Document:

Exhibit 10.78

 

TERMINATION OF CONSULTING AGREEMENT

 

This Termination of Consulting Agreement,

dated as of June 30, 2002, is by and between Vari-Lite International, Inc. (the

“Company”) and J. Anthony Smith (the “Consultant”).

 

W I T N E S S E T H:

 

WHEREAS, the Company (formerly known as

Vari-Lite Holdings, Inc.) and the Consultant entered into that certain

Consulting Agreement, dated as of July 1, 1995 (the “Consulting Agreement”);

and

 

WHEREAS, the Company has suffered a decline

in its financial performance and management and the Board of Directors of the

Company have made recommendations for reducing expenses of the Company in order

to improve the Company’s financial performance; and

 

WHEREAS, the Compensation Committee of the

Board of Directors of the Company (the “Compensation Committee”) has determined

that it is in the best financial interest of the Company to terminate the

Consulting Agreement effective as of June 30, 2002; and

 

WHEREAS, the Consultant is a significant

stockholder of the Company and agrees that it is in the best financial interest

of the Company to terminate the Consulting Agreement as proposed by the

Compensation Committee;

 

NOW, THEREFORE, in consideration of the

foregoing and other good and valuable consideration, the receipt and sufficiency

of which are hereby acknowledged, the parties hereto hereby agree, effective as

of the date hereof, that the Consulting Agreement is cancelled and terminated

and shall be of no further force or effect.

 

IN WITNESS WHEREOF, the parties hereto have

executed this Agreement as of the date first above written.

 

 

	

   

  	

  VARI-LITE

  INTERNATIONAL, INC.

  
	

   

  	

   

  
	

   

  	

   

  
	

   

  	

  By:

  	

   

  
	

   

  	

   

  	

  T. Clay

  Powers, President

  
	

   

  	

   

  
	

   

  	

   

  
	

   

  	

  J. Anthony

  SmithExhibit 10.79

 

AMENDMENT NO. 2

TO THE EMPLOYMENT AGREEMENT BETWEEN

VARI-LITE INTERNATIONAL, INC. AND H.R.

BRUTSCHÉ III

 

This Amendment No. 2 to the

Employment Agreement, dated as of June 30, 2002, is by and between Vari-Lite

International, Inc. (the “Company”) and H.R. Brutsché III (the “Executive”).

 

W I T N E S S E T H:

 

WHEREAS, the Company (formerly

known as Vari-Lite Holdings, Inc.) and the Executive entered into that certain

Employment Agreement, dated as of July 1, 1995, as amended by Amendment No. 1

to the Employment Agreement, dated August 11, 1997 (as amended, the “Employment

Agreement”); and

 

WHEREAS, the Company has

suffered a decline in its financial performance and management and the Board of

Directors of the Company have made recommendations for reducing expenses of the

Company in order to improve the Company’s financial performance; and

 

WHEREAS, the Compensation

Committee of the Board of Directors of the Company (the “Compensation

Committee”) has determined that it is in the best financial interest of the

Company to amend the Agreement to reduce the “Base Salary” payable thereunder

to $375,000; and

 

WHEREAS, the Executive is a

significant stockholder of the Company and agrees that it is in the best

financial interest of the Company to agree to the reduction in Base Salary

proposed by the Compensation Committee; and

 

WHEREAS, the Company and the

Executive have agreed that it is in the best interest of the Company to enter

into (a) the Termination of Split Dollar Life Insurance Agreement, dated as of

even date herewith, by and between the Company and Executive, (b) the

Termination of Amended and Restated Split Dollar Life Insurance Agreement dated

as of even date herewith, by and between the Company and Executive, and (c) the

Deferred Compensation Termination Agreement, dated as of even date herewith, by

and between the Company and Executive;

 

NOW, THEREFORE, in

consideration of the foregoing and other good and valuable consideration, the

receipt and sufficiency of which are hereby acknowledged, the parties hereto

hereby agree, effective as of the date hereof:

 

1.             The Executive’s Base Salary is hereby reduced from

$507,000 to $375,000.

 

2.             The first sentence of 

Section 5(a) of the Agreement is hereby amended to read in its entirety

as follows:

 

“(a)                            BASE

SALARY.  The Company shall pay the

Executive an annual salary of $375,000 (the “Base Salary”).”

 

 

3.             Sections 5(d) and 5(h) of the

Employment Agreement are hereby deleted in their entirety.

 

4.             Except as amended hereby, the

Employment Agreement shall remain in full force and effect in accordance with

its terms.

 

IN WITNESS

WHEREOF, the parties hereto have executed this Agreement as of the date first

above written.

 

 

	

   

  	

  VARI-LITE

  INTERNATIONAL, INC.

  
	

   

  	

   

  
	

   

  	

   

  
	

   

  	

  By:

  	

   

  
	

   

  	

   

  	

  T. Clay

  Powers, President

  
	

   

  	

   

  
	

   

  	

   

  
	

   

  	

  H. R.

  Brutsché III

  

 

2Exhibit 10.80

 

ASSIGNMENT AND ASSUMPTION AGREEMENT

OF AMENDED AND RESTATED SPLIT-DOLLAR LIFE

INSURANCE

 

This Assignment and Assumption Agreement of

Amended and Restated Split-Dollar Life Insurance, dated as of June 30, 2002, is

by and between Vari-Lite International, Inc. (the “Company”), Brown Brothers

Harriman Trust Company of Texas, trustee of the Harry R. Brutsché III Insurance

Trust, dated October 6, 1995 (the “Owner”), and Harry R. Brutsché III (the

“Director”).

