Severance Addendum to Employment Offer between American Commercial Lines Inc. and Dawn Landry
This agreement is an addendum to Dawn Landry's employment offer with American Commercial Lines Inc. It states that if her employment is terminated without cause, she will receive twelve months of her current base salary, paid in regular payroll installments and subject to company policies and standard deductions. Payment is contingent on her signing a severance agreement and release. The employment remains at-will, allowing either party to end the relationship at any time, though Dawn is asked to provide two weeks' notice if she resigns.
EXHIBIT NO. 10.23
January 14, 2012
Dawn Landry
Via Hand Delivery
Dear Dawn:
As a valued member of the senior leadership team and per our discussion we are prepared to offer you the following as an addendum to your employment offer accepted on April 25, 2008.
In the event that your employment is terminated without cause the Company shall pay to you an amount equal to twelve (12) months of your then current base salary. Any payments made by the Company shall be governed and administered by the Company’s Severance Policy and (a) be subject to appropriate withholdings and deductions, (b) be paid to you in periodic installments in accordance with the Company’s regular payroll schedule, and (c) be contingent upon you executing a mutually acceptable severance agreement and release.
Your employment is at will, and either you or the Company may terminate the employment relationship at any time with or without cause. We ask that you give us at least two (2) weeks’ notice if you wish to terminate your employment.
I look forward to your continuing contributions to the Company. Enclosed are two copies of this letter. Please sign both copies and return one to me.
Sincerely,
/s/ Mark K. Knoy
Mark Knoy
President and Chief Executive Officer
American Commercial Lines (ACL)
| /s/ Dawn R. Landry | 18 Jan 2012 | |
| Dawn Landry | Date | |
American Commercial Lines Inc.
