This excerpt taken from the VLKAY DEF 14A filed Dec 21, 2009.
Employment Related Agreements
Except with respect to the change in control agreements described in more detail below, the Company does not have employment agreements that provide for continued employment for any period of time or which guarantee severance benefits upon termination.
The Company entered into revised change in control agreements with each of its executive officers in 2006 to provide for continuity of management in the event of a change in control of the Company. Pursuant to each agreement, the Company agrees to provide certain payments and benefits to the participants if they are terminated within 24 months after a Change in Control, as defined in the agreements. Participants will not be considered terminated for purposes of these agreements if they die, become disabled or are terminated for cause. They will, however, be considered terminated if they voluntarily leave the Companys employ for certain good reasons (defined as Good Reason in the agreements), and, in the case of Mr. Malkoski and Mr. Cordier, if they voluntarily terminate employment during the 30-day period beginning on the first anniversary of a Change in Control. A description of the payments and benefits under these agreements is set forth in the Change-in-Control Arrangements section below.
In October 2009, the Committee decided to increase the period from 24 months to 30 months during which Mr. Kortemeyer, the President and General Manager of the Companys Industrial Ingredients business, would be eligible to receive benefits under the Companys change in control agreement with him. The Committee elected to make this change in order to make the period in which Mr. Kortemeyer is eligible to receive these benefits the same as the period applicable to Mr. Randall, since they both are presidents of operating business units.