Document:

Exhibit 10.1

 

Sonus Networks, Inc.

4 Technology Park Drive

Westford, MA  01886

February 15, 2013

Mr. Raymond P. Dolan

By electronic delivery

 

Dear Ray:

 

Based on your desire to demonstrate your support for the Company and its prospects, the Compensation Committee has considered and will agree to your request to forgo the payment of your salary for 2013, and to accept a grant of shares of restricted stock instead.

 

As discussed, the October 8, 2010 letter (as previously amended by letters dated February 14, 2011 and August 7, 2012, your “Agreement”) outlining the terms and conditions of your employment by Sonus Networks, Inc. is hereby amended as follows:

 

You have elected, in lieu of your Base Salary from January 1, 2013 through December 31, 2013, to accept shares of restricted stock (“2013 Salary Shares”), which will vest on December 31, 2013.  The 2013 Salary Shares will be granted on February 15 and the number of 2013 Salary Shares granted will equal your Base Salary for the year divided by the closing price of the Company’s shares, both as of the date of grant.  If, before December 31, 2013, your employment is terminated by you with Good Reason or by the Company without Cause, a pro rata portion of the 2013 Salary Shares will vest on the date of such termination.  If, before December 31, 2013, your employment is terminated by you without Good Reason or by the Company for Cause, you will forfeit the 2013 Salary Shares.

 

Additionally, the parties hereto agree to clarify that: (i) all references to the defined term “Options” in Sections 3(e)(i)(A) and 8(a)(v) of the Agreement shall be replaced with the term “options”, such that all unvested options granted to you will be entitled to  accelerated vesting pursuant to the terms set forth in Sections 3(e)(i)(A) and 8(a)(v), as opposed to applying solely to specific awards described in the Agreement; (ii) all references to the defined term “Restricted Shares” in Sections 3(e)(i)(C), 8(a)(vi) and 8(b)(ii) of the Agreement shall be replaced with the phrase “restricted shares”, such that all unvested restricted shares granted to you will have accelerated vesting pursuant to the terms set forth in Sections 3(e)(i)(C), 8(a)(vi) and 8(b)(ii) of the Agreement, as opposed to applying solely to the specific awards described in the Agreement; (iii) all references to the defined term “Performance Shares” in Sections 3(e)(i)(B) and 8(b) of the Agreement shall be replaced with the term “performance shares”, such that all unvested performance shares granted to you will have accelerated vesting pursuant to the terms set forth in Sections 3(e)(i)(B) and 8(b) of the Agreement, as opposed to applying solely to the specific awards described in the Agreement; and (iv) all references to the defined term “Performance Period” in Sections 3(e)(i)(B), 3(e)(i)(C), and 8(b) of the Agreement shall be replaced with the term “performance period”, such that the performance period relates to various applicable time intervals as determined by the Compensation Committee of the Board of Directors of the Company, as opposed one specific time period described in the Agreement.

 

Except as modified by the terms of this letter, the terms of the Agreement will remain in full force and effect.  Capitalized terms not defined in this letter have the same definitions given to them in the Agreement.

 

Very truly yours,

 

 

	
/s/ John Schofield 
    	
 
    	
 
    	
 
    
	
John Schofield
    	
 
    	
 
    	
 
    
	
Chair, Compensation Committee
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
ACCEPTED:
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
/s/ Raymond P. Dolan
    	
 
    	
2/15/2013
    	
 
    
	
Raymond P. Dolan
    	
 
    	
DateExhibit 10.2

 

Sonus Networks, Inc.

4 Technology Park Drive

Westford, MA  01886

February 15, 2013

Mr. Maurice Castonguay

By electronic delivery

 

Dear Moe:

 

In recognition of your contributions to the Company and to give you piece of mind during this time of consolidation in our industry, this letter amends the terms of your employment letter, dated August 24, 2011 (the “Agreement”), to provide you with additional terms relating to your eligibility for severance.

 

If the Company terminates your employment without Cause or you terminate your employment with Good Reason and, in either case, such termination occurs within 12 months after an Acquisition, Section 8(c) of the Agreement shall be replaced with the following Section 8(c), and the Company will provide you with the following severance and post-termination benefits:

 

(c)          The Company will continue to pay the Company’s share of medical, dental and vision insurance premiums for you and your dependents for the eighteen (18) month period following the termination of your employment; provided, that if immediately prior to the termination of your employment you were required to contribute towards the cost of premiums as a condition of receiving such insurance, you may be required to continue contributing towards the cost of such premiums under the same terms and conditions as applied to you and your dependents immediately prior to the termination of your employment in order to receive such continued insurance coverage.

 

Additionally, the parties hereto agree to clarify that: (i) all references to the defined term “Options” in Section 3(e)(i)(A) of the Agreement shall be replaced with the term “options”, such that all unvested options granted to you will be entitled to  accelerated vesting pursuant to the terms set forth in Section 3(e)(i)(A), as opposed to applying solely to specific awards described in the Agreement; (ii) all references to the defined term “Restricted Shares” in Sections 3(e)(i)(C), 8(e) and 8(f)(ii) of the Agreement shall be replaced with the phrase “restricted shares”, such that all unvested restricted shares granted to you will be entitled to accelerated vesting pursuant to  the terms set forth in Sections 3(e)(i)(C), 8(e) and 8(f)(ii) of the Agreement, as opposed to applying solely to the specific awards described in the Agreement; (iii) all references to the defined term “Performance Shares” in Sections 3(e)(i)(B) and 8(f) of the Agreement shall be replaced with the term “performance shares”, such that all unvested performance shares granted to you will have accelerated vesting pursuant to the terms set forth in Sections 3(e)(i)(B) and 8(f) of the Agreement, as opposed to applying solely to the specific awards described in the Agreement; and (iv) all references to the defined term “Performance Period” in Sections 3(e)(i)(B), 3(e)(i)(C), and 8(f) of the Agreement shall be replaced with the term “performance period”, such that the performance period relates to various applicable time intervals as determined by the Compensation Committee of the Board of Directors of the Company, as opposed one specific time period described in the Agreement.

