On December 14, 2007 the BVI-registered telecommunications company OpenTV Corp made an announcement that it entered into a letter agreement with Nigel (Ben) Bennett, pursuant to which Mr. Bennett was promoted, effective August 29, 2007, to the position of Executive Vice President, Chief Operating Officer of OpenTV Corp. Additionally, Mr. Bennett agreed to serve, on an interim basis, as the Company’s Acting Chief Executive Officer.
The agreement with Mr. Bennett provides for an initial term of employment of one year, (starting from August 29, 2007), and will renew each time for additional one year terms unless terminated.
Under this agreement, Mr Bennett is to receive annual salary of $400,000 with a target bonus amount established by the company’s compensation and Nominating Committee. On the date the letter agreement was signed, the BVI company granted to Mr. Bennett 150,000 restricted Class A ordinary shares.
Also, on that day OpenTV Corp granted 70,000 of restricted Class A ordinary shares to its Chief Financial Officer, Shum Mukherjee, and 48,750 shares were granted to the company’s General Council MarkÂ Beariault.
All the above awards were made pursuant to the OpenTV 2005 Incentive Plan, and are subject to the terms and conditions of a Restricted Share Agreement.