Document:

ex10-1.htm

    Exhibit
      10.1

    
 

    AMENDED
      AND RESTATED

    EMPLOYMENT
      AGREEMENT

    

    

    AMENDED
      AND RESTATED EMPLOYMENT AGREEMENT (the “Agreement”) effective as of October 25,
      2007, by and between Proxim Wireless Corporation, a Delaware corporation (the
      “Company”) and David L. Renauld (the “Executive”).

    

    WHEREAS,
      the Company considers it essential to its best interests and the best interests
      of its stockholders for the Company to employ Executive and Executive is willing
      to accept employment on the terms hereinafter set forth in this
      Agreement;

    

    WHEREAS,
      this Agreement amends, restates, supersedes, and replaces in its entirety the
      employment agreement, dated as of December 19, 2000 (the “Original Employment
      Agreement”), between the Company and the Executive;

    

    NOW,
      THEREFORE, in consideration of the premises and mutual covenants herein and
      for
      other good and valuable consideration, the parties agree as
      follows:

    

    1.           Term
      of Employment; Executive Representation.

    

    a.  Employment
      Term. Executive’s term of employment under this Agreement shall commence on
      the date hereof and, subject to the terms hereof, Executive and the Company
      agree and acknowledge that Executive’s employment with the Company constitutes
“at-will” employment and that this Agreement may be terminated at any time by
      the Company or Executive, subject to the terms of Section 7 of this
      Agreement.

    

    b.  Executive
      Representation.  Executive hereby represents to the Company that
      the execution and delivery of this Agreement by Executive and the Company and
      the performance by Executive of the Executive’s duties hereunder shall not
      constitute a breach

    of,
      or
      otherwise contravene, the terms of any statute, law, regulation, or of any
      employment agreement or other agreement or policy to which Executive is a party
      or otherwise bound.

    

    2.           Position.

    

    a.           While
      employed hereunder, Executive shall serve as the Vice President, Corporate
      Affairs and General Counsel.  In such position, Executive shall have
      such duties and authority as shall be determined from time to time by the Chief
      Executive Officer (“CEO”).

    

    b.           While
      employed hereunder, Executive will devote Executive’s full business time and
      best efforts to the performance of Executive’s duties hereunder and will not
      engage in any other business, profession or occupation for compensation or
      otherwise which would conflict with the rendering of such services either
      directly or indirectly, without the prior written consent of the
      CEO.

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    3.           Base
      Salary. While employed hereunder, the Company shall pay Executive a base
      salary (the “Base Salary”) at the annual rate of $194,250, payable in regular
      installments in accordance with the Company’s usual payment
      practices.  Executive shall be entitled to such increases in
      Executive’s Base Salary, if any, as may be determined from time to time in the
      sole discretion of the board of directors of the Company (the “Board”), as
      applicable.

    

    4.           Annual
      Bonus.  With respect to each calendar year while employed
      hereunder, Executive shall be eligible to earn an annual bonus award (an “Annual
      Bonus”) pursuant to an annual incentive plan to be established by the Board no
      later than the beginning of the annual period to which the bonus applies, after
      consultation and input from the CEO; provided, however, that
      Executive’s target Annual Bonus opportunity shall not be less than 50% of
      Executive’s Base Salary (the “Target Bonus”).

    

    5.           Employee
      Benefits.  The Company shall provide Executive during the term of
      his employment hereunder with coverage under all employee pension and welfare
      benefit programs, plans and practices in accordance with the terms thereof,
      which the Company generally makes available to its senior executives (other
      than
      the CEO).  Executive shall be entitled to four weeks of paid vacation
      and such number of days of sick leave as established under the Company’s
      policies as in effect from time to time, which shall be taken at such times
      as
      are consistent with Executive’s responsibilities hereunder.  In
      addition, Executive shall be entitled to the perquisites and other fringe
      benefits currently made available to senior executives of the Company (other
      than the CEO), commensurate with Executive’s position with the
      Company.

    

    6.           Business
      Expenses.  Executive is authorized to incur reasonable expenses in
      carrying out his duties and responsibilities under this Agreement, including,
      without limitation, expenses for travel and similar items related to such duties
      and responsibilities.  The Company will reimburse Executive for all
      such expenses upon presentation by Executive from time to time of appropriately
      itemized accounts of such expenditures, provided such expenditures are
      consistent with the Company’s policy.

    

    7.           Termination.  The
      Executive’s employment hereunder may be terminated by either party at any time
      and for any reason or no reason; provided that Executive will be required
      to give the Company at least 30 days advance written notice of any resignation
      of Executive’s employment (unless the Company waives its right to receive such
      30-day notice).  Notwithstanding any other provision of this
      Agreement, the provisions of this Section 7 shall exclusively govern Executive’s
      rights upon termination of employment with the Company and its
      affiliates.

    

    a.           By
      the Company For Cause; By the Executive Without Good Reason.

    

    (i)  The
      Executive’s employment hereunder may be terminated by the Company for Cause (as
      defined below) at any time or by Executive without Good Reason.

    
      
         

      

      
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    (ii)  For
      purposes of this Agreement, “Cause” shall mean (i) Executive’s continued
      failure to properly perform Executive’s duties hereunder (other than as a result
      of total or partial incapacity due to physical or mental illness) as reasonably
      determined by the CEO following notice by the Company to the Executive of such
      failure and a reasonable opportunity for Executive to cure, (ii) dishonesty
      in
      the performance of Executive’s duties hereunder, (iii) an act or acts on
      Executive’s part constituting (x) a felony under the laws of the United States
      or any state thereof or (y) a misdemeanor involving moral turpitude, (iv)
      Executive’s willful malfeasance or willful misconduct in connection with
      Executive’s duties hereunder or any act or omission which is materially
      injurious to the financial condition or business reputation of the Company
      or
      any of its subsidiaries or affiliates, or (v) Executive’s breach of the
      provisions of Section 8 of this Agreement.

    

    (iii)  If
      Executive’s employment is terminated by the Company for Cause or by Executive
      without Good Reason, Executive shall be entitled to receive, reduced by any
      amounts owed to the Company by Executive, the amounts described in the following
      clauses (A) through (C) set forth below:

    

    (A)
      the
      Base Salary through the date of termination;

    

    (B)
      reimbursement for any unreimbursed business expenses properly incurred by
      Executive in accordance with Company policy prior to the date of Executive’s
      termination; and

    

    (C)
      such
      employee benefits under the employee benefit plans of the Company, including
      accrued paid vacation, which have accrued for services already performed as
      of
      the date of termination of Executive’s employment (the amounts described in
      clauses (A) through (C) hereof being referred to as the “Accrued
      Rights”).

    

    (iv)  Following
      such termination of Executive’s employment by the Company for Cause or by
      Executive without Good Reason, except as set forth in this Section 7(a),
      Executive shall have no further rights to any compensation or any other benefits
      under this Agreement.

    

    b.           Disability
      or Death.

    

    (i)  The
      Executive’s employment hereunder shall terminate upon Executive’s death or if
      Executive becomes physically or mentally incapacitated and is therefore unable
      to perform Executive’s duties for a period in excess of one hundred twenty (120)
      consecutive days or for more than one hundred eighty (180) days in any
      consecutive twelve (12) month period (such incapacity is hereinafter referred
      to
      as “Disability”).  Any question as to the existence of the physical or
      mental incapacitation of Executive as to which Executive or his representative
      and the Company cannot agree shall be determined in writing by a qualified
      independent physician mutually acceptable to Executive and the
      Company.  If Executive and the Company cannot agree as to a qualified
      independent physician, each shall appoint such a physician and those two
      physicians shall select a third who shall make such determination
      in

    
      
         

      

      
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    writing.  The
      determination of Disability made in writing to the Company and Executive shall
      be final and conclusive for all purposes of the Agreement, and all costs
      incurred by Executive and/or the Company that are related to such determination
      shall be paid by the party incurring such costs.

