AMENDMENT TO
Exhibit 10(k)
AMENDMENT TO
SEVERANCE AGREEMENT
THIS AGREEMENT, dated as of , to the Severance Agreement, dated as of , 19 (the Severance Agreement), is entered into between Alberto-Culver Company, a Delaware corporation (the Company), and (the Executive).
WHEREAS, the Company and the Executive desire to amend the Severance Agreement as set forth herein.
NOW, THEREFORE, in consideration of the premises and the mutual agreements contained herein, the Company and the Executive hereby agree that the Severance Agreement shall be amended as set forth below:
1. Section 3(a)(2) of the Severance Agreement is hereby amended to read in its entirety as follows:
(2) a lump-sum cash amount which, when added to any other payments that must be taken into account for purposes of any computation relating to the Executive under Section 280G(b)(2)(A)(ii) of the Internal Revenue Code of 1986, as amended (the Code), equals, in the aggregate, (*) times the Executives base amount, as such term is defined in Section 280G(b)(3) of the Code; provided, that any amount paid pursuant to this Section 3(a)(2) shall be paid in lieu of any other amount of severance relating to salary or bonus continuation to be received by the Executive upon termination of employment of the Executive under any severance plan, policy or arrangement of the Company.
2. Section 4 of the Severance Agreement is hereby amended by deleting the words Internal Revenue Code of 1986, as amended (the Code) and substituting therefor the word Code.
IN WITNESS WHEREOF, the Company has caused this Amendment to be executed by a duly authorized officer of the Company and the Executive has executed this Amendment as of the day and year first above written.
(*) | 2.99 for named executive officers. |
ALBERTO-CULVER COMPANY | ||
By | ||
EXECUTIVE: |
Subscribed and Sworn to before me
this day of
Notary Public