Attached files
| file | filename |
|---|---|
| 8-K - ARBINET Corp | v193263_8-k.htm |
| EX-99.1 - ARBINET Corp | v193263_ex99-1.htm |
Exhibit
10.1
FIRST
AMENDMENT TO THE EMPLOYMENT AGREEMENT
This
First Amendment (the “Amendment”) is made as of the 9th day of August, 2010 to
the Employment Agreement by and between Arbinet Corporation, a Delaware
corporation, with its headquarters located in Herndon, Virginia (the
“Employer”), and Gary G. Brandt (“Brandt”) made as of October 1, 2009 (the
“Agreement”). In consideration of the mutual covenants contained in
this Amendment, the Employer and Brandt desire to amend certain provisions of
the Agreement as follows:
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1.
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Section
4(e)(iii)(A) is amended by deleting it in its entirety and substituting
therefor the following:
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(A) Until
the earlier of January 1, 2011 or Brandt’s relocation to the Herndon, Virginia
area, Brandt shall be entitled to reimbursement by the Employer for up to Five
Thousand Five Hundred Dollars ($5,500) per month of Brandt’s reasonable and
documented out-of-pocket expenses incurred by him for living expenses in the
Herndon, Virginia area and travel to and from Brandt’s residence in
Connecticut.
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2.
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Except
as specifically amended by the Amendment, the Agreement shall remain in
full force and effect in accordance with its
terms.
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3.
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This
Amendment may be executed in any number of counterparts, each of which
when so executed and delivered shall be taken to be an original; but such
counterparts shall together constitute one and the same
document.
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IN
WITNESS WHEREOF, this First Amendment to the Employment Agreement has been
executed as a sealed instrument by the Employer, by the undersigned duly
authorized officer, and by Brandt, as of the date set forth above.
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ARBINET
CORPORATION
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By:
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/s/
Shawn F. O’Donnell
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Name:
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Shawn
F. O’Donnell
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Title:
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President
& Chief Executive Officer
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/s/
Gary G. Brandt
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Gary
G. Brandt
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