Amendment No. 2 to Employment Agreement between Chart Industries, Inc. and Matthew J. Klaben
This amendment updates the employment agreement between Chart Industries, Inc. and Matthew J. Klaben, effective January 1, 2012. It increases the executive's base salary from $210,000 to $295,000 and changes the target bonus from 75% to 65% of the base salary. All other terms of the original agreement remain unchanged.
Exhibit 10.3
CHART INDUSTRIES, INC.
AMENDMENT NO. 2
TO
EMPLOYMENT AGREEMENT
This Amendment No. 2 (the Amendment) to the Employment Agreement, dated February 26, 2008 and subsequently amended effective January 1, 2009 (the Agreement), by and between Chart Industries, Inc. (the Company) and Matthew J. Klaben (Executive), is effective January 1, 2012.
WITNESSETH:
WHEREAS, the Company and the Executive desire to amend the Agreement; and
WHEREAS, the parties reserved the right to amend the Agreement pursuant to Section 13.c thereof.
NOW, THEREFORE, pursuant to Section 13.c of the Agreement, and effective as of January 1, 2012, the parties hereby amend the Agreement as follows:
1. In Section 3 of the Agreement, delete the dollar amount $210,000 and replace with $295,000.
2. In Section 4 of the Agreement delete the phrase of seventy-five percent (75%) of the Executives Base Salary (with it being understood that seventy-five percent (75%) of the Executives Base Salary is the Target) in its entirety and replace it with of sixty-five percent (65%) of the Executives Base Salary (with it being understood that sixty-five percent (65%) of the Executives Base Salary is the Target).
3. Except as set forth herein, the Agreement is not modified or amended.
IN WITNESS WHEREOF, the parties hereto have duly executed this Amendment.
CHART INDUSTRIES, INC. | MATTHEW J. KLABEN | |||||
(Company) | (Executive) | |||||
By: | /s/ Mark H. Ludwig | /s/ Matthew J. Klaben | ||||
Name: | Mark H. Ludwig | |||||
Title: | Vice President Human Resources |