Amendment to Employment Agreement between Ness Technologies, Inc. and Tuvia Feldman (Effective April 1, 2007)
Ness Technologies, Inc. and Tuvia Feldman have amended their existing employment agreement, originally dated December 12, 1995. The amendment extends Mr. Feldman's employment term until December 31, 2008, and grants him a sign-up bonus of $135,000 (gross, paid in NIS) upon signing. If Mr. Feldman resigns before the new end date, the bonus will be reduced proportionally, and any overpayment may be deducted from future payments owed to him. All other terms of the original agreement remain in effect.
Exhibit 10.1
AMENDMENT TO EMPLOYMENT AGREEMENT
THIS AMENDMENT AGREEMENT is made as of the 6th day of May, 2007 effective as of April 1, 2007.
BETWEEN:
(1) | Ness Technologies, Inc. |
| a Delaware Corporation |
| of Kiryat Atidim,Israel |
| (hereinafter including any subsidiary the Company) |
(2) | Mr. Tuvia Feldman |
| (the Executive) |
WHEREAS, the Parties have previously entered into an Employment Agreement dated as of December 12, 1995 and addendum as of August 27, 2000 (the Employment Agreement), setting forth the terms and conditions of the employment relationship of the Executive with the Company;
WHEREAS, the Parties desire to amend the provisions of the Employment Agreement in the manner hereinafter appearing:
NOW, THEREFORE, in consideration of the premises, and intending to be legally bound, the parties hereto hereby agree as follows:
1. In this Agreement, unless there is something in the subject or context inconsistent therewith, capitalized terms appearing in this Agreement shall have the meaning assigned to them in the Employment Agreement
2. The employment term is hereby extended until 31.12.08. This extension will not derogate from Section H to the Employment Agreement.
3. The Executive is hereby granted a sign up grant of 135,000$ (gross in NIS) that shall be paid upon the execution of this agreement. Should the Executive resign before 31.12.08 the grant will be proportionately reduced and any excessive payment may be set off against any payment due to him by the Company.
IN WITNESS WHEREOF, the parties have executed this Agreement on the date first above written.
Ness Technologies Inc.
BY: | /s/ AHARON FOGEL |
|
| /s/ ISSACHAR GERLITZ |
|
| Aharon Fogel |
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| Issachar Gerlitz |
|
Title: | Chairman of the board |
|
| President & CEO |
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The Executive |
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BY: |
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| /s/ TUVIA FELDMAN |
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| Tuvia Feldman |
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