Exhibit 10.17
[AIRSPAN LOGO]
15 February 2001
Private and Confidential
David Brant
Airspan Communications Ltd
Dear David
Congratulations on your appointment to the Executive Level Team. I would like to
confirm that the board of directors has ratified a grant of 75,000 share options
for you at the close of market price on February 7th, 2001, under the normal
terms of the 1998 Airspan Stock Option Plan. Human Resources will be forwarding
documentation related to this grant shortly. Furthermore, as a member of the
Executive Level Team, you are entitled to 9 months of severance in the unlikely
event that your employment is terminated without cause.
I would also like to confirm that an increase to your base salary of 6700
Sterling has been approved to be incorporated in the April 1st pay adjustment.
Your handling of the Alcatel issue is deserving of specific recognition and
exceeds even the high standards which you have established for the department.
I am delighted to inform you that Airspan is paying you a bonus of 6000
Sterling, grossed up for taxes, in recognition of your work in bringing the
Alcatel bond to closure. This bonus will be paid immediately and hopefully can
offset some of the cost of a well deserved vacation.
Yours sincerely
/s/ Eric Stonestrom
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Eric Stonestrom
President and CEO
Cc: Barbara Shead
July 13, 2000 (Airspan Logo Appears Here)
Airspan Communications Limited
PRIVATE & CONFIDENTIAL Cambridge House, Oxford Road
Uxbridge Middlesex UBB 1UN UK
Tel: +44 1895 467 100
David Brant Fax: +44 1895 467 101
Airspan Communications Ltd http://www.airspan.com
Dear David
I am pleased to confirm that effective 21st June 2000 you are promoted to
Vice President and Controller reporting to the Senior Vice President and CFO.
Also with effect from 21st June your base salary has increased to
93,600(pounds); representing a 12.37% increase.
The remainder of your terms and conditions remain unchanged.
It only remains for me to offer my congratulations on your promotion, and I look
forward to working with you in your new role.
Yours sincerely
/s/ H. Coogan
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Hilary Coogan
HR Manager
Sevin Rosen Two Galleria Tower
Funds 13455 Noel Road
Suite 1670, LB-5
Dallas, Texas 75240
(972) 702-1100
(972) 702-1103 Fax
January 21, 1998
Mr. David Brant
c/o DSC Communications LTD
5 New Square, Feltham
Middlesex TW14 8HA
United Kingdom
Dear David:
Per your discussions with Eric Stonestrom, I would like to confirm our intent
relative to your position and compensation. In the event our deal with DSC is
executed, we intend to offer you the position of Director of Finance in Airspan
Communications LTD. You will initially report to Eric.
Your base salary of 54,450 (pounds) and related benefits will continue as per
the current arrangement with DSC. In the future, with your assistance, we will
implement an incentive program as a supplement to your base salary. In addition
to this cash compensation, you will be provided the option to purchase up to
100,000 shares of Airspan Communications Corporation common stock. Twenty-five
percent of this option will vest after the first full year. The remaining 75%
will vest in equal monthly increments over the following three years.
In the unlikely event that your employment terminates involuntarily in the first
year, you will receive six months of your base salary as severance.
David, I am personally looking forward to working with you. I am excited about
the challenge, the fun and the rewards in making Airspan Communications
Corporation a success.
Sincerely,
/s/ Thomas S. Huseby
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Thomas S. Huseby AGREED:
Chairman ------------------------------
Airspan Communications Corporation David Brant
DATE:
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cc: Eric D. Stonestrom