Document:

Letter Agreement, dated as of October 1, 2002

  Exhibit 10.54
  January 21, 2003
  Richard Walker
 4051
Preserve Parkway South
 Greenwood Village, CO  80121
  Dear Richard:
  It is a pleasure to offer you (“Employee”) the position of
Senior Vice President, Corporate Development and Strategy, at Autobytel Inc. (the “Company”).  Please be reminded that our offer of employment is contingent upon completion of our background check and your reviewing and
accepting the terms of our various pre-hire and new-hire documents, including the employee handbook, the Employee Confidentiality Agreement, the Mutual Agreement to Arbitrate, and the Securities Trading Policy.  Following is a summary of our
offer:

	   
 	  Position:
 	   
 	  Senior Vice President, Corporate Development and Strategy reporting to the Chief Executive Officer
 
	   
 	  Semi-Monthly Rate:
 	   
 	  $10,416.67 ($250,000.00 Annually)
 
	   
 	 Hire Date:
 	   
 	  January 21, 2003
 
	   
 	  Term:
 	   
 	  One year, terminable upon 30 days’ written notice by Employee or the Company for any reason or no reason; renewable automatically  for one year periods unless either
party notifies the other of its election not to renew at least ninety (90) days prior to the applicable anniversary of the hire date.
 
	   
 	  Stock Options:
 	   
 	  200,000 subject to board approval
 
	   
 	  Bonus Opportunity:
 	   
 	  up to 50% at the discretion of the Board of Directors
 
	   
 	  Vacation:
 	   
 	  4 weeks per year
 
	   
 	 Severance:
 	   
 	  6 months severance if terminated by the Company without cause as described below, it being understood that severance is not applicable in the event of termination due to death
or disability; provided, however, that if the Company elects not to renew Employee’s term in the first year of employment (other than due to death or disability), Employee shall be entitled to 3 months severance but in no event will severance
payments hereunder exceed 6 months:
 
	   
 	  
 	   
 	  
 
	   
 	  Cause shall mean any one of the following:
 
	   
 	  
 
	   
 	  (1)
 	  Gross misconduct; or
 
					

  

	 Autobytel Inc.
 	  1
 	  Offer Letter
 

	   
 	  (2)
 	  The willful and continued failure by Employee to substantially perform his duties (other than such failure resulting from the Employee’s disability), after a written demand
for substantial performance of such duties is delivered to the Employee that specifically identifies the manner in which Employee’s manager believes that the Employee has failed to substantially perform his duties, and the Employee has failed
to remedy the failure within 10 business days of receiving such notice; or
 
	   
 	  
 
	   
 	  (3)
 	  The willful or continued action, or failure to act by the Employee that results, or is expected to result, in actual material financial injury to the Company. However, no act or
failure to act on the Employee’s part shall be considered “willful” if done, or omitted to be done, by the Employee in good faith and with a reasonable belief that his  action or omission was in the best interest of the Company;
or
 
	   
 	  
 
	   
 	 (4)
 	  The Employee’s conviction for committing an act of fraud, embezzlement, theft, or any other act constituting a felony involving moral turpitude or causing material harm,
financial or otherwise, to the Company; or
 
	   
 	  
 
	   
 	  (5)
 	  Violation of Company policies of a serious nature, examples of which include but are not limited to: discrimination or harassment tied to race, color, gender, age, national
origin, sexual orientation, disability, medical condition, marital status, veteran status, or religion; theft; falsification of Company records; being under the influence or in the possession of illegal drugs or controlled substances on Company
property; possession of fire arms or other weapons or explosives on Company property; or similar serious violations of Company policies.
 

  As a condition of employment, you will
be required to sign the standard Employee Confidentiality Agreement, Mutual Agreement to Arbitrate, and the Securities Trading Policy, which will apply during your employment with the Company and thereafter.  Two originals of each of these
agreements are enclosed for your review.  Upon acceptance of this offer of employment, please sign and/or date in the designated areas, and return two signed originals of each directly to me.  Jeffrey Schwartz, Autobytel Inc.’s
President, CEO, will then sign and return one complete package to you for your records. 
 Enclosed you will also find information regarding our benefits package.  Please review the
information, fill out as much as possible, and bring it with you on your first day of employment.  If you have any questions or concerns they will be addressed during your new hire orientation or you may contact Natalie Hensley at 949.862.1312.

  The Immigration Reform and Control Act of 1986 requires all new associates to provide proof of citizenship and/or right to work documentation within three (3) days from the commencement of
employment. A list of acceptable documents is enclosed. Please bring documents to verify employment eligibility on your first day of work.
  The provisions of this letter are severable which means
that if any part of the letter is legally unenforceable, the other provisions shall remain fully valid and enforceable.  This letter sets forth our complete understanding regarding the matters addressed herein and supersedes all previous
agreements or understandings between you and the Company, whether written or oral. 

