Document:

Exhibit
10.2

    

    ADVANCED
MESSAGING SOLUTIONS INC.

    (the
“Company”)

     

    FOUNDER’S SHARE
SUBSCRIPTION 

     

    The
undersigned (the “Subscriber”) acknowledges and agrees that:

     

    
      
        	
                1.

              	
                the
      Subscriber is a founder of the
Company;

              

      

    

     

    
      
        	
                2.

              	
                the
      Subscriber subscribes for seven hundred and fifty thousand (750,000)
      common shares (the
      “Shares”) in the authorized capital of the Company at a price of US $0.01
      per Share, and agrees to pay the purchase price for the Shares prior to
      their issuance;

              

      

    

     

    
      
        	
                3.

              	
                the
      Subscriber has been advised to consult the Subscriber’s own legal, tax and
      other advisors with respect to the merits and risks of an investment in
      the Shares and with respect to applicable resale restrictions, and the
      Subscriber is solely responsible (and the Company is not in any way
      responsible) for compliance
with:

              

      

    

     

    
      
        	
              	
                (a)

              	
                any
      applicable laws of the jurisdiction in which the Subscriber is resident in
      connection with the distribution of the Shares hereunder,
    and

              

      

    

     

    
      
        	
              	
                (b)

              	
                applicable
      resale restrictions. 

              

      

      Dated as
of the 27th day of
December, 2007.

    

     

    
      
        
          
            	 
      	
                    /s/
      Jaime Brodeth

                  
	 
      	
                    JAIME
      BRODETH

                  

          

        

      

    

     

    INFORMATION
REQUIRED FOR REGISTRATION:

     

    

      
        
          
            
              
                
                  
                    
                      
                        
                          	
                                  Full
      name:

                                	 
      
	
                                  Jaime
      Brodeth

                                	 
      
	 	 
	
                                  Residential
      Address:

                                	 
      
	 	 
	
                                  Unit 3-B, Torres Building

                                	 
      
	 	 
	
                                  5115 Malolos St.

                                	 
      
	 	 
	
                                  Makati
      City, PhilippinesExhibit
10.3

    

     

    ADVANCED
MESSAGING SOLUTIONS INC.

    (the
“Company”)

     

    FOUNDER’S SHARE
SUBSCRIPTION 

     

    The
undersigned (the “Subscriber”) acknowledges and agrees that:

     

    
      
        	
                1.

              	
                the
      Subscriber is a founder of the
Company;

              

      

    

     

    
      
        	
                2.

              	
                the
      Subscriber subscribes for seven hundred and fifty thousand (750,000)
      common shares (the
      “Shares”) in the authorized capital of the Company at a price of US $0.01
      per Share, and agrees to pay the purchase price for the Shares prior to
      their issuance;

              

      

    

     

    
      
        	
                3.

              	
                the
      Subscriber has been advised to consult the Subscriber’s own legal, tax and
      other advisors with respect to the merits and risks of an investment in
      the Shares and with respect to applicable resale restrictions, and the
      Subscriber is solely responsible (and the Company is not in any way
      responsible) for compliance
with:

              

      

    

     

    
      
        	
              	
                (a)

              	
                any
      applicable laws of the jurisdiction in which the Subscriber is resident in
      connection with the distribution of the Shares hereunder,
    and

              

      

    

     

    
      	
            	
              (b)

            	
              applicable
      resale restrictions. 

            

    

     

    Dated as of the 27th day of
December, 2007.

     

    
      
        
          
            	
                    /s/
      Moses Carlo Paez

                  
	
                    MOSES
      CARLO PAEZ

                  

          

        

      

    

     

    INFORMATION
REQUIRED FOR REGISTRATION:

     

    
      
        
          	
                  Full
      name:

                
	
                  Moses
      Carlo Paez

                

        

      

    

     

    Residential
Address:

    
       

      42 San Simon
St.  

      BGY Holy Spirit

      Quezon
City,
PhilippinesEXHIBIT
10.1

       

      First
Amendment to the

      EMPLOYMENT
AGREEMENT

      

       

      This
First Amendment (the “Amendment”), is made as of the 16th day of June, 2009, to
the Employment Agreement by and between Arbinet-thexchange, Inc. a Delaware
corporation with its headquarters located in New Brunswick, New Jersey (the
“Employer”), and Shawn F. O’Donnell (the “Executive”) made as of
September 2, 2008 (the “Agreement”).  In consideration of
the mutual covenants contained in this Amendment, the Employer and the Executive
desire to amend certain provisions of the Agreement as follows:

       

      1.           Section
3(d) is amended by deleting it in its entirety and substituting therefor the
following:

       

                                   
(a)           The
Executive shall maintain a permanent residence in the New Jersey area no later
than July 1, 2010.

