Document:

Amendment No. 1 to Employment Agreement

 Exhibit 10.12.1 

AMENDMENT NO. 1 TO EMPLOYMENT AGREEMENT 
 THIS AMENDMENT NO. 1 TO EMPLOYMENT AGREEMENT (this “Amendment Agreement”) is entered into effective as of April 4, 2005 by and between Newgistics, Inc., a Delaware corporation
(“Newgistics”), and William J. Razzouk (“Executive”). Capitalized terms used but not defined herein shall have the respective meanings ascribed to them in the Employment Agreement dated as of March 31, 2005, by and between
Newgistics and Executive (the “Employment Agreement”). 
 RECITALS 

WHEREAS, Newgistics and Executive are parties to the Employment Agreement and wish to amend the Employment Agreement as provided herein.

 AGREEMENT 
 NOW, THEREFORE, in consideration of the foregoing premises, the agreements set forth herein and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the
parties hereto, intending to be legally bound hereby, agree as follows: 
 1. Section 1.5 of the Agreement is hereby
amended and restated in its entirety as follows: 
 1.5 Stock Options. Subject to approval by the Company’s Board of
Directors, Executive will be granted (i) an option (the “First Option”) to purchase 30,000,000 shares of Common Stock under the Company’s 2000 Stock Option/Stock Issuance Plan, as amended (the “Plan”), (ii) a
second option (the “Second Option”) to purchase up to 3,400,000 shares of the Company’s Common Stock under the Plan and (iii) if necessary, a third option (the “Third Option” and, together with the First Option and the
Second Option, the “Options”) to purchase that number of shares of the Company’s Common Stock under the Plan, such that the shares underlying the Options equal 4% (the “Target”) of the Company’s Common Stock at the time
of the Next Financing (assuming the conversion of all outstanding convertible securities (other than the Series F Preferred Stock) into Common Stock and the exercise of all shares available under the Plan); provided that, in the event that the
shares of Common Stock underlying the First Option and the Second Option together exceed the Target, no Third Option will be granted, and the Second Option will be reduced such that the shares underlying the First Option and the Second Option
together equal the Target. Regardless of whether the Second Option is reduced to zero, the First Option will not be subject to decrease. The exercise price for each Option will be equal to the fair market value of the Company’s Common Stock
determined by the Board of Directors as of the date of grant of such Option. 3,340,000 shares of Common Stock underlying the First Option shall be vested immediately. The balance of the shares of Common Stock underlying the First Option and all of
the shares underlying the Second Option will initially be unvested and will vest in 39 equal monthly installments of 683,590 shares and 87,180 shares, respectively, beginning March 31, 2005 upon the completion of each month of service after
such date. The vesting of the Third Option will be determined by mutual agreement of Executive and the Board of Directors. The Options will provide that in the event of a termination (i) by the Company Without Cause (defined below),
(ii) due to Executive’s Death or Disability, or (iii) after June 30, 2008, the Options will remain exercisable until the earlier of (i) March 30, 2015, (ii) immediately prior to a

 
Corporate Transaction (as defined in the Plan), or (iii) the date six months after the Company’s initial public offering. Further in the event of a Corporate Transaction, the First
Option and Second Option will vest (pro rata) with respect to the lesser of (i) an additional 8,350,000 shares or (ii) all remaining unvested shares subject to the First Option and the Second Option. Moreover, in the event of an
Involuntary Termination (as defined in the Plan documents) within 12 months of a Corporate Transaction, Executive will vest in all unvested shares under the Options. In addition, any unvested shares underlying the Options will vest on the first
anniversary of a Corporate Transaction; provided that Executive is providing services to the Company at such time. For purposes of this Agreement, “Next Financing” shall mean the Company’s next debt or equity financing, or combination
thereof (including a series of related financings or interim/bridge financings), raising at least $12,000,000 in the aggregate. The remaining terms of the Options will be as specified in the Plan documents. 

2. Except as modified herein, the Employment Agreement remains in full force and effect. 

3. This Amendment Agreement may be signed in one or more counterparts, each of which shall be deemed an original and all of which, taken
together, shall be deemed one and the same document. 

 IN WITNESS WHEREOF, the undersigned have executed this Amendment Agreement or have caused
this Amendment Agreement to be executed on their behalf as of the date referenced above. 
  

			
	NEWGISTICS, INC.
		
	By:	 	 /s/ Jay Shreiner

		 	Jay Shreiner
		 	Chief Financial Officer
	
	WILLIAM J. RAZZOUK
	
	 /s/ William J. RazzoukAmendment No. 2 to Employment Agreement

 Exhibit 10.12.2 

AMENDMENT NO. 2 TO EMPLOYMENT AGREEMENT 
 THIS AMENDMENT NO. 2 TO EMPLOYMENT AGREEMENT (this “Amendment Agreement”) is entered into effective as of November 8, 2006 by and between Newgistics, Inc., a Delaware corporation
(“Newgistics”), and William J. Razzouk (“Executive”), Capitalized terms used but not defined herein shall have the respective meanings ascribed to them in the Employment Agreement dated as of March 31, 2005, by and between
Newgistics and Executive, as previously amended (the “Employment Agreement”). 
 RECITALS 

WHEREAS, Newgistics and Executive are parties to the Employment Agreement and wish to amend the Employment Agreement as provided herein.

