Amendment to Employment Agreement between Network-1 Security Solutions, Inc. and Corey M. Horowitz

Contract Categories: Human Resources › Employment Agreements
Summary

Network-1 Security Solutions, Inc. and Corey M. Horowitz have agreed to amend Horowitz's Employment Agreement dated June 8, 2009. The amendment reduces Horowitz's bonus compensation rate from 12.5% to 10% for certain patents, excluding the Remote Power Patent. In exchange for agreeing to this reduction, Horowitz will receive a one-time payment of $250,000 authorized by the company's Board of Directors.

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EX-10.1 2 ex10-1_17076.htm AGREEMENT WITH COREY M. HOROWITZ ex10-1_17076.htm
EXHIBIT 10.1


Network-1 Security Solutions, Inc.
445 Park Avenue, Suite 1018
New York, N.Y.  10022

 
 
March 16, 2011
 

 

Corey M. Horowitz
c/o Network-1 
445 Park Avenue, Suite 1018
New York, N.Y.  10022

 
Re:
Amendment to Employment Agreement

Dear Corey:

This letter shall serve to amend Secton 5b(ii) or your Employment Agreement, dated June 8, 2009, with Network-1 Security Solutions, Inc. (“Network-1”) so that all references in Section 5(b)(ii) to Additional Bonus Compensation and Royalty Bonus Compensation payable to you from patents other than the Remote Power Patent shall be amended from 12.5% to 10%.  In consideration of your agreement to reduce the aforementioned percentage the Board of Directors of Network-1 has authorized a payment of $250,000 to you.
 
 
 
Very truly yours,
 

Network-1 Security Solutions, Inc.


By:  /s/ David Kahn
David Kahn, Chief Financial Officer
 



Agreed and Accepted:


/s/ Corey M. Horowitz
Corey M. Horowitz