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EXHIBIT 10.2
[BOLDER TECH LETTERHEAD]
XXXXXX X. XXXXXXXXX
Y2000 TRANSITION AGREEMENT
x Xxxxxxxxx remains a full time employee through the end of April.
o Becomes a part time employee from May through August 2000.
o Will work and be paid for a minimum of
o 10 days in May, June and July
o 5 days per month in August
o Will be guaranteed 5 days payment in September.
o Pay for days worked as a part time employee will be at a rate of $850 per
day.
o May work additional days at the request of Xxxxx Xxxxxx.
o Will be paid for accrued vacation and personal time off as of the end of
full time employment.
o BOLDER will provide and cover cost of existing benefits package through
December 31, 2000.
o Stock options:
o All stock options vest at their current rate through August 2000.
o After August, Xxxxxxxxx will receive $125.00 per working hour -- maximum of
$1000 per working day, on an "as needed" basis at the request of Xxxxx
Xxxxxx. Xxxxxxxxx will make reasonable effort to accommodate requests for
such work. Appropriate out-of-pocket expenses will be paid for or
reimbursed by Xxxxxx. Xxxxxx will indemnify, defend and otherwise hold
harmless Xxxxxxxxx for all work performed.
o Xxxx Xxxxxxx will be appointed to Vice President effective March 1, and
will assume all of Xxxxxxxxx'x existing direct report responsibilities.
Xxxxxxx will report directly to Xxxxxx.
CONFIDENTIAL
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o For the period March 1 - August 31, Xxxxxx Xxxxxxxxx and Xxxxx Xxxxxx will
agree on projects to be completed during that timeframe. Xxxxxxxxx is
eligible to receive payment for any M.B.O. achievement through August 31,
as part of the 2000 Officer's Incentive Program. Should the objectives be
changed, they become payable to Xxxxxxxxx as if achieved.
x Xxxxxxxxx will be allowed to exercise vested stock options through January
31, 2001.
o Either party with 30 days notice may terminate this agreement.
o If this agreement is terminated by Xxxxxx, Xxxxxxxxx will be paid for
March, April and the difference between 5 months current salary and
payments made after April 30.
o If terminated by Xxxxxxxxx, she must exercise options within 90 days of
termination.
/s/ Xxxxxx X. Xxxxxxxxx
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Xxxxxx X. Xxxxxxxxx
SVP, Systems and Supply Chain
February 22, 2000 /s/ Xxxxx X. Xxxxxx
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Date: Xxxxx X. Xxxxxx
Chairman, President and CEO
CONFIDENTIAL