Document:

EXHIBIT
10.5

    

    FIRST
AMENDMENT

    TO

    EMPLOYMENT
AGREEMENT

    

    This
Amendment to the Employment Agreement, effective as of September 2, 2008 (the
“Employment Agreement”), by and between AboveNet, Inc. (the “Company”) and
Douglas Jendras (the “Employee”) is effective as of January 25, 2011 (this
“Amendment”).

    

    WHEREAS,
the Company and the Employee are parties to the Employment Agreement, whose term
is scheduled to expire on November 16, 2011 (the “Term”);

    

    WHEREAS,
the parties wish to extend the Term of the Employment Agreement to December 31,
2011;

    

    WHEREAS,
the parties also wish to clarify the terms of entitlement to the annual bonus
being earned over the calendar year performance period; and

    

    WHEREAS,
the parties also wish to include the Chief Operating Officer within the list of
persons to whom the Employee may be required to report;

    

    NOW
THEREFORE, the Employment Agreement is hereby amended as follows:

    

    1.           
Section 1(b) of the Employment Agreement shall read as follows:

    

    (b) The term (the “Term”) of the
Employee’s employment hereunder will commence on the Effective Date and, unless
sooner terminated as provided in Section 6 hereof, will terminate at the end of
the day on December 31, 2011.  The Term shall be automatically
extended unless sooner terminated as provided herein, for successive additional
one-year periods, unless at least 120 days prior to the end of Term, the Company
or the Employee has notified the other that the Term will not be
extended.

    

    2.           The
first sentence of Section 2(a) of the Employment Agreement is hereby amended by
inserting the phrase “or, alternatively at the discretion of the Chief Executive
Officer, the President or Chief Operating Officer of the Company (the
“Superior”)” in place of “or alternatively, at the discretion of the Chief
Executive Officer, the President of the Company (the “Superior”).”

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

     

    3.           Section
3(b) of the Employment Agreement shall read as follows:

    

    In
addition to the Base Salary set forth in Section 3(a) hereof, the
Employee will have an annualized bonus targeted at 35% of Base Salary (as in
effect on December 31 of the applicable year) based on performance against the
Company’s EBITDA plan and other bonus targets set by the Compensation Committee
of the Board of Directors (the “Bonus
Plan”).  In the event that the Employee is employed on December
31 of the calendar year in which the bonus is being earned, the Employee shall
be entitled to receive the bonus payable with respect to such year, which bonus
shall be determined following the close of such year and in all events paid by
March 15th
following the close of such year.

    

    4.           All
other provisions of the Employment Agreement shall remain in force and
effect.

    

    IN
WITNESS WHEREOF, the parties hereto have executed this First Amendment to
Employment Agreement as of the date first set forth above.

     

    
      	
            	ABOVENET,
      INC.	 
	 	 	 	 
	
               

            	
              By:
      

            	/s/ Robert
      Sokota	 
	 	 	Name:
      Robert Sokota	 
	 	 	      
              Title:
      SVP and General Counsel

            	 
	 	 	 	 
	 	EMPLOYEE	 
	 	 	 	 
	 	
              /s/ Douglas Jendras

            	 
	 	      
              Douglas
      Jendras

            	 

    

     

    
      
         

      

      
        2EXHIBIT
10.6

    

    FIRST
AMENDMENT

    TO

    EMPLOYMENT
AGREEMENT

    

    This
Amendment to the Employment Agreement, effective as of September 2, 2008 (the
“Employment Agreement”), by and between AboveNet, Inc. (the “Company”) and
Robert Sokota (the “Employee”) is effective as of January 25, 2011 (this
“Amendment”).

    

    WHEREAS,
the Company and the Employee are parties to the Employment Agreement, whose term
is scheduled to expire on November 16, 2011 (the “Term”);

    

    WHEREAS,
the parties wish to extend the Term of the Employment Agreement to December 31,
2011;

    

    WHEREAS,
the parties also wish to clarify the terms of entitlement to the annual bonus
being earned over the calendar year performance period; and

    

    WHEREAS,
the parties also wish to include the Chief Operating Officer within the list of
persons to whom the Employee may be required to report;

    

    NOW
THEREFORE, the Employment Agreement is hereby amended as follows:

    

    1.          
  Section 1(b) of the Employment Agreement shall read as
follows:

    

    (b) The term (the “Term”) of the
Employee’s employment hereunder will commence on the Effective Date and, unless
sooner terminated as provided in Section 6 hereof, will terminate at the end of
the day on December 31, 2011.  The Term shall be automatically
extended unless sooner terminated as provided herein, for successive additional
one-year periods, unless at least 120 days prior to the end of Term, the Company
or the Employee has notified the other that the Term will not be
extended.