    

    (ii)  Upon
      termination of Executive’s employment hereunder for either Disability or death,
      Executive or Executive’s estate (as the case may be) shall be entitled to
      receive:

    

    (A)
      the
      Accrued Rights; and

    

    (B)  a
      pro rata portion of any Annual Bonus that the Executive would have been entitled
      to receive pursuant to Section 4 hereof in such year based upon the
      percentage of the calendar year that shall have elapsed through the date of
      Executive’s termination of employment, payable when such Annual Bonus would have
      otherwise been payable had the Executive’s employment not
      terminated.

    

    (iii)  Following
      Executive’s termination of employment due to death or Disability, except as set
      forth in this Section 7(b), Executive shall have no further rights to any
      compensation or any other benefits under this Agreement.

    

    c.           By
      the Company Without Cause or Resignation by Executive for Good
      Reason.

    

    (i)  The
      Executive’s employment hereunder may be terminated by the Company without Cause
      or by Executive’s resignation for Good Reason.

    

    (ii)  For
      purposes of this Agreement, “Good Reason” shall mean:

    

    (w)  the
      reduction by the Company of Executive’s Base Salary (other than as a result of a
      general salary reduction affecting all Company employees); or

     

    (x)  any
      material and adverse reduction in Executive’s duties and responsibilities made
      without Executive’s written consent; or

    

    (y)  relocation
      of Executive’s principal workplace more than fifty (50) miles from Executive’s
      principal workplace as of the date hereof made without Executive’s written
      consent; or

    

    (z)  a
      material breach by the Company of the provisions of this Agreement which remains
      uncured for thirty days after notice from Executive.

    

    In
      addition, “Good Reason” shall also be deemed to have occurred in the event the
      Company fails to obtain from any successor to the Company an agreement to assume
      and perform this Agreement, as contemplated by Section 10(e)
      hereof.  Notwithstanding the foregoing, none of

    
      
         

      

      
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    the
      events described in clauses (x), (y) or (z) of this Section 7(c)(ii) shall
      constitute Good Reason unless Executive shall have notified the Company
      in writing describing the events which constitute Good Reason and then only
      if
      the Company shall have failed to cure such event within thirty (30) days after
      the Company’s receipt of such written notice.

    

    (iii)
      If
      Executive’s employment is terminated by the Company without Cause (other than by
      reason of death or Disability) or if Executive resigns for Good Reason, then
      upon the execution of an effective general release of claims (but not rights
      which Executive may have as a shareholder or for indemnification) in a form
      satisfactory to the Company, Executive shall be entitled to
      receive:

    

    (A)  the
      Accrued Rights; and

    

    (B)  subject
      to Executive’s continued compliance with the applicable provisions of Section 8,
      (x) continued payment of the Base Salary after the date of termination for
      eleven (11) months (the “Severance Period”), and (y) payment of the Target Bonus
      (prorated by multiplying the Target Bonus by a fraction, the numerator of which
      shall be the number of months in the Severance Period and the denominator of
      which shall be 12) in respect of the year in which such date of termination
      occurs, payable at such time as the Annual Bonus would otherwise be
      payable.  Such Target Bonus will only be paid if the criteria for
      payment of a Target Bonus under the annual incentive plan in effect as of the
      date of termination are met; provided, that the aggregate amount
      described in this clause (B) shall be reduced by the present value of any other
      cash severance or termination benefits payable to Executive under any other
      plans, programs or arrangements of the Company or its affiliates;
      and

    

    (C)  acceleration
      of that portion, if any, of any outstanding options to purchase shares of common
      stock of the Company granted to Executive pursuant to the Company’s stock plans
      (the “Options”) that is otherwise unexercisable as of the date of termination,
      which would have otherwise become exercisable at any time(s) during the
      Severance Period, with all Options continuing to be exercisable by Executive
      during the full term of the Severance Period (but in any event for no shorter
      period than provided for under the terms of the Options); and

    

    (D)  subject
      to Executive’s continued compliance with the applicable provisions of Section 8,
      continued coverage during the Severance Period under the Company’s medical
      insurance plans in accordance with the terms thereof at the same cost to
      Executive as was provided to Executive immediately prior to the date of
      termination.

    

    Executive
      shall not be required to mitigate the amount of any payments or benefits
      provided for pursuant to this Section 7(c)(iii) by seeking other
      employment.

    

    (iv)           Notwithstanding
      anything set forth in this Section 7(c) to the contrary, in the event that,
      upon
      or within twelve (12) months following or three (3) months prior to the
      occurrence of a Change of Control, either (x) Executive’s employment is
      terminated by the Company without Cause (other than by reason of Executive’s
      death or Disability) or (y)

    
      
         

      

      
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    Executive
      resigns for Good Reason, the payments and benefits set forth in Section
      7(c)(iii) above shall be modified as follows:

    

    (A)           in
      lieu of the continued payment of Base Salary and payment of the Target Bonus
      otherwise payable pursuant to Section 7(c)(iii)(B), Executive shall be paid,
      in
      a lump sum no later than ten (10) business days following the termination of
      Executive’s employment, an amount equal to the sum of the Base Salary and the
      Target Bonus (without consideration of whether the criteria to pay such Target
      Bonus have been met); provided, however, that such payments shall
      still be offset by any other cash severance or termination benefits payable
      in
      accordance with any other such plans, programs or arrangements;

    

    (B)           in
      lieu of the acceleration of exercisability of the Options provided for in
      Section 7(c)(iii)(C), one hundred percent (100%) of any portion of the Options
      that is otherwise unexercisable as of the date of termination shall become
      immediately exercisable, and all Options shall continue to be exercisable by
      Executive during the full term of the Severance Period; and

    

    (C)           Executive’s
      right to the Base Salary and the Target Bonus described in Section 7(c)(iv)(A)
      (collectively, the “Advanced Payments”) and to any income to be realized (but
      not necessarily recognized for tax purposes) on account of the Option
      acceleration described in Section 7(c)(iv)(B) (the “Option Spread”), or to
      retain the Advanced Payments or Option Spread, as the case may be, is expressly
      contingent upon Executive’s compliance with each and every provision set forth
      in Section 8.  In the event that Executive engages in conduct that
      contravenes the terms of Section 8, the Options described in Section 7(c)(iv)(B)
      shall immediately terminate (and shall no longer be exercisable) and Executive
      shall not be entitled to any of the benefits described in Section
      7(c)(iv).  In the event that Executive engages in conduct that
      contravenes the terms of Section 8 subsequent to the date that he has been
      paid
      the Advanced Payments, or subsequent to the date that he has realized Option
      Spread, (I) the Options described in Section 7(c)(iv)(B) shall immediately
      terminate (and shall no longer be exercisable), and (II) Executive shall
      promptly return a portion of the Advanced Payments and a portion of the Option
      Spread, as the case may be.  The amount of Advanced Payments and
      Option Spread to be returned to the Company shall be determined by multiplying
      the Advanced Payments and the Option Spread by the “Return Fraction” (defined in
      the following sentence).  The “Return Fraction” shall be a fraction
      having a numerator equal to a number of consecutive calendar months beginning
      in
      the month in which Executive first engaged in conduct in contravention of the
      terms of Section 8 and including each and every month thereafter during which
      the offending behavior continues through the end of the one (1) year period
      following the date Executive ceases to be employed by the Company and a
      denominator equal to twelve (12).  The required return of funds
      described in this Section 7(c)(iv)(C) shall not constitute the Company’s
      exclusive remedy if Executive engages in conduct that contravenes the terms
      of
      Section 8.

    

    (D)            Executive
      shall not be required to mitigate the amount of any payments or benefits
      provided for pursuant to this Section 7(c)(iv) by seeking other
      employment.

