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THIS AGREEMENT is made this 1st day of May,
1989 between WALTER S. BANDURSKI, INC. (the “Company”),
a Delaware corporation, and BARBARA BANDURSKI (the
“Employee”).
BACKGROUND
The Employee is presently rendering services
to the Company under a contractual arrangement. For
many years past, however, the Employee served the
Company loyally as an officer and director. During
many of those years, the Employee, in order to assist
the Company in its growth, accepted compensation at a
rate substantially less than her services would have
commanded on the open market.
In the judgment of the directors, it is
advisable and in the interest of the Company that the
Employee’s past service be appropriately compensated in
the form of a retirement pension.
INTENDING TO BE LEGALLY BOUND, THE PARTIES AGREE
AS FOLLOWS:
1. Upon the Employee’s retirement from
fulltime service with the Company on the 1st day of
May, 1989, the Company shall pay to the Employee the
sum of Three Hundred Seventy-Five Dollars ($375.00) per
week for life.
As part of the Pension Agreement, petitioner also agreed not to
sell a substantial portion of its assets to, nor to merge into,
reorganize with, or permit its business activities to be assumed
by, any other company or organization unless the latter assumed
petitioner’s duties and obligations under the Pension Agreement.
The Pension Agreement further provided for an annual adjustment
of the payments thereunder to account for inflation.
The Settlement Agreement, executed by Walter (individually),
Barbara, and a family court judge, recited their marriage,
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Last modified: May 25, 2011