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EXHIBIT 10.7
AMENDMENT 1 TO SEVERANCE AGREEMENT
This Amendment 1 to Severance Agreement ("Amendment 1") is made and
entered into effective November 11, 1998, by and between XXXXX XXXXXX
INCORPORATED, A Delaware corporation (the "Company") and __________________ (the
"Executive").
WHEREAS, the Company and the Executive desire to make certain changes
to that certain Severance Agreement dated as of July 23, 1997, by and between
the Company and the Executive (the "Severance Agreement"), to conform the
Severance Agreement with the form executed by other executives of the Company
and to take into account the recent Change in Control (as defined in the
Severance Agreement) involving Western Atlas Inc.;
NOW, THEREFORE, in consideration of the premises and the mutual
agreements contained herein, the Company and the Executive hereby agree as
follows:
1. Term. The following shall be added to the end of Paragraph 2 of
the Severance Agreement:
"; and further provided, however, that solely with respect to any
rights or claims of the Executive in connection with the Change in
Control brought about by the merger with Western Atlas Inc. which
occurred on August 10, 1998, the Term shall be deemed to expire on
September 1, 2000, but for all other purposes and other events of
Change in Control which may occur subsequent to August 10, 1998, this
proviso shall have no force or effect."
2. 13th Month Good Reason Waiver. The following language which
appears in lines 3, 4, and 5 of Section 6.1(ii) of the Severance
Agreement is hereby deleted:
"or (ii) the Executive voluntarily terminates his employment for any
reason during the one-month period commencing on the first anniversary
of the Change in Control,"
All capitalized terms in this Amendment 1 shall have the definition
ascribed to those terms in the Severance Agreement. The Severance Agreement
continues in full force and effect, except as amended hereby. This Amendment 1
may be executed in several counterparts, each of which shall be deemed to be an
original but all of which together will constitute one and the same instrument.
EXECUTED effective the day and year first written above.
Company:
XXXXX XXXXXX INCORPORATED
By:
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Xxxx X. Xxxxx
Chairman-Compensation Committee
of the Board of Directors
Executive:
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