Amendment to Letter Agreement Between FreightCar America, Inc. and Executive (April 30, 2018)
FreightCar America, Inc. and an executive have amended their original letter agreement dated July 17, 2017. Effective April 30, 2018, the amendment changes the terms regarding the executive's eligibility for annual Long-Term Incentive Plan (LTIP) awards. The executive may now receive an LTIP award each year equal to 100% of their salary, split equally between performance shares and restricted shares, with conditions similar to those for other company executives.
Exhibit 10.1
AMENDMENT OF LETTER AGREEMENT
WHEREAS, FreightCar America, Inc. (the “Company”) and you entered into that certain letter agreement dated July 17, 2017 (the “Letter Agreement”); and
WHEREAS, the Company and you now consider it necessary and desirable to amend the Letter Agreement;
NOW, THEREFORE, in accordance with Section 10(a), the Letter Agreement be and is hereby amended, effective as of April 30, 2018, by substituting the following for the second sentence of Section 3 of the Letter Agreement:
“You may be entitled to receive a LTIP award on an annual basis with a fair value equal to 100% of Salary, payable 50% in performance shares (with fair value based on the assumption that the target performance goals will be met) and 50% in restricted shares and all awards granted will have performance goals and vesting conditions similar to those of other Company executive officers.”
IN WITNESS WHEREOF, the parties have executed this Amendment effective immediately.
| FREIGHTCAR AMERICA, INC. |
|
| /s/ James R. Meyer | |
| James R. Meyer | |
| By: /s/ William D. Gehl | |
| Its: Chairman of the Board | |
