Document:

Exhibit 10.2

 

AMENDMENT NO. 1 TO

EMPLOYMENT AGREEMENT

 

AMENDMENT NO. 1 (this “Amendment”), effective as of December 30,
2005, by and between AboveNet, Inc., a
Delaware corporation having its principal offices at 360 Hamilton Avenue, White Plains, New York 10601 (the “Company”), and Michael Doris
residing at 10 Nathan Court, Syosset, NY 11791 (the “Employee”).

 

WHEREAS, the Company and Employee entered into an
Employment Agreement made as of August 31, 2003 (the “Employment Agreement”);
and

 

WHEREAS, the Company and Employee desire to amend the
Employment Agreement as provided herein;

 

NOW, THEREFORE, for good and valuable consideration, the
receipt and sufficiency of which are hereby
acknowledged, the parties hereto hereby agree to amend the Employment Agreement as
follows:

 

1.         The following
shall be added at the end of Section 8(f) Payment Date.

 

Notwithstanding the foregoing, in the event that it is
necessary to delay payment of all or a portion of the Accrued Benefits or
Severance Payments for a period of six months after the date of
termination of employment in order to avoid the additional tax and interest under Section 409A of the Internal
Revenue Code of 1986, as amended,
then to the extent necessary the payment of the Accrued Benefits and
Severance Payments shall be delayed for a period of six months. Any payments that are delayed will be accumulated
and paid on the first date of  the seventh month following
the date of termination of employment.

 

2.         Except as
expressly set forth in this Amendment, the Employment Agreement shall remain in full force and effect and together
with this Amendment shall constitute the entire agreement between the Company and the Employee with respect to the
subject matter set forth therein and
herein and supersede all prior agreements between such parties with respect to such
subject matter. Capitalized terms used in this Amendment that are not otherwise
defined shall have the meaning set forth in
the Employment Agreement. This Amendment may be executed in
counterparts, each of which shall be deemed an original, but all of which
together shall constitute one and the same
instrument.

 

IN
WITNESS WHEREOF, the parties hereto have executed this Amendment as of the date first above written.

 

	
   

  	
  AboveNet, Inc.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/
  Robert Sokota 

  
	
   

  	
  Name:
  

  	
  Robert
  Sokota 

  
	
   

  	
  Title:

  	
  SVP

  
	
   

  	
   

  
	
   

  	
  By:
  

  	
  /s/
  Michael Doris

  
	
   

  	
   

  	
  Michael
  DorisExhibit 10.3

 

AMENDMENT NO. 2 TO

EMPLOYMENT AGREEMENT

 

THIS AMENDMENT NO. 2 to Employment Agreement (this “Amendment”),
effective as of March 4, 2008, by and between AboveNet, Inc., a
Delaware corporation having its principal offices at 360 Hamilton Avenue, White
Plains, New York  10601 (the “Company”),
and Michael Doris residing at 10 Nathan Court, Syosset, New York  11791 (“Employee”).

 

WHEREAS, the Company and Employee entered into an Employment Agreement
made as of August 31, 2003 and an Amendment No. 1 to Employment
Agreement made as of December 30, 2005 (collectively, the “Employment
Agreement”); and

 

WHEREAS, the Company and Employee desire to amend the Employment
Agreement as provided herein;

 

NOW, THEREFORE,  for good and
valuable consideration, the receipt and sufficiency of which are hereby
acknowledged, the parties hereto hereby agree to amend the Employment Agreement
as follows:

 

1.               The following sections shall be added
after Section 3(b)(ii):

 

“(iii)                Calendar
Year 2007.  In lieu of any bonus due
under Section 3(b)(ii) above, with respect to calendar year 2007, the
Employee will be entitled to a bonus of $150,000.00 (the “2007 Annual Bonus”),
which shall be paid on or about March 15, 2008.

 

(iv)                  Calendar
Year 2008.  In lieu of any bonus due
under Section 3(b)(ii) above, with respect to calendar year 2008, the
Employee will be entitled to a prorated bonus of $150,000.00 (the “2008 Annual
Bonus”), which shall be paid within ten (10) days of his date of
termination.  The prorated bonus shall be
calculated by multiplying $150,000.00 by a fraction, the numerator of which
shall be the number of days between January 1, 2008 and the date of the
Employee’s date of termination and the denominator of which shall be 366.”

