{"id":38609,"date":"2015-09-17T11:25:58","date_gmt":"2015-09-17T16:25:58","guid":{"rendered":"https:\/\/content.findlaw-admin.com\/ability-legal\/contracts\/uncategorized\/change-in-control-severance-agreement-raytheon-co.html"},"modified":"2015-09-17T11:25:58","modified_gmt":"2015-09-17T16:25:58","slug":"change-in-control-severance-agreement-raytheon-co","status":"publish","type":"corporate_contracts","link":"https:\/\/corporate.findlaw.com\/contracts\/compensation\/change-in-control-severance-agreement-raytheon-co.html","title":{"rendered":"Change In Control Severance Agreement &#8211; Raytheon Co."},"content":{"rendered":"<pre>                                Raytheon Company\n                      Change In Control Severance Agreement\n\n     Agreement by and between Raytheon Company, a Delaware corporation (the\n\"Company\"), and                  (\"Executive\") dated as of                 ,\n                ----------------                           ----------------\n2001.\n\n     The Board of Directors of Company believes it is in the best interests of\nthe Company and its stockholders to have the continued dedication of Executive\nnotwithstanding the possibility, threat or occurrence of a Change in Control (as\ndefined in Section 1.5); to diminish the inevitable distraction of Executive due\nto personal uncertainties and risks created by a threatened or pending Change in\nControl; and to provide Executive with compensation and benefits arrangements\nupon a Change in Control which are competitive with those offered by other\ncorporations.\n\n     Therefore, the Board of Directors has caused the Company to enter into this\nAgreement, and the Company and Executive agree as follows:\n\n1    DEFINITIONS\n\nFor purposes of this Agreement, the following terms have the following meanings.\n\n1.1 \"Affiliated Company\" means an affiliated company as defined in Rule 12b-2 of\n     ------------------\nthe Securities Exchange Act of 1934, as amended (the \"Exchange Act\").\n\n1.2 \"Base Salary\" means Executive's annual base salary paid or payable\n     -----------\n(including any base salary which has been earned but deferred) to Executive by\nthe Company or an affiliated company immediately preceding the date of a Change\nin Control.\n\n1.3 \"Board\" means the Board of Directors of the Company.\n     -----\n\n1.4 \"Cause\" means Executive's:\n     -----\n\n     (i)  willful and continued failure to perform substantially Executive's\n          duties with the Company or one of its affiliates as such duties are\n          constituted as of a Change in Control after the Company delivers to\n          Executive written demand for substantial performance specifically\n          identifying the manner in which Executive has not substantially\n          performed Executive's duties;\n\n\n\n\n     (ii) conviction for a felony; or\n\n     (iii)willfully engaging in illegal conduct or gross misconduct which is\n          materially and demonstrably injurious to the Company.\n\nFor purposes of this Section 1.4, no act or omission by Executive shall be\nconsidered \"willful\" unless it is done or omitted in bad faith or without\nreasonable belief that Executive's action or omission was in the best interests\nof the Company. Any act or failure to act based upon (a) authority given\npursuant to a resolution duly adopted by the Board, (b) instructions of the\nChief Executive Officer or a senior officer of the Company, or (c) advice of\ncounsel for the Company shall be conclusively presumed to be done or omitted to\nbe done by Executive in good faith and in the best interests of the Company. For\npurposes of subsections (i) and (iii) above, Executive shall not be deemed to be\nterminated for Cause unless and until there shall have been delivered to\nExecutive a copy of a resolution duly adopted by the affirmative vote of not\nless than three quarters of the entire membership of the Board at a meeting\ncalled and held for such purpose (after reasonable notice is provided to\nExecutive and Executive is given an opportunity, together with counsel, to be\nheard before the Board) finding that in the good faith opinion of the Board\nExecutive is guilty of the conduct described in subsection (i) or (iii) above\nand specifying the particulars thereof in detail.