Document:

Unassociated Document

     

    
      	
               

            	
              
                120
      Albany Street

                Town
      2, Suite 450

                New
      Brunswick, NJ 08901

                1.732.509.9200
      Tel

                1.732.509.9299
      Fax

                 

                J.
      Curt Hockemeier

                President
      and Chief Executive Officer

              

            

    

     

     

    March 16,
2007

    

    

    Steven
Heap

    12408
Fairfax Station Road

    Clifton,
Virginia 20124

    

    RE:      
Amendment No. 1 to
Offer Letter (the "Amendment")

     

    Dear
Steve:

     

    In
connection with the Offer Letter dated May 3, 2006 (the "Letter") by and between
Arbinet-­thexchange, Inc., a Delaware corporation (the "Company"), and you,
you and the Company desire to amend certain provisions of the Letter as
follows:

    

    1.          The
sixth (6'a)
paragraph of the Letter is amended by deleting it in its entirety and
substituting therefore the following:

     

    "In the
event that your employment is terminated (A) without cause or (B) within six (6)
months following a Change of Control (as defined below) by you for Good Reason
(as defined below) the Company will pay you (i) any unpaid base salary through
the date of termination and any accrued vacation; (ii) severance pay equal to
one (1) year base salary at the rate in effect on the date of termination and
(iii) COBRA coverage payable under the Company health or welfare plan for
you and your dependents during the one (1) year period following the date of
termination.

    

    For
purposes of this letter, "Change of Control" shall mean a change in ownership or
control of the Company effected through any of the following
transactions:

    

    
      	
               
      

            	
              (a)

            	
              a
      merger, consolidation or other reorganization approved by the Company's
      stockholders, unless securities representing more than fifty percent (50%)
      of the total combined voting power of the voting securities of the
      successor corporation are immediately thereafter beneficially owned,
      directly or indirectly and in substantially the same proportion, by the
      persons who beneficially owned the Company's outstanding voting securities
      immediately prior to such transaction,
or

            

    

    

    
      	
               
      

            	
              (b)

            	
              a
      stockholder-approved sale, transfer or other disposition of all or
      substantially all of the Company's assets,
or

            

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    March 16,
2007

    
      Page
2

    

    

    
      	
               
      

            	
               (c)

            	
              the
      closing of any transaction or series of related transactions pursuant to
      which any person or any group of persons comprising a "group" within the
      meaning of Rule 13d-5(b)(1) of the Securities Exchange Act of 1934 Act
      (other
      than the Company or a person that, prior to such transaction
      or series of related transactions, directly or indirectly controls, is
      controlled by or is under common control with, the Company) becomes
      directly or indirectly the beneficial owner (within the meaning of Rule
      13d-3 of the Securities Exchange Act of 1934) of securities possessing (or
      convertible into or exercisable for securities possessing) more than fifty
      percent (50%) of the total combined voting power of the Company's
      securities (as measured in terms of the power to vote with respect to the
      election of Board members) outstanding immediately after the consummation
      of such transaction or series of related transactions, whether such
      transaction involves a direct issuance from the Company or the acquisition
      of outstanding securities held by one or more of the Company's existing
      stockholders.

            

    

     

    
      For
purposes of this letter, "Good Reason" means, without your written
consent:

       

    

    
      	
               
      

            	
              
                (a)

              

            	
              
                a
      material adverse change in your title or the duties assigned to
      you;

              

            

    

     

    
      	
               
      

            	
              (b)

            	
              any
      material failure by the Company to comply with the provisions of this
      letter; or

            

    

    

    
      	
               
      

            	
              (c)

            	
              
                any
      requirement by the Company that your primary office location be other
      than in the greater Washington, D.C.
  area."

              

            

    

     

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

    

    3.          This
Amendment may be executed in counterparts, each of which will be deemed an
original, but all of which taken together will constitute one and the same
instrument.