 

2.               New Section 3(d) and new Section 3(e) shall
be added after Section 3(c):

 

“(d)                 2006
Securities Filing Payment.  At such
time as the Company completes and files with the Securities and Exchange
Commission a Form 10-K with respect to the Company’s financial position
for its fiscal year 2006, then the Employee shall be paid $50,000.00 (the “2006
Securities Filing Payment”), with such payment to be made within ten (10) days
of the filing.

 

 

(e)                   2007
Securities Filing Payment.  At such
time as the Company completes and files with the Securities and Exchange
Commission a Form 10-K or Form 8-K with respect to the Company’s
financial position for its fiscal year 2007, then the Employee shall be paid
$50,000.00 (the “2007 Securities Filing Payment”), with such payment to be made
within ten (10 days of the filing.  If
the 2006 Securities Filing Payment has not been paid by the due date for the
payment of the 2007 Securities Filing Payment, then the 2006 Securities Filing
Payment shall also be paid simultaneously with the 2007 Securities Filing
Payment.”

 

3.               Provided that the
Employee executes and delivers the attached Separation of Employment and
General Release Agreement annexed hereto as Exhibit A, then upon
termination of Employee’s employment by the Company without Cause, the Employee
shall be entitled to receive from the Company, in addition to the remuneration
set forth in Section 8(d)(iii) above, the following:

 

a.             Section 8(d)(iii)(C) shall
be amended by substituting “18 months” for “12 months”.

b.             Section 8(d)(iii) shall
be amended by deleting the word “and” before subsection (C) and adding the
following clause at the end of subsection (C):

 

and (D) the Company and Employee shall execute and deliver the
Consulting Contract annexed hereto as Exhibit B, providing for consulting
services by Employee to the Company for a period of nine (9) months.”

 

5.     The following shall be added at then end of
Section 25:

 

“The Company agrees to pay the Employee’s
legal fees and expenses up to a maximum of $10,000.00 directly to the Employee’s
law firm against invoices for time and expenses solely with respect to the
negotiation of Amendment No. 2  to
Employment Agreement, any consulting arrangement, any separation agreement and
release, and the terms and conditions with respect to Employee’s termination of
employment.”

 

6.               The Employee’s
employment shall be terminated without Cause upon the signature of this
amendment.

 

Except as expressly set forth in this Amendment, the Employment
Agreement shall remain in full force and effect and together with this
Amendment shall constitute the entire agreement between the Company and the
Employee with respect to the subject matter set forth therein and herein and
supersede all prior agreements between such parties with respect to such
subject matter.  Capitalized terms used
in this Amendment that are not otherwise defined shall have the meaning set
forth in the Employment Agreement.  This
Amendment may be executed in counterparts, each of which shall be deemed an
original, but all of which together shall constitute one and the same
instrument.

 

 

IN WITNESS WHEREOF, the parties hereto have executed this Amendment as
of the date first above written.

 

	
   

  	
  AboveNet, Inc.

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   /s/ Robert Sokota

  
	
   

  	
   

  	
   

  	
  Robert Sokota

  
	
   

  	
   

  	
   

  	
  Senior Vice President

  
	
   

  	
   

  	
   

  
	
   

  	
   /s/ Michael Doris

  
	
   

  	
  Michael DorisExhibit
10.4

 

STOCK
OPTION AGREEMENT

 

STOCK
OPTION AGREEMENT
(“Agreement”) effective as of September 10, 2003 (“Grant Date”), by and
between AboveNet, Inc. (the “Company”) and Michael A.
Doris (the “Optionee”).

