Network-1 Security Solutions, Inc. 445 Park Avenue, Suite 1018 New York, N.Y.10022 March 16, 2011

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

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