Document:

EXHIBIT 10.3.4

 

July 31, 2001

 

Mr. Ari Horowitz

39 West 13th Street,

3rd Floor

New York, New York 10011

 

Third Amendment to Employment Agreement

 

Dear Ari:

 

Reference is made to the

Employment Agreement dated as of April 1, 1999, between you and Opus360 Corporation

(the “Company”), as amended pursuant to the Amendment to Employment Agreement

dated September 2, 1999 and the Second Amendment to Employment Agreement dated

May 1, 2001 (the Employment Agreement as so amended is hereinafter referred to

as the “Amended Employment Agreement”). Capitalized terms used in this

Amendment that are not defined herein shall have the meanings ascribed thereto

in the Amended Employment Agreement.

 

In connection with the

Execution of the Stock Exchange Agreement between Proha Plc (“Proha”) and the

Company, dated the date hereof, you and the Company agree to amend the Amended

Employment Agreement in accordance with the following, to be effective upon the

Amendment Effective Date (as herein defined):

 

1.             Amendment Effective Date. “Amendment Effective

Date” shall mean the date upon which the purchase of the stock contemplated by

the Stock Exchange Agreement (the “Transaction”) becomes effective.

 

2.             Position. The second WHEREAS clause of the

Amended Employment Agreement is change to read: “WHEREAS, it is the desire of

the Company and Employee that Employee be employed as Vice Chairman and

Executive Vice President, Corporate Development of the Company.”

 

3.             Duties to the Company. Section 3 of the Amended

Employment Agreement is further amended by: (a) deleting the first sentence of

Section 3 and inserting in lieu thereof the following: “Employee shall serve as

and perform the duties of Vice Chairman and Executive Vice President, Corporate

Development of the Company. Employee shall continue to be nominated to election

as a member of the board of directors of the Company throughout the Term, and

at all times during the Term the Company shall use its commercially reasonable

efforts to ensure that Employee is a member of the board of directors of the

Company.” and (b) deleting the third and fourth sentences of Section 3 and

inserting in lieu thereof the following: “Employee shall devote such portion of

his business and professional time as shall be reasonably necessary to perform

his duties under this Agreement, provided, however, that he may schedule his

time to perform such duties so as not unreasonably to interfere with any of his

other business activities or travel. Employee shall focus on the following

objectives for the Company:

 

 

(i) retention of current

clients of Opus360 Corporation; (ii) retention of Opus360 Corporation employees

who are targeted to be retained by the Company; (iii) retention of current

investors of Opus360 Corporation and/or recruitment of new investment capital

for the Company; (iv) assistance in shaping the overall strategy of the Company

and positioning it within its market and the investment community; (v) merger

and acquisition activity for the Company; and (vi) assistance in shaping the

strategy of the Company to create shareholder value.”

 

4.             Compensation. There shall be added to Section

4(a) of the Amended Employment Agreement the following sentence: “Commencing

with the Amendment Effective Date, in no event shall Employee’s Base Salary

during the Term be less than Two Hundred and Fifty Thousand Dollars

($250,000.00) per year.”

 

5.             Office Space and Assistant. There shall be added

to Section 6 of the Amended Employment Agreement a new Section 6(c) at the end

thereof to read in its entirety as follows: “(c) Office Space and Assistant.

The Company shall make available to Employee during the Term, at its expense,

(i) an executive assistant of Employee’s choice, who shall be paid no less than

Employee’s executive assistant as of the Amendment Effective Date and who shall

be granted options for shares of the Company’s stock on the same basis as other

employees similarly situated, and (ii) office space at a mutually agreed

location in New York County, New York, that is comparable to his and his

assistant’s current space at Opus360 Corporation’s New York Office as of the

Amendment Effective Date.”

 

6.             Termination of Employment. Section 8(a)(ii) of

the Amended Employment Agreement is hereby further amended and restated to read

as follows:

 

“(ii) all options granted to

Employee for shares of the Company’s stock shall become immediately

exercisable, and Employee shall have the full term of the options in which to

exercise such options.”

 

7.             Good Reason; Rights; Resignation Without Good Reason.

(a) Section 8(b)(ii) of the Amended Employment Agreement is hereby further

amended and restated to read as follows: “(ii) a material diminution in

Employee’s title, authority or duties from those of Vice Chairman and Executive

Vice President, Corporate Development.”

 

(b) Section 8(c)(i) of the

Amended Employment Agreement is hereby amended and restated to read: “(i)

Employee (or, as the case may be, Employee’s estate) shall be entitled to

receive the same salary (pursuant to Section 4 hereof) and benefits (pursuant

to Section 6 hereof) as he would be entitled to receive had he been employed by

the Company for the two (2) year period following the date of the Termination

of Employment,”

 

(c) Section 8(d) of the Amended

Employment Agreement is hereby amended by deleting Section 8(d)(i) and the

reference to clause (i) in Section 8(d)(iv).

 

(d) Section 8 of the Amended

Employment Agreement is hereby further amended by adding a new Section 8(e) at

the end thereof to read in its entirety as follows:

 

2

 

“(e) In addition to his other

rights to terminate his employment pursuant to this Agreement, Employee shall

have the right to terminate his employment without Good Reason by giving the

Company at least thirty (30) days written notice of his desire to terminate his

employment. Upon such termination, Employee shall be entitled to receive all

salary (pursuant to Section 4 hereof) and benefits (pursuant to Section 6

hereof) earned and accrued up to the effective date of termination and

reimbursement (pursuant to Section 7 hereof) for all expenses incurred by

Employee up to the effective date of termination.”