	  Autobytel Inc.
 	  2
 	  Offer Letter
 

   This offer shall expire 7 days from date of issue. Please indicate acceptance of our offer by signing and returning the enclosed copy of this letter. By signing this offer
letter you also will be acknowledging that you are not relying on any promises or representations other than those set forth above in deciding to accept this conditional offer of employment.  You may fax a signed copy, if you wish, to our
confidential fax at 949.862.1324.  Feel free to call if you have questions.  We look forward to having you join the Autobytel Inc. team.

	  
 	 /s/ RICHARD WALKER
 	  
 
	  
 	 
 	  
 
	  
 	  Richard Walker
 	  
 

  Best regards,
 AUTOBYTEL INC.

	  /s/ MARK ERNST
 	  
 
	 
 	  
 
	  Mark Ernst
 V.P., Human Resources
 	  
 

  

	  Autobytel Inc.
 	  3
 	  Offer LetterLetter Agreement, dated January 21, 2003

  Exhibit 10.55
  AMENDMENT NO. 1 TO EMPLOYMENT AGREEMENT
            This Amendment No. 1 to Employment Agreement (“Amendment”) is made and entered into, at Irvine, California, as of the 2nd day of January, 2003,
by and between Autobytel Inc., a corporation duly organized under the laws of the State of Delaware (the “Company”), with offices at 18872 MacArthur Boulevard. Second Floor, Irvine, California, 92612-1400, and Jeffrey A. Schwartz
(hereinafter referred to as the “Executive”), who resides at 24950 Norman’s Way, Calabasas, California 91302.  
  RECITALS
            WHEREAS:  The Company currently employs and desires to continue to employ the Executive as  President and Chief Executive Officer of the Company.

           WHEREAS:  The Executive is currently employed and desires to continue to be so employed by the Company.
            WHEREAS:  The Company and Executive desire to amend that certain Employment Agreement, dated as of December 17, 2001, between the Company and Executive (the
“Employment Agreement”) as set forth below.
            NOW, THEREFORE, in consideration of the mutual covenants and agreements contained
herein, and with reference to the above recitals, the parties hereby agree as follows:
           1.1          Sections 3.1 and 3.2 of the Employment Agreement are hereby amended in their entirety as set forth
below:

	  
 	                   “3.1          BASE
SALARY.   As compensation for the services to be rendered by the Executive pursuant to this Agreement, the Company hereby agrees to pay the Executive a base salary equal to at least Four Hundred Thousand Dollars ($400,000.00) during
the Term, which rate shall be reviewed by the Board at least annually and may be increased (but not reduced) by the Board in such amounts as it deems appropriate. The base salary shall be paid in substantially equal bimonthly installments, in
accordance with the normal payroll practices of the Company.
 
	  
 	  
 
	  
 	                   3.2           BONUSES.   The Board may, in its sole
discretion, provide the Executive with the opportunity to earn an annual bonus for each fiscal year of the Company, occurring in whole or in part during the Term. The annual bonus, if any, payable to the Executive shall be based on such criteria as
may be established by the Board, in its sole discretion, from time to time. The Executive shall participate in all other short term and long term bonus or incentive plans or arrangements in which other senior executives of the Company are eligible
to participate from time to time. Any bonus shall be paid as promptly as practicable following the end of the preceding fiscal year. The provisions of this Section 3.2 shall be subject to the provisions of Section 3.4.”
 

           1.2          The terms and conditions of this Amendment shall inure to the benefit of and
be binding upon the successors and assigns of the parties hereto.
            1.3          This
Amendment shall be construed and enforced in accordance with the laws of the State of California, without giving effect to the principles of conflict of laws thereof. 
  1

             1.4          This Amendment may be executed in any number of
counterparts, each of which shall be deemed an original, but all of which shall constitute one instrument.
            1.5          Except as amended hereby, the Employment Agreement shall remain in full force and effect in accordance
with its terms. 
            IN WITNESS WHEREOF, the parties have executed this Agreement as of the date first above written.

	  
 	  AUTOBYTEL INC.
 	  
 
	  
 	  
 	  
 
	  
 	 By:
 	  /s/ MICHAEL J. FUCHS
 	  
 
	  
 	  
 	 
 	  
 
	  
 	  
 	  Michael J. Fuchs
 Chairman
 	  
 
	  
 	  
 	  
 	  
 
	  
 	  
 	  /s/ JEFFREY A. SCHWARTZ
 	  
 
	  
 	  
 	 
 	  
 
	  
 	  
 	 Jeffrey A. Schwartz
 	  
 

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