    
      
         

      

      
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    (v)           For
      purposes of Section 7(c)(iv), a “Change of Control” shall mean the occurrence of
      any of the following events:

    

    (A)           any
      Person (other than any Person holding securities representing 10% or more of
      the
      combined voting power of the Company’s outstanding securities on the date
      hereof, the Company, any trustee or other fiduciary holding securities under
      an
      employee benefit plan of the Company, or any company owned, directly or
      indirectly, by the shareholders of the Company in substantially the same
      proportions as their ownership of stock of the Company), becomes the Beneficial
      Owner, directly or indirectly, of securities of the Company representing 50%
      or
      more of the combined voting power of the Company’s then-outstanding
      securities;

    

    (B)           during
      any period of twenty-four consecutive months (not including any period prior
      to
      the date hereof), individuals who at the beginning of such period constitute
      the
      Board, and any new director (other than (I) a director nominated by a
      Person who has entered into an agreement with the Company to effect a
      transaction described in Sections 7(c)(v)(A), (C), or (D) hereof or (II) a
      director nominated by any Person (including the Company) who publicly announces
      an intention to take or to consider taking actions (including, but not limited
      to, an actual or threatened proxy contest) which if consummated would constitute
      a Change of Control) whose election by the board of directors of the Company
      or
      nomination by the board of directors of the Company for election by the
      Company’s shareholders was approved by a vote of at least
      two-thirds (2/3rd) of the
      directors
      then still in office who either were directors at the beginning of the period
      or
      whose election or nomination for election was previously so approved, cease
      for
      any reason to constitute at least a majority thereof;

    

    (C)           the
      consummation of any transaction or series of transactions under which the
      Company is merged or consolidated with any other company, other than a merger
      or
      consolidation which would result in the shareholders of the Company immediately
      prior thereto continuing to own (either by remaining outstanding or by being
      converted into voting securities of the surviving entity or its parent) more
      than 50% of the combined voting power of the voting securities of the Company
      or
      such surviving entity (or its parent) outstanding immediately after such merger
      or consolidation; or

    

    (D)           the
      complete liquidation of the Company or the sale or disposition by the Company
      of
      all or substantially all of the Company’s assets, other than a liquidation of
      the Company into a wholly-owned subsidiary.

    

    For
      purposes of this Section 7(c)(v), the terms “Person” and “Beneficial Owner”
shall each have the same meaning as such terms are defined in Section 13(d)
      and
      Rule 13d-3, respectively, of the Securities Exchange Act of 1934, as
      amended, or any successor thereto, and the term “Affiliate” shall mean any
      entity directly or indirectly controlling, controlled by, or under common
      control with, the Company or any other entity designated by the board of
      directors of the Company in which the Company has an interest.

    
      
         

      

      
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    (vi)           If
      all or any portion of the payments or benefits provided under Section 7(c)(iv),
      either alone or together with other payments and benefits which Executive
      receives or is then entitled to receive from the Company, would constitute
      a
      payment described in Section 280G(b)(2) (or its successors) of the Internal
      Revenue Code, as amended from time to time (the “Code”), such payments and
      benefits provided to Executive thereunder shall be reduced to the extent
      necessary so that no portion thereof shall be subject to the excise tax imposed
      by Section 4999 of the Code; but only if, by reason of such reduction, the
      net
      after-tax benefit to Executive with respect to such payments and benefits shall
      exceed such net after-tax benefit if no such reduction were made.  For
      purposes of Section 7(c)(iv), "net after-tax benefit" shall mean the sum of
      (I)
      the total amounts payable to Executive hereunder, plus (II) all other payments
      and benefits which the Executive receives or is entitled to receive from the
      Company as a result of any such termination of employment set forth in Section
      7(c)(iv) that would constitute a payment described in Section 280G(b)(2) of
      the
      Code, less (III) the amount of federal income taxes payable with respect to
      the
      foregoing calculated at the maximum marginal income tax rate for each year
      in
      which the foregoing shall be paid to Executive (based upon the rate in effect
      for such year as set forth in the Code at the time of termination of Executive's
      employment), less (IV) the amount of excise taxes imposed with respect to the
      payments and benefits described in (I) and (II) above by Section 4999 of the
      Code.  The foregoing calculations shall be made, at the Company’s
      expense, by a nationally recognized accounting firm selected by the
      Company.  The determination of such firm shall be conclusive and
      binding on all parties.

    

    (vii)            Following
      Executive’s termination of employment by the Company without Cause (other than
      by reason of Executive’s death or Disability) or by Executive’s resignation for
      Good Reason, except as set forth in this Section 7(c), Executive shall have
      no
      further rights to any compensation or any other benefits under this
      Agreement.

    

    d.           Notice
      of Termination.  Any purported termination of employment by the
      Company or by Executive (other than due to Executive’s death) shall be
      communicated by written Notice of Termination to the other party hereto in
      accordance with Section 10(g) hereof.  For purposes of this
      Agreement, a “Notice of Termination” shall mean a notice which shall indicate
      the specific termination provision in this Agreement relied upon and shall
      set
      forth in reasonable detail the facts and circumstances claimed to provide a
      basis for termination of employment under the provision so
      indicated.

    

    8.           Nondisclosure
      of Confidential Information; Non-Competition.

    

    (a)  At
      any time during or after Executive’s employment with the Company, Executive
      shall not, without the prior written consent of the Company, use, divulge,
      disclose or make accessible to any other person, firm, partnership, corporation
      or other entity any Confidential Information (as hereinafter defined) pertaining
      to the business of the Company or any of its subsidiaries, except (i) while
      employed by the Company, in the business of and for the benefit of the Company,
      or (ii) when required to do so by a court of competent jurisdiction, by any
      governmental agency having supervisory authority over the business of the
      Company, or by any administrative body or legislative body (including a
      committee thereof) with jurisdiction to order Executive to divulge, disclose
      or
      make accessible such information.  For purposes of
      this

    
      
         

      

      
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    Section
      8(a), “Confidential Information” shall mean information (whether or not in
      written form) which relates to the Company or any of its affiliates, or any
      of
      its businesses or products (including, without limitation, its financial data,
      strategic business plans, and other proprietary information) or to this
      Agreement, and which is not known to the public generally (excluding public
      knowledge which occurs as a result of Executive’s breach of this covenant or the
      wrongful acts of others who were under confidentiality obligations as to the
      item or items involved), except in the conduct of the business of the Company,
      as in existence as of the date of Executive’s termination of
      employment.

    

                          (b)
      As Vice President, Corporate Affairs and General Counsel, Executive will acquire
      knowledge of Confidential Information and trade secrets.  Executive
      acknowledges that the Confidential Information and trade secrets which the
      Company has provided and will provide to him could play a significant role
      were
      he to directly or indirectly be engaged in any business in Competition (as
      hereinafter defined) with the Company or its subsidiaries.  During the
      period of his employment hereunder and for one year thereafter, Executive agrees
      that, without the prior written consent of the Company, (A) he will not,
      directly or indirectly, either as principal, manager, agent, consultant,
      officer, stockholder, partner, investor, lender or employee or in any other
      capacity, carry on, be engaged in or have any financial interest in (other
      than
      an ownership position of less than 5 percent in any company whose shares are
      publicly traded) any business which is in Competition (as hereinafter defined)
      with the business of the Company or its subsidiaries as the business was
      conducted at any time during Executive’s employment and (B) he shall not, on his
      own behalf or on behalf of any person, firm or company, directly or indirectly,
      solicit or offer employment to any person who has been employed by the Company
      or its subsidiaries at any time during the 12 months immediately preceding
      such
      solicitation.

    

    (c)
      For
      purposes of this Section 8, a business shall be deemed to be in “Competition”
with the Company or its subsidiaries if it is engaged in or has taken concrete
      steps toward engaging in the business of research and development, designing,
      manufacturing, marketing, distributing, or servicing or selling microwave or
      millimeter wave systems, radios, products and equipment (or components of any
      of
      the foregoing), whether in existence or in development, relating to microwave
      or
      millimeter wave communications (including unlicensed spread spectrum radio,
      licensed radio, wireless ethernet bridge, and fixed, portable, and mobile
      wireless (e.g., Wi-Fi, WiMax, wireless local loop, mesh, point-to-point,
      point-to-multipoint)), as carried on by the Company or its affiliates at any
      time during Executive’s employment, in all cities, counties, states and
      countries in which the business of the Company or its affiliates is then being
      conducted or its products are being offered, sold, used, serviced, or
      maintained.

