Document:

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                                                                   Exhibit 10(p)
                          MANAGING DIRECTOR AGREEMENT

between

                               H.B. Fuller GmbH
                           An der Roten Bleiche 2-3
                               D-21335  Luneburg

- hereinafter called the "Company" - represented by its shareholder

                              H.B. Fuller Company

which is represented by

                             Mr. Albert Stroucken

and
                               Mr. Peter Koxholt
                               Moerser Str. 395
                                 47803 Krefeld

- hereinafter called the "Managing Director" -

1.  Position
------------

Mr. Peter Koxholt

1.1  will become Managing Director (Geschaftsfuhrer) of the Company as of
     January 1, 1999 or earlier if released from his current employment.

     He is entitled to represent the Company with sole signature.

1.2  The Managing Director is Group President and General Manager Europe ASC; he
     reports to the President and Chief Executive Officer of the H.B. Fuller
     Company. His responsibility as Group President Europe includes strategic
     management, coordination and integration of the European Fuller-Companies,
     setting objectives for and operative control of the individual companies
     and managing the resources that support the following fields:

     -   general management including acquisitions and investment policy

     -   marketing, sales promotion, competition analysis

     -   technical and product development, manufacturing processing, patents

     -   quality, environment, health and safety policy

     -   finance, data-processing, taxes and insurances, legal

     -   internal auditing

     -   personnel policy and organization development

1.3  The Managing Director has to observe the guidelines and instructions which
     may be forthcoming from the shareholders meeting, all statutory provisions
     and the provisions of the by-laws of the Company as well as the applicable
     policies and procedures of H.B. Fuller Company.

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2.   Remuneration
-----------------

2.1  The Managing Director shall receive as remuneration for his services a
     gross annual base salary of

                                DM  500,000.--
                                 -------------

     payable in thirteen equal installments becoming due at the end of each
     month. The gross annual base salary includes the annual holiday allowance.
     The base salary will be reviewed periodically, and may be increased, but
     not decreased, from time to time during the term of this Agreement as
     appropriate to reflect the Managing Director's contributions, the Company's
     performance and market salary movements.

2.2  Additionally the Managing Director will participate in the Company's annual
     incentive plan as established by the shareholder from year to year.
     Currently, this plan provides for payment to the Managing Director of 35%
     of his base if his performance meets targets as set by the Company and up
     to 50% of base salary if his performance exceeds these targets.

     For Fiscal Year 1999 a bonus payment of 35% of Base Salary is guaranteed
     (i.e. DM 175,000.--), of which 50% is to be paid in January 2000 and 50% is
     to be added to the "Transition Allowance" (re 9.2.-b).

     Should performance warrant and should the Shareholder decide, the bonus
     payment for fiscal year 1999 may be in excess of 35% of base; any such
     excess would be paid along with the portion of the guaranteed bonus payable
     in January 2000.

     As per the appointment date the Managing Director will receive an initial
     grant of 1,000 Restricted Stock Units in accordance with the 1992 Stock
     Incentive Plan, but with the opportunity for these restrictions to lapse at
     the end of four years from the date of employment based upon the
     achievement of specific performance targets to be determined by the CEO no
     later than January 31, 1999.

2.3  Furthermore the Managing Director will be eligible for all additional
     benefits as granted to comparable members of management, which benefits may
     be changed from time to time, including the participation in health and
     retirement insurance contributions corresponding to the premium of the
     statutory health and retirement insurance system.

2.4  In case of inability to work due to illness or accident the Managing
     Director will receive after 42 days (for which period his legal claim for
     continued payment of salary will endure) the difference between his regular
     net income and the sickness benefit paid by social health insurance, but
     not longer than for six months from the beginning of his inability to work.

2.5  In case of death of the Managing Director during service the Company will
     pay the monthly salary for the respective month and additional three months
     to the heirs.

2.6  The Managing Director will participate in the Company's Pension Plan
     (att.).

     Periodic adjustments of pension payments will be made in accordance with
     standard practice.

     The Managing Director will participate in H.B. Fuller Company's
     Supplemental Executive Retirement Plan ("SERP") and shall be granted full
     credit for all years of service with the prior employer for purposes of
     eligibility. The benefit (the "SERP" Benefit) payable to the Managing
     Director under the SERP shall be reduced by all other retirement benefits
     received by the Managing Director from all other sources, including social
     security; provided, however, that the SERP benefit shall not be less than
     the amount that would have been paid to the Managing Director under the
     Prior Employer's pension plan and/or supplemental executive retirement
     plan, as in effect on the date of this Agreement, calculated as if the
     Managing Director had continued in the employ of the Prior Employer during
     the term of the Managing Director's employment under this Agreement. In
     determining the amount that would have been paid to the Managing Director
     under the Prior Employer's pension plan and/or supplemental executive
     retirement plan, the Company may assume that the Managing Director's
     compensation from the

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       Prior Employer, and all other factors used to determine the amount of
       such benefit, would have continued during the term of this Agreement at
       the rate or rates in effect at the time of the Managing Director's
       termination of employment with the Prior Employer.

