Amendment to Amended and Restated Change of Control Employment and Severence Agreements
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EX-10.5 6 c00490exv10w5.htm AMENDMENT TO AMENDED AND RESTATED CHANGE OF CONTROL EMPLOYMENT AND SEVERENCE AGREEMENTS exv10w5
Exhibit 10.5
Amendment No. 2
To the Sensient Technologies Corporation
Amended and Restated Change Of Control
Employment and Severance Agreements
To the Sensient Technologies Corporation
Amended and Restated Change Of Control
Employment and Severance Agreements
WHEREAS, Sensient Technologies Corporation (the Company) has entered into an Amended and Restated Change Of Control Employment and Severance Agreements (collectively the Agreements) with certain executives of the Company (the Executives); and
WHEREAS, annual bonus is defined under the Agreements as a bonus in cash at least equal to the highest bonus award, if any, paid to the Executives under the Companys Management Incentive Plan for Division Presidents or the Companys Incentive Compensation Plan for Elected Corporate Officers on any one of the last five annual bonus payment dates immediately preceding the Companys change of control; and
WHEREAS, the Company desires to revise the Agreements to define annual bonus, effective as of December 1, 2005, as the greater of the highest bonus award paid to the Executives under the Companys Management Incentive Plan for Division Presidents or the Companys Incentive Compensation Plan for Elected Corporate Officers on any one of the last five annual bonus payment dates immediately preceding the Companys change of control, or on any one annual bonus payment date coinciding with or following the date on which the Executives attain age 50 and preceding the Companys change of control;
NOW THEREFORE, the first sentence of Section 4(b)(ii) is amended in its entirety, effective as of December 1, 2005, to read as follows:
In addition to Annual Base Salary, the Executive shall be awarded, for each fiscal year ending during the Employment Period, an annual bonus (the Annual Bonus) in cash at least equal to the greater of the highest bonus, if any, paid to the Executive under the Companys Management Incentive Plan for Division Presidents or the Companys Incentive Compensation Plan for Elected Corporate Officers, or any comparable bonus under any predecessor or successor plan, on: any one of the last five annual bonus payment dates immediately preceding the Effective Date; or any one annual bonus payment date coinciding with or following the date on which the Executive attains age 50 and preceding the
Effective Date (the Recent Annual Bonus).
IN WITNESS WHEREOF, this Amendment is duly executed this day of 2005.
SENSIENT TECHNOLOGIES CORPORATION | ||||
ATTEST: | By: | |||
Executive |
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