 

WHEREAS, by order dated and entered August 21,
2003, the Honorable Adlai S. Hardin, Jr., United States Bankruptcy Judge,
United States Bankruptcy Court for the Southern District of New York (the
“Bankruptcy Court”) confirmed the Second Amended Plan of Reorganization of
Metromedia Fiber Network, Inc. et  al. dated July 1,
2003, as amended (the “Plan of Reorganization”);

 

WHERES, the Company emerged from proceedings
under Chapter 11 of the Bankruptcy Code on the date hereof;

 

WHEREAS, in accordance with the Plan of
Reorganization, the Company was authorized to implement the AboveNet, Inc.
Management Incentive Plan (the “Plan”);

 

WHEREAS, in accordance with the Plan of
Reorganization, the Company was authorized and directed to grant to the
Participant an option to purchase 16,500 shares
of common stock of the Company at an exercise price of $20.95 subject to vesting and other terms
and conditions set forth herein as an incentive for the Optionee to advance the
interests of the Company; and

 

WHEREAS, the Bankruptcy Court has approved the
Plan and the grant of options to certain officers of the Company, including the
Optionee, set forth on Exhibit A to the Plan; and

 

WHEREAS, the Optionee and the Company have
executed an employment agreement which sets forth the terms of the option,
including the number of shares underlying such option, to be granted to the
Optionee by the Company.

 

NOW, THEREFORE, the parties agree as follows:

 

1.             Grant of Option.

 

(a)           Pursuant to the Plan, a copy of which is
attached hereto, and subject to the terms and conditions set forth herein and
therein, the Company hereby grants to the Optionee the right and option (the
“Option”) to purchase all or any part of 16,500
shares (the “Option Shares”) of the Company’s common stock, $.01 par
value per share (the “Common Stock”).

 

(b)           The Option is intended to qualify as an
incentive stock option, as defined in Section 422 of the Internal Revenue
Code of 1986, as amended (the “Code”), to the maximum extent permitted by such
Section 422.

 

 

2.             Exercise Price.

 

The purchase price (the
“Exercise Price”) of the Option Shares shall be $20.95 per share.

 

3.             Time of Exercise; Term.

 

(a)           Subject to acceleration as expressly
provided in Paragraph 6 hereof, the Option shall vest and become exercisable,
on a cumulative basis, as to one-third of the Option Shares on the first
anniversary of the Grant Date, an additional one-third of the Option Shares on
the second anniversary of the Grant Date and the remaining one-third of the
Option Shares on the third anniversary of the Grant Date.

 

(b)           Subject to earlier expiration as
expressly provided in Paragraph 6 hereof, the Option shall expire and cease to
have any force or effect on the end of the day immediately preceding the tenth
anniversary of the Grant Date (the “Scheduled Expiration Date”).

 

4.             Adjustment Upon Changes in
Capitalization.

 

(a)           The aggregate number of Option Shares and
the Exercise Price shall be proportionately adjusted by the Board or the
Compensation Committee of the Board (the “Committee”) for any increase or
decrease in the number of issued shares of Common Stock resulting from a
subdivision or consolidation of shares or other capital adjustment, or the
payment of a stock dividend or other increase or decrease in such shares,
effected without receipt of consideration by the Company, or other change in
corporate or capital structure. The Board or the Committee may also make the
foregoing changes and any other changes, including changes in the classes of
securities available, to the extent it is deemed necessary or desirable to
preserve the intended benefits of the Plan for the Company and the Optionee in
the event of any other reorganization, recapitalization, merger, consolidation,
spin-off, extraordinary dividend or other distribution or similar transaction.
To the extent the Option is an incentive stock option, any such adjustments to
the Option must meet the requirements of Code Section 424(a).

 

(b)           Any adjustment under this Paragraph 4 in
the number of Option Shares shall apply proportionately to only the unexercised
portion of the Option. If fractions of a share would result from any such
adjustment, the adjustment shall be revised to the next lower whole number of
shares.

