Amendment to Executive Retention Agreement between StorageNetworks, Inc. and Executive

Contract Categories: Human Resources › Retention Agreements
Summary

This amendment, dated May 14, modifies the existing Executive Retention Agreement between StorageNetworks, Inc. and the Executive. The main change is that any cash compensation owed to the Executive under Section 4.2 will now be paid in full on the termination date, rather than in installments or at previously specified times. All other terms of the original agreement remain unchanged.

Read More Arrow
EX-10.1 3 dex101.htm FORM OF AMENDMENT TO EXECUTIVE RETENTION AGREEMENT FORM OF AMENDMENT TO EXECUTIVE RETENTION AGREEMENT

Exhibit 10.1

 

STORAGENETWORKS, INC.

 

AMENDMENT TO EXECUTIVE RETENTION AGREEMENT

 

This Amendment to Executive Retention Agreement is entered into as of the 14th day of May between StorageNetworks, Inc. (the “Company”) and              (the “Executive”).

 

WHEREAS, the Company and the Executive are parties to that certain Executive Retention Agreement dated as of              (the “Agreement”). Capitalized terms used herein and not otherwise defined shall have the meaning ascribed to them in the Agreement; and

 

WHEREAS, the Company and the Executive desire to amend the Agreement as provided herein.

 

NOW THEREFORE, for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Company and the Executive hereby agree as follows:

 

1.    Section 4.2 of the Agreement is hereby amended such that all compensation payable to the Executive in cash under such Section 4.2 shall be payable on the Date of Termination rather than at the times specified in such Section 4.2. Without limiting the generality of the foregoing, the option of the Company to make the payments required under Section 4.2(a)(i)(3) in equal installments over a 12 month period is hereby eliminated.

 

2.    Except as amended hereby, all other provisions of the Agreement shall remain in full force and effect.

 

IN WITNESS WHEREOF, the Company and the Executive have executed this Amendment as of the date set forth above.

 

STORAGENETWORKS, INC.                  EXECUTIVE

 

By:                                                                                                                    

 

Title: