Document:

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.

 

[The
remainder of this page is intentionally left blank.]

 

2

 

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

  

 

3Exhibit 10.31

 

SECOND
AMENDMENT TO EMPLOYMENT AGREEMENT

 

This
Second Amendment to Employment Agreement (this “Amendment”) is made and
entered into as of June 1, 2009, by and between BancTec, Inc., a
Delaware corporation (the “Company”) and the undersigned executive
officer of the Company (the “Executive” or “you”).

 

RECITALS:

 

WHEREAS,
the parties hereto entered into that certain (i) Employment Agreement,
dated May 27, 2007 (the “Original Employment Agreement”), and (ii) First
Amendment to Employment Agreement, dated August 1, 2008 (together with the
Original Employment Agreement, the “Employment Agreement”); and

 

WHEREAS,
the parties hereto desire to amend the Employment Agreement in accordance with Section XII
thereof, 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:

 

1.             The parties acknowledge and agree that the following
is added as new Section III, Subsection G of the Employment Agreement:

 

G.            Immediate Vesting of Equity Incentive
Awards Prior to Change of Control. 
Notwithstanding anything to the contrary contained in the Equity Plan
(as defined below) or other similar equity plan, if a Change of Control (as defined
below) occurs, all
equity awards granted to the Executive during the Employment Term shall vest
and (for option grants) become immediately exercisable immediately prior to the
occurrence of the Change of Control, and (for option grants) shall be exercisable
until the earlier to occur of (i) the end of the award term as set forth
in the applicable award agreement(s) or (ii) ninety (90) days after
the termination date of the Executive’s employment, after which all such awards
shall expire and be of no further force or effect.  The vesting and exercisability provided for
in the previous sentence shall be subject to all provisions relating to
post-employment exercises set forth in the applicable equity plan and award
agreement(s).

 

2.             The parties acknowledge and agree that the last
paragraph of Section IV, Subsection C of the Employment Agreement is
hereby deleted and replaced in its entirety by the following:

 

For
purposes of this Agreement, “Change of Control” shall have the same
meaning as set forth in the BancTec, Inc. 2007 Equity Incentive Plan (the “Equity
Plan”).  For the avoidance of doubt,
if the Executive receives severance benefits as set forth in this 

 

 

Section IV.C.,
such benefits shall be in lieu of any severance benefits set forth in Section IV.B.
herein.

 

3.             The parties acknowledge and agree that the following
new paragraph is added to the end of Section III, Subsection B of the
Employment Agreement

 

Notwithstanding the foregoing, the parties agree that with respect to
Executive’s bonus under the Company’s 2009 Executive Incentive Plan (the “2009
EIP”) (which Plan replaced the Profit Share Plan referenced above), if the
Company has not yet paid bonuses to substantially all 2009 EIP participants
under the 2009 EIP by March 31, 2009, the Company shall pay to Executive
the Company’s best estimate of the bonus due to Executive under the 2009 EIP (the
“2009 EIP Estimated Amount”) on or before March 31, 2009.  As soon as practicable after the date that
bonuses are paid to substantially all EIP participants, the Company shall
determine the definitive amount of bonus that was actually due to Executive
under the 2009 EIP.  If the 2009 EIP
Estimated Amount exceeds the actual amount due, then the Company shall cause
BancTec Limited to withhold the amount of overpayment from the Executive’s base
salary payments until such overpayment is repaid.  If the 2009 EIP Estimated Amount is less than
the actual amount due, the Company shall cause BancTec Limited to pay to
Executive the difference as soon as reasonably practicable.

 

4.             The parties hereby acknowledge and agree that except
as expressly provided above, the balance of the Employment Agreement remains
unchanged and is hereby ratified and confirmed in all respects.

 

5.             All capitalized terms used herein which are not
otherwise herein defined shall have the meanings ascribed to them in the
Employment Agreement.

 

6.             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.

 

7.             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.

 

[The
remainder of this page is intentionally left blank.]

