Exhibit 10.2
AMENDMENT OF EMPLOYMENT AGREEMENT
AMENDMENT of EMPLOYMENT AGREEMENT made and entered into
as of the 20th day of October, 1995, between Polaroid
Corporation, a Delaware Corporation (together with its successors
and assigns permitted under the Employment Agreement referred to
herein as the "Company"), and Xxxx X. XxXxxxxxx (the
"Executive").
The Company and the Executive agree that the Employment
Agreement be, and hereby is, amended by deleting the text of
Section 7 of the Employment Agreement and inserting in its place:
(a) Upon commencement by the Executive of his full time duties,
he shall be awarded 25,000 shares of restricted stock of the
Company, which shall vest at the rate of 5,000 shares at the end
of each of the first five years of employment.
(b) The Executive shall be awarded an additional 15,000 shares
of restricted stock of the Company as of the date a Restricted
Stock Agreement relating to such shares is executed by the
Executive, such shares to vest on the fifth anniversary of such
date if by that date performance criteria to be established by
mutual agreement of the parties not later than February 28, 1996,
and set forth in the Restricted Stock Agreement shall have been
achieved.
IN WITNESS WHEREOF, the undersigned have executed this
Amendment as of December 21, 1995.
Polaroid Corporation
By: /s/ Xxxxxx Xxxxxx
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/s/ Xxxx X. XxXxxxxxx
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Xxxx X. XxXxxxxxx
