February 2, 2006
Exhibit 10.13
February 2, 2006
Xxxxx X. Xxxxxxxx
President & Chief Executive Officer
Columbian Chemicals Company
0000 Xxxx Xxx Xxxxxxx Xxxxx
Xxxxxxxx, Xxxxxxx
President & Chief Executive Officer
Columbian Chemicals Company
0000 Xxxx Xxx Xxxxxxx Xxxxx
Xxxxxxxx, Xxxxxxx
Dear Xxx:
This letter amends and modifies that certain February 11, 2005 Employment Agreement signed by
Xxxxxx Dodge Corporation and you with an Initial Term commencing February 11, 2005 (“Agreement”)
and which Initial Term ends on February 10, 2006. Unless defined otherwise for purposes of this
letter, capitalized terms set forth herein will have the same meaning as set forth in the
Agreement.
Although a definitive agreement has been entered into by Xxxxxx Dodge to sell Columbian Chemicals
Company, it has been determined by Xxxxxx Dodge that it is appropriate to extend the term of the
Agreement until June 30, 2006 (the “Renewal Term”). Section 2.(b) of the Agreement contemplates
that such a Renewal Term may be agreed to by the parties to this Agreement. In addition, pursuant
to Section 18.(e) the Agreement may be modified in a writing signed by you and an authorized
officer of Xxxxxx Dodge. This letter is intended to amend and modify the Agreement as set forth
below and will be effective on the date agreed to by Xxxxxx Dodge as indicated below.
1. | In accordance with Section 2.(b) of the Agreement, the term of the Agreement is extended until June 30, 2006 (the “Renewal Term”). | ||
2. | The following sentence is added to the end of the last paragraph of Section 4 of the Agreement: “Notwithstanding any other provision of this Section 4 to the contrary, if you are eligible for a payment under Section 4 under circumstances that involve the termination of your employment for Good Reason and under such conditions that you should be deemed to be a “key employee” as defined in Section 416(i) of the Internal Revenue Code (and the regulations promulgated thereunder), then the payment of the Retention Bonus under Section 4 will be paid on the six month anniversary date of your separation of employment or otherwise in accordance with the provisions of Section 409A of the Internal Revenue Code, as may be amended from time to time.” |
All of the other terms of the Agreement not specifically modified or amended by this letter will
remain in effect as set forth in the Agreement.
If you are in agreement with the terms and conditions set forth in this letter, please indicate you
acceptance by signing and dating this letter below and returning this original to me. Once this
document has been returned with your signature, this amendment will be effective on the date of
Xxxxxx Dodge’s agreement as indicated below.
Sincerely, |
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Xxxxxx Dodge Corporation |
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/s/ Xxxxx Xxxxxxx
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Vice President-Human Resources |
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Agreed: |
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/s/ Xxxxx Xxxxxxxx
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2/3/06
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Date |
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Agreed: |
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/s/ Xxxxx X. Xxxxxxx
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2/6/06
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Date |