Mr. Edward Dallin Bagley Holladay, Utah 84121 Re: Severance Package Dear Dal:
EXHIBIT
10.15
Xx.
Xxxxxx
Xxxxxx Xxxxxx
0000
Xxxxxxx Xxxxx
Xxxxxxxx,
Xxxx 00000
Re:
Severance Package
Dear
Dal:
As
discussed, in connection with your resignation as a director of ClearOne
Communications, Inc. (the “Company”) effective [DATE] (the “Effective Date”).
This letter will serve to set forth the severance package (the “Agreement”)
between the Company and you (the “Director”).
1. Severance
Pay, Bonus, and Vacation.
As a
severance payment, Director will be paid a lump sum payment of $200,000 on
the
Effective Date, less any required withholding taxes. No further board of
director compensation shall accrue after the Effective Date. The Company
will
compensate Director for his services from July 1, 2007 through the Effective
Date by paying him a pro rata amount of the $4,000 monthly board of directors
fee based on the number of days in July during which he acted as a director
of
the Company.
2. Stock
Options.
It is
acknowledged and agreed that (i) Director presently owns stock option
exercisable for 185,000 shares of the Company’s common stock (the “Options”),
(ii) that the Options were granted under the Company’s 1998 Stock Option Plan
(the “Plan”), and (iii) that pursuant to the terms of the Plan and the related
Stock Option Grants, as long Director is acting as a consultant to the Company
the term of the options will not be affected by Director’s resignation from the
board of directors.
We
appreciate the contribution you have made as a key Director of the
Company.
Very
truly yours,
CLEARONE
COMMUNICATIONS, INC.
/s/
Zee
Hakimoglu
Zee
Hakimoglu
ACCEPTED
AND AGREED TO:
/s/
Xxxxxx Xxxxxx
Xxxxxx
Xxxxxx
Xxxxxx Xxxxxx
Dated:
July 6,
2007
