Preview | Employment Agreement [Amendment No. 1]

Document Preview

Employment Agreement [Amendment No. 1]

Click "Add to Cart" button to purchase document.
Documents are emailed immediately after purchase.
You can also browse documents by title, category, or company... or click here for help finding documents.

Title:

Employment Agreement [Amendment No. 1]

Entities:

AboveNet, Inc.; Gerard Benedetto

Date:

2001

Size:

Preview shows 3KB of 10KB total

Price:

$39

ID:

#340494

► Employment ► Employment Agreements
► Services ► Communications Services

Start of Preview

                               AMENDMENT NO. 1 TO

                              EMPLOYMENT AGREEMENT





         AMENDMENT NO. 1 (the "Amendment"), dated as of November 30, 2000

effective as of September 1, 2000 by and between METROMEDIA FIBER NETWORK, INC.,

a Delaware corporation having its principal offices at 360 Hamilton Avenue,

White Plains, New York 10601 (the "Company"), and Gerard Benedetto, residing at

36 Old Trolley Road, Ridgefield, Connecticut 06877 (the "Executive").



         WHEREAS, the Company and Executive entered into an Employment

Agreement, dated as of August 31, 1998 (the "Employment Agreement"); and



WHEREAS, THE COMPANY AND EXECUTIVE DESIRE TO AMEND THE EMPLOYMENT AGREEMENT AS

PROVIDED HEREIN;



         NOW, THEREFORE, for good and valuable consideration, the receipt and

sufficiency of which are hereby acknowledged, the parties hereto hereby agree to

amend the Employment Agreement as follows:



1.       EMPLOYMENT; TERM.



         (a) The words "Vice President" appearing in Section 1(a) of the

         Employment Agreement shall be deleted and replaced with the words

         "Senior Vice President, Chief Financial Officer".



         (b) The date "January 7, 2002" appearing in Section 1(b) of the

         Employment Agreement shall be deleted and replaced with the date

         "September 30, 2002".



2.       COMPENSATION.



         (a) The words "Two Hundred Thousand ($200,000) Dollars" appearing in

         Section 3(a) of the Employment Agreement shall be deleted and replaced

         with the words "Two Hundred Fifty Thousand ($250,000) Dollars".



         (b) The number "20" appearing in the third sentence of Section 3(b) of

         the Employment Agreement shall be deleted and replaced with the number

         "40".



(c)      The last sentence of Section 3(b) shall be deleted in its entirety.



3.       STOCK OPTIONS; ACCELERATION. Section 4 of the Employment Agreement

         shall be deleted in its entirety and replaced with the following:



4.       STOCK OPTIONS; ACCELERATION. The Company and Employee acknowledge and

         agree that, in accordance with the terms and conditions set forth in

         certain stock option agreements Employee executed with the Company (the

         "Current Stock Option Agreements"), the Compensation Committee granted

         to Employee under the Company's 1997 Incentive Stock Plan (the "1997

         Plan") and/or the Company's 1998 Incentive Stock Plan (the "1998 Plan")

End of Preview

Home Intelligence Services Subscriptions News About Us