       If the Managing Director dies or becomes disabled before the age of 55,
       the pension and/or disability benefits will be based on the number of
       years of service the Managing Director would have reached at the age of
       55.

2.7    The Company shall provide the Managing Director with an accident
       insurance in accordance with the Corporate Business Travel Accident
       Insurance Policy.

       This insurance provides the Managing Director with a Class I coverage.

2.8    If as a result of the Managing Director's commencement of employment
       hereunder, he does not receive from his Prior Employer any bonuses earned
       but not received as of (resignation date) which he would have been
       entitled to receive, the Company, upon proper documentation by the
       Managing Director, shall pay to the Director such amount not to exceed
       100.000 DM. This payment to be made as soon as practical after proper
       determination.

2.9    The Managing Director will be eligible to participate in other long-term
       incentive plans as offered to "like-managers" of the Company.

2.10   Life insurance benefits as well as medical benefits which the Managing
       Director are provided by his current employer will be maintained under
       this employment.

2.11   The above payments shall constitute compensation for all and any
       activities and services of the Managing Director as member of the
       Management, the Board of Directors, the Supervisory Board or any other
       administrative or supervisory institution of the Company or one of the
       affiliated companies.

3.     Travel Expenses and Company Car
--------------------------------------

3.1    Travel expenses shall be reimbursed upon presentation of invoices in
       compliance with the applicable tax regulations and company policy.

3.2    The Managing Director is entitled to use a company car in accordance with
       the applicable Company Car Policy and in compliance with the applicable
       tax regulations and company policy.

       The Company absorbs the costs for private usage. The Managing Director
       carries the taxes associated with this benefit in kind.

4.  Vacation
------------

       The Managing Director is entitled to an annual vacation of currently 30
       working days. Working days are all calendar days which are neither
       Saturdays nor Sundays nor legal holidays at the place of business of the
       Company.

5.     Side Activities
----------------------

       The Managing Director shall devote his efforts exclusively to the Company
       and he shall promote the interest of the Company with his best ability.
       He must not engage in any additional professional occupations against
       remuneration or participation of any kind in any other business without
       the consent of the shareholders meeting or the consent of his immediate
       superior. The assumption of any professional or public honorary position
       shall be reconciled with the immediate superior.

6.     Secrecy and Inventions
-----------------------------

6.1    The Managing Director is committed, in particular with respect to the
       period after termination of this agreement, to keep strictly secret all
       confidential matters and trade secrets of the Company which will have
       come to his attention within the scope of his activities for the Company
       and

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       which are not public domain. When leaving the Company the Managing
       Director shall return to the Company all files and other documents
       concerning the business of the Company in his possession -- specifically
       all customer lists, printed material, documents, sketches, notes,
       drafts -- as well as copies thereof.

6.2 1.    All rights pertaining to inventions, whether patentable or not, and to
          proposals for technical improvements made and to computer software
          developed by the Managing Director (hereinafter jointly called
          "inventions") during the term of this Service Contract shall be deemed
          acquired by the Company. The Managing Director shall inform the
          Company of any inventions immediately in writing and shall assist the
          Company in acquiring patent or other industrial property rights, if
          the Company so desires.

    2.    Subsection (6.2.1) above shall apply to any inventions no matter
          whether they

          a)   are related to the business of the Company,

          b)   are based on experience and Know-how of the Company,

          c)   emanate from such duties of activities as are to be performed by
               the Managing Director within the Company, or

          d)   materialize during or outside normal business hours of the
               Company.

3.        The Company's right to inventions acquired hereunder shall in no way
          be affected by any amendments to or the termination of this Service
          Contract.

          The Company shall be entitled to claim and utilize all inventions
          which have been achieved by the Managing Director during the term of
          this Agreement and which are either developed from the activities and
          services owed to the Company and the affiliated companies or
          substantially based on experiences or works of the Company or the
          affiliated companies. In detail, the provisions of the Employee-
          Invention Act of 25.7.1957 shall apply according to the version in
          force at the relevant time.

6.3  Any compensation for inventions will be made in accordance with the
     Employee-Inventions Act of 25.7.1957 in the version in force at the
     relevant time.

7.   Duration
-------------

7.1  This Agreement will be entered for a period of three years. If no notice is
     given six months before the expiration date, this Agreement will become an
     agreement for an indefinite period of time and can then be terminated at
     any time by the Company by giving six months notice to a month end or by
     the Managing Director giving three months notice accordingly.

     The Managing Director's employment may be terminated at any time by the
     Company for cause.

