Officer Waiver of Cash Compensation Agreement between Path 1 Network Technologies, Inc. and Thomas L. Tullie

Contract Categories: Business Finance › Waiver Agreements
Summary

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.

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EX-10.3 4 dex103.htm OFFICER WAIVER OF CASH COMPENSATION Officer Waiver of Cash Compensation

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