Amendment to Employment Agreement between Airspan Networks Inc. and Peter Aronstam

Summary

This amendment updates the employment agreement between Airspan Networks Inc. and Peter Aronstam, the Chief Financial Officer. Effective October 1, 2002, Aronstam's base salary will be reduced to $200,000 per year, with the next salary review scheduled for April 1, 2003. He is eligible for a $20,000 sales bonus for each quarter in Q4/02 and Q1/03 if America's booked revenues reach $2 million, payable 15 days after the 10Q filing. Severance pay will be based on the higher of his trailing 12-month salary plus sales bonus or his original base salary. All other contract terms remain unchanged.

EX-10.15 3 dex1015.txt AMENDMENT TO EMPLOYMENT AGREEMENT W/PETER ARONSTAM Exhibit 10.15 [AIRSPAN LOGO APPEARS HERE] AirSpan Networks Inc. 13450 West Sunrise Blvd., Suite 430 Sunrise Florida 33323, USA Tel: 001 ###-###-#### Fax: 001 ###-###-#### http://www.airspan.com 22 August 2002 Private and Confidential Peter Aronstam Chief Financial Officer Airspan Networks Inc. Dear Peter Following your discussions with Eric Stonestrom, I would like to confirm the following changes to your contract of employment: Salary Effective from 1 October 2002 your base salary will be reduced to $200,000 per annum. Your next salary review will take place on 1 April 2003. Sales Bonus For Q4/02 and Q1/03 if we reach $2M on America's booked quarterly revenues, you will be paid a bonus of $20,000 for each quarter that we achieve this revenue. This bonus will be payable 15 days after the filing of the 10Q. After this period the revenue target will be reviewed and agreed by the 15th day of each subsequent quarter. This sales bonus will be in addition to any other bonus scheme implemented for company officers. Any other bonus scheme will take trailing 12 months salary + sales bonus as the reference level. Employment Security With reference to Paragraph 5, Employment Security of your original contract of employment, any severance pay would be calculated on either your current 12 month trailing salary + sales bonus or your base salary at the start of your employment, whichever is the greater. All other terms and conditions remain unchanged. Yours sincerely, /s/ Barbara Sheard - -------------------------- Barbara Sheard Director, Human Resources I acknowledge receipt of the original copy of the above letter and confirm that I accept this change to my employment contract. Signed: Peter Aronstam Date: September 30, 2002 --------------------------- ---------------------- (Peter Aronstam) Please sign both copies of this letter and return one to Human Resources at Uxbridge