Document:

Exhibit 10.3

 

Amendment To Employment Agreement

 

THIS AMENDMENT (this “Amendment”)
is made by and between NAVTEQ CORPORATION (the “Company”), and JOHN
MACLEOD (“Executive”). 
Capitalized terms used but not otherwise defined in this Amendment shall
have the meanings ascribed to them in that certain Employment Agreement by and
between the Company and Executive dated September 18, 2000 (the “Agreement”).

 

WHEREAS, the Company
and Executive are parties to the Agreement; and

 

WHEREAS, Section 15 of
the Agreement provides that the parties may amend the Agreement at any time in
writing; and

 

WHEREAS, the Company
and Executive wish to amend the Agreement to incorporate certain changes made
necessary by Section 409A of the Internal Revenue Code and to provide for the
payment to Executive of a pro-rata target bonus in the event his employment is
terminated by the Company without Cause or by Executive with Good Reason.

 

NOW
THEREFORE, intending to be legally bound hereby, the parties
hereby amend the Agreement as follows:

 

1.     Section 4(b) of the Agreement is deleted in
its entirety and replaced by the following:

 

                                                                                              (b)           In the event the Employment Period is
terminated by the Company without Cause or by Executive with Good Reason (as
defined in Section 4(f) below), Executive shall be entitled to (i) receive from
the Company an amount equal to Executive’s Base Salary and a pro rata target
bonus for the year of termination, and (ii) continue to participate in all of
the Company’s employee benefit programs for which all senior executive
employees of the Company and its Subsidiaries are then generally eligible
(other than bonus and incentive compensation plans) from the date of such
termination through the first anniversary of the date of such termination.  The amount described in Section 4(b)(i) will
be paid within 10 days following the delivery of the General Release described
below in Section 4(d), provided that such General Release has by then become
irrevocable.

 

2.     The first sentence of Section 4(d) is
deleted in its entirety and replaced with the following:

 

                                                                                                Notwithstanding
anything in this Section 4 to the contrary, Executive shall only be entitled to
receive, and the Company shall only be obligated to provide, the payments and
benefits set forth in Section 4(b) above if Executive has executed and
delivered to the Company a General Release in form and substance substantially
similar to Exhibit A attached hereto within 30 days following the termination
of the Employment Period and, then, for only so long as Executive has not
breached any provision of Section 5 of this Agreement or any provision of

 

 

 

                                                                                                that certain
Proprietary Information and Inventions Agreement, dated as of the date hereof,
by and between Executive and the Company (the “Proprietary Rights Agreement”).

 

3.     The last two subsections of Section 4 are
re-designated as subsections (e) and (f).

 

4.     Section 4(f) of the Agreement is deleted in
its entirety and replaced with the following:

 

(f)            For purposes of this Agreement, “Good Reason” means
(i) a significant diminution by the Company of Executive’s duties and
responsibilities as compared to the duties and responsibilities of Executive as
of the date hereof and/or (ii) a material reduction by the Company of Executive’s
Base Salary; provided, however, that neither
of the foregoing will constitute “Good Reason” unless: (x) Executive provides
the Company with written objection of the event or condition within 90 days
following the occurrence thereof, (y) the Company does not reverse or otherwise
cure the event or condition within 30 days of receiving that written objection,
and (z) Executive resigns his employment within 240 days following the
expiration of that cure period.

 

5.     Section 4 of the Agreement is amended by
the addition of a new subsection (g) as follows:

 

(g)                                  Timing of Payments Following Separation
from Service.  Notwithstanding the foregoing, if the
termination of employment giving rise to the payments described in Section 4(b)
is not a “Separation from Service” within the meaning of Treas. Reg. § 1.409A-1(h)(1)
(or any successor provision), then the amounts otherwise payable pursuant to
Section 4(b)(i) will be deferred and will not be paid until such time as
Executive experiences a Separation from Service.  In addition, to the extent compliance with
the requirements of Treas. Reg. § 1.409A-3(i)(2) (or any successor provision)
is necessary to avoid the application of an additional tax under Section 409A
of the Internal Revenue Code of 1986, as amended, to amounts payable under
Section 4(b), those amounts that would otherwise be paid within six months
following Executive’s Separation from Service (taking into account the
preceding sentence of this Section 4(g)) will instead be deferred (without
interest) and paid to Executive in a lump sum immediately following that
six-month period.  This provision shall
not be construed as preventing the application of Treas. Reg. §
1.409A-1(b)(9)(iii) to amounts payable hereunder.

 

6.
    Except as otherwise amended by this
Amendment, the
parties hereby confirm that all of the other terms and provisions of the
Agreement remain in full force and effect and remain unchanged.

 

2

 

IN WITNESS WHEREOF, the
Company has caused this Amendment to be executed by its duly authorized officer,
and Executive has executed this Amendment, in each case on the 26 day of September,
2007.

