Document:

10.2BensonAmendedEmploymentAgreement

EXHIBIT 10.2
AMENDMENT TO
EMPLOYMENT AGREEMENT
This AMENDMENT (this “Amendment”) to the Employment Agreement (the “Employment Agreement”), dated as of June, 2005, between eFinancialCareers Limited (the “Company”), and John Benson (“Employee”) is dated as of July 25, 2011.
WHEREAS, the Company and Employee wish to amend the Employment Agreement to provide for certain acceleration of vesting of Employee's outstanding equity-based awards under certain specified circumstances and additional change in control severance benefits.  
NOW, THEREFORE, in consideration of the mutual agreements and understandings set forth herein, the parties hereby agree as follows:
1.Except as defined herein, capitalized terms used herein shall have the meanings ascribed to such terms in the Employment Agreement.

2.Amendment to paragraph 1 of Employment Agreement.  The first sentence of paragraph 1 of the Employment Agreement is deleted in its entirety and replaced with the following:

“You will be employed as Managing Director, Energy for Dice Holdings, Inc. (“DHI”), or in such other capacity of a like status as DHI may require.”

3.Amendment to paragraph 3.2 of Employment Agreement.  The second, third and fourth sentences of paragraph 3.2 of the Employment Agreement are deleted in their entirety and replaced with the following:

“You may not (without the prior written consent of the Group Chief Executive) undertake, carry on, participate in, assist or be employed, engaged or interested in any capacity (including as a consultant, agent, principal, partner, manager, stockholder, officer, or director) in either any business which is competitive with or similar to a Relevant Business, or any business an objective or anticipated result of which is to compete with a Relevant Business.  You acknowledge and agree that, since your position as Managing Director, Energy for DHI includes worldwide responsibilities, the restrictions in the prior sentence cannot be limited by geographic scope.  Notwithstanding the foregoing, you may own less than three percent (3%) of any class of stock or security of any corporation which competes with DHI or its subsidiaries which is listed on a national securities exchange.”
4.Amendment to paragraph 10.6 of Employment Agreement.  A new paragraph 10.6 of the Employment Agreement is added to read as follows:

“10.6.    Special Severance.  
I.   Severance. In lieu of any severance pay or severance benefits otherwise payable to you under any plan, policy, program or arrangement of DHI or its subsidiaries, the following shall apply: 
(a) If there is a Termination (as herein defined) of your employment with DHI at any time within twelve (12) months after the occurrence of a Change of Control (as herein defined), (i) you shall be entitled to receive a lump-sum severance payment equal to (A) one hundred percent (100%) of your then current salary plus (B) the amount of your target bonus for the current calendar year, and (ii) all outstanding stock options granted to you which are not vested and exercisable as of the date of Termination shall become vested and exercisable as of such date and shall remain exercisable for the periods prescribed in the Stock Option Plan, and all restricted stock and other equity-based awards shall be fully vested.  You, your 

spouse and eligible dependents will continue to be provided with medical and dental benefits for the twelve (12)-month period following your Termination on the same basis as were provided to you immediately prior to such Termination.  In the event that you have been living in the United States at the date of Termination and you, your spouse and eligible dependents continue to live in the United States following such twelve (12)-month period, you, your spouse and eligible dependents will begin eligibility for continuation of medical and dental coverage in accordance with Section 4980B of the Internal Revenue Code of 1986, as amended (the “Code”).  You shall have no duty to mitigate damages by seeking other employment.  DHI shall have no right to offset hereunder with respect to any compensation or benefits received by you from or in connection with any employment subsequent to your Termination of employment with DHI.  For the avoidance of doubt, the lump-sum severance amount in this paragraph 10.6.I(a)(i) shall be reduced by any compensation required to be provided during the applicable six-month notice period under paragraph 2 above.
(b) If you voluntarily terminate employment with DHI for any reason other than “Good Reason” (as herein defined) during the twelve (12)-month period following a Change of Control as described in paragraph 10.6.II(a) below, you will not be entitled to any severance payment or acceleration of the vesting of any unvested stock options, restricted stock or other equity-based awards. 
II. Definitions. 
(a) For purposes of this paragraph 10.6 only, a “Change of Control” of DHI shall be deemed to have occurred if at any time on or after the date of this letter agreement one or more of the following events shall have occurred: 
 
