Amendment to Severance Agreement between Chicago Bridge & Iron Company (Delaware) and Richard E. Goodrich

Contract Categories: Human Resources › Severance Agreements
Summary

This letter agreement amends the severance agreement between Chicago Bridge & Iron Company (Delaware) and Richard E. Goodrich. It extends Mr. Goodrich’s employment through March 31, 2006, unless both parties agree in writing to change the date. Severance payments will still be made by February 15, 2006, and Mr. Goodrich will continue to receive his salary and benefits until his employment ends. The consulting agreement will begin after his employment ends and will last two years. All other terms of the original agreements remain unchanged.

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EX-10.1 2 h33072exv10w1.htm LETTER AGREEMENT exv10w1  

Exhibit 10.1
February 13, 2006
By Personal Delivery
Mr. Richard E. Goodrich
3 Oakley Downs
The Woodlands, TX 77382
Dear Rich:
On Friday, we agreed to amend your Severance Agreement (the “Agreement”) so that you will remain employed by Chicago Bridge & Iron Company (Delaware) (“Company” or “CB&I”) through March 31, 2006 (although we could mutually agree in writing to shorten or extend that period). Although this will extend your employment under the Agreement, CB&I will still make by not later than February 15, 2006, the severance payments called for in Section 2(C) of the Agreement.
While you continue to be an employee of CB&I, you will continue to receive compensation at your current base salary and will continue to receive all Company benefits (including perquisites) you were receiving as of the date you signed the Agreement.
To the extent other provisions of your Agreement were tied to or reflected a February 13, 2006 retirement date, those provisions are changed so that March 31, 2006 (or another date mutually agreed to in writing by you and CB&I) is instead the operative date. Further, your Agreement for Consulting Services will not take effect until a day after you are no longer employed by CB&I, and it will last for two (2) years from that date.
Other than the provisions we have specifically amended in this letter, all other provisions of the Agreement and your Agreement for Consulting Services remain in effect.
If you agree to amend your Agreement consistent with this letter, please sign below and return this document to me. If not, let’s discuss this matter.
Sincerely,
/s/ David P. Bordages
David P. Bordages
VP- Human Resources & Administration
Agreed:
/s/ Richard E. Goodrich
Richard E. Goodrich
 
February 13, 2006