Amendment to Severance Agreement between Versata, Inc. and William Frederick
This amendment updates the severance agreement between Versata, Inc. and William Frederick. It states that if Mr. Frederick's employment is terminated by the company (for reasons other than cause) within six months after a new CEO is hired, he will receive nine months of continued salary. Mr. Frederick must also take any necessary steps to finalize his termination, including resigning from positions with company subsidiaries. All other terms of the original severance plan remain unchanged.
EXHIBIT 10.17 (b)
February 11, 2005
William Frederick
8503 Mahogany Place
Newark, CA 94560
Dear Mr. Frederick:
Please be advised that the Severance Plan dated February 2, 2004 by and between Versata, Inc. and you (the “Severance Plan”) is hereby amended as follows:
The following is hereby inserted on the first page of the Severance Plan as new paragraph (d):
“(d) in the event that within the Transition Period the Company terminates your employment for any reason other than for Cause (as defined in Section six of this Plan), then you will receive a continuation of your monthly salary for a nine- (9) month period following the effective date of termination.” “Transition Period” shall be the six months following the hire date of the Chief Executive Officer who immediately succeeds Alan Baratz. You agree to take all necessary actions to effect your termination with the Company including taking any actions, (i.e. resignation from position held with the Company’s subsidiaries), as required by the Company.
Except as modified herein, all other terms in the Severance Plan shall be unaffected and shall remain in full force and effect.
To show your acceptance of this Amendment to the Severance Plan please sign below.
| Sincerely, |
| /s/ Alan Baratz |
| Alan Baratz |
| Director, Chief Executive Officer |
AGREED, ACKNOWLEDGED AND ACCEPTED:
| /s/ William Frederick | February 16, 2005 | |
| William Frederick (Signature) | Date |