 

W I T N E S S E T H:

 

WHEREAS, the Company (formerly known as

Vari-Lite Holdings, Inc.), the Owner, and the Director entered into that

certain Amended and Restated Split-Dollar Life Insurance Agreement, dated as of

October 12, 1995 (the “Split-Dollar Agreement”); and

 

WHEREAS, the Owner is the owner of that

certain Whole Life Policy with Supplemental Insurance Option, Policy Number

8592771 (the “Policy”), issued by Massachusetts Mutual Life Insurance Company

(the “Insurer”) to Director, acquired pursuant to the terms of the Split-Dollar

Agreement; and

 

WHEREAS, the Policy is assigned to the

Company pursuant to that certain Assignment of Life Insurance Policy as

Collateral, dated October 12, 1995 by and between the Company and the Owner

(the “Collateral Assignment”) as security for the repayment of the amounts

which the Company made on the premiums due on the Policy on behalf of the

Owner; and

 

WHEREAS, the Company has suffered a decline

in its financial performance and management and the Board of Directors of the

Company have reviewed and made recommendations for reducing expenses of the

Company in order to improve the Company’s financial performance; and

 

WHEREAS, the Compensation Committee of the

Board of Directors of the Company (the “Compensation Committee”) has determined

that it is in the best financial interest of the Company to assign all of the

Company’s rights, obligations, duties and liabilities under the Split-Dollar

Agreement accruing after the date hereof to the Director; and

 

WHEREAS, the Director is a significant

stockholder of the Company and agrees that it is in the best financial interest

of the Company to assume all of the Company’s rights, obligations, duties and

liabilities accruing after the date hereof under the Split-Dollar Agreement;

 

NOW, THEREFORE, in consideration of the

foregoing and other good and valuable consideration, the receipt and

sufficiency of which are hereby acknowledged, the parties hereto, intending to

be legally bound, hereby covenant and agree as follows:

 

1.                                       Assignment.  The Company hereby assigns, transfers and

conveys to Director the Split-Dollar Agreement and all of the Company’s rights,

title and interest in, under and to the Split-Dollar Agreement.

 

 

2.                                       Assumption.  The Director hereby accepts the assignment

of the Split-Dollar Agreement and assumes and agrees to perform, discharge and

satisfy all of the Company’s obligations, duties and liabilities accruing under

the Split-Dollar Agreement, including, but not limited to, the obligation to

pay to the Insurer the annual premium for the Policy (it being understood that

Director shall not have any obligation to perform, discharge or satisfy any

obligations, duties or liabilities of the Company arising or accruing on or

before the date of this Assignment).

 

3.                                       Termination

of Collateral Assignment.  The Collateral

Assignment is hereby released and shall be of no further force or effect.

 

4.                                       Further

Assurance.  The Company and Director

hereby agree to execute any and all further documents and to take any and all

further actions as either of them may reasonably request in order to effectuate

fully the provisions of this Agreement.

 

5.                                       Entire

Agreement.  This Agreement

represents the entire agreement between the Company and Director concerning the

subject matter hereof and supersedes all prior agreements or understandings,

written or oral, with respect thereto.

 

6.                                       Applicable

Law.  This Agreement shall be

governed by and construed in accordance with the laws of the State of

Texas.  The parties acknowledge and

agree that this Agreement and the obligations and undertakings of the parties

hereunder will be performable in Dallas, Dallas County, Texas.

 

7.                                       Counterparts.  This Agreement may be executed in

counterparts, each of which shall constitute an original, but all of which

shall constitute one agreement.

 

2

 

IN WITNESS WHEREOF, the parties hereto have

executed this Agreement as of the date first above written.

 

 

	

   

  	

  VARI-LITE

  INTERNATIONAL, INC.

  
	

   

  	

   

  
	

   

  	

  By:

  	

   

  
	

   

  	

   

  	

  T. Clay

  Powers, President

  
	

   

  	

   

  
	

   

  	

   

  
	

   

  	

  BROWN

  BROTHERS HARRIMAN

  TRUST COMPANY OF TEXAS, as trustee

  of the Harry R. Brutsché III Insurance Trust,

  dated October 6, 1995

  
	

   

  	

   

  
	

   

  	

   

  
	

   

  	

  By:

  	

   

  
	

   

  	

  Name:

  	

   

  
	

   

  	

  Title:

  	

   

  
	

   

  	

   

  
	

   

  	

   

  
	

   

  	

  Harry R.

  Brutsché III

  
						

 

3

 

Amended and Restated Split-Dollar Life

Insurance Agreement

 

	

  Insurer:

  	

   

  	

  Massachusetts

  Mutual Life Insurance Company

  
	

   

  	

   

  	

   

  
	

  Policy:

  	

   

  	

  Whole Life

  Policy with Supplemental Insurance Option, Policy Number 8592771

  
	

   

  	

   

  	

   

  
	

  Insured:

  	

   

  	

  Harry R.

  Brutsché III

  
	

   

  	

   

  	

   

  
	

  Owner:

  	

   

  	

  Brown

  Brothers Harriman Trust Company of Texas, as Trustee of the Harry R. Brutsché

  III Insurance Trust, dated October 6, 1995

  
	

   

  	

   

  	

   

  
	

  Employer:

  	

   

  	

  Vari-Lite

  International, Inc. (formerly Vari-Lite Holdings, Inc.)

  
	

   

  	

   

  	

   

  
	

  Effective

  Date:

  	

   

  	

  December 12,

  1990

  

 

 

This Assignment and Assumption Agreement of Split-Dollar Life Insurance

was recorded by Insurer on

                           ,

2002.

 

 

	

   

  	

  MASSACHUSETTS

  MUTUAL LIFE 

  INSURANCE COMPANY

  
	

   

  	

   

  
	

   

  	

   

  
	

   

  	

  By:

  	

   

  
	

   

  	

  Name:

  	

   

  
	

   

  	

  Title:

  	

   

  
					

 

4

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