DSL.NET, INC.
EXHIBIT
10.7
XXX.XXX,
INC.
00
XXXXXX
XXXX XXXXX, XXXXX 000
XXXXXXXXXXX,
XX 00000
August
28, 2006
Xxxxx
X.
Xxxxxxx
c/o
XXX.xxx, Inc.
00
Xxxxxx
Xxxx Xxxxx, Xxxxx 000
Xxxxxxxxxxx,
XX 00000
Re:
Retention Bonus
Dear
Xxxx:
As
you
know, XXX.xxx, Inc. (the “Company”) entered into a Purchase Agreement with
MegaPath Inc. and a wholly-owned subsidiary of MegaPath Inc. (“MegaPath”) on
August 22, 2006 (the “Purchase Agreement”). It is a condition to the closing of
the financing transaction contemplated by the Agreement (the “Financing”) that
the Company have entered into this agreement with you.
In
recognition of your historic valuable contributions to the success of the
Company and your continuing value to the Company during the period following
the
closing of the Financing, to incent you to remain as an employee of the Company,
and in consideration for the mutual covenants set out herein, the Company is
prepared to offer to you the following:
· |
Provided
that you remain employed by the Company up until February 28, 2007
(the
“Retention Date”), you will be paid a retention bonus (the “Retention
Bonus”) equal to three months of your current base salary. The Company
will withhold and remit all applicable deductions from the Retention
Bonus, which will be paid to you within five (5) business days of the
Retention Date. If your employment with the Company is terminated
by you
or by the Company for any reason prior to the Retention Date, you
will not
be paid the Retention Bonus.
|
Except
as
expressly amended herein, nothing in this agreement alters or amends the terms
of your employment with the Company as at the Effective Date (as defined below)
of this letter. This agreement becomes effective (the “Effective Date”) on the
later of the date that the Company receives from you an executed copy of this
agreement and the closing of the Financing.
The
benefits set forth herein are being made available to you in recognition of
your
unique knowledge and skills and in consideration for your continuing loyalty
and
dedication to the Company during this important period, and are in addition
to
your current compensation and any other benefits to which you are or may become
entitled. This agreement is binding upon and shall inure to the benefit of
the
parties hereto and their respective successors and assigns.
Please
acknowledge your receipt of this agreement by signing one copy of this letter
and returning it to the undersigned.
Yours
truly,
XXX.xxx,
Inc.
Per
order of the Board of Directors
By:
/s/
Xxxxxx
Xxxxxx
Name:
Xxxxxx Xxxxxx
Title:
Chief Financial Officer
Agreed
to this 28th day of August, 2006:
/s/
Xxxxx X.
Xxxxxxx
Xxxxx
X.
Xxxxxxx