AMENDMENT TO EXECUTIVE EMPLOYMENT AGREEMENT
AMENDMENT TO EXECUTIVE EMPLOYMENT AGREEMENT
This Amendment to Executive Employment Agreement (hereinafter referred to as the “Amendment”) has been entered into this 3rd day of May, 2012, and amends that certain Executive Employment Agreement, dated May 4, 2011 (the “Original Agreement”), by and between Identive Group, Inc., a Delaware corporation, having its principal executive offices at 0000-X Xxxxxxxx Xxx., Xxxxx Xxx, XX 00000, Xxxxxx Xxxxxx of America (hereinafter together with all the companies directly and indirectly controlled by it referred to as the “Company”) and Xxxxxx Xxxxxx-Xxxxxxxx, an individual being resident in Paris, France (hereinafter referred to as the “Executive”). This Amendment and the Original Agreement are collectively referred to herein as the “Agreement.”
For and in good and valuable consideration, the sufficiency and adequacy of which is hereby acknowledged, the parties agree to amend the Original Agreement as follows:
1. As of and from July 1, 2012, or such other date as may be mutually agreed by the parties (the “Change Date”), the Executive agrees to resign his position as Chief Financial Officer and Company Secretary of the Company as set forth in Section 1 of the Original Agreement and shall thereafter serve as Executive Vice-President, Special Projects, of the Company. Executive shall report to the Chief Executive Officer of the Company and perform such responsibilities as assigned from time to time. Executive shall devote his full attention to such obligations by using his best efforts to apply his skills and experience to perform his duties and promote the interests of the business and projects of the Company.
2. Section 4(a) of the Original Agreement shall be amended such that the Term shall expire on March 31, 2013, unless the parties mutually agree in writing otherwise.
3. Section 4(b) of the Original Agreement shall be amended such that either party may terminate the Agreement at any time after the Change Date but the Company shall be required to pay the Executive’s monthly fixed salary and the bonus payments pro rata through the end of the Term.
4. In all other respects, the terms and conditions of the Original Agreement are hereby ratified and confirmed in full.
5. This Amendment shall be deemed a contract under, and for all purposes shall be governed by and construed in accordance with the laws of Delaware. This Amendment has been drafted in English. In case of contradictions between the English version and a version prepared in any other language, the English version shall prevail.
6. No provision of this Amendment may be amended or waived unless such amendment or waiver is authorized by the Company (including any authorized officer or committee of the Board of Directors) and signed by the Executive. No waiver by either party hereto of any breach by the other party of any condition or provision of this Amendment to be performed by such other party shall be deemed a waiver of a similar or dissimilar breach, condition or provision at the same time or at any prior or subsequent time.
7. The Agreement contains the entire agreement between the parties hereto with respect to the matters herein and supersedes all prior agreements and understandings, oral or written, between the parties hereto, relating to such matters.
IN WITNESS WHEREOF, the parties hereto have duly executed this Amendment in two counterparts on the date first above written.
IDENTIVE GROUP, INC. |
By: /s/ Xxxxx X. Xxxxxx Xxxxx X. Xxxxxx Chairman and Chief Executive Officer |
EXECUTIVE |
/s/ Xxxxxx Xxxxxx-Xxxxxxxx Xxxxxx Xxxxxx-Xxxxxxxx |
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