Letter Agreement Confirming Severance/Retirement Transition Payment for Hansel Tookes II

Contract Categories: Human Resources › Severance Agreements
Summary

This letter from Raytheon Company to Hansel Tookes II confirms that he is entitled to a severance or retirement transition payment if he is involuntarily separated without cause, retires early by mutual agreement, or retires at or after age 62. The payment will be two and one-half times his annual base salary. This payment replaces any change in control benefits previously outlined in his employment and retention bonus letters. The agreement clarifies the company's obligations regarding severance and retirement payments to Mr. Tookes.

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EX-10.17 8 dex1017.txt LETTER AGMT - TOOKES Exhibit 10.17 June 11, 2001 Mr. Hansel Tookes II Dear Hansel: Please let this letter confirm our recent conversation in which I informed you that the Company reaffirms the applicability of the severance/retirement transition payment contained in your July 6, 1999, employment offer letter. This provision provides that, if the company involuntarily separates you from employment without cause, or if you retire on a mutually agreed-upon date before your normal retirement date of age 62, or if you retire at age 62 or beyond, the company will pay to you a severance/retirement transition payment of two and one-half times your annual base salary. Please note that this severance/retirement transition payment is in lieu of any change in control provision in the July 6, 1999 offer letter and the April 7, 2000 retention bonus letter related to the disposition of Raytheon Aircraft Company. If you have any questions, please feel free to contact me. Best regards, Keith J. Peden Senior Vice President, Human Resources