 (i) the direct or indirect acquisition by any person or related group of persons (other than an acquisition from or by DHI or by a DHI-sponsored employee benefit plan or by a person that directly or indirectly controls, is controlled by, or is under common control with, DHI) of beneficial ownership (within the meaning of Rule 13d-3 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”)) of securities possessing more than fifty percent (50%) of the total combined voting power of DHI's outstanding securities; or 
(ii) any stockholder-approved transfer or other disposition of all or substantially all of DHI's assets; or 
(iii) DHI adopts any plan of liquidation providing for the distribution of all or substantially all of its assets; or 
(iv) the consummation by DHI of a reorganization, merger or consolidation or sale or other disposition of all or substantially all of the assets of DHI or the acquisition of assets or stock of another corporation (a “Business Combination”), in each case, unless, following such Business Combination, (a) all or substantially all of the individuals and entities who were the beneficial owners, respectively, of the outstanding common stock and outstanding company voting securities immediately prior to such Business Combination beneficially own, directly or indirectly, more than 60% of, respectively, the then outstanding shares of common stock and the combined voting power of the then outstanding voting securities entitled to vote generally in the election of directors, as the case may be, of the corporation resulting from such Business Combination (including, without limitation, a corporation which as a result of such transaction owns DHI or all or substantially all of DHI's assets either directly or through one or more subsidiaries) in substantially the same proportions as their ownership, immediately prior to such Business Combination of the outstanding DHI common stock and outstanding DHI voting securities, as the case may be, (b) no person (excluding any corporation resulting from such Business Combination or any employee benefit plan (or related trust) of DHI or such corporation resulting from such Business Combination) beneficially owns, directly or indirectly, 20% or more of, respectively, the then outstanding shares of common stock of the corporation resulting from such Business Combination or the combined voting power of the then outstanding voting securities of such corporation except to the extent that such ownership existed prior to the Business Combination and (c) at least a majority of the members of the board of directors of the corporation resulting from such Business Combination were members of the incumbent board at the time of the execution of the initial agreement, or of the action of the board of directors, providing for such Business Combination; or 
(v) a change in the composition of the Board over a period of thirty-six (36) months or less such that a majority of the Board members (rounded up to the next whole number) ceases, by reason of one or more contested elections for Board membership, to be comprised of individuals who are continuing directors. 
 
(b) For purposes of this paragraph 10.6 only, “Cause” shall mean (i) embezzlement by you,(ii) misappropriation by you of funds of DHI, (iii) conviction of a felony, (iv) commission of any other act of dishonesty which causes material economic harm to DHI, (v) acts of fraud or deceit by you which causes material economic harm to DHI, (vi) material breach of any provision of this employment letter by you, (vii) willful failure by you to substantially perform your duties hereunder, (viii) willful breach of fiduciary duty by you to DHI involving personal profit or (ix) significant violation of Company policy of which you are made aware (or you should reasonably be expected to be aware) or other contractual, 

statutory or common law duties to DHI.  No act, or failure to act on your part, shall be deemed willful unless it is done, or omitted to be done, by you in bad faith or without reasonable belief that your action or omission was in the best interests of DHI. 
(c) For purposes of this paragraph 10.6 only, “Good Reason” shall mean (i) a diminution in your responsibilities, title, duties and reporting lines compared to those existing immediately prior to a Change of Control, (ii) a reduction in your salary, incentive compensation and other employee benefits compared to those existing immediately prior to the Change of Control, (iii) your relocation to an office more than 40 miles from the principal office at which you are employed immediately prior to the Change of Control, (iv) any breach by DHI of this letter or (v) the failure of any successor to assume, in writing, all obligations under this letter (including this paragraph 10.6). 
(d) For purposes of this paragraph 10.6 only, “Termination” shall mean termination of your employment without Cause or by you for Good Reason.”

5.Continuing Effect of Employment Agreement.  Except as expressly modified hereby, the provisions of the Employment Agreement (including the Addendum thereto) are and shall remain in full force and effect.

6.Governing Law.  The terms of this Amendment will be construed in accordance with English law and both parties irrevocably submit to the non-exclusive jurisdiction of the English Courts to settle any disputes which may arise in connection with this Amendment.   

7.Counterparts.  This Amendment may be executed in two or more counterparts, each of which shall be deemed an original, but all of which taken together shall constitute one and the same instrument.

[Signature page follows]

IN WITNESS WHEREOF, the parties have executed and delivered this Amendment on the date first written above.
                
	
				
	EFINANCIALCAREERS LIMITED
	 

	 
	 
	 
	 

	By:
	/S/ SCOT W. MELLAND
	 
	 

	Name:
	Scot W. Melland
	 
	 

	Title:
	Chairman, President & Chief
	 
	 

	 
	Executive Officer
	 
	 

	 
	 
	 
	 

	 
	 
	 
	 

	EMPLOYEE
	 
	 

	 
	 
	 

	/S/ JOHN BENSON
	 
	 

	John Benson
	 
	 

[Signature page to amendment to Employment Agreement 
between the Company and John Benson]ex10-1.htm

Exhibit 10.1

SUPPORT SERVICES AGREEMENT

Support Services Agreement (this "Agreement") dated as of July 22, 2011 (the "Effective Date") between Cardiff Partners, LLC, a California limited liability company ("CP") and CommerceTel Corporation, a Nevada Corporation, (“MFON”).

