Waiver Agreement between Daniel F. Sansone and Vulcan Materials Company (December 20, 2013)
Daniel F. Sansone, Executive Vice President – Strategy, agrees to waive certain rights under his Change of Control Employment Agreement with Vulcan Materials Company. Specifically, he gives up the right to terminate employment during a 30-day window, the inclusion of long-term incentive awards in certain payment calculations, and the right to a gross-up payment. All other terms of the original agreement remain unchanged. This waiver is voluntary and will be formalized through appropriate amendments.
Exhibit 10.4
Waiver Agreement of Daniel F. Sansone
December 20, 2013
Vulcan Materials Company
1200 Urban Center Drive
Birmingham, Alabama 35242
Reference is made to the Change of Control Employment Agreement between me and Vulcan Materials Company, a New Jersey corporation (the “Company”), dated June 9, 2005 and restated October 1, 2008 (the “Agreement”). Capitalized terms not otherwise defined herein shall have the meaning set forth in the Agreement.
This letter sets forth my agreement, effective as of the date hereof, to waive my rights to the following provisions in the Agreement: (i) the right to terminate my employment pursuant to the 30-day Window Trigger as set forth in the last sentence of Section 5(c)(v) of the Agreement; (ii) the right to the inclusion of the value of long-term incentive awards provided under clause (z) of Section 6(a)(i)(B) for purposes of the calculation of the lump sum payment under Section 6(a)(i)(B) of the Agreement; and (iii) the right to a Gross-Up Payment under Section 9 of the Agreement. This waiver is voluntary and I hereby agree to enter into such amendments to the Agreement as shall be reasonable and appropriate to implement the waiver of the rights specified in this letter.
Except as specified above, this letter does not affect any other terms of the Agreement, which remains in full force and effect.
Very truly yours, | |
/s/ Daniel F. Sansone | |
Daniel F. Sansone | |
Executive Vice President – Strategy |