{"id":39787,"date":"2015-09-17T11:25:58","date_gmt":"2015-09-17T16:25:58","guid":{"rendered":"https:\/\/content.findlaw-admin.com\/ability-legal\/contracts\/uncategorized\/executive-agreement-maytag-corp-and-william-l-beer.html"},"modified":"2015-09-17T11:25:58","modified_gmt":"2015-09-17T16:25:58","slug":"executive-agreement-maytag-corp-and-william-l-beer","status":"publish","type":"corporate_contracts","link":"https:\/\/corporate.findlaw.com\/contracts\/compensation\/executive-agreement-maytag-corp-and-william-l-beer.html","title":{"rendered":"Executive Agreement &#8211; Maytag Corp. and William L. Beer"},"content":{"rendered":"<pre>                              Executive Agreement\n\n\nThis agreement is entered into between William L. Beer (\"Beer\") and Maytag\nCorporation (\"Maytag\") as of May 7, 2001.\n\nWHEREAS, effective August 31, 2000, Mr. Beer resigned his employment with Maytag\nas President, Maytag Appliances;\n\nWHEREAS, upon such resignation, Mr. Beer received from Maytag $516,229 in\nseverance and long and short-term incentive compensation;\n\nWHEREAS, Mr. Beer was entitled to $180,532 of that amount for his service in\n2000 based on Maytag's long and short-term incentive compensation plans;\nresulting in $335,697 in total severance and incentive benefits,\n\nWHEREAS, effective February 1, 2001, Mr. Beer accepted re-employment with Maytag\nas President, Maytag Appliances; and\n\nWHEREAS, Mr. Beer desires to return $250,000 of the severance and incentive\nbenefits he received, given his return to employment with Maytag:\n\nNOW, THEREFORE, IT IS AGREED AS FOLLOWS:\n\n     1.  Promptly after the execution of this Agreement, Mr. Beer will pay to\nMaytag $250,000.  In determining the amount to be so paid, the parties recognize\nthat Mr. Beer would have been entitled to $180,532.00 in long and short term\nincentive payments if he had not resigned in August 2000.  Therefore, Mr. Beer\nwill have returned about 75% of the enhanced severance and incentive payments\npaid to him ($250,000\/($516,229 - $180,532).\n\n     2.  Mr. Beer will not have a break in service for purposes of vacation,\npension, service awards or other benefit plans of Maytag.\n\n     3.  Medical and life insurance will be continued.\n\n\n\/s\/ William L. Beer                                      Date: May 7, 2001\n------------------------------------------------         -----------------\n    William L. Beer, President Maytag Appliances\n\n\n\n\/s\/ Jon O. Nicholas, Sr.                                 Date: May 7, 2001\n-----------------------------------------------          -----------------\n    Jon O. Nicholas, Sr. V.P. Human Resources\n\n<\/pre>\n","protected":false},"template":"","meta":{"_acf_changed":false,"_stopmodifiedupdate":true,"_modified_date":"","_cloudinary_featured_overwrite":false},"corporate_contracts_companies":[8154],"corporate_contracts_industries":[9393],"corporate_contracts_types":[9539,9544],"class_list":["post-39787","corporate_contracts","type-corporate_contracts","status-publish","hentry","corporate_contracts_companies-maytag-corp","corporate_contracts_industries-consumer__appliances","corporate_contracts_types-compensation","corporate_contracts_types-compensation__employment"],"acf":[],"_links":{"self":[{"href":"https:\/\/corporate.findlaw.com\/legal-api\/wp-json\/wp\/v2\/corporate_contracts\/39787","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/corporate.findlaw.com\/legal-api\/wp-json\/wp\/v2\/corporate_contracts"}],"about":[{"href":"https:\/\/corporate.findlaw.com\/legal-api\/wp-json\/wp\/v2\/types\/corporate_contracts"}],"wp:attachment":[{"href":"https:\/\/corporate.findlaw.com\/legal-api\/wp-json\/wp\/v2\/media?parent=39787"}],"wp:term":[{"taxonomy":"corporate_contracts_companies","embeddable":true,"href":"https:\/\/corporate.findlaw.com\/legal-api\/wp-json\/wp\/v2\/corporate_contracts_companies?post=39787"},{"taxonomy":"corporate_contracts_industries","embeddable":true,"href":"https:\/\/corporate.findlaw.com\/legal-api\/wp-json\/wp\/v2\/corporate_contracts_industries?post=39787"},{"taxonomy":"corporate_contracts_types","embeddable":true,"href":"https:\/\/corporate.findlaw.com\/legal-api\/wp-json\/wp\/v2\/corporate_contracts_types?post=39787"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}