WHEREAS, MFON wishes to engage CP to provide the Services (as defined below) on the terms and conditions set forth herein and CP wishes to be so retained;

NOW THEREFORE, in consideration of the premises and of the mutual covenants, conditions and agreements contained herein, the parties agree as follows:

ARTICLE ONE

SERVICES

1.1           Management Services.  MFON hereby engages CP to perform the Management Services set forth in Schedule 1 hereto for the benefit of MFON, and CP agrees to perform such Management Services, on the terms and conditions set forth herein.

1.2           Other Services.  MFON may, from time to time, engage CP to perform other services for the benefit of MFON (“Other Services”).   The scope of, the applicable fee for, and any additional terms and conditions relating to any such other services shall be reflected in a Services Addendum to this Agreement in the form of Exhibit A hereto.

1.3           Reporting.  MFON shall have the right to request written reports at any time during the term of this Agreement, which shall be furnished within ten (10) days after such request, describing the progress, status of, and other matters pertaining to the Management Services and any Other Services provided pursuant to Section 1.2 (collectively, the “Services”) as MFON shall request. MFON may freely utilize all such information arising out of the performance of the Services under this Agreement in any manner desired.

ARTICLE TWO

COMPENSATION

2.1           Compensation.

(a) Management Services.   During the term of this Agreement, MFON will pay to CP a fee in respect of the Management Services (the “MS Fee”) equal to $150 per hour in cash.    The MS Fee will be billed semi-monthly (the 15th and last day of the month) and be payable in cash within five (5) days following MFON’s receipt of CP’s invoice.

 

 

(b)  Other Services.   IF MFON has engaged to perform any Other Services, MFON will pay to CP the fee specified for such Other Services in the applicable Services Addendum (the “Other Services Fee”).  Unless otherwise specified in the applicable Services Addendum, the Other Services Fee will be due and payable in cash within five (5) days following MFON’s receipt of CP’s invoice therefore.

2.2           Reimbursement.  MFON will reimburse CP for any and all reasonable  expenses incurred by CP in connection with CP's performance of the Management Services and any Other Services; provided, however, that any such expenses must be pre-approved by MFON and otherwise adhere to control procedures implemented by MFON. All requests for reimbursement for expenses must be accompanied by documentation in form and detail satisfactory to MFON.  MFON will reimburse CP for expenses incurred in compliance with this Section 2.2 within five (5) days following MFON’s receipt of CP’s invoice therefore.

Support Services Agreement

  

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ARTICLE THREE

REPRESENTATIONS, WARRANTIES AND COVENANTS

3.1           Representations and Warranties.  Each party represents and warrants to the other that:

(a) It has not entered into any agreement, whether written or oral, in conflict with this Agreement; and

(b) It has the full power and authority to enter into this Agreement.

3.2           CP’s Covenants.  CP:

(a) shall act as an independent contractor with no authority to obligate MFON by contract or otherwise;

(b) shall exercise only such powers and perform such duties as may from time to time be vested in CP or assigned to CP by MFON;

(c) shall devote such time and effort as is reasonably necessary to provide the Services;

(d) shall comply with all applicable laws in the performance including all applicable securities laws and regulations of the Services; and

(e) shall not assign or subcontract performance of this Agreement or any of the Services to any person, firm, company or organization without MFON’s prior written consent.

ARTICLE FOUR

CONFIDENTIAL INFORMATION

4.1           Confidentiality.  CP shall, during the term of this Agreement and for a period of five years thereafter, keep all MFON Confidential Information confidential and use such information only for the purposes expressly set forth herein.  MFON Confidential Information shall mean all information concerning MFON or its current or planned business, which is disclosed to CP by MFON or which results from, or in connection with, any Services performed pursuant to this Agreement.

4.2           Access.  CP agrees to limit the access to MFON Confidential Information to only those persons under CP's direct control who, with MFON’s knowledge and consent, are responsible for performing the Services set forth in Article One.

4.3           Authorized Disclosure.  CP shall have no obligation of confidentiality and non-use with respect to any portion of MFON Confidential Information which (i) is or later becomes generally available to the public by use, publication or the like, through no act or omission of CP; (ii) is obtained from a third party who had the legal right to disclose the information to CP; or (iii) CP already possesses as evidenced by CP’s written records predating receipt thereof from MFON.

