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EXHIBIT 10.1
AMENDMENT NO. 1 TO EMPLOYMENT AGREEMENT
AND SENIOR ADVISORY ARRANGEMENT
This agreement is made as of December 3, 1996, between Xxxx X. Xxxxxxxxx
("Xx. Xxxxxxxxx"), Hyperion Software Operations Inc. (the "Corporation") and
Hyperion Software Corporation ("Hyperion").
WHEREAS, the Corporation, Hyperion and Xx. Xxxxxxxxx are parties to an
Employment Agreement dated as of July 1, 1994 (the "Employment Agreement");
WHEREAS, Xx. Xxxxxxxxx desires to retire from her full-time employment with
the Corporation effective as of July 31, 1997 and the Corporation has agreed
that Xx. Xxxxxxxxx will retire as of such date;
WHEREAS, the Corporation desires to retain a business relationship with Xx.
Xxxxxxxxx following July 31, 1997 so that Xx. Xxxxxxxxx can provide advisory
services to the Corporation; and
WHEREAS, Xx. Xxxxxxxxx desires to render such advisory services to the
Corporation as set forth herein.
NOW THEREFORE, in consideration of the foregoing and other good and
valuable consideration, the receipt and sufficiency of which is hereby
acknowledged, the parties hereto agree as follows:
1. TERM OF EMPLOYMENT. Notwithstanding any provision of the Employment
Agreement to the contrary, Xx. Xxxxxxxxx'x employment with the Corporation will
terminate on July 31, 1997 (the "Retirement Date") and, to the extent
inconsistent herewith, paragraphs 2 and 8 of the Employment Agreement are hereby
modified such that neither the Corporation nor Xx. Xxxxxxxxx may terminate such
employment prior to the Retirement Date. Xx. Xxxxxxxxx acknowledges and agrees
that the Corporation may reasonably amend, modify or eliminate prior to the
Retirement Date some or all of her job responsibilities or authority and her
title and office of Chief Financial Officer upon the hiring of a successor Chief
Financial Officer; that she will, upon request of the Corporation, resign prior
to the Retirement Date from all or any of the offices she currently holds with
the Corporation, its parent and/or its subsidiaries, except that Xx. Xxxxxxxxx
shall not be required to resign from the office of Senior Vice President of the
Corporation until the Retirement Date; and that any of the foregoing
circumstances shall not entitle her to receive severance payments or benefits
pursuant to paragraph 8(g) of the Employment Agreement. Notwithstanding the
occurrence of any of the circumstances set forth in the preceding sentence, Xx.
Xxxxxxxxx shall continue to receive all compensation and other benefits set
forth in the Employment Agreement through the Retirement Date. As of the
Retirement Date, Xx. Xxxxxxxxx'x entitlement to compensation, benefits and/or
all other types of remuneration as an employee of the Corporation shall cease,
except as required by federal or state law; provided however that all
non-qualified stock options granted by Hyperion to
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Xx. Xxxxxxxxx under Hyperion's 1991 Stock Plan shall continue in full force and
effect in accordance with the respective terms and conditions of such 1991 Stock
Plan and the Non-Qualified Stock Option Agreements evidencing such options so
long as Xx. Xxxxxxxxx maintains the business relationship with the Corporation
described in paragraph 2 hereof. The Corporation agrees Xx. Xxxxxxxxx'x stock
options referred to in the preceding sentence shall be treated similarly to the
stock options existing as of the date hereof of its vice presidents and/or
senior vice presidents in the event the Corporation determines to accelerate,
convert or modify in any way such existing stock options generally.
2. SENIOR ADVISORY ARRANGEMENT. For the period from the Retirement Date
through August 1, 2001 (the "Senior Advisory Term"), Xx. Xxxxxxxxx shall serve
the Corporation as a senior advisor to the Chairman of the Board of Directors.
In such capacity, Xx. Xxxxxxxxx will make herself available on a part-time basis
to provide advisory services to the Corporation regarding significant events,
transactions and strategies relating to the Corporation. Xx. Xxxxxxxxx agrees to
make herself available for a maximum of eight (8) hours per month or an
aggregate of 12 days per year to provide such advisory services (the "Base
Services"). For each year of the Senior Advisory Term, Xx. Xxxxxxxxx will be
paid the sum of $500 for the Base Services. In the event the Corporation
requests, and Xx. Xxxxxxxxx agrees to provide, advisory services in excess of
the Base Services, the Corporation shall pay Xx. Xxxxxxxxx a mutually agreeable
per diem amount for any such additional services. The Senior Advisory Term may
be extended or earlier terminated only by mutual written consent of Xx.
Xxxxxxxxx and the Corporation.
3. CLARIFICATION OF EMPLOYMENT AGREEMENT PROVISIONS. Consistent with the
foregoing, the Employment Agreement is further amended and clarified as follows:
a. The two-year restriction set forth in paragraph 9 of the Employment
Agreement ("Restrictions on the Employee") shall commence on the
Retirement Date.
b. The two-year restriction set forth in paragraph 10 of the
Employment Agreement ("Covenant Not to Compete") shall commence on the
Retirement Date.
c. The restrictions and obligations of Xx. Xxxxxxxxx set forth in
paragraph 11 of the Employment Agreement ("Proprietary Information")
shall include and extend to all "proprietary information" (as such
term is used in the Employment Agreement) which Xx. Xxxxxxxxx is
exposed to as a result of the senior advisory arrangement and shall
encompass her provision of services to the Corporation as described in
paragraph 2 hereof.
4. Except as set forth herein, the Employment Agreement shall remain in
full force and effect in accordance with its terms.
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5. This Agreement and all rights hereunder are personal to Xx. Xxxxxxxxx
and shall not be assignable by her. This Agreement shall be binding upon and
inure to the benefit of the parties hereto and their respective personal
representatives, heirs, administrators, successors and assigns.
IN WITNESS WHEREOF, the parties have executed this Amendment No. 1 to
Employment Agreement and Senior Advisory Arrangement as of the day and year
first above written.
HYPERION SOFTWARE OPERATIONS INC.
and HYPERION SOFTWARE CORPORATION
By: /s/ Xxxxx X. Xxxxxxx
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Xxxxx X. Xxxxxxx
Their Chief Executive Officer and Chairman
/s/ Xxxx X. Xxxxxxxxx
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Xxxx X. Xxxxxxxxx
