EXHIBIT 10.22
September 5, 1996
Xxxxx X. Xxxx
MapInfo Corporation
One Global View
Xxxx, XX 00000
Subject: Amendment to Employment Agreement
Dear Xxxxx:
This letter, when signed by you, will constitute an amendment to your November
2, 1992, Amended and Restated Employment agreement with MapInfo. Your salary
shall be paid at an annualized rate of $215,000, retroactive to October 1,
1995.
Your responsibilities shall continue as at present with active participation
in management to terminate on September 30, 1996. Until the earlier of June
30, 1997 or your obtaining new employment, you will remain an employee in an
advisory capacity to the Chairman. Regardless, you will continue to be paid
until June 30, 1997 at the $215,000 annualized rate. While you are an
employee, you will continue to be eligible for coverage under the MapInfo
benefits plans covering medical and dental insurance, life insurance, vision
care, disability coverage, the 401(k) Plan (subject to plan rules), and the
Section 125 Plan. Upon your obtaining new employment, your participation in
these benefits plans will cease. If you have not secured new employment by
July 1, 1997, you will be eligible to purchase medical coverage under COBRA,
the details of which are available from the human resources director.
When you sign this Agreement, you shall return to MapInfo every option you
have been granted at an exercise price above $1.74 per share. All your $1.74
options remain exercisable in accordance with the terms of the November 2,
Amended and Restated Employment Agreement, and the stock option agreement
documents you signed when you received the options. Your official last day of
employment shall be the earlier of June 30, 1997 or your securing new
employment, and shall commence the ninety (90) day stock option exercise
window permitted under the stock option agreement.
Except as specifically stated above, this letter agreement supersedes and
replaces all prior agreements between the Company and you, other than the
following sections of your November 2, 1992 agreement, which survive and
continue in full force and effect: Non-Competition, #5--Expenses, #7--Stock
Options, #10--Indemnity (through the earlier of June 30, 1997 or your
obtaining new employment), #11--Amendment, #12--Notices, #14--Successors and
Assigns, and #16--Governing Law. This contains our entire agreement.
MapInfo Corporation Agreed and Accepted:
/s/ Xxxxxxx X. Xxxxxx /s/ Xxxxx X. Xxxx
By___________________________________ By___________________________________
Xxxxxxx X. Xxxxxx Xxxxx X. Xxxx
Chairman of the Board
