AMENDMENT TO THE EMPLOYMENT AGREEMENT AMONG HARLAND CLARKE HOLDINGS CORP., HARLAND FINANCIAL SOLUTIONS, INC. AND RAJU SHIVDASANI
Exhibit 10.24
AMENDMENT TO THE EMPLOYMENT AGREEMENT
AMONG XXXXXXX XXXXXX HOLDINGS CORP.,
XXXXXXX FINANCIAL SOLUTIONS, INC.
AND XXXX XXXXXXXXXX
AMONG XXXXXXX XXXXXX HOLDINGS CORP.,
XXXXXXX FINANCIAL SOLUTIONS, INC.
AND XXXX XXXXXXXXXX
WHEREAS, Xxxxxxx Xxxxxx Holdings Corp., a Delaware corporation (“Xxxxxxx Xxxxxx Holdings”) and
Xxxxxxx Financial Solutions, Inc., an Oregon corporation (the ‘‘Company’’), and Xxxx Xxxxxxxxxx
(the ‘‘Executive’’) entered into an employment agreement (as amended, the “Employment Agreement”)
dated as of May 5, 2008;
WHEREAS, Xxxxxxx Xxxxxx Holdings, the Company and the Executive wish to modify certain terms
of the Employment Agreement;
NOW, THEREFORE, for good and valuable consideration, the sufficiency of which is hereby
acknowledged, the Company and the Executive hereby agree to amend the Employment Agreement, as set
forth below:
1. | Section 1.1 is hereby modified, effective August 31, 2009, by deleting “Enterprise Solutions Group” and inserting in its place “Xxxxxxx Financial Solutions”. | ||
2. | Section 3.1 is hereby modified, effective January 1, 2010, by deleting the annual rate of Base Salary of $375,000 and inserting in its place the annual rate of Base Salary of $425,000. | ||
3. | Section 3.2.1 is modified, effective January 1, 2010, by deleting the Percentage of Consolidated EBITDA table and inserting in its place the following table: |
Percentage of Consolidated | Percentage of Base | |
EBITDA in Business Plan | Salary | |
<89.9% |
0.00% | |
90 to 94.9% |
65.00% | |
95 to 99.9% |
69.00% | |
100 to 105% |
75.00% | |
105.1 to 110% |
79.16% | |
110.1 to 115% |
83.33% | |
115.1 to 120% |
87.50% | |
120.1 to 125% |
91.67% | |
125.1 to 130% |
95.84% | |
130.1 to 135% |
100.00% | |
135.1 to 140% |
104.17% | |
140.1 to 145% |
108.34% | |
145.1% + |
112.50% |
4. | All other terms and conditions of the Employment Agreement shall otherwise remain in place, except as expressly amended herein. |
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IN WITNESS WHEREOF, the parties have executed this Amendment to the Employment Agreement as of
February 22, 2010.
XXXXXXX XXXXXX HOLDINGS CORP. |
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By: | /s/ Xxxxxxx Xxxxxx | |||
Name: | Xxxxxxx Xxxxxx | |||
Title: | President & CEO | |||
XXXXXXX FINANCIAL SOLUTIONS, INC. |
||||
By: | /s/ Xxxxxx Xxxxxx | |||
Name: | Xxxxxx Xxxxxx | |||
Title: | Treasurer | |||
/s/ Xxxx Xxxxxxxxxx | ||||
Xxxx Xxxxxxxxxx | ||||
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