     The occurrences of any of the following events or circumstances shall
     constitute "cause" for termination,

     a)   The perpetration of defalcations by the Managing Director involving
          the Company or any of it affiliates, as established by certified
          public accountants employed by the Company, or willful, reckless or
          grossly negligent conduct of the Managing Director entailing a
          substantial violation of any material provision of the laws, rules,
          regulations or orders of any governmental agency applicable to the
          Company or its subsidiaries.

     b)   The repeated and deliberate failure by the Managing Director, after
          advance written notice to him, to comply with reasonable policies or
          directives of the Board.

     c)   The breach by the Managing Director of this Agreement in any other
          material respect and the failure of the Managing Director to cure such
          breach within 30 calendar days after the Managing Director receives
          written notice of such breach from his immediate superior.

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     In the event that the Company terminates the Managing Director's employment
     for cause as stated above or, the Managing Director voluntarily terminates
     his employment, the Company shall thereupon have no further obligation to
     the Managing Director to pay or provide for any of the compensation and
     benefits hereunder, except that the Managing Director will be entitled to
     be paid and to receive all Base Salary earned through the date of the
     Managing Director's termination; the Managing Director's annual incentive
     compensation, if any, according to the plan as then in effect; and any
     other benefits payable pursuant to the provisions of the Company's employee
     benefit plans as then in effect.

7.2  In the case of termination other than for cause or voluntary termination by
     the Managing Director, the Company shall pay the Managing Director all base
     salary earned through the duration of this contract. In addition, the
     Managing Director will receive any annual incentive compensation earned by
     unpaid as of the date of termination. The Managing Director will continue
     to be covered under all applicable health, welfare and retirement plans, as
     he was covered immediately prior to his termination under this section,
     through the duration of the contract. Furthermore, from the date of
     termination through the duration of the contract, the Managing Director
     will continue to accrue service under the Company's pension plan and SERP.

7.3  At any time following the termination of the contract for any reason, the
     Managing Director may apply for retirement benefits in accordance with
     Section 2.6.

7.4  The Agreement will end in any case at the end of the month in which the
     Managing Director has completed the 65th year of his life.

8.   Post-Termination Non-Compete Agreement
-------------------------------------------

8.1  In consideration of the Managing Director's activities for the Company and
     his additional far-reaching European responsibilities which have provided
     him and will further provide him with comprehensive business contacts and
     knowledge in the field of the economic activities of the Company and/or
     other companies of the Fuller Europe-Group, the parties agree to the
     following terms and conditions of a post-termination non-compete agreement
     which they acknowledge necessary and reasonable to protect the proper
     business interests of the Company and/or other companies of the Fuller
     Europe-Group.

8.2  The Managing Director shall, during a period of two years after the
     termination of this Employment, neither on his own account nor in an
     employment, advisory or any supporting capacity, neither occasionally or
     permanently, neither directly or indirectly be engaged for any company or
     affiliated company having business activities in the economic fields of the
     Company and/or other companies of the Fuller Europe-Group ("competitive
     business").

     The Managing Director shall also not set up a competitive business or
     participate in such competitive business, neither directly nor indirectly,
     provided that such participation exceeds 5%.

8.3  This Post-Termination Non-Compete Agreement shall apply within the area of
     Germany and Europe.

8.4  During the term of this Post-Termination Non-Compete Agreement the Company
     shall pay to the Managing Director a monthly compensation in the amount of
     the last monthly gross base salary, set out in 2.1, subject to the usual
     tax and social security duties.

8.5  Any other income which the Managing Director receives for professional
     activity or which he refuses to achieve in bad faith, shall be credited
     against the compensation, set out in 8.4.

     The Managing Director shall inform the Company of such other income and its
     amount immediately and satisfactorily, including a formal and sufficient
     declaration that his professional activity does not constitute a competing
     activity according to 8.2, 8.3.

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     Irrespective of the aforementioned, upon request, the Managing Director
     shall inform the Company of any income and/or any opportunities of
     professional activity.

     In case the Managing Director should refuse such information, he shall not
     receive the compensation set out in 8.4 for the time of such refusal. The
     obligation of non-compete shall continue to apply.

8.6  The Company shall not pay any compensation if the Managing Director
     receives pension payments out of an old age, invalidity and descendant's
     pension system provided by the Company and/or any company of the Fuller
     Europe-Group.

8.7  In case of the Managing Director's activity for a company of the Fuller
     Europe-Group, the Company shall not pay the compensation set out in 8.4, if
     the Managing Director's remuneration in respect of such activity exceeds
     the amount of this compensation.

8.8  The Company shall be entitled to waive this Post-Termination Non-Compete
     Agreement with immediate effect within two months after having received or
     given notice of termination, in which case the Company will have no payment
     obligation under 8.4.

8.9  If any regulation of this agreement of Clause 8 should be or become fully
     or partly invalid, the validity of the remaining regulations shall not be
     affected. The invalid regulation shall be replaced by such valid regulation
     achieving the closest possible purpose of the invalid regulation. This
     shall also apply if the invalidity of regulation should be based on reasons
     of time, subject, area or compensation; in such case the legally admissible
     shall apply.

