Amended and Restated Change in Control Agreement between Registrant and Edward O. Handy, III
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Change of Control Agreements
Summary
This agreement is between the company (the Registrant) and executive officer Edward O. Handy, III. It outlines the terms for continued benefits if there is a change in control of the company. Under this agreement, Mr. Handy is entitled to receive a payment equal to three times his base salary and continued benefits for 36 months following such an event. The agreement is designed to provide financial security and benefits to the executive in the event of a significant change in the company's ownership or management.
EX-10.71 5 exhibit107110k2017q4.htm EXHIBIT 10.71 TO FORM 10-K 12-31-17 Exhibit
EXHIBIT 10.71
TERMS OF AMENDED AND RESTATED CHANGE IN CONTROL AGREEMENT
The form of Amended and Restated Change in Control Agreement (the “Agreement”), filed as Exhibit 10.2 on the Registrant’s Quarterly Report on Form 10-Q for the quarterly period ended September 30, 2014 contains blanks where the multiple of the executive’s base amount and the term of continued benefits provided under the Agreement vary for certain executives. On February 27, 2018, the Registrant entered into such an Agreement with the executive officer below, providing continued benefits for the term, and at the multiple of such executive's base amount, as listed in the following chart:
Executive Officer | Number of Times Base Amount Section (4a) | Term of Continued Benefits Section (4 b & c) |
Edward O. Handy, III | 3 times | 36 months |
