EXHIBIT 10.3
SECOND AMENDMENT TO
EMPLOYMENT AGREEMENT
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SECOND AMENDMENT TO EMPLOYMENT AGREEMENT (the "Amendment") dated as of
September 30, 1997, by and between TIER TECHNOLOGIES, INC., a California
corporation (the "Company") and XXXXX X. XXXXXXX ("Xxxxxxx").
WHEREAS, the Company and Xxxxxxx are parties to a First Amended and
Restated Employment Agreement dated as of December 31, 1996 (the "Employment
Agreement"); and
WHEREAS, the parties desire to amend the Employment Agreement in order to
extend the term of the Employment Agreement;
NOW THEREFORE, in consideration of the mutual benefits derived from this
Amendment and of the agreements, covenants and provisions hereof, the parties
hereto agree as follows:
1. Section 3.1 of the Employment Agreement is hereby amended and
restated to read in its entirety as follows:
"3.1. Term. The "Term" of employment under this Agreement
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means the period commencing on December 31, 1996 and expiring on
August 1, 2001 or the earlier termination hereof pursuant to Section
4.1."
2. This Amendment shall not extend or otherwise modify the vesting
period of Stock Options granted under Section 2.3 of the Employment Agreement,
the terms of loan forgiveness under Section 2.7(a) of the Employment Agreement
or the continuation of the Housing Allowance beyond December 31, 1999.
3. Effective January 1, 2000, the Company agrees to pay Xx. Xxxxxxx a
Base Salary of not less than the greater of $375,000 or $50,000 in excess of the
highest Base Salary previously paid to Xx. Xxxxxxx by the Company during the
Term of the Employment Agreement.
4. As amended hereby, the Employment Agreement shall remain in full
force and effect.
IN WITNESS WHEREOF, the parties have executed this Amendment as of the date
first above written.
TIER TECHNOLOGIES, INC.
By: /s/ Xxxxxx X. Xxxx
Title: Senior Vice President and Chief Financial Officer
Address: 0000 Xxxxx Xxxx., Xxx. 000
Xxxxxx Xxxxx, XX 00000
/s/ Xxxxx X. Xxxxxxx
XXXXX X. XXXXXXX
Address: 0000 Xxxxx Xxxx., Xxx. 000
Xxxxxx Xxxxx, XX 00000
