Form of Compensation Agreement for Certain Officers of DSL.net, Inc. (See Schedule A Hereto for Officers and Amounts) DSL.NET, INC. Wallingford, CT 06492 July 25, 2006
EXHIBIT
10.05
Form
of Compensation Agreement for Certain Officers of XXX.xxx, Inc. (See Schedule
A
Hereto for Officers and Amounts)
XXX.XXX,
INC.
00
Xxxxxx
Xxxx Xxxxx, Xxxxx 000
Xxxxxxxxxxx,
XX 00000
July
25,
2006
Mr.
[See
Schedule A Hereto]
c/o
XXX.xxx, Inc.
00
Xxxxxx
Xxxx Xxxxx
Xxxxx
000
Xxxxxxxxxxx,
XX 00000
Mr.
[See
Schedule A Hereto]:
You
have
been identified to receive cash compensation under this agreement in recognition
of your value to XXX.xxx, Inc. (the “Company”) in connection with our pursuit of
strategic or financing alternatives for the Company and in anticipation of
your
expected contributions to the Company during the critical near term in support
of those efforts. This cash compensation is being made available to you in
recognition of your unique knowledge and skills and in consideration for your
continuing loyalty and dedication to the Company during this important period,
and is in addition to your current compensation and any other benefits to which
you are or may become entitled.
The
compensation payable hereunder is a fixed gross dollar amount, subject to all
applicable withholdings. The compensation amount, totaling $[See
Schedule A Hereto],
will be
paid to you by the Company in lump sum, no later than the next regularly
scheduled payroll date following the date of this agreement, subject to the
condition subsequent that you shall remain an active employee of the Company
on
November 15, 2006 (the “Vesting Date”).
Subject
to the other terms of this agreement, your absolute right to retain the above
payment shall vest on the Vesting Date, provided you have not been earlier
terminated by the Company for Cause (as defined below), or resigned from your
employment with the Company for any reason, or your employment with the Company
has not been previously terminated due to your death or disability. If, prior
to
the Vesting Date, you are terminated by the Company for Cause, or you resign
from your position of employment with the Company for any reason, or your
employment with the Company has been terminated due to your death or disability
(each, a “Refund Event”), you will forfeit the right to retain any portion of
the subject payment, and shall return 100% of the subject payment to the Company
within three (3) business days following the occurrence of a Refund Event or
the
Company’s written notice to you of the occurrence of such Refund Event. For
purposes of this agreement, (a) the term “Cause” shall have the meaning ascribed
to such term in the Company’s Amended and Restated 2001 Stock Option and
Incentive Plan, (b) the term “disability” shall mean your inability, by reason
of physical or mental incapacity or prolonged sickness, to materially perform
the essential functions of your job, with or without a reasonable accommodation
by the Company, for a given period of time, such that the Company would not
reasonably be likely to receive the full anticipated benefit of your services,
as reasonably determined by the Company’s Board of Directors or Chief Executive
Officer, and (c) the term “business day” shall mean a weekday other than a U.S.
Federal holiday or day on which banks in the State of Connecticut are authorized
to close.
If
your
employment is terminated by the Company without Cause at any time on or after
the date of this agreement and prior to the Vesting Date (other than as a result
of your death or disability), you shall immediately fully vest in the subject
payment under this agreement.
Please
note that the payment to you of any compensation under this agreement does
not
constitute or imply a contract of employment or otherwise guarantee continued
employment by the Company for any particular time period, and that you remain
an
employee-at-will.
We
look
forward to your future contributions.
Sincerely,
By
Order of the Board of Directors
/s/
Xxxxx X.
Xxxxxxx
Name:
Xxxxx X. Xxxxxxx
Title:
President & Chief Executive Officer
Acknowledged
and Agreed to by:
_______________________________
Name:
[See
Schedule A hereto]
Date:
July 25, 2006
2
SCHEDULE
A
Officers
and Compensation Amounts
Officer:
|
Amount:
|
Xxxx
X. Xxxxxxxx
|
$30,500
|
Xxxxxx
Xxxxxx
|
$25,000
|
3