 

This letter agreement will be considered effective the date of your acceptance of the terms hereof.  Except as modified by the terms of this letter, the terms of the Agreement will remain in full force and effect, including, without limitation, paragraph 8(g).  Capitalized terms not defined in this letter have the same definitions given to them in the Agreement.

 

Very truly yours,

 

	
/s/ Raymond P. Dolan
    	
 
    	
 
    	
 
    
	
Raymond P. Dolan
    	
 
    	
 
    	
 
    
	
President and Chief Executive Officer
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
ACCEPTED:
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
/s/ Maurice Castonguay
    	
 
    	
2/15/2013
    	
 
    
	
Maurice Castonguay
    	
 
    	
Date
    	
 
    

 

1Exhibit 10.3

 

Sonus Networks, Inc.

4 Technology Park Drive

Westford, MA  01886

February 15, 2013

Mr. Todd Abbott

By electronic delivery

 

Dear Todd:

 

In recognition of your contributions to the Company and to give you piece of mind during this time of consolidation in our industry, this letter amends the terms of your employment letter, dated May 1, 2011 (the “Agreement”), to provide you with additional terms relating to your eligibility for severance.

 

If the Company terminates your employment without Cause or you terminate your employment with Good Reason and, in either case, such termination occurs within 12 months after an Acquisition, Sections 8(a)(i), 8(a)(ii) and 8(a)(iii) of the Agreement shall be replaced with the following Sections 8(a)(i), 8(a)(ii) and 8(a)(iii) and the Company will provide you with the following severance and post-termination benefits:

 

(i)  The Company will continue to pay your then-current Base Salary, less applicable state and federal withholdings, in accordance with the Company’s usual payroll practices, for a period of eighteen (18) months following the Date of Termination;

 

(ii)  The Company will pay you a single lump sum equal to your then-current annual Target Bonus at 150% of target, less applicable state and federal withholdings, in accordance with Section 8(c) below; and

 

(iii)  The Company will continue to pay the Company’s share of medical, dental and vision insurance premiums for you and your dependents for the eighteen (18) month period following the termination of your employment; provided, that if immediately prior to the termination of your employment you were required to contribute towards the cost of premiums as a condition of receiving such insurance, you may be required to continue contributing towards the cost of such premiums under the same terms and conditions as applied to you and your dependents immediately prior to the termination of your employment in order to receive such continued insurance coverage.

 

Additionally, the parties hereto agree to clarify that: (i) all references to the defined term “Options” in Sections 3(e)(i)(A) and 8(a)(v) of the Agreement shall be replaced with the term “options”, such that all unvested options granted to you will be entitled to accelerated vesting pursuant  to the terms set forth in Sections 3(e)(i)(A) and 8(a)(v), as opposed to applying solely to specific awards described in the Agreement; (ii) all references to the defined term “Restricted Shares” in Sections 3(e)(i)(C), 8(a)(vi) and 8(b)(ii) of the Agreement shall be replaced with the phrase “restricted shares”, such that all unvested restricted shares granted to you will be entitled to accelerated vesting pursuant to the terms set forth in Sections 3(e)(i)(C), 8(a)(vi) and 8(b)(ii) of the Agreement, as opposed to applying solely to the specific awards described in the Agreement; (iii) all references to the defined term “Performance Shares” in Sections 3(e)(i)(B) and 8(b) of the Agreement shall be replaced with the term “performance shares”, such that all unvested performance shares granted to you will have accelerated vesting pursuant to the terms set forth in Sections 3(e)(i)(B) and 8(b) of the Agreement, as opposed to applying solely to the specific awards described in the Agreement; and (iv) all references to the defined term “Performance Period” in Sections 3(e)(i)(B), 3(e)(i)(C), and 8(b) of the Agreement shall be replaced with the term “performance period”, such that the performance period relates to various applicable time intervals as determined by the Compensation Committee of the Board of Directors of the Company, as opposed one specific time period described in the Agreement.

 

This letter agreement will be considered effective the date of your acceptance of the terms hereof.  Except as modified by the terms of this letter, the terms of the Agreement will remain in full force and effect, including, without limitation, Section 8(c).  Capitalized terms not defined in this letter have the same definitions given to them in the Agreement.

 

Very truly yours,

 

	
/s/   Raymond P. Dolan
    	
 
    	
 
    
	
Raymond   P. Dolan
    	
 
    	
 
    
	
President   and Chief Executive Officer
    	
 
    	
 
    

 

 

	
ACCEPTED:
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
/s/ Todd Abbott
    	
 
    	
2/15/2013
    	
 
    
	
Todd Abbott
    	
 
    	
Date
    	
 
    

 

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