Second Amendment to Executive Change of Control Agreement between CIRCOR, Inc. and Christopher R. Celtruda
This amendment updates the existing change of control agreement between CIRCOR, Inc. and executive Christopher R. Celtruda. It increases the benefits the executive would receive if there is a change in control of the company, specifically doubling the severance multiplier from one to two times and extending the benefit period from one year to two years. All other terms of the original agreement remain unchanged.
Exhibit 10.2
SECOND AMENDMENT TO EXECUTIVE CHANGE OF CONTROL AGREEMENT
This SECOND AMENDMENT TO EXECUTIVE CHANGE OF CONTROL AGREEMENT, dated November 4, 2010, is by and between CIRCOR, Inc., a Massachusetts corporation (the “Company”), and Christopher R. Celtruda (the “Executive”).
WHEREAS, the Company and the Executive entered into an executive change in control agreement made as of June 2006, as amended on December 23, 2008 (the “Agreement”); and
WHEREAS, the parties desire to increase the benefits to which the Executive may become entitled to upon a Change in Control (as defined in the Agreement).
NOW, THEREFORE, the Company and the Executive, each intending to be legally bound hereby, do mutually covenant and agree as follows:
1. Section 3(a)(i) of the Agreement is hereby amended by replacing the phrase “one (1) times” with the following:
“two (2) times”
2. Section 3(a)(iv) of the Agreement is hereby amended by replacing the phrase “one (1) year” with the following:
“two (2) years”
3. The Agreement otherwise remains in full force and effect as to all other provisions under said Agreement.
IN WITNESS WHEREOF, the parties hereto have executed this Amendment as of the date first above written.
| CIRCOR, INC. | ||
| By: | /s/ A. William Higgins | |
| Name: | A. William Higgins | |
| Title: | Chairman, President & CEO | |
| EXECUTIVE | ||
| /s/ Christopher R. Celtruda | ||
| Christopher R. Celtruda | ||
