EXHIBIT 10.3
MEMORANDUM
From: Xxxxxxx X. Xxxxxxxxx
To: Xxxxx Xxxxxxxx
Re: Amendment to Employment Agreement
Dated: December 20, 2002
This is to confirm to you that, effective January 1, 2003, your
existing Employment Agreement ("Agreement") with Net2Phone, Inc, is hereby
amended as follows:
1. The term of the Agreement shall expire December 31, 2005.
2. Your Base Salary shall be $195,000.00 per annum, subject to
such increases as the Board of Directors or its Compensation
Committee may approve from time to time.
3. You shall report directly to the Chief Executive Officer of
the Company.
4. Upon termination of your Employment Agreement for any reason,
except for termination by the Company for Cause or termination
by you without Cause, all vested Options to purchase shares of
the Company's Common Stock held by you on the date of
termination shall be exercisable until the 10th anniversary
dates of their respective grants.
Except as specifically otherwise provided for herein, the terms and
conditions of your existing Agreement are hereby ratified and confirmed and
remain in full force and effect.
Net2Phone, Inc. Accepted and Agreed
By: /s/ Xxxxxxx X. Xxxxxxxxx /s/ Xxxxx Xxxxxxxx
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Xxxxxxx X. Xxxxxxxxx, CEO Xxxxx Xxxxxxxx