\n\n1.5 \"Change in Control\" of the Company shall be deemed to have occurred as of\n     -----------------\nthe first day that any one or more of the following conditions shall have been\nsatisfied:\n\n     (i)  Any individual, entity or group (within the meaning of Section\n          13(d)(3) or 14(d)(2) of the Exchange Act) (a \"Person\"), other than\n          those Persons in control of the Company as of the date hereof or a\n          trustee or other fiduciary holding securities under an employee\n          benefit plan of the Company or a corporation owned directly or\n          indirectly by the stockholders of the Company in substantially the\n          same proportions as their ownership of stock of the Company, become\n          the beneficial owner (as defined in Rule 13d-3 under the Exchange\n          Act), directly or indirectly, of securities of the Company\n          representing 25% or more of the combined voting power of the Company's\n          then outstanding securities; or\n\n     (ii) A change in the Board such that individuals who as of the date hereof\n          constitute the Board (the \"Incumbent Board\") cease for any reason to\n          constitute at least a majority of the Board; provided, however, that\n          any individual becoming a director subsequent to the date hereof whose\n          election or nomination for election by the Company's stockholders was\n          approved by a vote of at least a majority of the directors then\n          comprising the Incumbent\n\n                                       2\n\n\n\n\n          Board shall be considered as though such individual were a member of\n          the Incumbent Board; or\n\n     (iii) The stockholders of the Company approve: (a) a plan of complete\n          liquidation of the Company; (b) an agreement for the sale or\n          disposition of all or substantially all of the Company's assets; (c) a\n          merger, consolidation or reorganization of the Company with or\n          involving any other corporation, other than a merger, consolidation or\n          reorganization that would result in the voting securities of the\n          Company outstanding immediately prior thereto continuing to represent\n          (either by remaining outstanding or by being converted into voting\n          securities of the surviving entity) at least 50% of the combined\n          voting power of the voting securities of the Company (or such\n          surviving entity) outstanding immediately after such merger,\n          consolidation or reorganization.\n\nHowever, in no event shall a Change in Control be deemed to have occurred for\npurposes of this Agreement if Executive is included in a Person that consummates\nthe Change in Control. Executive shall not be deemed to be included in a Person\nby reason of ownership of (i) less than 3% of the equity in the Person or (ii)\nan equity interest in the Person which is otherwise not significant as\ndetermined prior to the Change of Control by a majority of the non-employee\ncontinuing directors of the Company.\n\n1.6 \"Code\" means the Internal Revenue Code of 1986, as amended.\n     ----\n\n1.7 \"Good Reason\" means any of the following acts or omissions by the Company\n     -----------\nwithout Executive's express written consent:\n\n     (i)  assigning to Executive duties materially inconsistent with Executive's\n          position (including status, offices, titles and reporting\n          requirements), authority or responsibilities immediately prior to a\n          Change in Control or any other action by the Company which results in\n          a material diminution of Executive's position, authority, duties or\n          responsibilities as constituted immediately prior to a Change in\n          Control;\n\n     (ii) requiring Executive (a) to be based at any office or location in\n          excess of 50 miles from Executive's office or location immediately\n          prior to a Change in Control or (b) to travel on Company business to a\n          substantially greater extent than required immediately prior to a\n          Change in Control;\n\n     (iii) reducing Executive's Base Salary;\n\n                                       3\n\n\n\n     (iv) materially reducing in the aggregate Executive's incentive\n          opportunities under the Company's or an affiliated company's short-\n          and long-term incentive programs as such opportunities exist\n          immediately prior to a Change in Control;\n\n     (v)  materially reducing Executive's targeted annualized award\n          opportunities and\/or the degree of probability of attainment of such\n          annualized award opportunities as such opportunities exist immediately\n          prior to a Change in Control;\n\n     (vi) failing to maintain Executive's amount of benefits under or relative\n          level of participation in the Company's or an affiliated Company's\n          employee benefit or retirement plans, policies, practices or\n          arrangements in which the Executive participates immediately prior to\n          a Change in Control;\n\n     (vii) purportedly terminating Executive's employment otherwise than as\n          expressly permitted by this Agreement; or\n\n     (viii) failing to comply with and satisfy Section 8.3 hereof by requiring\n          any successor to the Company to assume and agree to perform the\n          Company's obligations hereunder.