Board of Directors Waiver of Cash Compensation Agreement – Path 1 Network Technologies, Inc.
This agreement is between Path 1 Network Technologies, Inc. and its board members, Robert B. Clasen, James A. Bixby, Mark D. Buckner, and Robert L. Packer. The directors agree to waive and give up their right to receive any cash compensation, including any unpaid amounts, for their board service through December 31, 2006. This waiver is contingent on the completion of a pending common stock financing of approximately $405,000.
Exhibit 10.4
BOARD OF DIRECTORS WAIVER OF CASH COMPENSATION
Contingent upon the completion of the pending common stock financing the approximate amount of $405,000, the undersigned members of the board of directors of Path 1 Network Technologies, Inc. hereby waive and forfeit the right to receive any cash compensation, including accrued but unpaid cash compensation to date, in connection with his services on the board of directors of Path 1 Network Technologies, Inc. through December 31, 2006.
| /s/ Robert B. Clasen | August 30, 2006 | |||
| Robert B. Clasen | ||||
| /s/ James A. Bixby | August 30, 2006 | |||
| James A. Bixby | ||||
| /s/ Mark D. Buckner | August 29, 2006 | |||
| Mark D. Buckner | ||||
| /s/ Robert L. Packer | August 30, 2006 | |||
| Robert L. Packer | ||||
