First Amendment to Employment Agreement between Communications Infrastructure Investments, LLC, Zayo Group Holdings, Inc., and Daniel P. Caruso
This amendment updates the employment agreement between Communications Infrastructure Investments, LLC, Zayo Group Holdings, Inc., and Daniel P. Caruso. Effective November 1, 2014, and contingent on the company's IPO, Mr. Caruso's base salary is reduced to $17,500 per year, and he will receive restricted stock units valued at $2,750,000, which will vest on December 31, 2015, if the IPO occurs by the end of 2014. The amendment is approved by the company's Compensation Committee.
Exhibit 10.19
FIRST AMENDMENT TO EMPLOYMENT AGREEMENT
This First Amendment to Employment Agreement (the Amendment) is entered into as of October 2, 2014 between Communications Infrastructure Investments, LLC, a Delaware limited liability company (CII) and Zayo Group Holdings, Inc., a Delaware corporation, (Zayo and collectively with CII, the Company) and Daniel P. Caruso (the Executive) (each of the foregoing individually a Party and collectively the Parties).
WHEREAS, the Parties wish to amend the Executives Employment Agreement dated February 15, 2014 (Agreement) consistent with the terms contained herein. The Companys Compensation Committee has reviewed and approved the terms and conditions contained herein.
1. Cash Compensation.
Cash Compensation. Contingent upon the completion of the Companys IPO, and effective November 1, 2014, the Executives base salary shall be changed from a rate of $400,000.00 per annum to a rate of $17,500.00 per annum, which shall be paid in accordance with the customary payroll practices of the Company (the Base Salary).
2. Equity Compensation Awards.
Grant of Restricted Stock Units (RSUs). Contingent upon the completion of the Companys IPO, and effective November 1, 2014, the Company shall grant to Executive a quantity of RSUs that equates to an aggregate value of $2,750,000.00 on the terms and conditions set forth in this Amendment, the Executives Employment Agreement dated February 15, 2014, and consistent with the Companys Part A RSU program. Such RSUs shall be subject to a four (4) quarter vesting term and shall vest on December 31, 2015 (provided the subject IPO occurs on or before December 31, 2014).
Executive | ||
By: | /s/ Daniel P. Caruso | |
Daniel P. Caruso | ||
By: | /s/ Ken desGarennes | |
Name: | Ken desGarennes | |
Title: | Chief Financial Officer |