EXHIBIT 10.2
AMENDMENT TO EXECUTIVE EMPLOYMENT
AGREEMENT PLANAR SYSTEMS,INC.
PARTIES: Planar Systems, Inc. ("Company"),
0000 XX Xxxxxxx Xxxxx
Xxxxxxxxx, Xxxxxx 00000
Balakrishnan Krishnamurthy ("Executive")
0000 XX 000xx Xxxxx
Xxxxxxxx, XX 00000
DATE: September 26, 2000
RECITALS:
A. The Company and the Executive have entered into an Executive
Employment Agreement dated as of September 24, 1999 (the "Employment
Agreement").
B. The Company and the Executive now desire to modify certain provisions
of the Employment Agreement.
NOW, THEREFORE, for valuable consideration the receipt and sufficiency of
which is hereby acknowledged, the parties agree as follows:
1. Capitalized terms used herein but not defined herein have their
defined meanings as set forth in the Employment Agreement.
2. Section 6 of the Employment Agreement is hereby amended and restated
in its entirety as follows:
6.3 Change of Control Termination Payment. In the event of a Change
of Control Termination, then, and without further action by the
Board, the Company shall provide the benefits identified in
Sections 4.3.4.2, 4.3.4.3 and 4.3.4.4 of this Agreement;
provided, however, that "twenty-four (24) months" shall be
substituted for "eighteen (18) months" in Sections 4.3.4.2 and
4.3.4.3; and, provided further, however, that, with respect to
any stock or stock option grants made after September 26, 2000,
"twenty-four (24) months" shall be substituted for "eighteen (18)
months" in Section 4.3.4.4. Within ten (10) days of such
termination, the Company shall make a lump sum payment to
Executive in an amount equal to (i) two (2) times the higher of
(A) your Base Salary at the rate in effect on the date of the
Change of Control, or (B) your Base Salary at the rate in effect
on the date
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of the Change of Control Termination, plus (ii) an amount equal
to two (2) times the higher of (A) your target bonus for the year
in which the Change of Control Termination occur, or (B) your
target bonus for the year in which the Change of Control occurs.
3. Except as set forth and amended and restated herein, the Employment
Agreement shall remain unchanged and in full force and effect.
IN WITNESS WHEREOF, the parties hereto have caused this Amendment to
Executive Employment Agreement to be duly executed and delivered as of the day
and year first above written.
EXECUTIVE PLANAR SYSTEMS, INC.
By:
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Balakrishnan Krishnamurthy Title:
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