 

5.             Method of Exercising Option and
Withholding.

 

(a)           The Option shall be exercised, in whole,
or from time to time in part, by the delivery of a written notice of exercise
by the Optionee to the Company at its principal office (or at such other
address as may be established by the Board or the Committee) stating the number
of Option Shares as to which the Option is being exercised, accompanied by
payment in full of the aggregate Exercise Price for such Option Shares. Payment
for such Option Shares shall be made (i) in U.S. dollars by cash, personal
check, bank draft or money order payable to the order of the Company, by money
transfers or direct account debits; (ii) through the delivery or deemed
delivery based on attestation to the ownership of Mature Shares

 

2

 

(as defined in the Plan)
with a Fair Market Value (as defined in the Plan) at least equal to the total
payment due; (iii) pursuant to a broker-assisted “cashless exercise”
program if established by the Company; or (iv) by a combination of the
methods described in clauses (i) through (iii) above.

 

(b)           The Company’s obligation to deliver
shares of Common Stock upon the exercise of the Option shall be subject to the
payment by the Optionee of any applicable federal, state and local withholding
tax. The Company shall, to the extent permitted by law, have the right to deduct
from any payment of any kind otherwise due to the Optionee any federal, state
or local taxes required to be withheld with respect to the exercise of the
Option. Subject to the right of the Board or the Committee to disapprove any
such election and require the withholding tax in cash, the Optionee shall have
the right to elect to pay the withholding tax with shares of Common Stock to be
received upon exercise of the Option or which are otherwise owned by the
Optionee. Any election to pay withholding taxes with stock shall be irrevocable
once made.

 

6.             Termination of Employment; Change in
Control.

 

(a)           In the event of the Optionee’s death
prior to the end of the Term (as defined in the employment agreement between
the Optionee and the Company, effective as of the Grant Date, or in any
successor agreement to such employment agreement (the “Employment Agreement”)),
the unvested and unexercisable portion of the Option shall immediately vest and
become exercisable. The Option shall remain exercisable until the earlier of:
(i) end of the day on the third anniversary of the Optionee’s death or
(ii) the Scheduled Expiration Date; provided, however, if
the Optionee’s death occurs upon or after a Change in Control (as defined in
the Plan), the portion of the Option which was exercisable at the time of the
Change in Control or became exercisable upon the Change in Control shall remain
exercisable until the Scheduled Expiration Date.

 

(b)           Upon the termination of Optionee’s
employment with the Company prior to the end of the Term as a result of a
Disability (as defined in the Employment Agreement), the unvested and
unexercisable portion of the Option shall immediately vest and become
exercisable. The Option shall remain exercisable until the earlier of:
(i) the end of the day on the third anniversary of the termination of the
Optionee’s employment or (ii) the Scheduled Expiration Date; provided,
however, if the termination of the Optionee’s employment occurs upon or
after a Change in Control, the portion of the Option which was exercisable at
the time of the Change in Control or became exercisable upon the Change in
Control shall remain exercisable until the Scheduled Expiration Date.

 

(c)           In the event of the termination of the
Optionee’s employment by the Company for “Cause” or by the Optionee without
“Good Reason” (as each such term is defined in the Employment Agreement) before
the end of the Term, the unvested and unexercisable portion of the Option shall
immediately be forfeited. The vested and exercisable portion of the Option may
be exercised within ninety (90) days of such termination, and shall thereafter
be forfeited.

 

(d)           Upon the termination of the Optionee’s
employment by the Company without Cause or by the Optionee for Good Reason, the
unvested and unexercisable

 

3

 

portion of the Option
shall immediately vest and become exercisable. The Option shall remain
exercisable until the earlier of: (i) end of the day of the third
anniversary of the termination of the Optionee’s employment or
(ii) Scheduled Expiration Date; provided, however, if the
termination of the Optionee’s employment occurs upon or after a Change in
Control (as defined in the Plan), the portion of the Option which was
exercisable at the time of the Change in Control or became exercisable upon the
Change in Control shall remain exercisable until the Scheduled Expiration Date.

