Waiver to Change of Control Severance Agreement between Chicago Bridge & Iron Company Entities and Executives

Summary

Chicago Bridge & Iron Company N.V. and its related entities entered into this waiver agreement with two executives. The executives agree that relocating their principal place of business to The Woodlands, Texas, does not constitute a breach or trigger 'Good Reason' for severance under their existing Change of Control Severance Agreement. By signing, the executives waive any right to claim severance or other benefits based on this specific relocation. The waiver is effective as of July 11, 2001.

EX-10.23A 4 c63943ex10-23a.txt WAIVER TO CERTAIN SECTIONS OF CHANGE OF CONTROL 1 EXHIBIT 10.23(a) WAIVER Chicago Bridge & Iron Company N.V., a Netherlands corporation, Chicago Bridge & Iron Company, a Delaware Corporation, and Chicago Bridge & Iron Company (Delaware), a Delaware corporation (collectively, the "Company") and the undersigned executive ("Executive") are parties to a certain Change of Control Severance Agreement ("Agreement") dated as of October 13, 2000. In consideration of value received from the Company, receipt and sufficiency of which are hereby acknowledged, Executive covenants and agrees that the relocation of his principal place of business to the Woodlands, Texas, announced June 18, 2001, is not "the Company's requiring the Executive to be based at any office or location other than the location described in Section 3.2(a)(2)" of the Agreement within the meaning of Section 4.4(b)(i) of the Agreement; and hereby expressly waives any right to assert that Good Reason (as defined in the Agreement) exists by reason of such relocation. Dated: 7/11/01 /s/ Robert B. Jordan ------------------ --------------------------------- Executive Accepted: Chicago Bridge & Iron Company N.V. By Chicago Bridge & Iron Company B.V. Its sole Managing Director Chicago Bridge & Iron Company Chicago Bridge & Iron Company (Delaware) Dated: 7/11/01 By: /s/ Gerald M. Glenn ------------------ ----------------------------- Their respective authorized officer 2 WAIVER Chicago Bridge & Iron Company N.V., a Netherlands corporation, Chicago Bridge & Iron Company, a Delaware Corporation, and Chicago Bridge & Iron Company (Delaware), a Delaware corporation (collectively, the "Company") and the undersigned executive ("Executive") are parties to a certain Change of Control Severance Agreement ("Agreement") dated as of October 13, 2000. In consideration of value received from the Company, receipt and sufficiency of which are hereby acknowledged, Executive covenants and agrees that the relocation of his principal place of business to the Woodlands, Texas, announced June 18, 2001, is not "the Company's requiring the Executive to be based at any office or location other than the location described in Section 3.2(a)(2)" of the Agreement within the meaning of Section 4.4(b)(i) of the Agreement; and hereby expressly waives any right to assert that Good Reason (as defined in the Agreement) exists by reason of such relocation. Dated: 7/11/01 /s/ Stephen P. Crain ------------------ --------------------------------- Executive Accepted: Chicago Bridge & Iron Company N.V. By Chicago Bridge & Iron Company B.V. Its sole Managing Director Chicago Bridge & Iron Company Chicago Bridge & Iron Company (Delaware) Dated: 7/11/01 By: /s/ Gerald M. Glenn ------------------ ----------------------------- Their respective authorized officer