Memorandum of Amendment to Employment Agreement between Critical Path, Inc. and James Clark (August 10, 2007)
This memorandum amends the employment agreement between Critical Path, Inc. and James Clark to confirm recent changes to his compensation. James Clark's base salary was increased to $287,000 on April 13, 2007, and further increased to $310,000, retroactive to June 15, 2007, following a company leadership change. All other terms of the original employment agreement remain unchanged. The amendment is effective as of August 10, 2007, and requires James Clark's acknowledgment by signature.
Exhibit 10.3
| Critical Path, Inc. | ||||
| Two Harrison Street | ||||
| Second Floor | ||||
| San Francisco, CA 94105 |
MEMORANDUM
| Date: | August 10, 2007 | |
| To: | Jim Clark | |
| From: | Michael Plumleigh, General Counsel and Secretary | |
| Re: | Confirmation of Compensation Changes | |
On behalf of the Company and the Board of Directors, I am pleased to confirm the Compensation Committee’s approval of the following changes to your compensation in recent Committee meetings:
On April 13, 2007, the Compensation Committee approved an increase in your base salary to $287,000.
On July 20, 2007, the Compensation Committee approved a further increase in your base salary to $310,000, retroactive to June 15, 2007, in connection with the promotion and appointment of Mark Palomba as Chief Executive Officer.
To the extent necessary, your Agreement is hereby deemed amended, effective as of the date hereof, consistent with the foregoing. All other provisions of your Agreement remain in full force and effect.
Please acknowledge the foregoing by signing the enclosed copy below and returning it to the Company. The original is for your records.
| Acknowledged:
| ||
| /s/ James A. Clark | ||
| James A. Clark
| ||
| Dated: August 10, 2007 | ||
