Amendment No. 1 to Employment Agreement between InfoSpace, Inc. and Edmund O. Belsheim, Jr.
This amendment updates the employment agreement between InfoSpace, Inc. and Edmund O. Belsheim, Jr. It changes the terms that apply if the employee dies while employed. Under the new terms, all of the employee’s unvested stock options will immediately vest, the employee’s beneficiary will receive severance pay and company-paid COBRA benefits for 90 days, and the right to exercise stock options will extend for one year after death. All other terms of the original agreement remain unchanged.
Exhibit 10.19
AMENDMENT NO. 1 TO EMPLOYMENT AGREEMENT
This Amendment No. 1 (this Amendment) to the Employment Agreement dated as of April 2, 2003 (the Employment Agreement), between InfoSpace, Inc., a Delaware corporation (the Company) and Edmund O. Belsheim, Jr. (Employee), is made this 9th day of December, 2004 by and between the Company and Employee. Capitalized terms used herein and not otherwise defined are used as defined in the Employment Agreement.
WHEREAS, the Company and the Employee desire to amend the Employment Agreement as provided herein;
NOW THEREFORE, in consideration of the mutual covenants herein contained, the continuing employment of the Employee by the Company, and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties agree as follows:
1. | Amendment to Section 6(d) of the Employment Agreement. Section 6(d) is amended and restated in its entirety to read as follows: |
Death. In the event of Employees death while employed hereunder (i) one hundred percent (100%) of the Employees then unvested stock options shall immediately vest and become exercisable; and (ii) Employees beneficiary (or such other person(s) specified by will or the laws of descent and distribution) (x) will receive continuing payments of severance pay (less applicable withholding taxes) at a rate equal to Employees base salary for a period of ninety (90) days from Employees death, to be paid periodically in accordance with the Companys normal payroll policies; (y) will receive Company-paid COBRA benefits as specified in Section 6(b)(iii) above for ninety (90) days from Employees death; and (z) have the right to exercise Employees stock options for one (1) year following Employees death.
2. | Effect on the Employment Agreement. Except as specifically set forth herein, the Employment Agreement shall not be otherwise amended but shall remain in full force and effect, subject to the terms thereof. |
3. | Counterparts. This Amendment may be executed in counterparts, each of which shall be deemed an original but all of which together will constitute one and the same instrument. |
IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be executed on the date first above written.
INFOSPACE, INC | EMPLOYEE | |||
By: | /s/ James F. Voelker | /s/ Edmund O. Belsheim, Jr. | ||
James F. Voelker | Edmund O. Belsheim, Jr. | |||
Chief Executive Officer |