    (d)  The
      results and proceeds of Executive’s services hereunder, including, without
      limitation, any works of authorship resulting from Executive’s services during
      Executive’s employment with the Company and/or any of the Company’s affiliates
      and any works in progress, will be works-made-for hire and the Company will
      be
      deemed the sole owner throughout the universe of any and all rights of
      whatsoever nature therein, whether or not now or hereafter known, existing,
      contemplated, recognized or developed, with the right to use the same in
      perpetuity in any manner the Company determines in its sole discretion without
      any further payment to Executive whatsoever.  If, for any reason, any
      of such results and proceeds will not 

     

     

    
      
         

      

      
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    legally
      be
      a work-for-hire and/or there are any rights which do not accrue to the Company
      under the preceding sentence, then Executive hereby irrevocably assigns and
      agrees to assign any and all of Executive’s right, title and interest thereto,
      including, without limitation, any and all copyrights, patents, trade secrets,
      trademarks and/or other rights of whatsoever nature therein, whether or not
      now
      or hereafter known, existing, contemplated, recognized or developed, to the
      Company, and the Company will have the right to use the same in perpetuity
      throughout the universe in any manner the Company determines without any further
      payment to Executive whatsoever.  Executive will, from time to time as
      may be requested by the Company, (i) during the term of Executive’s employment
      without further consideration, and (ii) thereafter at Executive’s then current
      hourly rate, do any and all things which the Company may deem useful or
      desirable to establish or document the Company’s exclusive ownership of any and
      all rights in any such results and proceeds, including, without limitation,
      the
      execution of appropriate copyright and/or patent applications or
      assignments.  To the extent Executive has any rights in the results
      and proceeds of Executive’s services that cannot be assigned in the manner
      described above, Executive unconditionally and irrevocably waives the
      enforcement of such rights.  This subsection is subject to and will
      not be deemed to limit, restrict, or constitute any waiver by the Company of
      any
      rights of ownership to which the Company may be entitled by operation of law
      by
      virtue of the Company being Executive’s employer.  This Section does
      not apply to an invention that qualifies as a nonassignable invention under
      Section 2870 of the California Labor Code, which applies to any invention for
      which no equipment, supplies, facilities or Confidential Information of the
      Company or its subsidiaries was used, which does not (i) relate to the business
      of the Company; (ii) relate to the Company’s actual or demonstrable anticipated
      research or development or (iii) result from any work performed by Executive
      for
      the Company.  This confirms that Executive has been notified of his
      rights under Section 2870 of the California Labor Code.

    

    9.           Specific
      Performance.  Executive and the Company agree that the covenants
      in Section 8 are reasonable covenants under the
      circumstances.  Executive agrees that any breach of the covenants
      contained in Section 8 would irreparably injure the
      Company.  Accordingly, Executive agrees the Company’s remedies at law
      for a breach or threatened breach of any of the provisions of Section 8 would
      be
      inadequate and, in recognition of this fact, Executive agrees that, in the
      event
      of such a breach or threatened breach, the Company may, without posting any
      bond, in addition to pursuing any other remedies it may have in law or in
      equity, cease making any payments otherwise required by this Agreement and
      obtain equitable relief in the form of specific performance, temporary
      restraining order, temporary or permanent injunction or any other equitable
      remedy which may then be available against Executive from any
      court
      having jurisdiction over the matter, restraining any threatened or further
      violation of this Agreement by Executive.

    

    10.           Miscellaneous.

    

    a.           Governing
      Law.  To the maximum extent permitted by applicable law, this
      Agreement shall be governed by and construed in accordance with the laws of
      the
      State of Delaware, without regard to conflicts of laws principles
      thereof.

     

     

    
      
         

      

      
        10

        
          

        

      

      
         

      

    

    

    b.           Entire
      Agreement/Amendments.  This Agreement contains the entire
      understanding of the parties with respect to the employment of Executive by
      the
      Company.  There are no restrictions, agreements, promises, warranties,
      covenants or undertakings between the parties with respect to the subject matter
      herein other than those expressly set forth herein.  This Agreement
      may not be altered, modified, or amended except by written instrument signed
      by
      the parties hereto.  This Agreement supersedes all prior agreements
      and understandings (including verbal agreements) between Executive and the
      Company and/or its affiliates regarding the terms and conditions of Executive’s
      employment with the Company and/or its affiliates, including, without
      limitation, the Original Employment Agreement.

    

    c.           No
      Waiver.  The failure of a party to insist upon strict adherence to
      any term of this Agreement on any occasion shall not be considered a waiver
      of
      such party’s rights or deprive such party of the right thereafter to insist upon
      strict adherence to that term or any other term of this Agreement.

    

    d.           Severability.  Whenever
      possible,
      each provision of
      this Agreement will be interpreted in a manner to be effectiveand
      valid.  If
      any of the
      covenants set forth in Section 8
      of this Agreement
      are held to be unreasonable,
      arbitrary, or against public policy, such covenants will be considered
      divisiblewith
      respect to
      scope, time, and geographic area and,
      in
      suchlesser
      scope,
      time,
      and geographic area, will be effective, binding,
      and enforceable
      against Executive to the maximum extent permitted by applicable law.  Any
      provision of this Agreement which is determined to be prohibited, unenforceable,
      or not authorized in any jurisdiction by a competent court of that jurisdiction
      shall, as to such jurisdiction, be ineffective to the extent of such
      prohibition, unenforceability, or non-authorization without invalidating the
      remaining provisions hereof or affecting the validity, enforceability, or
      legality of such provision in any other jurisdiction.

    

    e.           Assignment.  This
      Agreement shall not be assignable by Executive.  This Agreement may be
      assigned by the Company to a company that is a successor in interest to
      substantially all of the business operations of the Company.  Such
      assignment shall become effective when the Company notifies the Executive of
      such assignment or at such later date as may be specified in such
      notice.  Upon such assignment, the rights and obligations of the
      Company hereunder shall become solely the rights and obligations of such
      successor company, provided that any assignee expressly assumes the
      obligations, rights and privileges of this Agreement.

    f.           Successors;
      Binding Agreement.  This Agreement shall inure to the benefit of
      and be binding upon personal or legal representatives, executors,
      administrators, successors, heirs, distributes, devises and
      legatees.

     

     

    
      
         

      

      
        11

        
          

        

      

      
         

      

    

    
 

    g.           Notice.  For
      the purpose of this Agreement, notices and all other communications provided
      for
      in the Agreement shall be in writing and shall be deemed to have been duly
      given
      when delivered or mailed by United States registered mail, return receipt
      requested, postage prepaid, addressed to the respective addresses set forth
      below, or to such other address as either party may have furnished to the other
      in writing in accordance herewith, except that notice of change of address
      shall
      be effective only upon receipt.

    

    If
      to the
      Company:

    

    Proxim
      Wireless Corporation

    2115
      O’Nel Drive

    San
      Jose,
      CA  95131

    Attention:  Chief
      Executive Officer

     

    If
      to
      Executive:

    

    To
      the
      most recent address of Executive set forth in the personnel records of the
      Company.

    

    h.           Withholding
      Taxes.  The Company may withhold from any amounts payable under
      this Agreement such Federal, state and local taxes as may be required to be
      withheld pursuant to any applicable law or regulation.

    

    i.           Counterparts.  This
      Agreement may be signed in counterparts, each of which shall be an original,
      with the same effect as if the signatures thereto and hereto were upon the
      same
      instrument.  A
      facsimile or copy of a signature is valid as an original.

    

    [Signatures
      on next page]

    
      
         

      

      
        12

        
          

        

      

      
         

      

    

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

    

    
      	 	
              PROXIM
                WIRELESS CORPORATION

            
	 	 
	 	 
	 	 
	 	
              By:  /s/
                Robert E. Fitzgerald

            
	 	
              Name:  Robert
                E. Fitzgerald

            
	 	
              Title:  Chief
                Executive Officer

            
	 	 
	 	 
	 	 
	 	
              EXECUTIVE:

            
	 	 
	 	 
	 	 
	 	
              /s/
                David L. Renauld

            
	 	
              David
                L. Renauld

            
	 	 

    

    

     

    13ex10-15.htm

    EMPLOYMENT
      AGREEMENT

    JOHN
      S. FITZGERALD

    

     

    This
      Agreement is made effective as of the 1st day of November, 2007 by and between
      Magyar Bancorp, Inc., a Delaware corporation (the “Company”), with its principal
      administrative office at 400 Somerset Street, New Brunswick, New Jersey 08903,
      and John S. Fitzgerald (“Executive”).

