Employment Term Extension and Severance Agreement between Eschelon Telecom, Inc. and Geoffrey Boyd
This agreement between Eschelon Telecom, Inc. and Geoffrey Boyd extends the termination provisions of Boyd's prior service agreement for two years, through April 30, 2007. If Boyd is terminated without cause before that date, the company will continue his salary and medical benefits for one year after termination and accelerate his stock option vesting by one year. Boyd remains bound by confidentiality, non-disclosure, and non-solicitation obligations even after his employment ends.
Exhibit 10.1
April 11,2005
Geoffrey Boyd
Chief Financial Officer
Eschelon Telecom, Inc.
730 Second Avenue South
Suite 900
Minneapolis, MN ###-###-####
Dear Mr. Boyd:
Your existing service agreement expired on March 31, 2005 and we are extending the termination language in that agreement for another two (2) years or through April 30, 2007.
In the event that your employment with Eschelon Telecom, Inc. is terminated without cause anytime before April 30, 2007, the Company will continue your salary and medical payments for a period of one (1) year beyond termination. Additionally, Eschelon will accelerate the vesting of options by one (1) year in such event. The obligations imposed on you as an Officer of Eschelon Telecom, Inc. with respect to confidentiality, non-disclosure, and non-solicitation shall continue notwithstanding the termination of the employment relationship between the parties.
Accepted and Agreed:
| By: | /s/ Richard A. Smith | By: | /s/ Cliff D. Williams |
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| Richard A. Smith |
| Cliff D. Williams |
|
| President & Chief Executive Officer |
| Chairman & Founder |
Accepted and Agreed
| By: | /s/ Geoffrey M. Boyd |
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| Geoffrey M. Boyd |
|
|
| Chief Financial Officer |
|