Miscellaneous
-------------

9.1  This contract will become null and void if the Managing Director is not
     able to effectively assume the offered position as per January 1, 1999.

9.2  Relocation
     ----------

     a)   The relocation policy of H.B. Fuller Company will govern any
          relocation required of the Managing Director as a result of his
          joining the Company.

     b)   50% of the guaranteed Incentive payment as referred to in 2.2. will be
          added to the "Transition Allowance" [Relocation Allowance] payable at
          joining date.

9.3  Amendments and additions must be in writing to be effective.

9.4  In the case of contradiction between both versions the German version shall
     prevail.

9.5  The Agreement shall be subject to German law.

9.6  The court in which jurisdiction the Company falls, is the competent court.

9.7  The Collective Labour Agreement for university graduates in the chemical
     industry will be used as a reference for the determination of the benefit
     levels.

Date:  October 15, 1998

     /s/ Albert P.L. Stroucken                    /s/ Peter Koxholt
-----------------------------------            --------------------------
   H.B. Fuller GmbH, Luneburg

                                        6<PAGE>

                                                                   Exhibit 10(q)
                          CHANGE IN CONTROL AGREEMENT

     THIS AGREEMENT (the "Agreement") is made this 15/th/ day of October,
1998, by and between H.B. Fuller Company, a Minnesota corporation (the
"Company") and Peter Koxholt (the "Executive").

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

     WHEREAS, the Company recognizes the valuable services that Executive has
rendered to the Company and/or its Affiliated Entities and desires to be assured
that the Executive will continue to actively participate in the business of the
Company; and

     WHEREAS, the Executive is willing to continue to serve the Company but
desires assurance that in the event of any change in control of the Company, or
a change in status of the Affiliated Entity for which the Executive is employed,
the Executive will continue to have the responsibility and status that the
Executive has earned; and

     WHEREAS, the Company's Board of Directors has determined that it is
appropriate to reinforce and encourage the continued attention and dedication of
members of the Company's management, including the Executive, to their assigned
duties without distraction in potentially disturbing circumstances arising from
the possibility of a change in control of the Company;

     NOW, THEREFORE, in consideration of the premises and the mutual agreements
herein contained, the Company and the Executive hereby agree as follows:

     1.   Term.  The Term of this Agreement shall commence on the date hereof
     ---------
and shall terminate upon the earliest to occur of:

          (a)  The "Expiration Date;"

          (b)  the termination of the Executive's employment under circumstances
     that do not entitle the Executive to benefits under paragraph 3 or
     paragraph 4;

          (c)  the Executive's death;

          (d)  the date, prior to a Change in Control or a Change in Status, on
     which the Executive ceases to be in pay grade 35 through 49;

          (e)  the third anniversary of the occurrence of a Change in Control,
     if the Executive is still employed by the Company and/or an Affiliated
     Entity on such date; or

          (f)  the first anniversary of the occurrence of a Change in Status,
     unless the Executive is still employed by the Company and/or an Affiliated
     Entity on such date; provided, that the expiration of the Term shall not
     relieve the Company of its obligations to make any payments or provide any
     benefits which are or become due to the Executive subsequent to the
     expiration of the Term. For purposes of this paragraph, the "Expiration
     Date" of this Agreement is the first anniversary of the date on which the
     Term begins; provided, that on each day after the date on which the Term
     begins the Expiration Date shall automatically extend for an additional
     day, so that the remaining Term shall always be one year, unless the
     Company gives written notice to the Executive that the Term shall not be so
     extended, whereupon the Expiration Date shall be the date which is one year
     after the date of such notice. Notwithstanding the foregoing, upon the
     occurrence of a Change in Control during the Term of this Agreement, the
     Expiration Date shall

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     automatically be extended to the third anniversary of the date on which the
     Change in Control occurs.

     2.   Employment.  In the absence of a Change in Control or a Change in
     ---------------
Status, the Executive agrees to remain in the employ of the Company and/or its
Affiliated Entities in a pay grade which is not less than the Executive's
existing pay grade, during the Term of this Agreement, unless the Executive's
employment is earlier terminated by the Company. It is understood and agreed
that this paragraph 2 does not impose any additional obligations on the Company
prior to the occurrence of a Change in Control or a Change in Status, nor does
it impair the Company's rights (if any) to terminate the Executive's employment,
or alter Executive's employment status, prior to a Change in Control or a Change
in Status, with or without Cause.