       

      2.           Section
4(e)(iii)(B) is amended by deleting it in its entirety and substituting therefor
the following:

       

                                   
(B)          After the
Transition Period and until the earlier of July 1, 2010 or the
Executive’s relocation to the New Jersey area, the Executive shall be entitled
to reimbursement by the Employer for up to Six Thousand Five Hundred Dollars
($6,500) per month of the Executive’s reasonable and documented out-of-pocket
expenses incurred by him for living expenses in the New Jersey area and travel
to and from the Executive’s residence in the Dallas, Texas area.

       

      3.             Section
6(a)(iv) is amended by deleting it in its entirety and substituting therefor the
following:

       

                                   
(iv)           the
Executive’s failure to maintain a permanent residence in the New Jersey area by
no later than July 1, 2010; or

       

      4.           Except
as specifically amended by the Amendment, the Agreement shall remain in full
force and effect in accordance with its terms.

       

      5.           This
Amendment may be executed in any number of counterparts, each of which when so
executed and delivered shall be taken to be an original; but such counterparts
shall together constitute one and the same document.

       

      *remainder
of page has intentionally been left blank*

      
        
           

        

        
           

          
            

          

        

        
           

        

      

      IN
WITNESS WHEREOF, this First Amendment to the Employment Agreement has been
executed as a sealed instrument by the Employer, by the undersigned duly
authorized director, and by the Executive, as of the date set forth
above.

       

      
        
          	 	
                  ARBINET-THEXCHANGE,
      INC.

                	 
	 	 	 	 
	 	
                  By:
      

                	/s/ John
      B. Penney	 
	 	      
                  Name:
      John B. Penney

                	 
	 	      
                  Title:
      Director

                	 
	 	 	 	 
	 	/s/
      Shawn F. O’Donnell	 
	 	Shawn
      F. O’DonnellEXHIBIT
10.2

       

      First
Amendment to the

      Separation
and Transition Services Agreement

      

       

      This
First Amendment (the “Amendment”), is made as of this 16th day of June, 2009, to
the Separation and Transition Services Agreement by and between
Arbinet-thexchange, Inc. a Delaware corporation with its headquarters located in
New Brunswick, New Jersey (the “Employer”), and William M. Freeman (the
“Executive”) made as of September 3, 2008 (the
“Agreement”).  In consideration of the mutual covenants contained in
this Amendment, the Employer and the Executive desire to amend certain
provisions of the Agreement as follows:

       

      1.           Section
3 is amended by deleting it in its entirety and substituting therefor the
following:

       

                                   
3.  Transition
Period.  The Executive agrees to serve as a Class I Director
until the 2009 Annual Meeting (the “Transition Period”) and thereafter for the
remainder of his term as a Director.

       

      2.           Section
4(b) is amended by adding the following at the end of the Section:

                                   

                                   
After the Transition Period, the executive shall be entitled to receive
compensation in accordance with the Company’s non-employee director compensation
policy.

       

      3.           Except
as specifically amended by the Amendment, the Agreement shall remain in full
force and effect in accordance with its terms.

       

      4.           This
Amendment may be executed in any number of counterparts, each of which when so
executed and delivered shall be taken to be an original; but such counterparts
shall together constitute one and the same document.

       

      IN
WITNESS WHEREOF, this First Amendment to the Separation and Transition Services
Agreement has been executed as a sealed instrument by the Employer, by its duly
authorized director, and by the Executive, as of the date first written
above.

       

      
        	 	
                ARBINET-THEXCHANGE,
      INC.

              	 
	 	 	 	 
	 	
                By:
      

              	/s/ Jose
      A. Cecin, Jr.	 
	 	      
                      
                  Name:
      Jose A. Cecin, Jr.

                

              	 
	 	      
                      
                  Title:
      Director

                

              	 
	 	 	 	 
	 	      
                /s/ William M.
      Freeman

              	 
	 	      
                William
      M. Freeman

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