EXHIBIT 10(t)
EMPLOYMENT AGREEMENT
This Agreement ("Agreement"), shall govern the employment of Blake D. Thomas ("Officer") as Executive Vice President and Chief Operating Officer of Datapoint Corporation ("Datapoint"), a Delaware Corporation with a principal place of business at 8400 Datapoint Drive, San Antonio, Texas 78229-8500. This Agreement shall be for employment effective 5 December 1995.
1) POSITION. The parties agree that the Officer is employed as Executive Vice President and Chief Operating Officer of Datapoint. Officer shall report to the Chairman and shall devote such time and attention to the duties of Executive Vice President and Chief Operating Officer as the Chairman shall direct.
2) TERM. The term of the Officer's employment shall be indefinite, subject to the provisions on termination set forth elsewhere herein.
3) SALARY. Officer's salary shall be a minimum of Two Hundred Fifty Thousand U.S. Dollars ($250,000) per year, payable bi-weekly in arrears.
4) BONUS. Officer shall immediately be entitled to an annual bonus payable at the close of each of Datapoint's fiscal years in an amount to be calculated as follows:
Datapoint's net pretax earnings, excluding the excess over $10,000,000
of the net of any extraordinary gains due to debt repurchase or
exchange against all extraordinary losses, times three percent (3%).
5) STOCK OPTIONS. Officer shall be recommended to the Compensation Committee of Datapoint for a stock option grant of 100,000 shares of Datapoint Common Stock at fair market value. This option will vest in three (3) equal annual installments, exercisable over a period of three years.
6) BENEFITS. Officer shall be entitled to standard employee benefits plus the following benefits:
a) Participation in the Executive Medical Plan by Officer and family at
no cost to Officer.
b) Group term life insurance under the U.S. Executive Life plan as it may
be amended from time to time.
*End of Preview*
Click the 'Add to Cart' button to download the complete and formatted agreement.