     3.   Change in Control Benefits.  If, during the Term of this Agreement and
     -------------------------------
upon or after the occurrence of a Change in Control, the Executive's employment
is terminated by the Company other than for Cause or Disability or by the
Executive for Good Reason, or if the Executive's employment is terminated by the
Executive for any reason during a period of 90 days following the first
anniversary of the occurrence of the Change in Control, the Executive shall be
entitled to the following payments and benefits:

          (a)  Severance Pay.  The Executive shall be entitled to a lump sum
          ------------------
     payment in an amount equal to three times the Executive's Annual
     Compensation, which payment shall be made to the Executive within ten days
     after the Executive's termination of employment. Payments under this
     paragraph (a) shall be reduced (but not below zero) by any salary, bonuses,
     or incentive payments the Executive is entitled to receive upon termination
     pursuant to the terms of that certain Managing Director Agreement between
     Executive and H.B. Fuller GmbH, and payments under this paragraph (a) shall
     further be reduced (but not below zero) by any Post-Termination Non-Compete
     Agreement payments the Executive is entitled to receive pursuant to the
     terms of said Managing Director Agreement. If the Executive is also
     entitled to severance payments which would be made in the absence of a
     change in control under any plan or program of the Company, or under the
     laws of any federal, state, local or foreign jurisdiction, the amount
     payable to the Executive pursuant to this paragraph (a) shall be reduced
     (but not below zero) by the Present Value of such other severance payments.
     Payments under this paragraph (a) shall not be considered in determining
     the amount of the Executive's benefits under any pension, profit sharing,
     stock bonus or other employee benefit plan of the Company or any Affiliated
     Organization.

          (b)  Medical and Dental Coverage.  The Executive shall be entitled to
          --------------------------------
     continued coverage under any medical or dental plan maintained by the
     Company in which the Executive was participating at the time of the
     Executive's termination of employment, for a period of three years
     following the Executive's termination of employment. Rules comparable to
     those governing the provision of continuation coverage under Section 602 of
     ERISA shall apply to the coverage provided under this paragraph, except
     that:

               (i)    the coverage may not be discontinued prior to the
          expiration of the period specified in this paragraph (a), except for
          the Executive's failure to make a required contribution;

               (ii)   the contributions required of the Executive for such
          coverage may not exceed the contributions required for the same
          coverage from a similarly situated active employee; and

               (iii)  if the Company discontinues the plan or plans in which the
          Executive was participating prior to the expiration of such three year
          period, the Company shall substitute

                                      -2-
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          equivalent coverage under one or more other plans or, if there are no
          other plans, under one or more individual insurance policies.

     It is the intent of the Company that neither the coverage provided pursuant
     to this paragraph (b), nor the benefits received as a result of such
     coverage, shall be subject to U.S. income taxation to the Executive.
     Accordingly, if the Company determines that the coverage to be provided
     under this paragraph (b) would cause a self-insured plan maintained by the
     Company or an Affiliated Organization to be in violation of the
     nondiscrimination requirements of section 105(h) of the Code, it shall
     substitute insured coverage providing equivalent benefits, at no greater
     cost to the Executive, to the extent necessary to avoid such
     discrimination.

          (c)  Outplacement Services.  The Company shall pay for any
          --------------------------
     outplacement services provided to the Executive; provided, that the total
     amount paid for such services shall not exceed $25,000. The Employer shall
     pay (or, at its option, reimburse the Executive) for such services within
     ten days after its receipt of a statement from the service provider.

          (d)  Company Car.  The Company shall transfer to the Executive title
          ----------------
     to his or her Company car, if any, at no cost to the Executive.

4.   Change in Status Benefits.  If, during the term of This Agreement and upon
------------------------------
the occurrence of a Change in Status, but before the first anniversary of the
occurrence of said Change in Status, the Executive's employment is terminated
other than for Cause or Disability or by the Executive for any reason, the
Executive shall, subject to the further provisions hereof, be entitled to
receive the same payments and benefits set forth in the preceding paragraphs
3(a),(b),(c), and (d).

     In no event shall Executive be entitled to receive both the benefits under
paragraph 3 and paragraph 4 of this Agreement. Upon receipt of benefits under
either paragraph 3 or paragraph 4, the Executive's right to further benefits
hereunder shall be extinguished and this Agreement shall be terminated.

     5.   Limitation; Make Whole Payment.
     -----------------------------------

          (a)  If any payments or other benefits due to the Executive under this
     Agreement and/or under any other plan or program of the Company or an
     Affiliated Organization would be subject to the tax (the "Excise Tax")
     imposed by section 4999 of the Code, and if the amount of the Executive's
     "parachute payments" (as defined in section 280G(b)(2) of the Code) with
     respect to such Change in Control does not exceed 330% of the Executive's
     "base amount" (as defined in section 280G(b)(3) of the Code), then such
     payments or other benefits shall be adjusted until the amount of the
     parachute payments equals 299% of such base amount. The adjustments shall
     be made in such manner, and to such payments or other benefits, as the
     Executive and the Company shall mutually agree.

