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                                                                   EXHIBIT 10.11

                       FIRST AMENDMENT TO LETTER AGREEMENT
                            DATED SEPTEMBER 29, 1999

     FIRST AMENDMENT TO LETTER AGREEMENT DATED SEPTEMBER 29, 1999 (this
"Amendment"), between International Specialty Products Inc., a Delaware
corporation (the "Company"), and Sunil Kumar ("Kumar").

                              W I T N E S S E T H :
                              - - - - - - - - - --

     WHEREAS, the Company entered into a Letter Agreement dated September 29,
1999 (the "Agreement") with Kumar;

         WHEREAS, capitalized terms used herein and not otherwise defined shall
have the same meaning as such terms are used in the Agreement; and

         WHEREAS, the Company and Kumar desire to amend the Agreement and the
Note to reflect a change in the terms applicable to the payment of interest
thereunder.

         NOW, THEREFORE, in consideration of the foregoing promises and the
following promises, and for other good and valuable consideration, the receipt
and adequacy of which are hereby acknowledged, the parties agree as follows:

         SECTION 1.        AMENDMENTS TO THE AGREEMENT

     1.1 The third sentence of Section 2(a) of the Agreement shall be amended in
its entirety to read as follows:

         "The Note shall bear interest on the unpaid principal amount
         outstanding, from the date thereof until the Note is paid in full or
         cancelled as provided in paragraph 2(g) hereof, at a rate of six
         percent (6%) per annum payable as follows: (i) three percent (3%) shall
         be payable annually in arrears on February 15 of each year, commencing
         on February 15, 2000 (each a "Mandatory Annual Interest Payment"), and
         (ii) the remaining three percent (3%) shall continue to accrue and
         shall be payable in arrears on the earlier of the stated maturity of
         the Note or the date on which the outstanding principal amount of the
         Note is declared to be due and payable (as such amount may accrue from
         time to time, "Deferred Interest"). "

     1.2 The first sentence of Section 2(g)(i) of the Agreement shall be amended
in its entirety to read as follows:

     "(i) If, during the period commencing on the date hereof and ending at the
     close of business on each Installment Payment Date, you remain continuously
     employed by the Company or any of its subsidiaries, the

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     principal amount of the Loan due and payable on such Installment Payment
     Date shall be forgiven (but not the Deferred Interest), so that if, during
     the period commencing on the date hereof and ending at the close of
     business on January 11, 2004, you have remained continuously employed by
     the Company or any of its subsidiaries, the Loan and the Note shall be
     cancelled and discharged in full; provided that all Mandatory Annual
     Interest Payments and Deferred Interest due on the Note shall have been
     paid."

         SECTION 2.        AMENDMENTS TO THE NOTE

         2.1 The parties hereto agree that the Note is hereby amended to reflect
the terms of this Amendment and, at the option of the Company, Kumar shall
deliver to the Company for cancellation the Note and shall execute a new note in
favor of the Company to reflect such changes or execute an amendment thereto
prepared by the Company, and in each case shall promptly deliver the same to the
Company.

         SECTION 3.        MISCELLANEOUS

         3.1 EXECUTION. This Amendment may be executed in counterparts and by
the different parties hereto on separate counterparts, each of which, when so
executed and delivered, shall be an original, but all such counterparts shall
together constitute but on and the same instrument.

         3.2 GOVERNING LAW. This Amendment shall be governed by, and construed
in accordance with, the laws of the State of New Jersey and for all purposes
shall be enforced in accordance with the internal laws of that state without
regard to the principles of conflicts of law.

         3.3 FULL FORCE AND EFFECT. As amended hereby, the Agreement remains in
full force and effect in accordance with its terms and all future references to
the Agreement or the Note shall mean the Agreement and the Note, in each case as
amended hereby.

         IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be
duly executed and delivered as of the 30th day of November 2000.

                                    INTERNATIONAL SPECIALTY PRODUCTS INC.

                                    By: /S/  SAMUEL J. HEYMAN
                                        -----------------------
                                    Name:  Samuel J. Heyman
                                    Title: Chairman

                                        /S/  SUNIL KUMAR
                                        -----------------------
                                        Sunil Kumar

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                                                                   Exhibit 10.23

YOUNG AMERICA CORPORATION
PERFORMANCE INCENTIVE PLAN

THIS PLAN IS EFFECTIVE FOR THE FISCAL YEAR JANUARY 1 THROUGH DECEMBER 31, 2000.

[ ]      ELIGIBILITY

         Exempt positions designated as Levels 30E through 43E, Levels 45T
         through 48T, and Non-Level positions of Director, Vice President and
         President/CEO are eligible.