4.4           Return of Information.  Upon the termination of this Agreement, CP will promptly return to MFON all materials, records, documents, and other MFON Confidential Information in tangible form.  CP shall retain no copies except as required by law of such materials and information and, if requested by MFON, will delete all MFON Confidential Information stored in any magnetic or optical disc or memory.

Support Services Agreement

  

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ARTICLE FIVE

INDEMNITY; LIMITATION OF LIABILITY

5.1           Indemnity.

(a)  MFON will indemnify and hold harmless CP against any and all losses, claims, damages, obligations, penalties, judgments, awards, liabilities, costs, expenses and disbursements (and any and all actions, suits, proceedings and investigations in respect thereof and any and all reasonable legal and other costs, expenses and disbursements in giving testimony or furnishing documents in response to a subpoena or otherwise), including, without limitation, the costs, expenses and disbursements, reasonably incurred, as and when incurred, of investigating, preparing or defending any such action, suit, proceeding or investigation (whether or not in connection with litigation in which CP is a party), directly or indirectly, caused by, relating to, based upon, arising out of, or in connection with this Agreement or CP's performance hereunder, except to the extent primarily caused by the gross negligence or willful misconduct of CP.

(b)  The indemnification provisions shall be in addition to any liability which MFON may otherwise have to CP or the persons indemnified below in this sentence and shall extend to the following: CP, its affiliated entities, members, employees, legal counsel, agents and controlling persons (within the meaning of the federal securities laws) of any of them. All references to CP in this Article Five shall be understood to include any and all of the foregoing.

(c)  MFON shall include Matthew Szot in MFON’s officer and director indemnification program and directors and officers insurance policy.

5.2           Limitation of Liability.  CP shall not have any liability (whether direct or indirect, in contract or tort or otherwise) to MFON for or in connection with this Agreement or CP’s performance hereunder, except to the extent that any such liability is found in a final judgment by a court of competent jurisdiction (not subject to further appeal) to have resulted primarily from CP's gross negligence or willful misconduct.  In no case shall CP’s liability (whether direct or indirect, in contract or tort or otherwise) to MFON for or in connection with this letter agreement or CP’s performance hereunder exceed the aggregate fees paid by MFON to CP hereunder.

ARTICLE SIX

TERM AND TERMINATION

6.1           Term. The initial term of this Agreement shall be for a period of three (3) months from the Effective Date (the “Initial Term”).  After the Initial Term, the term of this Agreement will automatically be extended for additional successive two month periods unless either party provides written notice to the other party of its intent not to so extend the term at least 30 days before the expiration of the then current term.

6.2           Termination.  (a) This Agreement may be terminated by either party upon the breach of a material term hereof by the other party, which breach remains uncured for 30 days after the date that the non-breaching party has served written notice on the other party, which notice will set forth the basis of such breach and the non-breaching party's intent to terminate the Agreement.

6.3           Effect of Termination.  Upon the expiration or termination of this Agreement, each party shall be released from all obligations and liabilities hereunder except those arising under Articles Four, Five and Eight; provided that, following such termination, CP shall be entitled to receive all amounts payable by MFON to CP through the date of expiration or termination of this Agreement.

 

Support Services Agreement

  

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ARTICLE SEVEN

MISCELLANEOUS

7.1           Relationship of the Parties.

(a)  MFON is a sophisticated business enterprise that has retained CP for the limited purposes set forth in this letter agreement, and the parties acknowledge and agree that their respective rights and obligations are contractual in nature. MFON recognizes that the relationship contemplated hereby is not an exclusive relationship for CP or any of its personnel.  Each party disclaims an intention to impose fiduciary obligations on the other by virtue of the engagement contemplated by this Agreement.

(b)  The Services do not include requiring CP to engage in any activities for which an investment advisor's registration or license is required under the U.S. Investment Advisors Act of 1940, or under any other applicable federal or state law; or for which a "broker's" or "dealer's" registration or license is required under the U.S. Securities Exchange Act of 1934, or under any other applicable federal or state law.  CP's work on this engagement shall not constitute the rendering of legal advice, or the providing of legal services, to MFON.  Accordingly, CP shall not express any legal opinions with respect to any matters affecting MFON.

7.2           Waiver. None of the terms of this Agreement may be waived except by an express agreement in writing signed by the party against whom enforcement of such waiver is sought.  The failure or delay of either party in enforcing any of its rights under this Agreement shall not be deemed a continuing waiver of such right.

