Term Contract Clauses (29,524)

Term. Section 6. entitled "Term." of the Term Note, as amended, shall be amended by changing the due date from January 10, 2016 to April 10, 2016. All other terms and conditions detailed in the Term Note, as amended, shall remain unchanged. BORROWER LENDER SofTech, Inc. EssigPR, Inc. By: /s/ Joseph P. Mullaney By: /s/ Joseph P. Daly Its: CEO Its: CEO Date: January 8, 2016 Date: January 8, 2016 EX-10.22 3 f10q113015_ex10z22.htm EXHIBIT 10.22 AMENDMENT 5 TO SHORT TERM NOTE Exhibit 10.22 Amendment 5 to... Short Term Note AMENDMENT No. 5 TO TERM NOTE This Amendment to the Term Note ("Amendment No. 5") is dated January 8, 2016 by and among SofTech, Inc., a Massachusetts corporation with offices at 650 Suffolk Street, Suite 415, Lowell, MA 01854 (the "Borrower") and EssigPR, Inc., a Puerto Rico corporation and Joe Daly (the "Lender"). WHEREAS, the Borrower and Lender are parties to that certain Term Note dated October 1, 2014 which was amended through an agreement dated April 2, 2015 ("Amendment") and on July 15, 2015 ("Amendment No. 2") and on October 16, 2015 ("Amendment No. 3") and on November 30, 2015 ("Amendment No. 4"); WHEREAS, the Term Note, as amended, is due and payable in full on January 10, 2016; and WHEREAS, the Borrower and Lender have agreed to extend the due date an additional three months to April 10, 2016 or such earlier time as may be mutually agreed between the parties. NOW, THEREFORE, in consideration of the foregoing and the agreements contained herein, the parties agree as follows: 1. Term. Section 6. entitled "Term." of the Term Note, as amended, shall be amended by changing the due date from January 10, 2016 to April 10, 2016. All other terms and conditions detailed in the Term Note, as amended, shall remain unchanged. BORROWER LENDER SofTech, Inc. EssigPR, Inc. By: /s/ Joseph P. Mullaney By: /s/ Joseph P. Daly Its: CEO Its: CEO Date: January 8, 2016 Date: January 8, 2016 View More

Term. Unless earlier terminated herein in accordance with Section 6 hereof, the Executive's employment with the Company shall be governed by the terms and conditions of this Agreement for a period beginning on the Effective Date and ending on December 31, 2021 (the "Term").

Term. This option shall expire five (5) years from the date hereof or such earlier date as otherwise provided for herein (the "Termination Date").

Term. This Agreement shall terminate on the earlier of (i) March 11, 2016, if the Fund has not on or before that date commenced the Tender Offer and (ii) the close of the New York Stock Exchange on the business day next following the Expiration Date, if the Funds have not accepted validly tendered ARPS for purchase pursuant to the Tender Offer by such time. In the case of termination of this Agreement pursuant to Section 7(i) and Section 7(ii), all provisions of this Agreement shall terminate and... have no further force or effect upon such termination, except that the confidentiality obligations of the parties under Section 6 hereof and the Confidentiality Agreement shall survive the termination of this Agreement for the period set forth in Section 6 hereof. In the case of the completion of the Tender Offer the obligations of the parties under Sections 2(b), 2(c) 3, 4, 5, 7 and 9 hereof shall survive the termination of this Agreement. View More

Term. The term of Executive's employment under this Agreement shall commence on the date hereof and shall continue until terminated by either party in accordance with Section 6 hereof (the "Employment Term").

Term. The term of the Agreement shall begin on the Effective Date and run through the earlier of (i) such date that Chairman is not re-elected to the Board, and (ii) April 1, 2013 (the "Term") provided, however, that the Board agrees to use its best efforts to cause Chairman to be re-elected to the Board in 2013 provided the Agreement has been renewed for an additional term, unless Chairman has engaged in activity that would have constituted dismissal for Cause as that term is defined in the... Employment Agreement. View More

Term. This Agreement is effective as of the Effective Date, and will continue through the first anniversary of the Effective Date, unless terminated or extended as hereinafter provided. This Agreement shall be extended for successive one-year periods following the original term (through each subsequent anniversary thereafter) unless any party notifies the other in writing at least 30 days prior to the end of the original term, or the end of any additional one-year renewal term, that the Agreement... shall not be extended beyond its then current term. The term of this Agreement, including any renewal term, is referred to herein as the "Term." 3. Compensation. (a) Base Salary. The Company shall pay the Executive an annual base salary of $325,000. The annual base salary shall be paid to the Executive in accordance with the established payroll practices of the Company (but no less frequently than monthly) subject to ordinary and lawful deductions. The Compensation Committee of the Company will review the Executive's base salary from time to time to consider whether any increase should be made. The base salary during the Term will not be less than that in effect at any time during the Term. (b) Annual Bonus. During the Term, the Executive will be eligible to participate in an annual incentive bonus plan that will establish measurable criteria and incentive compensation levels payable to the Executive for performance in relation to defined targets established by the Compensation Committee of the Company's Board of Directors, after consultation with management, and consistent with the Company's business plans and objectives. To the extent the targeted performance levels are exceeded, the incentive bonus plan will provide a means by which the annual bonus will be increased. Similarly, the incentive plan will provide a means by which the annual bonus will be decreased or eliminated if the targeted performance levels are not achieved. In connection with such annual incentive bonus plan, subject to the corresponding performance levels being achieved, the Executive shall be eligible for an annual target bonus equal to 50 percent of the Executive's annual base salary and an annual maximum bonus equal to 100 percent of the Executive's annual base salary. Any bonus payments due hereunder shall be payable to the Executive no later than the 15th day of the third month following the end of the applicable year to which the incentive bonus relates. (c) Stock Compensation. The Executive also shall be eligible to receive stock options, restricted stock, stock appreciation rights and/or other equity awards under the Company's applicable equity plans on such basis as the Compensation Committee or the Board of Directors of the Company or their designees, as the case may be, may determine on a basis not less favorable than that provided to the class of employees that includes the Executive. Except as specifically set forth above, however, nothing herein shall require the Company to make any equity grants or other awards to the Executive in any specific year. View More

Term. The initial term of this Agreement shall be three (3) years from May 13th, 2009, the effective date of the Original Employment Agreement (the "Effective Date"), unless sooner terminated as herein provided. On the first anniversary date of the Effective Date, and on each anniversary date thereafter, the term of this Agreement shall automatically be extended for an additional one (1) period unless written notice of non-renewal has been given by any party hereto no less than ninety (90) days prior... to any such anniversary date, in which event this Agreement shall terminate on the second anniversary date of the anniversary date as to which the notice of non-renewal was given, unless sooner terminated as herein provided. View More

Term. Section 6 of the Agreement is amended to provide that the Term shall expire on March 31, 2013.

Term. The term ("Term") of this Board of Directors Agreement (the Agreement") shall commence on December 5, 2012 (the "Effective Date") and be in full force and effect until terminated according to Paragraph 8.