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AMENDMENT TO EMPLOYMENT AGREEMENT
THIS AMENDMENT TO THE EMPLOYMENT AGREEMENT (this
“ Amendment ”) is made effective as of July, 2008 by and between
ACE*COMM Corporation, a Maryland corporation (the
“Company” ), and George T. Jimenez (“ Executive ”).
Recitals :
A. Executive
and the Company entered into an employment agreement dated as of
December 1, 2006 (the “ Employment
Agreement ”); and
B. Executive
and the Company wish to amend the terms of the Employment Agreement
in this Agreement.
Agreement:
NOW, THEREFORE, in
consideration of the agreements contained herein and of such other
good and valuable consideration, the sufficiency of which Executive
acknowledges, the Company and Executive, intending to be legally
bound, hereby agree that the Employment Agreement is hereby amended
in the following respect:
1. The
Employment Agreement is hereby amended effective as of the date
hereof as follows:
(a) in
Section 5.3(b)(ii)(B) of the Employment Agreement, after the words
“if there has occurred a Change in Control, the Company shall
pay him a severance payment in a lump sum equal to the sum
of”, the words “the target bonus plus 400% of his
annual Base Salary then in effect” are hereby replaced with
“$375,000”;
(b) in
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