FIRST AMENDMENT TO EMPLOYMENT AGREEMENT
EX-10.127(C) 4 g08119exv10w127xcy.htm EX-10.127(C) AMENDMENT TO EMPLOYMENT AGREEMENT EX-10.127(C) AMENDMENT TO EMPLOYMENT AGREEMENT
EXHIBIT 10.127(c)
FIRST AMENDMENT TO EMPLOYMENT AGREEMENT
THIS FIRST AMENDMENT TO EMPLOYMENT AGREEMENT (hereinafter the Amendment) is entered into by and among Web.com, Inc. (the Company), and Jeffrey M. Stibel (Executive) and amends the Employment Agreement (defined below).
BACKGROUND
Executive and Company are parties to an Employment Agreement, dated August 11, 2005 (Employment Agreement). Executive and Company desire to amend the Employment Agreement to change the applicable provisions with respect to Severance Benefits as provided herein.
NOW, THEREFORE, in consideration of this recital, the mutual agreements contained herein and other good and valuable consideration, the receipt, adequacy and sufficiency of which is hereby acknowledged, the parties to this Agreement hereby agree, promise and covenant as follows:
1. Amendment. Exhibit 1 to the Employment Agreement is deleted in its entirety and replaced with Exhibit 1 hereto.
2. No Other Amendment. Except as expressly provided in this Amendment, the Employment Agreement remains in full force and effect.
IN WITNESS WHEREOF, the undersigned have executed this Agreement.
EXECUTIVE: | ||||
/s/ Jeffrey M. Stibel | ||||
Date: June 26, 2007 | ||||
WEB.COM, INC. | ||||
/s/ Gonzalo Troncoso | ||||
Its: Chief Financial Officer | ||||
Date: June 26, 2007 |
Exhibit 1
Executive: | Jeffrey M. Stibel | |
Title: | Chief Executive Officer | |
Base Salary: | $275,000. | |
Bonus: | $100,000; such bonus will be in addition to any annual bonus to which Executive is entitled as part of Companys annual equity incentive plan for executives. |
Severance Benefits:
1. With respect to a termination of employment pursuant to Section 5.2 of the Agreement (by Company for Nonperformance Due to Disability) or Section 5.4 of the Agreement (Death of Executive) the Severance Benefits shall be $350,000.
2. With respect to a termination of employment pursuant to Section 5.3 that is not within twelve (12) months following either a Change in Control or a Corporate Transaction, the Severance Benefits shall be an amount equal to (a) 150% of Executives then current Base Salary, plus (b) 150% of Executives full annual bonus potential.
3. With respect to a termination of employment pursuant to Section 5.3 that is within twelve (12) months following either a Change in Control or a Corporate Transaction, the Severance Benefits shall be an amount equal to (a) 150% of Executives then current Base Salary, plus (b) 150% of Executives full annual bonus potential.
In addition, in connection with any termination of Executive pursuant to Sections 5.2, 5.3, or 5.4 the Company shall permit Executive and, if applicable, Executives family members, to continue to participate in Companys employee benefits plans for a period of 12 months from the effective date of termination.
Address: | c/o Web.com, Inc. | |
303 Peachtree Center Ave. | ||
Suite 500 | ||
Atlanta, GA 30303 |
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