EXHIBIT 10.15
FIRST AMENDMENT TO THE
MANAGEMENT SERVICES AGREEMENT
THIS FIRST AMENDMENT TO THE MANAGEMENT SERVICES AGREEMENT dated August
12, 2002 is entered into and effective this 1st day of March, 2003 by and
between Luminex Corporation, a Delaware corporation (the "Company") and Xxxxxx
X. Xxxxxxxx ("Xxxxxxxx").
WHEREAS, the Company and Xxxxxxxx desire to continue the management
services delivered pursuant to the Management Services Agreement dated August
12, 2002 (the "Agreement").
NOW, THEREFORE, the parties execute this First Amendment to the
Agreement:
1. The substantive terms, covenants and agreements shall continue
for a Term from the effective date hereof through August 31,
2003.
2. Cash compensation shall continue at the same rate for Xxxxxxxx'x
services hereunder.
3. An additional option grant of 85,000 shares of the Company's
common stock shall be granted pursuant to the terms and
conditions of the Option Agreement to be executed simultaneously
herewith, in the form attached hereto as Exhibit A (the "Option
Agreement"). Notwithstanding the foregoing, the exercise price
per share shall be equal to the closing sale price on the date
of grant and vesting shall occur in one sixth increments on the
last day of each month of March through August, 2003, all as set
forth in the Option Agreement.
All other terms of the Agreement shall continue and all capitalized
terms not otherwise defined will have such meaning as set forth in the
Agreement.
IN WITNESS WHEREOF, this First Amendment is executed by the parties as
of the effective date set forth above.
LUMINEX CORPORATION
By: /s/ Xxxxxxx X. Xxxxxx
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Title: Acting Chief Financial Officer
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/s/ Xxxxxx X. Xxxxxxxx
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Xxxxxx X. Xxxxxxxx
