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ASTRONICS CORPORATION
First Amendment of the Employment Termination Benefits Agreement
Dated December 30, 2008 between
Astronics Corporation and David C. Burney, Vice President and Chief
Financial Officer of Astronics
Corporation
FIRST AMENDMENT
of the
EMPLOYMENT TERMINATION BENEFITS AGREEMENT
THIS AMENDMENT , dated as of December 31, 2008, is
between ASTRONICS CORPORATION (the “Company”),
and DAVID C. BURNEY (the
“Executive”).
A.
The Company and the Executive have entered into an Employment
Termination Benefits Agreement dated as December 16, 2003 (the
“Agreement”).
B.
It is intended that the Agreement comply with the provisions of
Section 409A of the Code and the regulations and guidance of
general applicability issued thereunder (referred to herein as
“Section 409A”) so as to not subject the Executive
to the payment of additional interest and taxes under
Section 409A. In furtherance of this intent, the Agreement
shall be interpreted, operated and administered in a manner
consistent with these intentions, and to the extent
Section 409A would result in the Executive being subject to
the payment of additional income taxes or interest under
Section 409A, the parties agree to amend the Agreement in
order to avoid the application of such taxes and interest.
Consistent with this intent, the Company and the Executive desire
to amend the Agreement to reflect certain changes to the terms and
conditions of the Agreement by entering into this First Amendment
to the Agreement (this “Amendment”).
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