Clarification Agreement to Severance Pay Agreement between CyberOptics Corporation and Jeffrey Bertelsen
CyberOptics Corporation and Jeffrey Bertelsen have signed an agreement to clarify the meaning of "termination of employment" in their existing Severance Pay Agreement. The clarification states that "termination" will be defined as a "separation from service" according to IRS Code Section 409A. This ensures both parties have a clear, legally consistent understanding of when severance benefits may be triggered under the agreement.
Exhibit 10.9
CLARIFICATION AGREEMENT
CyberOptics Corporation, a Minnesota Corporation (the “Company”) and Jeffrey Bertelsen (“Executive”) have previously entered into a Severance Pay Agreement dated May 19, 2008, as amended (the “Agreement”) and wish to clarify the definition of “termination of employment” for all purposes of such agreement. Accordingly, the Company and Executive agree that, for all purposes of the Agreement, “termination” or “termination of employment” shall mean a “separation from service” as that term is defined in Code Section 409A and the regulations thereunder.
The Company and Executive have executed this Clarification Agreement, as of December 31, 2011.
| CyberOptics Corporation | EXECUTIVE: | ||||
| By | /s/ Kathleen P. Iverson | /s/ Jeffrey Bertelsen | |||
| Its | Chief Executive Officer | Jeffrey Bertelsen | |||
