Multimedia Access Corporation letterhead
August 1, 1996
Mr. David T. Stoner 2815 Colonial Circle McKinney, TX 75070
RE: Offer of Employment
Dear Dave,
On behalf of Multimedia Access Corporation, (MMAC), I am pleased to extend to you an offer of employment as Vice President, Product Development and Operations for Multimedia Access Corporation. The details of our offer are as follows:
1. Your start date will be August 19, 1996 or as soon as possible thereafter.
2. Your base salary will be $10,000.00 per month, payable semi-monthly on or about the 15th and 30th of each month.
3. MMAC agrees that at the next meeting of its Board of Directors you will be granted an initial option pursuant to the Company's 1995 Stock Option Plan to purchase up to 100,000 shares of MMAC Common Stock at an option price equal to the then current Fair Market Value (as defined in the Plan), such Option to be exercisable as to 12/60 of the Shares at the expiration of the first year following the date of grant of the Option and as to an additional 1/60th at the expiration of each of the next consecutive 48 months thereafter.
4. You will be eligible to participate in the MMAC Executive Bonus Plan (cash and/or stock) which is payable upon accomplis ...
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