Third Amendment to Executive Change of Control Agreement between CIRCOR, Inc. and Paul M. Coppinger
This amendment updates the existing Executive Change of Control Agreement between CIRCOR, Inc. and Paul M. Coppinger. It increases the benefits for the executive in the event of a change in control, 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 10.3
THIRD AMENDMENT TO EXECUTIVE CHANGE OF CONTROL AGREEMENT
This THIRD AMENDMENT TO EXECUTIVE CHANGE OF CONTROL AGREEMENT, dated November 4, 2010, is by and between CIRCOR, Inc., a Massachusetts corporation (the “Company”), and Paul M. Coppinger (the “Executive”).
WHEREAS, the Company and the Executive entered into an executive change in control agreement made as of August 1, 2001, as amended on December 7, 2001 and 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/ Paul M. Coppinger | ||
| Paul M. Coppinger | ||
