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Exhibit
10.40
AMENDMENT NO.
1
TO
EXECUTIVE EMPLOYMENT
AGREEMENT
This Amendment No. 1 to the
Executive Employment Agreement (the "Agree-ment") made and entered
into as of the 17 th day of April 2006, between eMagin
Corporation, a Delaware corporation (the "Company"), Gary Jones, an
individual residing at 15550 SE 79 th Pl, Newcastle, WA
98059 ("Executive").
WITNESSETH
:
WHEREAS, on January 24, 2006, the
Company and the Executive entered into an Agreement, a copy of
which is annexed hereto as Exhibit 1; and
WHEREAS, the parties now desire to
amend Paragraphs 3.3 of the Agreement as hereinafter set forth to
correct a mistake of the parties;
NOW, THEREFORE, in consideration of
and for the mutual promises and covenants contained herein, and for
other good and valuable consideration, the receipt of which is
hereby acknowledged, the Executive Employment Agreement is hereby
amended as follows:
1. (A) Paragraph 3.3 of the Agreement is hereby amended
to be and read as follows:
The Company may terminate the
employment of Executive at any time without notice and without
cause (as defined in Section 3.2) In such event, Executive shall be
entitled to (i) salary until the end of this agreement’s full
term or twelve (12) months, whichever is greater, based on
Executive’s monthly rate of base salary at the date of such
termination, (ii) payment for accrued vacation days, including
personal choice holidays and (iii) all bonuses that would otherwise
have been accrued during the term of this agreement. The Company
shall pay such sum of salary and vacation accrual in one payment
within thirty (30) business days following the effective date of
termination and shall pay merit or revenue-based bonuse
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