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EXHIBIT 10
FIRST AMENDMENT TO EMPLOYMENT AGREEMENT
This First Amendment to the Employment Agreement is made and effective
this 6th day of February, 1997 (the "First Amendment"), by and between MICROS
SYSTEMS, INC., a Maryland corporation, with offices located at 00000 Xxxxxxxxx
Xxxxxx, Xxxxxxxxxx, Xxxxxxxx 00000 (hereinafter referred to as the "Company"),
and X. X. XXXXXXXXXXXX, whose address is 0000 Xxxxxx Xxx Xxxxx, Xxxxxxxx,
Xxxxxxxx 00000 (hereinafter referred to as the "Executive").
WHEREAS, the Executive and MICROS entered into an Employment Agreement
dated June 1, 1995 (the "Agreement"); and
WHEREAS, the parties hereto would like to amend the Agreement pursuant
to this First Amendment in an effort both: (i) to reflect the rapid growth
experienced by the Company, and the current status of the Company and the
Executive relative to other similarly positioned entities; and (ii) to reward
the Executive for achieving financial objectives for the first two quarters of
the Company's 1997 fiscal year.
NOW, THEREFORE, MICROS and the Executive, for good and valuable
consideration, and pursuant to the terms, conditions, and covenants contained
herein, hereby agree as follows:
1. Section 4 of the Agreement is amended by deleting the salary chart therein
in its entirety and inserting the following in lieu thereof:
Period Salary
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Commencement Date through June 30, 1995 $32,170
July 1, 1995 through June 30, 1996 $203,000
July 1, 1996 through June 30, 1997 $250,000*
July 1, 1997 through June 30, 1998 $262,500
July 1, 1998 through June 30, 1999 $275,000
July 1, 1999 through December 31, 1999 $143,750
*Upon execution of this First Amendment, the Executive shall immediately
receive a payment in the amount equal to the difference between the salary
received by the Executive in the Company's 1997 fiscal year to date, and the
amount the Executive would have received to date if the increased level had
been in effect as of the first day of the Company's 1997 fiscal year.
2. Section 5 of the Agreement is amended by deleting the target bonus chart
therein in its entirety and inserting the following in lieu thereof:
Fiscal Year Ending Target Bonus
------------------ ------------
June 30, 1995 $110,000
June 30, 1996 $120,000
June 30, 1997 $150,000
June 30, 1998 $163,500
June 30, 1999 $177,000
June 30, 2000 $95,250
3. All other provisions of the Agreement shall remain in full force and
effect.
IN WITNESS WHEREOF, the parties have executed this First Amendment as
of the dates indicated below, the effective date of this First Amendment being
the 6th day of February, 1997.
COMPANY:
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ATTEST: MICROS SYSTEMS, INC.
By: /s/ Xxxxx X. Xxxxx, Xx. (SEAL)
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Xxxxx X. Xxxxx, Xx.
Chairman
[Corporate Seal]
EXECUTIVE:
WITNESS:
/s/ X. X. XXXXXXXXXXXX (SEAL)
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X. X. XXXXXXXXXXXX
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