EXHIBIT 10.14
AMENDMENT
This amendment to the Employment Agreement dated September 12, 1995,
between The Xxxxxx-Xxxxx Corporation (now named PE Corporation (NY)) (the
"Company") and Xxxx X. Xxxxx ("Executive") (the "Agreement") is made this 17th
day of August, 2001.
WHEREAS, Company and Executive mutually desire to modify section 6(d)
and Exhibit A of the Agreement, particularly in view of the need to clarify the
application of certain provisions of the pension plans involved under such
Agreement.
NOW, THEREFORE, the parties agree as follows:
1. Section 6(d) of the Agreement is amended to read as follows:
(d) Supplemental Pension Benefit. It is understood that
Executive has been employed by his prior employer for
a period of twenty-six years ("Prior Service
Period"). In addition to receiving credit under the
Company's qualified defined benefit plan ("Pension
Plan") and the Company's non-qualified Excess Benefit
Plan (the "Non-Qualified Plan") for Executive's
service with the Company under the terms of this
Agreement, the Company shall pay Executive a special
supplemental pension benefit equal to the amount
which he would receive under the Pension Plan and
Non-Qualified Plan if Executive were credited with
his Prior Service Period under the Pension Plan and
the Non-Qualified Plan. Executive's benefit hereunder
shall be calculated in the manner set forth in
Exhibit A hereto, and in the case of retirement
before age 65 shall be based on Executive's prior
employer's pension plan early retirement methodology.
Any benefits payable to Executive hereunder shall be
reduced by $111,528 per year, and shall also be
reduced by any amounts paid to Executive under the
Pension Plan or the Non-Qualified Plan.
2. Exhibit A to the Agreement is replaced by Exhibit A hereto.
3. In all other respects the Agreement is unmodified and remains
in full force and effect.
PE CORPORATION (NY) XXXX X. XXXXX
By /s/ Xxxxxxx X. Xxxx /s/ Xxxx X. Xxxxx
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Xxxxxxx X. Xxxx
Vice President, Human Resources
Acknowledged:
/s/ Xxxxxxx X. Xxxxx
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Xxxxxxx X. Xxxxx
Senior Vice President and
General Counsel
