Amendment to Employment Agreement between Oshkosh Corporation and Charles L. Szews
This amendment updates the employment agreement between Oshkosh Corporation and Charles L. Szews. Effective February 1, 2009, Szews' base salary is set at no less than $665,000 per year, subject to annual review by the company's Human Resources Committee. However, from February 1, 2009, to September 30, 2009, his salary will be temporarily reduced by 10%, after which the original salary rate will be reinstated. The amendment is signed by both parties and reflects a temporary salary adjustment.
Pursuant to Section 10(c) of the FIRST AMENDED AND RESTATED EMPLOYMENT AGREEMENT (the Agreement), dated January 1, 2008, by and between OSHKOSH CORPORATION, a Wisconsin corporation (the Company), and CHARLES L. SZEWS (the Executive), Section 3(a) of the Agreement is hereby amended, effective as of February 1, 2009, to read in its entirety as follows:
(a) Base Salary. Subject to adjustment in accordance with this subsection (a), the Executive shall receive a base salary at the annual rate of not less than $665,000. The Human Resources Committee of the Board of Directors of the Company (the Committee) shall review the Executives base salary annually to determine whether such salary should be increased. Notwithstanding the foregoing, for the period from February 1, 2009 to September 30, 2009, the Executive shall receive a base salary at an annual rate that represents a 10% reduction from the annual rate in effect on January 31, 2009, and as of the close of business on September 30, 2009, the annual rate in effect on January 31, 2009 will be reinstated. (In this Agreement, the term Base Salary shall mean the amount established and adjusted from time to time pursuant to this subsection (a).)
OSHKOSH CORPORATION | EXECUTIVE |
By: /s/ Robert G. Bohn | /s/ Charles L. Szews |
Name: Robert G. Bohn | Charles L. Szews |
Title: Chairman and Chief Executive Officer | |
Attest:_______________________________ | |
Name:____________________________ | |
Title:_____________________________ |