Amendment to Change in Control Provision in Employment Agreement between Art Parker and Company

Contract Categories: Human Resources › Change of Control Agreements
Summary

This letter amends the Change in Control provision of Art Parker's Employment Agreement. If Art Parker's employment ends due to a Change in Control, he will continue to receive coverage under the company's group medical plan until either two years after termination or until he is covered by a comparable plan from a new employer, whichever comes first. The amendment is intended to ensure fairness and parity among senior team members.

Read More Arrow
EX-10.2 3 g26053exv10w2.htm EX-10.2 exv10w2
Exhibit 10.2
April 29, 2010
Art Parker
2356 Richardson Drive
Charlotte, North Carolina 28211
Dear Art:
The terms of your Change In Control provision in your Employment Agreement are herewith amended, with your acknowledgement, to be as follows in event of Change in Control:
Continued coverage under the Company’s group medical plan in accordance with the terms thereof for a period ending on the earlier of (A) the second anniversary of the date of termination due to Change In Control or (B) the date on which you become covered under a comparable benefit plan of a new employer.
This creates parity for our senior team and is a change I’m sure you’ll agree with as it shows our appreciation for you and the desire to assure fairness upon Change.
Best regards:
 
/s/ O. Edwin French
 
O. Edwin French
President and CEO
 
Accepted:
 
/s/ James A. Parker               (Art Parker)