Exhibit 10.2
AMENDMENT TO ROBERT C. BOWEN EMPLOYMENT
AGREEMENT
THIS AMENDMENT TO ROBERT C. BOWEN EMPLOYMENT
AGREEMENT (the “Amendment”) is made as of this 6th day
of December 2007, by and between Scientific Learning Corporation
(the “Company”), and Robert C. Bowen
(“Executive”) (collectively, the
“Parties”).
RECITALS
WHEREAS, the Employment
Agreement, as amended by letter agreement dated January 4, 2002,
between the Company and Robert C. Bowen, its Chairman and Chief
Executive Officer, will expire June 4, 2008 (the “Employment
Agreement”);
WHEREAS, the Company wishes
Executive to continue his employment under the terms and conditions
of the Employment Agreement until June 30, 2010;
WHEREAS , Executive so desires
to continue his employment under the terms and conditions of the
Employment Agreement; and
WHEREAS , the Chair of the
Compensation Committee and Executive have agreed to additional
terms of employment as set forth hereunder.
NOW, THEREFORE , in consideration of the promises, mutual covenants, the above
recitals, and the agreements herein set forth, and for other good
and valuable consideration, the sufficiency of which is hereby
acknowledged, the Parties agree to the following terms and
conditions of the Executive’s employment:
AGREEMENT
1 .
EXTENSION OF
EMPLOYMENT AGREEMENT . The Employment Agreement shall be extended until June 4, 2010
and Executive shall remain the Company’s Chairman and Chief
Executive Officer for this extended period subject to the terms and
conditions of the Employment Agreement.
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a.
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Salary. Executive shall
receive for services to be rendered hereunder an annualized base
salary of $315,000, payable on a twice-monthly basis, subject to
payroll withholding and deductions.
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b.
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Bonus. Executive shall
be eligible to participate in the Company’s Management
Incentive Plans from time to time in effect during his continued
employment.
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3 .
EQUITY. Effective June 4,
2008, Section 2.4(g) of the Employment Agreement shall be of no
further force and effect.
4.
COMMUTING EXPENSES . The Company shall pa