 

2

 

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 and Chief
  Executive Officer

  

 

 

[SIGNATURE PAGE TO
SECOND AMENDMENT TO EMPLOYMENT AGREEMENT]Exhibit 10.32

 

THIRD
AMENDMENT TO EMPLOYMENT AGREEMENT

 

This
Third Amendment to Employment Agreement (this “Amendment”) is made and
entered into as of June 1, 2009, by and between BancTec, Inc., a
Delaware corporation (the “Company”) and the undersigned executive
officer of the Company (the “Executive” or “you”).

 

RECITALS:

 

WHEREAS,
the parties hereto entered into that certain (i) Employment Agreement,
dated May 27, 2007 (the “Original Employment Agreement”), and (ii) First
Amendment to Employment Agreement, dated October 16, 2007, and (iii) Second
Amendment to Employment Agreement, dated May 26, 2008 (together with the
Original Employment Agreement, the “Employment Agreement”); and

 

WHEREAS,
the parties hereto desire to amend the Employment Agreement in accordance with Section XII
thereof, 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:

 

1.                                       The parties acknowledge and agree that
the following is added as new Section III, Subsection G of the Employment
Agreement:

 

G.                                     Immediate Vesting of Equity Incentive
Awards Prior to Change of Control. 
Notwithstanding anything to the contrary contained in the Equity Plan
(as defined below) or other similar equity plan, if a Change of Control (as
defined below) occurs, all
equity awards granted to the Executive during the Employment Term shall vest
and (for option grants) become immediately exercisable immediately prior to the
occurrence of the Change of Control, and (for option grants) shall be
exercisable until the earlier to occur of (i) the end of the award term as
set forth in the applicable award agreement(s) or (ii) ninety (90)
days after the termination date of the Executive’s employment, after which all
such awards shall expire and be of no further force or effect.  The vesting and exercisability provided for
in the previous sentence shall be subject to all provisions relating to post-employment
exercises set forth in the applicable equity plan and award agreement(s).

 

2.                                       The parties acknowledge and agree that Section IV,
Subsection C.2. of the Employment Agreement is hereby deleted and replaced in
its entirety by the following:

 

2.                                       a
pro rata portion (based on the number of days in the period beginning on the
first day of the calendar year and ending on the date of termination) of the
bonus under the Bonus Plan the Executive would have received if he remained an
employee of the Company through the end of the applicable calendar year, in a

 

 

lump sum payment to be paid as soon as
practicable following review and acceptance of the prior years’ audit by the
Audit Committee of the Board or by June 30 of the year following the end
of the calendar year to which such bonuses relate, whichever occurs first (the “Pro
Rata Bonus”);

 

3.                                       The parties acknowledge and agree that
the last paragraph of Section IV, Subsection C of the Employment Agreement
is hereby deleted and replaced in its entirety by the following:

 

For
purposes of this Agreement, “Change of Control” shall have the same
meaning as set forth in the BancTec, Inc. 2007 Equity Incentive Plan (the “Equity
Plan”).  For the avoidance of doubt,
if the Executive receives severance benefits as set forth in this Section IV.C.,
such benefits shall be in lieu of any severance benefits set forth in Section IV.B.
herein.

 

4.                                       The parties hereby acknowledge and agree
that except as expressly provided above, the balance of the Employment
Agreement remains unchanged and is hereby ratified and confirmed in all
respects.

 

5.                                       All capitalized terms used herein which
are not otherwise herein defined shall have the meanings ascribed to them in
the Employment Agreement.

 

6.                                       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.

 

7.                                       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.

 

[The
remainder of this page is intentionally left blank.]

 

2

 

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:

  	
   

  
	
  Mark D. Fairchild

  	
   

  	
  J. Coley Clark

  
	
   

  	
   

  	
  Chairman and Chief
  Executive Officer

  

 

 

[SIGNATURE PAGE TO
THIRD AMENDMENT TO EMPLOYMENT AGREEMENT]

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