Amendment to Employment Agreement between PlanetOut Inc. and CEO Karen Magee

Contract Categories: Human Resources › Employment Agreements
Summary

PlanetOut Inc. and its CEO, Karen Magee, have amended her employment agreement to extend her term through June 30, 2010. As part of this amendment, Ms. Magee will receive 300,000 shares of restricted stock, which will vest over three years, as a retention and incentive measure. Any merit pay increases for 2007 will be paid in restricted stock instead of cash. All other terms of her original employment agreement remain unchanged.

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EX-10.33 4 f32424exv10w33.htm EXHIBIT 10.33 exv10w33  

Exhibit 10.33
Summary of Amended Terms in Employment Agreement
between PlanetOut Inc. and Karen Magee
     On June 28, 2007, the Board of Directors of PlanetOut Inc. (the “Company”) approved an amendment to the terms of employment of the Company’s CEO, Karen Magee, to fix the term of her employment agreement to run through June 30, 2010, and granted Ms. Magee 300,000 shares of restricted stock, vesting annually over a three-year period, for the purposes of retention and additional incentive to Ms. Magee. In addition, any merit pay increases to which Ms. Magee may be entitled in 2007 will be payable in shares of restricted stock rather than in cash. All other terms of Ms. Magee’s existing employment agreement remained unchanged.