Amendment No. 2 To the Sensient Technologies Corporation Amended and Restated Change Of Control Employment and Severance Agreements
Exhibit 10.5
Amendment No. 2
To the Sensient Technologies Corporation
Amended and Restated Change Of Control
Employment and Severance Agreements
To the Sensient Technologies Corporation
Amended and Restated Change Of Control
Employment and Severance Agreements
WHEREAS, Sensient Technologies Corporation (the “Company”) has entered into an Amended and
Restated Change Of Control Employment and Severance Agreements (collectively the “Agreements”) with
certain executives of the Company (the “Executives”); and
WHEREAS, “annual bonus” is defined under the Agreements as a bonus in cash at least equal to
the highest bonus award, if any, paid to the Executives under the Company’s Management Incentive
Plan for Division Presidents or the Company’s Incentive Compensation Plan for Elected Corporate
Officers on any one of the last five annual bonus payment dates immediately preceding the Company’s
change of control; and
WHEREAS, the Company desires to revise the Agreements to define “annual bonus,” effective as
of December 1, 2005, as the greater of the highest bonus award paid to the Executives under the
Company’s Management Incentive Plan for Division Presidents or the Company’s Incentive Compensation
Plan for Elected Corporate Officers on any one of the last five annual bonus payment dates
immediately preceding the Company’s change of control, or on any one annual bonus payment date
coinciding with or following the date on which the Executives attain age 50 and preceding the
Company’s change of control;
NOW THEREFORE, the first sentence of Section 4(b)(ii) is amended in its entirety, effective as
of December 1, 2005, to read as follows:
In addition to Annual Base Salary, the Executive shall be awarded, for each fiscal
year ending during the Employment Period, an annual bonus (the “Annual Bonus”) in
cash at least equal to the greater of the highest bonus, if any, paid to the
Executive under the Company’s Management Incentive Plan for Division Presidents or
the Company’s Incentive Compensation Plan for Elected Corporate Officers, or any
comparable bonus under any predecessor or successor plan, on: any one of the last
five annual bonus payment dates immediately preceding the Effective Date; or any one
annual bonus payment date coinciding with or following the date on which the
Executive attains age 50 and preceding the
Effective Date (the “Recent Annual Bonus”).
IN WITNESS WHEREOF, this Amendment is duly executed this
day of 2005.
SENSIENT TECHNOLOGIES CORPORATION | ||||
ATTEST:
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By: | |||
Executive |
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