This excerpt taken from the WSTL 10-Q filed Feb 9, 2009.
Related Party Transactions
Richard S. Gilbert has agreed to join Westell Technologies, Inc. (the Company) as its President and Chief
WESTELL TECHNOLOGIES, INC. AND SUBSIDIARIES
Notes to Condensed Consolidated Financial Statements
December 31, 2008 (Unaudited)
Executive Officer and will also become a member of the Companys board of directors effective February 23, 2009.
Mr. Gilbert, 56, served as President and Chief Executive Officer of Kineto Wireless (Kineto), a leading provider in Unlicensed Mobile Access technology as well as supporting products that are used to enable Fixed-Mobile Convergence since 2005. While Mr. Gilbert was President and Chief Executive Officer of Kineto, the Company entered into a Software License Agreement with Kineto, dated June 26, 2008, for a renewable license to use Kinetos UMA/GAN client software and for related porting and maintenance support. In connection with the license agreement, the Company paid approximately $300,000 to Kineto, including a license fee of $150,000, a porting fee of $93,600 and a follow-on client service fee of $49,000. In addition, Kineto receives ongoing royalties. Mr. Gilbert currently holds vested stock options for approximately 2% of Kinetos outstanding shares on a fully diluted basis.