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Lsb Industries: This Employment Agreement ( Agreement

The following excerpt is from the company's SEC filing.

), dated as of the 1st day of September, 2015 (the

Effective Date

), is entered into by and between LSB Industries, Inc., Oklahoma City, Oklahoma (the


) and Daniel D. Greenwell (


IN CONSIDERATION of the premises and the mutual covenants set forth below, the parties hereby agree as follows:


. The Company hereby agrees to employ Executive as the Interim Chief Executive Officer of the Company, and Executive hereby accepts employment, on the terms and conditions set forth in this Agreement. During the Term, Executive will serve as Interim Chief Executive Officer of the Company and will report directly to the Board of Directors of the Company (the

) and shall perform all services reasonably required to fully execute the duties and responsibilities associated with such position. In addition, Executive shall continue to serve as a member of the Board and termination of Executives employment shall not effect Executives status as a Board member.

. Executive or Company may terminate Executives employment under this Agreement at any time upon thirty (30) days written notice. The Company may terminate Executives employment for Cause without notice. For purposes of this Agreement Cause shall mean termination of employment for one of the following reasons: (i) Executives conviction of or plea of no contest to a felony or other crime involving fraud, dishonesty or moral turpitude; (ii) Executives commission of a willful wrongful act intending to enrich himself at the expense of the Company, or that causes serious injury, monetary or otherwise, to the Company; (iii) Executives willful or reckless neglect or misconduct in the performance of his duties which results in a material adverse effect on the Company; (iv) Executives material violation or disregard of a Company policy; or (v) Executives habitual or gross neglect of duties. Provided that, an act, or failure to act, shall not constitute Cause if it can reasonably be cured by Executive within 10 business days after Executive is given written notice by the Board. The determination of whether it can reasonably be cured shall be determined by the Board. The Term shall mean the period from September 1, 2015 through the date Executives employment terminates.

Compensation and Related Matters

Base Salary

. During the Term, the Company will pay Executive a base salary of $100,000.00 per month (

), payable bi-weekly in accordance with the Companys customary payroll practices between September 1, 2015 and December 31, 2015. Following December 31, 2015 the Base Salary shall continue on a month to month basis until an alternative compensation program is established by the Company in its discretion.

. Executive will not be eligible to participate in the Companys bonus program with respect to the 2015 calendar year and until such time as a new compensation program is established for Executive by the Company.

Welfare, Retirement and Incentive Benefit Plans

. During the Term, Executive (and his spouse and/or dependents to the extent provided in the applicable plans and programs) will be entitled to participate in and be covered under all of the welfare benefit plans or programs regularly maintained by the Company for the benefit of its employees, pursuant to the terms of such plans and programs including, without limitation, all medical, life, hospitalization, dental, disability, accidental death and dismemberment and travel accident insurance plans and programs. If Executive is unable to participate in the Companys health plan on the Effective Date, the Company will reimburse him monthly for the difference in the cost of the premiums paid for coverage for himself and his family and the cost that he would have otherwise incurred had he been eligible to participate in the Companys health plan until such time as he is able to participate in the Companys health plan. In addition, during the Term, Executive will be eligible to participate in all retirement, savings and other employee benefit plans and programs regularly maintained from time to time by the Company for the benefit of its employees. Vacation will be determined in accordance with the Companys vacation policy except Executive will be eligible for four...