You are here: Agreements > Environmental Indemnity Agreement > Re: Your Employment Agreement dated July 30, 2007 (the "Agreement"; capitalized terms used herein without definition have the meanings specified in the Agreement)

Try our advanced search >>
CLAUSES Search Contract Clauses >>
Browse Contract Clause Library>>

Re: Your Employment Agreement Dated July 30, 2007 (the "agreement"; Capitalized Terms Used Herein Without Definition Have The Meanings Specified In The Agreement)

Environmental Indemnity Agreement

Legal Documents
You are currently viewing:

 This Environmental Indemnity Agreement involves


. RealDealDocs™ contains millions of easily searchable legal documents and clauses from top law firms. Search for free - click here.

Title: Re: Your Employment Agreement dated July 30, 2007 (the "Agreement"; capitalized terms used herein without definition have the meanings specified in the Agreement)
Date: 8/14/2009
Industry: Business Services     Sector: Services

join now
50 of the Top 250 law firms use our Products every day





75 Rockefeller Plaza  27th Floor

New York, NY  10019


August  13, 2009


Jeff Nyweide, CFO and E.V.P. Corp. Dev.

GlobalOptions Group, Inc.

75 Rockefeller Plaza

27th Floor

New York, NY  10019




Your Employment Agreement dated July 30, 2007 (the “Agreement”; capitalized terms used herein without definition have the meanings specified in the Agreement)


Dear Jeff:


This letter is to modify and clarify the Agreement, effective as of the date written above.  Accordingly, the following modifications and clarifications are made to the Agreement:




The parties hereby acknowledge that the current term of your employment was extended to January 31, 2011 by the operative provisions contained in Section 1 of the Agreement, subject to earlier termination or automatic extension as contemplated therein.




Section 2 shall be continued as in the previous year, by modifying Section 2 as follows:


Salary .  Effective as of January 1, 2009 and for the remaining term of the Agreement (including any extensions thereto), the Company shall pay the Employee a base salary per month of $31,250 and all other payments and benefits provided for in the Agreement, including Section 4 hereof (as it may be increased (but not decreased) in the discretion of the Compensation Committee, “Base Salary”).




The bonus program described in Section 3 shall continue consistent with past practice and is amended and restated as follows:


Bonus .  Starting on the Effective Date, you shall be eligible for a performance bonus payable 50% in cash and 50% in vested restricted stock established from the 2007-2009 Annual Incentive Plan (or in future years, based upon a substantially similar plan), based upon mutually agreed to goals between you and the Compensation Committee of the Board of Directors of the Company (the “Compensation Committee”). The performance bonus and payment for 2007 – 2010 shall be based upon achieving certain goals as set forth in Exhibit 1 to the July 30, 2007 Agreement (as modified by the Compensation Committee pursuant to its meeting on April 8, 2008 (Exhibit A)) and for purposes of calendar years 2009 and 2010, those goals, including the Targeted Performance Bonus-Annual, set forth for year 2008 in Exhibit 1 shall be applied for said years 2009 and 2010. Any additional shares of Restricted Stock that may be required to be issued to meet any of the payments required herein shall be immediately issued by the Company. Provided, however, no additional shares of Restricted Stock will be issued by the Company, if such shares are required as a result of termination under Sections 6, 8, and/or 5C of this Agreement, and in such event the Company will be required to provide an equivalent payment to you for each share not issued, in an amount equal to $2.00 per share.  Bonuses shall be paid no later than March 15th of the year following the year to which the bonus relates.





The first paragraph of Section 5C. shall be clarified and restated by the following two paragraphs:


Notwithstanding anything to the contrary in this Agreement or in any other applicable plan, but subject to the following sentences, upon a Change of Control of the Company, all stock options, restricted stock and restricted stock units shall vest immediately upon such Change of Control and all performance conditions of any and all cash bonuses and performance stock options or Restricted Stock shall be deemed to be met and the term to exercise any stock options will be equal to the term of the stock option originally granted. Provided, however, the amount of any cash bonuses or Restricted Stock triggered by the Change of Control shall be limited to an amount equal to the “Targeted Performance Bonus Annual,” set forth in Exhibit 1 attached to the July 30, 2007 Agreement ($375,000, per year and 187,500 shares, per year) for the year of the Change of Control and each year thereafter remaining in the term (as such term exists on the date of such Change of Control).  The cash portion of such bonuses shall be paid within the time provided in Section 3.  Provided, further, no additional shares of Restricted Stock will be issued that may be required to be issued beyond the existing unvested previously issued Restricted Stock held by you (239,313 shares as of the date hereof) to meet the requirements of this Section 5C, however, the Company shall pay to you within the time provided in Section 3, in lieu of said undistributed Restricted Stock, an amount equal to $2.00 per share within the time provided in Section 3. See attached Schedule I for an illustration of payment required under this Section 5C of the Agreement.


On the date of the Change of Control, the Company shall place immediately negotiable funds into a “rabbi” trust in an amount equal to the cash payments that may be due (or will be due) to you as a result of the Change of Control or as a result of a termination of your employment following a Change of Control without Cause or for Good Reason, including such additional amount as equals the gross up payment (described in Section 24). Such trust shall be maintained pursuant to a standard rabbi trust arrangement among the Company, you and an independent trustee (reasonably acceptable to you) providing for the timely payment to you of the amounts held in such trust in the event you become entitled thereto under the applicable provisions of this Agreement (the "Trust Arrangement"). The Trust Arrangement shall be maintained until the earlier of (A) the payment to you of all sums held in the trust or (B) six years after the end of the fiscal year in which the Change of Control occurred.   This provision is subject to the limitations imposed by Section 409A(b) of the Code.  In addition, this provision will be null and void if the establishment or maintenance of such a trust would result in the imposition of a tax or penalty under Section 409A.






Section 5C(i) shall be amended by adding the words “within a 12 month period” after “substantially all of the assets of the Company.”




Section 5C(ii) shall be modified and restated as follows:


“(ii) a corporate dissolution taxed under Code Section 331 or with approval of a bankruptcy court pursuant to 11 USC § 503(b)(ii)(A).”




Section 5C(iii) shall be amended by the addition of the words “The occurrence within a 12 month period” at the beginning thereof.




Section 6[A] shall be clarified and restated as follows:


Termination Without Cause, for Good Reason, Death, Disability .  In the event that your employment with the Company shall be terminated by the Company without Cause (as hereinafter defined), by you for Good Reason or by reason of death or Disability (as hereinafter defined) during the term of this Agreement the Company shall pay to you (or, in case of your death, to your estate) in a lump sum within ninety (90) days of such termination (at your highest annualized rate of salary in effect during the one-year period ending on the effective date of termination), an amount equal to the salary accrued to the date of termination, and any bonus accrued to date of termination. In addition, if your employment is terminated by the Company without Cause, or by you for Good Reason, all shares of restricted stock or restricted stock units (or other forms of equity compensation, if any) shall be deemed fully vested on the date of termina

continue to document