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Joel Sandahl Resigned as VP, Khoon Cheng Lim Appointed CTO of VALENCE TECHNOLOGY INC

On November 3, 2008, Valence Technology, Inc. (the "Company") announced the appointment of Khoon Cheng Lim, Ph.D., as Chief Technology Officer of the Company, effective immediately. On October 29, 2008, Joel Sandahl resigned as Vice President of Engineering and Product Development for Valence Technology, Inc. In connection therewith, the Company entered into a Severance Agreement and Release (the "Severance Agreement"). The Severance Agreement provides that the Company will pay Mr. Sandahl three months of his current base salary, plus an additional cash payment equal to two months of his current base salary and all accrued, but unused, vacation. The Company also agreed to pay Mr. Sandahl's COBRA premiums through March 29, 2009. All of Mr. Sandahl's options that have vested on or before October 29, 2008 must be exercised no later than April 29, 2008 in accordance with the terms and provisions of the applicable option agreements.

Tags: Resigned VP Appointment CTO
Related URLs: VALENCE TECHNOLOGY INC
1 total votes | Comments (0) | Created by catalyst043 on 2008-11-05 - Login to vote or comment!