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EXHIBIT 10.1
THIRD AMENDMENT TO EMPLOYMENT AGREEMENT
THIS THIRD AMENDMENT, made as of the 1st day of March, 1997, by and
between MECHANICAL DYNAMICS, INC. a Michigan corporation (the "Company"),
having offices located at 0000 Xxxxxxxxxxxx Xxxx., Xxx Xxxxx, Xxxxxxxx 00000,
and XXXXXXX X. XXXXXXXXXX, of Ann Arbor, Michigan ("Employee"), for the purpose
of amending that certain Employment Agreement between the Company and Employee
dated as of April 1, 1994, and amended as of March 1, 1995, and as of March 1,
1996 (collectively, the "Employment Agreement").
WITNESSETH:
WHEREAS, the Company and Employee desire to extend the Employment Agreement
and to modify certain provisions thereof and to confirm the same herein.
NOW, THEREFORE, in consideration of the foregoing and of the mutual
covenants contained herein and in the Employment Agreement, the parties hereto
agree as follows:
A. Section 1 of the Employment Agreement is hereby amended to delete the
office, obligations and duties of President of the Company, effective as of
February 13, 1997.
B. Section 2 of the Employment Agreement is hereby amended to extend the
term of said Agreement through March 31, 2000.
C. Section 7 of the Employment Agreement is hereby amended by adding
thereto a new section 7.5 to read as follows:
" 7.5 Release. Anything contained in this Section 7 to the contrary
notwithstanding, the payment of any sums to Employee under subsections 7.1,
7.2 or 7.4 hereof, shall be conditioned upon (i) Employee executing and
delivering to the Company the Full And Final Release attached hereto as
Attachment II (the "Release") and (ii) in the event Employee is over forty
(40) years of age on the date of execution of the Release, upon Employee
not exercising his right to revoke said Release after having executed it."
D. Except as expressly modified herein, the Employment Agreement shall
remain in full force and effect in accordance with its original terms.
IN WITNESS WHEREOF, the parties hereto have duly executed this Third
Amendment as of the day and date first above written.
WITNESS: COMPANY
MECHANICAL DYNAMICS, INC.
Xxxxxx X. Chaka By: Xxxxxx X. Xxxx
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Xxxxxx X. Xxxx, President
EMPLOYEE
Xxxxxx X. Xxxxx Xxxxxxx X. Xxxxxxxxxx
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Xxxxxxx X. Xxxxxxxxxx