Document:

Letter of Understanding

 Exhibit 10.42 
 Amendment to Letter of Understanding Between 
 Corning Incorporated and Wendell P. Weeks

 This amendment (the “Amendment”), dated as of February 1, 2004, is entered into between Corning Incorporated, a
corporation organized under the laws of the State of New York (“Corning” or the “Company”), and Wendell P. Weeks (the “Executive”) and amends the Letter of Understanding dated April 23, 2002 (the
“Letter”) originally entered into between the Company and Executive as of December 6, 2000 and as subsequently amended on February 28, 2001, May 15, 2001 and December 1, 2001. 
 1. Section 4(e)(ii) of the Letter is hereby amended to be 2.99 times Executive’s Base Salary (as opposed to 3 times). 
 2. Section 4(e)(iii) of the Letter is hereby amended to be 2.99 times Executive’s Annual Bonus Award (as opposed to 3 times). 
 Except as noted above, all other provisions of the Letter remain in effect with no changes. 
 IN WITNESS WHEREOF, the Company has caused this Amendment to be executed by its duly authorized officer and the Executive has executed this Amendment as of the day and
year first above written. 
  

			
	 Corning Incorporated:

		
	By:	 	 /s/ John P. MacMahon

		 	John P. MacMahon
		 	VP, Global Compensation & Benefits

  

	
	 Executive: 

	
	 /s/ Wendell P. Weeks

  

 188 

 Letter of Understanding Between 
 Corning Incorporated and Wendell P. Weeks 
 Whereas, Wendell P. Weeks (“Executive”)
and Corning Incorporated (“Corning” or the “Company”) are parties to a certain Employment Agreement (“Employment Agreement”) -originally entered into as of December 6, 2000 and as subsequently amended on
February 28, 2001, May 15, 2001 and December 1, 2001; 
 Whereas, Executive and Corning now wish to terminate the Employment Agreement by
making the Employment Agreement, as amended, null and void effective immediately; 
 Whereas, Executive and Corning now wish to enter into this Letter of
Understanding (the “Letter”) as of April 23, 2002 to clarify certain general terms of Executive’s continued employment with the Company after the Employment Agreement; 
 NOW, THEREFORE, in consideration of the foregoing premises, the mutual covenants, terms and conditions set forth herein, and other valuable consideration, the receipt
and sufficiency of which are hereby acknowledged, it is hereby agreed between the Company and the Executive as follows: 
  

	1.	Continued At-Will Employment. Executive will be an at-will employee of the Company. Executive will be eligible to receive cash and equity compensation and employee
benefits as determined by the Company, including its chief executive officer and the Compensation Committee of the Board of Directors. 

  

	2.	Supplemental Retirement Plan Adjustment. In the event of a Change in Control (as defined in the separate Change In Control agreement between Executive and the
Company), termination of the Executive’s employment without Cause (defined below), (individually a “SERP Adjustment Event” and collectively, the “SERP Adjustment Events”, the Executive shall be credited with additional
credit under the Company’s Executive Supplemental Retirement Plan (“SERP”) for an additional five (5) years (in the event of a Change in Control) or three (3) years (in other events) age and service credit (the “5 Year
Extension” or the “3 Year Extension” respectively), and (y) the Executive shall be credited as having received annual compensation during each year of the 5 Year Extension or 3 Year Extension period, as applicable, equal to the
greater of (i) the sum of the Base Salary and Annual Bonus paid to the Executive in the immediately preceding year or (ii) the sum of the Base Salary and Annual Bonus (calculated at 100% of target) that would have been paid to the
Executive during the full year in which the SERP Adjustment Event occurred, for purposes of determining the Executive’s final average compensation under the SERP. 

