First Amendment to the 2002 Praxair, Inc. Variable Compensation Plan

Contract Categories: Human Resources › Bonus & Incentive Agreements
Summary

This amendment, effective December 12, 2005, modifies the 2002 Praxair, Inc. Variable Compensation Plan. It clarifies that the committee overseeing the plan has the authority to reduce any participant's annual variable compensation payment, including reducing it to zero, if deemed in the best interests of the company's shareholders. The amendment was executed by Praxair, Inc. and signed by its Vice President of Human Resources.

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EX-10.3A 10 ex10_3a.htm EXHIBIT 10.03A exhibit 10.03a
FIRST AMENDMENT TO THE
2002 PRAXAIR, INC. VARIABLE COMPENSATION PLAN


Praxair, Inc. and Subsidiaries
Exhibit 10.03a

FIRST AMENDMENT TO THE
2002 PRAXAIR, INC. VARIABLE COMPENSATION PLAN
 
In accordance with Section 10.1 of the 2002 Praxair, Inc. Variable Compensation Plan (the"Plan"), Section 2.15 of the Plan is hereby amended in its entirety, effective as of December 12, 2005, as follows:
 
"2.15 "Variable Compensation Payment" shall mean that amount of the annual payment, if any, under the Plan determined in accordance with procedures authorized by the Committee to be payable to a Participant for a Plan Year. Notwithstanding any provision in this Plan or such Committee-authorized procedures to the contrary, in determining the amount of a Participant's Variable Compensation Payment for a Plan Year, if any, the Committee shall have the discretion to reduce such payment to any amount, including zero, prior to the payment date of such Variable Compensation Payment (determined pursuant to Section 6.1), if the Committee deems such reduction to be in the best interests of the Corporation's stockholders."
 
           PRAXAIR, INC.

 
By:         /S/ Sally Savoia                                      
Sally Savoia, its
Vice President, Human Resources

Date:     12/16/05