AMENDMENT NO. 1 TO EMPLOYMENT AGREEMENT
EXHIBIT
10.10
AMENDMENT
NO. 1 TO EMPLOYMENT AGREEMENT
This
is
Amendment No. 1 (this “Amendment”), dated as of September 18, 2007 (the
“Effective Date”), to the Employment Agreement, dated as of September 29, 2006
(the “Agreement”), between Xxxx Xxxxxx (“Employee”) and Digital Domain, Inc.
(the “Company”).
For
good
and valuable consideration, the receipt and sufficiency of which are hereby
acknowledged, the parties agree as follows:
1. Base
Salary.
The
first sentence of Paragraph (a) of Section 2 of the Agreement shall be amended,
effective as of the Effective Date, by being replaced in its entirety with
the
following:
“(a)
In
consideration for all rights and services provided by Employee, Employee
shall
receive an annual base salary of $616,000.00 (the “Base Salary”).”
2. Expenses
and Benefits.
Section
5 of the Agreement shall be amended, effective as of the Effective Date,
by
inserting the following two paragraphs after Paragraph (f) thereto:
“(g)
The
Company shall reimburse Employee for reasonable travel expenses incurred
by
Employee with respect to his regular weekly commute between San
Francisco/Oakland and Los Angeles, e.g.,
economy
class airfare, taxi fees and/or parking charges.
(h)
The
Company shall provide Employee a reasonable housing allowance to rent a
residence in the Los Angeles area during the term of the Agreement. The housing
allowance is currently estimated at $4,000 - $5,000 per month; provided,
however, that adjustments thereto may be made at the discretion of the board
of
directors of the Company (or the compensation committee thereof) based on
fluctuations in the rental market proximate to the Company’s
offices.”
3. Conditional
Stock Option Acceleration.
Notwithstanding any terms to the contrary in Section 4(c) of the Agreement,
if
the Term of the Agreement is mutually extended for an additional period of
one
year commencing on the second anniversary of the Commencement Date (the “Second
Anniversary”) and ending on September 29, 2009 (in accordance with the terms of
Section 2 of the Agreement), then that portion of the Option which has not
vested as of the Second Anniversary shall immediately vest on the date that
is
two (2) years after the grant date of that portion of the Option. Without
derogating from the generality of the foregoing and for the avoidance of
doubt,
the parties may also agree to so extend the Term by a writing signed and
mutually delivered by the parties any time prior to the date which is one
hundred twenty (120) days prior to the Second Anniversary.
4. Miscellaneous.
It is
the express intention of the parties hereto to ratify and reaffirm the terms
and
conditions of the Agreement, as amended concurrently herewith. Except as
amended
hereby, the Agreement shall remain unmodified and in full force and effect.
In
the event of any inconsistency between the provisions of the Agreement and
the
provisions of this Amendment, the provisions of this Amendment shall prevail.
This Amendment may be executed in counterparts and delivered by
facsimile.
IN
WITNESS WHEREOF, the parties hereto have caused this Amendment No. 1 to
Employment Agreement to be executed as of the Effective Date.
|
By:
_____________________________
XXXX
XXXXXX
|
DIGITAL
DOMAIN, INC.
By:
_____________________________
Its:
_____________________________
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