Exhibit 10.15
GLOBIX CORPORATION
AMENDMENT TO XXXXX XXXXXXXXX EMPLOYMENT AGREEMENT
DATED APRIL 15, 2002
This Amendment ("Amendment") to the Employment Agreement with Xxxxx
Xxxxxxxxx dated April 15, 2002 ("Agreement") is made as of August 1, 2003, by
and between GLOBIX CORPORATION, a Delaware corporation with its principal place
of business located at 000 Xxxxxx Xxxxxx, Xxx Xxxx, Xxx Xxxx 00000 ("Company"),
and Xxxxx Xxxxxxxxx, a resident of the Commonwealth of Virginia ("Executive");
(Executive and Company, together the "Parties" and each a "Party").
WHEREAS, Company desires to amend its Agreement with Executive dated April
15, 2002 concerning his employment as President and Chief Executive Officer and
Executive desires to accept such employment, on and subject to the terms and
conditions of the Agreement as amended by this Amendment; and
WHEREAS, the definitions in the Agreement shall be applicable to this
Amendment.
NOW, THEREFORE, in consideration of the foregoing, mutual provisions
contained this Amendment, and for other good and valuable consideration, the
Parties agree as follows:
1. In 'SS' 3 the Term shall be changed to commence on the date hereof and
end on July 31, 2004.
2. In 'SS' 4(a) the Base Salary shall be increased by ten (10%) percent to
$308,000.
3. In 'SS' 4(b) the following shall be added: "The reasonable expense of
maintaining an office in Virginia, which shall be deemed Executive's
principal place of employment, will be covered by the Company, but subject
to the approval of the Compensation Committee as to its scope and cost,
before any commitment is made."
4. In 'SS' 4(d), delete both paragraphs and insert the following:
"Executive shall be eligible for an annual bonus ("Annual Bonus") equal to
up to fifty (50%) percent of the Base Salary, which bonus shall be payable
by the Company at the discretion of the Compensation Committee if Executive
achieves his targets (objective and subjective) for the year, as
established from time to time by said committee. In establishing
performance targets and target bonus percentages for Executive, Company may
consider a variety of factors, including, without limitation, performance
targets set for, and bonus payments paid to, executives having comparable
responsibilities at comparable companies. Additionally, Executive shall be
eligible for a discretionary bonus ("Discretionary Bonus") in connection
with the success Company may have in the purchase or sale of certain assets
and/or disposition or acquisition of certain businesses. Any such
Discretionary Bonus shall be solely at the discretion of the Compensation
Committee as to
amount and method and timing of payment. Provided further, however, in that
Executive's entitlement to all bonuses has been amended to be solely at the
discretion of the Compensation Committee, all references in the Agreement
to post employment bonus entitlement shall be deleted."
5. In 'SS' 5 delete the reference to the "[2002 Stock Option Plan]" and
insert "[2003 Stock Option Plan]" and at the end thereof add:
"Notwithstanding the foregoing or the provisions of the 'SS' 6 of the
Option Agreement, Executive shall have the limited rights granted under
'SS' 9 of the Stock Option Plan to transfer vested options including all
rights implicit therewith, i.e., the right to exercise."
6. In 'SS' 9(c) the severance pay entitlement shall be increased from six
(6) months to twelve (12) months.
7. In 'SS' 12(a) on the third line thereof delete "three (3)" and insert
"nine (9)".
In all other respects the Agreement shall be in full force and effect.
IN WITNESS WHEREOF the parties hereto have executed this Amendment by their
duly authorized representatives effective as of the date first above written.
GLOBIX CORPORATION EXECUTIVE
By By
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Xxxxxx X. Xxxxxxxxxx Xxxxx X. Xxxxxxxxx
Chief Financial Officer
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