ADVO, INC. AMENDMENT TO EMPLOYMENTAGREEMENT
EX-10.V 3 dex10v.htm AMENDMENT NO. 3 TO SEVERANCE AGREEMENT BETWEEN ADVO AND JEFFREY E. EPSTEIN Amendment No. 3 to Severance Agreement between Advo and Jeffrey E. Epstein
EXHIBIT 10(V)
ADVO, INC.
AMENDMENT TO EMPLOYMENT AGREEMENT
Effective as of January 26, 2006, ADVO, Inc. (the “Company”) and Jeffrey E. Epstein (“Epstein”) agree to amend Epstein’s Severance Agreement with the Company dated effective June 6, 2005 (the “Severance Agreement”) by adding subsection (e) to Section 3 of the Severance Agreement to effect changes required in connection with the adoption of Section 409A of the Internal Revenue Code:
| 3(e) | Notwithstanding anything to the contrary contained in this Agreement, if any payments to be made pursuant to this Agreement are subject to Section 409A of the Internal Revenue Code, such payments shall be made in accordance with the provisions of such Section 409A, including without limitation that the first payment of severance shall be made on a date that is six months after the date of termination and such payment shall include all amounts of severance earned but not paid from the date of termination through the date of such first payment. |
Except as set forth above, the Severance Agreement remains in full force and effect.
IN WITNESS WHEREOF, the parties have executed this Amendment effective as of January 26, 2006.
| ADVO, INC. | ||
| By: | /s/ Donald S. Schneider | |
| Name: | Donald S. Schneider | |
| Title: | Executive Vice President | |
| /s/ Jeffrey E. Epstein | ||
| Jeffrey E. Epstein | ||
