Document:

Exhibit 10.2

 

 

[FiberTower
Letterhead]

 

February 11 2008

 

 

Ravi Potharlanka

36943 Papaya Street

Newark, CA 94560

 

Re: Special Retention
Compensation Package

 

Dear Ravi,

 

FiberTower Corporation (“we”
or the “Company”) is pleased to confirm this offer to you of the following
Special Retention Compensation Package. 
If you accept this offer, we agree to:

 

	
   

  	
  (i)

  	
  pay
  you a cash retention bonus of $666,667 on January 1, 2010 if you remain
  employed by the Company as Chief Operating Officer on such date;

  
	
   

  	
   

  	
   

  
	
   

  	
  (ii)

  	
  pay
  you an additional cash retention bonus of $333,333 on January 1, 2011 if
  you continue to remain so employed on such date; and

  
	
   

  	
   

  	
   

  
	
   

  	
  (iii)

  	
  make
  a restricted stock grant to you under the Amended and Restated FiberTower
  Corporation Stock Incentive Plan within ten (10) business days of your
  acceptance of this Special Retention Compensation Package of 250,000 shares
  of common stock of the Company, which shall vest as to 166,667 shares on
  January 1, 2010 if you remain employed by the Company as Chief Operating
  Officer on such date and shall vest as to the remaining 83,333 shares on
  January 1, 2011 if you remain so employed on such date.

  

 

If on or before January 1,
2011, (a) a Change of Control occurs, (b) we terminate your
employment as Chief Operating Officer of the Company without Cause, or (c) you
terminate your employment as Chief Operating Officer of the Company with Good
Reason, any amounts not yet paid to you under clauses (i) and (ii) above
shall become immediately due and payable, and any unvested shares of restricted
stock granted pursuant to clause (iii) above shall become fully vested. In
the event of your death or disability prior to January 1, 2011, (a) within
10 business days after your death or the determination by the Company of your
total disability, the Company will pay you or your estate an amount equal to (A) the
product of (x) the sum of the payments under clauses (i) and (ii) above,
multiplied by (y) the Pro Rata Factor, minus (B) any amounts
previously paid under clauses (i) and (ii) above, and (b) a
portion of the restricted stock granted to you under clause (iii) above
will vest as of the date of your death or the determination by the Company of
your total disability, which portion shall equal (A) the total number of
shares of restricted stock granted to you under clause (iii) above
multiplied by the Pro Rata Factor, minus (B) the number of shares granted
to you under clause (iii) above that have previously vested.  The “Pro Rata Factor” shall equal a fraction,
the numerator of which is the number of days that have elapsed since January 1,
2008 to the date of your death or the Company’s determination of your total
disability, and the denominator of which is the number of days from January 1,
2008 to January 1, 2011.

 

 

 

 

For purposes of this Special
Retention Compensation Package, “Change of Control” means the occurrence of any
of the following events: (i) the sale or transfer of all or substantially
all of the Company’s assets, (ii) a reorganization, recapitalization,
consolidation or merger where the voting securities of the Company outstanding
immediately preceding such transaction, or the voting securities issued in
exchange for or with respect to the voting securities of the Company
outstanding immediately preceding such transaction, represent 50% or less of
the voting power of the surviving entity following the transaction; or (iii) a
transaction or series of related transactions which results in the acquisition
of more than 50% of the Company’s outstanding voting power by a single person
or entity or by a group of persons and/or entities acting in concert; provided,
that a transaction principally for the purpose of reorganizing the Company into
a holding company structure or reincorporating the Company in another
jurisdiction shall not constitute a “Change of Control.” Notwithstanding the
foregoing, to the extent necessary to comply with Section 409A, in the
case of any payment under this Special Retention Compensation Package that in
the determination of the Company would be considered “nonqualified deferred
compensation” subject to Section 409A and as to which, in the
determination of the Company, the requirements of Section 409A(a)(2)(A)(v) would
apply, an event or occurrence described above shall be considered a “Change of
Control” only if it also constitutes a change in ownership or effective control
of the Company, or a change in ownership of the Company’s assets, described in Section 409A(a)(2)(A)(v).

 

For purposes of this Special
Retention Compensation Package, “Cause” means the occurrence of any of the
following events: (a) your unauthorized use or disclosure of the Company’s
confidential information or trade secrets, or the material misappropriation of
property belonging to the Company; (b) your material breach of any
contract between the Company and you; (c) your material breach of any
policy of the Company applicable to employees of the Company generally (such as
the Company’s Procedures and Guidelines Governing Securities Trades by Company
Personnel or Amended and Restated Corporate Code of Business Conduct and
Ethics); (d) your failure to perform (other than by reason of disability),
or serious negligence in the performance of, your material duties and
responsibilities to the Company; (e) fraud or embezzlement or other
dishonesty which is material (monetarily or otherwise) with respect to the
Company; or (f) an indictment, conviction or plea of nolo contendere to a
felony or other crime involving moral turpitude.

 

For purposes of this Special
Retention Compensation Package, “Good Reason” means the occurrence of any of
the following events: (a) failure of the Company to continue you in the
position (and with material duties and responsibilities consistent with such
position), and with the title of Chief Operating Officer; (b) failure of
the Company to pay to you any material portion of the amounts required
hereunder or any other compensation agreed by the Company to be paid to you,
excluding any failure which is cured within ten (10) business days
following notice from you to the Company specifying in detail the nature of
such failure; or (c) permanent relocation of your principal place of work
to a location more than fifty (50) miles from the city of San Francisco,
California.  For clarity, you agree that
failure of the Company to continue you in the position (and with duties and
responsibilities of such position) and with the title of Co-President will not
constitute Good Reason.

