Addendum to Employment Agreement between Ingersoll-Rand and Timothy McLevish (Option Exercise Period)
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Summary
This addendum to the employment agreement between Ingersoll-Rand and Timothy McLevish states that if Mr. McLevish is involuntarily terminated for reasons other than gross cause, he will have three years from the date of termination (but not exceeding the original ten-year option term) to exercise any vested stock options he has earned. This extension is provided in exchange for his release of any potential claims against the company.
EX-10.1 2 v019641_ex10-1.htm
Exhibit 10.1
June 3, 2005
Timothy McLevish
724 Jane Drive
Franklin Lakes, NJ 07417
Dear Tim,
The following is an addendum to our employment agreement dated April 17, 2002.
In the unlikely event of your involuntary termination from IR for other than gross cause, as consideration for your release of whatever claims might be made, you will have three years (not to exceed the ten-year duration of the option contract) from the effective date of termination within which to exercise whatever vested options you have earned at the point of your termination.
Sincerely,
Herbert L. Henkel
Chairman, President and
Chief Executive Officer
cc: R. C. Butler
Accepted By:
_________________________________ Date: __________________________
Timothy McLevish