 AGREEMENT 
 NOW, THEREFORE, in consideration of the foregoing premises, the agreements set forth herein and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the
parties hereto, intending to be legally bound hereby, agree as follows: 
 1. Section 1.4.3 of the Employment Agreement is
hereby amended and restated in its entirety to read as follows: 
 1.4.3 Relocation Expenses. Executive’s principal place
of business shall be Austin, Texas. For so long as he remains President and Chief Executive Officer, Executive may commute from Memphis, Tennessee to Austin, Texas. The Company will reimburse Executive for all reasonable out-of-pocket expenses
(including lodging and travel expenses) incurred by Executive in connection with his commuting between Memphis, Tennessee and Austin, Texas; provided that the Company’s reimbursement of commuting expenses shall not exceed $75,000 per year
(inclusive of tax gross-up). If or when during the Employment Term Executive relocates to Austin, Texas, the Company and Executive shall agree on a relocation package for Executive in an amount not to exceed $225,000 (inclusive of tax gross-up).
Executive shall only be reimbursed for commuting and relocation expenses upon receipt from Executive of supporting receipts to the extent required by applicable income tax regulations and the Company’s reimbursement policies. 

2. Except as modified herein, the Employment Agreement remains in full force and effect. 

3. This Amendment Agreement may be signed in one or more counterparts, each of which shall be deemed an original and all of which, taken
together, shall be deemed one and the same document. 

  
 1 

 IN WITNESS WHEREOF, the undersigned have executed this Amendment Agreement or have caused
this Amendment Agreement to be executed on their behalf as of the date referenced above. 
  

			
	NEWGISTICS, INC.
		
	By:	 	 /s/ Michael J. Twomey

		 	Michael J. Twomey
		 	Chief Financial Officer
	
	WILLIAM J. RAZZOUK
		
	By:	 	 /s/ William J. RazzoukAmendment No. 3 to Employment Agreement

 Exhibit 10.12.3 

AMENDMENT NO. 3 TO EMPLOYMENT AGREEMENT 

THIS AMENDMENT NO. 3 TO EMPLOYMENT AGREEMENT (this “Amendment Agreement”) is entered into
effective as of January 2, 2011 by and between Newgistics, Inc., a Delaware corporation (“Newgistics”), and William J. Razzouk (“Executive”). Capitalized terms used but not defined herein
shall have the respective meanings ascribed to them in the Employment Agreement dated as of March 31, 2005, by and between Newgistics and Executive, as previously amended (the “Employment Agreement”). 

RECITALS 
 WHEREAS, Newgistics and Executive are parties to the Employment Agreement and wish to amend the Employment Agreement as provided herein. 

AGREEMENT 
 NOW, THEREFORE, in consideration of the foregoing premises, the agreements set forth herein and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged,
the parties hereto, intending to be legally bound hereby, agree as follows: 
 1. Section 1.4.1 of the
Employment Agreement is hereby amended and restated in its entirety to read as follows: 
 1.4.1 Base Salary. In
consideration of the services rendered to the Company hereunder by Executive and Executive’s covenants hereunder and in the Company’s Proprietary Information and Inventions Agreement, during the Employment Term, the Company shall pay
Executive a salary at the monthly rate of $44,170.83 ($530,500 annualized) (the “Base Salary”), less statutory and other authorized deductions and withholdings, payable in accordance with the Company’s regular payroll
practices. The Board of Directors will review the Base Salary annually, based on Executive’s performance and any changes will be determined by the Board of Directors; provided that any decrease in Executive’s Base Salary without his
consent shall constitute a termination Without Cause (as defined below). 
 2. Section 1.4.4 of the
Employment Agreement is hereby amended and restated in its entirety to read as follows: 
 1.4.4 Benefits Package.
During the Employment Term, Executive shall be eligible to receive such employee benefits and holidays as may be in effect from time to time as are afforded to other executives of the Company. 

3. Section 1.5 of the Employment Agreement is hereby deleted in its entirety. 

4. Section 1.7.2 of the Employment Agreement is hereby amended and restated in its entirety to read as follows:

 1.7.2 Termination Without Cause. Subject to the provisions set forth in this Agreement, including
Section 1.7.3, in the case of a termination of Executive’s employment hereunder Without Cause in accordance with Section 1.6.4 above, the Company shall (i) pay Executive 12 months’ salary in one lump sum within
15 days of termination (hereinafter the “Severance Payment”), subject to the tax withholding specified in Section 1.4.1 above, and (ii) if Executive elects to continue health coverage under COBRA, the Company
will pay Executive’s premiums, in an amount sufficient to maintain the level of health benefits in effect on Executive’s last day of employment, through the earlier of (A) the one year anniversary of Executive’s termination, or
(B) the date Executive is no longer eligible for COBRA. The Company’s obligation to pay and Executive’s right to receive the severance benefits set forth herein shall cease in the event of

 
Executive’s breach of any of his obligations under this Agreement or the Proprietary Information and Inventions Agreement. 

5. Except as modified herein, the Employment Agreement remains in full force and effect. 

6. This Amendment Agreement may be signed in one or more counterparts, each of which shall be deemed an original and all
of which, taken together, shall be deemed one and the same document. 

 IN WITNESS
WHEREOF, the undersigned have executed this Amendment Agreement or have caused this Amendment Agreement to be executed on their behalf as of the date referenced above. 

 

									
	 NEWGISTICS, INC.
	 		 	 WILLIAM J. RAZZOUK

				
	 By
	 	 /s/ Philip S. Siegel
	 		 	 /s/ William J. Razzouk

		 	 Philip S. Siegel
	 		 		 	
		 	 Compensation Committee Chairman

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