Document:

Stock Option Agreements with Patrick M. Murphy

 Exhibit 10.4 
  
 AMENDMENT TO EMPLOYMENT AGREEMENT 
 AND OUTSTANDING STOCK OPTION AGREEMENTS 
 with Patrick M. Murphy 
  
 THIS AMENDMENT (this “Amendment”), effective as of July 7, 2005, by
and between Paradyne Networks, Inc., a Delaware corporation (the “Company”), and Patrick M. Murphy (“Executive”), amends (i) that certain Employment Agreement, dated as of December 8, 2000, by and between the Company and
Executive (the “Employment Agreement”), and (ii) all stock options to acquire common stock of the Company held by the Executive immediately prior to July 7, 2005 (the “Options”) and any stock option agreements (collectively, the
“Option Agreements”) representing the Options. 
  
 In
consideration of the mutual covenants and agreements herein contained, and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree to amend the Employment Agreement as follows:

  
 1. Section 8(a)(i)(B) of the Employment Agreement is hereby
deleted in its entirety and the following is substituted therefor: 
  
 “B. an amount equal to two times the sum of Executive’s Base Salary in effect as of the Date of Termination plus Executive’s target annual bonus for the year in which the Date of Termination occurs” 
  
 2. Section 8(a)(ii) of the Employment Agreement is hereby deleted in its entirety and the
following is substituted therefore: 
  
 “(ii) for a period
of twenty-four (24) months after the Date of Termination, Executive shall continue to participate in the health and welfare benefit plans and arrangements of the Company as provided in Section 5(c) on the same basis and at the same cost to Executive
as on the Date of Termination. The obligation of the Company to provide such continued health and welfare coverage shall terminate upon Executive’s obtaining other employment to the extent that such health and welfare coverage is provided by
the new employer; and” 
  
 3. The Employment Agreement, the
Options and the Option Agreements are hereby amended by deleting any provisions inconsistent with the following (relating to acceleration of vesting upon a Change in Control and termination of employment) and substituting therefore the following
provision: 
  
 “Immediately prior to the occurrence of a
Change in Control (as defined in Section 6(d) of the Employment Agreement), all Options will automatically vest as to one-half of the then-unvested shares (rounded down to the nearest whole number), and if, at any time within one year following a
Change in Control, Executive voluntarily resigns because he is not offered continued Comparable Employment (as defined in Section 6(e) 

 of the Employment Agreement) or Executive’s employment is terminated by the Company without Cause
(as defined in Section 6(e) of the Employment Agreement), then all remaining unvested Options will automatically vest.” 
  
 4. The Employment Agreement, the Options and the Option Agreements are hereby amended by deleting any provisions inconsistent with the following (relating
to post-termination exercise period of the Options) and substituting therefore the following provision: 
  
 “Regardless of whether a Change in Control shall have occurred, upon Executive’s termination of employment form the Company by reason of (A) his
death, Disability or Retirement (as such terms are defined in the Employment Agreement), (B) the Company’s termination of such employment without Cause (as defined in the Employment Agreement), or (C) Executive’s voluntary resignation for
any reason, the Options, to the extent exercisable as of the date of such termination of employment, shall remain exercisable for a period of four years after such termination of Executive’s employment, subject to Section 11(b) of the
Company’s Amended and Restated 1996 Equity Incentive Plan or the corresponding provision of the plan under which such options were granted 
  
 5. As amended hereby, the Employment Agreement, the Options and the Option Agreements shall be and remain in full force and effect. 
  
 IN WITNESS WHEREOF, the parties have executed this Amendment as of the date
first above written. 
  

			
	EXECUTIVE
	
	 /s/ Patrick M. Murphy

	 Patrick M. Murphy

	
	 PARADYNE NETWORKS, INC.

		
	 By:
	 	 /s/ Sean E. Bellanger

 Sean E. Bellanger

  

 - 2 -Unassociated Document

    

      Exhibit
        10.109

      

      June
        29,
        2005

      

      Mr.
        Robert Beffa

      The
        May
        Company

      611
        Olive
        Street, 13th
        Floor

      St.
        Louis, MO 63101

      

      

      Dear
        Bob:

      

      On
        behalf
        of Glimcher Realty Trust (the “Company”), I am pleased to offer you the position
        of Senior Vice President of Development and Construction, pursuant to the
        provisions outlined below. I am confident that you will find your employment
        experience with our Company very challenging and rewarding. 

      

      START
        DATE:

      August
        17, 2005

      

      SALARY:  

      $325,000/year

      

      SIGNING
        BONUS:

      You
        will
        receive a signing bonus of $100,000 upon commencement of your employment
        with
        the Company.

      

      BONUS:

      In
        your
        position as Senior Vice President of Development and Construction, which
        position would be considered an executive officer of the Company, you will
        be
        entitled to participate in the Company’s 2005 Executive Bonus Plan, as same may
        be established and modified from time to time by the Executive Compensation
        Committee of the Board of Trustees of the Company. Based on the parameters
        established for 2005, this position would be eligible for a 20% bonus upon
        achievement of the earnings target. 