 

(e)           In the event of a Change in Control
during the Term, 50% of the unvested and unexercisable portion of the Option
shall immediately vest and become exercisable, and the aggregate vested and
exercisable portion of the Option shall remain exercisable until the Scheduled
Expiration Date. For the remaining unvested and unexercisable portion of the
Option: (i) if, following the Change in Control, Common Stock continues to
be publicly traded (for example, a merger where the Company is the surviving
entity), the unvested and unexercisable portion of the Option shall continue to
vest and become exercisable as set forth in subparagraph (a) of Paragraph
3 of this Agreement; (ii) if, following the Change in Control, Common
Stock does not continue to be publicly traded (for example, in a merger whereby
the other party is the surviving entity), then, (A) if the transaction is
a stock transaction, the unvested and unexercisable portion of the Option shall
continue to vest and become exercisable as set forth in subparagraph
(a) of Paragraph 3 of this Agreement and shall be converted into an option
to purchase the acquirer’s stock according to the exchange ratio set forth in
the transaction, or (B) if the transaction is a cash transaction, the
unvested and unexercisable portion of the Option shall continue to vest and
become exercisable as set forth in subparagraph (a) of Paragraph 3 of this
Agreement, but upon becoming exercisable, when the Optionee seeks to exercise
the Option, the Company shall pay the Optionee the corresponding cash value
equal to the excess of: (x) the value per share paid in the cash
transaction, minus (y) the Exercise Price of the Option.

 

(f)          In the event of the termination of the
Optionee’s employment for any reason after the end of the Term, the unvested
and un-exercisable portion of the Option shall immediately be forfeited. The
vested and exercisable portion of the Option shall remain exercisable until the
earlier of: (i) end of the day of the third anniversary on the termination
of the Optionee’s employment or (ii) the Scheduled Expiration Date; provided,
however, if the termination of the Optionee’s employment occurs upon or
after a Change in Control (as defined in the Plan), the portion of the Option
which was exercisable at the time of the Change in Control or became
exercisable upon the Change in Control shall remain exercisable until the
Scheduled Expiration Date.

 

7.             Transfer of Option; Limitations on
Issuance of Option Shares.

 

(a)           The Option is not transferable otherwise
than by will or the laws of descent and distribution, and the Option may be
exercised during the Optionee’s lifetime only by the Optionee. Any attempt to
transfer the Option in contravention of this subparagraph (a) is void ab
initio. The Option shall not be subject to execution, attachment or other
process.

 

(b)           Notwithstanding anything herein to
the contrary, the Option shall not be exercisable and the Company shall not be
required to issue or sell any Option Shares

 

4

 

unless, at the time of
exercise, (i) a registration statement under the 1933 Act relating to the
Option Shares has been filed with, and declared effective by, the Securities
and Exchange Commission, and no stop order suspending the effectiveness of such
registration statement has been issued by the Securities and Exchange
Commission or (ii) the issuance of the Options Shares is, in the opinion
of counsel to the Company, permitted pursuant to an exemption from the
registration requirements of the 1933 Act.

 

8.             No Rights in Option Shares.

 

The Optionee shall have
none of the rights of a shareholder with respect to the Option Shares unless
and until issued to him upon exercise of the Option.

 

9.             No Right to Employment.

 

Nothing contained herein
shall be deemed to confer upon the Optionee any right to remain as an employee
of the Company. The Company reserves the right to dismiss Optionee free from
any liability, or any claim under the Plan, except as specifically provided in
this Agreement.

 

10.          Governing Law/jurisdiction.

 

This Agreement shall be
governed by and construed in accordance with the laws of the State of New York
without reference to principles of conflict of laws.

 

11.          Miscellaneous.

 

This Agreement cannot be
changed or terminated orally. This Agreement and the Plan contain the entire
agreement between the parties relating to the subject matter hereof. The
paragraph headings herein are intended for reference only and shall not affect
the interpretation hereof.

 

IN
WITNESS WHEREOF, the
parties have executed this Agreement as of the day and year first above
written.

 

	
   

  	
  /s/ Michael A. Doris

  	 

	
   

  	
  Michael
  A. Doris 

  	 

	
   

  	
  Optionee

  	 

	 
	
   

  	
   

  
	 
	
   

  	
   

  
	 
	
   

  	
  ABOVENET,
  INC.

  
	
   

  	
  By:

  	
  /s/ Hadley Feldman

  	 

	
   

  	
   

  	
  Name:

  	
  Hadley Feldman

  	 

	
   

  	
   

  	
  Title:

  	
  VP Legal Affairs

  	 

							

 

5

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