Sample Business Contracts


Employment Agreement [Amendment] - CyberGuard Corp. and David R. Proctor

Employment Forms

  • Employers can customize an employment agreement that states the salary, benefits, working hours and other important provisions for their new or existing employee.
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                        AMENDMENT TO EMPLOYMENT AGREEMENT

         THIS AMENDMENT ("Amendment"), dated and effective as of April 26, 2000,
amends the EMPLOYMENT AGREEMENT that was made and entered into as of March 11,
1999 and amended on May 4, 1999 and on March 10, 2000 (collectively the
Employment Agreement and both amendments, the "Agreement") by and between
CyberGuard Corporation, a Florida corporation ("Company"), and David R. Proctor
("Employee").

         WHEREAS, the Company, through its Board of Directors, desires to amend
the Agreement and Employee also desires to amend the Agreement;

         NOW, THEREFORE, in consideration of the premises and the mutual
covenants and agreements contained herein, and for other good and valuable
consideration, the receipt and adequacy of which are hereby acknowledged, the
parties hereto, intending to be legally bound, hereby agree as follows:

A.       Section 4 of the Agreement shall be amended by adding the following
         subsection 4h:

         H. SPECIAL OPTION. In addition to salary, bonus and options described
         in the Agreement, Employee is hereby awarded an option to acquire
         50,000 shares ("Special Option Shares") of Company common stock under
         the Company's Stock Incentive Plan, at an exercise price of $6.50 per
         share. The Special Option Shares shall vest as long as the Employee
         continues to serve as a member of the Company's Board of Directors. The
         vesting of the Special Option Shares shall remain unaffected by any
         termination of the Employment Agreement. The Special Option Shares
         shall become exercisable in 1/3 increments on the first, second and
         third anniversaries of April 26, 2000 as long as the Employee continues
         to serve as a member of the Board of Directors. An option agreement
         ("Option Agreement") shall be prepared providing for other terms and
         conditions regarding the Special Option Shares that are typical of
         other executives option agreements. Notwithstanding anything to the
         contrary, the Option Agreement shall: (1) supersede the Employment
         Agreement with respect to the Special Option Shares; and (2) continue
         in full force and effect after any termination of the Employment
         Agreement, provided the Employee continues to serve on the Board of
         Directors at the time of termination of the Employment Agreement.

B.       Other than as stated in this Amendment, the Agreement shall remain in
         full force and effect.

IN WITNESS WHEREOF, this Amendment to the Agreement has been executed by the
parties as of the date first above written.

         COMPANY:                                 EMPLOYEE:
         CYBERGUARD CORPORATION

         By:                                       By:
            ----------------------------------        -------------------------
         Its: Chairman, Compensation Committee

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