    

    2.           The
first sentence of Section 2(a) of the Employment Agreement is hereby amended by
inserting the phrase “or, alternatively at the discretion of the Chief Executive
Officer, the President or Chief Operating Officer of the Company (the
“Superior”)” in place of “or alternatively, at the discretion of the Chief
Executive Officer, the President of the Company (the “Superior”).”

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

     

    3.           Section
3(b) of the Employment Agreement shall read as follows:

    

    In
addition to the Base Salary set forth in Section 3(a) hereof, the
Employee will have an annualized bonus targeted at 35% of Base Salary (as in
effect on December 31 of the applicable year) based on performance against the
Company’s EBITDA plan and other bonus targets set by the Compensation Committee
of the Board of Directors (the “Bonus
Plan”).  In the event that the Employee is employed on December
31 of the calendar year in which the bonus is being earned, the Employee shall
be entitled to receive the bonus payable with respect to such year, which bonus
shall be determined following the close of such year and in all events paid by
March 15th
following the close of such year.

    

    4.           All
other provisions of the Employment Agreement shall remain in force and
effect.

    

    IN
WITNESS WHEREOF, the parties hereto have executed this First Amendment to
Employment Agreement as of the date first set forth above.

     

    
      	
            	ABOVENET,
      INC.	 
	 	 	 	 
	
               

            	
              By:
      

            	/s/ William
      LaPerch	 
	 	 	Name: William
      LaPerch	 
	 	 	      
                    
                Title:
      President and CEO

              

            	 
	 	 	 	 
	 	EMPLOYEE	 
	 	 	 	 
	 	
              /s/ Robert Sokota

            	 
	 	      
                    
                Robert
      Sokota

              

            	 

    

     

    
      
         

      

      
        2EXHIBIT
10.7

    

    STOCK UNIT
AGREEMENT

     

    STOCK UNIT AGREEMENT
(“Agreement”) effective as of January 25, 2011 (“Grant Date”), by and
between AboveNet, Inc. (the “Company”) and «Full_Name» (the
“Participant”).

     

    WHEREAS, the Company believes
it desirable that the Participant be provided additional incentive to advance
the interests of the Company through a grant of stock units under the AboveNet,
Inc. 2008 Equity Incentive Plan (the “Plan”);

     

    NOW, THEREFORE, the parties
agree as follows:

     

    1.           Grant of Stock
Units.

     

    Pursuant
to the Plan and on the terms and subject to the conditions set forth herein and
therein, the Company hereby grants to the Participant «Proposed_Grant» stock
units (the “Stock Units”).  Each Stock Unit constitutes a right to
receive from the Company one share (each a “Unit Share” and collectively the
“Unit Shares”) of the Company’s Common Stock, $.01 par value per share (the
“Common Stock”), subject to adjustment as provided in the
Plan.  Capitalized terms that are not defined in this Agreement shall
have the respective meanings given in the Plan.

     

    2.           Vesting; Delivery of Unit
Shares.

     

    The Stock
Units vest (i.e., are not subject
to forfeiture) as follows: _________. The Stock Units are subject to
earlier vesting as set forth in Sections 4(a), 4(b), 4(d) and
4(e).  The Unit Shares are subject to earlier delivery only as set
forth in Section 4(a) (death) and Section 4(e) (Change of Control).

     

    3.           Withholding.

     

    The
Company’s obligation to deliver Unit Shares under this Agreement shall be
subject to the payment by the Participant of any applicable federal, state and
local withholding tax.  The Company shall, to the extent permitted by
law, have the right to deduct from any payment of any kind otherwise due to the
Participant any federal, state or local taxes required to be withheld with
respect to the vesting of the Stock Units or the delivery of the Unit
Shares.