     

    WHEREAS,
      Executive is currently employed as the Executive Vice President and Chief
      Operating Officer of the Company and Magyar Bank, a New Jersey chartered stock
      savings bank  and a wholly owned subsidiary of the Company (the
“Bank”); and

     

    WHEREAS,
      in consideration of Executive’s outstanding service to the Company and the Bank,
      the Company desires to provide further incentive to Executive to achieve
      corporate objectives and to remain in the employ of the Bank by providing him
      with this employment agreement in place of the change in control agreement
      previously entered into between the Company and the Bank.

     

    NOW,
      THEREFORE, in consideration of the premises and the mutual covenants
      and conditions hereinafter set forth, the Company and Executive hereby agree
      as
      follows:

     

    
      	
              1.

            	
              POSITION
                AND RESPONSIBILITIES

            

    

    

    During
      the period of his employment hereunder, Executive agrees to serve as Executive
      Vice President and Chief Operating Officer of the Company and the
      Bank.  The Executive shall serve under the direction of the President
      and Chief Executive Officer and the Board of Directors, and shall report
      directly to the President and Chief Executive Officer. During said period,
      Executive also agrees to serve, if elected, as an officer and director of any
      subsidiary or affiliate of the Company.

     

    
      	
              2.

            	
              TERM
                AND DUTIES

            

    

    

              
         (a)           The
      period of Executive’s employment under this Agreement shall begin as of the date
      first above written and shall continue for thirty-six (36) full calendar months
      thereafter.  Commencing December 31, 2007, and continuing December
      31st of each
      year thereafter (the “Anniversary Date”), this Agreement shall renew for an
      additional period such that the remaining term shall be thirty-six months,
      unless written notice of non-renewal (“Non-Renewal Notice”) is provided to
      Executive at least thirty (30) days prior to any such Anniversary Date, in
      which
      event this Agreement shall terminate at the end of thirty-six (36) months
      following such Anniversary Date.   Prior to each notice period
      for non-renewal, the disinterested members of the Board of Directors of the
      Company (“Board”) will conduct a comprehensive performance evaluation and review
      of Executive for purposes of determining whether to provide Non-Renewal Notice,
      and the results thereof shall be included in the minutes of the Board’s
      meeting.

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    

    (b)           During
      the period of his employment hereunder, except for periods of absence occasioned
      by illness, reasonable vacation periods, and reasonable leaves of absence,
      Executive shall faithfully perform his duties hereunder including activities
      and
      services related to the organization, operation and management of the
      Company.

    

    
      	
              3.

            	
              COMPENSATION
                AND REIMBURSEMENT

            

    

    

    (a)           The
      compensation specified under this Agreement shall constitute the salary and
      benefits paid for the position, responsibilities and duties described in
      Sections 1 and 2.  In consideration of the services to be rendered by
      Executive hereunder, the Company and/or the Bank shall pay Executive as
      compensation a salary of not less than One Hundred Seventy-five Thousand dollars
      ($175,000) per year (“Base Salary”).  Such Base Salary shall be
      payable bi-weekly, or in accordance with the Bank’s normal payroll
      practices.  During the period of this Agreement, Executive’s Base
      Salary shall be reviewed at least annually; the first such review will be made
      no later than December 31 of each year during the term of this
      Agreement.  Such review shall be conducted by the Board of Directors
      of the Company and/or the Bank (the “Board”) (or a committee thereof), and the
      Board may increase, but not decrease, Executive’s Base Salary (any increase in
      Base Salary shall become the “Base Salary” for purposes of this
      Agreement).  In addition to the Base Salary provided in this Section
      3(a), the Company and/or its subsidiaries shall provide Executive at no cost
      to
      Executive with all such other benefits as are provided uniformly to permanent
      full-time employees of the Company and/or its subsidiaries.

    

    (b)           The
      Company and/or its subsidiaries will provide Executive with employee benefit
      plans, arrangements and perquisites substantially equivalent to those in which
      Executive was participating or otherwise deriving benefit from immediately
      prior
      to the beginning of the term of this Agreement, and the Company and/or its
      subsidiaries will not, without Executive’s prior written consent, make any
      changes in such plans, arrangements or perquisites which would adversely affect
      Executive’s rights or benefits thereunder, unless such change is applicable to
      all similarly situated employees.  Nothing paid to Executive under any
      such plan or arrangement will be deemed to be in lieu of other compensation
      to
      which Executive is entitled under this Agreement.

    

    (c)           In
      addition to the Base Salary provided for by Section 3(a), the Company and/or
      its
      subsidiaries shall pay or reimburse Executive for all reasonable travel and
      other reasonable expenses incurred by Executive in performing his obligations
      under this Agreement and may provide such additional compensation in such form
      and such amounts as the Board may from time to time determine.

    

    4.           OUTSIDE
      ACTIVITIES

     

    Executive
      may serve as a member of the board of directors of business, community and
      charitable organizations subject to the approval of the Board, provided that
      in
      each case such service shall not materially interfere with the performance
      of
      his duties under this Agreement or present any conflict of
      interest.

     

    
      
         

      

      
        2

        
          

        

      

      
         

      

    

    
      	
              5.

            	
              WORKING
                FACILITIES AND EXPENSES

            

    

     

    Executive’s
      principal place of employment shall be the Company’s principal executive
      offices.  The Company shall provide Executive, at his principal place
      of employment, with a private office and other support services and facilities
      suitable to his position with the Company and necessary or appropriate in
      connection with the performance of his duties under this
      Agreement.  The Company and/or its subsidiaries shall pay Executive a
      monthly automobile allowance of no less than $400. The Company and/or its
      subsidiaries shall reimburse Executive for his ordinary and necessary business
      expenses incurred in connection with the performance of his duties under this
      Agreement, including, without limitation, fees for memberships in such clubs
      (including the Forsgate Country Club) and organizations (such as the Risk
      Management Association) that Executive and the Board mutually agree are
      necessary and appropriate to further the business of the Company, and travel
      and
      reasonable entertainment expenses.  Reimbursement of such expenses
      shall be made upon presentation of an itemized account of the expenses in such
      form as the Company and/or its subsidiaries may reasonably require.

     

    6.           PAYMENTS
      TO EXECUTIVE UPON AN EVENT OF TERMINATION

    

    (a)           The
      provisions of this Section 6 shall apply upon the occurrence of an Event of
      Termination (as herein defined) during Executive’s term of employment under this
      Agreement.  As used in this Agreement, an “Event of Termination” shall
      mean and include any one or more of the following:

    

     

    
      	
               

            	
              (i)

            	
              the
                involuntary termination by the Company or the Bank of Executive’s
                full-time employment hereunder for any reason other than termination
                for
                Cause (as defined in Section 8 below), or termination for Disability
                or
                Retirement (as defined in Section 7 below);
                or

            

    

     

    (ii)           Executive’s
      resignation from the Bank’s employ, upon any

     

    
      	
               

            	
              (A)

            	
              failure
                to elect or reelect or to appoint or reappoint Executive as Executive
                Vice
                President and Chief Operating
                Officer,

            

    

     

    
      	
               

            	
              (B)

            	
              material
                change in Executive’s functions, duties, or responsibilities, which change
                would cause Executive’s position to become one of lesser responsibility,
                importance, or scope from the position and attributes thereof described
                in
                Section 1, above, or

            

    

     

    
      	
               

            	
              (C)

            	
              material
                breach of this Agreement by the
                Company.

            

    

     

    Upon
      the
      occurrence of any event described in clauses (ii) (A) through (C) above (“Good
      Reason”), Executive shall have the right to elect to voluntarily terminate his
      employment under this Agreement, provided that, within 90 days of the initial
      existence of the condition serving as the basis for the voluntary termination
      for Good Reason, Executive gives the Company written notice of the condition,
      and provided further that the Company has at least 30 days to remedy the
      condition.