\n\n1.8 \"Qualifying Termination\" means the occurrence of any of the following events\n     ----------------------\nwithin twenty-four (24) calendar months after a Change in Control:\n\n     (i)  the Company terminates the employment of Executive for any reason\n          other than for Cause including, without limitation, forcing Executive\n          to retire on any date not of Executive's choosing;\n\n     (ii) Executive terminates employment with the Company for Good Reason;\n\n     (iii)the Company fails to require a successor to assume, or a successor\n          refuses to assume, the Company's obligations as required by Section 8\n          hereof; or\n\n     (iv) the Company or any successor breaches any of the provisions hereof.\n\n1.9 \"Severance Benefits\" means:\n     ------------------\n\n     (i)  an amount equal to the product of Executive's Base Salary multiplied\n          by three (3);\n\n                                       4\n\n\n\n     (ii) an amount equal to Executive's unpaid Base Salary through a Qualifying\n          Termination;\n\n     (iii) an amount equal to the product of the greater of (a) Executive's\n          annual bonus earned for the fiscal year immediately prior to a Change\n          in Control and (b) Executive's target annual bonus established for the\n          plan year in which a Qualifying Termination occurs multiplied by three\n          (3);\n\n     (iv) an amount equal to the product of Executive's unpaid targeted annual\n          bonus established for the plan year in which a Change in Control\n          occurs multiplied by a fraction the numerator of which is the number\n          of days elapsed in the current fiscal year to the Qualifying\n          Termination and the denominator of which is 365;\n\n     (v)  an amount equal to the dollar value of Executive's accrued vacation\n          through a Qualifying Termination;\n\n     (vi) an amount equal to all compensation deferred by Executive together\n          with all interest thereon;\n\n     (vii) an amount equal to the actuarial present value of the aggregate\n          benefits accrued by Executive as of a Qualifying Termination under the\n          Company's supplemental retirement plan calculated assuming that\n          Executive's employment continued for three years following a\n          Qualifying Termination; provided, however, that for purposes of\n          determining Executive's final average pay under the supplemental\n          retirement plan, Executive's actual pay history as of the Qualifying\n          Termination shall be used; and\n\n     (viii) fringe benefits pursuant to all welfare, benefit and retirement\n          plans under which Executive and Executive's family are eligible to\n          receive benefits or coverage as of a Change in Control, including but\n          not limited to life insurance, hospitalization, disability, medical,\n          dental, pension and thrift plans.\n\n2    QUALIFYING TERMINATION\n\n2.1 Severance Benefits. Following a Qualifying Termination Executive shall be\n    ------------------\nentitled to all Severance Benefits, conditioned upon receipt of a written\nrelease by the Executive of any claims against the Company or its subsidiaries,\nexcept those claims arising under this Agreement or any other written plan or\nagreement, which shall be specifically noted in such release. The Severance\nBenefits under this Agreement shall be the exclusive source of separation\npayments to the Executive. By receipt of the\n\n                                       5\n\n\n\nSeverance Benefits provided herein and the execution of the written release\nprovided above, the Executive waives any and all claims the Executive may have\nto payment upon separation from employment that may arise under any other\nagreement with the Company, including but not limited to the Severance Agreement\ndated July 1, 1998, or under any Company-sponsored employee welfare plan.\n\n2.2 Payment of Benefits. The Severance Benefits described in Sections 1.9 (i)\n    -------------------\nthrough 1.9(vii) shall be paid in cash within 30 days of a Qualifying\nTermination.\n\n2.3 Duration of Benefits. The Severance Benefits described in Section 1.9(viii)\n    --------------------\nshall be provided to Executive at the same premium cost as in effect immediately\nprior to the Qualifying Termination. The welfare Severance Benefits described in\nSection 1.9(viii) shall be provided following the Qualifying Termination until\nthe earlier of (i) the second anniversary of the Qualifying Termination or (ii)\nthe date Executive receives substantially equivalent welfare benefits from a\nsubsequent employer.