EXHIBIT 10.17
1 March 1999
SeaPoint Ventures
000 000xx Xxxxxx XX
Xxxxx 0000
Xxxxxxxx, XX 00000
Dear Sirs:
This letter sets forth the mutual understanding between SeaPoint Ventures, LLC
("SeaPoint") and Airspan Communications Corporation ("Airspan") with respect to
the services SeaPoint will provide Airspan.
Xxxxxx X. Xxxxxx, managing partner and owner of SeaPoint, will perform as
Chairman of Airspan until such time as the Board of Directors of Airspan elect
to terminate or modify this position.
Additionally, SeaPoint will provide administrative services to Airspan for
support of its US ownership as needed until such time that they are no longer
needed.
During the term of this agreement, Airspan agrees to pay SeaPoint $22,500 per
month for services beginning March 1, 1999 as detailed below.
US$
------
Xxxxxx X. Xxxxxx
Chairman 12,500
Xxxxx Xxxx, Xxxxx Xxxxxxxx & Xxxxx Xxxx
Administrative support 10,000
------
22,500
------
Airspan will also reimburse SeaPoint for travel expenses incurred by SeaPoint in
performing these services. Payments by Airspan to SeaPoint will be due in
arrears on the last day of the month.
If the foregoing is acceptable to you, would you please so acknowledge in the
space provided below and return your signed acknowledgement to us, whereupon
this agreement will become a binding agreement between us.
SEAPOINT VENTURES, LLC
By: /s/ Xxxxxx Xxxxxx
--------------------------------
Xxxxxx X. Xxxxxx
Its Manager
The foregoing terms are hereby accepted and agreed this
10th day of March 1999
AIRSPAN COMMUNICATIONS CORPORATION
By: /s/ Xxxx Xxxxxxxxxx
--------------------------------
Xxxx Xxxxxxxxxx
Its Chief Executive Officer
BOARD OF DIRECTORS OF AIRSPAN COMMUNICATIONS CORPORATION
/s/ Xxx Xxxxxxx /s/ Xxxx Xxxxxxx
------------------------------ -------------------------------
Xxx Xxxxxxx Xxxx Xxxxxxx
/s/ Xxxxxx Xxxxxx /s/ Xxxxxx Xxxxxx
------------------------------ -------------------------------
Xxxxxx Xxxxxx Xxxxxx X. Xxxxxx
/s/ Xxxxx Xxxx /s/ Xxxxx Twyver
------------------------------ -------------------------------
Xxxxx Xxxx Xxxxx Twyver
/s/ Xxxx Xxxxxxxxxx
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Xxxx Xxxxxxxxxx
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