Cellu Tissue Holdings, Inc. Retention Bonus Agreement with Steven Ziessler
Cellu Tissue Holdings, Inc. agrees to pay Steven Ziessler a one-time cash bonus equal to one year's base salary, subject to standard tax withholdings. If Mr. Ziessler's employment ends for any reason other than death or disability before March 27, 2007, he must repay the bonus within 30 days. The bonus does not count toward other company benefit calculations unless specifically stated in another plan. This agreement is signed by both parties to confirm their acceptance of these terms.
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Exhibit 10.10
[Letterhead of Cellu Tissue Holdings, Inc.]
Steven Ziessler
115 National Drive
Duluth, GA 30097
March 27, 2006
- Re:
- Retention Letter
As we have agreed, upon your execution of this letter, Cellu Tissue Holdings, Inc. (the "Company") shall pay to you a lump sum cash payment equal to one year's current base salary (the "One-Time Bonus"). The Company shall withhold from the One-Time Bonus all taxes, FICA or other amounts required to be withheld pursuant to any applicable law.
This One-Time Bonus shall be subject to forfeiture if your employment is terminated on or prior to March 27, 2007, for any reason, other than due to your death or disability (a "Termination Event"). Within 30 days following a Termination Event that occurs on or prior to March 27, 2007, you shall repay the Company the One-Time Bonus. The Company shall be entitled to offset any amounts owing to you from the Company in order to recoup the One-Time Bonus.
The One-Time Bonus is a special incentive payment to you and will not be taken into account in computing the amount of any salary or compensation for purposes of determining any bonus, incentive, pension, retirement, death or other benefit under any other bonus, incentive, pension, retirement, insurance or other employee benefit plan of the Company, unless such plan or agreement expressly provides otherwise.
Sincerely,
Cellu Tissue Holdings, Inc.
| By: | /s/ RUSSELL C. TAYLOR | |||||
| Name: | Russell C. Taylor | |||||
| Title: | President/CEO | |||||
By signing below, please acknowledge that you agree with the terms and conditions of this letter:
| /s/ STEVEN ZIESSLER Steven Ziessler |
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- Exhibit 10.10
