Director Appointment and Compensation Agreement between Path 1 Network Technologies Inc. and Mark D. Buckner
Path 1 Network Technologies Inc. offers Mark D. Buckner a position as Director and Chairman of the Audit Committee, reporting to the Chairman of the Board. Mr. Buckner will receive $2,000 per month and, subject to board approval, incentive stock options for 25,000 shares of Class B Common Stock, vesting quarterly over two years under the company's 2000 Stock Option Plan. The agreement is effective August 3, 2004, and becomes binding upon Mr. Buckner's acceptance and signature.
Exhibit 10.67
| | Path 1 Network Technologies Inc. 6215 Ferris Square, Suite 140 San Diego, CA 92121
Phone ###-###-#### Fax ###-###-#### www.path1.com |
August 12, 2004
Mark D. Buckner
P.O. Box 7250
Rancho Santa Fe, CA 92067
Dear Mark,
On behalf of Path 1 Network Technologies Inc., we are excited to have you join us as a Director on our Board of Directors. We believe your skills and talents would greatly add to this distinguished panel.
| Position: Reporting to: Monthly Compensation: Stock Options: | Director; Chairman, Audit Committee Chairman of the Board of Directors $2,000 Incentive stock options on 25,000 shares subject to Board approval of Class B Common Stock with an exercise price to be determined on the date of grant per share fully vesting quarterly over a two (2) year period in accordance with the company’s 2000 Stock Option Plan, subject to Board approval. | |
| Effective Date: | August 3, 2004 | |
We look forward to your acceptance of this offer and to a mutually rewarding professional relationship.
Sincerely,
Path 1 Network Technologies Inc.
By: John R. Zavoli
Director; President & CEO
If you agree to all the terms and conditions of this agreement, please sign and return to me, at which time it will become binding.
| /s/ John R. Zavoli | 8/12/04 | |||
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