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Offer

Executive Employment Agreement

Offer | Document Parties: YDI WIRELESS INC You are currently viewing:
This Executive Employment Agreement involves

YDI WIRELESS INC

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Title: Offer
Governing Law: Virginia     Date: 5/27/2005
Industry: Communications Equipment    

Offer, Parties: ydi wireless inc
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Exhibit 10.1

TERABEAM WIRELESS
a YDI Wireless company

May 23, 2005

Mr. Len Gee
2212 W. Fairview Avenue
Johnsburg, IL 60050

Dear Len:

        On behalf of Terabeam Wireless, a YDI Wireless, Inc. company (the “Company”), and subject to Board of Director approval, I am pleased to offer you (the “Executive”) a position as the Company’s Senior Vice President of Sales for its equipment business (the “Offered Position”). In this position, you will report directly to me, the President and Chief Operating Officer. After you have had the opportunity to review and consider this offer, please indicate your intentions by responding in writing as indicated below as soon as possible, but not later than Tuesday, May 24, 2005 at 5:00 p.m. (EDT). Please be advised that the Company reserves its right to withdraw this offer prior to your acceptance, without prior notice.

Offer Summary:

1)

Duties : Subject to the ultimate control and discretion of the President and Chief Operating Officer of the Company, the Executive shall serve in the Offered Position and perform all duties and services commensurate with that Offered Position. The Executive shall devote his full time, attention and energies to the business of the Company and shall not be employed or involved in any other business activity, whether or not such activity is pursued for gain, profit or other pecuniary advantage, except for volunteer services for or on behalf of such religious, educational, and/or non-profit endeavors as Executive may wish to serve. Examples of, but not a complete list of, the type of duties to be performed by the Executive follow;

 

 

a)

attain Company revenue and profit objectives by: i) the direct supervision of regional sales personnel, as well as direct customer and industry interaction; ii) the development and execution of an effective global distribution strategy; iii) the identification, articulation, and business case analysis of new customer, product, service and market opportunities; iv) product life cycle management; v) the creation of increased awareness and customer loyalty to the Company’s “Brand(s)"; and vi) product pricing to ensure maximum profitability and target market penetration levels,

 

 

b)

motivate, train, direct and manage the entire sales organization in order to maximize their overall morale, effectiveness, efficiency and productivity,

 

 

c)

assist in the negotiation of sales contracts, distributor agreements and recommend OEM supplier agreements for new products and services, and

 

 

d)

develop Company strategy regarding meeting customer requirements, based on competitive and market analysis as well as helping establish a cohesive sales channel(s) strategy, and

 

 

e)

participate in the periodic preparation of the Company’s business plan, and f) create, maintain and project a positive Company image to the public and g)identify strategic business relationships that will enhance the Company’s performance, and

 

 

h)

any other related duties that may be assigned by the President and COO from time to time.



Terabeam Wireless • 8000 Lee Hwy • Falls Church, VA 22042
(P) 703-205-0600 • (F) 703-205-0672
http://www.terabeam.com




2)

Reporting Location : The Executive’s reporting location shall be at 421 N NW Highway, Suite #201 in Barrington, IL 60010 (the “Reporting Location”). Please be advised that since the geographic scope of the Offered Position is global in nature, significant travel will be required.



3)

Compensation : For all considerations and services to be rendered by the Executive hereunder:



 

a)

Base Salary : The Company shall pay the Executive an initial base salary that shall be calculated at the rate of $175,000 (One Hundred and Seventy-five thousand dollars) per year, payable in accordance with the company’s normal bi-weekly payroll practices. This initial base salary may be adjusted from time to time based on actual performance measured against personal, team and Company goals, consistent with Company policy, and treatment of other Company executives.

 

 

b)

Additional Compensation Eligibility : The Executive shall be eligible to receive additional compensation that will be comprised of bonuses dependent on attainment of mutually-agreed quarterly and annual net sales levels from the Company’s equipment and system solution based sales efforts. In addition, the Executive will be eligible for an annual Management-By-Objective (MBO) pay-out based upon pre-determined and mutually agreeable objectives. See (Schedule “A”) which is an integral part of this Offer Letter for the bonus net sales target quotas and examples of, but not limited to, MBO objectives. Note that any such bonus or MBO payout, or both if any, is at the sole discretion of the Company and requires Board of Director Approval.

 

 

c)

Equity Participation : Subject to approval of the Board of Directors of the Company, the Executive shall be granted options under a Stock Option Plan of the Company to purchase Seventy-five Thousand (75,000) shares of common stock of the Company at an exercise price equal to the actual market price of the Company’s stock on the NASDAQ Small Cap on the day of the actual grant. The vesting sche


 
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