ADVANCE DISPLAY TECHNOLOGIES, INC.
FORM 10-KSB
FOR THE FISCAL YEAR ENDED
JUNE 30, 1996
EXHIBIT 10.12
REVISED FIRST AMENDMENT TO THE
AGREEMENT OF LIMITED PARTNERSHIP
OF DISPLAY OPTICS, LTD.
The Agreement of Limited Partnership of Display Optics, Ltd., a Colorado
limited partnership (the "Agreement") is dated as of December 31, 1993. The
General Partner is authorized to amend the Agreement as set forth below. Terms
herein have the same meaning as those in the Agreement.
Section 2.1 of the Agreement, is hereby amended as follows:
The term "The Partnership authorizes five Class A Units, 200
Class B Units and 295 Class C Units" shall be amended to read:
The Partnership authorizes a maximum of six Class A Units, 100
Class B Units and 395 Class C Units."
Section 2.2 of the Agreement is hereby amended as follows:
The term "Class B Limited Partners: 3,333 shares of stock per
unit; conversion price $3.00 is amended to read: Class B Limited
Partners: 76,045 shares of common stock per Unit; conversion
price $.1315."
Section 2.2 of the Agreement is hereby amended as follows:
The term "50,000 shares at the time the Class A Units are issued;
660,000 shares at the time the Class B Units are issued; and
590,000 at the time the Class C Units are issued." is amended to
read:
"Sufficient shares to meet the common stock conversion
rights at each close of Class A, Class B and Class C Unit
offering(s), based on the total number of Units subscribed at
each offering times the stock conversion ratio as defined in
Section 2.2 herein."
This amendment shall be effective on September 1, 1995.
This First Amendment to the Agreement of Limited Partnership of
Display Optics, Ltd., was approved by partners possessing total sharing ratios
required for its adoption as set forth in the Agreement.
ADVANCED DISPLAY TECHNOLOGIES, INC.,
a Colorado Corporation,
Display Optics, Ltd.
By:
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Xxxxxxx Xxxx, Manager