  

	3.	Termination of Employment. The employment of the Executive may be terminated as follows: 

  

	 	(a)	Termination by the Company for Cause. Executive may be terminated for “Cause” by the Company as provided below. As used herein, the term “Cause”
shall mean (i) conviction of the Executive for a felony; (ii) the commission by the Executive of fraud or theft against, or embezzlement from, the Company, in each case that is materially and demonstrably damaging to the financial
condition of the Company; and (iii) gross abdication in the performance of his duties (other than as a result of a disability or personal family problems) that has resulted in substantial and material damage to the Company, after a written
demand for substantial performance is delivered to the Executive by the Board which specifically identifies the manner in which the Board believes he has not substantially performed his duties and he has been provided with reasonable opportunity to
cure any alleged gross abdication. For purposes of this section, no act or failure to act on Executive’s part shall be considered to be reason for termination for Cause if done, or omitted to be done, by Executive in good faith and with the
reasonable belief that the action or omission was in the best interests of the Company. Cause shall not exist unless and until there shall have been delivered to the Executive a copy of a resolution, duly adopted by the affirmative vote of not less
than two thirds of the entire membership of the Board at a meeting of the Board held for the purpose (after ten (10) days’ prior written notice to the Executive of such meeting and the purpose thereof and an opportunity for him, together
with his counsel, to be heard before the Board at such meeting), of finding that in the good faith opinion of the Board, the Executive was guilty of the conduct set forth above in this Section 3(a) and specifying the particulars thereof in
detail. As set forth more fully in Section 3(f) hereof, the “Date of Termination” (which shall be no earlier than 30 days after delivery of the written notice to the Executive) shall be the date specified in the “Notice of
Termination;” provided, however, that in the case of a termination for Cause under clauses 3(a)(i) and 3(a)(ii) above, the Date of Termination shall be the date of delivery of the Notice of Termination. Anything herein to the contrary
notwithstanding, if, following a termination of the Executive’s employment by the Company for Cause based upon the conviction of the Executive for a felony, such conviction is overturned in a final determination on appeal, the Executive shall
be entitled to the payments and the economic equivalent of the benefits the Executive would have received if his employment had been terminated by the Company without Cause. 

  

 189 

	 	(b)	Termination by the Company for Disability. At the sole discretion of the Board, the Executive may be terminated if the Executive is disabled as a result of his
incapacity due to physical or mental illness and shall have been absent from his duties with the Company on a full-time basis for one hundred and eighty (180) consecutive days or one hundred and eighty (180) days in any twelve month
period, and if within thirty (30) days after written Notice of Termination is given by the Company to the Executive, the Executive shall not have resumed the performance of his duties hereunder on a full-time basis. In this event, the Date of
Termination shall be thirty (30) days after Notice of Termination is given by the Company (provided that the Executive shall not have returned to the full-time performance of his duties). 

  

	 	(c)	Death. The Executive’s employment shall terminate upon his death, and the date of his death shall be the Date of Termination for purposes of this Letter.

  

	 	(d)	Other Terminations. If the Executive’s employment is terminated hereunder for any reason other than as set forth in Sections 3(a) through 3(c) hereof, the date on
which a Notice of Termination is given or any later date (within 30 days) set forth in such Notice of Termination shall be the Date of Termination. 

  

	 	(e)	Notice of Termination. Any termination of the Executive’s employment hereunder by the Company or by the Executive shall be communicated by written Notice of
Termination to the other party hereto. For purposes of this Letter, a “Notice of Termination” shall mean a notice which shall indicate the specific termination provision in this Letter relied upon and shall set forth in reasonable detail
the facts and circumstances claimed to provide a basis for termination of the Executive’s employment under the provisions so indicated and a date of termination. 

  

	4.	Compensation upon Termination or During Disability 

  

	 	(a)	Disability Period. During any period of employment that the Executive fails to perform his duties hereunder as a result of incapacity due to physical or mental illness
(“Disability Period”), the Executive shall continue to (i) receive his full Base Salary and Annual Bonus otherwise payable for that period of time allowable under the Company’s short-term disability plan, followed by
(ii) those benefits for that period of time allowable under the Company’s long-term disability plans. 

  

	 	(b)	Death. If the Executive’s employment hereunder is terminated as a result of his death, then: (i) the Company shall pay the Executive’s estate or
designated beneficiary, as soon as practicable after the Date of Termination, a lump sum payment equal to (1) any Base Salary installments due in the month of death and any reimbursable expenses accrued or owing the Executive hereunder as of
the Date of Termination, (2) a pro rata portion of any Annual Bonus owed to the Executive for that portion of the Employment Term through to the Date of Termination and any earned and unpaid Annual Bonus relating to services performed by the
Executive in the year preceding his death, and (3) all stock option grants awarded to Executive before April 25, 2002 shall immediately become fully vested as of the Date of Termination but continue to be subject to such exercise periods
as shall be provided for under the terms of each grant. All other stock option or restricted stock grants awarded to Executive on or after April 25, 2002 shall be subject to all of the terms as shall be provided for under each grant.

