Exhibit 10.24
AMENDMENT NO. 2 TO EMPLOYMENT AGREEMENT
AMENDMENT NO. 2 TO EMPLOYMENT AGREEMENT made as of March 21, 2001 between
GLOBIX CORPORATION, a Delaware corporation ( the "Company"), having an office at
000 Xxxxxx Xxxxxx, Xxx Xxxx, Xxx Xxxx, and XXXX X. XXXX ("Executive"), residing
at ________________________.
WHEREAS, the Company and Executive are parties to the Employment Agreement
dated April 10, 1998 between the Company and Executive, as amended by an
Agreement dated as of March 2, 1999 between the Company and Executive (as so
amended, the "Employment Agreement");
WHEREAS, the Company and Executive desire to amend the Employment
Agreement;
NOW, THEREFORE, it is agreed as follows:
1. The first sentence of Section 2 is hereby amended to read as follows:
Executive shall be Chairman and Chief Executive Officer of
Company.
2. The following is hereby added at the end of Section 3.02 of the
Employment Agreement:
The foregoing calculation shall be appropriately adjusted to take
account of stock splits, stock dividends and other similar
transactions as determined by the Company.
3. For a period of five years after the date of termination of
Executive's employment with the Company, the Company shall continue to provide
Executive, at the Company's cost, with family medical insurance coverage at
least equal to the coverage provided by the Company to Executive at the time of
the termination of his employment.
4. During his employment and for a period of five years after the
termination of Executive's employment with the Company, the Company shall
continue to pay or reimburse Executive for all costs and expenses incurred by
Executive in installing and maintaining a T-1 data transmission line, or the
then current technological equivalent, at up to two locations of Executive's
choosing.
5. For a period of six months after the termination of Executive's
employment with the Company, the Company will continue to provide Executive with
the exclusive use of an office equivalent to the office occupied by him at the
date of termination and secretarial and other office services consistent with
past practice.
IN WITNESS WHEREOF, the parties hereto have duly executed this
Agreement as of the date first above written.
GLOBIX CORPORATION
By /s/ Xxxxx X. Reach
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Xxxxx X. Reach, Senior V.P.
and Chief Financial Officer
EXECUTIVE:
/s/ Xxxx X. Xxxx
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Xxxx X. Xxxx