 

8.             Change of Control. There shall be inserted after

the first sentence of Section 9 of the Amended Employment Agreement the

following sentence:  “In the event a

“Change of Control” is consummated after the Amendment Effective Date, all

options granted after the Amendment Effective Date to Employee for shares of

the Company’s stock shall become immediately exercisable in full.”

 

9.             Except as amended hereby, the Amended Employment

Agreement shall remain in full force and effect.

 

If the foregoing is acceptable

to you, please sign a copy of this letter agreement in the space provided below

and return a copy of the executed letter to the undersigned.

 

 

Very truly yours,

 

OPUS360 CORPORATION

 

 

	

  By:

  	

   

  	

   

  
	

  Steven C.

  Yager,

  	

   

  
	

  Chief

  Executive Officer

  	

   

  
	

   

  	

   

  
	

  Proha Plc

  	

   

  
	

   

  	

   

  
	

   

  	

   

  
	

   

  	

   

  
	

   

  	

   

  
	

  Agreed to

  and Acknowledged

  	

   

  
	

   

  	

   

  
	

   

  	

   

  
	

   

  	

   

  
	

  Ari Horowitz

  	

   

  
				

 

3Exhibit 10.3.5

 

 

FOURTH

AMENDMENT TO EMPLOYMENT AGREEMENT between Artemis International Solutions

Corporation, a Delaware corporation (the “Company”) (formerly known as Opus360

Corporation), and Ari Horowitz (the “Employee”) (the “Fourth Amendment”), dated

as of January 10, 2003, amending the parties’ original employment agreement

dated as of April 1, 1999, between the Company and Employee (the “Original

Agreement”), as amended pursuant to the Amendment to Employment Agreement dated

September 2, 1999, the Second Amendment to Employment Agreement effective as of

May 1, 2001, and the Third Amendment to Employment Agreement dated July 31,

2001(as so collectively amended, the “Amended Employment Agreement” and as

amended by this Fourth Amendment, the “Employment Agreement”).

 

WHEREAS, the

Company and the Employee desire to amend certain terms of the Employee’s

employment with the Company as set forth in the Original Agreement and the

Amended Employment Agreement.

 

NOW,

THEREFORE, in consideration of the covenants contained herein and other good

and valuable consideration (including but not limited to the Employee

continuing to provide services to the Company pursuant to the Employment

Agreement), the receipt and sufficiency of which are hereby acknowledged, the Company

and the Employee hereby agree as follows:

 

1.  Change of Control.  The second sentence of Section 9 of the

Amended Employment Agreement is deleted and the new second sentence of Section

9 of the Employment Agreement shall now read as follows:

 

For purposes of this Agreement a “Change of

Control” shall be deemed to have occurred  if, (A) there shall be consummated (x) any

consolidation or merger of the Company in which the Company is not the

continuing or surviving corporation or pursuant to which shares of Common Stock

would be converted into cash, securities or other property, other than a merger

of the Company in which holders of Common Stock immediately prior to the merger

own a majority of the common stock of the surviving corporation immediately after

the merger, or (y) any sale, lease, exchange or other transfer (in one

transaction or a series of related transactions) of all, or substantially all,

of the assets of the Company; (B) the stockholders of the Company approve any

plan or proposal for the liquidation or dissolution of the Company; or (C) any

“person” (as such term is used in Sections 13(d) and 14(d)(2) of the Securities

Exchange Act of 1934, as amended (the “Exchange Act”), shall become the

beneficial owner (within the meaning of Rule 13d-3 under the Exchange Act) of

50% or more of the outstanding Common Stock.

 

 

2.  Good Reason.  Section 8(b) of the Amended Employment

Agreement is amended by adding new subsections “(iii)” and “(iv)” to the

Employment Agreement, as follows:

 

. . . or (iii) a termination by Employee following a Change

of Control, or (iv) a termination by Employee following the termination for any

reason, including without limitation the resignation, of Michael Rusert,

currently the Chief Executive Officer and President of the Company.

 

3.  Bonus:  Section 4(b) of the Amended Employment Agreement is deleted and

is replaced by a new Section 4(b) of the Employment Agreement, which shall read

as follows:

 

(b) Bonus.  In addition to any other compensation provided for in this Agreement,

during each year of the Term, Employee shall be eligible to receive performance

bonuses as determined at the discretion of the Chief Executive Officer, based

in part against those bonuses and their payment structure as are established

for senior executives of comparable positions within the Company.

 

4.  Miscellaneous

 

(a)           Ratification.  Except as otherwise expressly set forth

herein, the Amended Employment Agreement is hereby ratified and confirmed in

its entirety.

 

(b)           Effective Date.  This Fourth Amendment shall be effective as

of the date first written above.

 

IN WITNESS

WHEREOF, the undersigned have duly executed this Fourth Amendment as of the

date first written above.

 

 

	

  ARTEMIS INTERNATIONAL SOLUTIONS CORPORATION

  
	

   

  
	

  By:

  	

   

  	

   

  
	

   

  	

  (Signature)

  
	

   

  
	

   

  	

  Michael

  Rusert

  
	

   

  	

  President

  and Chief Executive Officer

  
	

   

  
	

   

  
	

  EMPLOYEE

  
	

   

  
	

   

  	

   

  	

   

  
	

   

  	

  (Signature)

  
	

   

  
	

   

  	

  Ari Horowitz

  
	

   

  	

  Executive

  Vice President, Corporate Development

  
					

 

2

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