Notice of Termination of Continuation Agreement between LSB Industries, Inc. and Jack E. Golsen
LSB Industries, Inc. has formally notified Jack E. Golsen that their Continuation Agreement, originally dated April 1, 1981 and amended several times, is terminated effective immediately. The decision was approved by the company's Board of Directors and communicated in accordance with the agreement's terms. This letter serves as official notice of the termination, ending any obligations under the prior agreement.
Exhibit 10.1
March 8, 2017
Jack E. Golsen
Executive Chairman
LSB Industries, Inc.
16 South Pennsylvania
Oklahoma City, OK 73107
| Re: | Termination of that certain Continuation Agreement dated April 1, 1981, as amended July 15, 1982, May1, 1991 and March 1, 1993 by and between Jack E. Golsen and LSB Industries, Inc. (the “Continuation Agreement”) |
Dear Mr. Golsen,
On February 14, 2017, the Board of Directors of LSB Industries, Inc., by a unanimous vote of the disinterested Directors, approved the termination of the referenced Continuation Agreement. and directed Mr. Greenwell and I to provide notice of such termination.
Pursuant to section 8(b) of the Continuation Agreement, please accept this letter as written notice of the termination of the Continuation Agreement. The termination shall be effective immediately upon delivery of this letter.
Please let us know if you have any questions or comments related to this matter.
Very truly yours,
|
| /s/ Daniel Greenwell |
| /s/ Michael Foster |
|
| Daniel D. Greenwell |
| Michael J. Foster |
|
| Chief Executive Officer and President |
| Senior Vice President, General Counsel & Secretary |
