Document:

EX-10.1

 

Exhibit 10.1

September 8, 2006

Mr. Robert Casale

c/o The Bisys Group

105 Eisenhower Parkway

Roseland, NJ 07068

Dear Bob:

On behalf of the Board of Directors of The BISYS Group, Inc. (the “Company”), I am pleased to
formalize this offer of employment with the Company as its Interim President and Chief Executive
Officer.

1. Term. Your employment with the Company commenced as of September 5, 2006 (the
“Effective Date”) and is expected to terminate following the appointment by the Board of a
permanent Chief Executive Officer. At the request of the Board, you will be expected to cooperate
in the transition of your duties and responsibilities to the new Chief Executive Officer.

2. Responsibilities. As Interim President and Chief Executive Officer, you will report to
the Board of Directors of the Company (the “Board”), and perform the duties customarily associated
with such position, including such specific duties as the Board may from time to time assign to
you. You may continue to engage in charitable, civic or community activities and, with the prior
approval of the Board, may serve as a director of any other business corporation, provided that
such activities or service does not interfere with your duties to the Company.

3. Compensation.  Your base salary will be paid, in accordance with the Company’s regular
payroll practices, at an initial annual rate of $750,000 (less any withholdings and deductions
required by law or authorized by you). Your base salary will be reviewed by the Compensation
Committee and the Board at the end of each fiscal year. You shall not be eligible to earn any
management incentive compensation for the fiscal year ending June 30, 2007, but may be eligible to
earn special incentive compensation at the complete discretion of the Board. During your
employment with the Company, you will cease to earn any fees for your service on the Board.

4. Employment Benefits. You will be eligible to participate in the BISYS associate
benefits plan program, subject to the terms and conditions of such benefit plans or program.

5. Expense Reimbursements. You will be reimbursed for all reasonable business expenses
incurred by you during the term of your employment hereunder in connection with the performance of
services hereunder in accordance with the policies of the Company.

6. Miscellaneous. This letter agreement constitutes the entire agreement and understanding
between the parties with respect to the subject matter hereof and supersedes and preempts any prior
understandings, agreements or representations by or between the parties, written or oral, which may
have related in any manner to the subject matter hereof. The interpretation, construction and

 

 

performance of this letter agreement shall be governed by and construed and enforced in accordance
with the internal laws of the State of New York without regard to the principle of conflicts of
laws.

Please note that the purpose of this letter is merely to describe the terms of your employment.
This letter does not constitute a contract of employment and does not create any right to continued
employment for any period of time. Your employment with the Company at all times will be “at will.”

The Board is deeply appreciative of your agreement to serve in this interim position. To indicate
your acceptance to these terms, please sign this letter in the space below and return it to me. In
the meantime, please do not hesitate to call me should you have any questions.

Sincerely,

/s/ Joseph J. Melone

Joseph Melone, Chair, Compensation Committee

On Behalf of the Board of Directors

Employment Offer

Accepted and Agreed

	 	 	 	 	 
	/s/ Robert Casale

	 	9/8/06
	 	 
	 

	 	 	 	 
	Robert Casale

	 	DateEX-10.2

 

Exhibit 10.2

September 12, 2006

<name>

Dear <name>:

In recognition of your continued commitment to the company and to encourage you to remain an
employee during this process of exploring strategic alternatives, The BISYS Group, Inc. (“BISYS”)
is pleased to provide to you special retention bonus opportunity under the following terms. You
shall be entitled to receive a lump-sum retention bonus in the amount of $[            ] if you
remain continuously employed with the Company on a full-time basis through March 8, 2007. Such
bonus shall be paid on the first scheduled payroll date following March 8, 2007. In addition, in
the event there is a change of control (as such term is defined below), you shall also be entitled
to receive an additional lump-sum bonus in the amount of $[            ], provided that you remain
continuously employed with BISYS on a full-time basis through September 8, 2007. In the event that
there is a change of control, such bonus would become payable on the first scheduled payroll date
following September 8, 2007. You understand that you must remain employed on a full-time basis to
be eligible to receive these payments, except in the event you are terminated without cause (as
such term is defined below) during the period covered by this letter, in which case any remaining
unpaid portion of the bonus amounts described herein will be accelerated and paid out to you,
provided that the second bonus payment will only be accelerated and paid out in the event that a
change of control has previously occurred or if a transaction that would result in a change of
control has been publicly announced prior to your termination. Any payment of the special
retention bonus amounts described herein shall be shall be paid net of any applicable withholding
required under federal, state or local law.

