Amendment Letter Agreement to CFO Employment Agreement between Network-1 Security Solutions, Inc. and David C. Kahn

Contract Categories: Human Resources › Employment Agreements
Summary

This letter agreement amends the existing employment agreement between Network-1 Security Solutions, Inc. and David C. Kahn, extending his role as Chief Financial Officer through December 31, 2013. It increases his monthly compensation to $11,000 and grants him a five-year option to purchase 75,000 shares of company stock at the current closing price, with vesting over one year. All unvested options become fully vested if there is a change in control of the company. All other terms of the original agreement remain unchanged.

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EX-10.1 2 exh10-1_17312.htm LETTER AGREEMENT exh10-1_17312.htm
EXHIBIT 10.1
 
 
 
April 12, 2012



David C. Kahn
380 Hempstead Avenue - Suite 5
West Hempstead, NY 11552
 
 
Dear David:
 
On behalf of Network-1 Security Solutions, Inc. ("Network-1"), this letter agreement shall amend the Agreement, dated February 3, 2011, between Network-1 and you regarding your services as Chief Financial Officer (the "Agreement"), as follows:
 
1. You shall continue to serve as Chief Financial Officer of Network-1 for an additional one year period through December 31, 2013;
 
2. Effective on the date hereof, your monthly compensation shall be increased to $11,000 per month; and
 
3. You are hereby granted a 5 year option to purchase 75,000 shares of Network-1 common stock, at an exercise price equal to today's closing price.  The Option shall vest over a one-year period in equal quarterly amounts of 18,750 shares beginning July 12, 2012.  Notwithstanding the foregoing, upon a Change in Control of Network-1 (as defined in the Agreement) all of the unvested shares underlying the Option shall become immediately exercisable and shall become 100% vested.
 
Except as amended herein, the terms of the Agreement shall remain in full force and effect.
 
 
 
  Sincerely,

  Network-1 Security Solutions, Inc.

Agreed and Accepted:                                                                          By:   /s/ Corey M. Horowitz                      
          Corey M. Horowitz, Chairman and CEO
/s/ David C. Kahn                    
David C. Kahn, CPA