EXHIBIT 10.48
PERSONAL & CONFIDENTIAL
TO: Xxxx Xxxxxxxx
FROM: Xxxxxxx Xxxx
SUBJECT: Addendum to your Employment Agreement
Because you are so vital to the company during the next phases facing
Peritus, Xxxxxxx agrees to pay you the following retention payments as incentive
for you to remain as CFO of Peritus on the following dates:
December 1, 1998 $60,000.00
January 1, 1999 $40,000.00
February 1, 1999 $30,000.00
March 1, 1999 $30,000.00
The above payments will be paid to you on the date shown only if you are still
an employee of Peritus on those dates.
In addition to the above, you will receive a payment in the event of
change of control of Peritus. Change in control means a merger, consolidation or
sale of all or substantially all of the assets or sale of more than a majority
of the stock of Peritus. The amount to be paid to you in the event of change of
control is $280,000.00 minus the total of retention payments, as noted above,
actually paid to you.
This change of control payment would be in lieu of your normal minimum
52-week notice of termination without cause provision and related salary
continuation in your employment agreement and will apply only in the event of a
change of control in Peritus.
These terms are an addendum to your normal employment agreement that
was signed on August 13, 1998.
Peritus Software Services, Inc.
/s/ Xxxx Xxxxxxxx By: /s/ Xxxxxxx Xxxx
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Xxxx Xxxxxxxx Xxxxxxx Xxxx
CFO President & CEO
