EXHIBIT 10.2
Effective November 2001, Xxxxxxx. Xxxxxxxx was hired to serve as Corporate
Vice President of Publicidad Vitual S.A. de. C.V. ("Publicidad"). Pursuant to an
agreement among Publicidad, Princeton Video Image, Inc. ("PVI") and Xx.
Xxxxxxxx, during the term of his employment, he will receive an initial base
salary of $175,000, subject to guaranteed increases of $25,000 on each of the
first three anniversaries of his date of employment. In the event that his term
of employment is extended beyond four years, a new base salary will be
negotiated. In addition, Xx. Xxxxxxxx is entitled to receive an option to
purchase 50,000 shares of PVI common stock, and shall be entitled to receive
(subject to continued employment) an option to purchase 75,000 shares of PVI
common stock on each of the first three anniversaries of his date of employment.
In the event Xx. Xxxxxxxx'x employment is terminated without cause, or Xx.
Xxxxxxxx terminates his employment for a good reason (e.g., detrimental change
in the nature or scope of his employment or duties), he shall be entitled to
receive his then current salary for the greater of (i) six months or (ii) the
remainder of the term. Also effective November 2001, Xx. Xxxxxxxx was appointed
interim co-Chief Executive Officer of PVI. For his service as co-Chief Executive
Officer of PVI, Xx. Xxxxxxxx is entitled to receive: (i) a cash fee of $10,000
and (ii) an option to purchase 10,000 shares of PVI common stock (up to a
maximum of 60,000 shares), for each full month in which he serves as interim
co-Chief Executive Officer (subject to pro-ration for any shorter period)
retroactive to November 8, 2001, the date on which he began serving in such
capacity.
