Amendment No. 1 to Optical Sensors Incorporated Executive Severance Pay Plan

Contract Categories: Human Resources › Severance Agreements
Summary

This amendment, effective August 15, 2000, updates the Executive Severance Pay Plan of Optical Sensors Incorporated. It revises the terms under which an eligible employee's termination, for reasons other than death, during the twelfth month after a change in control, is addressed in the plan. The amendment was approved by the company's Board of Directors and signed by the CEO and CFO. The key change clarifies eligibility for severance benefits following a change in control event.

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EX-10.20 5 0005.txt AMEND. 1 TO EXECUTIVE SEVERANCE PAY PLAN EXHIBIT 10.20 AMENDMENT NO. 1 TO THE OPTICAL SENSORS INCORPORATED EXECUTIVE SEVERANCE PAY PLAN This Amendment No. 1 to the Optical Sensors Incorporated Executive Severance Pay Plan is made effective as of August 15, 2000. RECITALS WHEREAS, the Board of Directors or Optical Sensors Incorporated (the "Company") approved an amendment to the Optical Sensors Incorporated Executive Severance Pay Plan (the "Severance Pay Plan") by unanimous written consent effective August 15, 2000; and WHEREAS, this Amendment is entered into to give effect to such action of the Board of Directors of the Company; NOW, THEREFORE, the Severance Pay Plan is hereby amended as follows effective as August 15, 2000: 1. Section 2.19(a)(ii)(6) of the Severance Pay Plan is hereby amended in its entirety to read as follows: (6) the Eligible Employee's termination of employment with the Company for any reason other than death during the twelfth month following the month during which the Change in Control occurs. 2. To record this Amendment to the Severance Pay Plan as set forth above, the Company has caused this Amendment to be signed on its behalf by its Chief Executive Officer and its Chief Financial Officer as of the date first set forth above. OPTICAL SENSORS INCORPORATED By: /s/ Paulita LaPlante ------------------------------ Paulita M. LaPlante President and Chief Executive Officer By: /s/ Wesley G. Peterson ------------------------------ Wesley G. Peterson Chief Financial Officer