Second Amendment to Boston Properties, Inc. Officer Severance Plan

Contract Categories: Human Resources › Severance Agreements
Summary

This amendment updates the Boston Properties, Inc. Officer Severance Plan, originally adopted in 1998, by changing the order in which severance payments are reduced if necessary. The new order prioritizes reducing certain cash payments first, followed by equity-based and non-cash benefits. All other terms of the plan remain unchanged. The amendment was executed by the company's Executive Vice President and Chief Operating Officer on December 15, 2008.

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EX-10.57 17 dex1057.htm SECOND AMENDMENT TO THE BOSTON PROPERTIES OFFICER SEVERANCE PLAN Second amendment to the Boston Properties Officer Severance Plan

EXHIBIT 10.57

 

SECOND AMENDMENT

TO

BOSTON PROPERTIES, INC.

OFFICER SEVERANCE PLAN

 

A. The Boston Properties, Inc. Officer Severance Plan, as adopted as of July 30, 1998 (the “Plan”), as subsequently amended, is further amended as follows:

 

1. Section 5(a)(ii) is hereby amended by deleting the last sentence thereof and substituting therefor the following:

 

“In such event, the Severance Payments shall be reduced in the following order: (1) cash payments not subject to Section 409A of the Code; (2) cash payments subject to Section 409A of the Code; (3) equity-based payments; and (4) non-cash form of benefits. To the extent any payment is to be made over time (e.g., in installments), then the payments shall be reduced in reverse chronological order.”

 

B. Except as amended hereby, the Plan shall remain in full force and effect.

 

IN WITNESS WHEREOF, this Second Amendment has been executed on behalf of the Company by its duly authorized officer this 15th day of December, 2008.

 

BOSTON PROPERTIES, INC.

By:

  

/s/ E. Mitchell Norville

 

Name:

  

E. Mitchell Norville

 

Title:

  

Executive Vice President,

Chief Operating Officer