 

 

 

	
   

  	
  NAVTEQ CORPORATION

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   /s/ Judson
  Green

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  Name & Title:

  	
  Judson Green

  	
   

  
	
   

  	
   

  	
  President & CEO

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  JOHN MACLEOD

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   /s/ John MacLeod

  	
   

  

 

3Exhibit
10.4

 

AMENDMENT TO LETTER OF EMPLOYMENT

OF

JEFFREY L. MIZE

 

This amendment (“Amendment”)
to your letter of employment with NAVTEQ Corporation (“Company”) dated February
26, 2001, as amended by your International Assignment letter agreement dated March
16, 2003, and your Relocation Assistance summary dated April 2003 (collectively
“Letter of Employment”), is made as of the latest date of signature below (“Effective
Date”). The Letter of Employment, together with this Amendment, shall
hereinafter be referred to as your “Employment Agreement”.

1.                                       Duties. You
shall serve as Senior Vice President, NAVTEQ Vehicle Sales of the Company and
shall have the normal duties, responsibilities, functions and authority of such
positions.

2.                                       Termination. In
the event that your employment is terminated with Cause (defined below), you
shall be provided with written notice containing a reasonably detailed
description of the Company’s basis for your termination. In the event that your
employment is terminated without Cause, or you terminate your employment for
Good Reason (defined below), the Company will: (i) provide you with severance
pay equal to twelve (12) months of your then base salary; (ii) pay you a bonus
at the full target bonus amount for any prior annual period for which such
bonus has not yet been paid at the time of your termination, as well as a pro
rata share of such full target bonus amount for the annual period in which you
are terminated, based on the number of days of the year that have elapsed as of
the effective date of your termination; and (iii) continue your medical, dental
and vision benefits at the Company’s expense for a period of twelve (12) months
after the effective date of termination; provided, however, that the Company’s
obligation to provide the foregoing severance pay and benefits is contingent on
your execution and delivery to the Company, within 30 days following your
termination, of a general release in favor of the Company and its affiliates,
directors, officers, shareholders, employees and each of their successors, in
the form reasonably prescribed by the Company. 
The amounts payable pursuant to clauses (i) and (ii), above, will be
paid in a single lump sum within 10 days following your delivery of the
above-described release, provided that such release has by then become
irrevocable.  The severance pay and
benefits described herein will be in lieu of, not in addition to, any other
severance arrangement maintained by the Company.  “Cause” means commission of a felony or any
act or omission in the conduct of your duties constituting fraud, gross
negligence or willful misconduct.  “Good
Reason” means any one or more of: (a) a significant diminution of your duties;
(b) a material reduction in your base salary; and/or (c) a material reduction
in your target bonus; provided, however, that none of the foregoing will
constitute “Good Reason” unless:

(i)                                     you provide the
Company with written objection to the event of condition within ninety (90)
days following the occurrence thereof,

(ii)                                  The Company
does not reverse or otherwise cure the event or condition within thirty (30)
days of receiving that written objection, and

(iii)                               you resign your
employment within 240 days following the expiration of such cure period.

3.                                       Special Timing
Rules.  Notwithstanding the foregoing, if
the termination giving rise to the payments described in Paragraph 2 is not a “Separation
from Service” within the meaning of Treas. Reg. § 1.409A-1(h)(1) (or any
successor provision), then the amounts otherwise payable pursuant to Paragraph
2 will be deferred without interest and will not be paid until you experiences
a Separation from Service.  In addition,
to the extent compliance with the requirements of Treas. Reg. § 1.409A-3(i)(2) 

 

 

(or any successor provision) is necessary to avoid
the application of an additional tax under Section 409A of the Internal Revenue
Code of 1986, as amended, to amounts payable under Paragraph 2, those amounts
that would otherwise be paid within six months following your Separation from
Service (taking into account the preceding sentence of this paragraph) will
instead be deferred without interest and paid to you in a lump sum immediately
following that six-month period.  This
provision shall not be construed as preventing the application of Treas. Reg. §
1.409A-1(b)(9)(iii) to amounts payable hereunder.

4.                                       Seat of
Arbitration.  In order to minimize costs
and expenses for all parties, any disputes or controversies arising in
connection with your employment or the cessation of your employment with the
Company will be resolved by binding arbitration in the city of Chicago in the
State of Illinois.  The arbitration will
be conducted in accordance with the applicable rules of the American
Arbitration Association under Illinois law.]

5.                                       Effect of
Amendment. Except as modified by this Amendment, all other terms of your Letter
of Employment remain in effect. In the event of any inconsistencies between
your Letter of Employment (or any other prior or contemporaneous agreement,
discussion or understanding) and this Amendment, the terms of this Amendment
prevail. The Employment Agreement does not in any way alter or supersede any of
your stock option agreements or other incentive award agreements with the
Company, which such agreements remain in full force and effect.

 

AGREED TO AND ACCEPTED:

 

NAVTEQ Corporation

 

 

	
  By:

  	
  /s/ Judson Green

  	
   

  	
   /s/ Jeffrey L. Mize

  
	
   

  	
   

  	
   

  	
   

  
	
  Its:

  	
  President & CEO

  	
   

  	
  Date:

  	
  27 September 2007

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  Date:

  	
   

  	
   

  	
   

  

 

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