Novatel Wireless Officers Receive 30% of Salary as Company Stock
March 18 2015 - 4:15PM
Novatel Wireless, Inc., (Nasdaq:MIFI), a leading provider of
wireless solutions for the Internet of Things (IoT), today
announced a new compensation structure for the Company's executive
management. Each of the Company's executive officers has
volunteered to receive 30% of their 2015 base salary in the form of
stock, rather than cash.
Alex Mashinsky, Chief Executive Officer, voluntarily modified
his compensation package to replace cash with restricted stock at
the time of his appointment as the Company's permanent CEO in the
fourth quarter of 2014. Since that time, 30% of Mr.
Mashinsky's base salary has been issued in the form of Novatel
Wireless restricted stock rather than in cash.
Michael Newman, Executive Vice President and Chief Financial
Officer, agreed to take 30% of his base salary in the form of
restricted stock commencing with his hire in September 2014, and
earlier this week, Dr. Slim Souissi, President and Chief Operating
Officer, started receiving 30% of his 2015 base salary in the form
of restricted stock.
"Alex, Slim and Mike continue to provide exceptional leadership
for Novatel Wireless," says Robert Pons, chairman of the board's
compensation committee. "Our Board has been consistently impressed
by the management team's ongoing commitment to the Company's
success, including this demonstration of confidence by aligning
their own compensation with the objective of delivering increased
shareholder value."
About Novatel Wireless
Novatel Wireless, Inc. (Nasdaq:MIFI) is a leader in the design
and development of M2M wireless solutions based on 3G and 4G
technologies. The Company delivers Internet of Things (IoT) and
Cloud SAAS services to carriers, distributors, retailers, OEMs and
vertical markets worldwide. Product lines include MiFi® Intelligent
Mobile Hotspots, USB modems, Expedite® and Enabler embedded
modules, Mobile Tracking Solutions, and Asset Tracking Solutions.
These innovative products provide anywhere, anytime communications
solutions for consumers and enterprises. Novatel Wireless is
headquartered in San Diego, California. http://www.nvtl.com. @MiFi
(Twitter)
MiFi is a registered trademark of Novatel Wireless, Inc. –
the creators and patent holders of MiFi technology.
This release may contain forward-looking statements, which are
made pursuant to the safe harbor provisions of the United States
Private Securities Litigation Reform Act of 1995, as amended to
date. These forward-looking statements involve risks and
uncertainties. A number of important factors could cause actual
results to differ materially from those in the forward-looking
statements contained herein. These factors include risks relating
to technological changes, new product introductions, continued
acceptance of Novatel Wireless' products and dependence on
intellectual property rights. These factors, as well as other
factors that could cause actual results to differ materially, are
discussed in more detail in Novatel Wireless' filings with the
United States Securities and Exchange Commission (available at
www.sec.gov) and other regulatory agencies.
CONTACT: Editorial Contacts:
For Novatel Wireless
Anette Gaven
agaven@nvtl.com
619.993.3058
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