Amendment to Employment Agreement between Hypercom Corporation and Philippe Tartavull
This amendment extends Philippe Tartavull's employment as CEO of Hypercom Corporation for one year, changing the termination date from December 20, 2009, to December 20, 2010. The agreement also allows for a review on December 20, 2009, at which point the company may, at its discretion, further extend the term to December 20, 2011. All other terms of the original employment agreement remain unchanged.
EXHIBIT 10.1
October 23, 2008
Mr. Philippe Tartavull
3550 Surfwood Road
Malibu, California 90265
Re: Amendment to Your Employment Agreement dated December 20, 2007
Dear Philippe:
The Board of Directors of Hypercom Corporation (the “Company”) has approved a one-year extension of your employment agreement dated December 20, 2007 (the “Agreement”). Section 2 of the Agreement is hereby amended and restated in its entirety as follows:
“Term. Your employment by the Company in your role as CEO will be effective as of 12:01 a.m. on December 20, 2007 and will terminate on December 20, 2010 (the “Term”), unless you and the Company agree to renew your employment relationship. Notwithstanding the above, as of December 20, 2009, you and the Company will review the employment relationship and at that time the Company may, in its sole discretion, extend the Term of this Agreement until December 20, 2011.”
The Company intends that the terms of this letter serve as an amendment to the Agreement, but only to the extent described in this letter. Your signature below signifies that you agree to this amendment.
Sincerely,
/s/ Norman Stout
Norman Stout
Chairman of the Board
Accepted by:
/s/ Philippe Tartavull
Philippe Tartavull
October 23, 2008
Date of Acceptance
