Document:

Exhibit 10.40

Exhibit
    10.40

    

      AMENDMENT
        NO. 1

      TO

      EXECUTIVE
        EMPLOYMENT AGREEMENT

      

      

      This
        Amendment No. 1 to the Executive Employment Agreement (the "Agree-ment")
        made
        and entered into as of the 17th
        day of
        April 2006, between eMagin Corporation, a Delaware corporation (the "Company"),
        Gary Jones, an individual residing at 15550
        SE
        79th
        Pl,
        Newcastle, WA 98059
        ("Executive").

      

      WITNESSETH:

      

      WHEREAS,
        on January 24, 2006, the Company and the Executive entered into an Agreement,
        a
        copy of which is annexed hereto as Exhibit 1; and

      

      WHEREAS,
        the parties now desire to amend Paragraphs 3.3 of the Agreement as hereinafter
        set forth to correct a mistake of the parties;

      

      NOW,
        THEREFORE, in consideration of and for the mutual promises and covenants
        contained herein, and for other good and valuable consideration, the receipt
        of
        which is hereby acknowledged, the Executive Employment Agreement is hereby
        amended as follows:

      

      1. (A) Paragraph
        3.3 of the Agreement is hereby amended to be and read as follows:

      

      “3.3. 
        Without
        Cause.

      The
        Company may terminate the employment of Executive at any time without notice
        and
        without cause (as defined in Section 3.2) In such event, Executive shall
        be
        entitled to (i) salary until the end of this agreement’s full term or twelve
        (12) months, whichever is greater, based on Executive’s monthly rate of base
        salary at the date of such termination, (ii) payment for accrued vacation
        days,
        including personal choice holidays and (iii) all bonuses that would otherwise
        have been accrued during the term of this agreement. The Company shall pay
        such
        sum of salary and vacation accrual in one payment within thirty (30) business
        days following the effective date of termination and shall pay merit or
        revenue-based bonuses on the dates on which they would have normally occurred
        throughout the full term of this agreement. The
        Company shall pay for health benefits equivalent to medical and dental benefits
        provided during Executive’s full time employment until the end of this
        agreement’s full term or twenty-four (24) months, whichever is
        greater.
        Furthermore, shares of any of the Executive’s stock subject to any lockups will
        be immediately released from such restrictions and registered by the company
        within 30 days of termination without cause. Except for health coverage benefits
        to which Executive may be entitled, Executive will otherwise cease to accrue
        salary and other benefits upon the date of such final payment, other than
        the
        Company’s normal insurance policies for terminated employees. Notwithstanding
        the foregoing, the Company shall have no obligation to pay Executive any
        of such
        salary or such benefits that may accrue after the Company ceases to do business,
        liquidates substantially all of its assets (except in connection with a sale
        of
        substantially all of the assets of the Company as a going concern), or
        voluntarily or involuntarily becomes the subject of a proceeding under the
        Bankruptcy Code that is not dismissed within 60 days.”

       

      2. (A) This
        agreement shall be construed and interpret-ed in accordance with the laws
        of the
        State of Delaware without giving effect to the conflict of laws rules thereof
        or
        the actual domiciles of the parties.

      

      (B) Except
        as
        amended hereby, the terms and provisions of the Agreement shall remain in
        full
        force and effect, and the Agreement is in all respects ratified and confirmed.
        On and after the date of this agreement, each reference in the Agreement
        to the
        "Agree-ment", "hereinafter", "herein", "herein-after", "hereunder", "hereof",
        or
        words of like import shall mean and be a reference to the Agreement as amended
        by this agreement.

      

      (C)This
        agreement may be executed in one or more counter-parts, each of which shall
        be
        deemed an original and all of which taken together shall constitute a single
        Amendment.

      (D)The
        agreement may be deemed as executed upon receipt of email affirmation, to
        be
        followed by execution of physically signed documents within five (5) business
        days.

      

      IN
        WITNESS WHEREOF,
        the
        parties hereto have executed this agreement as of the date first stated
        above.

      

    

    
      	 	 	 
	
              “EXECUTIVE” 

            	 
	 
 	 
 	 
 
	By
/s/
              Gary Jones	  	April
              17, 2006
	
              
Gary
              Jones	
            
	 	 

     

    “COMPANY” 

    
      	 	 	 
	
              eMagin
                Corporation 

            	 
	
              By
                /s/
                Thomas Paulsen

              
                

              
Thomas Paulsen	 
 	
              
 

              April
                17, 2006

            
	
              Compensation
                CommitteeExhibit 10.41

    Exhibit
      10.41

      AMENDMENT
        NO. 1

      TO

      EXECUTIVE
        EMPLOYMENT AGREEMENT

      

      

      This
        Amendment No. 1 to the Executive Employment Agreement (the "Agreement") made
        and
        entered into as of the 17th
        day of
        April 2006, between eMagin Corporation, a Delaware corporation (the "Company"),
        Susan Jones, an individual residing at 15550
        SE
        79th
        Pl,
        Newcastle, WA 98059
        ("Executive").

