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EXHIBIT 10 - MATERIAL CONTRACTS
FIRST AMENDMENT TO EMPLOYMENT AGREEMENT
This First Amendment to the Employment Agreement is effective the first
day of October, 1998 (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 Xxxx
X. Xxxxxxx, whose address is 00000 Xxxxxx Xxxx Xxxxx, Xxxxxxxx Xxxx, XX 00000
(hereinafter referred to as the "Executive").
WHEREAS, the Executive and the Company entered into an Employment
Agreement dated May 28, 1997 (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 solidify
the long-term management structure of the Company.
NOW, THEREFORE, the Company and the Executive, for good and valuable
consideration, and pursuant to the terms, conditions, and covenants contained
herein, hereby agree as follows:
1. Section 3 of the Agreement, captioned "Term", shall be deleted in its
entirety and the following new language inserted in lieu thereof:
"Term. The term of this Agreement shall commence upon October 1, 1998,
and shall be for a period of three years. The term of this Agreement
shall be automatically renewed on October 1 of each year for successive
three-year renewal terms thereafter, unless written notice is given by
either party to the other party, pursuant to which a party states that
it elects not to renew automatically the Agreement for an additional
three-year renewal term. Such written notice of non-renewal must be
provided to the other party not less than 120 days prior to the
automatic renewal date. In the event a notice of non-renewal is
tendered in accordance with the terms hereof, the Agreement shall
continue until the end of the then existing three-year term, unless
otherwise terminated as provided hereinbelow."
2. All other provisions of the Agreement shall remain in full force and effect.
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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 first day of October, 1998.
COMPANY:
ATTEST: MICROS SYSTEMS, INC.
----------------- By:
----------------------- (SEAL)
X.X. Xxxxxxxxxxxx
President and Chief Executive Officer
[Corporate Seal]
EXECUTIVE:
WITNESS: XXXX X. XXXXXXX
----------------- -------------------------
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