{"id":39625,"date":"2015-09-17T11:25:58","date_gmt":"2015-09-17T16:25:58","guid":{"rendered":"https:\/\/content.findlaw-admin.com\/ability-legal\/contracts\/uncategorized\/employment-agreement-the-estee-lauder-cos-inc-and-fred-h.html"},"modified":"2015-09-17T11:25:58","modified_gmt":"2015-09-17T16:25:58","slug":"employment-agreement-the-estee-lauder-cos-inc-and-fred-h","status":"publish","type":"corporate_contracts","link":"https:\/\/corporate.findlaw.com\/contracts\/compensation\/employment-agreement-the-estee-lauder-cos-inc-and-fred-h.html","title":{"rendered":"Employment Agreement &#8211; The Estee Lauder Cos. Inc. and Fred H. Langhammer"},"content":{"rendered":"<pre>                        AMENDMENT TO EMPLOYMENT AGREEMENT\n                        - - - - - - - - - - - - - - - - -\n\n\n       THIS AMENDMENT (\"Amendment\"), dated as of July 26, 2001 to the Employment\nAgreement (the \"Agreement\"), dated as of January 1, 2000, between THE ESTEE\nLAUDER COMPANIES INC., a Delaware corporation (the \"Company\"), and FRED H.\nLANGHAMMER, a resident of Scarsdale, New York (the \"Executive\")\n\n                              W I T N E S S E T H:\n                              - - - - - - - - - - \n\n       WHEREAS, the Executive and the Company are parties to the Agreement; and\n\n       WHEREAS, section 5 (c) of the Agreement provides for the Company to make\nfive annual premium payments which in the aggregate shall total approximately\n$26,634,000 to a policy of the life of the Executive and to enter into a split\ndollar life insurance agreement with the owner of such policy;\n\n       WHEREAS, Frank Theummler and Alaska Trust Company, as Trustees of the\nLanghammer 2000 Insurance Trust, u\/a\/d December 19, 2000 (the \"Trust\") acquired\nfrom American General Life Insurance Company a life insurance policy on the life\nof the Executive and his spouse, Policy Number VL1005095L, dated December 26,\n2000 (the \"Policy\");\n\n       WHEREAS, the Trust, and the Company entered into a Split Dollar Life\nInsurance Agreement, dated as of December 26th, 2000 (the \"Split Dollar\nAgreement\");\n\n       WHEREAS the Split Dollar Agreement provides, inter alia, for certain\nborrowings by the Trust and recovery by the Company of its actual premium\npayments;\n\n       WHEREAS, the arrangement was premised on the understanding of the parties\nas to the federal income tax consequences of the Split Dollar Agreement;\n\n       WHEREAS, subsequent to the purchase of the Policy the Internal Revenue\nService issues Notice 2000-10, which may provide for different tax consequences\nto the Split Dollar Agreement, but the application of which to the Policy in not\nnow certain.\n\n       WHEREAS, the Executive and the Company wish to define their rights in the\nevent that the tax treatment of the Split Dollar Agreement is not as originally\nanticipated; and\n\n       WHEREAS, THE Compensation Committee of the Board of Directors of the\nCompany has approved the terms of this Amendment;\n\n       NOW, THEREFORE, in consideration of the foregoing and of the mutual\ncovenants and obligations hereinafter set forth, the parties hereto, intending\nto be legally bound, hereby agree to amend the Agreement as follows:\n\n       Subsection ( c) of Section 5 of the Agreement is hereby amended by adding\nat the end thereof the following:\n\n\n\n\n       \"(iii) In the event that the Executive notifies the Company that, in the\nopinion of the Executive's legal counsel, which counsel is reasonably acceptable\nto the Company, it is likely as a result of the arrangements under the Split\nDollar Agreement that either (A) the Executive or the Trust will be treated as\nreceiving an interest-free loan from the Company, or (B) the Executive or the\nTrust will be deemed to be taxable on accretions in the cash value of the\nPolicy, either at the time such accretions occur or upon the repayment to the\nCompany of its premium payments, then the Company and the Executive shall\nnegotiate in good faith to provide the Executive, in a form reasonably\nacceptable to the Executive, an economic benefit substantially equivalent to\nthat which would have been provided by operation of the Split Dollar Agreement\nunder the tax principles set forth in the letter dated September 6, 2000 from\nGeorge G. Daggett of Arthur Andersen, LLP to Susan M. Mosoff of the Company.\"\n\n       Except as provided above, all other terms and conditions of the Agreement\nshall remain the same.\n\n       This Amendment may be executed in one or more counterparts, each of which\nshall be deemed to be an original, but all of which taken together shall\nconstitute one and the same instrument.\n\n       IN WITNESS WHEREOF, the parties hereto have duly executed this Amendment\nas of the date first above written.\n\n                                    THE ESTEE LAUDER COMPANIES INC.\n\n                                    By:      \/s\/  ANDREW J. CAVANAUGH\n                                        ----------------------------------------\n                                        Name:  Andrew J. Cavanaugh\n                                        Title: Senior Vice President -\n                                               Global Human Resources\n\n\n\n                                             \/s\/ FRED H. LANGHAMMER\n                                    --------------------------------------------\n                                             Fred H. Langhammer\n\n<\/pre>\n","protected":false},"template":"","meta":{"_acf_changed":false,"_stopmodifiedupdate":true,"_modified_date":"","_cloudinary_featured_overwrite":false},"corporate_contracts_companies":[7474],"corporate_contracts_industries":[9395],"corporate_contracts_types":[9539,9544],"class_list":["post-39625","corporate_contracts","type-corporate_contracts","status-publish","hentry","corporate_contracts_companies-estee-lauder-cos-inc","corporate_contracts_industries-consumer__cleaning","corporate_contracts_types-compensation","corporate_contracts_types-compensation__employment"],"acf":[],"_links":{"self":[{"href":"https:\/\/corporate.findlaw.com\/legal-api\/wp-json\/wp\/v2\/corporate_contracts\/39625","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=39625"}],"wp:term":[{"taxonomy":"corporate_contracts_companies","embeddable":true,"href":"https:\/\/corporate.findlaw.com\/legal-api\/wp-json\/wp\/v2\/corporate_contracts_companies?post=39625"},{"taxonomy":"corporate_contracts_industries","embeddable":true,"href":"https:\/\/corporate.findlaw.com\/legal-api\/wp-json\/wp\/v2\/corporate_contracts_industries?post=39625"},{"taxonomy":"corporate_contracts_types","embeddable":true,"href":"https:\/\/corporate.findlaw.com\/legal-api\/wp-json\/wp\/v2\/corporate_contracts_types?post=39625"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}