FIRST AMENDMENT TO THE
EXECUTIVE EMPLOYMENT AGREEMENT OF
XXXX XXXXXXXXX
This Amendment and Correction to the Executive Employment Agreement
dated April 1, 1998, by and between Greentree Software, Inc., a New York
Corporation with its principal business office in the State of Minnesota
(hereinafter the "Company") and Xxxx Xxxxxxxxx a Massachusetts resident
(hereinafter "Executive") is made and entered into on this 14th day of April,
1998.
AGREEMENT
In consideration of the parties' mutual covenants and undertakings, the
Company and the Executive agree to amend certain paragraphs of the Executive
Compensation Agreement as follows:
3.1 BASE SALARY. Subject to Section 5.7(a), during the Term and for as
long thereafter as may be required by Articles 5 and 6, the Company
shall pay Executive a Base Salary at an annual rate that is not
less than One Hundred Fifty Thousand Dollars ($150,000.00) or such
higher annual rate as may from time to time be approved by the
Board, such Base Salary to be paid in substantially equal regular
periodic payments in accordance with the Company's regular payroll
practices. It is understood between Executive and Company that the
base salary of $150,000.00 shall be payable prospectively from
April 1, 1998. If Executive's Base Salary is increased from time
to time during the Term, the increased amount shall become the Base
Salary for the remainder of the Term and for as long thereafter as
may be required by Articles 5 and 6, subject to any subsequent
increases.
4.1 OPTION GRANTS. The effective date of Option Grant shall be January
14, 1998.
IN WITNESS WHEREOF, the parties hereto have caused this First Amendment
to the Executive Employment Agreement of Xxxx Xxxxxxxxx to be duly executed
and delivered on the day and year first above written, but effective
retroactively as of the Effective Date except as otherwise indicated.
COMPANY: GREENTREE SOFTWARE, INC.
By /s/ Xxxxxx X. Xxxxxx, Xx.
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Xxxxxx X. Xxxxxx, Xx.
its Chief Executive Officer
Company's Address: 0000 Xxxxxx Xxxxx Xxxxx, Xxxxx 000
Xxxx Xxxxxxx, Xxxxxxxxx 00000
EXECUTIVE: /s/ Xxxx Xxxxxxxxx
---------------------------------
Xxxx Xxxxxxxxx
Executive's Address: 00 Xxxxxx Xxxxx Xxxx
Xxxxxxx, XX 00000
The undersigned member of the Board of the Company hereby certifies that
this Agreement has been duly approved by resolutions of the Board, without
the participation by the Executive who is party to this Agreement.
/s/ Xxxx Xxxxxxxxx
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Xxxx Xxxxxxxxx, Director