\n\n3    NON-QUALIFYING TERMINATIONS\n\n3.1 Voluntary; for Cause; Death. Following a Change in Control, if Executive's\n    ---------------------------\nemployment is terminated (i) voluntarily by Executive without Good Reason, (ii)\ninvoluntarily by the Company for Cause or (iii) due to death, Executive shall be\nentitled to Base Salary and benefits accrued through the date of termination and\nExecutive's entitlement to all other benefits shall be determined in accordance\nwith the Company's retirement, insurance and other applicable plans, policies,\npractices and arrangements. Thereafter, the Company shall have no further\nobligations to Executive hereunder.\n\n4    NOTICE OF TERMINATION\n\n4.1 Notice by Executive or Company. Any termination by Executive for Good Reason\n    ------------------------------\nor by the Company for Cause shall be communicated by written notice given to the\nother in accordance with Section 9.2 hereof and which:\n\n     (i)  indicates the specific termination provision in this Agreement relied\n          upon;\n\n     (ii) sets forth in reasonable detail the facts and circumstances claimed to\n          provide a basis for termination under the provision indicated to the\n          extent possible; and\n\n     (iii) specifies the termination date (which date shall not be more than 30\n          days after the giving of such notice).\n\n                                       6\n\n\n\n4.2 Failure to Give Notice. The failure by Executive or the Company to set forth\n    ----------------------\nin the notice of termination required by Section 4.1 any fact or circumstance\nwhich contributes to a showing of Good Reason or Cause shall not waive any right\nof Executive or the Company, respectively, hereunder or preclude Executive or\nthe Company, respectively, from asserting such fact or circumstance in enforcing\nExecutive's or the Company's rights hereunder.\n\n5    TAX PAYMENTS\n\n5.1 Excise Tax Payments. (i) Anything in this Agreement to the contrary\n    -------------------\nnotwithstanding and except as set forth below, if it is determined that any\npayment or distribution by the Company to or for the benefit of Executive\n(whether paid or payable or distributed or distributable pursuant to the terms\nof this Agreement or otherwise, but determined without regard to any additional\npayments required under this Section 5) (a \"Payment\") would be subject to the\nexcise tax imposed by Section 4999 of the Code, or any interest or penalties are\nincurred by Executive with respect to such excise tax (such excise tax, together\nwith any such interest and penalties, are hereinafter collectively referred to\nas the \"Excise Tax\"), then Executive shall be entitled to receive an additional\npayment (a \"Gross-Up Payment\") in an amount such that after payment by Executive\nof all taxes (including any interest or penalties imposed with respect to such\ntaxes), including, without limitation, any income taxes (and any interest and\npenalties imposed with respect thereto) and Excise Tax imposed upon the Gross-Up\nPayment, Executive retains an amount of the Gross-Up Payment equal to the Excise\nTax imposed upon the Payments. Notwithstanding the foregoing provisions of this\nSubsection 5(i), if it is determined that Executive is entitled to a Gross-Up\nPayment, but that Executive, after taking into account the Payments and the\nGross-Up Payment, would not receive a net after-tax benefit of at least $50,000\n(taking into account both income taxes and any Excise Tax) as compared to the\nnet after-tax proceeds to Executive resulting from an elimination of the\nGross-Up Payment and a reduction of the Payments, in the aggregate, to an amount\n(the \"Reduced Amount\") such that the receipt of Payments would not give rise to\nany Excise Tax, then no Gross-Up Payment shall be made to Executive and the\nPayments, in the aggregate, shall be reduced to the Reduced Amount.\n\n(ii) Subject to the provisions of Subsection 5(iii), all determinations required\nto be made under this Section 5, including whether and when a Gross-Up Payment\nis required and the amount of such Gross-Up Payment and the assumptions to be\nutilized in arriving at such determination, shall be made by\nPricewaterhouseCoopers or such other certified public accounting firm as may be\ndesignated by Executive (the \"Accounting Firm\") which shall provide detailed\nsupporting calculations both to the Company and Executive within 15 business\ndays of the receipt of notice from Executive that there has been a Payment, or\nsuch earlier time as is requested by the Company. If the Accounting Firm is\nserving as accountant or auditor for the individual, entity or group