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EXHIBIT 10.20
FIRST AMENDMENT TO EMPLOYMENT AGREEMENT
THIS FIRST AMENDMENT TO EMPLOYMENT AGREEMENT ("Amendment") is entered
into on May 15, 2000 (the "Effective Time"), by and between Xxxxx X. Xxxxxx, an
individual resident of the State of Iowa ("Executive"), and Stockpoint, Inc., a
Delaware corporation ("Company"), and is an amendment to the Employment
Agreement ("Agreement") between the parties hereto dated March 1, 2000.
WHEREAS, Executive has heretofore been employed as the Chief Financial
Officer of the Company; and
WHEREAS, the Company desires to continue to have the benefit of the
Executive's services as a corporate officer of the Company;
NOW, THEREFORE, in consideration of the premises, the respective
undertakings of the Company and Executive set forth below, the Company and
Executive agree as follows:
1. That the provisions of Section 4.01 of the Agreement be stricken
and in lieu thereof the following inserted:
"4.01 Base Salary. As base compensation for all services to be
rendered by Executive under this Agreement during the first year of the
term of this Agreement, the Company shall pay to Executive a base
salary at a rate of $105,000 per year, which salary shall be paid on a
twice-monthly basis in accordance with the Company's normal payroll
procedures and policies. Beginning May 15, 2000, the base salary shall
be at a rate of $135,000 per year. The salary payable to Executive
during each subsequent year during the term of this Agreement shall be
established by the Company and Executive, but in no event shall the
salary for any subsequent year be less than the base salary in effect
for the prior year."
2. That the provisions of Section 8.04 of the Agreement be stricken
and in lieu thereof the following inserted:
"8.04 Wage and Benefit Continuation. If Executive's employment by
the Company is terminated pursuant to subsection 8.01 (d) or 8.01(e),
the Company shall continue to pay to Executive his/her base salary and
shall continue to provide health insurance benefits for Executive for a
period 9 months after termination. In the event of a "Change in
Control" as defined in Section 4.07, if Executive's employment is
terminated by "Constructive Termination" as defined in Section 8.01(2)
or without "Cause" as defined in as defined in Section 8.01(1) within
12 months after the effective date of a "Change in Control," the
severance compensation package defined in this Section will be doubled
to 18 months. Notwithstanding anything else in this Section 8.04,
Executive shall not be entitled under this Section 8.04 or any other
provision of this Agreement to receive any cash compensation pursuant
to this Agreement which constitutes an "excess parachute payment"
within the meaning of Section 280G of the Internal Revenue Code of
1986, as amended, or any successor provision or regulations
promulgated.
If this Agreement is terminated pursuant to subsection 8.01 (a), 8.01
(c), or 8.01 (f). Executive's right to base salary and benefits shall
immediately terminate except as may otherwise be required by applicable
law.
If Executive's employment is terminated by the Company
pursuant to subsection 8.01(a), 8.01(b), 8.01(d) or 8.01(e). Executive
shall also be entitled to receive any bonus payment that as of the time
of termination would have been payable to him/her pursuant to any
incentive plan then in effect. "
3. The rest and remainder of said Agreement shall remain in full
force and effect, except as otherwise amended.
IN WITNESS WHEREOF, Executive and the Company have executed this
Agreement as of date set forth herein.
Stockpoint, Inc.
By: /s/ X.X.Xxxxx
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Its CEO
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EXECUTIVE
/s/ Xxxxx X. Xxxxxx
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Xxxxx X. Xxxxxx
