AMENDMENT TO EMPLOYMENT AGREEMENTEmployment Agreement Amendment |
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Exhibit 10.4
AMENDMENT TO EMPLOYMENT AGREEMENT
THIS AMENDMENT TO EMPLOYMENT AGREEMENT (this Amendment) is entered into by and between Donald P. Segers (Executive) and O.I. Corporation, an Oklahoma corporation (the Company), effective as of August 8, 2008.
WHEREAS, Executive and the Company are parties to that certain Employment Agreement dated June 25, 2007 (the Agreement);
WHEREAS, pursuant to Section 5.5 of the Agreement, Executive and the Company may amend the Agreement; and
WHEREAS, the Company and Executive now desire to amend the Agreement to clarify the effect on Executive of a Change in Control (as defined in the Agreement).
NOW, THEREFORE, for and in consideration of the premises and the mutual benefits to the parties arising out of this Amendment, the receipt and sufficiency of which are hereby acknowledged by the parties, the Company and Executive agree that the Agreement is amended hereby as follows:
1. Section 2.5.5 of the Agreement is deleted in its entirety and the following is substituted therefor:
2.5.5 Effect of Change in Control. If, within one (1) month prior to or twelve (12) months following a Change in Control, Executive is terminated without Cause or resigns for Good Reason, then (i) the Companys obligations under this Agreement shall immediately cease, and (ii) Executive shall be entitled to receive payment of the aggregate amount of the following as of the date of termination: (A) Executives Base Salary then in effect which has been earned but unpaid; (B) earned but unpaid bonus, and accrued, unused paid vacation; (C) vested benefits under any employee benefit plan then in effect and applicable to Executive; (D) any benefits to which Executive is entitled under law; and (E) any expenses which are reimbursable under this Agreement and incurred prior to the date of termination. In addition, Executive shall be entitled to receive severance benefits equivalent to twenty-four (24) months Base Salary then in effect, less applicable statutory deductions and withholdings and the Company shall continue to provide health benefits to Executiv
