TENTH AMENDMENT TO EMPLOYMENT AGREEMENT
Exhibit
10.1
TENTH
AMENDMENT TO EMPLOYMENT AGREEMENT
This
Tenth
Amendment to the Employment Agreement is effective the 12th
day of
June, 2008 (the “Tenth Amendment”), by and between MICROS SYSTEMS, INC., a
Maryland corporation, with offices located at 0000 Xxxxxxxx Xxxxxxx Xxxxx,
Xxxxxxxx, Xxxxxxxx 00000-0000 (hereinafter referred to as the "Company"), and
X.
X. XXXXXXXXXXXX, whose address is 0000 Xxxxxxxx Xxxxxxx Xxxxx, Xxxxxxxx,
Xxxxxxxx 00000-0000 (hereinafter referred to as the “Executive”).
WHEREAS,
the Executive and the Company entered into an Employment Agreement dated June
1,
1995, as amended (the agreement as amended hereinafter referred to as the
“Agreement”); and
WHEREAS,
the parties hereto would like to amend the Agreement pursuant to this Tenth
Amendment.
NOW,
THEREFORE, the Company and the Executive, for good and valuable consideration,
and pursuant to the terms, conditions, and covenants contained herein, hereby
agree as follows:
1.
A new
Section 28, titled “Post-Retirement Health Benefits”, shall be added to the
Agreement as follows:
“After
the
termination or expiration of this Agreement, until the earlier of: (i) the
latter of the death of (A) the Executive or (B) his spouse; or (ii) the tenth
anniversary of the termination or expiration of this Agreement, the Executive
shall continue to receive the medical coverage in effect on the date of the
termination or expiration of this Agreement (or generally comparable coverage)
for himself and his spouse, at the same COBRA premium rates as the Company
may
charge from time to time to former employees generally for such coverage;
provided that in order to receive such continued coverage, the Executive (or
his
spouse, in the event of the Executive's death) shall be required to pay to
the
Company, at the same time that COBRA premium payments are due for the month,
an
amount equal to the full monthly COBRA premium payments required for such
coverage.”
2.
All
other provisions of the Agreement shall remain in full force and
effect.
IN
WITNESS WHEREOF, the parties have executed this Tenth Amendment as of the dates
indicated below, the effective date of this Tenth Amendment being the
12th
day of
June, 2008.
COMPANY:
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ATTEST:
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MICROS
SYSTEMS, INC.
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By:
______________________
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(SEAL)
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Xxxx
X. Xxxxxx.
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Chairman,
Compensation Committee
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[Corporate
Seal]
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EXECUTIVE:
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WITNESS:
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X.
X. XXXXXXXXXXXX
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