50 of the Top 250 law firms use our Products every day
AMENDMENT NO. 1 TO
THE TIMKEN COMPANY SEVERANCE AGREEMENT
This
Amendment No. 1 is effective as of August 3, 2009, by and
between The Timken Company, an Ohio corporation (the
“Company”), and
(“Employee”) and hereby amends the Severance Agreement
dated
by and between the Company and Employee (the
“Agreement”).
Words and
phrases used herein with initial capital letters that are defined
in the Agreement are used herein as so defined.
Section 1
of the Agreement is hereby amended by inserting a new subsection
1.16a as follows:
“1.16a
Sale Termination : The term “Sale Termination”
shall mean a Termination of Employment with the Company or a
Subsidiary of the Company in connection with:
(a) a sale by the
Company or a Subsidiary of the Company of a plant or other facility
or property or assets; or
(b) a sale of the
ownership of the Company or a Subsidiary of the Company,
when the
acquiror in such sale described in subsection (a) or
(b) or its affiliate makes an offer of employment to the
Employee in connection with such sale. Notwithstanding the
foregoing, a Termination of Employment shall not be a Sale
Termination if such Termination of Employment occurs during the
Limited Period or during the 90 days prior to a Change in
Control under the circumstances described in
Section 4.1(a).”
|