Employment Offer Letter for Chief Financial Officer between Newave, Inc. and Paul Daniel

Summary

Newave, Inc. offers Paul Daniel the position of Chief Financial Officer, starting July 11, 2005. The offer includes a monthly salary of $10,000, a 10% performance bonus after one year, stock options and warrants with specific vesting schedules, full health benefits, paid vacation, and sick time. Employment is at-will, meaning it can be terminated by either party at any time. Acceptance is indicated by signing and returning the letter.

EX-10.1 2 doc2.txt Exhibit 10.1 6/24/05 Paul Daniel 1701 Mira Vista Ave Santa Barbara, CA 93103 Dear Paul, On behalf of Newave, Inc. and its Board of Directors, I am pleased to offer to you the position of Chief Financial Officer. Your start date has been scheduled for July 11, 2005. This will be a very exciting and challenging opportunity in an expanding business environment, and your dedicated efforts will help us all to make it successful and rewarding as well. The material terms of the offer are set forth below: Month Salary: $10,000.00 Performance Bonus 10% (after 1 year) Stock Options 250,000 warrants with a $0.10 strike price which vest after one year of employment* 250,000 warrants with a strike price of the closing bid price (on the date of hire) which vest after 1 year of employment* 250,000 warrants with a strike price of the closing bid price (on the date of hire) which vest after 2 years of employment* *All options and warrants fall under the provisions of existing management "leak out" agreements Health Package Full medical, dental and vision Paid Vacation 80 hours Paid Sick Time 40 hours Information regarding the health plans will be available to you from our Human Resources Department. All employees of the company are "employees at will" unless subject to a specified signed written contract specifying employment for a particular term. Nothing herein or in any discussion leading to an offer may be construed as a contract or guarantee of employment for a definite period of time. As a formal indication of your acceptance of this position, please sign the enclosed copy of this letter in the space below and return it to our offices. We are looking forward to working with you and achieving great success. Sincerely, Acceptance of Offer: /s/ Michael Hill - ------------------ Michael Hill /s/ Paul Daniel ----------------- CEO/President Paul Daniel Newave, Inc.