Waiver of Single Trigger 'Walk Away' Right under Change-In-Control Agreement between Martin R. Benante and Curtiss-Wright Corporation
Martin R. Benante, Chairman and CEO of Curtiss-Wright Corporation, agrees to waive his right to resign and receive benefits solely upon a change in control of the company, as previously provided in his Change-In-Control Agreement dated July 9, 2001. Now, the agreement will only be triggered if his employment is terminated without cause or if he resigns for good reason within two years after a change in control. All other terms of the original agreement remain unchanged.
Exhibit 10.1
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| Curtiss-Wright Corporation |
Martin R. Benante
Chairman and Chief Executive Officer
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| March 19, 2012 |
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| To the Chairman of |
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| Executive Compensation Committee |
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| Pursuant to my discussions with the Committee, I hereby agree to waive my single trigger “walk away” right as provided for in Section 2(b) of my Change-In-Control Agreement with the Company dated July 9, 2001 (the “Agreement”). |
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| I acknowledge that by voluntarily waiving this provision, my Change-In-Control Agreement would not be triggered unless my employment is terminated during the two year period following a “change in control” by the Company without “cause” or by me for “good reason”. All terms, conditions, and definitions of the Agreement shall remain in full force and effect. |
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| Very truly yours, |
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| Martin R. Benante |
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| Agreed to and Accepted by: |
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| Chairman of Executive |
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