50 of the Top 250 law firms use our Products every day
[Landstar System, Inc.
letterhead]
[Name]
13410 Sutton Park Drive, South
Jacksonville, FL 32205
Key Executive Employment
Protection Agreement
We refer to the
Key Employment Protection Agreement (the “KEEPA”),
dated [Date], between you and Landstar System, Inc. As you may
know, §409A of the Internal Revenue Code of 1986, as amended,
imposes new rules on non-qualified deferred compensation
arrangements, such as the severance benefits that may be provided
to you under the KEEPA. All such arrangements must be brought into
“written compliance” with the requirements of
§409A on or before December 31, 2008. If the KEEPA is not
in “written compliance” with §409A by
December 31, 2008, you may be subjected to adverse tax
consequences, including, an additional Federal income tax of 20% on
such deferred compensation. Accordingly, solely to satisfy the
requirements under Section 409A as described above, we are
proposing to amend the KEEPA as follows:
|
1.
|
|
Section 1(b) is amended in its
entirety to read (relevant changes are in italics
):
|
|
|
|
|
|
|
|
“Termination of Employment
Following a Potential Change of Control . Notwithstanding Section 1(a),
if ( i ) the Executive’s employment is terminated by
the Company without Cause (as defined in Section 2) after the
occurrence of a Potential Change of Control and prior to the
occurrence of a Change of Control and ( ii ) a Change of
Control occurs within one year of such termination , provided
such Change of Control constitutes a change in control event within
the meaning of Section 409A of the Internal Revenue Code of
1986, as amended (the “Code”) , the Executive shall
be deemed, solely for purposes of determini
|
|
