Amendment to Severance Agreement between EnerSys and David M. Shaffer (June 7, 2017)

Summary

This agreement amends the existing Severance Agreement between EnerSys and David M. Shaffer. It increases Mr. Shaffer's severance benefits by providing a lump sum payment equal to two times his annual base salary plus target bonus, payable within 60 days of termination. It also extends certain benefit periods from one year to two years. All other terms of the original Severance Agreement remain unchanged. The amendment is effective as of June 7, 2017, and is governed by Pennsylvania law.

EX-10.1 2 shafferseveranceagreement.htm EXHIBIT 10.1 Exhibit

June 7, 2017

Mr. David M. Shaffer


Re:	Severance Agreement

Dear David:

Reference is made to the letter agreement, dated as of June 7, 2013 (the “Severance Agreement”), by and between you and EnerSys (the “Company”). Capitalized terms used but not defined in this letter have the meanings set forth in the Severance Agreement.

Effective as of the date hereof, you and the Company hereby consent and agree that the Severance Agreement is hereby amended as follows:


1.	Clause a. of Section 2.1 be hereby amended and restated as follows:

A lump sum cash payment within sixty (60) days following your termination of employment equal to the product of (i) two and (ii) the sum of (A) your annual base compensation then in effect (or immediately prior to any reduction resulting in a termination for Good Reason) and (B) your annual cash bonus at such target level then in effect (or immediately prior to any reduction resulting in a termination for Good Reason);


2.	Each of (x) clause b. of Section 2.1 and (y) Section 4.11 be hereby amended and restated by replacing the first instance of “one (1) year” with “two (2) years” therein.


3.	Clause b. of Section 2.1 be hereby amended and restated by replacing “one (1) year period” with “two (2) year period” therein

Mr. David M. Shaffer

June 7, 2017

Page 2

Except as set forth herein, this letter is not intended to amend or waive any provision of the Severance Agreement, and all other terms of the Severance Agreement in effect as of the date hereof shall remain in full force and effect. This letter shall be governed by the internal laws of the Commonwealth of Pennsylvania, without regard to its conflict of laws principles.

Please evidence your mutual acceptance, agreement and consent to all of the matters set forth in this letter by signing and returning to us an executed counterpart of this letter.

Very truly yours,

ENERSYS

/s/ Todd M. Sechrist

Todd M. Sechrist
Executive Vice President and Chief Operating Officer

Accepted, agreed and consented to as of the date first written above:



/s/ David M. Shaffer

David M. Shaffer