EXHIBIT 10.1
AMENDMENT
TO THE
EXECUTIVE SEVERANCE/CHANGE IN CONTROL AGREEMENT
The Executive Severance/Change in Control Agreement dated as of August
26, 2000 (the "Agreement"), by and between General Binding Corporation,
including its subsidiaries and any successors thereto (collectively referred to
as "GBC"), and [Executive] ("Executive"), is hereby amended as follows:
1. Section 1 of the Agreement is amended to add the following sentence
to the end thereof:
"Anything in the foregoing to the contrary notwithstanding, upon such
involuntary termination Executive shall be deemed to have satisfied the age and
service requirements for retiree medical benefits as in effect on February 10,
2005, and as described in Chapters 4.3 and 4.4 of GBC's Employee Group Benefit
Plan plan document effective January 1, 2003, and Executive and his eligible
dependents may commence coverage for such retiree benefits at any time
following the expiration of the active employee medical and dental continuation
coverage period described above (to the same extent and on the same
cost-sharing basis as do other GBC retirees with the same combined age and
years of service as of Executive's date of termination)."
2. Section 3 of the Agreement is amended to add the following sentence
to the end thereof:
"Anything in the foregoing to the contrary notwithstanding, upon a Change in
Control Termination Executive shall be deemed to have satisfied the age and
service requirements for retiree medical benefits as in effect on February 10,
2005, and as described in Chapters 4.3 and 4.4 of GBC's Employee Group Benefit
Plan plan document effective January 1, 2003, and Executive and his eligible
dependents may commence coverage for such retiree benefits at any time
following the expiration of the active employee medical and dental continuation
coverage period described above (to the same extent and on the same
cost-sharing basis as do other GBC retirees with the same combined age and
years of service as of the date of Executive's Change in Control Termination)."
3. In all other respects, this Agreement shall remain in full force
and effect.
IN WITNESS WHEREOF, Executive and GBC, by its duly authorized
representatives, have executed this Amendment effective as of the date set
forth below.
GENERAL BINDING CORPORATION
------------------------------- By: ---------------------------
[Executive] Title:
------------------------------- -------------------------------
Date: March 17, 2005 Date: March 17, 2005