     

    
      
         

      

      
        3

        
          

        

      

      
         

      

    

     

     

    
      	
               

            	
              (iii)

            	
              The
                involuntary termination of Executive’s employment by the Company or the
                Bank, at any time following a Change in Control during the term of
                this
                Agreement.  For these purposes, a Change in Control shall mean a
                change in control of a nature that: (i) would be required to be reported
                in response to Item 5.01 of the current report on Form 8-K, as in
                effect
                on the date hereof, pursuant to Section 13 or 15(d) of the Securities
                Exchange Act of 1934 (the “Exchange Act”); or (ii) results in a Change in
                Control of the Bank or the Company within the meaning of the Bank
                Holding
                Company Act, as amended, and applicable rules and regulations promulgated
                thereunder (collectively, the “BHCA”) as in effect at the time of the
                Change in Control; or (iii) without limitation such a Change in Control
                shall be deemed to have occurred at such time as (a) any “person” (as the
                term is used in Sections 13(d) and 14(d) of the Exchange Act) is
                or
                becomes the “beneficial owner” (as defined in Rule 13d-3 under the
                Exchange Act), directly or indirectly, of securities of the Company
                representing 25% or more of the combined voting power of Company’s
                outstanding securities, except for any securities purchased by the
                Bank’s
                employee stock ownership plan or trust; or (b) individuals who constitute
                the Board on the date hereof (the “Incumbent Board”) cease for any reason
                to constitute at least a majority thereof, provided that any
                person becoming a director subsequent to the date hereof whose election
                was approved by a vote of at least three-quarters of the directors
                comprising the Incumbent Board, or whose nomination for election
                by the
                Company’s stockholders was approved by the same Nominating Committee
                serving under an Incumbent Board, shall be, for purposes of this
                clause
                (b), considered as though he were a member of the Incumbent Board;
                or (c)
                a plan of reorganization, merger, consolidation, sale of all or
                substantially all the assets of the Bank or the Company or similar
                transaction in which the Bank or Company is not the surviving institution
                occurs or is implemented; or (d) a proxy statement soliciting proxies
                from
                stockholders of the Company is distributed, by someone other than
                the
                current management of the Company, seeking stockholder approval of
                a plan
                of reorganization, merger or consolidation of the Company or similar
                transaction with one or more corporations as a result of which the
                outstanding shares of the class of securities then subject to the
                plan are
                exchanged for or converted into cash or property or securities not
                issued
                by the Company; or (e) a tender offer is made for 25% or more of
                the
                voting securities of the Company and the shareholders owning beneficially
                or of record 25% or more of the outstanding securities of the Company
                have
                tendered or offered to sell their shares pursuant to such tender
                offer and
                such tendered shares have been accepted by the tender
                offeror.  Notwithstanding anything in this subsection to the
                contrary, a Change in Control shall not be deemed to have occurred
                upon
                the conversion of the Company’s mutual holding company parent to stock
                form, or in connection with any reorganization used to effect such a
                conversion.

            

    

     

    
      
         

      

      
        4

        
          

        

      

      
         

      

    

     

    (b)           Upon
      the occurrence of an Event of Termination, as defined in Section 6(a)(i) or
      (ii), on the Date of Termination, as defined in Section 9(b), the Company and/or
      its subsidiaries shall pay Executive, or, in the event of his death subsequent
      to an Event of Termination, his beneficiary or beneficiaries, or his estate,
      as
      the case may be, as severance pay or liquidated damages, or both, an amount
      equal to two (2) times Executive’s Base Salary.  Upon the occurrence
      of an Event of Termination, as defined in Section 6(a)(iii), on the Date of
      Termination, the Company and/or its subsidiaries shall pay Executive, or, in
      the
      event of his death subsequent to the Event of Termination, his beneficiary
      or
      beneficiaries, or his estate, as the case may be, as severance pay or liquidated
      damages, or both, a sum equal to two (2) times the sum of (i) Executive’s Base
      Salary, plus (ii) any earned and accrued but unpaid Bonus for the year of
      Termination   Payments hereunder shall be made in a lump sum
      within thirty (30) days of the Date of Termination, provided, however, if
      Executive is a “Specified Employee” under Section 409A of the Internal Revenue
      Code (“Code”), such payment shall be made on the first day of the seventh full
      month) following Executive’s “separation from service,” as such term is defined
      in Code Section 409A.

    

    (c)           Upon
      the occurrence of an Event of Termination, as defined in Section 6(a)(i),
      6(a)(ii) or 6(a)(iii), the Company will cause to be continued, at Company’s sole
      expense, life insurance coverage and non-taxable medical and dental insurance
      coverage substantially identical to the coverage maintained by the Company
      and/or the Bank for Executive prior to his termination.  Such coverage or
      payment shall continue for twenty-four (24) months from the Date of
      Termination and shall count as “COBRA” coverage.

    

    (d)           Notwithstanding
      the preceding paragraphs of this Section 6, in no event shall the aggregate
      payments or benefits to be made or afforded to the Executive under said
      paragraphs (the “Termination Benefits”) constitute an “excess parachute payment”
under Section 280G of the Code or any successor thereto, and in order to avoid
      such a result, Termination Benefits will be reduced, if necessary, to an amount
      (the “Non-Triggering Amount”), the value of which is one dollar ($1.00) less
      than an amount equal to three (3) times the Executive’s “base amount”, as
      determined in accordance with said Section 280G.  The allocation of
      the reduction required hereby among Termination Benefits provided by the
      preceding paragraphs of this Section 6 shall be determined by the
      Executive.

    

    7.           TERMINATION
      UPON RETIREMENT, DISABILITY OR DEATH

     

    (a)           For
      purposes of this Agreement, termination by the Company or the Bank of
      Executive’s employment based on “Retirement” shall mean termination of
      Executive’s employment by the Company or the Bank upon attainment of age 65, or
      such later date as determined by the Board. Upon termination of Executive’s
      employment upon Retirement, Executive shall be entitled to all benefits under
      any retirement plan of the Company or Bank and other plans to which Executive
      is
      a party, but he shall not be entitled to the Termination Benefits specified
      in
      Section 6(b) through (c) hereof.

     

    
      
         

      

      
        5

        
          

        

      

      
         

      

    

    (b)           The
      Company may terminate this Agreement if Executive becomes “Disabled” (as defined
      in the next sentence).  In such event, the Executive shall receive the
      greater of (i) his net after-tax Base Salary for the remaining term of the
      Agreement, or one year, whichever is the longer period of time; or (ii)
      disability insurance benefits provided by the Company, plus any applicable
      workman’s or social security disability benefits to which Executive is entitled,
      with the understanding that the amount of any such disability benefits shall
      offset the Company’s obligation to pay Executive his Base
      Salary.  “Disabled” shall mean that Executive is (A) unable to engage
      in any substantial gainful activity by reason of any medically determinable
      physical or mental impairment that can be expected to result in death or can
      be
      expected to last for a continuous period of not less than 12 months or (B)
      determined to be totally disabled by the Social Security
      Administration.  If Executive is Disabled, the Date of Termination
      shall be the date that the Company provides a Notice of Termination to
      Executive.  Disability benefits as described in this paragraph shall
      be provided to Executive starting on such Date of Termination.

