First Amendment to Change of Control Letter Agreement between AuthenTec, Inc. and Employee

Contract Categories: Human Resources › Change of Control Agreements
Summary

This amendment updates a previous agreement between AuthenTec, Inc. and an employee regarding terms in the event of a change of control. It clarifies that certain payments and reimbursements to the employee will be made within 60 days after employment ends, and sets specific conditions for expense reimbursements and in-kind benefits. The amendment ensures timely payments and compliance with tax rules, while maintaining the original agreement's protections for the employee.

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EX-10.21 6 dex1021.htm AMENDMENT TO FORM OF CHANGE OF CONTROL AGREEMENT (EXEC) Amendment to Form of Change of Control Agreement (Exec)

Exhibit 10.21

FIRST AMENDMENT TO

LETTER AGREEMENT

This First Amendment to Letter Agreement effective as of January 1, 2009 is between AuthenTec, Inc., a Delaware corporation (the “Company”), and                     (“Employee” or “Player”) and modifies that Letter Agreement entered into between the parties and having an effective date of June 8, 2007 (the “Agreement”). AuthenTec and Player agree as follows:

 

1. The following language will be inserted at the end of the introductory paragraph of the agreement:

“within sixty (60) days after your termination of your employment:”

 

2. The following sentence will be inserted as a new sentence at the end of the first and second bullet points on the page 1 of the Agreement:

“The foregoing amounts will be paid within sixty (60) days after your termination of employment.”

 

3. The following language will be inserted immediately prior to the last sentence of Paragraph 2 of the Agreement:

“The foregoing will be subject to the following conditions: (1) the expenses eligible for reimbursement or the amount of in-kind benefits provided in one taxable year will not affect the expenses eligible for reimbursement or the amount of in-kind benefits provided in any other taxable year; (2) the reimbursement of an eligible expense will be made no later than the end of the year after the year in which such expense was incurred; and (3) the right to reimbursement or in-kind benefits will not be subject to liquidation or exchange for another benefit.”

IN WITNESS WHEREOF, the parties have executed this First Amendment to Letter Agreement as of the date first written above.

 

   THE COMPANY       PLAYER
  

AuthenTec, Inc.

         
By:   

 

        

 

Name:    F. Scott Moody          Player Name
Title:    Chief Executive Officer         
Date:                               Date:                        

 

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