          (b)  If any payments or other benefits due to the Executive under this
     Agreement and/or under any other plan or program of the Company or an
     Affiliated Organization would be subject to the Excise Tax, and if the
     amount of the Executive's parachute payments (as defined in paragraph (a))
     exceeds 330% of the Executive's base amount (as defined in paragraph (a)),
     the Company shall pay to the Executive an additional amount (the "Make
     Whole Payment") so that the net amounts retained by the Executive, after
     the deduction of the Excise Tax and any federal, state, local, and foreign
     income taxes and Excise Taxes imposed upon the Make Whole Payment, shall be
     equal to the payments and other benefits the Executive would have received
     in the absence of the Excise Tax. The Make Whole Payment shall be paid to
     the Executive within 30 days after the Executive's termination of
     employment.

                                      -3-
<PAGE>

          (c)  For purposes of determining the amount of the Make Whole Payment,
     the Executive shall be deemed to pay federal income tax at the highest
     marginal rate of federal income taxation in the calendar year(s) in which
     the Make Whole Payment is to be made and state, local and foreign income
     taxes at the highest marginal rates of taxation in the state and locality
     or foreign jurisdiction of the Executive's residence, net of the reduction
     in federal income taxes which could be obtained from any deduction or
     credit attributable to the state, local or foreign taxes. If, after a Make
     Whole Payment has been made, the Excise Tax is determined to be less than
     the Make Whole Payment, the Executive shall repay to the Company at the
     time that the amount of such reduction in Excise Tax is finally determined
     the portion of the Make Whole Payment attributable to such reduction, plus
     interest on the amount of such repayment at the rate provided in section
     1274(b)(2)(B) of the Code. If, after a Make Whole Payment has been made,
     the Excise Tax is determined to exceed the amount of the Make Whole Payment
     (including by reason of any payment the existence or amount of which cannot
     be determined at the time of the Make Whole Payment), the Company shall
     make an additional Make Whole Payment in respect of such excess, plus
     interest on the amount of such payment at the rate provided in section
     1274(b)(2)(B) of the Code, at the time that the amount of such excess is
     finally determined.

     6.   Definitions.  For the purposes of this Agreement:
     ----------------

          (a)  "Affiliated Entity" means any legal entity for which the Company
     holds at least a 50% ownership interest.

          (b)  "Affiliated Organization" means any corporation that would be a
     member of a controlled group of corporations (within the meaning of section
     414(b) of the Code) that includes the Company, and any trade or business
     (whether or not incorporated) that would be controlled (within the meaning
     of section 414(c) of the Code) by the Company, if the phrase "at least 70%"
     were substituted for the phrase "at least 80%" each place it appears in
     section 1563(a)(1) of the Code and in regulations under section 414(c) of
     the Code.

          (c)  "Annual Compensation" means the sum of:

               (i)  the Executive's annual base salary at the highest rate in
          effect during the period commencing three months prior to the
          occurrence of the Change in Control and ending on the date of the
          Executive's termination of employment; plus

               (ii) the largest bonus and/or incentive payments payable to the
          Executive for any fiscal year of the Company during the period
          commencing 36 months prior to the occurrence of the Change in Control
          and ending on the date of the Executive's termination of employment.

          (d)  "Cause" means any act by the Executive that is materially
     inimical to the best interests of the Company and that constitutes common
     law fraud, a felony or other gross malfeasance of duty on the part of the
     Executive. "Cause" specifically includes, but is not limited to, the
     definition of "cause" set forth in Section 7 of that certain Managing
     Director Agreement between Executive and H.B. Fuller GmbH. The Executive
     may only be terminated for Cause upon 90 days prior written notice to the
     Executive, which notice shall specify the nature of the Cause for
     termination, and then only if it is subsequently determined by the Board of
     Directors of the Company that the Executive has failed to cure the stated
     Cause prior to or during such 90-day period.

          (e)  "Disability" or "Disabled" means the Executive's inability, by
     reason of any physical or mental impairment, to perform the duties of the
     position the Executive then occupies for a period of not less than 180
     consecutive days. The Executive may only be terminated for Disability upon
     receipt by the Company of an opinion of one or more physicians jointly
     selected by

                                      -4-
<PAGE>

     the Executive and the Company that the Executive has been Disabled for such
     period, and then only if the Executive is eligible for immediate benefits
     under the Company's long-term disability plan.

