EXHIBIT 10.1
AMENDMENT NO. 1 TO EMPLOYMENT AGREEMENT
BETWEEN DOTRONIX, INC. AND XXXX X. XXXXXX
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Reference is hereby made to that Employment Agreement dated September 8, 2003,
between Dotronix, Inc., a Minnesota corporation (hereinafter "Dotronix"). and
Xxxx X. Xxxxxx (hereinafter "Xxxxxx").
Dotronix and Xxxxx hereby agree to amend the Employment agreement as
follows:
Xxxxxxxxx 0, Xxxxx option grants, shall be amended to read as follows:
Dotronix agrees to issue stock options for 50,000 shares of common stock to
Xxxxxx under the 1999 Stock Incentive Plan. The vesting date shall be as
follows; 12,500 shares shall vest on the date of issuance of the stock
option grant, 12,500 shares shall vest on April 1, 2004, 12,500 shares
shall vest on October 1, 2004, and 12,500 shares shall vest on April 1,
2005. The option price for the 50,000 shares shall be the closing price of
the stock on the grant date. Each stock option shall be for 10 years. Once
a grant has been made it will remain in effect until it expires 10 years
after issuance.
Paragraph 6 (b) Severance Benefit shall be amended to read as follows:
In the event Xxxxxx'x employment terminates following a Change of Control
as defined in Section 11 below, any unvested shares shall immediately vest.
IN WITNESS WHEREOF, the parties have executed this Agreement as of November
17, 2003
DOTRONIX, INC.
By /s/ Xxxxxx X. Xxxxx
Xxxxxx X. Xxxxx
Chief Financial Officer
/s/ Xxxx X. Xxxxxx
Xxxx X. Xxxxxx
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