1
EXHIBIT 10.1
[BOLDER TECH LETTERHEAD]
XXXXXX X. XXXXXXXX
Y2000 TRANSITION EMPLOYMENT AGREEMENT
x Xxxxxxxx becomes a part time employee effective January 1, 2000 with no
benefits
o Remains on the Board indefinitely
o Will work and be paid for a minimum of 10 days per month through March 31,
and 5 days per month through June 30.
o May work additional days at the request of Xxxxx Xxxxxx
o Pay for days worked will be at the rate of $2,000 per day.
o Stock options granted January 29, 1998 at $9.00 will vest during the period
January 1, 2000 through June 30, 2000 at the rate of 4,000 shares per
month, or a total of 24,000 shares.
x Xxxxxxxx will be eligible for normal 1999 cash and stock bonus
o Will be paid for accrued vacation and personal time off as of the end of
full time employment.
o Part time employment agreement may be terminated by either party with 30
days notice.
o If terminated by Xxxxxxxx, he foregoes further vesting after termination
and must exercise all outstanding options within 90 days of termination
o If terminated by BOLDER, unvested portion of 24,000 shares described above
vests on termination and stock option expiration as described below
applies.
o Stock Options Expire as Follows:
o 90 days after end of part time employment:
o 133,333 shares grant July 11, 1994 at $0.375
o 21,150 shares grant June 8, 1995 at $1.50
o 180 days after end of part time employment:
o 21,166 shares grant February 7, 1996 at $6.00
o 90 days after ceasing to be a director of the Company all remaining
shares must be exercised
December 16, 1999 /s/ Xxxxxx X. Xxxxxxxx
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Date Xxxxxx X. Xxxxxxxx
Chairman of the Board
/s/ Xxxxx X. Xxxxxx
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Xxxxx X. Xxxxxx
President and CEO