INCENTIVE BONUS LETTER AGREEMENT
Exhibit 10.4
March 13, 2020
INCENTIVE BONUS LETTER AGREEMENT
Xxxxxx,
As you are aware, Internap Corporation (the “Company”) is undergoing a chapter 11 plan of reorganization. In order to ensure your continued, diligent performance during this period of uncertainty, the Company has
determined that you will be eligible for an incentive bonus in accordance with the terms of this letter (this “Letter”).
You will be eligible to receive a one-time bonus equal to $200,000 (the “Incentive Bonus”). Fifty percent of the Incentive Bonus will be payable within five days following the consummation
of the chapter 11 plan contemplated by that certain Restructuring Support Agreement, dated as of March 13, 2020, among the Company and the other parties thereto (the “Initial Incentive Bonus Payment Date”). The remaining fifty percent of the
Incentive Bonus will be payable on March 31, 2021 (the “Second Incentive Bonus Payment Date”, and together with the Initial Incentive Bonus Payment Date, the “Payment Dates”). You will forfeit any unpaid portion of the Incentive Bonus
if you are terminated for Cause or voluntarily resign prior to the applicable Payment Date. Notwithstanding the foregoing, in the event of your termination other than for Cause or as a result of your voluntary resignation, you will be paid any
unpaid and unforfeited portion of the Incentive Bonus on the later of (x) the Initial Incentive Bonus Payment Date and (y) the date of such termination. “Cause” means any act or omission on your part which would at law permit an employer to, without
notice or payment in lieu of notice, terminate the employment of an employee including but not limited to, a material breach of this Letter.
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Please indicate acceptance of this Letter by signing below.
Sincerely,
/s/ Xxxxxxx Xxxxxxx
Xxxxxxx Xxxxxxx
Executive Vice President, General Counsel
ACCEPTED: |
/s/ Xxxxxx Xxx
|
Xxxxxx Xxx
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