iBasis, Inc. Change in Control Severance Letter to Dan Powdermaker
This letter agreement from iBasis, Inc. to Dan Powdermaker outlines severance terms in the event his employment is terminated without cause or he resigns for good reason within six months following an acquisition or change in control of the company. If triggered, iBasis will continue to pay his base salary and provide health benefits for nine months, and all of his stock options and restricted stock will immediately vest and become exercisable. The options will remain exercisable until their expiration or earlier termination under their terms.
Exhibit 10.75
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| iBasis |
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| iBasis, Inc. |
| 20 Second Avenue, Burlington, MA 01803 USA |
| Confidential |
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| 781 ###-###-####, FAX ###-###-####, ibasis.net |
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July 10, 2002
Dan Powdermaker
Re: “Double Jeopardy’’
Dear Dan:
In the event that iBasis, Inc. (“Company) terminates your employment without cause or you terminate your employment for good reason, in either case within six months after the occurrence of an acquisition or change in control, then the Company will continue to pay your base salary and provide health benefits for nine months and your options and restricted stock, if any, shall immediately vest and become exercisable, and each option shall remain exercisable until the expiration of the option or until it sooner terminates in accordance with its terms.
| Sincerely, | |
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| /s/ Gordon VanderBrug |
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| Gordon VanderBrug |
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| Executive Vice President |
cc: Tamah Rosker, Esq.
