Delaware
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04-3692546
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(State or other jurisdiction of
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(IRS Employer
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incorporation)
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Identification No.)
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The term of the employment agreement ends on October 31, 2012, subject to automatic renewal for additional one-year periods six months prior to the termination date. If the Company terminates Mr. Bergeron's employment without Cause or if Mr. Bergeron terminates his employment for Good Reason (as such capitalized terms are defined in the employment agreement), then Mr. Bergeron may be entitled to severance equal to one year's current base salary and bonus paid for the prior fiscal year and Mr. Bergeron will be subject to certain noncompetition undertakings during the term of the employment agreement and for the severance period. Any severance payments will be conditioned on Mr. Bergeron's compliance with the noncompetition provisions of the employment agreement. The Company's Board of Directors has the option to extend the noncompetition period for an additional year, by agreeing to pay Mr. Bergeron an additional year's severance.
In connection with the execution of this amended and restated employment agreement, for fiscal 2009 Mr. Bergeron will receive a grant of 150,000 retention stock options that will vest ratably over four years, with 25% of the grant cliff vesting on the first anniversary of the vesting commencement date. Mr. Bergeron may also earn up to an additional 150,000 performance stock options based upon the Company achieving a non-GAAP earnings per share financial target for fiscal 2009 as set by the Company's Board of Directors. If earned, such performance options will not vest until the end of the Company's 2010 fiscal year.
A copy of Mr. Bergeron's amended and restated employment agreement is attached hereto as Exhibit 10.1.
Exhibit 10.1 Amended and Restated Employment Agreement, Dated as of April 8, 2009, Among VeriFone Holdings, Inc., VeriFone, Inc. and Douglas G. Bergeron.
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VeriFone Holdings, Inc.
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Date: April 08, 2009
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By:
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/s/ Albert Liu
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Albert Liu
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SVP & General Counsel
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Exhibit No.
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Description
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EX-10.1
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Amended and Restated Employment Agreement, Dated as of April 8, 2009, Among VeriFone Holdings, Inc., VeriFone, Inc. and Douglas G. Bergeron
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