Document:

Letter Agreement between Bottomline Technologies (de), Inc. and Joseph L. Mullen

 Exhibit 10.3 
 November 16, 2006 
 Mr. Joseph L. Mullen 
 60 Tidewater Farm Road 
 Greenland, NH 03840 
 Dear
Joe: 
 This letter agreement (the “Letter Agreement”) sets forth the terms on which you and Bottomline Technologies (de), Inc. (the
“Company”) agree that you will be employed by the Company. Except as provided in Section 4 below, from this date forward this Letter Agreement shall supersede and replace your Amended and Restated Employment Agreement, dated as of
November 21, 2002, as amended by your letter agreement dated as of September 30, 2005 (as amended, the “Employment Agreement”). This Letter Agreement shall not in any manner whatsoever affect your position on the Board of
Directors of the Company. 
 1. Role and Period. The Company agrees to retain your services as an employee for (a) $300,000 per
year for the period beginning on November 16, 2006 and ending on November 16, 2007 and (b) $150,000 per year for the period beginning on November 17, 2007 and ending on November 16, 2008, at which time your role and services
will be re-evaluated. In your role as an employee, you agree to perform such services and undertake such duties and responsibilities to and for the Company as may be reasonably requested from time to time by the Company. 
 2. Expenses. The Company shall reimburse you for all reasonable business expenses incurred or paid by you in connection with the performance of
your services hereunder, in accordance with expense reimbursement policies of the Company and your presentation of appropriate documentation. 
 3. Termination. 
 3.1 Either you or the Company may terminate your employment upon 30 days’ prior written notice to the
other party or the Company may do so effective immediately upon written notice to you for “cause” (as defined below). 
 3.2 In the
event your employment is terminated by the Company other than for “cause,” you shall be entitled to be paid (1) the full amount due you with respect to the remainder of the employment period described in Section 1 above, and
(2) for any expenses incurred prior to the termination. In the event of your termination by the Company for “cause” or termination of your employment at your election, you shall be entitled to payment for services performed and
expenses paid or incurred prior to the effective date of termination. Such payments shall constitute full settlement of any and all claims by you of every description against the Company with respect to services rendered during the employment
period. 

 3.3 “Cause” shall mean you (A) have been convicted of a felony involving
dishonesty, fraud, theft or embezzlement or any other felony or (B) have breached any of your material obligations under any agreement between you and the Company which imposes confidentiality, proprietary information, assignment of inventions,
non-competition or similar obligations on you, as may be in effect from time to time. 
 4. Stock Options and Restricted Stock. In the
event that, prior to November 21, 2008: 
 (a) a Change of Control shall occur, your right to exercise all unvested stock options shall
become immediately exercisable in full and all vesting restrictions applicable to restricted stock awards shall lapse in full; and 
 (b)
your employment with the Company is terminated in the manner described in Section 6.2, 6.3 or 6.4 of your Employment Agreement and pursuant to the terms of such provision, Section 6.5 of your Employment Agreement would have applied, you
shall have a period of two years (or the remainder of the applicable option term if less than two years) after the date of such termination to exercise any Stock Options; provided, however, that such two year period of exercisability shall not apply
to any grant of stock options granted prior to June 1, 2001 with an exercise price of less than $6.76 per share. 
 In addition, the provisions of
Section 16 of the Employment Agreement shall remain in effect through November 21, 2008. 
 5. Vesting. You shall retain any
and all rights you have under the Employment Agreement through November 21, 2008 with respect to the acceleration of any restricted stock and unvested options and the related exercise period solely by reason of any termination of your
employment other than as a result of a termination by you of your employment that does not constitute an Involuntary Termination (as defined in the Employment Agreement). In addition, the provisions of Section 16 of the Employment Agreement
shall remain in effect through November 21, 2008. 
 6. Section 409A. No payments that may be made pursuant to this
Letter Agreement that constitute “nonqualified deferred compensation” within the meaning of Section 409A of the Internal Revenue Code and the guidance issued thereunder (“Section 409A”) may be accelerated or deferred by the
Company or by you. Notwithstanding anything else to the contrary in this Letter Agreement, to the extent that any of the payments to be made hereunder constitute “nonqualified deferred compensation” within the meaning of Section 409A
and you are a “specified employee,” then upon your termination (as defined under Section 409A), any such payment shall be delayed until the date that is six months and one day following your termination date if, absent such delay,
such payment would otherwise be subject to penalty under Section 409A. In any event, the Company makes no representation or warranty and shall have no liability to you or any other person if any provisions of this Letter Agreement are
determined to constitute deferred compensation subject to Section 409A but do not satisfy the conditions of such section. 

 7. Taxes. All payments to be made to you under this Letter Agreement shall be subject to any
required withholding of federal, state and local income and/or employment taxes. 
 8. Waiver. You agree that neither this Letter
Agreement nor the transactions contemplated hereby constitutes an Involuntary Termination or a termination without Cause (as each such term is defined in the Employment Agreement) under the Employment Agreement. 
 9. Survival. In case any provision of this Letter Agreement shall be invalid, illegal or otherwise unenforceable, the validity, legality and
enforceability of the remaining provisions shall in no way be affected or impaired thereby. 
 10. Notices. All notices required or
permitted under this Letter Agreement shall be in writing and shall be deemed effective upon personal delivery or three days after deposit in the United States Post Office, by registered or certified mail, postage prepaid, return receipt requested,
addressed to the other party at the address shown above (and, in the case of any notice to the Company, with a copy to John A. Burgess, Esq., Wilmer Cutler Pickering Hale and Dorr LLP, 60 State Street, Boston, Massachusetts 02109), or at such other
address or addresses as either party shall designate to the other in accordance with this Section 7. 
 11. Governing Law. This
Letter Agreement shall be construed, interpreted and enforced in accordance with the laws of the State of New Hampshire, without giving effect to conflict of laws provisions. 
 12. Successors and Assigns. This Letter Agreement shall be binding upon and inure to the benefit of both parties and their respective successors
and assigns, provided, however, that your obligations as an employee of the Company are personal and shall not be assigned by you. 
 13.
Entire Agreement. This Letter Agreement represents the entire agreement between the parties regarding the subject matter hereof, and, except as provided in Section 4 above, supersedes and replaces in its entirety the Employment
Agreement. 
 [Remainder of Page Intentionally Left Blank] 

 IN WITNESS WHEREOF, the parties hereto have executed this Letter Agreement as of the day and year set
forth above. 
  