     

    
      
        	 
      	 
      	
                By:

              	
                /s/
      J. Curt Hockemeier

              
	 
      	 
      	
                Name:
      J. Curt Hockemeier

              
	 
      	 
      	
                Title:
      President and Chief Executive
      Officer

              
	 
      	 
      	 
      	 
      
	 
      	 
      	 
      	 
      
	
                AGREED
      AND ACCEPTED:

              	 
      	 
      	 
      
	
                /s/
      Steven Heap

              	 
      	 
      	 
      
	
                Steven
      HeapUnassociated Document

    April 17,
2008

    

    

    Steven
Heap

    12408
Fairfax Station Road

    Clifton,
Virginia 20124

    

    RE:           Amendment No. 2 to Offer
Letter (the “Amendment”)

    

    Dear
Steve:

    

    In
connection with the Offer Letter dated May 3, 2006, amended March 16, 2007 (the
“Letter”) by and between Arbinet-thexchange, Inc., a Delaware corporation (the
“Company”), and you, you and the Company desire to amend certain provisions of
the Letter as follows:

     

    1.          
The eighth (8th)
paragraph of the Letter is amended by deleting it in its entirety and
substituting therefor the following:

     

    “For
purposes of this letter, “Good Reason” shall mean that you have complied with
the “Good Reason Process” (hereinafter defined) following the occurrence of any
of the following events:

     

     

    
      	
               
      

            	
              (A)

            	
              a
      substantial diminution or other substantive adverse change, not consented
      to by you, in the nature or scope of your responsibilities, authorities,
      powers, functions or duties;

            

    

     

     

    
      	
               
      

            	
              (B)

            	
              an
      involuntary material reduction in your base
  salary;

            

    

     

     

    
      	
               
      

            	
              (C)

            	
              a
      breach by the Company of any of its other material obligations under this
      letter; or

            

    

     

     

    
      	
               
      

            	
              (D)

            	
              a
      material change in the geographic location at which you must perform your
      services.

            

    

     

    
      	
               
      

            	
              

                “Good
      Reason Process” shall mean that (i) you reasonably determine in good faith
      that a “Good Reason” event has occurred; (ii) you notify the Company in
      writing of the occurrence of the Good Reason event within 90 days of the
      occurrence of such event; (iii) you cooperate in good faith with the
      Company’s efforts, for a period not less than 30 days following such
      notice, to modify your employment situation in a manner acceptable to you
      and Company; and (iv) notwithstanding such efforts, one or more of the
      Good Reason events continues to exist and has not been modified in a
      manner acceptable to you.  If the Company cures the Good Reason
      event in a manner acceptable to you during the 30 day period, Good Reason
      shall be deemed not to have
occurred.”

              

            

    

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    2.           The
Letter is amended by adding the following new paragraph immediately after the
eighth (8th)
paragraph thereof:

    

    “Anything
in this letter to the contrary notwithstanding, if at the time of the your
termination of employment, you are considered a “specified employee” within the
meaning of Section 409A(a)(2)(B)(i) of the Internal Revenue Code of 1986, as
amended (the “Code”), and if any payment that you become entitled to under this
letter is considered deferred compensation subject to interest and additional
tax imposed pursuant to Section 409A(a) of the Code as a result of the
application of Section 409A(a)(2)(B)(i) of the Code, then no such payment shall
be payable prior to the date that is the earlier of (A) six months after your
separation from service, or (B) your death, and the initial payment shall
include a catch-up amount covering amounts that would otherwise have been paid
during the first six-month period but for the application of this
paragraph.  Any such deferred payment shall earn simple interest
calculated at the short-term applicable federal rate in effect on the date of
your separation from service.  The parties intend that this letter
will be administered in accordance with Section 409A of the Code.  The
parties agree that this letter may be amended, as reasonably requested by either
party, and as may be necessary to fully comply with Section 409A of the Code and
all related rules and regulations in order to preserve the payments and benefits
provided hereunder without additional cost to either party.”

    

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

     

    4.           This
Amendment may be executed in counterparts, each of which will be deemed an
original, but all of which taken together will constitute one and the same
instrument.

     

    [SIGNATURE
PAGE FOLLOWS]

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    If the
foregoing accurately reflects the understanding of the parties hereto, please so
indicate by executing both originals of this Amendment in the space provided
below and returning one executed original to us.

     

     

    
      	 
      	 
      	
              ARBINET-THEXCHANGE,
      INC.

            
	 
      	 
      	 
      
	 
      	 
      	 
      
	 
      	 
      	
              By:
      /s/William M. Freeman

            
	 
      	 
      	
              Name:
      William M. Freeman

            
	 
      	 
      	
              Title:
      President and Chief Executive Officer

            
	 
      	 
      	 
      
	 
      	 
      	 
      
	 
      	 
      	 
      
	
              AGREED
      AND ACCEPTED:

            	 
      	 
      
	 
      	 
      	 
      
	
              /s/Steven Heap

            	 
      	 
      
	
              Steven
      Heap

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