Exhibit 10-50
Amended Employment Agreement with Xxxxxxx Xxxxxxxxxxx
(REPRINT OF ORIGINAL)
AMENDED EMPLOYMENT AGREEMENT
This Amended Employment Agreement (the "Agreement"), effective as of
October 20, 1998, entered into by and between Network Peripherals Inc., a
Delaware corporation (the "Company"), and Xxxxxxx X. Xxxxxxxxxxx
("Xxxxxxxxxxx"). The Agreement supersedes, in its entirety, Section 4 of the
Employment Agreement between the Company and Xxxxxxxxxxx dated June 11, 1998 and
the Amended Employment Agreement dated October 19, 1998.
4. Stock Option. Xxxxxxxxxxx shall be granted the option to purchase up to
500,000 shares of Common stock of the Company (the "Option"). Subject
to Xxxxxxxxxxx'x continued employment with the Company, the shares
subject to the Option (the "Optioned Shares") shall become vested and
exercisable at the rate of 125,000 Optioned Shares on June 11, 1999 and
an additional 10,417 Optioned Shares for each full month of
Xxxxxxxxxxx'x employment with the Company thereafter. Provided that
Xxxxxxxxxxx'x employment with the company has not terminated prior to
the date of the consummation of a Change in Control, the vesting and
exercisability of the Optioned Shares shall be accelerated effective as
of the date ten (10) days prior to the date of the Change in control as
to 100% of the Optioned Shares that would otherwise remain unvested as
of the date of the Change in Control.
Except as otherwise provided herein, the Option shall be subject to the
terms of the Company's 1997 Stock Plan and the appropriate standard
form Company stock option agreement, which Xxxxxxxxxxx shall be
required to sign as a condition of the issuance of the Option.
NETWORK PERIPHERALS INC.
Date: By: /s/ Xxxxx Xxxxxxxx
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Its: Chairman of the Board of Directors with
authorization from the Compensation Committee
Date: /s/ Xxxxxxx Xxxxxxxxxxx
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Xxxxxxx X. Xxxxxxxxxxx
