Amendment to Letter Agreement Between Roger Wendelken and Standard Microsystems Corporation (November 9, 2009)

Summary

This amendment updates the original letter agreement between Roger Wendelken and Standard Microsystems Corporation. It revises the severance benefits to align with the company's amended Severance Plan and adds eligibility for an executive health management program. All other terms of the original agreement remain unchanged. Both parties have agreed to these modifications as of November 9, 2009.

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EX-10.12 6 ex10_12.htm EXHIBIT 10.12 ex10_12.htm
Exhibit 10.12
 
Amendment to Letter Agreement of Roger Wendelken and Standard Microsystems Corporation dated May 26, 2009
 
Whereas Roger Wendelken (“Employee”) and Standard Microsystems Corporation (“SMSC” or the “Company”) entered into a letter agreement dated May 26, 2009 (the “Letter”);

Whereas Employee and the Company desire to amend the Letter to, inter alia,  reflect the new severance benefits to which the Employee shall be entitled under the Company’s recently amended Standard Microsystems Corporation Severance Plan and certain other matters as set forth below;

Now, therefore, for good and adequate consideration, receipt of which is hereby acknowledged, the parties hereto agree as follows:


1.
The Section in the Letter entitled Executive Severance Benefit is hereby deleted in its entirety and replaced with the following text:

Executive Severance Benefit
You will be eligible for the Executive Salary Grade Severance Benefit in accordance with the terms and conditions of the Company’s Severance Plan, as may be amended from time to time.

2.
A new section is hereby added to the Letter as set forth below:

Executive Health Benefit
You will be eligible to participate in the Executive Health Management Program made available by the Company.

3.
Except as specifically modified herein, all terms and conditions of the Letter shall remain in full force and effect.

Accepted and agreed:


Standard Microsystems Corporation


By:
   /s/ Christine King   /s/ Roger Wendelken
Christine King
  
Roger Wendelken
President and Chief Executive Officer
  
Vice President of World Wide Sales
             
Date:
   11/9/09  
Date:
   11/9/09