Amendment to Employment Agreement between iPCS, Inc. and Edmund L. Quatmann, Jr. (February 22, 2008)

Summary

This amendment updates the employment terms for Edmund L. Quatmann, Jr. with iPCS, Inc. Effective January 1, 2008, Mr. Quatmann's title is changed to Senior Vice President, General Counsel and Secretary. His annual base salary is increased to $250,000, and his target incentive bonus is raised to 50% of his base salary. The amendment also revises severance terms, providing a lump sum payment of 150% of his base salary and continued health benefits for 18 months after termination, subject to COBRA election.

EX-10.50 9 a2182817zex-10_50.htm EXHIBIT 10.50
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Exhibit 10.50

        

February 22, 2008

Edmund L. Quatmann, Jr.
c/o iPCS, Inc.
1901 N. Roselle Road
Schaumburg, IL 60195

Dear Mr. Quatmann:

        Reference is made to the Employment Agreement, dated as of March 7, 2007 (the "Employment Agreement"), between you and iPCS Wireless, Inc. Capitalized terms used herein but not defined herein shall have the meanings set forth in the Employment Agreement.

        I am pleased to inform you that the Compensation Committee of the Board of Directors took the following actions effective January 1, 2008:

    Changed your title to "Senior Vice President, General Counsel and Secretary."

    Increased your Annual Base Salary to $250,000.

    Increased your Incentive Bonus under the Incentive Bonus Plan at the target level of performance to 50% of your Annual Base Salary.

    Amended and restated in their entirety clauses (a) and (b) of paragraph 1 of Exhibit A to the Employment Agreement to read as follows:

      "(a)    a lump sum payment equal to 150% of Executive's Annual Base Salary;

      (b)    continuation of health benefits for Executive and Executive's qualified beneficiaries for the period beginning on the Termination Date and ending on the 18-month anniversary of the Termination Date at a cost which is no greater than is charged to active employees of the Company and their dependents, which continuing health benefits shall be provided only if Executive and Executive's qualified beneficiaries, as applicable, make a timely and proper election to be covered under COBRA;"

        This constitutes an amendment of your Employment Agreement. Please acknowledge this amendment by countersigning below.


 

 

Very truly yours,

 

 

iPCS, Inc.

 

 

By:

/s/ Timothy M. Yager
    Name:  Timothy M. Yager
    Title:    CEO and President

AGREED AND ACKNOWLEDGED
this 22nd day of February, 2008

 

 

By:

/s/ Edmund L. Quatmann, Jr.

 

 



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    Exhibit 10.50