FIRST AMENDMENT TO EMPLOYMENT AGREEMENT
FIRST
AMENDMENT TO EMPLOYMENT AGREEMENT
This First Amendment to the
Employment Agreement is effective the first day of October, 1998 (the “First
Amendment”), by and between MICROS SYSTEMS, INC., a Maryland corporation, with
offices located at 00000 Xxxxxxxxx Xxxxxx, Xxxxxxxxxx, Xxxxxxxx 00000
(hereinafter referred to as the "Company"), and Xxxxxx X. Xxxx, whose address is
0000 Xxxxx Xxxxx Xxxx, Xxxxxxxx, Xxxxxxxx 00000 (hereinafter referred to as the
“Executive”).
WHEREAS, the Executive and the Company
entered into an Employment Agreement dated May 28, 1997 (the “Agreement”);
and
WHEREAS, the parties hereto would like
to amend the Agreement pursuant to this First Amendment in an effort both: (i)
to reflect the rapid growth experienced by the Company, and the current status
of the Company and the Executive relative to other similarly positioned
entities; and (ii) to solidify the long-term management structure of the
Company.
NOW, THEREFORE, the Company and the
Executive, for good and valuable consideration, and pursuant to the terms,
conditions, and covenants contained herein, hereby agree as
follows:
1. Section
3 of the Agreement, captioned “Term”, shall be deleted in its entirety and the
following new language inserted in lieu thereof:
“Term. The
term of this Agreement shall commence upon October 1, 1998, and shall be for a
period of three years. The term of this Agreement shall be
automatically renewed on October 1 of each year for successive three-year
renewal terms thereafter, unless written notice is given by either party to the
other party, pursuant to which a party states that it elects not to renew
automatically the Agreement for an additional three-year renewal
term. Such written notice of non-renewal must be provided to the
other party not less than 120 days prior to the automatic renewal
date. In the event a notice of non-renewal is tendered in accordance
with the terms hereof, the Agreement shall continue until the end of the then
existing three-year term, unless otherwise terminated as provided
hereinbelow.”
2. All
other provisions of the Agreement shall remain in full force and
effect.
IN WITNESS WHEREOF, the parties have
executed this First Amendment as of the dates indicated below, the effective
date of this First Amendment being the first day of October, 1998.
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COMPANY:
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ATTEST:
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MICROS
SYSTEMS, INC.
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(SEAL)
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X.X.
Xxxxxxxxxxxx
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President
and Chief
Executive
Officer
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[Corporate
Seal]
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EXECUTIVE:
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WITNESS:
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XXXXXX
X. XXXX
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