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Exhibit 10.29
As of March 2, 1999
Xx. Xxxx X. Xxxx
c/o Globix Corporation
000 Xxxxxxxxx Xx.
Xxx Xxxx, X.X. 00000
Dear Xx. Xxxx:
This is to confirm our agreement that, effective as of March
2, 1999 (the "Effective Date"), the Employment Agreement between us dated as of
April 10, 1998 (hereinafter referred to as the "Agreement") is amended as
follows:
1. Section 3.03(c) of the Agreement is hereby deleted in
its entirety and the following substituted therefor:
Executive shall be granted an option to purchase that
number of shares of Common Stock as shall equal 25% of the
difference between the number of shares of Common Stock issued
and outstanding on the date of closing of the currently
proposed public offering (after giving effect to the issuance
of the offering shares) and the number issued and outstanding
as of October 1, 1998, provided, however, that (i) for
purposes of this calculation, treasury shares shall not be
deemed to be issued and outstanding and (ii) any increase
which is the result of stock splits or stock dividends, shall
not be taken into account. Such stock option shall be
non-qualified stock options for purposes of the Internal
Revenue Code of 1986, as amended. The exercise price of such
stock options shall be the offering price of the Company's
common stock to the public in the currently proposed offering.
Such stock option shall be exercisable in whole or in part
after the date of grant, which shall be concurrent with the
closing of the public offering, and shall terminate on the
tenth anniversary of the date of grant. Such stock option
shall be evidenced by an agreement containing such other terms
and conditions as the Company and Executive shall agree. The
Company shall take all such steps as shall be necessary to
effectuate the foregoing including, without limitation,
proposing this amendment for approval by the Company's
stockholders and reserving a sufficient number of authorized
but unissued shares to permit the purchase of the shares
pursuant to the stock options granted hereunder.
2. This amendment is conditioned upon the closing of the
currently proposed public offering on or before April 30,
1999.
3. In all other respects, the Agreement shall continue in
full force and effect in accordance with its original terms,
as amended.
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If the foregoing sets forth a correct statement of our
agreement, please sign the duplicate hereof in the place indicated and return it
to us.
Very truly yours,
GLOBIX CORPORATION
By /s/ Xxxxxx X. Xxxx
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Xxxxxx X. Xxxx
Executive Vice President
ACCEPTED AND AGREED:
/s/ Xxxx X. Xxxx
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Xxxx X. Xxxx