 

 

 

 

2

 

For purposes of this Special
Retention Compensation Package, “disability” means your inability, due to a
medically documented physical or mental condition, to perform your essential
job duties, with or without reasonable accomodation, for a continuous period of
six (6) months.  The Company may, at
its discretion and cost, require that you submit to an independent medical
evaluation to confirm your condition and resulting inability to perform job
duties before you are recognized as disabled. 

 

All compensation under this
Special Retention Compensation Package is subject to applicable tax withholding
requirements, and the Company may withhold from amounts otherwise payable
hereunder such amounts or require you to pay to the Company the amount of
applicable withholding taxes. In addition, you are solely responsible for all
taxes that result from your receipt of benefits hereunder.

 

To the extent that any
payment under this Special Retention Compensation Package is deemed to be
deferred compensation subject to the requirements of section 409A of the Code, this
Special Retention Compensation Package shall be operated in compliance with the
applicable requirements of section 409A of the Code and its corresponding
regulations and related guidance with respect to subject payment.  If you are a “key employee,” as defined in
section 416(i) of the Code (without regard to paragraph 5 thereof), except
to the extent permitted under section 409A of the Code, no benefit or payment
that is subject to section 409A of the Code (after taking into account all
applicable exceptions to section 409A of the Code, including but not limited to
the exceptions for short-term deferrals and for “separation pay only upon an
involuntary separation from service”) shall be made hereunder on account of
your “separation from service,” as defined in section 409A of the Code, with
the Company until the later of the date prescribed for payment under this
Special Retention Compensation Package and the first day of the seventh
calendar month that begins after the date of your separation from service (or,
if earlier, the date of your death).  Any
such amounts shall be aggregated and paid in a lump sum, with interest, based
on the prime rate as set out in The Wall Street Journal.

 

This Special Retention
Compensation Package is not an employment agreement and shall not change your
existing status as an employee “at will” of FiberTower.  You may terminate your employment at any time
with or without Good Reason, and FiberTower may terminate your employment at
any time with or without Cause.

 

The provisions of this
Special Retention Compensation Package shall be governed by the laws of the
State of California.

 

This offer will remain open
until February 14, 2008.  If you
decide to accept our offer, and I hope you will, please sign the enclosed copy
of this letter in the space indicated and return it to me before February 14,
2008.

 

 

 

 

3

 

 

 

	
   

  	
   

  	
  Sincerely,

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  FIBERTOWER
  CORPORATION

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  /s/
  John D. Beletic

  
	
   

  	
   

  	
   

  	
  John
  D. Beletic, Chairman of the Board

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Accepted
  and agreed this 11th day of February, 2008

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  /s/
  Ravi Potharlanka

  	
   

  	
   

  
	
  Ravi Potharlanka

  	
   

  	
   

  

 

 

 

 

 

4magellanpetroleum2.htm

                                                                                            EXHIBIT 10.1

        

     

                                     FIRST
AMENDMENT TO THE MAGELLAN PETROLEUM

    CORPORATION
1998 STOCK OPTION PLAN

    

                    This
First Amendment to the Magellan Petroleum Corporation 1998 Stock Option Plan
(the “Plan”) is adopted this 24th day of
October 2007, by Magellan Petroleum Corporation (the “Company”).

     

    W
I T N E S S E T H :

     

                    WHEREAS,
the Board of Directors of the Company approved the Plan on December 3, 1997 and
the Company’s shareholders approved the Plan, effective December 2,
1998;

     

                    WHEREAS,
the Company reserved the right to the Board of Directors to amend the Plan in
Section 14 thereof “in order to conform to any change in the law or
regulation applicable” to the Company;

     

    WHEREAS, the American Jobs Creation Act
of 2004 added a new Section 409A to the Internal Revenue Code of 1986, as
amended;

     

                    WHEREAS,
the Company wishes to amend the Plan to eliminate the Plan’s provisions on
“repricing” and “reload” of option and SAR awards in order to conform the
provisions of the Plan to the requirements of Section 409A and the IRS final
regulations adopted thereunder; and

     

    WHEREAS, the Company’s common stock has
been voluntarily delisted from the Pacific Exchange and the Company wishes and
to delete all references to the “Pacific Exchange” from the Plan.

     

    NOW, THEREFORE, BE IT RESOLVED THAT the
Plan is hereby amended as set forth below.

     

        1.  Section
5(a)(v) of the Plan and subsection (v) in the first sentence of Section 6
are  hereby deleted in their entirety.

     

        2.  All
references in the Plan to the “Pacific Exchange” are hereby deleted and the term
“Nasdaq Stock Market, Inc.” is hereby substituted therefor.

     

    
      	
                     3.    

            	
              Section
      10 of the Plan is deleted in its entirety and the following is substituted
      therefore:

            

    

     

         Section
10.          No
Repricings.  Notwithstanding anything to the contrary in this
Plan, the purchase price of each share of Stock subject to an outstanding
option     granted under the Plan may not be decreased after
the date of grant nor may an outstanding option granted under the Plan be
surrendered to the Company as consideration for the grant of a new option with a
lower exercise price (except as otherwise provided in Section 11 hereof
relating to the adjustment of awards upon changes in capitalization of the
Company).

     

              4.    Except
as hereby amended, the Plan remains in full force and effect.

     

     

     

     

     

     

    
      
        
        

      

      
        20

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