Amendment to Employment Agreement between Roger Henderson and Chyron Corporation (April 5, 2001)
This agreement amends Roger Henderson's employment terms with Chyron Corporation, reducing his annual base salary from $325,000 to $280,000 for the period from April 1, 2001, to December 31, 2001. The reduction is voluntary and does not affect his severance rights under the original employment agreement. If Mr. Henderson is terminated without cause during this period, the reduced salary amount will be used to calculate his severance. All other terms of the original employment agreement remain unchanged.
April 5, 2001
Roger Henderson
Hollytree Cottage
Swallowfield Street
Swallowfield
U.K.
Re: Amendment to Employment Agreement
Dear Mr. Henderson:
This shall confirm the agreement between you and Chyron Corporation (the "Company") pursuant to which you have agreed to reduce your annual base salary from $325,000 US to $280,000 US effective April 1, 2001 through December 31, 2001 (the "Reduced Amount"). This reduction was done voluntarily for the benefit of the Company and shall not affect the severance due you under the Employment Agreement dated July 21, 1999 and as amended on January 10, 2001 (the "Employment Agreement"). In addition, in the event the Company terminates you "without cause," as defined under the Employment Agreement, then the Reduced Amount shall be due and payable as part of your severance under the Employment Agreement. All other terms of the Employment Agreement shall remain in full force and effect.
All other terms of the Employment Agreement shall remain in full force and effect. Please acknowledge your consent to the above by executing and dating below and returning this letter agreement to me.
| Very truly yours, |
| /s/ Michael Wellesley-Wesley |
| Michael Wellesley-Wesley |
| Agreed and Accepted |
| /s/ Roger Henderson |
| Roger Henderson |
| Dated:_____________________ |
