Amendment No. 3 to Amended and Restated Employment Agreement between LifeLock, Inc. and Chris Power
This amendment updates the employment agreement between LifeLock, Inc. and Chris Power. It extends reimbursement for temporary living expenses and travel between Phoenix, Arizona and Denver, Colorado until December 31, 2012, with a monthly cap of $4,500. It also provides for reimbursement of relocation expenses and a one-time relocation bonus, subject to certain conditions and tax withholdings. All other terms of the original agreement remain unchanged. The amendment is effective as of July 1, 2012.
Exhibit 10.3C
July 13, 2012
Mr. Chris Power
6650 W. Prentice Ave
Littleton, CO 80123
Re: | Amendment No. 3 to Amended and Restated Employment Agreement |
Dear Chris:
You (the Executive) and LifeLock, Inc., a Delaware corporation (the Company), are parties to that certain Amended and Restated Employment Agreement dated effective May 11, 2011 as further amended by the first and second amendments thereto (as amended, the Employment Agreement). Each capitalized term not expressly defined in this letter (this Amendment No. 3) shall have the meaning assigned that term in the Employment Agreement.
Under the terms of Section 2.4 of the Employment Agreement, the Executive and the Company agreed that the Company would reimburse the Executive for temporary living expenses and certain round-trip airfare between Phoenix, Arizona and Denver, Colorado, in an aggregate amount not to exceed $4,500 per month, until June 30, 2012. The Executive has requested that the Company extend the reimbursement of temporary living expenses and certain round-trip airfare between Phoenix, Arizona and Denver, Colorado until December 31, 2012, at which time the Executive hopes to have relocated to the greater Phoenix, Arizona metropolitan area.
The Company and the Executive mutually desire to continue the employment relationship between the Company and the Executive upon the terms and conditions of the Employment Agreement as amended herein. Accordingly, the Company and the Executive have therefore agreed to amend the Employment Agreement as follows:
(A) Section 2.4 of the Employment Agreement, entitled Relocation, is hereby amended by deleting the same in its entirety and substituting in its place and stead the following new Section 2.4:
2.4 Relocation.
(a) Relocation Expenses. Upon the submission of reasonable and satisfactory supporting documentation by the Executive, the Company shall reimburse the Executive for all reasonable expenses actually paid or incurred by the Executive in the course of relocating Executive and his family and their household belongings from Denver, Colorado to Phoenix, Arizona, including the shipment of household goods (including two vehicles), one round-trip air transportation for the Executive and his family to look for a home in the Phoenix, Arizona metropolitan area, and one one-way air transportation for the Executive and his family to move to the Phoenix, Arizona metropolitan area.
(b) Temporary Living Expenses and Airfare. Until December 31, 2012, the Company shall reimburse the Executive for (i) temporary living expenses in the Phoenix, Arizona metropolitan area and (ii) one round-trip, coach airplane ticket per week for the Executive to travel between Phoenix, Arizona and Denver, Colorado, and related reasonable expenses such as transportation to and from the airport and parking at the airport, in an aggregate amount not to exceed $4,500 per month (collectively, the Expenses).
Mr. Chris Power
July 13, 2012
Page 2
(c) Timely Relocation Bonus. To incentivize the Executive to relocate his permanent residence and domicile to, and to reside on a full-time basis in, the greater Phoenix, Arizona metropolitan area on a timely basis (the Relocation), the Company shall pay the Executive a one-time lump sum incentive payment equal to (i) $75,000.00 reduced by (ii) 100% of the aggregate amount of Expenses for which the Executive is reimbursed from January 1, 2012 through June 30, 2012, and further reduced by (iii) 50% of the aggregate amount of Expenses for which the Executive is reimbursed from July 1, 2012 through the Relocation Date (as defined below), provided that the Relocation Date has occurred by December 31, 2012. Such incentive payment shall be paid to the Executive within 15 days of the date of Executives delivery of satisfactory evidence to the CEO (such date, the Relocation Date) no later than December 31, 2012 that the Executive has met the conditions set forth in this Section 2.4(c).
(d) Taxes. The reimbursements set forth in this Section 2.4 shall be subject to applicable withholding and other taxes.
(B) The effective date of this Amendment No. 3 shall be July 1, 2012.
(C) Each of the Company and the Executive expressly acknowledge and agree that: (a) except as modified by this Amendment No. 3, the Employment Agreement (as so amended) shall remain in full force and effect; and (b) each of the Company and the Executive have received good and sufficient consideration from each other for its and his execution and delivery of this Amendment No. 3.
If this Amendment No. 3 correctly details the terms of the amendment of the Employment Agreement as mutually agreed, please so indicate by signing and dating the enclosed duplicate copy of this Amendment No. 3, returning it to me, and retaining the original for the Executives personal files.
Yours very truly, |
/s/ Todd Davis |
Todd Davis |
Chairman, President and Chief Executive Officer |
ACKNOWLEDGED AND AGREED TO: |
/s/ Chris Power |
Chris Power |
Dated: August 15, 2012