  

	 	(c)	Absence From Work. If the Executive’s employment hereunder is terminated as a result of disability as defined in Section 3(b), then (i) the Company
shall pay the Executive, as soon as practicable after the Date of Termination (1) any Base Salary and any reimbursable expenses accrued or owing the Executive hereunder as of the Date of Termination, (2) a pro rata portion of any bonus
owed to the Executive for that portion of the year through to the Date of Termination and any earned and unpaid bonus relating to service performed by the Executive in the year preceding his Date of Termination for excessive absenteeism,
(3) severance benefits as described in Sections 4(e)(ii) and 4(e)(iii), and (4) all stock option grants awarded to Executive before April 25, 2002 shall immediately become fully vested as of the Date of Termination but continue to be
subject to such exercise periods as shall be provided for under the terms of each grant. All other stock option or restricted stock grants awarded to Executive on or after April 25, 2002 shall be subject to all of the terms as shall be provided
for under each grant. 

  

	 	(d)	Termination for Cause or by the Executive. If the Executive’s employment hereunder is terminated by the Company for Cause or by the Executive, then (i) the
Company shall pay the Executive, as soon as practicable after Date of Termination, any Base Salary and any reimbursable expenses accrued or owing the Executive hereunder for services as of the Date of Termination; and (ii) the Executive shall
immediately forfeit any then unvested stock option awards granted before April 25, 2002, and all outstanding awards granted after April 25, 2002. In the event of termination by the Company for Cause, the Executive shall have the right to
exercise the vested unexercised portion of all outstanding stock option awards for such period following the Date of Termination as shall be provided for under the terms of each grant and the unexercised portion of any such award shall be forfeited.

  

 190 

	 	(e)	All Other Terminations. Executive’s employment may be terminated without Cause (including as a result of a disability) by the Company’s Board of
Director’s, provided that in such event: 

  

	 	(i)	Executive shall be entitled to receive all Base Salary, reimbursable expenses and Annual Bonus accrued and owing the Executive hereunder as of the Date of Termination, payable in a
lump-sum (net of appropriate withholdings) within thirty (30) days of the Date of Termination. 

  

	 	(ii)	Executive shall be entitled to receive three (3) years Base Salary (at the Executive’s effective annual rate on the date of termination) to be paid in a lump-sum (net of
appropriate withholdings) within thirty (30) days of the Date of Termination; 

  

	 	(iii)	Executive shall be entitled to receive three (3) times his Annual Bonus Award, calculated at 100% of target, as of the Date of Termination, to be paid in a lump sum (net of
appropriate withholding), within thirty (30) days of the Date of Termination; provided that the bonus payment pursuant to this Section 4(e)(iii) shall not duplicate any bonus payments previously paid to the Executive;

  

	 	(iv)	Executive and his eligible dependents shall be entitled to continue participation in the Company’s Benefit Plans at the same cost as other Company senior executives (to the
extent allowable in accordance with the administrative provisions of those plans and applicable federal and state law) or receive the cash equivalent of such continued participation for a period of up to three (3) years or until Executive and
his eligible dependents are eligible to be covered by a successor employer’s comparable benefit plans, whichever is sooner; 

  

	 	(v)	All stock options granted to Executive before April 25, 2002 subject to vesting restrictions shall immediately vest in full and be subject to an extended exercise period equal
to the remaining option term; 

  

	 	(vi)	If during the two years following the Date of Termination, a new employer does not provide for the disposition of your principal residence in the Corning, New York area and you make
a request of the Company, the Company will acquire your home at the higher of (A) its appraised value under the Company’s then effective relocation policy, or (B) the original purchase price, plus documented improvements, less
allowances for depreciation in accordance with the Company’s then effective “protected value” relocation policy. 

  

	 	(vii)	Executive will not be required to sign a non-compete agreement to receive the compensation and benefits outlined in this Section 4. However, such compensation and benefits will
be subject to the Company’s standard non-solicit terms with respect to Company employees and Executive shall continue to be required to protect (and not disclose) the Company’s confidential information. 

