EMPLOYMENT LETTER AGREEMENT AMENDMENT
Exhibit 10.70
EMPLOYMENT LETTER AGREEMENT
AMENDMENT
AMENDMENT
BearingPoint, Inc. (the “Company”) and F. Xxxxx Xxxxxxx (“Executive”) previously entered into
an Employment Letter Agreement effective as of December 31, 2007 (the “Agreement”). Pursuant to
Section 7 of the Agreement, the Company is required to reform the Agreement if any provision of the
Agreement would cause Executive to incur any additional tax or interest under Section 409A of the
Internal Revenue Code of 1986. Having deemed that it is in the best interest of the Company and
Executive to provide that the benefits provided under the Agreements shall satisfy the requirements
of Section 409A, the Company hereby amends the Agreement as follows:
| 1. | The section of the Agreement entitled “Severance” is amended by adding the following immediately before the last sentence: |
You must return the executed Release Agreement to the Company no earlier than
the date of your termination of employment with the Company and no later than
the thirtieth day following your termination of employment. You will have a
period of seven days from the date on which the executed Release Agreement is
timely returned to the Company (the “Revocation Period”) during which you may
revoke the Release Agreement by the timely delivery of a written notice of
such revocation to the Company. If you do not revoke the Release Agreement,
the Company will make any required severance payments within a period of
months equal to the number of months’ pay to which the Managing Director is
entitled as Severance Pay, but in any event no later than March 15 of the
year following the date of your termination of employment.
| 2. | The section of the Agreement entitled “Termination by the Company without Cause” is amended by deleting the second sentence in its entirety and replacing it with the following: |
Upon your execution and delivery of a Release Agreement and provided that you
do not revoke the Release Agreement during the Revocation Period, the Company
will make such cash payments within a period of months equal to the number of
months’ pay to which the Managing Director is entitled as Severance Pay, but
in any event no later than March 15 of the year following the date of your
termination of employment.
IN WITNESS WHEREOF, this Amendment is executed this 20 day of December, 2008, but effective
as of December 31, 2008.
| BEARINGPOINT, INC. | ||||||
| By: Name: |
/s/ Xxxxxxx X. Xxxxxxx
|
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| Title: | EVP, Global Human Resources | |||||
