Consulting Agreement Summary between Kronos Worldwide, Inc. and Dr. Larry A. Wigdor
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Summary
Kronos Worldwide, Inc. has entered into an informal consulting arrangement with Dr. Larry A. Wigdor, who will provide ongoing management support for Kronos' TiO2 operations. The agreement began on August 1, 2003, and can be ended by either party at any time. Dr. Wigdor receives a monthly payment, lump-sum bonuses based on company performance, and annual payments tied to executive bonuses. If terminated before December 31, 2006, he is entitled to a year’s compensation and continued health benefits. Additional benefits include office space, support staff, and indemnities.
EX-10.2 4 kwiform_10q2004ex10-2.txt Exhibit 10.2 [Summary of Informal Consulting Arrangement] Set forth below is a summary of the material terms of the informal consulting arrangement between Kronos Worldwide, Inc. ("Kronos") and Dr. Larry A. Wigdor Dr. Wigdor will provide ongoing management involvement in Kronos' TiO2 operations. The consultancy will begin on August 1, 2003 and may be terminated by either party at any time. Beginning on August 1, 2003 Dr. Wigdor will receive a monthly payment of $84,000. Dr. Widgor received a payment of $461,000 on August 1, 2003. Dr. Widgor received a payment of $461,000 on February 1, 2004 following Kronos' achievement of 2003 segment profit of $130 million (as Kronos defines that term internally). Beginning in 2004, Dr. Wigdor will receive annual payments that are no less than the average bonus paid to the three executives of NL and Kronos combined receiving the highest paid bonuses for 2004 and 2005, respectively, excluding the Chief Executive Officer of NL. If Kronos terminates the consultancy arrangement prior to December 31, 2006, Dr. Wigdor will receive twelve months compensation, and medical and dental coverage through December 31, 2006. In addition, if the arrangement is terminated in 2004 or thereafter, Dr. Wigdor will receive a pro-rata portion of the annual payment for the year in which the termination occurs. The arrangement provides Dr. Wigdor various other benefits, such as an office, secretarial support, certain indemnities and health care and related welfare benefits.
