Exhibit 10.30


 


FIRST
AMENDMENT TO EMPLOYMENT AGREEMENT


 


This
First Amendment to Employment Agreement (this “Amendment”) is made and
entered into as of August 1, 2008, by and between BancTec, Inc., a
Delaware corporation (the “Company”) and Michael D. Peplow (the “Executive”
or “you”).


 


RECITALS:


 


WHEREAS,
the Company and Executive entered into that certain Employment Agreement, dated
May 27, 2007 (the “Employment Agreement”);


 


WHEREAS,
the parties hereto desire to amend the Employment Agreement in accordance with Section XII,
thereof, respectively, as provided in this Amendment.


 


NOW,
THEREFORE, in exchange for good and valuable consideration, the receipt and
sufficiency of which are hereby acknowledged, the parties hereto agree as
follows:


 


SECTION 1.         AMENDMENT OF EMPLOYMENT AGREEMENT.  THE PARTIES
ACKNOWLEDGE AND AGREE THAT SECTION III, SUBSECTION A AND SECTION III,
SUBSECTION C OF THE EMPLOYMENT AGREEMENT ARE HEREBY DELETED AND REPLACED
IN THEIR ENTIRETY BY THE FOLLOWING:


 


III.           COMPENSATION.


 


A.            BASE SALARY. DURING THE EMPLOYMENT TERM, THE COMPANY SHALL PAY THE
EXECUTIVE A BASE SALARY AT THE ANNUAL RATE OF £160,584.16 (“BASE SALARY”),
PAYABLE IN REGULAR INSTALLMENTS IN ACCORDANCE WITH THE COMPANY’S CUSTOMARY
PAYMENT PRACTICES.  THE BASE SALARY SHALL
BE SUBJECT TO ANNUAL REVIEW BY THE BOARD OR THE COMPENSATION COMMITTEE (OR
SIMILAR COMMITTEE) OF THE COMPANY WHEREUPON THE BASE SALARY MAY BE
INCREASED (BUT NOT DECREASED) AT THEIR SOLE DISCRETION.


 


C.            BENEFITS.  DURING THE
EMPLOYMENT TERM, THE EXECUTIVE SHALL BE ENTITLED TO PARTICIPATE IN THE
COMPANY’S EMPLOYEE BENEFIT PLANS, INCLUDING LIFE INSURANCE, MEDICAL, HEALTH AND
ACCIDENT, DISABILITY, AND VACATION PLANS (BUT NO LESS THAN FIVE (5) WEEKS
VACATION PER YEAR) AS IN EFFECT FROM TIME TO TIME (COLLECTIVELY, “EMPLOYEE
BENEFITS”),


 

















 


ON THE SAME BASIS AS THOSE BENEFITS ARE GENERALLY MADE
AVAILABLE TO OTHER SENIOR EXECUTIVES OF THE COMPANY.  THE EXECUTIVE SHALL ALSO CONTINUE TO
PARTICIPATE IN THE BANCTEC LIMITED PENSION SCHEME ON THE SAME BASIS AS THE
EXECUTIVE PARTICIPATES ON THE DATE OF EXECUTION OF THIS AGREEMENT.  THE EXECUTIVE ACKNOWLEDGES THAT PARTICIPATION
IN SUCH PLAN MAY RESULT IN THE RECEIPT OF ADDITIONAL TAXABLE INCOME.  FOR THE AVOIDANCE OF DOUBT, THE EXECUTIVE
WILL NOT RECEIVE REIMBURSEMENT OF CERTAIN CAR AND FUEL EXPENSES.


 


2.             REMAINDER OF EMPLOYMENT AGREEMENT UNCHANGED.  THE PARTIES
HEREBY ACKNOWLEDGE AND AGREE THAT EXCEPT AS EXPRESSLY PROVIDED IN SECTION 1
OF THIS AMENDMENT, THE BALANCE OF THE EMPLOYMENT AGREEMENT REMAINS UNCHANGED
AND IS HEREBY RATIFIED AND CONFIRMED IN ALL RESPECTS.


 


3.             DEFINITIONS.  ALL CAPITALIZED
TERMS USED HEREIN WHICH ARE NOT OTHERWISE HEREIN DEFINED SHALL HAVE THE
MEANINGS ASCRIBED TO THEM IN THE EMPLOYMENT AGREEMENT.


 


4.             GOVERNING LAW.  THIS AMENDMENT
SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF
TEXAS, AS APPLIED TO CONTRACTS MADE AND PERFORMED WITHIN THE STATE OF TEXAS.


 


5.             COUNTERPARTS.  THE PARTIES
HERETO MAY SIGN ANY NUMBER OF COPIES OR COUNTERPARTS OF THIS
AMENDMENT.  EACH SIGNED COPY OR COUNTERPART SHALL
BE AN ORIGINAL, BUT EACH OF THEM TOGETHER SHALL REPRESENT THE SAME AGREEMENT.


 


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remainder of this page is intentionally left blank.]


 


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IN WITNESS WHEREOF, the
parties hereto have caused this Amendment to be duly executed as of the date
first above written, to be effective and binding as of such date.


 


 


	
  EXECUTIVE

  	
   

  	
  BANCTEC, INC.

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
   

  
	
  Michael Peplow

  	
   

  	
   

  	
  J. Coley Clark

  
	
   

  	
   

  	
   

  	
  Chairman of the Board
  of Directors and

  
	
   

  	
   

  	
   

  	
  Chief Executive Officer

  



 


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