Amendment to Raytheon Company Change in Control Severance Agreement

Contract Categories: Human Resources › Change of Control Agreements
Summary

This amendment updates the Change in Control Severance Agreement between Raytheon Company and an executive, effective January 1, 2010. It revises the definition of eligible fringe benefits to clarify which benefits are included or excluded after a change in control. It also states that certain gross-up payments will no longer apply for payments made after a change in control occurring on or after January 1, 2012. All other terms of the original agreement remain unchanged.

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EX-10.60 8 dex1060.htm FORM OF AMENDMENT TO CHANGE IN CONTROL SEVERANCE AGREEMENT Form of Amendment to Change in Control Severance Agreement

Exhibit 10.60

FORM OF

AMENDMENT

RAYTHEON COMPANY CHANGE IN CONTROL SEVERANCE AGREEMENT

This Amendment (the “Amendment”) amends the Raytheon Company Change in Control Severance Agreement (the “Agreement”) dated as of                  , 200    , as previously amended, by and between Raytheon Company (the “Company”) and the individual signing below as Executive (“Executive”) as follows, effective as of January 1, 2010:

 

1. Section 1.9(viii) is amended by deleting the current text in its entirety and replacing it with the following provision:

 

  (viii) fringe benefits pursuant to all welfare, benefit and retirement plans under which Executive and Executive’s family are eligible to receive benefits or coverage as of a Change in Control, including but not limited to life insurance, hospitalization, disability, medical, dental, pension and thrift plans, but excluding car allowance, excess liability insurance, financial planning, and executive physicals.

 

2. Section 5.1 is amended by adding the following new section (v) at the end of the current provision:

 

  (v) This Section 5.1 shall not apply with respect to any Payment made after a Change in Control that occurs on or after January 1, 2012, and no Gross-Up Payment shall be made with respect to such a Payment.

In all other respects the Agreement remains in full force and effect.

IN WITNESS WHEREOF, the parties have executed this Amendment.

 

Raytheon Company       Executive

By:

   

 

      

 

         (Signature)
        

 

         (Print Name)
        
                          , 200