50 of the Top 250 law firms use our Products every day
Amendment No. 1
To Employment Agreement
This Amendment
No. 1 (“Amendment”) to the Employment Agreement
(“Agreement”) is made as of July 18, 2008
(“Amendment Effective Date”) by and between Global
Telecom & Technology, Inc. (“Company”) and Richard
D. Calder, Jr. (“Executive”).
A. Company
and Executive have entered into the Agreement on May 7,
2007.
B. Company
and Executive desire to amend the Agreement in accordance with the
terms of this Amendment.
Accordingly, the
parties, intending to be legally bound, hereby agree as
follows:
|
|
1.
|
|
Definitions
. Unless otherwise
defined in this Amendment, all capitalized terms shall have the
meanings ascribed to such terms in the Agreement.
|
|
|
|
|
|
|
|
2.
|
|
Vesting of Equity Upon a Change of
Control .
|
Section 5.4
of the Agreement is amended by adding the following language at the
end of Section 5.4:
All existing
equity grants, including restricted stock, stock options, and all
other equity grants of any type, will immediately vest upon the
“Change of Control” of the Company. For purposes of
this Agreement, “Change in Control” shall mean:
(i) The Company is merged, consolidated or reorganized into or
with another corporation or other legal person (an
“Acquirer”) and, as a result of such merger,
consolidation or reorganization, less than fifty percent (50%) of
the outstanding voting securities entitled to vote generally in the
election of directors of the surviving, resulting or acquiring
corporation or other legal person are owned, directly or indirectly
in the aggregate by the stockholders of the Company immediately
prior to such merger, consolidation or reorganization, other than
by the Acquirer or any corporation or other legal person
controlling, controlled by or under common control with the
Acquirer; (ii) the Company sells all or substantiall
|
