EX-10.12 3 dex1012.txt EXHIBIT 10.12 Exhibit 10.12 3000 N.E. 30th Place, 5th Floor Fort Lauderdale, Florida 33306 (954) 563-1224 (954) 565-0742 FAX BCT LETTERHEAD APPEARS HERE Wholesale Printers to the Trade -------------------------------------- November __, 2002 Henry A. Johnson, Senior Vice President BCT International, Inc. 3000 Northeast 30 Place, Fifth Floor Fort Lauderdale, Florida 33306 Re: Henry A. Johnson/Severance Dear Hank: In accordance with the resolution passed by the Company's Board of Directors at the meeting held on October 10, 2002, this letter amends your rights upon termination of your employment with the Company and amends the second item of section 3 of the letter agreement between the Company and you dated February 23, 2001 by adding the following provisions: 1. In the event that there is a Change in Control of the Company (as defined in the Company's 1995 Stock Option Plan) and within one year of such Change of Control either (i) your employment is terminated by the Company for any reason or (ii) your duties are materially changed or your compensation and/or benefits are reduced and you voluntarily terminate your employment as a result of such change or reduction, then your then current compensation and benefits, prior to any change, shall continue for a period of 12 months beginning the month following the month of your termination. This compensation will be in addition to any accrued but unpaid vacation or holiday time due you. 2. Additionally, at your option, you may elect to have the Company purchase any vested stock options held by you at the difference between the market price of the stock and the exercise price for each such option, at any time during the 12 month severance period. Please confirm your agreement with the foregoing by signing in the space provided below. Very truly yours, /s/ John Galardi John Galardi Chairman, Compensation Committee Agreed and Accepted this 9 day of December, 2002 --- --------- /s/ Henry A. Johnson ------------------------- Henry A. Johnson