New VP Business Group Sales We entered into a letter agreement with Mr. Bruce Gray, under which Mr. Gray was employed as our Vice President of the Business Group effective March 21, 2005. The letter agreement provides for an annual base salary of $200,000, and an annual sales bonus of up to $100,000, payable on a quarterly basis, based on attaining quarterly and annual goals yet to be established. Mr. Gray's employment is terminable at-will by us or by Mr. Gray for any reason, with or without notice.
Mr. Gray has over 25 years of management experience in the technology industry, working with venture capital investors and executive management teams in both start-up and mature technology companies. Prior to joining us, Mr. Gray served as the president and chief executive officer of Ethertronics Corporation, a wireless technology company which he joined in 2001 and led from the R&D stage to worldwide market entry. At Ethertronics, Mr. Gray managed all business operations, including business development, marketing, finances and domestic and international sales in Europe and Asia. Between 1998 and 2001, Mr. Gray served as the senior vice president of sales and marketing for Novatel Wireless Inc., a wireless data telecommunications company, where he managed sales activities, business development, marketing, product development and press relations, and oversaw international channel expansion into South America, Europe and Asia. |
