What are the terms of the employment agreements with our executive officers?
In May 1999, we entered into an employment agreement with Mike Liddell. The agreement had an initial five-year term and automatically renews for successive one-year terms thereafter. The agreement provides for an annual base salary of $200,000, adjusted for cost of living increases. Upon termination of Mr.Liddell’s employment by us without cause, Mr.Liddell is entitled to receive twelve months of his then current base salary, and all of his then unexercisable options will become exercisable. The agreement also restricts Mr.Liddell’s use or disclosure of any of our confidential information during the term of the agreement and for a period of five years thereafter. We entered into an oral agreement with James D. Palm with respect to his compensation and benefits, pursuant to which Mr.Palm is entitled to an annual salary of $200,000 and, at the discretion of our board of directors, an annual cash incentive bonus. Mr.Palm is also eligible to participate in all insurance, retirement and ben
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