AMENDMENT NO. 1 TO THE EMPLOYMENT AND NONCOMPETITION AGREEMENT
Exhibit 10.33
AMENDMENT NO. 1 TO THE EMPLOYMENT AND NONCOMPETITION AGREEMENT
THIS AMENDMENT to the Employment and Noncompetition Agreement is made effective this 23
RD day of December, 2008, by and between TechTeam Global, Inc. (the “Company”), and
Xxxxxxxx X. Xxxxx (the “Executive”).
WHEREAS, the Company and the Executive entered into an Employment and Noncompetition Agreement
effective as of October 7, 2008 (the “Agreement”); and
WHEREAS, the parties desire to amend the Agreement to comply with the requirements of Section
409A of the Internal Revenue Code of 1986, as amended.
NOW, THEREFORE, for and in consideration of the premises and mutual covenants contained
herein, and for other good and valuable consideration, the receipt and sufficiency of which is
hereby acknowledged, and subject to the terms and conditions hereinafter set forth, the parties
hereto agree as follows:
| 1. | Effective on the date hereof, the Agreement is amended as follows: |
a. The penultimate sentence of Section 3(f) is amended to read as follows:
Further, the Company shall provide the Executive with reasonable executive outplacement
services for a period of up to nine (9) months beginning on the Executive’s Termination Date
through a recognized outplacement provider that is agreed to by the Company and the
Executive.
b. Section 3 is amended to re-designate the subsection “Date of Termination” as
subsection (g) (and all subsequent subsections and cross-references thereto shall be
re-numbered accordingly).
c. Current Section 3(f) “Date of Termination,” new Section 3(g), is amended by
replacing “Paragraph 3” with “Section 3.”
d. The first paragraph of current Section 3(g), new Section 3(h), is amended to read as
follows:
Additional Payments. Notwithstanding the foregoing provisions of this Section 3,
the severance payment and any unearned bonus that is payable as a result of Executive’s
termination shall be paid to the Executive only upon his “separation from service” within
the meaning of Section 409A of the Code (in a lump sum within fourteen (14) days in
accordance with the foregoing provisions); provided that if the Executive is a “specified
employee” within the meaning of Section 409A of the Code (as determined in accordance with
the methodology established by the Company as in effect on the date of Executive’s
Separation from Service) (a “Specified Employee”), the severance payment and any
unearned bonus shall instead be paid to the Executive, with interest on such delayed payment
at the applicable federal rate provided for in Section 7872(f)(2)(A) of the Code
(“Interest”), on the first business day after the date that is six months following
the
Executive’s “separation from service” within the meaning of Section 409A of the Code (the
“Delayed Payment Date”).
| 2. | In all other respects, the Agreement shall remain in full force and effect. | |
| 3. | This Amendment may be executed in counterparts, each of which shall be deemed an original and all of which shall together constitute one and the same instrument. |
IN WITNESS WHEREOF, the parties have executed this Amendment on the date and year first above
written.
| TechTeam Global, Inc. |
||||
| By: | /s/ Xxxxxxx Xxxxx | |||
| Title: Vice President, General Counsel | ||||
| /s/ Xxxxxxxx X. Xxxxx | ||||
| Xxxxxxxx X. Xxxxx | ||||
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