EXHIBIT 10.1(t)
ADDENDUM TO THE EXECUTIVE EMPLOYMENT AGREEMENT (THE "AGREEMENT") BETWEEN
XXXXX-DANFOSS INC., USA (THE "COMPANY") AND VICE PRESIDENT FINN LYHNE,
XX0XXXXXXX 00, 0000 XXXXXX, XXXXXXX (THE EXECUTIVE").
EFFECTIVE FROM DECEMBER 1, 2002, THE PARTIES AGREE TO REGULATE THE
ABOVE-MENTIONED AGREEMENT ON THE FOLLOWING CLAUSES:
CLAUSE 3
Serving as the Vice President of the Company's Motor & Steering Global Business
Unit, the Executive at the same time takes up the position as Managing Director
of Xxxxx-Danfoss (Nordborg) A/S, Xxxxxxxxxxx 00, 0000 Xxxxxxxx, Xxxxxxx.
The Executive reports directly to the Company's Executive Vice President and
Chief Operating Officer.
CLAUSE 5a
The salary is to be paid out by Xxxxx-Danfoss (Nordborg) A/S in accordance with
the practices valid for Xxxxx-Danfoss (Nordborg) A/S.
CLAUSE 5c
Reimbursement of out-of pocket expenses shall be in accordance with the policies
as determined by Xxxxx-Danfoss (Nordborg) A/S.
CLAUSE 5d,e
As stated in the Agreement, the Executive shall participate in the annual and
long term incentive plans as provided to senior executives of the Company. All
other benefit plans and perquisites granted to the Executive shall be according
to the policies valid for Xxxxx-Danfoss (Nordborg) A/S.
CLAUSE 5f
The Executive shall be entitled to vacations according to Danish Holiday Act,
and the Executive shall be entitled to holidays according to Danish customs and
as decided by Xxxxx-Danfoss (Nordborg) A/S.
CLAUSE 6
Any payment made to Executive under Section 6 for Base Salary and Target
Incentive Opportunity shall in every respect compensate for any claims which the
Executive might be entitled under the Danish Employers' and Salaried Employees'
Act or other mandatory legal provision.
CLAUSE 6b
The Executive's employment shall terminate without notice at the end of the
month in which the Executive attains the age of 65 years.
CLAUSE 6d,f
No payment or benefit shall be reduced if such reduction is contrary to any
mandatory
legal provision.
CLAUSE 23
In all rights and duties connected with seniority, the executive's entry date
shall be counted from February 1, 1998.
In case of any conflict between the Agreement and this addendum, the addendum
shall be valid.
EXECUTIVE
By:
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XXXXX-DANFOSS INC.
By:
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Name:
Title:
