AGREEMENT IN CONNECTION WITH CONTINUATION OF CERTAIN EQUITY AWARDS October 5, 2012
Exhibit 10.3
AGREEMENT IN CONNECTION WITH CONTINUATION OF CERTAIN EQUITY AWARDS
October 5, 2012
THIS AGREEMENT IN CONNECTION WITH CONTINUATION OF CERTAIN EQUITY AWARDS (this "Agreement") is entered into effective as of October 5, 2012 by and between Xxxx X. Xxxx (“Xxxx”) and FriendFinder Networks Inc., a Nevada corporation (the “Company,” and, collectively with Xxxx, the “Parties”).
WITNESSETH:
WHEREAS, the Parties have entered into that certain Amended and Restated Employment Agreement, dated April 24, 2012 (the "Employment Agreement"); and
WHEREAS, Xxxx'x employment under the Employment Agreement has terminated as of October 5, 2012; and
WHEREAS, effective October 5, 2012 Xxxx and the Company have entered into the consulting agreement (the "Consulting Agreement"); and
WHEREAS, Xxxx has been granted equity awards pursuant to: (i) STOCK OPTION AGREEMENT, dated as of April 24, 2012, between Xxxx and the Company, (ii) RESTRICTED STOCK GRANT AGREEMENT, dated as of May 16, 2012, by and between Xxxx and the Company; (iii) STOCK OPTION AGREEMENT, dated as of July 7, 2008, by and between Xxxx and the Company; and (iv) any and all other additional award agreements between Xxxx and the Company (collectively, the "Award Agreements").
NOW THEREFORE, in consideration of Xxxx'x entering into the Consulting Agreement and for other valuable consideration the receipt and adequacy of which is hereby acknowledged, the Award Agreements are hereby amended to provide that references to termination of employment or other similar terms in the Award Agreements shall refer to termination of Xxxx'x services under the Consulting Agreement. For avoidance of doubt, termination of Xxxx'x employment on October 5, 2012 shall not be deemed to be a "termination" for purposes of any Award Agreement.
[SIGNATURES ON THE FOLLOWING PAGE]
IN WITNESS WHEREOF, the Parties hereto have executed and delivered this Agreement as of the date first above written.
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By: /s/ Xxxxxxx Xxxxxxx
Name: Xxxxxxx Xxxxxxx
Title: Chief Executive Officer and President
XXXX X. XXXX
/s/ Xxxx X. Xxxx
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