Exhibit 10.37
FIRST AMENDMENT TO EMPLOYMENT AGREEMENT
This First Amendment to Employment Agreement (this "Amendment") is made as
of May 20, 1999 by and between FirstWorld Communications, Inc. and Xxxxxxx X.
Xxxxxxxx.
Recitals
A. The parties entered into an Employment Agreement (the "Agreement")
dated as of September 28, 1998, with a Commencement Date of October 1, 1998.
B. The parties wish to amend the Agreement for the limited purposes set
forth in this Amendment.
Agreement
In consideration of the mutual promises of the parties set forth in this
Amendment and other good and valuable consideration the sufficiency of which is
hereby acknowledged, the parties hereby agree as follows:
1. Section 5(e)(i) of the Agreement is deleted in its entirety and
replaced with the following:
"If the Company consummates a Qualified Initial Public Offering (as
defined in Section 5(d) above) with a price of at least $10.00 per
share (before giving effect to any subdivision (by any stock split,
stock dividend, recapitalization or otherwise), combination (by
reverse stock split or otherwise) or other adjustment in the number of
outstanding shares of the Company as determined on a fully diluted
basis made without the receipt of consideration to the Company after
the Commencement Date) before April 1, 2000, the Company shall pay
Executive a cash payment of $4,207,500 in accordance with the
provisions of Section 5(e)(iv) hereof."
2. The Agreement, as amended by this Amendment, shall continue in full
force and effect.
3. This Amendment may be executed in one or more counterparts, each of
which will be deemed to be an original but all of which together will constitute
one and the same instrument. This Amendment may be delivered by facsimile.
IN WITNESS WHEREOF, the parties have executed this Amendment as of the date
first above written.
FirstWorld Communications, Inc.
By: /s/ Xxxxxxx X. Xxxxx
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Xxxxxxx X. Xxxxx,
Senior Vice President, General Counsel
and Secretary
Xxxxxxx X. Xxxxxxxx
/s/ Xxxxxxx X. Xxxxxxxx
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