EX-10.1: SECOND AMENDMENT TO EMPLOYMENT AGREEMENT
EX-10.1 2 y00994exv10w1.htm EX-10.1: SECOND AMENDMENT TO EMPLOYMENT AGREEMENT EX-10.1
Exhibit 10.1
SECOND AMENDMENT
TO
EMPLOYMENT AGREEMENT
TO
EMPLOYMENT AGREEMENT
This SECOND AMENDMENT TO EMPLOYMENT AGREEMENT (the Amendment) is executed this 27th day of January, 2009 by and between AXS-One Inc., a Delaware corporation (the Company) and William Lyons (the Employee).
WITNESSETH:
WHEREAS, the Company and the Employee are parties to an Employment Agreement dated as of April 21, 2004 and a First Amendment to Employment Agreement dated as of August 12, 2008 (collectively, the Agreement) under which the Company retained the Employee to serve as President and Chief Executive Officer of the Company; and
WHEREAS, the parties wish to effect a temporary reduction in the base salary of the Employee during calendar year 2009.
NOW, THEREFORE, in consideration of the mutual covenants herein contained and for other good and valuable consideration, receipt of which is hereby acknowledged, the Company and the Employee hereby agree as follows:
1. Notwithstanding the terms of Section 4 of the Agreement regarding base salary payments to the Employee, the parties agree to proceed in accordance with the provisions of the Temporary Salary Adjustment Rider attached hereto as Exhibit A.
2. Except as expressly amended hereby, the Agreement remains unchanged and in full force and effect. This Amendment may be executed in counterparts, each of which shall constitute an original and all of which shall constitute one and the same agreement. Delivery of signature by facsimile or other means of electronic image transmission shall be valid and binding for all purposes.
[signature page follows]
IN WITNESS WHEREOF, the parties hereto have executed this Second Amendment to Employment Agreement on the year and date first above written.
AXS-ONE INC. | ||||
By: | /s/ Joseph P. Dwyer | |||
Name: | Joseph P. Dwyer | |||
Title: | CFO | |||
/s/ William P. Lyons | ||||
William Lyons | ||||
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Exhibit A
Temporary Salary Adjustment Rider
Employee agrees to a reduction in his annual base salary for the calendar year 2009 from $400,000 to $300,000. Salary payments for the period January 1, 2009 through December 31, 2009 will be made in equal installments to the extent practicable, less all required withholding, in accordance with the Companys standard payroll practices. Effective January 1, 2010, assuming the Employee remains in the Companys employ, the Employees annual salary will revert to the prior annual rate of $400,000, unless mutually agreed otherwise.
Should the Employees employment relationship with the Company terminate during calendar year 2009 under circumstances whereby the Employee would be entitled to payments set forth in Section 7 of the Agreement any such payments based upon base salary will be calculated based upon the Employees annual base salary rate of $400,000 per year.
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