Second Amendment to Employment Agreement between Textron Inc. and Lewis B. Campbell (May 4, 2006)
This amendment updates the employment agreement between Textron Inc. and Lewis B. Campbell. It clarifies how certain compensation and retirement benefits are calculated if the executive's employment ends, including additional years of service and compensation credits for retirement plans. The amendment also specifies the calculation of lump-sum pension payments and confirms eligibility for a performance bonus. All other terms of the original agreement remain unchanged.
Exhibit 10.4
SECOND AMENDMENT
entered into as of the 4th day of May, 2006 to the employment agreement entered into as of July 23, 1998 (as amended by First Amendment dated as of May 6, 2005 the "Employment Agreement") by and between Textron, Inc., a Delaware corporation, with its principal office at 40 Westminster Street, Providence, Rhode Island 02903 (the "Company") and Lewis B. Campbell (the "Executive").W I T N E S S E T H :
WHEREAS,
the Company and the Executive have previously entered into the Employment Agreement; andWHEREAS,
the Company and Executive desire to amend the Employment Agreement to clarify certain provisions.the parties hereto agree as follows:NOW, THEREFORE,
1. Section 6.3(b) is amended by adding at the end thereof:
"(the sum of (i) and (ii) being hereinafter referred to as 'Final Annual Compensation')."
2. Section 6.3(e) is amended to read as follows:
3. Section 8.1(g) is amended to read as follows:
4. Section 8.1(j) is amended to insert the words "(at the maximum level)" after the word "units" on the first line thereof.
5. Section 8.1 of the Employment Agreement is amended by adding the following new subsection at the end of such section:
"(n) The Executive shall be entitled to the Performance Bonus, subject to, and in accordance with, Section 3.9 of this Agreement."
6. The Employment Agreement, as amended herein, shall remain in full force and effect.
IN WITNESS WHEREOF,
the Company has caused this Amendment to be executed by its duly and authorized officer and the Executive has hereunto set his hand as of the date first above written.
TEXTRON INC.
By: /s/Terrence O'Donnell
Name: Terrence O'Donnell
Title: EVP, General Counsel
EXECUTIVE
/s/Lewis B. Campbell
Lewis B. Campbell