effecting\nthe Change in\n\n                                       7\n\n\n\nControl, Executive shall appoint another nationally recognized accounting firm\nto make the determinations required hereunder (which accounting firm shall then\nbe referred to as the Accounting Firm hereunder). All fees and expenses of the\nAccounting Firm shall be borne solely by the Company. Any Gross-Up Payment, as\ndetermined pursuant to this Section 5, shall be paid by the Company to Executive\nwithin five days of the receipt of the Accounting Firm's determination. Any\ndetermination by the Accounting Firm shall be binding upon the Company and\nExecutive. As a result of the uncertainty in the application of Section 4999 of\nthe Code at the time of the initial determination by the Accounting Firm\nhereunder, it is possible that Gross-Up Payments which will not have been made\nby the Company should have been made (\"Underpayment\"), consistent with the\ncalculations required to be made hereunder. If the Company exhausts its remedies\npursuant to Subsection 5(iii) and Executive thereafter is required to make a\npayment of any Excise Tax, the Accounting Firm shall determine the amount of the\nUnderpayment that has occurred and any such Underpayment shall be promptly paid\nby the Company to or for the benefit of Executive.\n\n(iii) Executive shall notify the Company in writing of any claim by the Internal\nRevenue Service that, if successful, would require the payment by the Company of\nthe Gross-Up Payment. Such notification shall be given as soon as practicable\nbut no later than ten business days after Executive is informed in writing of\nsuch claim and shall apprise the Company of the nature of such claim and the\ndate on which such claim is requested to be paid. Executive shall not pay such\nclaim prior to the expiration of the 30-day period following the date on which\nit gives such notice to the Company (or such shorter period ending on the date\nthat any payment of taxes with respect to such claim is due). If the Company\nnotifies Executive in writing prior to the expiration of such period that it\ndesires to contest such claim, Executive shall:\n\n     (a)  give the Company any information reasonable requested by the Company\n          relating to such claim,\n\n     (b)  take such action in connection with contesting such claim as the\n          Company shall reasonably request in writing from time to time,\n          including, without limitation, accepting legal representation with\n          respect to such claim by an attorney reasonably selected by the\n          Company,\n\n     (c)  cooperate with the Company in good faith in order effectively to\n          contest such claim, and\n\n     (d)  permit the Company to participate in any proceedings relating to such\n          claim;\n\n                                       8\n\n\n\nprovided, however, that the Company shall bear and pay directly all costs and\nexpenses (including additional interest and penalties) incurred in connection\nwith such contest and shall indemnify and hold Executive harmless, on an\nafter-tax basis, for any Excise Tax or income tax (including interest and\npenalties with respect thereto) imposed as a result of such representation and\npayment of costs and expenses. Without limitation on the foregoing provisions of\nthis Subsection 5(iii), the Company shall control all proceedings taken in\nconnection with such contest and, at its sole option, may pursue or forgo any\nand all administrative appeals, proceedings, hearings and conferences with the\ntaxing authority in respect of such claim and may, at its sole option, either\ndirect Executive to pay the tax claimed and sue for a refund or to contest the\nclaim in any permissible manner, and Executive agrees to prosecute such contest\nto a determination before any administrative tribunal, in a court of initial\njurisdiction and in one or more appellate courts, as the Company shall\ndetermine; provided, however, that if the Company directs Executive to pay such\nclaim and sue for a refund, the Company shall advance the amount of such payment\nto Executive, on an interest-free basis, and shall indemnify and hold Executive\nharmless, on an after-tax basis, from any Excise Tax or income tax (including\ninterest or penalties with respect thereto) imposed with respect to such advance\nor with respect to any imputed income with respect to such advance; and further\nprovided that any extension of the statute of limitations relating to payment of\ntaxes for the taxable year of Executive with respect to which such contested\namount is claimed to be due is limited solely to such contested amount.