Cornell Yorkville Clients

[jonesieatl]

NEOM : CEO of 1 Year Leaving

Was the hand-to-mouth money (net ~ $441K) to pay his severance package? Surely not.

http://biz.yahoo.com/iw/080522/0400136.html

NeoMedia Appoints CEO -- Iain McCready Joins to Take NeoMedia to the Next Level

Thursday May 22, 2:29 pm ET

ATLANTA, GA--(MARKET WIRE)--May 22, 2008 -- NeoMedia Technologies (OTC BB:NEOM.OB - News), the global leader in camera-initiated barcode transactions for mobile devices, is pleased to announce the appointment of Iain McCready as CEO and Chairman of the Board of Directors. Iain joins to take NeoMedia into the next phase of its growth and to be responsible for day-to-day operations and business strategy.

Outgoing CEO Chip Hoffman, who is moving on to new activities, will help Iain in the transition period.

Severance Package per 10-K:

William Hoffman is employed under the terms of an Employment Agreement dated June 18, 2007, whereby if he is terminated without cause or due to a change in control, he is entitled to 18 months salary, currently valued at $375,000, and accelerated vesting of one-half of any remaining unvested portion of the initial option grant of 20 million options. If Mr. Hoffman resigns his employment with us for good reason, he is entitled to eighteen months salary per his Employment Agreement. Mr. Hoffman's initial option grant vested 25% on the date of grant, with the remainder vesting in equal monthly installments over 48 months.