Amendment to Severance Agreement between CIRCOR, INC. and A. William Higgins
This amendment, dated December 23, 2008, modifies the severance agreement between CIRCOR, INC. and A. William Higgins. The changes clarify the timing of certain severance payments to ensure compliance with Section 409A of the Internal Revenue Code. Specifically, it requires lump sum payments to be made in cash within 30 days of termination and sets a deadline for other payments no later than March 15th following the relevant fiscal year. All other terms of the original agreement remain unchanged.
Exhibit 10.45
AMENDMENT TO SEVERANCE AGREEMENT
This AMENDMENT TO SEVERANCE AGREEMENT, dated December 23, 2008, is by and between CIRCOR, INC., a Massachusetts corporation (the Company), and A. William Higgins (the Executive).
WHEREAS, the Company and the Executive entered into a severance agreement made as of March 24, 2008 (the Agreement); and
WHEREAS, the parties desire to amend the Agreement to comply with and meet the requirements of the provisions of Section 409A of the Internal Revenue Code of 1986, as amended.
NOW, THEREFORE, the Company and the Executive, each intending to be legally bound hereby, do mutually covenant and agree as follows:
1. Section 2(c)(i) of the Agreement is hereby amended by replacing the phrase a lump sum payment with the following:
a lump sum payment in cash within 30 days following the Termination Date
2. Section 2(c)(ii) of the Agreement is hereby amended by adding the following before the second semicolon in such subsection:
but, in any event, no later than March 15th following the end of the fiscal year to which it relates
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/ Frederic M. Burditt | |
Name: | Frederic M. Burditt | |
Title: | VP, Treasurer | |
/s/ A. William Higgins | ||
A. William Higgins |