  

	5.	Arbitration. In the event of any difference of opinion or dispute between the Executive and the Company with respect to the construction or interpretation of this
Letter or the alleged breach thereof, which cannot be settled amicably by agreement of the parties, then such dispute shall be submitted to and determined by arbitration by a single arbiter in the city of New York, New York in accordance with the
rules then in effect of the Commercial Arbitration Panel of the American Arbitration Association (the “AAA”), and judgment upon the award rendered shall be final, binding and conclusive upon the parties and may be entered in the highest
court, state or federal, having jurisdiction. The costs of the arbitration shall be borne as determined by the arbitrator; provided, however, that if the Company’s position is not substantially upheld, as determined by the arbitrator, the
expenses of the Executive (including, without limitation, fees and expenses payable to the AAA and the arbitrator, fees and expenses payable to witnesses, including expert witnesses, fees and expenses payable to attorneys and other professionals,
expenses of the Executive in attending the hearing, costs in connection with obtaining and presenting evidence and costs of the transcription of the proceedings), as determined by the arbitrator, shall be reimbursed to him by the Company.

  

	6.	Other Matters. 

  

	 	(a)	Entire Agreement. This Letter constitutes the entire agreement between the Company and the Executive relating to the subject matter hereof, and supersedes any previous
agreements, commitments and understandings, written or oral, with respect to the matters provided herein and with respect to any post-termination activities of the Executive. As used in this Letter, terms such as “herein,”
“hereof,” “hereto” and similar language shall be construed to refer to this entire instrument and not merely the paragraph or sentence in which they appear, unless so limited by express language. 

  

 191 

	 	(b)	Assignment. Except as set forth below, this Letter and the rights and obligations contained herein shall not be assignable or otherwise transferable by either party to
this Letter without prior written consent of the other party to this Letter. Notwithstanding the foregoing, any amounts owing to the Executive upon his death shall inure to the benefit of his heirs, legatees, personal representatives, executor or
administrator. 

  

	 	(c)	Amendment/Waiver. No provision of this Letter may be amended, waived, modified, extended or discharged unless such amendment, waiver, extension or discharge is agreed
to in writing signed by both the Company and the Executive. 

  

	 	(d)	Applicable Law. This Letter and the rights and obligations of the parties hereunder shall be construed, interpreted, and enforced in accordance with the laws of the
State of New York (applicable to contracts to be performed wholly within such State). 

  

	 	(e)	Severability. If any provision or any part of any provision of this Letter shall be invalid or unenforceable under applicable law, such part shall be ineffective only
to the extent of such invalidity or unenforceability and shall not affect in any way the validity or enforceability of the remaining provisions of this Letter, or the remaining parts of such provision. 

  

	 	(f)	Successor of Interests. In the event the Company merges or consolidates with or into any other corporation or corporations, or sells or otherwise transfers
substantially all of its assets to another corporation, the provisions of this Letter shall be binding upon and inure to the benefit of the corporation surviving or resulting from the merger or consolidation or to which the assets are sold or
transferred and, prior to the consummation of any such event, the Company shall obtain the express written assumption of this Letter by the other corporation (other than in the case of a merger after which the Company is the surviving entity). All
references herein to the Company refer with equal force and effect to any corporate or other successor of the corporation that acquires directly or indirectly by merger, consolidation, purchase or otherwise, all or substantially all of the assets of
the Company. 

  

	 	(g)	No Mitigation. The Executive shall not be required to mitigate amounts payable hereunder by seeking other employment or otherwise. 

  

	7.	Authority. The execution, delivery and performance of this Letter has been duly authorized by the Company and this Letter represents the valid, legal and binding
obligation of the Company, enforceable against the Company according to its terms. 

 IN WITNESS WHEREOF, the Company has
caused this Letter to be executed on its own behalf and has caused its corporate seal to be affixed, and the Executive has executed this Letter on his own behalf intending to be legally bound, as of the date first written above. 
  

