Document:

Exhibit

10.41.1

 

FIRST AMENDMENT TO

EMPLOYMENT AGREEMENT dated as of May 1, 2001, between OPUS360 CORPORATION, a

Delaware corporation (the “Company”), and Peter Schwartz (the “Employee”)

(the “First Amendment”) amending the Employment Agreement dated as of  September 8, 2000 between the Company and

Employee (the “Original Agreement” and as amended by this First Amendment, the

“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.

 

NOW, THEREFORE, in

consideration of the covenants contained herein and other good and valuable

consideration, the receipt and sufficiency of which are hereby acknowledged,

the Company and the Employee hereby agree as follows:

 

Section 1.                                            Compensation.

 

(a)                                  Section

5(a) of the Original Agreement is hereby amended by adding the following

provision to the end thereof:

 

Notwithstanding the foregoing, for the period (the

“Deferral Period”) commencing May 1, 2001 and ending on the earlier of October

31, 2001 or the date on which the transaction contemplated under the Share

Exchange Agreement dated as of April 11, 2001 between the Company and Proha Plc

is consummated (the “Artemis Closing Date”), the Employee shall be paid salary

at a rate equal to $5,833.33 per semi-monthly pay period.  On or before January 2, 2002, the Employee

shall be paid, in addition to any other salary or bonus then payable, and

amount equal to the difference between the salary actually paid during the Deferral

Period and the amount of salary that would have been paid during the Deferral

Period if the reduction contemplated by the preceding sentence had not been

taken (the “Deferred Amount”).

 

(b)                                 Section

5(e) of the Original Agreement is hereby amended by adding the following

provision to the end thereof:

 

Subject to approval by the Compensation Committee of

the Board of Directors of the Company, the Company shall grant the Employee, on

or as soon as practicable after the effective date of the First Amendment,

options (the “May Options”) to purchase, in the aggregate, 134,615

shares of Common Stock at an exercise price equal to the fair market value of a

share of Common Stock on the date of grant. 

A portion of the May Options shall qualify for federal income tax

purposes as “incentive stock options” (the number of options that will qualify

as the “incentive stock option” shall be the maximum number permitted under the

terms of the Company’s 2000 Stock Option Plan), and the remainder shall not

qualify for federal tax purposes as “incentive stock options”.  Written option agreements between the

Company and the Employee shall be prepared and delivered by the Company to the

Employee, which option agreements shall contain all of the terms and

 

 

conditions of the May Options.  The May Options shall vest on the earliest

to occur of the Artemis Closing Date, the date which is the six month

anniversary of the date of grant or the date of termination of employment other

than a termination as a result of a voluntary resignation.

 

Section 2.                                            Effect

of Termination of Employment. 

Section 10 of the Original Agreement is hereby amended as follows:

 

(a)                                  Section

10(a) is amended to provide that the amount of Base Salary to be paid under

Section 10(a)(i) shall include the Deferred Amount.

 

(b)                                 Section

10(b)(ii)  is amended in its entirety to

read as follows:

 

(ii)                                  to

receive monthly cash severance payments in an amount equal to one–twelfth

of the cash compensation (including Base Salary (without any reduction for the

Deferred Amount, if any, deferred during such period) and bonus) received by

the Employee during the 12-month period immediately prior to the date of

termination (such monthly payments, “Monthly Severance”), for a period of

twelve (12) months;

 

Section 3.                                            Miscellaneous.

 

(a)                                  Ratification.  Except as otherwise expressly set forth

herein, the Original Agreement is hereby ratified and confirmed in its

entirety.

 

(b)                                 Effective

Date.  This amendment shall be

effective as of the date first written above.

 

IN WITNESS WHEREOF,

the undersigned have duly executed this First Amendment as of the date first

above written.

 

OPUS360 CORPORATION

	

   

  	

   

  	

   

  
	

   

  	

   

  	

   

  
	

   

  	

  By:

  	

  /s/ Ari B. Horowitz

  	

   

  	

   

  
	

   

  	

  Name: Ari B. Horowitz

  	

   

  
	

   

  	

  Title:    

  Chairman and Chief Executive Officer

  	

   

  
	

   

  	

   

  	

   

  
	

   

  	

   

  	

   

  
	

   

  	

  /s/ Peter Schwartz

  	

   

  	

   

  
	

   

  	

  PETER SCHWARTZ (Employee)

  	

   

  
						

 

2Exhibit 10.44.1

 

FIRST AMENDMENT TO EMPLOYMENT

AGREEMENT between Artemis International Solutions Corporation, a Delaware

corporation (the “Company”), and Michael Rusert (the “Employee”) (the “First

Amendment”), dated as of October 1, 2002, amending the Employment Agreement

dated as of January 25, 2002, between the Company and Employee (the “Original

Agreement,” and as amended by this First Amendment, the “Agreement”).

