Amendment to Employment Agreement Between Borland Software Corporation and Timothy J. Stevens
This amendment updates the employment agreement between Borland Software Corporation and Timothy J. Stevens. It states that if Borland terminates Mr. Stevens' employment for reasons other than misconduct, or if there is a constructive termination, and he signs a general release, he will receive a severance payment equal to six months of his base salary, minus taxes and withholdings. All other terms of the original agreement remain unchanged.
Exhibit 10.34
March 4, 2003
Mr. Timothy J. Stevens
10460 Serra Street
Cupertino, CA 95014
Re: Amendment to Employment Agreement
Dear Tim,
In connection with the Employment Agreement (the “Agreement”) dated September 17, 2003, by and between you and Borland Software Corporation (“Borland”), the parties hereby agree to amend the Agreement to add the following provision:
If Borland terminates your employment for other than Misconduct or there is a Constructive Termination, and contingent upon your signing of a general release acceptable to Borland, Borland agrees that you will be entitled to a severance payment equal to six (6) months of base salary, less applicable taxes and other withholdings as determined by Borland’s payroll department.
Other than as expressly modified above, all of the other terms and conditions of the Agreement dated September 17, 2003 shall remain in full force and effect without modification.
| Sincerely, | ||
| BORLAND SOFTWARE CORPORATION | ||
| By: | /s/ KENNETH R. HAHN | |
| Kenneth R. Hahn Senior Vice President and Chief Financial Officer | ||
| AGREED AND ACCEPTED ON MARCH 4, 2004 |
| /s/ TIMOTHY J. STEVENS |
| Timothy J. Stevens |
