EXHIBIT 10.1
SCANSOFT, INC.
XXXX X. XXXXX EMPLOYMENT AGREEMENT
AMENDMENT NO. 1
This Amendment (the "Amendment") is made by and between ScanSoft, Inc. (the
"Company") and Xxxx X. Xxxxx ("Executive") as of July 26, 2001 with respect to
the following facts:
The Company and the Executive entered into an Employment Agreement dated as of
August 21, 2000 (the "Agreement").
The parties hereby wish to amend the Agreement in certain respects.
NOW THEREFORE, it is agreed, in consideration of the covenants herein, as
follows:
1. New sections 4(d) and (e) are added as follows:
(d) LIVING EXPENSES. The Board of Directors has indicated that it is in the
best interest of the Company that Executive be located at the Company's
corporate headquarters on a full time basis. Therefore, the Company will
pay Executive a living expenses allowance to cover such costs associated
with living in the Peabody, Massachusetts area. Specifically, the Company
will pay a $5000 per month stipend on a tax gross-up basis, total amount
not to exceed $107,000.00 annually, as discussed and approved by the
Compensation Committee of the Board.
(e) REVIEW. The Compensation Committee of the Board will review the
terms of this Amendment on an annual basis.
2. As amended hereby, the Agreement shall continue in full force and effect.
All capitalized terms used but not defined herein shall have the meanings
described in the Agreement. In the event of any inconsistency between this
Amendment and the Agreement, the terms of this Amendment shall prevail.
IN WITNESS WHEREOF, the parties have respectively caused this Amendment to be
executed as of the date first above written.
SCANSOFT, INC. EXECUTIVE:
By: /s/ Xxxxxxx X. Xxxxxx /s/ Xxxx X. Xxxxx
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Xxxx X. Xxxxx
Name: Xxxxxxx X. Xxxxxx
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Title: President & COO
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