An employment agreement extension is a contract between an employer and employee that extends the term of the original contract agreements. This agreement is helpful in scenarios where an employee is retained by the company contractually for a predetermined amount of time. By drafting and signing an employment agreement extension, employers are able to secure employees for an extended amount of time.
In exchange for extending their employment obligation, employees are sometimes granted special terms, such as an increased rate of pay or better benefits. The employment agreement extension includes details about what these items might be.
[MBIA INC. LETTERHEAD]
Greenwich, CT 06830
Employment Agreement Extension
We refer to your letter agreement (the “ Employment Agreement ”), dated August 4, 2009, setting forth the terms pursuant to which you have continued to be an employee of MBIA Insurance Corporation or one of its affiliates (the “ Employer ”), and an officer of MBIA Inc. (“ MBIA ”) and one or more of its subsidiaries through June 30, 2010, subject to such extension as may be mutually agreed by you, MBIA and the Employer. As provided in Section 1 of the Employment Agreement, you, MBIA and the Employer hereby mutually agree to extend the Employment Period (within the meaning of the Employment Agreement) through June 30, 2011. Accordingly, the terms and conditions set forth in the Employment Agreement shall continue until June 30, 2011, unless you, MBIA and the Employer shall mutually agree to further extend the Employment Period or enter into a new agreement.
For your convenience, a copy of the Employment Agreement is attached to this letter.
Please confirm your acceptance of the extension of the Employment Period as set forth above by signing below.
| /s/ Joseph W. Brown |
| Joseph W. Brown |
| Chairman and Chief Executive Officer |
/s/ Mitchell Sonkin
Dated: May 5, 2010
Reference:
Security Exchange Commission - Edgar Database, EX-10.3 4 dex103.htm EMPLOYMENT AGREEMENT EXTENSION, Viewed September 15, 2022, View Source on SEC.
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