     

    8.           TERMINATION
      FOR CAUSE

    

    In
      the
      event that employment hereunder is terminated by the Company for Cause, the
      Executive shall not be entitled to receive compensation or other benefits for
      any period after such termination, except as provided by law.  The
      phrase “Cause” as used herein, shall exist when there has been a good faith
      determination by the Company, as communicated to Executive by the Chief
      Executive Officer, that there shall have occurred one or more of the following
      events with respect to the Executive: (i) the conviction of the Executive of
      a
      felony or of any lesser criminal offense involving moral turpitude; (ii) the
      willful commission by the Executive of a criminal or other act that, in the
      judgment of the Board will likely cause substantial economic damage to the
      Company or the Bank or substantial injury to the business reputation of the
      Company or Bank; (iii) the commission by the Executive of an act of fraud in
      the
      performance of his duties on behalf of the Company or Bank; (iv) the continuing
      willful failure of the Executive to perform his duties to the Company or Bank
      (other than any such failure resulting from the Executive’s incapacity due to
      Disability) after written notice thereof (specifying the particulars thereof
      in
      reasonable detail) and a reasonable opportunity to be heard and cure such
      failure are given to the Executive; or (v) an order of a federal or state
      regulatory agency or a court of competent jurisdiction requiring the termination
      of the Executive’s employment by the Company.  Notwithstanding the
      foregoing, Cause shall not be deemed to exist unless there shall have been
      delivered to the Executive a copy of a resolution duly adopted by the
      affirmative vote of not less than a majority of the entire membership of the
      Board at a meeting of the Board called and held for the purpose (after
      reasonable notice to the Executive and an opportunity for the Executive to
      be
      heard before the Board), finding that in the good faith opinion of the Board
      the
      Executive was guilty of conduct described above and specifying the particulars
      thereof.  Prior to holding a meeting at which the Board is to make a
      final determination whether Cause exists, if the Board determines in good faith
      at a meeting of the Board, by not less than a majority of its entire membership,
      that there is probable cause for it to find that the Executive was guilty of
      conduct constituting Cause as described above, the Board may suspend the
      Executive from his duties hereunder for a reasonable period of time not to
      exceed fourteen (14) days pending a further meeting  at which the
      Executive shall be given the opportunity to be heard before the
      Board.

    
      
         

      

      
        6

        
          

        

      

      
         

      

    

    For
      purposes of this subparagraph, no act or failure to act, on the Executive’s part
      shall be considered “willful” unless done, or omitted to be done, by him not in
      good faith without reasonable belief that his action or omission was in the
      best
      interest of the Company and the Bank.  Upon a finding of Cause, the
      Board shall deliver to the Executive a Notice of Termination, as more fully
      described in Section 9 below.

    

    9.           NOTICE

    

    (a)           Any
      purported termination by the Company or by Executive shall be communicated
      by
      Notice of Termination to the other party hereto.  For purposes of this
      Agreement, a “Notice of Termination” shall mean a written notice which shall
      indicate the specific termination provision in this Agreement relied upon and
      shall set forth in reasonable detail the facts and circumstances claimed to
      provide a basis for termination of Executive’s employment under the provision so
      indicated.

    

    (b)           Date
      of Termination” shall mean (A) if Executive’s employment is terminated for
      Disability, thirty (30) days after a Notice of Termination is given (provided
      that he shall not have returned to the performance of his duties on a full-time
      basis during such thirty (30) day period), and (B) if his employment is
      terminated for any other reason, the date specified in the Notice of Termination
      (which, except in the case of a termination for Cause, shall not be less than
      thirty (30) days from the date such Notice of Termination is
      given).  In the event of termination for Cause, termination shall be
      immediate upon the receipt of a Notice of Termination.

    

    (c)           If,
      within thirty (30) days after any Notice of Termination is given, the party
      receiving such Notice of Termination notifies the other party in writing that
      a
      dispute exists concerning the termination (“Notice of Dispute”), the Date of
      Termination shall be the date on which the dispute is finally determined, either
      by mutual written agreement of the parties, by a binding arbitration award,
      or
      by a final judgment, order or decree of a court of competent jurisdiction (the
      time for appeal having expired and no appeal having been perfected) and provided
      further that the Date of Termination shall be extended by a Notice of Dispute
      only if the Notice of Dispute is given in good faith and the party giving the
      Notice of Dispute pursues the resolution of such dispute with reasonable
      diligence.  Notwithstanding the pendency of any such dispute, except
      in the event of termination for Cause, the Company will continue to pay
      Executive his full compensation in effect when the Notice of Dispute was given
      (including, but not limited to, Base Salary) and continue Executive as a
      participant in all compensation, benefit and insurance plans in which he was
      participating when the Notice of Dispute was given, until the dispute is finally
      resolved in accordance with this Agreement, provided such dispute is resolved
      within the term of this Agreement.  If such dispute is not resolved
      within the term of the Agreement, the Company shall not be obligated, upon
      final
      resolution of such dispute, to pay Executive compensation and other payments
      accruing beyond the term of the Agreement.  Amounts paid under this Section
      following Notice of Termination shall be offset against or reduce any other
      amounts due under this Agreement.

    
      
         

      

      
        7

        
          

        

      

      
         

      

    

    (d)           The
      dispute provisions of Section 9(c) shall not apply in the event of Executive’s
      voluntary termination for Good Reason.  If Executive voluntarily
      terminates employment for Good Reason, then the Date of Termination shall be
      the
      date specified in the Notice of Termination.

    

    10.           POST-TERMINATION
      OBLIGATIONS

    

    Executive
      shall furnish such information and assistance to the Company and the Bank as
      may
      reasonably be required by the Company, in connection with any litigation in
      which it or any of its subsidiaries or affiliates is, or may become, a party;
      provided, however, that Executive shall not be required to provide information
      or assistance with respect to any litigation between the Executive and the
      Company or any of its subsidiaries or affiliates.

    

    11.           NON-COMPETITION

    

    (a)           Executive
      hereby covenants and agrees that, for a period of one year following any
      termination of employment with the Company or bank, he shall not, without the
      written consent of the Company, either directly or indirectly:

    

    (i)           solicit,
      offer employment to, or take any other action intended (or that a reasonable
      person acting in like circumstances would expect) to have the effect of causing
      any officer or employee of the Bank or the Company, or any of their respective
      subsidiaries or affiliates, to terminate his or her employment and accept
      employment or become affiliated with, or provide services for compensation
      in
      any capacity whatsoever to, any business whatsoever that competes with the
      business of the Bank or the Company, or any of their direct or indirect
      subsidiaries or affiliates, or which has headquarters or offices within
      twenty-five (25) miles of the locations in which the Bank or the Company has
      business operations or has filed an application for regulatory approval to
      establish an office;

    

    (ii)           become
      an officer, employee, consultant, director, independent contractor, agent,
      sole
      proprietor, joint venturer, greater than 5% equity owner or stockholder, partner
      or trustee
      of any savings bank, savings and loan association, savings and loan holding
      company, credit union, bank or bank holding company, insurance company or
      agency, any mortgage or loan broker or any other entity competing with the
      Bank
      or the Company or their affiliates in the same geographic locations where the
      Bank, Company or their affiliates or which has headquarters or offices within
      twenty-five (25) miles of the locations in which the Bank or the Company has
      business operations or has filed an application for regulatory approval to
      establish an office; provided, however, that this restriction
      (11(a)(ii)) shall not apply if Executive’s employment is terminated following a
      Change in Control; or

    

    (iii)           solicit,
      provide any information, advice or recommendation or take any other action
      intended (or that a reasonable person acting in like circumstances would expect)
      to have the effect of causing any customer of the Company or the Bank to
      terminate an existing business or commercial relationship with the Company
      or
      the Bank.

    
      
         

      

      
        8

        
          

        

      

      
         

      

    

    (b)           Executive
      recognizes and acknowledges that the knowledge of the business activities and
      plans for business activities of the Company and affiliates thereof, as it
      may
      exist from time to time, is a valuable, special and unique asset of the business
      of the Company.  Executive will not, during or after the term of his
      employment, disclose any knowledge of the past, present, planned or considered
      business activities of the Company, the Bank or their affiliates to any person,
      firm, corporation, or other entity for any reason or purpose whatsoever (except
      for such disclosure as may be required to be provided to any federal banking
      agency with jurisdiction over the Company, the Bank or
      Executive).  Notwithstanding the foregoing, Executive may disclose any
      knowledge of banking, financial and/or economic principles, concepts or ideas
      which are not solely and exclusively derived from the business plans and
      activities of the Company and the Bank, and Executive may disclose any
      information regarding the Bank or the Company which is otherwise publicly
      available.

    

    (a)           (c)           All
      payments and benefits to Executive under this Agreement shall be subject to
      Executive’s compliance with this Section 11.  The parties hereto,
      recognizing that irreparable injury will result to the Company, the Bank, their
      business and property in the event of Executive’s breach of this Section 11,
      agree that, in the event of any such breach by Executive, the Company and the
      Bank will be entitled, in addition to any other remedies and damages available,
      to an injunction to restrain the violation hereof by Executive and all persons
      acting for or with Executive. Executive represents and admits that Executive’s
      experience and capabilities are such that Executive can obtain employment in
      a
      business engaged in other lines and/or of a different nature than the Company
      and the Bank, and that the enforcement of a remedy by way of injunction will
      not
      prevent Executive from earning a livelihood.  Nothing herein will be
      construed as prohibiting the Bank or the Company from pursuing any other
      remedies available to them for such breach or threatened breach, including
      the
      recovery of damages from Executive.

