PERCEPTRON, INC.
FIRST AMENDMENT TO SEVERANCE AGREEMENT
THIS FIRST AMENDMENT TO SEVERANCE AGREEMENT,
dated
as of September 8, 2005, between Perceptron, Inc. (the
“Company”) and Wilfred J. Corriveau (the
“Executive”), (the “Agreement”) is dated
October 2, 2007.
The
Company and the Executive hereby agree as
follows:
1.
Defined Terms
. Terms
defined in the Agreement shall be used in this First Amendment with
their defined meanings as contained in the Agreement, unless
otherwise defined here.
2.
Amendment of the Agreement
. Company
and Executive agree, effective upon expiration of the Revocation
Period set forth in the release executed by Executive as required
by the Agreement, as follows:
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(i)
Executive’s employment with Company has terminated
effective September 6, 2007 (the “Effective
Date”).
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(ii)
Pursuant to
Section 3 of the Agreement, Executive shall be entitled to the
payments set forth in Section 3(b) of the Agreement, as modified
below:
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| (a) |
The
Company will pay directly the Executive’s COBRA continuation
coverage premiums through March 6, 2008, if the Executive elects
COBRA continuation coverage, in lieu of Executive’s continued
direct coverage under the Company’s group health
plan.
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| (b) |
The
Company’s obligation to provide health and welfare plan
benefits following the Effective Date, as provided in Section
3(b)(iii) of the Agreement, shall cover only the following benefits
and shall expire on March 6, 2008:
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Group
Life coverage
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Executive
Life Coverage
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| (c) |
The
Company will pay Executive Nine Hundred Dollars ($900.00) per month
through March 6, 2008, in lieu of the Executive’s car benefit
provided in Section 3(b)(iv) of the Agreement.
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(iii)
On
September 5, 2008, the Company shall pay Executive a lump sum
payment of Fifty Seven Thousand Five Hundred Dollars
($57,500.00), less applicable income and employment
withholding taxes. In the event there is a payment to
Executive under Section 4 of the Agreement, the
Company’s obligation under this Section 2(iii) shall
terminate.
(iv)
The
Company shall make all payments due to Executive under Section
16 of the Agreement through December 31, 2009, no later than
December 31, 2009, and shall have no further obligation to
Executive under Section 16 thereafter.
(v)
The
following stock option agreements between the Company and
Executive (the “Option Agreements”) provide that
all options which
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