50 of the Top 250 law firms use our Products every day
AMENDMENT REGARDING IRC §
409A
TO
EXECUTIVE EMPLOYMENT AGREEMENT
The Executive
Employment Agreement (“Agreement”) entered into on
July 12, 2007, by and among Thermadyne Holdings
Corporation (“Holdings”), a Delaware corporation,
and any and all the wholly owned subsidiaries of Holdings
(collectively, “Employers”), and Terry A. Moody
(“Employee”), is hereby amended as follows, effective
as of the date of the Agreement, such that, consistent with the
intent of the parties, the Agreement will comply with relevant
provisions of Section 409A of the Internal Revenue Code of
1986, as amended:
1. Capitalized
terms used in this Amendment without definition have the meanings
set forth in the Agreement.
2.
Notwithstanding any term or condition in the Agreement to the
contrary:
If the Employee
is a “specified employee” (within the meaning of
Section 409(a)(2)(B)(i) of the Internal Revenue Code of 1986,
as amended, (“Code”)) at the time of his termination of
employment with the Employers and is entitled to payments under the
Agreement which are on account of “involuntary separation of
service” within the meaning of Treasury Regulation
Section 1.409A-l(n), amounts payable to the Employee,
notwithstanding anything in this Agreement to the contrary, during
the first six (6) consecutive months immediately following the
month in which such termination of employment occurs shall be
suspended after the total of such payments equal the lesser of the
amount specified under Treasury Regulation
1.409A-l(a)(9)(iii)(A)(l) or (2). If the Employee is such a
“spec
|
