Amendment to Employment Agreement between Move, Inc. and Steven H. Berkowitz

Summary

This amendment, effective January 28, 2013, updates the employment terms between Move, Inc. and Steven H. Berkowitz. It confirms Mr. Berkowitz's annual base salary as $555,000 and clarifies that, if he meets certain conditions from a prior retention agreement, his stock options and restricted stock granted after January 21, 2009, will vest upon certain types of termination. It also specifies the time frame for exercising stock options after termination. The agreement is signed by both parties.

EX-10.89 2 a13-6409_1ex10d89.htm EX-10.89

Exhibit 10.89

 

Amendment to Employment Agreement

 

This Agreement (the “Agreement”) is entered into effective as of January 28, 2013 between Move, Inc. (the “Company”) and Steven H. Berkowitz (“Executive”).

 

In consideration of the mutual covenants contained herein and the continued employment of Executive by the Company, the parties agree as follows:

 

1.              The parties acknowledge that effective as of April 2, 2012, Executive’s annual base salary was increased to $555,000.

 

2.              Provided that Executive complies with Sections 5.2 and 5.3 of the Executive Retention and Severance Agreement between Executive and the Company dated January 21, 2009 (the “Retention Agreement”), the Company agrees that in the event of Executive’s Termination Upon Change of Control or Termination in Absence of Change of Control (as defined in the Retention Agreement), any stock options granted, restricted stock units granted and/or restricted stock issued by the Company to Executive subsequent to the date of the Retention Agreement shall vest; provided, however that with respect to stock options granted on or after June 15, 2011, the period to exercise any such options shall be ninety (90) days following the end of the transition period (if any) or ninety (90) days following termination of employment if the Company requests no transition period, or any longer exercise period provided under the terms of the applicable incentive plan under which such options were granted.

 

IN WITNESS WHEREOF, the Company and Executive have caused this Agreement to be executed on the day and year first above written.

 

MOVE, INC.

 

 

 

 

By:

/s/ James S. Caulfield

 

Its:

EVP, General Counsel and Secretary

 

 

 

 

 

 

 

/s/ Steven H. Berkowitz

 

Steven H. Berkowitz