June 16, 2014 Frank D. Martell
Exhibit 10.1 | |
 | Corporate Xxxxxx 00 Xxxxxxxx, Xxxxx 000 Xxxxxx, Xxxxxxxxxx 00000 XXX |
June 16, 2014
Xxxxx X. Xxxxxxx
00 Xxxxxxxx, Xxxxx 000
Xxxxxx, XX 00000
RE: Amendment to Employment Agreement
Dear Xxxxx:
Following our discussions, this letter (this “Letter”), effective as of June 16, 2014, describes certain changes to the terms and conditions of your employment and, once signed, will serve as an amendment to the Employment Agreement between you and CoreLogic, Inc. (the “Company”), dated August 29, 2011 (the “Employment Agreement”). Any terms used in this Letter that are not defined herein have the definition ascribed to them in the Employment Agreement. Note that you are referenced as “the Executive” herein.
This Letter, when fully executed, together with the Employment Agreement, which specifically incorporates the Confidential Information and Inventions Agreement you executed, the Change of Control Agreement you executed, and corporate policies of the Company, along with the Indemnification Agreement you executed, reflects the entire agreement regarding the terms and conditions of your employment. Unless expressly modified by this Letter, the terms and conditions of the Employment Agreement will remain the same. To the extent that the terms of this Letter are inconsistent with the terms of your Employment Agreement, this Letter supersedes the terms of your Employment Agreement.
Section 1.2 of the Employment Agreement is hereby amended and restated in its entirety as follows:
Duties. Following the appointment by the Company’s Board of Directors, the Executive shall serve as the Chief Operating & Financial Officer and shall have such other duties and responsibilities as the Chief Executive Officer of Company (the “CEO”) shall determine from time to time. The Executive shall be subject to the corporate policies of the Company as they are in effect from time to time throughout the Period of Employment (including, without limitation, the Company’s Code of Conduct, as it may change from time to time). During the Period of Employment, the Executive shall report solely to the CEO.
Section 3.1 of the Employment Agreement is hereby amended and restated in its entirety as follows:
Base Salary. The Executive’s base salary (the “Base Salary”) shall be paid in accordance with the Company’s regular payroll practices in effect from time to time, but not less frequently than in monthly installments. The Executive’s Base Salary for the twelve (12) months effective as of June 16, 2014, shall be at an annualized rate of Six Hundred Fifty Thousand Dollars ($650,000). The Company will review the Executive’s Base Salary at least annually and may increase the Executive’s Base Salary from the rate then in effect based on such review.
By executing this Letter, you confirm your decision to accept the amendments to the terms of your Employment Agreement and you agree that your employment will be governed by the Employment Agreement, as amended by this Letter.
I have provided you two originals of this letter. Please sign both originals, and return one original to me no later than June 27, 2014.
Very truly yours,
/s/ Xxxxx Xxxxxxxxxxx
Xxxxx X. Xxxxxxxxxxx
President & Chief Executive Officer
Read, understood, consented, and agreed as of this 16th day of June , 2014:
/s/ Xxxxx X. Xxxxxxx
Xxxxx X. Xxxxxxx
Page | 2