			
	BOTTOMLINE TECHNOLOGIES (de), INC.
		
	By:	 	 /s/ JOSEPH L. BARRY, JR.

		 	Joseph L. Barry, Jr.
	Title:	 	Chairman of Compensation Committee
	
	EMPLOYEE:
	
	 /s/ JOSEPH L. MULLEN

	Joseph L. MullenLetter Agreement between Bottomline Technologies (de), Inc. and Robert A. Eberle

 Exhibit 10.4 
 November 16, 2006 
 Mr. Robert A. Eberle 
 7 Rockrimmon Road 
 North Hampton, NH 03862 
 Dear Rob:

 Reference is made to your Amended and Restated Employment Agreement with Bottomline Technologies (de), Inc. (the “Company”) dated as of
November 21, 2002 and amended as of September 30, 2005 (the “Agreement”). In all respects, the Agreement shall remain in full force and effect, provided, however, that: 
  

	1.	It is agreed and acknowledged that your current titles for purposes of the Agreement are President and Chief Executive Officer. The first sentence of Section 2 of the Agreement
is hereby amended accordingly. 

  

	2.	It is further agreed that your current base salary is $310,000, your current bonus opportunity is $310,000 and that Section 3.1 of the Agreement is hereby amended accordingly.
Further salary, bonus and equity incentive adjustments may be made from time to time in accordance with the terms of the Agreement. 

  

	3.	It is further agreed that the reference to payment of an amount equal to the Employee’s “then annual” base salary and bonus in each of Section 6.3.1(i) and
Section 6.4.1(i) is hereby amended to read “two times the Employee’s then annual” base salary and bonus. 

  

	4.	It is further agreed that the reference to provision of benefits as then in effect for a period of “12 months” in each of Section 6.3.1(ii) and Section 6.4.1(ii)
is hereby amended to read “24 months.” 

  

	5.	It is further agreed that the reference to payment of an amount equal to “two times” the Employee’s then annual base salary and bonus in each of Section 6.3.2(i)
and Section 6.4.2(i) is hereby amended to read “three times” the Employee’s then annual base salary and bonus. 

  

	6.	It is further agreed that Section 6.5 of the Agreement shall be amended and restated in its entirety to read as follows: 

 November 16, 2006 
 Page 2 
  

 “In the event that: 
 (a) a Change of Control shall occur, the Employee’s right to exercise the Stock Options shall become immediately exercisable in full and all vesting restrictions applicable to restricted stock awards shall lapse
in full; and 
 (b) the Employee’s employment with the Company is terminated under Section 6.2, 6.3 or 6.4 of this Agreement and
pursuant to the terms of such provision this Section 6.5 applies, 
  

	 	(i)	the Employee’s right to exercise the Stock Options shall become immediately exercisable in full and all vesting restrictions applicable to restricted stock awards shall lapse
in full; and 

  

	 	(ii)	the Employee shall have a period of two years (or the remainder of the applicable option term if less than two years) after the date of such termination to exercise any Stock
Options; provided, however, that such two year period of exercisability shall not apply to any grant of stock options granted prior to June 1, 2001 with an exercise price of less than $6.76 per share. 

 For purposes of clarification and not limitation, this Section 6.5 is in addition to any other rights the Employee may also have or be entitled to on the date of
this Agreement or in the future from time to time under this Agreement with respect to benefits and compensation.” 
  

	7.	It is further agreed that a new subsection 6.10 shall be added to the Agreement, which shall read as follows: 

 “6.10 Section 409A. No payments that may be made pursuant to this Agreement that constitute “nonqualified deferred compensation”
within the meaning of Section 409A of the Internal Revenue Code and the guidance issued thereunder (“Section 409A”) may be accelerated or deferred by the Company or the Employee. Notwithstanding anything else to the contrary in this
Agreement, to the extent that any of the payments to be made hereunder constitute “nonqualified deferred compensation” within the meaning of Section 409A and the Employee is a “specified employee,” then upon his termination
(as defined under Section 409A), any such payment shall be delayed until the date that is six months and one day following the Employee’s termination date if, absent such delay, such payment would otherwise be subject to penalty under
Section 409A. In any event, the Company makes no representation or warranty and shall have no liability to the Employee or any other person if any provisions of this Agreement are determined to constitute deferred compensation subject to
Section 409A but do not satisfy the conditions of such section.” 
 [Remainder of Page Intentionally Left Blank] 

 November 16, 2006 
 Page 3 
  

 By execution of this letter, you hereby agree to the foregoing amendment of the Agreement, and reaffirm your
obligations under the Agreement. 
  

			
	Very truly yours,
	
	Bottomline Technologies (de), Inc.
		
	By:	 	 /S/ JOSEPH LEO BARRY

		 	Joseph Leo Barry
		 	Chairman, Compensation Committee
	
	Acknowledged and Agreed:
	
	 /S/ ROBERT A. EBERLE

	Robert A. Eberle

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