 

WHEREAS, the

Company and the Employee both recognize that certain omissions were made with

respect to drafting and executing the Original 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 Agreement), the

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

Employee hereby agree as follows:

 

1.          Employment

Termination. Section 4 – “Employment Termination” – of the Original

Agreement is hereby amended by deleting Section 4(b) of the Original Agreement

and Section 4(d)(ii) of the Original Agreement – and replacing both

respectively, as follows:

 

•                       4(b)  Termination by Employer Without Cause.  Notwithstanding anything herein to the

contrary, Employer may terminate Employee’s employment hereunder at any time,

for any reason or no reason, on not less than fifteen (15) days’ prior written

notice, or with fifteen (15) days’ pay in lieu of such notice.  In the event of termination either pursuant

to this Subsection (b), or if Employee resigns for Good Reason as defined in

Section 4(d)(ii) below, Employee will be entitled, (i) to Employee’s continued

Base Salary for a period of one (1) year at the rate in effect on the date of

Employee’s termination and to any bonus earned but not yet paid, and (ii) to

vest immediately any Options granted hereunder, with all such Options to be

exercisable by the Employee for their full remaining term; provided, however,

that Employee’s right to receive the salary continua­tion payments and to vest

and have exercisable the Options provided for in this Section 4(b) shall be

conditioned upon contin­ued compliance with Employee’s obligations under the

provisions of this Agreement that survive such termination.

 

•                       4(d)(ii)  For purposes of this  Employment Agreement, “Good Reason” shall

mean either, (1) that Employee’s title has been changed to a title of lesser

authority or Employee’s duties or responsibilities within Company have been

materially reduced or, (2) that a “Change in Control” of the Company shall have

occurred.  Employee shall have the right

to terminate his employment for Good Reason under this Agreement upon not less

than

 

 

fifteen (15) days prior written notice, which notice must be given

within thirty (30) days after the occurrence of the event giving rise to such

right  to terminate, provided that for

those circumstances whereby Employee’s title has been changed to one of a

lesser authority or Employee’s duties have been materially reduced, Company

shall have the right to restore Employee to his title and position prior to

such event within ten (10) days after such notice is given.  If Employee is not restored to his prior

title and position within ten (10) days after such notice is given or, in those

circumstances whereby a Change in Control of the Company shall have occurred,

then Employee’s resignation under this subparagraph shall be treated as a

termination by the Company without cause, consistent with Section 4(b) above,

with Employee being eligible to receive the benefits as provided therein.  “Change in Control” of the Company shall be

deemed to have occurred if:  (1) 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; (2)

the stockholders of the Company approve any plan or proposal for the

liquidation or dissolution of the Company; or (3) 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.       

Miscellaneous

 

(a)                                  Ratification.  Except as otherwise expressly set forth

herein, the Original Agreement is hereby ratified and confirmed in its

entirety.

 

(b)                                 Effective

Date.  This First Amendment shall be

effective as of the date first written above.

 

2

 

	

   

  	

  IN WITNESS

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

  date first written above.

  
	

   

  	

   

  
	

   

  	

   

  
	

   

  	

  ARTEMIS INTERNATIONAL SOLUTIONS CORPORATION

  
	

   

  	

   

  
	

   

  	

  By:

  	

   

  	

   

  
	

   

  	

  (Signature)

  	

   

  
	

   

  	

   

  
	

   

  	

   

  	

  James

  Cannavino

  
	

   

  	

   

  	

  Chairman of

  the Board

  
	

   

  	

   

  
	

   

  	

   

  
	

   

  	

  EMPLOYEE

  
	

   

  	

   

  
	

   

  	

   

  	

   

  
	

   

  	

  (Signature)

  
	

   

  	

   

  
	

   

  	

  Michael

  Rusert

  
	

   

  	

  President

  and Chief Executive Officer

  
					

 

3

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