Newave, Inc. Chief Financial Officer Employment Offer Letter to Dave Foucar (June 2006)
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Summary
Newave, Inc. offers Dave Foucar the position of Chief Financial Officer starting June 13, 2006, with a monthly salary of $10,833, a 20% bonus (criteria to be determined), stock options equal to 0.25% of outstanding shares vesting over 24 months, health coverage after a 90-day probation, and other benefits. Employment is at-will, with no guaranteed term or severance. The offer is confirmed by Dave's signature and supersedes any previous offers.
EX-10.1 2 ex101.txt EXHIBIT 10.1 Exhibit 10.1 Date: 6/8/06 Dear Dave, On behalf of Newave, Inc., I am pleased to offer you the position of Chief Financial Officer. The material terms of the offer are set forth below: Employee: Dave Foucar Start Date: June 13, 2006 Salary: $10,833 / monthly Bonus: 20% of Salary - bonus criteria tbd with CEO Stock Options: .25% options of outstanding shares upon issuance at the current trading price of Newave, Inc. common stock to vest over 24 months on a prorata basis. All warrants must be exercised upon voluntary or involuntary termination of employment with the Company. The warrant vesting schedule will accelerate upon acquisition of the Company. Health: Individual and dependant coverage after 90 day probationary period, as granted by the Company's chosen health carriers. Vacation: 10 days Car Payment: $500/month Sick/Personal: 5 days Reports to: Michael Hill, CEO All employees of the Company are "employees at will" and can be terminated at any time for any legal reason. 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. Employee is not entitled to severance pay, although this may be granted at the Company's discretion. Details regarding benefits and Company policy will be outlined in the employee manual, which will be distributed upon acceptance of employment. This offer supersedes any prior offers extended for this position. Please confirm your acceptance of this offer by signing this letter and returning it to us. We look forward to working with you and anticipate an enjoyable and mutually beneficial relationship. Sincerely, /s/Michael Hill - --------------- Michael Hill CEO /s/David Foucar 6/13/2006 - -------------------------------------------- ---------- Candidate signature indicating acceptance Date