AMENDMENT NO. 2 TO EMPLOYMENT AGREEMENT
Exhibit 10.24
This Amendment (this “Amendment”), dated as of April 1, 2008, amends that certain Employment
Agreement made and entered into on the 23rd day of April, 2007, as amended by an
amendment dated as of April 1, 2008 (the “Employment Agreement’) by and between Globecomm Systems
Inc., a Delaware corporation with principal offices located at 00 Xxxx Xxxxxx, Xxxxxxxxx, X.X.
00000 (the “Company”), and Xxxxxxx Xxxxx (the “Executive”).
WITNESSETH:
WHEREAS, from the Effective Date of the Employment Agreement to April 1, 2008, the Executive had
been a Vice President and the General Manager of the Subsidiary and since April 1, 2008, the
Executive has been Senior Vice President, Corporate Sales and Marketing of the Company (all
capitalized terms not defined in this Amendment shall have the meanings ascribed to them in the
Employment Agreement);
WHEREAS, the Company wishes to extend the Term of the Employment Agreement and to redefine the
Executive’s responsibilities; and
WHEREAS, as a result the parties hereto desire to amend the Employment Agreement in certain
respects.
NOW, THEREFORE, the parties hereto hereby agree to amend the Employment Agreement as follows:
1. Position.
Section 1 of the Employment Agreement is hereby deleted and replaced in full with the following:
“Effective July 1, 2009, the Company hereby agrees to employ the Executive to serve in the role
of Senior Vice President, Corporate Office of the Company. The Executive accepts such
employment upon the terms and conditions set forth herein, and further agrees to perform to the
best of his abilities the duties generally associated with his position (including, but not
limited to, maintaining key customer relationships, creating and pursuing new business
initiatives and identifying and executing merger and acquisition opportunities for the Company),
as well as other duties commensurate with his position as Senior Vice President, Corporate
Office as may be assigned by the Chief Executive Officer of the Company. The Executive shall at
all times during the Term, report directly to the Chief Executive Officer of the Company. The
Executive shall perform his duties diligently and faithfully and shall devote his full business
time and attention to such duties.”
2. Term of Employment.
Section 2 of the Employment Agreement is hereby deleted and replaced in full with the following
Section 2:
“2. Term of Employment. The term of Executive’s employment under this Agreement
commenced on April 30, 2007 (the ‘Effective Date’). Subject to the provisions of Section 10 of
this Agreement, the term of Executive’s employment hereunder shall be for a term ending on June
30, 2012 (the “Term”). Thereafter, subject to the provisions of Section 10 of this Agreement,
the Term shall automatically renew for successive one (1) year terms, unless either party shall
have given written notice to the other party, not less than ninety (90) days prior to the
expiration of any such Term that the Term will not be extended.”
3. Compensation and Benefits.
a. Salary. The Executive’s Salary pursuant to Section 3(a) of the
Employment Agreement shall be fixed at an annual rate of Two Hundred Fifty Thousand
Dollars ($250,000) for the balance of the Term.
b. Bonus. Effective July 1, 2010, Section 3(b) of the Employment
Agreement shall be deleted and of no further force or effect. From and after such
date, the Executive shall be entitled to receive annual bonuses at the discretion of
the Company and according to performance goals to be issued by the Company to the
Executive at the appropriate annual review cycle during the Term.
c. Benefits. Section 3(c) of the Employment Agreement shall be revised to
provide that the Executive will receive a car allowance, when and if provided by the
Company to other senior executives of the Company in an amount and on terms consistent
with his status.
d. Stock Grant. Section 3(d) of the Employment Agreement is hereby
amended to add a new clause iv, as follows:
“iv. As soon as practicable following the 2009 Annual Meeting of Stockholders,
and subject to the approval by the Company’s stockholders of an increase in the
authorized number of shares subject to restricted share grants, the Company shall
grant to the Executive 25,000 restricted shares.”
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4. Effect of this Amendment. As amended hereby, the Employment Agreement shall remain in full force and effect.
IN WITNESS WHEREOF, the undersigned have duly executed this Amendment as of the date first set
forth above.
EXECUTIVE
/s/ XXXXXXX XXXXX | ||||
Xxxxxxx Xxxxx | ||||
GLOBECOMM SYSTEMS INC. | ||||
By:
/s/ XXXXX X. XXXXXXXXX
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Title:
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Chairman of the Board and CEO |
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