THIRD AMENDMENT OF RESTRICTED STOCK AWARD AGREEMENTS
Exhibit 10.72.1
THIRD AMENDMENT OF
RESTRICTED STOCK AWARD AGREEMENTS
This Third Amendment of Restricted Stock Award Agreements is between Path 1 Network Technologies Inc. (“Path 1”) and Xxxxx Xxxxxxxxx (“Xxxxxxxxx”) as of September 23, 2005. It amends the Restricted Stock Award Agreement between the parties dated October 23, 2003, as previously amended, and the Restricted Stock Award Agreement between the parties dated February 27, 2004, as previously amended (together, the “Agreements”).
Xxxxxxxxx is Path 1’s Vice President. This Amendment is entered into in anticipation of Xxxxxxxxx’x resignation as Vice President and an employee.
1. A new Section 17 is added to each of the respective Agreements to read in full as follows:
17. Resignation. Notwithstanding anything in Section 3(b) or Section 16 to the contrary, in the event Xxxxxxxxx resigns as Vice President and an employee effective September 23, 2005, all the shares of Restricted Stock which have not already vested shall vest immediately on September 23, 2005, whether or not such day is within a “closed window period,” and shall thereupon become Vested Stock; and thereupon the provisions of paragraphs (a) and (b) of Section 16 shall entirely cease to be effective.
2. Except as expressly amended by this Amendment, each of the respective Agreements remains unchanged and in full force and effect.
3. The parties acknowledge that they have the right to have been represented by legal counsel of their own choosing, and that Xxxxxx Xxxxxx LLP and Xxxxxx Xxxxxxx are representing Path 1 and are not representing Xxxxxxxxx.
| /s/ Xxxxx Xxxxxxxxx | ||
| XXXXX XXXXXXXXX | ||
| By: |
/s/ Xxxxxxxxx Xxxx | |
| Xxxxxxxxx Xxxx, Director and Authorized Agent | ||
