I agree, I do see light at the end of the tunnel.
My biggest worry is cash.
Getting a financing on the pink sheets might not
be to the best interests of the current shareholders.
Hope we can stay another year without needing cash.
Then, say hello Nasdaq...
If Revenue increases like planned and 1-time expenses
reduce over the next Qs, we will be making money.
Also, I just took a look at the new CFO contract (in 10-Q).
150 000 $
20 000 stock options, not much...
(it's a change from previous management!)
Oh yes, and the new CEO just named a new director.
I think he does try to adress concerns of shareholders.
(look at the last sentence)
==
A. ANNUAL BASE SALARY. For all services rendered by Employee under this Agreement, the Company shall pay Employee an annual base salary of at least $150,000, payable in equal bi-weekly installments. The amount of such base salary shall be determined at the beginning of each fiscal year by the Compensation Committee of the Company's Board of Directors in its sole discretion on the basis of merit and the Company's financial success and progress but in no event shall such base salary be less than the annual base salary indicated in this paragraph.
B. BONUS COMPENSATION. Upon Employee's completion of ninety (90) days employment under this Agreement, the Company will pay an initial signing bonus of $10,000 to Employee. In addition to and not as a substitute for such bonus, Employee may receive such additional bonuses, payable in cash or shares of the Company's stock, as may be determined at the beginning of each fiscal year of the Company by the Board of Directors or the Compensation Committee of the Board of Directors, in its sole discretion, on the basis of: (i) Employee's success in meeting his personal performance goals, as established by the Audit Committee of the Board of Directors; (ii) Employee's merit, including but not limited to the quality of the services provided by Employee and his industriousness and diligence in performing such services; and (iii) the Company's financial success and progress in the prior fiscal year. It is anticipated that, if Employee is judged to have been successful under the foregoing criteria, his annual bonus would be equal to approximately thirty percent (30%) of his annual base salary for the preceding year.
C. VACATION. Employee shall be entitled to accrue three (3) weeks of paid vacation for each year of service provided. After one year of service, that amount will increase to four (4) weeks per year. Any accrued but unused vacation time shall be paid to Employee at or before the termination of his employment, in accordance with Company policy, in addition to any amounts due and payable to Employee under Section VIII hereof. Employee shall be required to take at least two (2) weeks vacation per year, including in at least one case a vacation lasting no less than five (5) consecutive business days.
D. EMPLOYEE BENEFITS. Employee shall be entitled to receive all of the rights, benefits, and privileges of an employee and an executive officer under any retirement, pension, profit-sharing, insurance, health and hospital, and other employee benefit plans which may be now in effect or hereafter adopted by the Company. It is agreed that, in 2001, Employee will be granted options to purchase 20,000 shares of the Company's common stock under the Company's Tandem Stock Option and Stock Appreciation Rights Plan, which option shall vest ratably over a four year period and shall be subject to the other terms and conditions of that plan. Employee's right to receive grants in subsequent years will be determined on the same basis as other senior
executives of the Company considering, in Employee's case, the performance standards set forth in Section V. B above.
E. WORKING FACILITIES. Employee shall be furnished with a private office, business tools, and such other facilities and services suitable to Employee's position and adequate for the performance of the duties required by this Agreement.
F. EXPENSES. Subject to limits which may be imposed by the Chief Executive Officer, President or the Board of Directors, including any committee thereof, Employee is authorized to incur reasonable expenses in connection with his responsibilities in conducting the business of the Company, including expenses for entertainment, travel, and similar items. The Company will reimburse Employee for all such expenses upon the presentation by Employee, from time to time, of an itemized account of such expenditures, including receipts or other adequate documentation, or Employee may pay such expenses with a Company credit card, if a Company credit card is issued to Employee, and Employee shall appropriately document the business purpose of such expenditures. Employee's expenses must be submitted to and approved by the Audit Committee or another officer or employee designated by the Audit Committee to review and approve such expenses.
==================================
Thursday May 10, 1:41 pm Eastern Time
Press Release
SOURCE: Vari-L Company, Inc.
Vari-L Company Appoints Gil Van Lunsen to Board of Directors
DENVER, May 10 /PRNewswire/ -- Vari-L Company, Inc. (OTC: VARL - news), a leading provider of advanced components for the wireless telecommunications industry, today announced that Gil J. Van Lunsen, formerly of KPMG LLP, has been named to the Company's Board of Directors, effective June 1, 2001. With the addition of Van Lunsen, the Board will be comprised of five non-employee directors.
Van Lunsen, 59, recently retired from KPMG following 32 years of service. Nine years after joining KPMG in 1968 as an assistant accountant, he became partner and subsequently was promoted to partner in charge of national accounting and audit training. In 1994, he was appointed managing partner of the Tulsa office, a position he held until his retirement in 2000.
Van Lunsen was recently appointed chairman of the audit committee of Hillcrest Healthcare Systems, a Tulsa, Oklahoma-based hospital system with more than $500 million in revenue. He is also a member of the Ethics Compliance Committee of Tyson Foods, which, at $7 billion in annual sales, is the world's largest integrated producer, processor and marketer of chicken and chicken-based convenience foods. Van Lunsen will also serve on Vari-L's audit committee.
Van Lunsen is a licensed CPA in Colorado and Oklahoma. His professional affiliations include the American Institute of Certified Public Accountants and the Colorado and Oklahoma Societies of Certified Public Accountants. In addition, he is the former chairman of the board of trustees of both the Children's Medical Center and Tulsa Regional Medical Center in Tulsa.
``We welcome the addition of Gil Van Lunsen to Vari-L's board of directors,'' said Chuck Bland, president and CEO. ``He brings to the Company a wealth of diversified audit and accounting experience as well a strong background in corporate governance and ethics compliance that should be of particular benefit to Vari-L as we continue efforts to restore investor confidence and shareholder value.'' |