			
	 CORNING INCORPORATED

		
	By:	 	 /s/ John P. MacMahon

		 	John P. MacMahon
		 	VP, Global Compensation & Benefits

  

	
	 EXECUTIVE

	
	 /s/ Wendell P. Weeks

  

 192 

 CORNING INCORPORATED 
 AMENDMENT NO. 2 TO LETTER OF UNDERSTANDING 
 Whereas Corning Incorporated (the “Company”) and
Wendell P. Weeks (the “Executive”) entered into that certain Letter of Understanding dated as of April 23, 2002, and amended on February 1, 2004 (the “Letter”); and 
 Whereas the Company and the Executive want to further amend the Letter to take into account federal tax law changes under Section 409A of the Internal
Revenue Code of 1986, as amended, and the regulations and guidance issued thereunder. 
 Now Therefore, the Company and Executive hereby agree to the
following amendments, which shall be effective as of January 1, 2005: 
  

	1.	Section 2 of the Letter is amended by adding the following sentences to the end of such Section: 

 Notwithstanding the foregoing, the maximum number of years of service credit the Executive shall be credited with for purposes of calculating his benefit
under the SERP shall not exceed the service credit limits under the SERP. Accordingly, the 5 Year Extension and/or 3 Year Extension shall not apply to the extent that such extensions result in the Executive being credited with more than twenty-five
years of service. 
  

	2.	Section 4(e)(iv) of the Letter is amended by deleting the words “or receive the cash equivalent of such continued participation”, replacing “sooner;” with
“sooner.”, and adding the following sentences to the end of such Section: 

 The provision of benefits under the
Company’s Benefits Plans, which are defined to mean the Company’s group medical and dental plans, shall comply with the requirements of Section 409A of the Internal Revenue Code, as amended, and the regulations and guidance issued
thereunder (“Section 409A”). Generally, Section 409A requires (i) that the amount of expenses eligible for reimbursement, or in-kind benefits provided, during a calendar year may not affect the expenses eligible for
reimbursement, or in-kind benefits to be provided, in any other taxable year; (ii) the reimbursement of an eligible expense is made on or before the last day of the calendar year following the calendar year in which the expense was incurred;
and (iii) the right to reimbursement or in-kind benefits is not subject to liquidation or exchange for another benefit. 
  

	3.	Section 4(e)(vi) of the Letter is amended by adding the following sentence to the end of such Section: 

 The Company shall acquire the Executive’s home and pay the Executive the amount described in the preceding sentence during the 45 day period
preceding the date that is the second anniversary of the Executive’s Date of Termination. 
  

	4.	Section 5 of the Letter is further amended by adding the following sentence to the end of such Section: 

 To the extent there is an arbitration during the lifetime of the Executive, for the Executive to obtain reimbursement of the expenses described in the
preceding sentence, the Executive must itemize and submit such expenses to the Company for reimbursement within thirty (30) days after the date of the arbitrator’s final decision, and the Company shall reimburse the Executive for such
expenses within fifteen (15) days after receiving the itemized list of expenses. The right to reimbursement of the expenses described above, is not subject to liquidation or exchange for another benefit. 
  

	5.	A new Section 8 is added to the Letter, as follows: 

  

	 	8.	Section 409A. Notwithstanding anything to the contrary contained herein, in the event that the Executive is a “specified employee” within the meaning of
Section 409A and the Company determines that payments or benefits under this Letter would otherwise violate Section 409A unless such payments or benefits are delayed for six months, such payments or benefits shall not commence until six
months after the Date of Termination (or, if earlier, the Executive’s date of death). To the extent that payments under this Letter are subject to Section 409A, this Letter shall be governed by and subject to the requirements of
Section 409A and shall be interpreted and administered in accordance with that intent. If any provision of this Letter would otherwise conflict with or frustrate this intent, that provision will be interpreted so as to avoid the conflict.

  

 193 

 IN WITNESS WHEREOF, the parties have executed this Amendment on February 13, 2008. 
  

