREEMENT FOR KEY
LEADER)
RETENTION/PROJECT COMPLETION
AGREEMENT
THIS AGREEMENT is made this 18th day
of May, 2005 (Effective Date), by and between Maytag Corporation, a
Delaware Corporation (Company), and Steven J. Klyn
(Employee).
AGREEMENT
To assure the Company that it will
have the continued dedication of the Employee and the availability
of that person’s advice and counsel and to induce the
Employee to remain in the employ of the Company through December
31, 2007, in consideration of the mutual promises and agreements
contained in this Agreement, the adequacy and sufficiency of which
are acknowledged, the Company and the Employee agree as
follows:
|
|
1.
|
Continued
Employment . The Employee
agrees to continue his employment with the Company through December
31, 2007 in this Project Completion/Retention Agreement. The
Employee agrees that he or she will not voluntarily leave the
employ of the Company, and will render the services described in
the recitals to this agreement and any other duties
assigned.
|
|
|
2.
|
Lump Sum
Cash Payment(s) . In
addition to any payment you may receive as a result of performance
under the annual Incentive Compensation Plan or long term
performance awards (PIAP, EEPP), the lump sum cash payment(s) of
$30,000 payable in February 2006, $15,000 payable in July, 2006,
$15,000 payable in February, 2007, $15,000 payable in July, 2007,
and $25,000 payable in February 2008 shall be paid to the Employee
if he fulfills all of the following criteria:
|
|
|
a.
|
Successful
completion of the Maytag capitalization project. By successful
completion, we are assuming the required applications and the
following of due process to the financial community regarding
complete restructuring of our financial obligations;
|
|
|
b.
|
Remains an
active employee through each of the aforementioned payment dates
and until December 31, 2007;
|
|
|
c.
|
Does not commit
an act warranting for “Cause” termination;
|
|
|
3.
|
Salary
adjustment . You will
receive a salary adjustment effective July 1, 2005. Your new salary
will be $210,000.
|
If the Company decides to terminate
the employment of Employee for any reason other than for
“Cause”, any remaining lump sum payments still
outstanding shall be due or payable to the Employee as quickly as
administratively po
|