          (f)  "Change in Control" means:

               (i)    a change in control of the Company of a nature that would
          be required to be reported in response to Item 6(e) of Schedule 14A of
          Regulation 14A promulgated under the Exchange Act, whether or not the
          Company is then subject to such reporting requirement;

               (ii)   the public announcement (which, for purposes of this
          definition, shall include, without limitation, a report filed pursuant
          to Section 13(d) of the Exchange Act) by the Company or any "person"
          (as such term is used in Sections 13(d) and 14(d) of the Exchange Act)
          that such person has become the "beneficial owner" (as defined in Rule
          13d-3 promulgated under the Exchange Act), directly or indirectly, of
          securities of the Company representing 30% or more of the combined
          voting power of the Company's then outstanding securities;

               (iii)  the Continuing Directors cease to constitute a majority of
          the Company's Board of Directors;

               (iv)   the shareholders of the Company approve (A) any
          consolidation, merger, or statutory share exchange of the Company with
          any person in which the surviving entity would not have as its
          directors at least 60% of the Continuing Directors and would not have
          at least 60% of the combined voting power of its outstanding
          securities held by persons who were shareholders of the Company
          immediately prior to such consolidation, merger, or statutory share
          exchange; (B) any sale, lease, exchange or other transfer (in one
          transaction or a series of related transactions) of all or
          substantially all of the assets of the Company; or (C) any plan of
          liquidation or dissolution of the Company; or

               (v)    the majority of the Continuing Directors determine in
          their sole and absolute discretion that there has been a change in
          control of the Company.

     The Company shall notify the Executive promptly of the occurrence of a
     Change in Control.

          (g)  "Change in Status" means:

               (i)    a sale or transfer of the Affiliated Entity for which the
          Executive is employed, except for a sale or transfer to another
          Affiliated Entity;

               (ii)   a combining of the Affiliated Entity for which the
          Executive is employed with another entity such that the resulting
          entity is no longer an Affiliated Entity; or

               (iii)  a filing for bankruptcy protection by the Affiliated
          Entity for which the Executive is employed.

          (h)  "Code" means the Internal Revenue Code of 1986, as amended. Any
     reference to a specific provision of the Code will include a reference to
     such provision as it may be amended from time to time and to any successor
     provision.

          (i)  "Company" means the Company as hereinbefore defined and any
     successor or assign to its business and/or assets which executes and
     delivers the agreement provided for in paragraph 10 or which otherwise
     becomes bound by all the terms and provisions of this

                                      -5-
<PAGE>

     Agreement by operation of law. If at any time during the term of this
     Agreement the Executive is employed by an Affiliated Organization, the term
     "Company" as used in this Agreement (other than in paragraphs 6(e) and
     10(a) hereof) shall in addition include such Affiliated Organization. In
     such event, the Company agrees that it shall pay or provide, or shall cause
     such Affiliated Organization to pay or provide, any amounts or benefits due
     the Executive pursuant to this Agreement.

          (j)  "Continuing Director" means any person who is a member of the
     Board of Directors of the Company, while such person is a member of the
     Board of Directors, who is not an Acquiring Person (as defined below) or an
     Affiliate or Associate (as defined below) of an Acquiring Person, or a
     representative of an Acquiring Person or any such Affiliate or Associate,
     and who (i) was a member of the Board of Directors on August 1, 1997 or
     (ii) subsequently becomes a member of the Board of Directors, if such
     person's initial nomination for election or initial election to the Board
     of Directors is recommended or approved by a majority of the Continuing
     Directors. For purposes of this paragraph, "Acquiring Person" shall mean
     any "person" (as such term is used in Sections 13(d) and 14(d) of the
     Exchange Act) who or which, together with all Affiliates and Associates of
     such person, is the "beneficial owner" (as defined in Rule 13d-3
     promulgated under the Exchange Act), directly or indirectly, of securities
     of the Company representing 30% or more of the combined voting power of the
     Company's then outstanding securities, but shall not include the Company,
     any subsidiary of the Company, any employee benefit plan of the Company or
     of any subsidiary of the Company or any entity holding shares of the
     Company's common stock organized, appointed or established for, or pursuant
     to the terms of, any such plan; and "Affiliate" and "Associate" shall have
     the respective meanings ascribed to such terms in Rule 12b-2 promulgated
     under the Exchange Act.

          (k)  "Exchange Act" means the Securities Exchange Act of 1934, as
     amended.

          (l)  "Good Reason" means:

               (i)  any change adverse to the Executive in the Executive's
          position, reporting responsibilities, duties, compensation, benefits
          or other terms or conditions of employment; or

               (ii) any change in the Executive's principal place of employment,
          if the new principal place of employment is more than 50 miles from
          the previous principal place of employment.

     The Executive shall not be deemed to have terminated employment for Good
     Reason unless the termination occurs within 180 days after the Executive is
     notified by the Company of the event constituting Good Reason or, if later,
     within 180 days after the occurrence of such event.

          (m)  "Present Value" shall be determined based on the following
     actuarial assumptions:

               (i)  Interest:  The interest rate on 30-year U.S. Treasury
               -------------
          obligations as of the December 31 coinciding with or immediately
          preceding the date as of which Present Value is determined.