			
	 CORNING INCORPORATED

		
		 	 /s/ John P. MacMahon

	By:	 	John P. MacMahon
		 	Senior Vice President
		 	Global Compensation and Benefits
		
		 	 /s/ Wendell P. Weeks

		 	Wendell P. Weeks

  

 194Form of Change in Control Agreement Amendment No. 2

 EXHIBIT 10.43 
 FORM OF 
 CORNING INCORPORATED 
 CHANGE IN CONTROL AGREEMENT 
 AMENDMENT NO. 2 
 Whereas Corning Incorporated (the “Company”) and              (the
“Executive”) entered into that certain Change in Control Agreement dated October 4, 2000 (the “Agreement”); and 
 Whereas
the Company and the Executive amended such Agreement on February 1, 2004 (Amendment No. 1); and 
 Whereas the Company and the Executive
want to amend the Agreement further to take into account federal tax law changes under Section 409A of the Internal Revenue Code of 1986, as amended, and the regulations issued thereunder. 
 Now Therefore, the Company and Executive hereby agree to the following amendments, which shall be effective as of January 1, 2005: 
  

	1.	Section 2(e) of the Agreement is amended by adding the following provision to the first sentence of such Section after the first occurrence of “following events”:
“, provided that such event is also ‘a change in the ownership or effective control of the corporation, or in the ownership of a substantial portion of the assets of the corporation’ within the meaning of Section 409A”.

  

	2.	Section 2 of the Agreement is amended by adding the following new subsection (l) and sequentially re-lettering the subsequent subsections: 

  

	 	l.	SECTION 409A. For purposes of this Agreement, “Section 409A” shall mean Section 409A of the Internal Revenue Code of 1986, as amended, and the Treasury
regulations and other authoritative guidance issued thereunder. 

  

	3.	Section 3(b)(ii)(4) is amended by deleting the last sentence of such Section. 

  

	4.	Section 3(b)(ii)(5) is amended by adding the following new sentence after the first sentence of such Section: 

 Such purchase must take place and be finalized in the calendar year following the year in which the Termination Date occurs and, if the Executive is a
“specified employee” (as defined in Section 409A), on a date that is at least 6 months after the Termination Date. 
  

	5.	Section 3(b)(ii)(7) is amended by replacing such Section with the following: 

 the Executive’s pension benefit (“Pension Benefit”) will be calculated under the terms of the Company’s Executive Supplemental Pension Plan after providing the Executive with an additional five
(5) years of credited service under the plan but subject to the credited service limitations under such plan. The Pension Benefit shall commence as of the date set forth under the terms of the Executive Supplemental Pension Plan, and the
benefit shall be calculated without giving effect to any actuarial reductions that may otherwise be imposed by the Executive Supplemental Pension Plan. 
  

	6.	Section 3(b)(ii)(8) is amended by deleting the last sentence of such Section. 

  

	7.	Section 3(c) is amended by adding the following provision to the end of that Section: 

 The timing of all payments and benefits under this Plan shall be made consistent with the requirements of Section 409A. Therefore, notwithstanding
any provision in the Agreement to the contrary, in the event that the Executive is a “specified employee” (as defined in Section 409A), any benefit or amount described in Section 3(b)(i) or Section 3(b)(ii) shall be delayed
until the date which is the first day of the seventh month after the date of such Participant’s termination of employment (or, if earlier, the date of such Participant’s death), if paying such amount or benefit prior to that date would
violate Section 409A. 
  

 195 

	8.	Section 5 is amended by adding the following new subsection: 

 e. Any Tax-Gross-up payment required under this provision shall be paid within the time period prescribed by Section 409A for making such payments, which generally requires that such payment be made no later than
the end of the calendar year following the calendar year when the Executive remits the Excise Tax. 
  

	9.	Section 14 is amended by adding the following provision to the end of such Section: 

 The Company agrees to pay such amounts within sixty (60) days following the Company’s receipt of an invoice from the Executive, provided that the Executive shall have submitted an invoice for such amounts at
least ninety (90) days before the end of the calendar year next following the calendar year in which such fees and disbursements were incurred. 
  

	10.	The Agreement is amended by adding the following new Section 17: 

 17. Section 409A. To the extent that payments under this Agreement are subject to Section 409A, this Agreement shall be governed by and subject to the requirements of Section 409A and shall be
interpreted and administered in accordance with that intent. If any provision of this Agreement would otherwise conflict with or frustrate this intent, that provision will be interpreted and deemed amended so as to avoid the conflict. 
 IN WITNESS WHEREOF, the parties have executed this Amendment on             . 
 CORNING INCORPORATED 
  

							
	  
	 		 	  

	By:	 	Kirk P. Gregg	 		 	Employee Name
		 	Executive Vice President	 		 	
		 	Chief Administrative Officer	 		 	

  

 196

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00136-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00136-of-00352.parquet"}]]