      

      STOCK
        OPTIONS: 

      You
        will
        be eligible to participate in the Company’s stock option plan as the same may be
        established and modified from time to time by the Board of Trustees of the
        Company. When you begin employment, you will be granted 15,000 stock options.
        In
        addition, option grants will be made annually each March at the discretion
        of
        the Board of Trustees of the Company. Options are granted at fair market
        value
        on the grant date as determined in accordance with the plan. Options vest
        ratably over three years and expire ten years after the grant date.

      

      RESTRICTED
        STOCK:

      Upon
        commencement of your employment, 5,000 shares of restricted stock will be
        issued
        to you. You will have the benefit of receiving dividends attributable to
        these
        shares upon their issuance, but the transfer restrictions on the stock will
        lapse in three equal annual installments over a period of three years commencing
        on the first anniversary of the grant date. In addition, it is anticipated
        that
        restricted stock grants will be made annually at the discretion of the Board
        of
        Trustees of the Company.

      

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

      Robert
        Beffa

      June
        29,
        2005

      Page
        2

      

      RELOCATION:

      The
        Company provides coverage for relocation per Policy 6.10 of our handbook.
        However, due to your decision not to relocate immediately, the Company will
        provide an extension of the temporary housing benefit for up to 6 months.
        The
        Company will also provide an Executive Office Suite in St. Louis in addition
        to
        your primary office in Columbus, Ohio. The Company will further reimburse
        expenses for travel between St. Louis and Columbus during your employment
        with
        the Company.

      

      GROUP
        BENEFITS: (Medical, Dental, Life, Disability)

      The
        effective date of your group benefits will be the first of the month following
        your date of hire. A copy of the benefit summary is enclosed. 

      

      401K:

      You
        will
        be eligible to participate in the Company’s 401k plan the first day of the
        fiscal quarter after six months of service. The Company provides a cash match
        of
        50% of the first 4% of the participant’s contribution, subject to ERISA
        limitations. Participants are 100% vested in the employee match after five
        years
        of service. You will also have the opportunity to rollover funds from another
        qualified plan in order to take advantage of any of the 13 investment options
        we
        offer prior to your eligible participation date. 

      

      VACATION:

      You
        will
        be eligible for five (5) weeks vacation per year. 

      

      CONTINUING
        EDUCATION:

      Please
        refer to Section 6.11 of the Management Handbook with respect to professional
        organizations. The Company would reimburse you for continuing education and
        certification fees accordingly. 

      

      CHANGE
        OF CONTROL:

      Your
        position will be subject to a written agreement relating to severance benefits
        upon a change in control. This offer is contingent upon your execution of
        such a
        written agreement and the approval of the agreement by the Company’s Board of
        Trustees.

      

      PAYMENT
        UPON TERMINATION:

      If
        the
        Company should terminate your employment without cause, you will be paid
        your
        annual base salary and bonus target at the time of termination. This payment
        will be made to you in a lump sum minus all necessary tax
        withholdings.

       

      EXECUTIVE
        COMPENSATION COMMITTEE APPROVAL:

      The
        terms
        and provisions of this letter are subject to the approval of the Executive
        Compensation Committee of the Company. Upon acknowledgment of the provisions
        of
        this letter, a resolution containing the terms hereof shall be submitted
        to the
        Executive Compensation Committee for review and approval. 

      

      STATUS: 

      This
        position is classified as exempt and subject to all terms and conditions
        of
        employment as outlined in the Management Handbook, a copy of which is attached
        hereto.

      

      

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

      Robert
        Beffa

      June
        29,
        2005

      Page
        3

      

      Please
        be
        advised that per Company policy your employment status is at-will and that
        nothing herein changes, alters, or modifies this status, and further that
        no
        Company representative other than the Executive Committee of the Board of
        Trustees is authorized to enter into any written or oral agreement contrary
        to
        this policy.

      

      This
        offer is contingent upon the receipt of a satisfactory criminal background
        check. 

      

      We
        would
        appreciate your quick response in acknowledging the terms and conditions
        of this
        offer. By signing below you also acknowledge that no promise or agreement
        not
        expressed in this letter has been made to you and that this letter contains
        all
        the terms of employment which have been offered to you by the Company.

      

      

      Bob,
        we
        are very excited about offering you this opportunity with our Company. If
        you
        have further questions about any of the contents in this letter, please do
        not
        hesitate to contact me. 

      

      

      Sincerely,

      

      

      Michael
        P. Glimcher

      Chief
        Executive Officer and President

      

      

      

      

      

      AGREED
        AND ACKNOWLEDGED BY:

      

      

      /s/
        Robert Beffa                        
 July
        5, 2005  

      ROBERT
        BEFFA                        Date

       

      

      Enclosures

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