Employment Arrangement Description between Telenetics and Michael J. Burdiek
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Summary
Telenetics has appointed Michael J. Burdiek as its President and CEO, effective April 18, 2005. Mr. Burdiek will receive a $200,000 annual base salary, with the potential for annual bonuses up to 50% of his salary. He is also granted five-year stock options to purchase up to 2,278,295 shares of Telenetics common stock at $0.04 per share, which are immediately exercisable and include piggyback registration rights.
EX-10.1 2 telenetics_8kex10-1.txt EXHIBIT 10.1 DESCRIPTION OF EMPLOYMENT ARRANGEMENT WITH MICHAEL J. BURDIEK On April 18, 2005, the Board of Directors of Telenetics appointed Michael J. Burdiek as the President and Chief Executive Officer of the Company. Mr. Burdiek will receive an annual base salary of $200,000, with the opportunity to earn annual bonuses of up to 50% of his base salary, plus five-year options to purchase up to 2,278,295 shares of Telenetics common stock at an exercise price of $0.04 share. The options are exercisable immediately and bear piggyback registration rights.
