Attached files
file | filename |
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10-K - WALKER INNOVATION INC. | v210896_10k.htm |
EX-32.2 - WALKER INNOVATION INC. | v210896_ex32-2.htm |
EX-31.2 - WALKER INNOVATION INC. | v210896_ex31-2.htm |
EX-32.1 - WALKER INNOVATION INC. | v210896_ex32-1.htm |
EX-21.1 - WALKER INNOVATION INC. | v210896_ex21-1.htm |
EX-31.1 - WALKER INNOVATION INC. | v210896_ex31-1.htm |
EX-23.1 - WALKER INNOVATION INC. | v210896_ex23-1.htm |
EX-10.18 - WALKER INNOVATION INC. | v210896_ex10-18.htm |
EXHIBIT
10.22
GLOBALOPTIONS
GROUP, INC.
75
Rockefeller Plaza 27th Floor
New York,
NY 10019
December
14, 2010
Jeff
Nyweide, CFO and E.V.P. Corp. Dev.
GlobalOptions
Group, Inc.
75
Rockefeller Plaza
27th
Floor
New York,
NY 10019
Re: Your
Employment Agreement dated July 30, 2007, amended August 13, 2009, and amended
May 12, 2010 (collectively the “Agreement”; capitalized terms used herein
without definitions have the meanings specified in the Agreement)
Dear
Jeff:
Given the
timing of the recent closings of the sale transactions and the escrow
arrangements in place and in order to ensure a smooth wind down of the Company,
the Company desires that you continue to serve as Chief Financial Officer,
Executive Vice President, and Secretary through July 31, 2012 rather than
through January 31, 2012 as contemplated by the May 12, 2010
amendment. This letter is to modify and clarify the Agreement,
effective as of the date written above. Accordingly, the following
modifications and clarifications are made to the Agreement, effective as of the
date written above:
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1.
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The
parties hereby acknowledge that the current term of your employment was
extended to January 31, 2012 by the operative provisions contained in
Section 1 of the Agreement, subject to earlier termination, amendment or
automatic extension as contemplated therein. Accordingly, Section 1 is
amended by replacing the words eighteen (18) months from the date of such
Sales Event with the following: “July 31, 2012.” Further, the
last two sentences of Section 1 shall be amended and restated as
follows:
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“The
Company has the option to continue the Term beyond July 31, 2012 from the date
of the Sales Event, on a month to month basis, under the same terms and
conditions, provided however, the monthly base salary payment shall be $20,000
per month. Notwithstanding anything to the contrary contained herein,
the reduction of the Employee’s working time and efforts described herein after
a Sales Event is not intended to constitute a “separation from service” as
defined in Section 409A of the Code; provided, however that such a separation
from service is expected to occur on January 31, 2012 as defined under Section
409A of the Code.
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2.
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Section
2 is hereby amended and restated as
follows:
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Salary; Retention
Arrangement. (a) Effective as of January 1, 2009 and for
eighteen (18) months after the Sales Event (“Post 18 Month Period”) the Company
shall pay you a base salary per month in the amount of $31,250, payable on the
first of each month, in arrears and all other payments and benefits provided for
in the Agreement, including Section 4 hereof at a level equivalent to the level
in effect on the date of the Letter Amendment (the “Amendment”) dated May 12,
2010 (as it may be increased (but not decreased) in the discretion of the
Compensation Committee, “Base Salary”). Given that as stated above your duties
are intended to substantially diminish after the Post 18 Month Period for the
period of six (6) months after the Post 18 Month Period (the “Part-Time
Period”), you shall receive a base salary per month of $15,000, payable on the
first of each month, in arrears and all other payment and benefits provided in
the Agreement, including Section 4 hereof at the level described above (the
“Benefits”). For the sake of clarity, an equivalent level of benefit means that
the share of the premium to be paid by Employee shall not exceed the premium on
such date and the level of benefit coverage will not be less than what was
provided. From the date hereof, the Base Salary and Benefit payments
under this Section shall be on the first of each month for the remaining term of
this Agreement. In addition to the Base Salary, you shall
receive a performance bonus in the amount of $150,000 of which one half shall be
payable at the date of the Sales Event and the remaining one half payable three
months from the date of the Sales Event. Additionally, during the twenty four
(24) month period following the Sales Event, the Company agrees to maintain an
office for the Employee’s use with appropriate levels of staffing and
professional services to continue the effective operation, or winding down, as
applicable, of the Company during this period. If the Company elects to extend
the term beyond the 24 month period, the base salary shall be $20,000 per month
and all other payments and Benefits shall continue. For the avoidance
of doubt, at such time as Employee has a “separation from service”, as defined
under Section 409A of the Code, which is anticipated to be January 31, 2012, the
amounts held in the rabbi trust for Employee (consistent with the terms of the
Agreement) shall be paid to Employee in accordance with Sections 6A and
26.
(b) In
addition to the foregoing, as an inducement for you to remain in the employ of
the Company, you shall earn a cash bonus upon the final sale and closing of the
fourth division of the Company in the amount of $250,000, payable one half ten
days after the sale of the fourth division, one half on January 31, 2012 (the
end of the Term as contemplated by the May 2010 amendment). Notwithstanding
anything contained in this Agreement, upon a termination of employment without
Cause or for Good Reason (which Good Reason includes a Change of Control on or
after the date of the December —, 2010 amendment) or as a result of death or
Disability prior to July 31, 2012, you shall receive the salary and Benefits
through the end of such term; with the cash portion being paid in a lump sum
within thirty days of termination, subject to Section
26. Additionally, the Employee will receive the cash retention bonus
described this subsection (b) within 30 days of the date of termination, subject
to Section 26.
(c) In
order to induce Employee to remain in the employ of the Company from February 1,
2012 through July 31, 2012, he may be entitled to a bonus on such
date, the amount of which to be determined in the sole discretion of
the Compensation Committee in good faith based on Employee’s
performance.
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3.
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For
a period of 6 months following July 31, 2012 or, if earlier, 6 months
following your resignation other than for Good Reason, you shall continue
to be entitled to participate in the Company’s benefit plans (or
comparable plans), at the Company’s expense, unless you, before the
expiration of such period, become eligible for comparable coverage with a
subsequent employer.
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4.
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Section
25 shall be modified and restated as
follows:
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Professional
Fees. The Company agrees to pay you in one lump sum personal
accounting and legal fees relating to, and upon the execution of, the Amendment
up to a maximum of $10,000 on an after tax basis.
Except as
hereby amended, the Agreement and all of its terms and conditions shall remain
in full force and effect and are hereby confirmed and ratified. All references
to the Agreement shall be deemed references to the Agreement as amended and
clarified hereby. This amendment shall be governed and construed
under the laws of the State of New York.
Please
sign below to acknowledge your agreement to and acceptance of this amendment to
the Agreement.
Sincerely,
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/s/
Harvey Schiller
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Harvey
Schiller
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Chairman
& CEO
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Agreed
to:
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|||
/s/
Jeff Nyweide
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|||
Jeff
Nyweide
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|||
Date:
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December 14, 2010
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