Now this sounds like the new management...
A good sign perhaps?
In January 1998, the Company established the InnovaCom, Inc. 401(K) Profit Sharing Plan (the Plan) covering substantially all of its employees and the employees of its subsidiaries. Management determines, at its discretion, the amount of any matching or other contributions to the Plan.
In February 1998, the Company granted 142,500 options to employees under the 1996 Plan. The options were granted at market of $2.50 per share, and vest over 3 years at 30% for the first year, 30% for the second year, and 40% in the third year.
In February 1998, the Company established a Gecko Chip Release Bonus whereby if a prototype of the Gecko chip is functioning by April 30, 1998, the design team will be eligible for a cash payment of $60,000 plus 100,000 options, with the distribution to be determined by the design team manager.
In February 1998, the Company established a bonus pool for the design team working on the Gecko chip. The team members employed on January 1, 1998 would be eligible for 2% of the 1998 revenue generated by the Gecko chip and 1% of the 1999 revenue generated by the Gecko chip. The 1999 bonus shall not exceed $600,000. Eligibility will be determined based on employment status. |