    

    12.           SOURCE
      OF PAYMENTS; NO DUPLICATION OF PAYMENTS

    

    Payments
      pursuant to this Agreement shall be paid by the Company and/or the Bank. To
      the
      extent that payments and benefits, as provided by this Agreement, are paid
      to or
      received by Executive from the Bank, such compensation payments and benefits
      paid by the Bank will satisfy the obligation for such payment and benefits
      under
      this Agreement.  

    

    13.           NO
      EFFECT ON EMPLOYEE BENEFITS PLANS OR PROGRAMS

     

    The
      termination of Executive’s employment during the term of this Agreement or
      thereafter, whether by the Company or by Executive, shall have no effect on
      the
      vested rights of Executive under the Company’s or the Bank’s qualified or
      non-qualified retirement, pension, savings, thrift, profit-sharing or stock
      bonus plans, group life, health (including hospitalization, medical and major
      medical), dental, accident and long term disability insurance plans, or other
      employee benefit plans or programs, or compensation plans or programs in which
      Executive was a participant.

     

    
      
         

      

      
        9

        
          

        

      

      
         

      

    

    14.           REQUIRED
      REGULATORY PROVISIONS

     

    (a)           Notwithstanding
      anything herein contained to the contrary, any payments to Executive by the
      Company, whether pursuant to this Agreement or otherwise, are subject to and
      conditioned upon their compliance with Section 18(k) of the Federal Deposit
      Insurance Act, 12 U.S.C. Section 1828(k), and the regulations promulgated
      thereunder in 12 C.F.R. Part 359.

    

    (b)           The
      Company may terminate the Executive’s employment at any time and for any reason,
      but any termination by the Company, other than termination for Cause, shall
      not
      prejudice Executive’s right to compensation or other benefits under this
      Agreement.

    

    15.           NO
      ATTACHMENT

    

    (a)           Except
      as required by law, no right to receive payments under this Agreement shall
      be
      subject to anticipation, commutation, alienation, sale, assignment, encumbrance,
      charge, pledge, or hypothecation, or to execution, attachment, levy, or similar
      process or assignment by operation of law, and any attempt, voluntary or
      involuntary, to affect any such action shall be null, void, and of no
      effect.

    

    (b)           This
      Agreement shall be binding upon, and inure to the benefit of, Executive and
      the
      Bank and their respective successors and assigns.

    

    16.           ENTIRE
      AGREEMENT; MODIFICATION AND WAIVER

    

    (a)           This
      instrument contains the entire agreement of the parties relating to the subject
      matter hereof, and supercedes in its entirety any and all prior agreements,
      understandings or representations relating to the subject matter hereof
      (including the Change in Control Agreement between the Company and the Executive
      dated January 24, 2006).  No modifications of this Agreement shall be
      valid unless made in writing and signed by the parties hereto.

    

    (b)           This
      Agreement may not be modified or amended except by an instrument in writing
      signed by the parties hereto.

    

    (c)           No
      term or condition of this Agreement shall be deemed to have been waived, nor
      shall there be any estoppel against the enforcement of any provision of this
      Agreement, except by written instrument of the party charged with such waiver
      or
      estoppel.  No such written waiver shall be deemed a continuing waiver
      unless specifically stated therein, and each such waiver shall operate only
      as
      to the specific term or condition waived and shall not constitute a waiver
      of
      such term or condition for the future as to any act other than that specifically
      waived.

    

    17.           SEVERABILITY

    

    If,
      for
      any reason, any provision of this Agreement, or any part of any provision,
      is
      held invalid, such invalidity shall not affect any other provision of this
      Agreement or any part of such provision not held so invalid, and each such
      other
      provision and part thereof shall to the full extent consistent with law continue
      in full force and effect.

     

    
      
         

      

      
        10

        
          

        

      

      
         

      

    

    18.           HEADINGS
      FOR REFERENCE ONLY

     

    The
      headings of sections and paragraphs herein are included solely for convenience
      of reference and shall not control the meaning or interpretation of any of
      the
      provisions of this Agreement.

    

    19.           GOVERNING
      LAW

    

    This
      Agreement shall be governed by the laws of the State of Delaware but only to
      the
      extent not superseded by federal law.

    

    20.           ARBITRATION

    

    Any
      dispute or controversy arising under or in connection with this Agreement shall
      be settled exclusively by arbitration, conducted before a panel of three
      arbitrators, one of whom shall be selected by the Company, one of whom shall
      be
      selected by Executive and the third of whom shall be selected by the other
      two
      arbitrators.  The panel shall sit in a location within fifty (50)
      miles from the location of the Company, in accordance with the rules of the
      Judicial Mediation and Arbitration Systems (JAMS) then in
      effect.  Judgment may be entered on the arbitrators award in any court
      having jurisdiction; provided, however, that Executive shall be entitled to
      seek
      specific performance of his right to be paid until the Date of Termination
      during the pendency of any dispute or controversy arising under or in connection
      with this Agreement.

     

    21.           PAYMENT
      OF LEGAL FEES

     

    All
      reasonable legal fees paid or incurred by Executive pursuant to any dispute
      or
      question of interpretation relating to this Agreement shall be paid or
      reimbursed by the Company, provided that the dispute or interpretation has
      been
      settled by Executive and the Company or resolved in Executive’s
      favor.

     

    22.           INDEMNIFICATION

     

    During
      the term of this Agreement, the Company shall provide Executive (including
      his
      heirs, executors and administrators) with coverage under a standard directors
      and officers liability insurance policy at its expense, and shall indemnify
      Executive (and his heirs, executors and administrators) to the fullest extent
      permitted under Delaware law against all expenses and liabilities reasonably
      incurred by him in connection with or arising out of any action, suit or
      proceeding in which he may be involved by reason of his having been a director
      or officer of the Company (whether or not he continues to be a director or
      officer at the time of incurring such expenses or liabilities), such expenses
      and liabilities to include, but not be limited to, judgments, court costs and
      attorneys fees and the cost of reasonable settlements (such settlements must
      be
      approved by the Board of Directors of the Company).  If such action,
      suit or proceeding is brought against Executive in his capacity as an officer
      or
      director of the Company, however, such indemnification shall not extend to
      matters as to which Executive is finally adjudged to be liable for willful
      misconduct in the performance of his duties.

     

     

    
      
         

      

      
        11

        
          

        

      

      
         

      

    

     

    23.           SUCCESSOR
      TO THE COMPANY

     

    The
      Company shall require any successor or assignee, whether direct or indirect,
      by
      purchase, merger, consolidation or otherwise, to all or substantially all the
      business or assets of the Bank or the Company, expressly and unconditionally
      to
      assume and agree to perform the Company’s obligations under this Agreement, in
      the same manner and to the same extent that the Company would be required to
      perform if no such succession or assignment had taken place.

     

    

     

    IN
      WITNESS WHEREOF, the Company has caused this Agreement to be executed
      by its duly authorized officer and Executive has signed this Agreement, as
      of
      the day and date first above written.

     

    
      	
              ATTEST:

            	 	
              MAGYAR
                BANCORP, INC.

            
	 	 	 	 
	 	 	 	 
	 	 	 	 
	
              /s/
                Karen LeBlon

            	 	
              By:

            	
               /s/
                Elizabeth E. Hance

            
	
              Secretary

            	 	 	
               ELIZABETH
                E. HANCE

            
	 	 	 	 
	 	 	 	 
	
              WITNESS:

            	 	
              EXECUTIVE

            
	 	 	 	 
	 	 	 	 
	 	 	 	 
	
              /s/
                John Reissner

            	 	
              By:

            	
              /s/
                John S. Fitzgerald

            
	 	 	 	
              JOHN
                S. FITZGERALD

            

    

    

    

    

    12

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