Officer Waiver of Cash Compensation Agreement between Path 1 Network Technologies, Inc. and Thomas L. Tullie
Thomas L. Tullie, President and CEO of Path 1 Network Technologies, Inc., agrees to waive his right to receive $40,500 in cash compensation, including any unpaid amounts, for his service through December 31, 2006. This waiver is contingent upon the completion of a pending common stock financing of approximately $405,000. The agreement formalizes Mr. Tullie's forfeiture of this compensation under the specified condition.
Exhibit 10.3
OFFICER WAIVER OF CASH COMPENSATION
Contingent upon the completion of the pending common stock financing the approximate amount of $405,000, the undersigned officer of Path 1 Network Technologies, Inc. hereby waives and forfeits the right to receive cash compensation amounting to $40,500, including accrued but unpaid cash compensation to date, in connection with his service as an officer of Path 1 Network Technologies, Inc. through December 31, 2006.
/s/ Thomas L. Tullie | August 30, 2006 | |||
Thomas L. Tullie, President & CEO |