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Exhibit 10.1
December 22, 2005
Glen Wiley
7019 Burnside Drive
San Jose, CA 95120
Dear Glen:
We would like to extend to you an offer of
employment in the position of Vice President of Sales for MathStar,
Inc. reporting directly to Dan Sweeney. This offer expires at
5pm on Friday, December 23, 2005.
For your services, MathStar offers to pay you
$6,250.00 semi-monthly ($150,000 annually) plus variable
compensation based on agreed upon objectives primarily consisting
of design win and revenue goals. The on-target earnings for
this position is $280,000, which includes the base salary of
$150,000 and variable compensation target of $130,000. The
first 25% of variable compensation target ($32.5K) is guaranteed
and will be paid out in 3 months in equal bi-monthly increments.
You will also receive an initial stock option award of 120,000
shares, vesting over a four-year period with an exercise price
equal to the fair market value at the time of your start date as
well as a restricted stock grant of 60,000 shares vesting in equal
portions over 2 years. In addition for the first 12 months
you will receive an $800/month rental allowance for a residence in
the Hillsboro, Oregon area.
We will cover the cost of medical and dental
insura
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