Document:

extr-ex101_524.htm

Extreme®                                                              

networks

 

                                                                                                                                                                                           Exhibit 10.1

February 10, 2015

 

 

 

Ken Arola

1738 Dry Creek Road

San Jose, CA 95125

 

 

Re: Addendum to your Offer Letter

 

 

Dear Ken:

 

 

This letter  agreement  (the "Letter  Agreement"), effective  as of the date written above (the "Effective Date"), shall serve as an addendum  to your offer letter  with Extreme Networks, Inc. ("Extreme" or the "Company")  including  any amendments  thereto; and shall supersede any contrary terms of employment you have with the Company.  All references herein to "you” and "your" shall mean the undersigned.

 

On February 10, 2015, the Compensation Committee  (the "Committee") of the Board of Directors  of Extreme, after review of the Company's termination for convenience  and change in control  policies, resolved to offer you, as a valued member  of the Executive Staff, additional terms of employment as follows:

 

1.   As of the Effective Date, upon your death or permanent disability, you or your heirs, as applicable, shall be entitled to the following benefits from the Company in addition to any other benefits to which you are otherwise entitled:

 

 

a.   A cash severance which shall be calculated as follows:  (i) in the event that your death or permanent disability  does not occur following a Change of Control of the Company so as to fall within a Change in Control Period (as defined in the Executive Change in Control Plan), then as if you were terminated for convenience  as of the date of your death or permanent disability; or (ii)  in the event that your death or permanent disability  occurs following a Change of Control of the Company so as to fall within a Change of Control Period, then as if you were terminated in connection with a Change of Control of the Company as of the date of your death or permanent disability; and

 

b.   The acceleration and vesting in full of all of your time-based equity awards; and

 

 

c.The acceleration and vesting of certain Market Stock Units ("MSUs") granted to you

prior to your death or permanent disability, the actual number of shares which shall vest to be calculated as if your death of permanent disability occurs within a Change of Control Period and as if you were terminated in connection with the Change of Control

(a "Double Trigger Event") pursuant to the terms of the MSU Grant.

 

The Committee also made changes to its policy regarding severance for termination for convenience of executives reporting to the CEO when such termination occurs not in connection with a change of control.  This change in policy does not impact you as your original offer letter already addresses your

 

 

1

Addendum to Offer Letter (Arola) 3-9-15aa

 

E Extreme®

networks

 

 

rights in terms of severance in connection with your termination for convenience not in connection with a change in control.

 

The Letter Agreement, along with any agreements referenced herein, constitute the entire agreement between you and the Company concerning the terms and conditions of your employment with the Company. This Letter Agreement cannot be modified or amended except by a subsequent  written agreement  signed by you and the Company; provided, however, that the Company may, in its sole discretion, elect to modify your title, compensation, duties, or benefits without any further agreement from  you.

 

Sincerely,

 

/S/ Charles Berger

 

 

Charles Berger

CEO

 

 

 

 

 

Acknowledged and Agreed:

 

 

/S/ Ken Arola

 

 

Ken Arola

Chief Financial Officer

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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Addendum to Offer Letter (Arola) 3-9-lSaaextr-ex102_525.htm

 

Extreme

networks

                                                                                                            Exhibit 10.2

 

 

145 Rio Robles I San Jose, CA 95134  I  +1-408-579-2800   J    www.extremenetworks.com

 

                                                                                                                                                                                          

 

June 2, 2015

 

Bob Gault

32 Sunflower Court

Mount Holly, NJ  08060

 

Dear Bob,

 

I am pleased to confirm your promotion to EVP Worldwide Sales, Services and Channels effective April

22, 2015.   Your commitment to our customers, our employees and our company will enable us to become a recognized leader in software-driven networking solutions.  This letter agreement (the "letter Agreement") shall serve as an addendum to your offer letter with Extreme Networks, Inc. ("Extreme" or the "Company") including any amendments thereto; and shall supersede any contrary terms of employment you have with

the Company.

 

With this promotion your base salary increased to $345,000.00 ($14,375.00 per pay period) effective April

22, 2015 (pro-rated for FY15) and effective April22, 2015 your FY15 incentive target will increase to

100% of base salary giving you a new OTE of $690,000.00 per year (pro-rated for FY15).

 

With this promotion you will be designated as a Section 16 Officer of Extreme Networks Inc.  This designation brings certain SEC reporting requirements.  Should you have any questions regarding your obligations as a Section 16 Officer, please contact our EVP and General Counsel, Allison Amadia.

