Amendment to the Amended and Restated Separation and Retirement Agreement and ----------------------------------------------------------------------------- Waiver and Release of Liability ------------------------------- Cinergy Corp. and Larry E. Thomas (the "Parties") entered into the Amended and Restated Separation and Retirement Agreement and Waiver and Release of Liability dated February 15, 2002 (the "Separation Agreement"). The Parties now desire to amend the Separation Agreement through the adoption of this Amendment, which is effective as of March 31, 2002, with the mutual exchange of promises as consideration. Capitalized words and terms used throughout this Amendment that are not defined elsewhere in this Amendment shall have the meaning given to them in the Separation Agreement. 1. Recital A of the Separation Agreement shall be amended and restated to read, in its entirety, as follows: A. The Executive has elected to terminate voluntarily his employment with Cinergy and retire effective May 31, 2002. 2. The date "March 31, 2002" in the first sentence of Recital B of the Separation Agreement shall be replaced with "May 31, 2002". 3. The date "March 31, 2002" in Sections 1b, 1d, 2, 2a, 2b, 2c, 2e, 2g, 2h, 2i, 2j and 2k of the Separation Agreement shall be replaced with "May 31, 2002". 4. Section 2m of the Separation Agreement is amended and restated to read, in its entirety, as follows: m. 2002 Annual Incentive Plan. After May 31, 2002, provided the Executive --------------------------- timely executes and does not timely revoke the Waiver and Release, the Executive will receive an AIP award for the 2002 performance period equal to 5/12ths of the award that he would have received if he had remained employed until the date of payment of the award, which award will be paid based on a level three payout with respect to both individual and corporate goals, which payment shall be reduced by applicable withholding taxes and shall be payable in March, 2003. 5. The definition of the term "Termination Date" in Section 22k of the Separation Agreement shall be amended and restated to read, in its entirety, as follows: k. Termination Date. "Termination Date" means May 31, 2002. ----------------- IN WITNESS WHEREOF, the Parties have caused this Agreement to be executed as of the effective date set forth above. CINERGY CORP. Larry E. Thomas By: ---------------------------- -------------------------- Jerome A. Vennemann Executive By: ---------------------------- Timothy J. Verhagen
- CIN Dashboard
- Filings
-
10-Q Filing
CINergy (CIN) Inactive 10-Q2002 Q1 Quarterly report
Filed: 13 May 02, 12:00am