Silicon Investor (SI) -- The First Internet Community

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

Technology Stocks : RETIX (RETX) Perhaps Another Acquisition Target For CSCO? -- Ignore unavailable to you. Want to Upgrade?

To: Dana Johnson who wrote (1005)	2/24/1998 10:32:00 PM
From: t36	Read Replies (1) \| Respond to of 1119

what's going on with this stock?? anybody read anything interesting..i feel like we are in limbo...sue

To: Dana Johnson who wrote (1005)	2/26/1998 7:04:00 PM
From: Adam Smith	Read Replies (1) \| Respond to of 1119

Check out the 14A document filed 2/10/98. Relates to the voting of name change and annual meeting. Looks like the old board did a sweatheart deal to get Stepan/Waszak to resign. Payments of 1MM to Stephan and 250K to Waszak. Taking this much out of a co. that's bleeding cash is close to criminal. I hope all shareholders read this document and voice their opinions to the board. Adam Mr. Stephan was paid a base salary of $253,681 during 1997 and received no bonus. In determining the compensation package of the Chief Executive Officer, the Compensation Committee considered the Company's 1997 restructuring activities, Mr. Stephan's leadership role required with respect to such activities, the magnitude of the activities to reverse the Company's declining financial trend and improve its financial position and the factors listed above which are considered for each executive officer. The Compensation Committee believes that Mr. Stephan's 1997 compensation package includes the necessary base compensation level required to attract and retain a qualified Chief Executive Officer, particularly during this period of transition for the Company. Mr. Stephan resigned from his position of President and Chief Executive Officer of the Company on December 27, 1997 as part of the streamlining of the business of the Company and its combination with the operations of Vertel as a result of the sale of a majority interest in its former Sonoma Systems subsidiary to outside investors. Under the terms of Mr. Stephan's employment agreement with the Company dated September 27, 1995 (the "Employment Agreement"), Mr. Stephan is entitled to a payment of $325,000, which is the equivalent of one year's base salary plus a target bonus. In addition, the Company and Mr. Stephan have entered into an Executive Separation Agreement pursuant to which the Company will pay Mr. Stephan a one-time severance payment of $375,000 and Mr. Stephan has released the Company from any and all claims relating to his employment relationship with the Company. The Company has also agreed to forgive $281,313 of accrued interest on certain promissory notes payable to the Company pursuant to which Mr. Stephan purchased Common Stock of the Company and amend such notes such that they will not accrue interest on an ongoing basis; the Company and Mr. Stephan had originally intended for such notes to be non-interest bearing. All shares of the Company's Common Stock currently held by Mr. Stephan have been released from any repurchase option in favor of the Company. Mr. Stephan will continue to serve as a consultant to the Company and as a member of the Board of Directors. Because Mr. Stephan is no longer employed by the Company, he will become eligible to participate in the Company's 1996 Directors' Plan as described above. See "Transactions with Management and Others."