Exhibit
10.6
First
Amendment
to the Nortek,
Inc. Second Amended and Restated
Change in
Control Severance Benefit Plan for Key Employees
WHEREAS,
Nortek, Inc. (the "Company") adopted the Nortek, Inc. Second
Amended and Restated Change in Control Severance Benefit Plan for
Key Employees (the “Plan”) effective August 24,
2004;
WHEREAS, the
Plan may be amended by the Company at any time; and
WHEREAS, the
Company wishes to amend the Plan to comply with the final
regulations under Section 409A of the Internal Revenue Code of
1986, as amended;
NOW,
THEREFORE, the Company hereby amends the Plan as follows,
effective, except where otherwise provided, January 1,
2008:
1. The
second paragraph of Section 6 is deleted in its entirety and
replaced with thefollowing:
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“In the
event of such a termination, Employee shall continue for a period
of 24 months after termination to be covered at the expense of
Employer by the same or equivalent hospital, medical, accident,
disability, and life insurance coverages as he was covered
immediately prior to such termination.”
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The following
new Section 6A is inserted following Section 6, to read in its
entirey as follows:
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“6A. Specified
Employees.
(a) If
at the time of Separation from Service an Employee is a Specified
Employee, any and all amounts payable hereunder to such Employee
that constitute deferred compensation subject to Section 409A of
the Internal Revenue Code of 1986, as amended (“Section
409A”) as determined by the Company in its sole discretion,
and that would (but for this sentence) be payable within six months
following such Separation from Service, shall instead be paid in
the form of a single lump sum payment on the date that follows the
date of suc