 

Executive Change in Control Severance

 

The Company has a policy of providing a change in control severance plan for its executive officers in the event of an acquisition of the Company. The provisions of this plan are set forth in the Extreme Networks, Inc. Executive Change in Control Severance Plan and your Agreement to Participate in the Extreme Networks, Inc. Executive Change in Control Severance Plan and will be the same as those standard terms currently in effect for the other executive officers of the Company, with your benefit including a payment equal to 12 months of salary.  A copy of the Extreme Networks, Inc. Executive Change in Control Severance Plan  as well as your Agreement to Participate in the Extreme Networks, Inc. Executive Change in Control Severance Plan have been enclosed for your information.  Please return a copy of your executed Agreement to participate in the Extreme Networks, Inc. Executive Change in Control Severance Plan to Human Resources at your earliest convenience.

 

 

 

In addition, we are pleased to offer you the following additional terms of employment:

 

1.   For a period from April22, 2015 until June 30, 2016, the Company’s existing policy regarding severance terms  upon a termination for convenience is hereby modified  to provide for an additional six (6) months' of your then-current base salary (for a total of 12 months'  of you then­ current base salary) to be paid to you in the event of your termination for convenience from the Company; and

 

	
 
	
2. 
	
As of April22, 2015, upon your death or permanent disability, you or your heirs, as applicable, shall be entitled to the following benefits from the Company in addition to any other benefits to which you are otherwise entitled:
	
 

 

	
 
	
a. 
	
A cash severance which shall be calculated as follows: (i) in the event that your death or permanent disability does not occur following a Change of Control of the Company so as to fall within a Change in Control Period (as defined in the Executive Change in Control Plan), then as if you were terminated for convenience as of the date of your death or
	
 

 

Extreme

networks

145 Rio Robles  I San Jose, CA 85134  I  +1-408-579  2800  J    wvvw.extrernenetworks.com

 

 

permanent disability; or (ii) in the event that your death or permanent disability occurs following a Change of Control of the Company so as to fall within a Change of Control Period, then as if you were terminated in connection with a Change of Control of the Company as of the date of your death or permanent disability; and

 

 

b. The acceleration and vesting in full of all of your time-based equity awards; and

 

The acceleration and vesting of certain Market Stock Units ("MSUs") granted to you prior to your death or permanent disability, the actual number of shares which shall vest to be calculated as if your death or permanent disability occurs within a Change of Control Period and as if you were terminated in connection with the Change of Control (a "Double Trigger Event") pursuant to the terms of the MSU Grant

 

Notwithstanding  any of the foregoing to the contrary, the severance payments discussed above (to the extent that they constitute "deferred compensation" under Section 409A of the Internal Revenue Code (the "Code")  and applicable regulations), and any other amount or benefit that would constitute non-exempt

·  "deferred compensation" for purposes of Section 409A of the Code and that would otherwise be payable hereunder by reason of your termination of employment, will not be payable to you by reason of such circumstance unless the circumstances  giving rise to such termination of employment meet any description or definition of “separation from service" in Section 409A of the Code and applicable regulations (without giving effect to any elective provisions that may be available under such definition).  This provision does not prohibit the vesting or the determination of the amounts owed to you due to such termination, and if

this provision prevents the payment of any amount or benefit to you, such payment shall be made on the

date, on which an event occurs that constitutes a Section 409A "separation from service,".

 

All other terms and conditions of your employment under you offer letter, employment agreement(s) and/or otherwise will remain in full force and effect, including, but not limited to the at-will nature of your employment.  In addition, your obligations under your employee agreement(s) including the "Employee Inventions and Proprietary Rights Assignment Agreement" shall remain in full force and effect, except as noted above.  This letter agreement cannot be modified or amended except by a subsequent written agreement signed by you and the Company; provided, however, that the Company may, in its sole discretion, elect to modify your title, compensation, duties, or benefits without any further agreement from you.

 

Congratulations on your promotion!  And I look forward to your on-going leadership and helping us drive success and growth at Extreme Networks!

 

Sincerely,

             /S/ Ed Meyercord

 

Ed Meyercord

CEO 

Cc:  Human Resources

 

 

I agree to and accept employment with Extreme Networks, Inc. on the terms set forth in this agreement.

 

 

/S/ Bob Gault                                                                      7/6/15

 

Bob Gault Date

 

 

 

 

 

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