AMENDMENT AND WAIVER
Amendment and Waiver dated as of July 8, 2005 (hereinafter "Agreement" or " Amendment and Waiver") between Analysts International Corporation, a Minnesota corporation, (hereinafter
"the Company"), and David J. Steichen (hereinafter " Executive").
WHEREAS, Executive is employed as the Chief Financial Officer of the Company pursuant to the terms of an Employment Agreement dated as of August 18, 1999 (hereinafter "Employment Agreement"); and
WHEREAS, Executive, as part of his employment with the Company, has executed an Agreement (hereinafter "Change in Control Agreement") providing for certain payments and benefits under certain circumstances subsequent
to a "Change in Control" as that term is defined therein; and
WHEREAS, Paragraph 2 of the Change in Control Agreement further provides, in part, that Executive may terminate his employment for any reason during a one-month period beginning on the first day of the eleventh month
following a Change in Control (hereinafter "Eleventh Month Right to Terminate") following a Change in Control and/or for "Good Reason" during the thirty-six month period following a Change in Control and receive, among other things, a cash
payment (hereinafter the "Change in Control Payment") equal to 2.99 times his "Eligible Earnings," as that term is defined therein; and
WHEREAS, Executive holds options to purchase shares of the Company92s common stock ("Options") under one or more of the Company92s stock option plans, (specifically,
the Analysts International Corporation 1994 Stock Option Plan, the Analysts International Corporation 1999 Stock Option Plan, the Analysts International Corporation 2000 Nonqualified Stock Option Plan, the Analysts International Corp. 2004 Equity Incentive
Plan, (collectively, the "Plans")); and
WHEREAS, pursuant to the terms of certain of the Plans or by resolution adopted by the Company92s Board of Directors (or a committee thereof) the vesting of such Options will accelerate upon completion of the Merger;
and
WHEREAS, the Company has entered into an Agreement and Plan of Merger (hereinafter "Merger Agreement"), dated as of April 12, 2005, with Computer Horizons Corp. (hereinafter "CHC") and JV Merger Corp.,
a wholly-owned subsidiary of CHC; and
WHEREAS, the Merger contemplated by the Merger Agreement constitutes a Change in Control as defined in the Change in Control Agreement; and
WHEREAS, the Company and CHC have agreed and Executive has agreed in principle that, effective with the consummation of the Merger, he will be employed by CHC as its Chief Financial
Officer without reduction in Executive92s current gross base salary; and
WHEREAS, Executive and the Company have agreed that in exchange for the consideration set forth herein, Executive will forego and waive certain rights to receive the Change in Control Payment and other payments, rights
and benefits under the Change in Control Agreement as further detailed herein; and
NOW, THEREFORE, in consideration of the foregoing, the agreements set forth below and other good and valuable consideration, the parties hereto, intending to be legally bound, agree as follows:
1. Waivers .
a. Waiver of Eleventh Month Right to Terminate . Executive hereby expressly waives his Eleventh Month Righ ...
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