AMENDMENT NO. 1 TO SEPARATION AGREEMENT AND RELEASE
Exhibit
10.68
AMENDMENT
NO. 1 TO
This
Amendment No. 1 to the Separation
Agreement and Release dated February 12, 2007 (the “Agreement”) between Tier
Technologies, Inc., (the “Company”) and Xxxx X. Xxxxxxxx (the “Employee”)
(collectively the “parties”) is effective as of November 15, 2007.
WHEREAS,
the parties wish to amend the
Agreement;
NOW,
THEREFORE, in consideration of the
promises and conditions set forth herein, the sufficiency of which is hereby
acknowledged, the Company and the Employee hereby amend the Agreement as
follows:
1. Separation
Date. The Employee’s effective date of separation from the
Company shall be December 31, 2007 (the “Separation Date”).
2. Fulfillment
of
Obligations. Provided Employee remains an employee of the Company
through December 31, 2007, Employee shall be deemed to have fulfilled all
obligations under the Agreement and shall be entitled to all benefits
thereunder.
3. Separation
Pay. Upon the Separation Date, the Company agrees to pay the
Employee the separation payments as set forth in Section 4 of the
Agreement. In addition to those amounts, the Company shall pay
Employee $10,000, less all applicable state and federal taxes and
withholdings.
4. Counterparts. This
Amendment No. 1 to the Agreement may be executed in two (2) signature
counterparts, each of which shall constitute an original, but all of which
taken
together shall constitute one and the same instrument.
All
other terms, provisions and definitions set forth in the Agreement remain the
same.
IN
WITNESS WHEREOF, all parties have set their hand to this Agreement as of the
date set forth below.
TIER
TECHNOLOGIES, INC.
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By:
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| Xxxxxx X. Xxxxxxxx | ||
| Chairman and Chief Executive Officer | ||
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Dated:
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XXXX
X. XXXXXXXX
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| Dated: |
