[Letterhead] Morgan Products Ltd.
November 3, 1997 CONFIDENTIAL
Mr. Duane Greenly
960 Woodside Terrace
Freeport, IL 61032
Dear Duane:
This is to formally confirm certain understandings between you and Morgan
Products Ltd. regarding relocation related topics, and the impact of the
potential sale of the assets of Morgan Manufacturing on those understandings.
Morgan Products Ltd. agrees that, in the event that the sale of the assets of
Morgan Manufacturing result in your loss of employment we will:
1. Pay the cost of relocating your household goods back to your permanent
residence in Freeport.
2. Pay any lease break charge involved with early departure from your
residential lease in Oshkosh.
3. Make up any difference between your cost basis in the residential building
lot, which you have purchased in Oshkosh and the eventual selling price
should you decide to sell it. The terms and conditions of the sale of the
lot are subject to review by Morgan Products Ltd. prior to acceptance of
an offer on the lot.
4. Should, in the subsequent job search which would follow a termination from
Morgan Products Ltd., or from the new owner (Jeld wen)-as long as that
termination should occur within twelve months of the closing date of the
asset acquisition- a new employer requiring you to relocate not be willing
to provide you with market value protection on the sale of your Freeport
home, Morgan Products Ltd. will provide you with the Prudential type
buyout opportunity on your Freeport home.
Should we be able to retain you within Morgan Products Ltd. and relocation to
another locale becomes necessary, all elements of your original relocation
agreement with us including point three above, would continue to be available to
you.
Sincerely,
/s/ Larry R. Robinette /s/ Darrell Olson
- ---------------------- -----------------
Larry Robinette Darrell Olson
President and CEO Vice President, Human Resources