AMENDMENT NUMBER ONE TO
CHANGE IN CONTROL SEVERANCE AGREEMENT
This Amendment to the Change in Control Severance Agreement (the Amendment) between Gogo LLC (f/k/a Aircell LLC) (the Company) and Margee Elias (the Executive) is dated as of November 30, 2017.
WHEREAS, Company and the Executive have heretofore entered into a Change in Control Severance Agreement dated as of March 6, 2013 (the Agreement); and
WHEREAS, the Company and the Executive desire to amend the Agreement to include terms on the vesting of performance-based Awards in the event of a Qualifying Termination.
NOW, THEREFORE, the Agreement is hereby amended as follows, effective as of November 30, 2017:
| ||1. || |
Section 2(b) of the Agreement is hereby deleted in its entirety and replaced with the following:
(b)Award Acceleration. If Executives employment is terminated as a result of a Qualifying Termination, then (i) the vesting of each Award that vests based on continued service, and the exercisability of each such Award that is a stock option, shall be automatically accelerated in full as of the Date of Termination and (ii) each Award that vests based on performance shall remain outstanding through the normal performance vesting date thereof (or, in the case of each such Award that is a stock option, until the 90th day following such normal performance vesting date) and shall vest and/or be forfeited based on the satisfaction of the applicable performance goals to the same extent as if the undersigneds services to the Company had not ended (provided that, to the extent any such Award is subject to both performance and service-based vesting, the service-based vesting shall be automatically accelerated in full as of the Date of Termination). The Award shall continue to be exercisable in accordance with the Executives Award Agreement, and, with respect to Awards other than stock options and restricted stock awards, will be settled upon vesting to the extent such accelerated settlement is permitted by Section 409A of the Code or, if not so permitted, on the scheduled settlement date in accordance with the Executives Award Agreement, including in each case without any limitation any provisions that provide that in connection with a Change in Control, an Award may be surrendered and cancelled in exchange for a cash payment.
| ||2. || |
The Section 16 definition of Award is deleted in its entirety and replaced with the following:
Award means any options or other equity incentives awarded to the Executive under the Aircell Holdings Inc. Stock Option Plan, The 2013 Gogo Equity Incentive Plan, The 2016 Gogo Equity Incentive Plan or any other plan implemented by the Company (each a Plan and collectively the Plans).