\nFurthermore, the Company's control of the contest shall be limited to issues\nwith respect to which a Gross-Up Payment would be payable hereunder, and\nExecutive shall be entitled to settle or contest, as the case may be, any other\nissue raised by the Internal Revenue Service or any other taxing authority.\n\n(iv) If, after the receipt by Executive of an amount advanced by the Company\npursuant to Subsection 5(iii), Executive becomes entitled to receive any refund\nwith respect to such claim, Executive shall (subject to the Company's complying\nwith the requirements of Subsection 5(iii) promptly pay to the Company the\namount of such refund (together with any interest paid or credited thereon after\ntaxes applicable thereto). If after the receipt by Executive of an amount\nadvanced by the Company pursuant to Subsection 5(iii), a determination is made\nthat Executive shall not be entitled to any refund with respect to such claim\nand the Company does not notify Executive in writing of its intent to contest\nsuch denial of refund prior to the expiration of 30 days after such\ndetermination, then such advance shall be forgiven and shall not be required to\nbe repaid and the amount of such advance shall offset, to the extent thereof,\nthe amount of Gross-Up Payment required to be paid.\n\n5.2 Tax Withholding. The Company may withhold from any amounts payable under\n    ---------------\nthis Agreement such federal, state, local or foreign taxes as shall be required\nto be withheld pursuant to any applicable law or regulation.\n\n                                       9\n\n\n\n6    EXTENT OF COMPANY'S OBLIGATIONS\n\n6.1 No Set-Off, Etc. The Company's obligation to make the payments and perform\n    ---------------\nit obligations hereunder shall not be affected by any set-off, counterclaim,\nrecoupment, defense or other claim, right or action which the Company may have\nagainst Executive or others. All payments by the Company hereunder shall be\nfinal, and the Company shall not seek to recover from Executive any part of any\npayment for any reason whatsoever.\n\n6.2 No Mitigation. In no event shall Executive be obligated to seek other\n    -------------\nemployment or take any other action by way of mitigation of the amounts payable\nto Executive under any provision hereof, and such amounts shall not be reduced\nwhether or not Executive obtains other employment except to the extent\ncontemplated by Section 2.3 hereof.\n\n6.3 Payment of Legal Fees and Costs. The Company agrees to pay as incurred, to\n    -------------------------------\nthe full extent permitted by law, all legal fees and expenses which Executive\nmay reasonably incur as a result of any contest (regardless of the outcome\nthereof) by the Company, Executive or others of the validity or enforceability\nof, or liability under, any provision of this Agreement or any guarantee of\nperformance thereof (including as a result of any contest by Executive about the\namount of payment pursuant to this Agreement), plus in each case interest on any\ndelayed payment at the applicable federal rate provided for in Section\n7872(f)(2)(A) of the Code.\n\n6.4 Arbitration. Executive shall have the right to have settled by arbitration\n    -----------\nany dispute or controversy arising in connection herewith. Such arbitration\nshall be conducted in accordance with the rules of the American Arbitration\nAssociation before a panel of three arbitrators sitting in a location selected\nby Executive. Judgment may be entered on the award of the arbitrators in any\ncourt having proper jurisdiction. All expenses of such arbitration shall be\nborne by the Company in accordance with Section 6.3 hereof.\n\n7    TERM\n\n7.1 Initial Term. The term of this Agreement shall be two years from the date\n    ------------\nhereof.\n\n7.2 Renewal. The terms of this Agreement automatically shall be extended for\n    -------\nsuccessive one-year terms unless canceled by the Company by written notice to\nExecutive not less than six months prior to the end of any term.\n\n7.3 Effect of Change in Control. Notwithstanding Sections 7.1 and 7.2 to the\n    ---------------------------\ncontrary, the Company may not cancel this Agreement following a Change in\nControl.\n\n8    SUCCESSORS\n\n                                       10\n\n\n\n8.1 This Agreement is personal to Executive and without the prior written\nconsent of the Company shall not be assignable by Executive otherwise than by\nwill or the laws of descent and distribution. This Agreement shall be inure to\nthe benefit of and be enforceable by Executive's legal representatives.\nExecutive may from time to time designate in writing one or more persons or\nentities as primary and\/or contingent beneficiaries of any Severance Benefit\nowing to Executive hereunder.\n\n8.2 This Agreement shall inure to the benefit of and be binding upon the Company\nand its successors and assigns.