FIRST AMENDMENT TO EMPLOYMENT AGREEMENT
THE FIRST AMENDMENT TO EMPLOYMENT AGREEMENT is made this 14th day of June,
1999 between InteliData Technologies Corporation, Inc., a Delaware corporation
(the "Company") and Xxxxxx X. Xxxxxxx, a Virginia resident (the "Executive").
WHEREAS, Executive and the Company have entered into an Employment
Agreement dated December 17, 1997, (the "Employment Agreement"), and the Company
and Executive desire to amend the Employment Agreement;
NOW, THEREFORE, for ten dollars ($10.00) and other good and valuable
consideration, the receipt and sufficiency of which hereby are acknowledged,
Company and Executive agree as follows:
Section 2.1. Annual Base Salary. Amend Section 2.1 to set the Annual Base
Salary to be not less than $200,000 per year.
Section 2.6. Additional Options. Add Section 2.6 as follows:
"Executive shall be granted options to purchase 50,000 shares of the
Company's Common Stock under the Company's 1996 Incentive Plan. The grant
date shall be June 14, 1999, the exercise price shall be $2.00 per share,
the options shall vest 50% on June 14, 2000 and 50% on June 14, 2001, and
the option grant shall expire on June 14, 2007."
Section 3.2 (d). Termination of Employment. "By the Executive." Amend
subsection (d)(ii) of Section 3.2 by changing "ninety (90) days" to "thirty (30)
days".
Section 3.3(d). Compensation and Benefits Following Termination. "For Cause
or By the Executive." Amend subsection (d) of Section 3.3 to add the following
to the end of the subsection:
"In the event that the Executive terminates his employment pursuant to
Section 3.2 (d)(iii), the Executive shall be entitled to an additional
severance benefit as follows:
(i) If the termination date is subsequent to September 30, 1999, the
Executive shall be paid a lump sum payment of one month's salary and the
Company shall pay applicable COBRA premiums for family medical, dental and
vision health plan benefits for one month after termination.
(ii) If the termination date is subsequent to December 31, 1999, the
Executive shall be paid a lump sum payment of two month's salary and the
Company shall pay applicable COBRA premiums for family medical, dental and
vision health plan benefits for two months after termination.
(iii) If the termination date is subsequent to March 31, 2000, the
Executive shall be paid a lump sum payment of three month's salary and the
Company shall pay applicable COBRA premiums for family medical, dental and
vision health plan benefits for three months after termination.
This Amendment, and the rights of the parties hereunder, shall be governed
by and constructed in accordance with the laws of the Commonwealth of Virginia.
IN WITNESS WHEREOF, Executive and the Company have executed and delivered
this Agreement of the date first shown above.
EXECUTIVE:
/s/ Xxxxxx X. Xxxxxxx
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Xxxxxx X. Xxxxxxx
THE COMPANY:
InteliData Technologies Corporation
By: /s/ Xxxxxx X. Xxxxxxxx, Xx.
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Xxxxxx X. Xxxxxxxx, Xx.
President and Chief Executive Officer
