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| ENWV > SEC Filings for ENWV > Form 8-K on 26-May-2009 | All Recent SEC Filings |
26-May-2009
Change in Directors or Principal Officers
On May 20, 2009, the Board of Directors of Endwave Corporation ("Endwave") approved the termination of the employment of Brett W. Wallace, Endwave's Chief Financial Officer, and the promotion of Curt P. Sacks, the Company's Vice President, Finance and Corporate Controller to the role of Senior Vice President and Chief Financial Officer. Endwave currently anticipates that Mr. Wallace's last day of employment at Endwave will be June 26, 2009, after which time Mr. Sacks will assume the role of Senior Vice President and Chief Financial Officer.
Mr. Wallace will be entitled to receive his salary and insurance benefits for a period of nine months following his termination. The Board has also approved the acceleration of stock options granted to Mr. Wallace in February 2009. There will be no other stock option vesting acceleration for Mr. Wallace as a result of this termination. Mr. Wallace has agreed to make himself available on an as-requested basis after his termination as a consultant to management and the Board of Directors at a rate of $200 per hour.
In recognition of Mr. Sacks' increased responsibilities, effective as of June 27, 2009, Mr. Sacks' annual salary will be increased to $210,000 and he will be eligible to participate in the Company's Executive Severance and Retention Plan and the Company's management incentive plan. The Board may grant Mr. Sacks additional stock options in the future to reflect his promotion.
Mr. Sacks has served as Endwave's Vice President, Finance and Corporate Controller since February 2006. He joined Endwave in 2004 as Corporate Controller after serving in this capacity for two prior companies: Com21, Inc., a manufacturer of system solutions for the broadband access market; and Finisar, Inc., a manufacturer of high-speed communication equipment for data and storage. Prior to 1998, Mr. Sacks worked in corporate finance at 3Com Corporation and as an auditor for Deloitte & Touche LLP. Mr. Sacks is a C.P.A. in California with a B.A. in Economics from UCLA.
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