Amending Agreement to Employment Agreement between Standard Aero vof. and Rene Van Doorn (March 10, 2004)

Contract Categories: Business Finance › Modification Agreements
Summary

This agreement, dated March 10, 2004, is between Standard Aero vof. and Rene Van Doorn. It amends their original Employment Agreement from June 10, 2002. The amendment changes the terms regarding the duration of employment and severance. If the company terminates Mr. Van Doorn without just cause within the first three years, he will receive three years’ salary and benefits. If terminated after three years, he is entitled to eighteen months’ salary and benefits. The agreement is effective as of March 10, 2004.

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EX-10.10 51 w07785exv10w10.htm EX-10.10 exv10w10  

EXHIBIT 10.10

     DATED:      March 10, 2004

     BETWEEN:

STANDARD AERO vof.,

OF THE FIRST PART,

- and -

RENE VAN DOORN,

OF THE SECOND PART,

AMENDING AGREEMENT

 

 

- 1 -

DATED:      March 10, 2004

BETWEEN:

STANDARD AERO vof.,

OF THE FIRST PART,

- and -

RENE VAN DOORN,

OF THE SECOND PART.

AMENDING AGREEMENT

WHEREAS the parties entered into an Employment Agreement dated June 10, 2002 (“the Employment Agreement”);

AND WHEREAS the parties have agreed to amend the Employment Agreement.

NOW THEREFORE THIS AGREEMENT WITNESSETH THAT, in consideration of the premises and of the mutual covenants herein contained, the parties hereto agree as follows:

1. The Employment Agreement is amended effective as of March 10, 2004 (the “Commencement Date”) by deleting paragraph 6, and replacing it with the following:

  “6.    The Executive shall be employed for an initial period of three years from the date hereof (the “Commencement Date”) and thereafter until the expiry of not less than eighteen months’ written notice of termination given by either party to the other so as to expire at the end of the said period or any time thereafter. In the event the Corporation terminates the employment of the Executive within the initial period of three years, for other than just

 

 

- 2 -

      cause, it shall at that time pay to the Executive an amount equal to three years’ salary and the value to the Executive of employment benefits for three years including pension, life insurance benefits, motor car, medical and health insurance. In the event the Corporation terminates the employment of the Executive after the initial period of three years, for other than just cause, the Corporation reserves the right to pay to the Executive, at that time in lieu of notice, an amount equal to eighteen months’ salary and the value to the Executive of employment benefits for eighteen months including pension, life insurance benefits, motor car, medical and health insurance.”

     IN WITNESS WHEREOF this document has been duly executed and delivered as a deed the day and year first before written.

                 
Executed as a Deed by
    )          
Standard Aerovof.,
    )          
acting by
    )          
 
                
[Illegible]
                
 
               
Director
                
 
                
Executed as a Deed by
    )   /s/ Rene Van Doorn      
Rene Van Doorn
    )          
in the presence of:
    )          
 
                
Tea van Doorn        /s/ Tea van Doorn
                
 
                
Witness’s name and signature
                
 
                
 
               
Witness’s address
                
Crispynhof 7
J101 BL Dongen