Amendment to Employment Agreement
Exhibit
10.1
Amendment
to Employment Agreement
This
Amendment to Employment Agreement (this “Agreement”) is
entered into on the 15 day of July 2007 by and between Xxxxx Xxx-Xxxx, an
individual residing at 00 Xxxxxxx xxxxxx, Xxxxxxxxx, Xxxxxx (“Employee”),
and
TraceGuard Technologies Ltd., an Israeli company with offices located at 0
Xxxxxxxx Xxxxxx, Xxxxxx Xxxxx, Xxxxxx (the “Company”).
Each
of the Employee and the Company may be referred to herein as a “Party” and
collectively as the “Parties”.
| WHEREAS, |
the
Parties entered into an Employment Agreement, dated July 6, 2006,
(the
“Agreement”); and
|
| WHEREAS, |
the
Parties wish to amend the Agreement as described
below;
|
NOW,
THEREFORE, in consideration of the Parties’ mutual covenants and other good and
valuable consideration, the receipt and sufficiency of which is hereby
acknowledged, the Parties agree as follows:
| 1. |
Section
5.2 of the Agreement is hereby amended and restated to read in it entirety
as follows: “5.2 Special Bonus. For each twelve (12) month period
commencing June 1, 2007, Employee will be entitled to a special bonus
equal to up to 3 times the Gross Salary, as determined by the Company’s
CEO in his sole discretion.”
|
| 2. |
Section
5.9 of the Agreement shall be amended by adding the following sentence
immediately at the end thereof: “In addition, Employee shall be issued
180,000 RSU’s which shall vest on June 1, 2008; provided, however, that in
the event that Employee’s employment is terminated for any reason other
than for Cause, then Employee shall be entitled to the pro rata portion
of
such RSU’s from the period beginning on June 1, 2007. The RSUs shall be
subject to the terms of the TraceGuard Technologies, Inc. (the “Parent”)
2006 Stock Incentive Compensation Plan, and a Restricted Stock Units
Agreement to be entered into between the Parent and the Employee.”
|
IN
WITNESS WHEREFORE, the undersigned have signed this Agreement on the date first
written above.
| TraceGuard Technologies Ltd. |
Xxxxx
Xxx-Xxxx
|
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| By: |
/s/
Xx. Xxxx
Xxxxxx
|
/s/
Xxxxx
Xxx-Xxxx
|
|
|
Name:
Xx. Xxxx Xxxxxx
|
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|
Title:
CEO
|
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