     

    4.           Termination of Employment;
Change of Control.

     

    (a)           In
the event of the Participant’s death prior to the vesting of all Stock Units
granted under this Agreement, any unvested Stock Units, if any, shall
immediately vest and the underlying Unit Shares shall be immediately delivered
to the Participant’s beneficiary or beneficiaries.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

       

    

    (b)           Upon
the termination of Participant’s Continuous Service with the Company as a result
of a Disability, any unvested Stock Units shall immediately vest.

     

    (c)           In
the event of the termination of the Participant’s Continuous Service by the
Company for Cause or by the Participant other than for Good Reason, any unvested
Stock Units shall immediately be forfeited.

     

    (d)           Upon
the termination of the Participant’s Continuous Service by the Company without
Cause or by the Employee for Good Reason, any unvested Stock Units shall
immediately vest.

     

    (e)           In
the event of a Change of Control, any unvested Stock Units shall immediately
vest and the underlying Unit Shares of all vested Stock Units shall be
immediately delivered to the Participant.

     

    (f)           The
parties may not accelerate the delivery of any Stock Units before the dates
set forth above.

     

    5.           Transfer of Stock Units;
Limitations on Delivery of Unit Shares; Put Right.

     

    (a)           The
Stock Units are not transferable otherwise than by will or the laws of descent
and distribution.  Any attempt to transfer the Stock Units in
contravention of this subparagraph (a) is void ab
initio.  The Stock Units shall not be subject to execution,
attachment or other process.

     

    (b)           In
the event that on the date of delivery, any of the following shall be true (1)
the Unit Shares may not be sold by the Participant at such time under Rule 144
of the Securities Act of 1933, as amended (the “Securities Act”), or pursuant to
a currently effective registration statement under the Securities Act, (2) the
Participant is unable to sell the stock underlying his Unit Shares due to any
Company imposed trading restriction or the Participant otherwise is in
possession of material, non-public information regarding the Company or its
securities or (3) the Company’s shares are not listed on a national stock
exchange, the Company shall be obligated, following notice from the Participant
as provided below, to repurchase such number of Unit Shares at the Fair Market
Value of the Unit Shares on the date of such repurchase as required to meet the
Company’s required minimum tax withholding with respect to the delivered Unit
Shares (based on minimum statutory withholding rates for federal, state and
local purposes, including payroll taxes, that are applicable to such
supplemental taxable income). Notwithstanding the immediately preceding
sentence, in the event the Internal Revenue Service determines that the fair
market value of the Unit Shares is greater than the Fair Market Value as
determined under the Plan and the Participant has incurred additional liability
for income taxes, the Fair Market Value for purposes of this subparagraph (b)
shall be increased to the value determined by the Internal Revenue
Service.  The Participant must give his notice to the Company of his
election to exercise the right to require the Company to repurchase a portion of
the Unit Shares not less than two (2) business days before the delivery
date.  In the event such Participant does not exercise such right, he
shall be deemed to have elected to forego such right.

     

    
      
        
        

      

      
        2

        
          

        

      

      
        
        

      

       

    

    6.           No Rights in Unit
Shares.

     

    The
Participant shall have none of the rights of a shareholder with respect to
particular Unit Shares unless and until such Unit Shares are issued and
delivered to him under this Agreement.

     

    7.           No Right to
Employment.

     

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

     

    8.           Governing
Law/Jurisdiction.

     

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

     

    9.           Miscellaneous.

     

    This
Agreement cannot be changed or terminated orally.  The Company at any
time, and from time to time, may amend the terms of this Agreement; provided, however, that the
rights under this Agreement shall not be impaired by any such amendment unless
(i) the Company requests the consent of the Participant and (ii) the Participant
consents in writing.  This Agreement and the Plan contain the entire
agreement between the parties relating to the subject matter
hereof.  In the event of any conflict between the provisions of this
Agreement and those of the Plan, the provisions of the Plan shall
control.  The paragraph headings herein are intended for reference
only and shall not affect the interpretation hereof.

     

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

     

    
      
        
          
            
              	
                        
      

                    
	
                      «Full_Name»

                    
	
                      Participant

                    
	 
      
	
                      ABOVENET,
      INC.

                    
	 
      	 
      
	
                      By:

                    	  
        
	 
      	
                      Name:

                    
	 
      	
                      Title:

                    

            

          

        

      

    

     

    
      
         

      

      
        3

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