Acknowledgement and Clarification Agreement between QAD Inc. and Daniel Lender Regarding Executive Termination Policy

Contract Categories: Human Resources › Severance Agreements
Summary

QAD Inc. and employee Daniel Lender agree that all severance benefits for Lender, as outlined in his offer letter, are governed by QAD's Executive Termination Policy effective December 18, 2008. The agreement clarifies that Lender will receive severance benefits for twelve months instead of six months, as an exception to the standard policy. Both parties signed the agreement on December 18, 2008.

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EX-10.3 4 ex10_3.htm EXHIBIT 10.3 ex10_3.htm
Exhibit 10.3


ACKNOWLEDGEMENT AND CLARIFICATION


QAD Inc., a Delaware corporation, with its principal offices located at 100 Innovation Place, Santa Barbara, California 93108 ("QAD"), and Daniel Lender, residing at XXXX ("Employee"), hereby acknowledge and agree that all severance benefits, as described in Employee's offer letter of October 10, 2008, are provided under and are subject to the terms and conditions of the Executive Termination Policy as approved by QAD Inc.'s Board of Directors and in effect as of December 18, 2008 (the "Policy"), but that any benefits provided to Employee pursuant to such Policy shall be for a period of twelve (12) months instead of six (6) months.
 
 
/s/ Daniel Lender
  
/s/ Murray Ray
Daniel Lender 
  
Murray Ray
 
  
CPO & EVP, Human Resources
    QAD Inc.
     
 Dated:  December 18, 2008     Dated:  December 18, 2008