May 23, 2012 | last updated June 1, 2012 2:45 pm

Two CT TranSwitch officers ink job pacts

TranSwitch Corp. signed two senior officers to employment contracts that could pay each as much as $350,000 in salary and bonus if they stay aboard the struggling Shelton telecomm technology maker, a regulatory filing shows.

Amir Bar-Niv, senior vice president, and Theodore Chung, vice president business development and worldwide sales, each received contracts that remain open unless either is fired or quits, according to the company's 8-K filing with the Securities and Exchange Commission.

Each gets $250,000 a year in base pay, plus is eligible to collect an annual bonus of as much as 40 percent of base pay, or $100,000 each, the filing states.

In addition, as officers, Bar-Niv and Chung are eligible for TranSwitch's long-term incentive plans, it said.

The contract also contains the usual contingencies in the event the company undergoes a change in control.

TranSwitch, which lost money in the first quarter, recently sold $3 million of its stock to raise capital to buy time until its latest smartphone and tablet technologies gain traction in the marketplace.

Comments

Type your comment here:

Today's Poll
ADVERTISEMENTS
Most Popular on Facebook
Copyright 2014 New England Business Media