EXHIBIT 10.1
Network-1 Security Solutions, Inc.
445 Park Avenue, Suite 1018
New York, N.Y. 10022
Corey M. Horowitz
c/o Network-1
445 Park Avenue, Suite 1018
New York, N.Y. 10022
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Re:
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Amendment to Employment Agreement
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Dear Corey:
This letter shall serve to amend Secton 5b(ii) or your Employment Agreement, dated June 8, 2009, with Network-1 Security Solutions, Inc. (“Network-1”) so that all references in Section 5(b)(ii) to Additional Bonus Compensation and Royalty Bonus Compensation payable to you from patents other than the Remote Power Patent shall be amended from 12.5% to 10%. In consideration of your agreement to reduce the aforementioned percentage the Board of Directors of Network-1 has authorized a payment of $250,000 to you.
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Very truly yours,
Network-1 Security Solutions, Inc.
By: /s/ David Kahn
David Kahn, Chief Financial Officer
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Agreed and Accepted:
Corey M. Horowitz