Exhibit 10.45

 

REDBACK NETWORKS INC.

 

AMENDMENT TO EMPLOYMENT AGREEMENT

 

This Amendment (the “Amendment”) is made this     day of September 2006, by and
between Kevin A. DeNuccio (“CEO”) and Redback Networks Inc. (the “Company”), to
the offer letter dated August 17, 2001 (“Offer Letter”), as amended by Amendment
#1 to the Agreement, between the Company and CEO (the “Employment Agreement”).

 

WHEREAS, on July 27, 2006, the Board of Directors of the Company approved
amendments to certain agreements with the CEO to reduce the benefits CEO would
become entitled to receive in connection with a Change in Control (as defined in
the Company’s 1999 Stock Incentive Plan) (“the Change in Control Provisions”);

 

WHEREAS, the parties hereto wish to amend the Employment Agreement to reflect
the revised Change in Control Provisions.

 

NOW, THEREFORE, in consideration of the foregoing and other good and valuable
consideration, the receipt and sufficiency of which is hereby acknowledged and
agreed, the Company and CEO agree that the Employment Agreement shall be amended
as follows:

 

1. Stock Options. The following text shall be added to end of Section 6 of the
Employment Agreement titled “Stock Options”:

 

“In the event a Change in Control (as defined under the Plan) occurs, any
Company options or other equity compensation awards granted to you on June 1,
2006 or thereafter (collectively, the “Applicable CEO Equity Grants”) shall
accelerate vesting 100%, except as to any then unvested shares under the
Applicable CEO Equity Grants subject to the final twelve months of vesting (or
such lesser amount if less than twelve months of vesting remains on such
Applicable CEO Equity Grants) which shall not accelerate and shall remain
subject to the normal vesting schedule per the terms of the applicable stock
option or other applicable agreement.

 

In the event a Change in Control occurs and if within 12 months following such
Change in Control, your service with the Company is Involuntarily Terminated
other than for Cause, all then outstanding unvested shares under the Applicable
CEO Equity Grants shall accelerate vesting 100%; provided, however, that the
following circumstances shall not in and of themselves constitute “Good Reason”
under the terms of this Agreement: 1) you not being appointed Chief Executive
Officer of the acquiring entity; or 2) you remaining as the chief executive
officer of the subsidiary or division substantially containing the Company’s
business following the Change of Control.

 

The provisions set forth in the two paragraphs above shall apply solely to the
stock option grant made to you on June 1, 2006 and, unless otherwise modified,
any other equity compensation awards to you in the future. Except as expressly
described above, the foregoing provisions shall not modify any other written
agreements between you and the Company.”

 

2. Entire Agreement. This Amendment, the award agreements relating to the
Applicable CEO Equity Grants and the Employment Agreement constitute the entire
agreement relating to the subject matter hereof, and the Employment Agreement
shall remain unchanged and in full force and effect, including the “AT WILL”
nature of your employment as set under the Employment Agreement.

 

3. Governing Law. This Amendment will be governed by the laws of the State of
California (with the exception of its conflict of laws provisions).

 

(the remainder of this page intentionally left blank)

--------------------------------------------------------------------------------

IN WITNESS WHEREOF, this Amendment has been entered into as of the date first
set forth above.

 

THE COMPANY:

 

REDBACK NETWORKS INC.

 

By:

 

 

--------------------------------------------------------------------------------

      Date:  

 

--------------------------------------------------------------------------------

Title:

 

 

--------------------------------------------------------------------------------

            CEO:            

--------------------------------------------------------------------------------

      Date:  

 

--------------------------------------------------------------------------------

Kevin A. DeNuccio            

 

(signature page to Amendment to Kevin A. DeNuccio Employment Agreement)