WSTL » Topics » Related Party Transactions

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

 

 

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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 Company’s 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 Kineto’s 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 Kineto’s outstanding shares on a fully diluted basis.

 

 

 

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