               (ii) Mortality:  1993 Group Annuity Mortality Table.
               --------------

     7.   Legal Expenses.  If the Executive institutes or defends any legal
     -------------------
action to enforce the Executive's rights under, or to defend the validity of,
this Agreement, the Executive shall be entitled to recover from the Company any
actual expenses for attorney's fees and disbursements incurred by the Executive.
Such fees and disbursements shall be paid or reimbursed by the Company on a
regular,

                                      -6-
<PAGE>

periodic basis upon presentation of statements prepared by the Executive's
attorney in accordance with his or her customary practices. Any amounts paid to
the Executive pursuant to this paragraph 7 shall be refunded to the Company,
with interest at the rate provided in section 1274(b)(2)(B) of the Code, if the
claim or defense asserted by the Executive is dismissed under circumstances
resulting in the imposition of sanctions under Rule 11 of the Federal Rules of
Civil Procedure, or under any similar federal, state or foreign rule or statute.

     8.   No Mitigation.  The Executive's benefits hereunder shall be in
     ------------------
consideration of the Executive's past service and the Executive's continued
service from the date of this Agreement, and the Executive's entitlement thereto
shall not be governed by any duty to mitigate damages by seeking further
employment nor offset by any compensation which the Executive may receive from
future employment.

     9.   Other Benefits.  The specific arrangements referred to in this
     -------------------
Agreement are not intended to exclude Executive's participation in other
benefits available to executive personnel generally or to preclude other
compensation or benefits as may be authorized by the Company from time to time.

     10.  Successors.
     ---------------

          (a)  The Company will require any successor or assign (whether direct
or indirect, by purchase, merger, consolidation or otherwise) to all or
substantially all of the business and/or assets of the Company, by agreement in
form and substance satisfactory to the Executive, expressly, absolutely and
unconditionally to assume and agree to perform this Agreement in the same manner
and to the same extent that the Company would be required to perform it if no
such succession or assignment had taken place. Any failure of the Company to
obtain such agreement prior to the effectiveness of any such succession or
assignment shall be a material breach of this Agreement and shall entitle the
Executive to terminate the Executive's employment for Good Reason, whereupon the
Executive shall be entitled to receive the payments and other benefits described
in this Agreement as though such termination had occurred upon or after the
occurrence of a Change in Control.

          (b)  This Agreement shall inure to the benefit of and be enforceable
by the Executive's personal and legal representatives, executors,
administrators, successors, heirs, distributees, devisees and legatees. If the
Executive should die while any amounts are still payable to the Executive
hereunder, all such amounts, unless otherwise provided herein, shall be paid in
accordance with the terms of this Agreement to the Executive's devisee, legatee,
or other designee or, if there be no such designee, to the Executive's estate.

     11.  Notice.  For purposes of this Agreement, notices and all other
     -----------
communications provided for in the Agreement shall be in writing and shall be
deemed to have been duly given when delivered or mailed by United States
registered mail (or its equivalent for overseas delivery), return receipt
requested, postage prepaid, and addressed as follows:

          If to the Company:

          H.B. Fuller Company
          P.O. Box 64683
          St. Paul, MN 55164-0683
          Attention:  General Counsel

          If to the Executive:

          Peter Koxholt
          Moerser Str. 395
          47803 Krefield
          Germany

                                      -7-
<PAGE>

or to such other address as either party may have furnished to the other in
writing in accordance herewith, except that notices of change of address shall
be effective only upon receipt.

     12.  Severability.   If any provision of this Agreement is held by a court
     -----------------
of competent jurisdiction to be prohibited by or invalid under applicable law,
such provision shall be ineffective only to the extent of such prohibition or
invalidity, without invalidating the remainder of such provision or the
remaining provisions of this Agreement.

     13.  Counterparts.  This Agreement may be executed in one or more
     -----------------
counterparts, each of which shall be deemed to be an original but all of which
together will constitute one and the same instrument.

     14.  Modifications; Waiver.  No provision of this Agreement may be
     --------------------------
modified, waived or discharged unless such waiver, modification or discharge is
agreed to in writing signed by the Executive and the Company. No waiver by
either party hereto at any time of any breach by the other party of, or
compliance with, any condition or provision of this Agreement to be performed by
such other party shall be deemed a waiver of similar or dissimilar provisions or
conditions at the same or at any prior or subsequent time.

     15.  Applicable Law.  This Agreement shall be governed by and construed in
     -------------------
accordance with the laws of the State of Minnesota.

     16.  Status of Agreement.  This Agreement is designated as a "Change in
     ------------------------
Control Agreement" for the purposes of Article XIII of the H.B. Fuller Company
Group Benefit Plan and for the purposes of any successor or substitute provision
requiring such a designation.

                                 *  *  *  *  *

     IN WITNESS WHEREOF, the parties have executed this Agreement as of the date
first above written.

                                   H.B. FULLER COMPANY
                                   By:  /s/ Albert Stroucken
                                      ------------------------------------

                                   As its:  President and CEO
                                          --------------------------------

                                   /s/ Peter Koxholt
                                   ---------------------------------------
                                   Peter Koxholt

                                      -8-

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