A new CEO for Openwave. And his stock options defintiely give him incentive to get the share price up.
"Under the terms of Mr. Denman’s Offer of Employment, Mr. Denman is entitled to an annual base salary of $450,000 and is eligible for a quarterly incentive cash award under the CIP targeted at 100% of his base salary actually earned during such quarterly period. Mr. Denman’s actual incentive cash award is subject to the terms of the CIP and may be paid below, at or above target (up to a maximum of 150% of target), determined based upon a combination of the Company’s achievement level against selected financial and performance objectives; provided that, subject to his continued employment through the applicable payment dates, for the third and fourth quarters of the Company’s fiscal year 2009, Mr. Denman will receive a guaranteed bonus payment equal to 50% of the target level. Additionally, the Compensation Committee shall grant Mr. Denman an option to purchase 1,500,000 shares of the Company’s common stock, of which 500,000 shall have an exercise price equal to the fair market value on the date of the grant, 500,000 shares shall have an exercise price equal to $2.50 per share, and the remaining 500,000 shares shall have an exercise price equal to $3.50 per share. 25% of the options shall vest on the first anniversary of Mr. Denman’s employment commencement date and monthly thereafter over a period of three years. The vesting of the Option is contingent upon Mr. Denman’s continued employment on the applicable vesting dates."