      

      WITNESSETH:

      

      WHEREAS,
        on January 24, 2006, the Company and the Executive entered into an Agreement,
        a
        copy of which is annexed hereto as Exhibit 1; and

      

      WHEREAS,
        the parties now desire to amend Paragraphs 3.3 of the Agreement as hereinafter
        set forth to correct a mistake of the parties;

      

      NOW,
        THEREFORE, in consideration of and for the mutual promises and covenants
        contained herein, and for other good and valuable consideration, the receipt
        of
        which is hereby acknowledged, the Executive Employment Agreement is hereby
        amended as follows:

      

      1. (A) Paragraph
        3.3 of the Agreement is hereby amended to be and read as follows:

      

      “3.3. 
        Without
        Cause.

      The
        Company may terminate the employment of Executive at any time without notice
        and
        without cause (as defined in Section 3.2) In such event, Executive shall
        be
        entitled to (i) salary until the end of this agreement’s full term or twelve
        (12) months, whichever is greater, based on Executive’s monthly rate of base
        salary at the date of such termination, (ii) payment for accrued vacation
        days,
        including personal choice holidays and (iii) all bonuses that would otherwise
        have been accrued during the term of this agreement. The Company shall pay
        such
        sum of salary and vacation accrual in one payment within thirty (30) business
        days following the effective date of termination and shall pay merit or
        revenue-based bonuses on the dates on which they would have normally occurred
        throughout the full term of this agreement. The
        Company shall pay for health benefits equivalent to medical and dental benefits
        provided during Executive’s full time employment until the end of this
        agreement’s full term or twenty-four (24) months, whichever is greater.
Furthermore,
        shares of any of the Executive’s stock subject to any lockups will be
        immediately released from such restrictions and registered by the company
        within
        30 days of termination without cause. Except for health coverage benefits
        to
        which Executive may be entitled, Executive will otherwise cease to accrue
        salary
        and other benefits upon the date of such final payment, other than the Company’s
        normal insurance policies for terminated employees. Notwithstanding the
        foregoing, the Company shall have no obligation to pay Executive any of such
        salary or such benefits that may accrue after the Company ceases to do business,
        liquidates substantially all of its assets (except in connection with a sale
        of
        substantially all of the assets of the Company as a going concern), or
        voluntarily or involuntarily becomes the subject of a proceeding under the
        Bankruptcy Code that is not dismissed within 60 days.”

       

      2. (A) This
        agreement shall be construed and interpret-ed in accordance with the laws
        of the
        State of Delaware without giving effect to the conflict of laws rules thereof
        or
        the actual domiciles of the parties.

      

      (B) Except
        as
        amended hereby, the terms and provisions of the Agreement shall remain in
        full
        force and effect, and the Agreement is in all respects ratified and confirmed.
        On and after the date of this agreement, each reference in the Agreement
        to the
        "Agree-ment", "hereinafter", "herein", "herein-after", "hereunder", "hereof",
        or
        words of like import shall mean and be a reference to the Agreement as amended
        by this agreement.

      

      (C)  This
        agreement may be executed in one or more counter-parts, each of which shall
        be
        deemed an original and all of which taken together shall constitute a single
        Amendment.

      (D) The
        agreement may be deemed as executed upon receipt of email affirmation, to
        be
        followed by execution of physically signed documents within five (5) business
        days.

      

      

      IN
        WITNESS WHEREOF,
        the
        parties hereto have executed this agreement as of the date first stated
        above.

       

       

    

    
      	 	 	 
	
              “EXECUTIVE” 

            	 
	 
 	 
 	 
 
	By
/s/ Susan
              Jones	  	April
              17, 2006
	
              
Gary
              Jones	
            
	 	 

     

    “COMPANY” 

    
      	 	 	 
	
              eMagin
                Corporation 

            	 
	
              By
                /s/
                Thomas Paulsen

              
                

              
Thomas Paulsen	 
 	
              
 

              April
                17, 2006

            
	
              Compensation
                Committee

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00102-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00102-of-00352.parquet"}]]