THIRD AMENDMENT TO THE EMPLOYMENT AGREEMENT BETWEEN FOSTER WHEELER INC. AND BETH B. SEXTON
Exhibit 10.1
THIRD AMENDMENT
TO THE
EMPLOYMENT AGREEMENT
BETWEEN XXXXXX XXXXXXX INC.
AND
XXXX X. XXXXXX
TO THE
EMPLOYMENT AGREEMENT
BETWEEN XXXXXX XXXXXXX INC.
AND
XXXX X. XXXXXX
This THIRD AMENDMENT (this “Amendment”) to the Employment Agreement between XXXXXX XXXXXXX
INC., a Delaware corporation (the “Company”), and XXXX X. XXXXXX (the “Executive”), dated as of
April 7, 2008 (the “Agreement”), is made and entered into as of February 22, 2011 (the “Effective
Date”).
WHEREAS, Xxxxxx Xxxxxxx Ltd. entered into the Agreement with the Executive; and
WHEREAS, the Company thereafter assumed the Agreement from Xxxxxx Xxxxxxx Ltd. on or about
February 9, 2009, and the Company and the Executive entered into a First Amendment to the
Agreement, effective January 18, 2010 (“First Amendment”) and a Second Amendment, dated as of May
4, 2010 (“Second Amendment”); and
WHEREAS, the Company and the Executive have agreed to further amend the Agreement as set forth
herein.
NOW THEREFORE, for good and valuable consideration the receipt and sufficiency of which are
hereby acknowledged, and in further consideration of the following mutual promises, covenants and
undertakings, the parties agree by executing this Amendment to amend the Agreement, including its
First Amendment and Second Amendment, as follows effective as of the Effective Date:
1. | The Agreement is amended by revising Section A-4(c)(iv) of the Addendum to read in its entirety as follows: |
(iv) Personal Air Travel and Home Leave: Until the Executive’s immediate family
relocates to Switzerland, (A) the Company shall provide reimbursement of one (1)
business-class round-trip ticket per month for personal travel between Switzerland and the
U.S., (B) each month, the Executive may use the business-class round trip ticket to instead
fly one (1) family member from the U.S. to Switzerland, (C) once per quarter, in lieu of the
Executive’s trip to the U.S., the Company shall reimburse the cost of business-class
round-trip tickets for the Executive’s family to travel from the U.S. to Switzerland, and (D)
the Executive may choose to work from her home or Xxxxxx Xxxxxxx office in the U.S. for up to
one (1) week per month, it being understood and agreed that this subsection (D) does not
entitle the Executive to be reimbursed for air travel beyond what is set forth elsewhere in
this Agreement, including its subsection (A) above. For the avoidance of doubt, (A), (B),
and (C) include reimbursement of associated local ground expenses. If and after the
Executive’s immediate family relocates to Switzerland, (X) the Company shall reimburse the
Executive for one (1) trip per twelve (12) months per authorized dependent and for the
Executive, (Y) expenses eligible for reimbursement include a business class airline ticket
and local ground expenses to the original point of origin, and (Z) one (1) day of travel
shall be permitted each way as additional vacation.
2. | Counterparts. This Amendment may be executed in two or more counterparts, each of which shall be deemed to be an original but all of which together will constitute one and the same instrument. |
[Signature Page Follows]
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IN WITNESS WHEREOF, the parties hereto have executed this Third Amendment to the Agreement as
of the Effective Date.
XXXXXX XXXXXXX INC. |
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By: | /s/ Xxxxxxx xxxxx Xxxx | |||
Name: | Xxxxxxx xxxxx Xxxx | |||
Title: | President & Chief Executive Officer | |||
/s/ Xxxx X. Xxxxxx | ||||
XXXX X. XXXXXX |
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