EXHIBIT 10.2
MEMORANDUM
FROM: Xxxxxxx Xxxxxxxxx
TO: Xxxxx X. Xxxxxxxx
RE: Employment Agreement
Dated: December 10, 2002
This is to confirm that, with the approval the Board of Directors, this
Memorandum shall serve to amend your Employment Agreement dated January 8, 2001
as follows:
1. Effective January 1, 2003, your annual base salary shall be
increased to $260,000.00.
2. In the event of the termination of your employment for any
reason, other than cause or your resignation without cause,
you and your eligible dependents shall continue to receive all
Welfare Benefits provided for in your Employment Agreement
until at least August 12, 2005.
3. In the event of the termination of your employment for any
reason, other than cause or your resignation without cause,
the period during which your options shall be exercisable
shall be extended until the fourth anniversary date of
termination.
4. You shall report directly to the Chief Executive Officer of
the Company.
For purposes of this Agreement, your failure to agree to or the
Company's failure to offer the extension of the term of your employment shall
not be deemed to be a termination for "cause" or a "resignation without cause".
Except as specifically provided for herein, the terms of your
Employment Agreement of January 8, 2001 are hereby ratified and confirmed and
remain in full force and effect.
Net2Phone, Inc.
By: /s/ Xxxxxxx X. Xxxxxxxxx
------------------------------
Xxxxxxx X. Xxxxxxxxx, CEO
Agreed:
/s/ Xxxxx X. Xxxxxxxx
--------------------------
Xxxxx X. Xxxxxxxx
