Letter Agreement Modifying Employment Contract Between Authentidate and Chief Executive Officer Surendra Pai
This agreement, dated November 7, 2006, is between Authentidate and its Chief Executive Officer, Surendra Pai. It modifies a previous employment contract by extending the deadline for both parties to agree on a contract renewal to December 15, 2006. If no new agreement is reached by that date, Mr. Pai's employment will end, and he will receive severance, accrued compensation, and continuation benefits. The agreement is signed by both parties and is intended to clarify the terms of contract renewal and termination.
Exhibit 10.1
November 7, 2006
SENT VIA EMAIL AND FEDEX
Mr. Surendra Pai
Dear Suren:
By your signature below, you agree to modify Section 9.3(e) of your employment contract with Authentidate dated October 27, 2004, to extend the time within which Authentidate and you must reach agreement on a renewal of your contract to avoid the automatic termination of your employment, to December 15, 2006. Section 9.3(e) as modified shall read as follows:
e. In the event the Company fails to notify the Employee in accordance with Section 8.2, or after notifying the Employee fails to reach an agreement on a new employment agreement prior to December 15, 2006, Employee’s employment shall terminate on December 15, 2006 and the Company shall pay the Employee the Severance Payment; Accrued Compensation, and the Continuation Benefits.
| Very truly yours, | ||
| /s/ J. Edward Sheridan | ||
| J. Edward Sheridan | ||
| Chairman, Compensation Committee | ||
| Agreed and accepted: | ||
| /s/ Surendra Pai | ||
| Surendra Pai | ||
| Cc: | Victor H. Boyajian | |
| Sonnenschein, Nath & Rosenthal, LLP | ||
| 1221 Avenue of the Americas | ||
| New York, New York 10020 | ||