\n\n8.3 The Company shall require any successor (whether direct or indirect by\npurchase, merger, consolidation or otherwise) to all or substantially all of the\nbusiness and\/or assets of the Company to assume expressly and agree to perform\nthis Agreement in the same manner and to the same extent that the Company would\nbe required to perform it if no such succession had taken place. For purposes\nhereof, \"Company\" means the Company as hereinbefore defined and any successor to\nits business and\/or assets as aforesaid which assumes and agrees to perform this\nAgreement by operation of law or otherwise.\n\n9    MISCELLANEOUS\n\n9.1 Heading. The headings are not part of the provisions hereof and shall have\n    -------\nno force or effect.\n\n9.2 Notices. All notices and other communications hereunder shall be in writing\n    -------\nand shall be given by hand delivery or by registered or certified mail, return\nreceipt required, postage prepaid, addressed as follows:\n\n         if to the Company:         Raytheon Company\n                                    141 Spring Street\n                                    Lexington, Massachusetts  02421\n                                    Attention:    General Counsel\n\n         if to Executive:\n                                    ----------------------\n                                    ----------------------\n                                    ----------------------\n\nor to such other address as either party shall have furnished to the other in\nwriting in accordance herewith. Notice and communications shall be effective\nwhen actually received.\n\n                                       11\n\n\n\n9.3 Severability. The invalidity or unenforceability of any provision of this\n    ------------\nAgreement shall not affect the validity or enforceability of any other provision\nhereof.\n\n9.4 Compliance; Waiver. Executive's or the Company's failure to insist upon\n    ------------------\nstrict compliance with any provision hereof or failure to assert any right\nhereunder, including without limitation the right of Executive to terminate\nemployment for Good Reason pursuant to Section 2.1 hereof, shall not be deemed\nto be a waiver of such provision or right or any other provision or right\nhereof.\n\n9.5 Employment Status. Executive and Company acknowledge that except as may\n    -----------------\notherwise be provided under any other written agreement between Executive and\nthe Company, the employment of Executive by the Company is \"at will\" and prior\nto a Change in Control may be terminated at any time by Executive or the\nCompany. Following a Change in Control, the provisions of this Agreement shall\nsupersede any other agreement between the parties with respect to the subject\nmatter hereof.\n\n     IN WITNESS WHEREOF, the parties have executed this Agreement as of the date\nfirst above written.\n\nRaytheon Company\n\n\nBy:\n   ---------------------------------        ------------------------------------\n   Keith J. Peden                             Executive\n   Senior Vice President,\n   Human Resources\n\n                                       12\n<\/pre>\n","protected":false},"template":"","meta":{"_acf_changed":false,"_stopmodifiedupdate":true,"_modified_date":"","_cloudinary_featured_overwrite":false},"corporate_contracts_companies":[8652],"corporate_contracts_industries":[9476],"corporate_contracts_types":[9539,9551],"class_list":["post-38609","corporate_contracts","type-corporate_contracts","status-publish","hentry","corporate_contracts_companies-raytheon-co","corporate_contracts_industries-aerospace__space","corporate_contracts_types-compensation","corporate_contracts_types-compensation__severance"],"acf":[],"_links":{"self":[{"href":"https:\/\/corporate.findlaw.com\/legal-api\/wp-json\/wp\/v2\/corporate_contracts\/38609","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/corporate.findlaw.com\/legal-api\/wp-json\/wp\/v2\/corporate_contracts"}],"about":[{"href":"https:\/\/corporate.findlaw.com\/legal-api\/wp-json\/wp\/v2\/types\/corporate_contracts"}],"wp:attachment":[{"href":"https:\/\/corporate.findlaw.com\/legal-api\/wp-json\/wp\/v2\/media?parent=38609"}],"wp:term":[{"taxonomy":"corporate_contracts_companies","embeddable":true,"href":"https:\/\/corporate.findlaw.com\/legal-api\/wp-json\/wp\/v2\/corporate_contracts_companies?post=38609"},{"taxonomy":"corporate_contracts_industries","embeddable":true,"href":"https:\/\/corporate.findlaw.com\/legal-api\/wp-json\/wp\/v2\/corporate_contracts_industries?post=38609"},{"taxonomy":"corporate_contracts_types","embeddable":true,"href":"https:\/\/corporate.findlaw.com\/legal-api\/wp-json\/wp\/v2\/corporate_contracts_types?post=38609"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}