Exhibit 10.5
Amendment to Severance Pay Agreement
This agreement is made as of the 20th day of April, 1999, between Fourth Shift
Corporation, Two Xxxxxxxx Xxxxxxxx, Xxxxxxxxxxx, Xxxxxxxxx 00000 (such
corporation, together with its subsidiaries, hereinafter called the "Company")
and X.X. Xxxxxxx (hereinafter called "Executive"), residing at 00 Xxxxx Xxxxx,
Xxxxxxxx, Xxxxxxxxxx 00000.
WHEREAS, the Company wishes to amend the agreement dated October 21,
1997 to include the benefits as defined herein.
I. Amendment of Agreement
The benefits outlined in Section 4(b)(ii) of this document are amended
to provide the Executive and Executive's dependent (if applicable) a
life time benefit for Medical Insurance and Long Term Care Insurance as
outlined in the Executive Retirement Plan. This agreement is in
addition to all other compensation and benefits outlined in the
original document dated October 21, 1997.
IN WITNESS WHEREOF, the Company has caused this Agreement to be
executed in its name by a duly authorized officer, and Executive has hereunto
set his hand, all as of the date first written above.
Fourth Shift Corporation
By /s/ Xxxxxx Xxxxx
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Its Chairman, Compensation Committee
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/s/ X.X. Xxxxxxx
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PLAN SUMMARY
April 20, 1999
Fourth Shift Corporation will provide Long Term Care Insurance and coverage from
the Fourth Shift Medical Plan to X.X. Xxxxxxx and spouse as a life time benefit.
Terms of the medical plan will be in accordance with the Fourth Shift Medical
Plan at the date of X.X. Xxxxxxx'x retirement. Major terms of the Medical Plan
are as follows:
- Co-pay per office visit, 100% coverage for remaining expenses
- Co-pay per prescription, 100% coverage for remaining expenses
- 100% inpatient hospitalization coverage, $1,000,000 maximum lifetime
benefit
- 100% outpatient hospitalization coverage, $1,000,000 maximum lifetime
benefit
- X.X. Xxxxxxx will pay $1,000 per month from July 1, 1999 through July 1,
2004 to aid in funding the Medical Plan.
