Addendum To Employment Agreement
Exhibit 10.1
Addendum
To
This Addendum is effective August 5, 2009 (“Addendum”) and modifies the Employment Agreement, as amended (“Agreement”) entered into effective June 2, 2005 between Xxxxxx Software, Inc., a Delaware corporation (now known as Xxxxxx Software Americas, Inc.) (“Company”) and Xxxxx Xxxxx (“Employee”), pursuant to Section 7.7 of the Agreement. Capitalized terms not otherwise defined in this Addendum have the same respective meaning as defined in the Agreement. The sections of the Agreement that are not expressly modified by this Addendum shall remain in effect pursuant to their terms.
Section 3.7 of the Agreement, as amended by Addendum effective October 5, 2005, is deleted in its entirety and replaced with the following new Section 3.7:
3.7 Sale of Denver Residence. The Company previously requested Employee to relocate from Denver, Colorado to St. Xxxx Minnesota, the location of the Company’s principal offices. If Employee sells his Denver residence while employed by the Company, and the net sale price of his Denver residence (after deducting real estate commissions and other closing costs payable by Employee as seller) is less than the current listing price (as of August, 2009) of Employee’s Denver residence (such difference is referred to herein as the “Loss Amount”) then the Company will reimburse to Employee (as taxable income) the following portions of the Loss Amount: (a) 100% of the Loss Amount up to the first $100,000 and (b) 50% of the Loss Amount that is greater than $100,000, up to a maximum aggregate reimbursement of $200,000. The following chart illustrates this calculation for the following respective Loss Amounts:
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Loss Amount |
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Amount Reimbursed by Company |
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$100,000 |
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$100,000 |
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$150,000 |
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$125,000 |
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$200,000 |
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$150,000 |
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$300,000 or more |
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$200,000 maximum |
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This Addendum may be signed in counterpart and by fax or email pdf, and is effective as of August 5, 2009, the date of which this Addendum was approved by the Compensation Committee of the Board of Directors.
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Xxxxxx Software, Inc. |
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Xxxxxx Software Americas, Inc. |
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By |
/s/ Xxxxx X. Xxxxxx |
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By |
/s/ Xxxxxxx Xxxxxxx |
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Xxxxx X. Xxxxxx, |
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Title |
SVP - Human Resources |
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Compensation Committee Chair |
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/s/ Xxxxx Xxxxx |
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Xxxxx Xxxxx |
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