VARI LITE INTERNATIONAL INC
EX-10.75
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<TYPE>EX-10.75
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<DESCRIPTION>EX-10.75
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<p align="right" style="font-weight:bold;margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">Exhibit

10.75</font></b></p>



<p align="right" style="font-weight:bold;margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></b></p>



<p style="font-weight:bold;margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">DEFERRED COMPENSATION

TERMINATION AGREEMENT</font></b></p>



<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; This Deferred Compensation

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

International, Inc. (the &#147;Company&#148;) and J. Anthony Smith (the &#147;Director&#148;).</font></p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<h1 align="center" style="font-weight:normal;margin:0in 0in 12.0pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">W I T N E S S E T H:</font></h1>



<p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; WHEREAS, the Company (formerly

known as Vari-Lite Holdings, Inc.) and the Director entered into a Deferred

Compensation Agreement, dated July 1, 1995, as amended by Amendment No. 1 to

the Deferred Compensation Agreement, dated November 2, 1998 and Amendment No. 2

to the Deferred Compensation Agreement, dated December 28, 2001 (as amended,

the &#147;Deferred Compensation Agreement&#148;); and</font></p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 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&#146;s financial performance; and</font></p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; WHEREAS,

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

&#147;Compensation Committee&#148;) has determined that it is in the best financial

interest of the Company to terminate the Deferred Compensation Agreement

effective June 30, 2002; and</font></p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; WHEREAS,

the Director is a significant stockholder of the Company and agrees that it is

in the best financial interest of the Company to consent to the termination of

the Deferred Compensation Agreement as proposed by the Compensation Committee;</font></p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 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

that the Deferred Compensation Agreement is cancelled and terminated and shall

be of no further force or effect.</font></p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; IN

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

first above written.</font></p>



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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">

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  <td width="47%" valign="top" style="padding:0in .7pt 0in .7pt;width:47.38%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

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  <td width="52%" colspan="2" valign="top" style="padding:0in .7pt 0in .7pt;width:52.62%;">

  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">VARI-LITE INTERNATIONAL,

  INC.</font></p>

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 </tr>

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  <td width="47%" valign="top" style="padding:0in .7pt 0in .7pt;width:47.38%;">

  <p style="font-size:12.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="3%" valign="top" style="padding:0in .7pt 0in .7pt;width:3.92%;">

  <p style="font-size:12.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="48%" valign="top" style="padding:0in .7pt 0in .7pt;width:48.68%;">

  <p style="font-size:12.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

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  <td width="47%" valign="top" style="padding:0in .7pt 0in .7pt;width:47.38%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

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  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">By:</font></p>

  </td>

  <td width="48%" valign="top" style="border:none;border-bottom:solid windowtext .5pt;padding:0in .7pt 0in .7pt;width:48.68%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

 </tr>

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  <td width="47%" valign="top" style="padding:0in .7pt 0in .7pt;width:47.38%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="3%" valign="top" style="padding:0in .7pt 0in .7pt;width:3.92%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

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  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">T. Clay Powers, President</font></p>

  </td>

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  <p style="font-size:12.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="3%" valign="top" style="padding:0in .7pt 0in .7pt;width:3.92%;">

  <p style="font-size:12.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="48%" valign="top" style="padding:0in .7pt 0in .7pt;width:48.68%;">

  <p style="font-size:12.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

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  <p style="font-size:12.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="52%" colspan="2" valign="top" style="border:none;border-bottom:solid windowtext .5pt;padding:0in .7pt 0in .7pt;width:52.62%;">

  <p style="font-size:12.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

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  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="52%" colspan="2" valign="top" style="border:none;padding:0in .7pt 0in .7pt;width:52.62%;">

  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">J. Anthony Smith</font></p>

  </td>

 </tr>

</table>



<p style="margin:0in 0in .0001pt 3.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



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