7.3           Entire Agreement. This Agreement constitutes the entire agreement between the parties with respect to the subject matter hereof and supersedes all prior agreements and understandings among the parties (whether written or oral) relating to said subject matter.

7.4           Amendments.  This Agreement may not be released, discharged, amended or modified in any manner except by an instrument in writing signed by a duly authorized officer of MFON and CP.

7.5           Assignment.  MFON has specifically contracted for the Services of CP and, therefore, CP may not assign or delegate CP's obligations under this Agreement, either in whole or in part, without the prior written consent of MFON.

7.6           Severability.  If any provision of this Agreement is, becomes, or is deemed invalid, illegal or unenforceable in any jurisdiction, such provision shall be deemed amended to conform to the applicable laws so as to be valid and enforceable, or, if it cannot be so amended without materially altering the intention of the parties hereto, it shall be stricken and the remainder of this Agreement shall remain in full force and effect.

7.7           Headings. Article and Section headings contained in the Agreement are included for convenience only and are not to be used in construing or interpreting this Agreement.

7.8              Notices.  All notices provided for in this Agreement shall be in writing and shall be deemed effective when either served by personal delivery or sent by express, registered or certified mail, postage prepaid, return receipt requested, to the other party at the corresponding mailing address set forth below or at such other address as such other party may hereafter designate by written notice in the manner aforesaid.

Support Services Agreement

  

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7.9              Force Majeure.  CP shall be excused for failure to provide the Services hereunder to the extent that such failure is directly or indirectly caused by an occurrence commonly known as force majeure, including, without limitation, delays arising out of acts of God, acts or orders of a government, agency or instrumentality thereof (whether of fact or law), acts of public enemy, riots, embargoes, strikes or other concerted acts of workers (whether of CP or other persons), casualties or accidents, delivery of materials, transportation or shortage of cars, trucks, fuel, power, labor or materials or any other causes, circumstances or contingencies that are beyond the control of CP; provided, however, that CP shall use its best efforts to resume provision of the Services as soon as possible. Notwithstanding any events operating to excuse performance by CP, this Agreement shall continue in full force for the remainder of its term and any renewals thereof.

7.10           Counterparts.  This Agreement may be executed in any number of counterparts, each of which shall be an original and all of which together shall constitute one and the same document, binding on all parties notwithstanding that each of the parties may have signed different counterparts.

7.11           Governing Law.  This Agreement shall be governed by and construed in accordance with the laws of the State of California and the parties to this Agreement hereby submit to the exclusive jurisdiction of the courts, both state and federal, in the County of Orange, State of California.

 

IN WITNESS WHEREOF, the parties have entered into this Agreement on the date first above written.

 

	
CARDIFF PARTNERS, LLC,

 

	
COMMERCETEL CORPORATION

 

	
a California limited liability company

	
a Nevada Corporation

	  	  
	
____________________________________

	
____________________________________

	
By: Keith Moore

	
By: Dennis Becker

	
Title: Managing Member

	
Title: Chief Executive Officer

	
Address: 30950 Rancho Viejo Rd #120

	
8929 Aero Drive, Suite E

	
San Juan Capistrano, CA  92675

	
San Diego, CA 92123

 

Support Services Agreement

  

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Schedule 1

Management Services

	
·  

	
Make available an individual acceptable to MFON in its sole discretion to serve as Chief Financial Officer of MFON.

	
·  

	
Perform all principal accounting and financial officer duties.

	
·  

	
Direct all finance, accounting and treasury functions including SEC filings (including signing as the Principal Financial Officer of MFON), audits, cash forecasting, cash management, operational budgeting, month-end closing, and ensure accuracy and compliance in accounting/financial reporting.

	
·  

	
Analyze financial and operating information for management to facilitate decision-making and provide input for corrective action, where applicable.

	
·  

	
Forecast and monitor financial information against goals and operating strategy.

	
·  

	
Manage/oversee relationships with independent auditors, banks and investment banking community.

	
·  

	
Handle financial negotiations with other third party relationships.

	
·  

	
Prepare quarterly updates to the financial forecast.

	
·  

	
Support and evaluate all corporate capital formation activities including debt, equity, and debt issuance transactions.

 

Support Services Agreement

  

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Attachment A

Services Addendum

	
Scope of Other Services:

 

 

 

 

	  
	
Other Services Fee:

 

 

 

	  
	
Other Terms and Conditions:

 

 

 

 

 

	  

 

Acknowledged and agreed by:

 

COMMERCETEL CORPORATION

	
  

	
By: ______________________ 

 

Date:

 

 

CARDIFF PARTNERS, LLC

	
  

	
By: ______________________

 

Date:

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