Amendment to Employment Agreement between RC2 Corporation and Curtis W. Stoelting (December 2010)

Contract Categories: Business Finance › Modification Agreements
Summary

RC2 Corporation and Curtis W. Stoelting have agreed to amend Stoelting's Employment Agreement dated April 1, 2008. The amendment clarifies how severance payments are to be made if they exceed a certain limit, specifying that such payments will be made in installments unless the termination occurs within two years after a change in control event. All other terms remain as previously defined. This amendment is effective upon Stoelting's acceptance and signature.

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EX-10.20 3 ex1020rcrc201010k.htm EX 10.20 TO RC2 CORPORATION 2010 FORM 10-K ex1020rcrc201010k.htm
Exhibit 10.20
RC2 Corporation
1111 W. 22nd Street
Suite 320
Oak Brook, IL  60523
Phone ###-###-####
Fax ###-###-####


December 28, 2010
 

Curtis W. Stoelting
2510 Hanford Lane
Aurora, IL 60502
  
Dear Curt:
Re:
Amendment to Employment Agreement
 
The purpose of this letter is to make a technical amendment to the Employment Agreement between you and RC2 dated April 1, 2008 (your "Employment Agreement").  The following is hereby added to the end of section 6(d) of your Employment Agreement:
 
Notwithstanding anything herein to the contrary, any Change of Control Severance Payment in excess of the Severance Exception Limit shall be paid on the same schedule as Salary Continuation Severance Payments (in proportionate installments for amounts calculated with reference to Base Salary) and the Bonus Severance Payment (in proportionate installments for amounts calculated with reference to the Bonus Plan) unless the applicable Termination Date occurs within the two-year period following a "change in control event" (within the meaning of Treasury Regulation section 1.409A-3(i)(5)).
 
Undefined terms in this letter have the meaning provided in your Employment Agreement.  Please confirm your acceptance of this letter and the amendment to your Employment Agreement by signing and returning a copy of this letter to me.
 
Yours very truly,

RC2 CORPORATION

BY /s/  Linda A. Huett                                                                                  
Linda A. Huett
Compensation Committee Chairperson

Accepted and agreed to this
30th day of December, 2010

/s/  Curtis W. Stoelting                                                                                           
Curtis W. Stoelting