Common use of Compensation Program Amendments Clause in Contracts

Compensation Program Amendments. To the extent required by Section 111(b) of EESA, each of Employer’s and their Affiliates’ compensation, bonus, incentive and other benefit plans, arrangements and agreements (including golden parachute, severance and employment agreements) (collectively, “Benefit Plans”) with respect to which Executive is a participant or otherwise entitled to payments is hereby amended to the extent necessary to give effect to the provisions of Sections 4.1.1 and 4.1.2 above. In addition, Employer is required to review its Benefit Plans to ensure that such Benefit Plans do not encourage Executive and other senior executive officers of Employer to take unnecessary and excessive risks that threaten the value of Employer. To the extent any such review requires revisions to any Benefit Plan with respect to which Executive is a participant, Executive and Employer agree that Employer shall make, without additional consent or approval of Executive, such changes promptly and in good faith.