SECOND AMENDMENT TO EMPLOYMENT AGREEMENT
Exhibit
10.15
SECOND
AMENDMENT TO EMPLOYMENT AGREEMENT
This
Second Amendment to Employment Agreement (this “Amendment”) is entered into as
of September 14, 2009 by and between Grande Communications Networks LLC, a
Delaware limited liability company and successor-in-interest to Grande
Communications Networks, Inc. (the “Company”), and W.K.L. “Xxxxx”
Xxxxxxxx, Jr. (the “Executive”).
WHEREAS, Grande Communications
Networks, Inc. and the Executive entered into an Employment Agreement as of June
28, 2006, as amended by the Amendment to Employment Agreement dated as of
February 5, 2008 (the “Agreement”); and
WHEREAS, the Company and the
Executive wish to amend the Agreement in connection with the consummation of the
transactions contemplated by the certain Recapitalization Agreement dated as of
August 27, 2009 by and among ABRY Partners VI, L.P., Grande Communications
Networks, Inc., Grande Communications Holdings, Inc., ABRY Partners, LLC, Grande
Investment L.P., and Grande Parent LLC. (the “Closing”).
NOW, THEREFORE, the parties agree
as follows:
1.
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Effective
upon the Closing, the Agreement is amended by deleting
Section 9(b)(5) of the Agreement in its entirety, and replacing it
with the following:
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“(5) In
the event the Executive’s employment is terminated by the Company without Cause
or by the Executive pursuant to a Good Reason Termination, the obligations of
the Company to the Executive hereunder shall be canceled and the Company shall
pay to Executive the amount of the Base Pay accrued but unpaid to the effective
date of termination of employment (the “Termination Date”) plus
Severance Pay for the Severance Period. “Severance Pay” means an amount
equal to the Executive’s then current bi-weekly Base Salary (less applicable
deductions and withholdings) multiplied by twenty-six (26). The
“Severance Period” shall
be the fifty-two (52) week period commencing on the day after the Termination
Date. The Severance Pay shall be payable on a bi-weekly basis with
each payment equal to the Executive’s current bi-weekly Base Salary (less
applicable deductions and withholdings) on the Termination Date. The
payments of Severance Pay shall commence on the Company’s first regular payroll
payment date in the Severance Period. The Company will also continue
the Executive’s then current insurance and health care coverage provided for in
Section 5 until
the termination of the Severance Period (“Benefit
Continuation”). Notwithstanding anything in this Agreement to
the contrary, the payment of Severance Pay and Benefit Continuation shall be
conditioned upon the execution by the Executive and delivery to the Company of a
release of claims in a form satisfactory to the Chief Executive Officer and the
Executive not revoking such release within seven (7) days after such
delivery.”
IN WITNESS WHEREOF, the
Company and the Executive have executed this Amendment to be effective as of the
Closing.
COMPANY:
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GRANDE
COMMUNICATIONS NETWORKS LLC
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By:
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/s/
Xxxxxxx X. Xxxxxxx
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Xxxxxxx
X. Xxxxxxx
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Chief
Financial Officer
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EXECUTIVE:
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/s/
W.K.L. ("Xxxxx") Xxxxxxxx, Jr.
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W.K.L.
(“XXXXX”) XXXXXXXX, JR.
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Signature
Page to Second Amendment to Xxxxxxxx Employment Agreement