         Incentive eligibility for all positions requires approval of the CEO.
         Eligibility will be determined on an annual basis. Only Exempt
         positions will be considered for eligibility.

         To participate in the Plan, the participant must be an active full-time
         employee and will be subject to the terms as follows:

             1.    TERMINATION OF EMPLOYMENT

                   In the event a participant is terminated for cause, no
                   incentive is due.

             2.    NEW HIRES/TRANSFERS/PROMOTIONS

                   Participants with less than 12 months of employment during
                   the plan year will generally be awarded the incentive payment
                   based upon a prorated amount, based on the number of full
                   months of employment. Those newly hired within the fourth
                   quarter of any calendar year will not be eligible for
                   participation until January 1 of the following year.

                   The same provision will apply when an employee is transferred
                   or promoted into an incentive-eligible position. For
                   promotions, demotions and transfers, the incentive
                   calculation will be based on the percentage of base salary
                   assigned to the new eligible position.

             3.    EMPLOYEES MUST BE ACTIVELY EMPLOYED BY YOUNG AMERICA
                   CORPORATION ON THE DAY OF THE INCENTIVE PLAN PAYMENT TO BE
                   ELIGIBLE TO RECEIVE PERFORMANCE INCENTIVE COMPENSATION.

[ ]      INCENTIVE PAYMENTS

         Incentive payments will be paid in the form of a check each year.
         Payments will be made as soon as is practical following final
         accounting, closing of the prior fiscal year goals and upon final Board
         approval. The percentage of base salary will be based on the
         participants actual earned and paid salary for the fiscal year, less
         any amounts for

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         bonuses, SMPTO, etc. All percentage calculations will be rounded to the
         nearest tenth of one percent.

         Performance incentive compensation will be eligible for 401(k)
         deductions and subject to applicable taxes.

[ ]      PLAN OVERVIEW

         The Performance Incentive Plan is comprised of two parts:

             1.    COMPANY FINANCIAL OBJECTIVES

                   The predetermined year-end EBITDA goal will be the key
                   performance factor, which drives the company's objectives. A
                   minimum threshold must be met before any incentive payments
                   will occur. The corporate performance minimum threshold and
                   incremental percentages are:

<TABLE>
<CAPTION>
                   CORPORATE PERFORMANCE     INCENTIVE PERFORMANCE
                   ---------------------     ---------------------
                   <S>                       <C>
                   80% AND BELOW             NO BONUS INCENTIVE PAYOUT
                   81% OF EBITDA             5% OF POTENTIAL BONUS PAYOUT
                   90% OF EBITDA             50% OF POTENTIAL BONUS PAYOUT
                   100% OF EBITDA            100% OF POTENTIAL BONUS PAYOUT
                   120% OF EBITDA            120% OF POTENTIAL BONUS PAYOUT
</TABLE>

                   o   FOR EACH 1% OF CORPORATE PERFORMANCE INCREASE, FROM 80%
                       TO 100%, THE INCENTIVE POTENTIAL BONUS PAYMENT WILL
                       INCREASE BY 5%.

                   o   EXCLUDES COMMISSIONED EMPLOYEES.

                   o   PERTAINS TO EXEMPT EMPLOYEES ONLY.

[ ]      INDIVIDUAL WORK PLAN OBJECTIVES

         At the beginning of each plan year, four to six specific performance
         objectives must be established for each Performance Incentive Plan
         participant. Each individual objective must support the achievement of
         a specific Tactic within the Strategic Plan and are subject to final
         approval by each area Manager and/or Vice President. Attainment of
         these objectives will be evaluated at the end of each plan year; and, a
         composite rating will be assigned to the achievement of these goals.
         This will then transfer into an incentive payment for the based on
         individual performance.

<TABLE>
<CAPTION>
                                CORPORATE PERFORMANCE     INDIVIDUAL PERFORMANCE
                                ---------------------     ----------------------
         <S>                             <C>                      <C>

         President                       100%                       0%
         Vice President                   75%                      25%
         Director                         67%                      33%
         Levels 38E - 43E                 50%                      50%
         Level 57T                        50%                      50%
         Levels 30E - 37E                  0%                     100%
         Levels 45T - 55T                  0%                     100%
</TABLE>

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[ ]      All incentive compensation payments will be reviewed and approved by
         the CEO, CFO and the Compensation Committee of the Board of Directors.

[ ]      Communication of eligibility for the Performance Incentive Plan will be
         made during the offer process for new hires; and, during the month of
         February for all other eligible employees. Each participant will
         receive a written copy of his/her objectives, company goals and
         incentive plan rules at that time.

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