Neither this special retention bonus opportunity nor any other company bonus or supplemental
compensation for which you may be eligible will be considered part of your base salary. Nor will
this or any other bonus or supplemental compensation be included in compensation calculations for
purposes of paid time off, severance pay under the BISYS Salary Continuation Plan or any other
company severance policy or plan, or any other similar payout that may be paid to you during this
or any period. Moreover, neither this special retention bonus opportunity nor any other bonus or
supplemental compensation shall replace or otherwise affect any of the benefits to which you may be
entitled under your Key Executive Separation Agreement with BISYS. Once paid out to you, this
special retention bonus pay will not necessarily be replaced with any further bonuses, benefits, or
other forms of compensation, and this bonus pay does not replace your annual management incentive
bonus, if you are currently eligible for that program.

Please understand that you will forfeit entitlement to this special retention bonus pay in the
event your employment with the company is terminated for “cause,” as that term is defined herein or
if you terminate your employment with BISYS for any reason. Nothing in this letter or its terms

 

 

will affect your status as an at-will employee; both you and BISYS will remain free to end your
employment relationship at any time and for any reason.

For purposes of this letter, (A) “cause” shall mean (i) conviction for or a plea of nolo contendere
to any felony or of any other crime involving dishonesty; (ii) participation in any criminal or
misdemeanor fraud, misappropriation of funds, embezzlement or other similar acts of misconduct by
the you with respect to the company; (iii) failure to perform reasonable material duties in the
course of your employment with the company or to carry out any lawful company directives
commensurate with such duties; or (iv) failure by you to obey the reasonable orders or policies of
the company or violation of the company’s Code of Conduct; and (B) “change of control” shall mean
(i) the direct or indirect sale, lease, exchange or other transfer of all or substantially all of
the assets of BISYS (or the business unit to which you are primarily part of) to any person or
entity or group of persons other than BISYS and its affiliates, or (ii) the merger, consolidation
or other business combination of BISYS with or into another corporation with the effect that the
shareholders of BISYS, as the case may be, immediately following the merger, consolidation or other
business combination, hold 50% or less of the combined voting power of the then outstanding
securities of the surviving corporation of such merger, consolidation or other business combination
ordinarily (and apart from rights accruing under special circumstances) having the right to vote in
the election of directors.

This letter shall be binding upon any successor of BISYS (whether direct or indirect, by purchase,
merger, consolidation or otherwise), in the same manner and to the same extent that BISYS would be
obligated under this agreement if no succession had taken place. In the case of any transaction in
which a successor would not by the foregoing provision or by operation of law be bound by this
letter, BISYS shall require such successor expressly and unconditionally to assume and agree to
perform BISYS’s obligations under this letter, in the same manner and to the same extent that BISYS
would be required to perform if no such succession had taken place. The term BISYS as used in this
letter, shall mean BISYS and any successor or assignee, which by reason hereof becomes bound by
this letter.

Please also understand that this offer of special retention bonus pay and its terms are highly
confidential, and we expect you to hold them in the strictest confidence. If BISYS learns of any
disclosure of this letter or its terms to anyone other than your immediate family
members, the company must reserve its right to demand the return of the additional compensation
already paid out, as well as to rescind its offer to pay any future installments of special
retention bonus pay. Of course, you may discuss this letter with your Human Resources
representative, the Company’s legal department or the head of your department.

We want to thank you for your hard work and your dedication to the company during a period of
changing circumstances, great challenges, and great opportunities.
This special retention bonus opportunity is a way for the company to show its appreciation and recognition of the critical
nature of your contributions to the continued success of BISYS.

 

 

Pleases indicate your acceptance of this agreement by signing this letter in the space indicated
below and returning a copy to Sharon Murphy.

Very truly yours,

The BISYS Group, Inc.

Robert J. Casale

Interim President and CEO

AGREED as of the date first above

written

                                                            

[NAME                    ]

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