EXHIBIT 10.1
Effective November 2001, Xxxxx. Xxxx was hired to serve as Corporate Vice
President of Publicidad Vitual S.A. de. C.V. ("Publicidad"). Pursuant to an
agreement among Publicidad, Princeton Video Image, Inc. ("PVI") and Xx. Xxxx,
during the term of his employment, he will receive an initial base salary of
$175,000, subject to guaranteed increases of $25,000 on each of the first three
anniversaries of his date of employment. In the event that his term of
employment is extended beyond four years, a new base salary will be negotiated.
In addition, Xx. Xxxx is entitled to receive an option to purchase 50,000 shares
of PVI common stock, and shall be entitled to receive (subject to continued
employment) an option to purchase 75,000 shares of PVI common stock on each of
the first three anniversaries of his date of employment. In the event Xx. Xxxx'x
employment is terminated without cause, or Xx. Xxxx terminates his employment
for a good reason (e.g., detrimental change in the nature or scope of his
employment or duties), he shall be entitled to receive his then current salary
for the greater of (i) six months or (ii) the remainder of the term. Also
effective November 2001, Xx. Xxxx was appointed interim co-Chief Executive
Officer of PVI. For his service as co-Chief Executive Officer of PVI, Xx. Xxxx
is entitled to receive: (i) a cash fee of $10,000 and (ii) an option to purchase
10,000 shares of PVI common stock (up to a maximum of 60,000 shares), for each
full month in which he serves as interim co-Chief Executive Officer (subject to
pro-ration for any shorter period) retroactive to November 8, 2001, the date on
which he began serving in such capacity.
