\n————————————————————————————————————————
\n all outstanding debt and amounts owed to other creditors of the Company and (b) the value
\n of all outstanding equity of the Company.
\n————————————————————————————————————————<\/p>\nTermination:
\n The following severance benefits apply only during the period commencing September 3, 2001
\n and ending upon the issuance of a Confirmation Order or a Sale of the Company (“Severance
\n Period”). If the Company terminates Employee’s employment without “Cause” or Employee
\n Resigns for “Good Reason” during the Severance Period, the Company shall use its best
\n commercial efforts to pay Employee (a) a lump sum payment equal to bonus of $1,000,000,
\n (b) a lump sum payment equal to one year of Employee’s Base Salary in the amount of
\n $900,000, and (c) an amount equal to 25% of the Company’s Enterprise Value at the
\n time of the issuance of a Confirmation Order or sale of the Company.<\/p>\n
Definitions:
\n “Cause” means termination due to the Employee’s (i) fraud or material misappropriation
\n with respect to the business or assets of the Company; (ii) persistent refusal or failure
\n materially to perform his duties and responsibilities to the Company for a period of at least
\n twenty (20) days, which continues after the Employee receives notice of such refusal or
\n failure; (iii) conduct that constitutes disloyalty to the Company and which materially harms
\n the Company; (iv) conviction, or the entry of a plea of guilty or nolo contendere by the
\n Employee, of a felony or crime, or (v) material breach of any provision of this Agreement.<\/p>\n
Resignation for “Good Reason” means that Employee’s resignation occurs within thirty (30)
\n days of one of the following events: (i) an involuntary reduction of Employee’s job
\n duties or responsibilities, including removal as Chief Executive Officer; (ii) the Board
\n directs that Employee report to someone other than the Board, (iii) any involuntary
\n reduction of Employee’s Base Salary, Initial Cash Bonus or any Milestone Cash Bonus; or
\n (iv) the issuance of a directive requiring Employee to relocate to a new office located more
\n than 25 miles from his current office.
\n<\/c><\/s><\/caption>\n<\/table>\n
Exodus Confidential Information<\/p>\n","protected":false},"template":"","meta":{"_acf_changed":false,"_stopmodifiedupdate":true,"_modified_date":"","_cloudinary_featured_overwrite":false},"corporate_contracts_companies":[7490],"corporate_contracts_industries":[9513],"corporate_contracts_types":[9539,9544],"class_list":["post-39140","corporate_contracts","type-corporate_contracts","status-publish","hentry","corporate_contracts_companies-exodus-communications-inc","corporate_contracts_industries-technology__software","corporate_contracts_types-compensation","corporate_contracts_types-compensation__employment"],"acf":[],"_links":{"self":[{"href":"https:\/\/corporate.findlaw.com\/legal-api\/wp-json\/wp\/v2\/corporate_contracts\/39140","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/corporate.findlaw.com\/legal-api\/wp-json\/wp\/v2\/corporate_contracts"}],"about":[{"href":"https:\/\/corporate.findlaw.com\/legal-api\/wp-json\/wp\/v2\/types\/corporate_contracts"}],"wp:attachment":[{"href":"https:\/\/corporate.findlaw.com\/legal-api\/wp-json\/wp\/v2\/media?parent=39140"}],"wp:term":[{"taxonomy":"corporate_contracts_companies","embeddable":true,"href":"https:\/\/corporate.findlaw.com\/legal-api\/wp-json\/wp\/v2\/corporate_contracts_companies?post=39140"},{"taxonomy":"corporate_contracts_industries","embeddable":true,"href":"https:\/\/corporate.findlaw.com\/legal-api\/wp-json\/wp\/v2\/corporate_contracts_industries?post=39140"},{"taxonomy":"corporate_contracts_types","embeddable":true,"href":"https:\/\/corporate.findlaw.com\/legal-api\/wp-json\/wp\/v2\/corporate_contracts_types?post=39140"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}