Amendment to Employment Agreement between Registrant and Gary J. Sbona
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Amendment to Employment Agreement between Registrant and Xxxx X. Xxxxx
August 8, 2000
Xx. Xxx
X. Xxxxx, Director
Xx. Xxxxx X. Xxxxx, Director
Special Committee of the Board of Directors
3D Systems Corporation
00000 Xxxxxx Xxxx
Xxxxxxxx, XX 00000
Dear Messrs. Xxxxx and Xxxxx
RE: Amendment to Employment Agreement between Xxxx X. Xxxxx and 3D Systems Corporation
This Amendment to Employment Agreement sets forth certain amendments to the Employment Agreement between Xxxx X. Xxxxx ("Xxxxx"), and 3D Systems Corporation, a Delaware corporation, and its wholly owned and controlled subsidiaries (collectively, "3D Systems"), dated September 9, 1999, (the "Original Employment Agreement"). Except for the amendments expressly contained herein, the Original Employment Agreement shall remain in full force and effect.
The paragraph of the Original Employment Agreement entitled "Term of Agreement" is hereby amended in its entirety as follows:
"Term of agreement: The initial term of this agreement (the "Term") shall commence on the Effective Date and shall terminate twenty-four (24) months thereafter (the "Termination Date"), unless sooner terminated as provided herein. Employer and Employee may, upon mutual agreement, elect to continue Employee's employment on an at will basis (meaning that either the Employee of Employer may terminate the employment relationship at any time with or without cause or notice), after the initial term of this agreement."
A new paragraph regarding stock options is hereby added to the Original Option Agreement following the first paragraph of section 11. It reads in its entirety as follows:
"Stock Options: In addition to the initial stock option grant to Xxxx X. Xxxxx as an inducement to employment, dated September 9, 1999, for three hundred fifty thousand (350,000) shares of 3D Systems common stock. 3D Systems agrees that it will grant an option or options for an additional three hundred fifty thousand (350,000) shares of 3D Systems common stock to Xxxx X. Xxxxx as of August 8, 2000 at the average market closing price for the five (5) days prior to that date. These options are granted as an incentive to renew employment and shall vest and be exercised in a similar manner as the original option grant."
Very truly yours,
Xxxx X. Xxxxx
By:
Xxxx X. Xxxxx
Xx. Xxx X. Xxxxx
Xx. Xxxxx X. Xxxxx
Special Committee of the Board of Directors
August 8, 2000
Page 2 of 3
THE FOREGOING IS HEREBY APPROVED AND AGREED TO:
DATED: , 2000
3D
SYSTEMS CORPORATION
(Signifies full agreement with all terms and conditions)
BY:
Name: Xxx X. Xxxxx Title: Director
BY:
Name: Xxxxx X. Xxxxx Title: Director
2
EXHIBIT 10.37
Amendment to Employment Agreement between Registrant and Xxxx X. Xxxxx
