Employment and Consulting Contracts. For three years after the Closing Company must have a unanimous opinion from the Compensation Committee of the Board of Directors that any awards other than salary are usual, appropriate and reasonable for any officer, director, employee or consultant holding a similar position in other fully reporting public companies with independent majority boards with similar market capitalizations in the same industry with securities listed on the OTCBB, ASE, NYSE or NASDAQ.
Employment and Consulting Contracts. For three years after the Closing, the Company shall have a unanimous approval from the Compensation Committee that any awards other than salary are usual, appropriate and reasonable for any officer, director or consultants whose compensation is more than $100,000 per annum. This Section 6.17 does not apply to attorneys, accountants and other persons who provide professional services to the Company.
Employment and Consulting Contracts. Employment and consulting contracts with officers and directors shall at time of Closing and for two years thereafter shall not contain: any bonuses not related directly to increases in earnings; any car allowances not approved by the unanimous vote of the board of directors; any anti-dilution or reverse split protection provisions for shares, options or warrants; any deferred compensation; any unreasonable compensation or benefit clauses; or any termination clauses of over one year of salary. This clause may be waived conditionally in specific conditions by the Investor.
Employment and Consulting Contracts. For two years after the Closing, before granting such awards, the Company must have a unanimous opinion and approval from the Compensation Committee of the Board of Directors that any awards other than salary are usual, appropriate and reasonable for any officer, director, employee or consultant holding a similar position in other fully reporting public companies with independent majority boards with similar market capitalizations in the same industry with securities listed on the OTCBB, ASE, NYSE or NASDAQ.
Employment and Consulting Contracts. For two years after the Closing, any equity grants to executive officers shall be subject to a unanimous determination by the Compensation Committee of the Board of Directors that such awards are fair and reasonable to the Company.
Employment and Consulting Contracts. For three years after the Closing, the Company shall obtain approval from the Board of Directors or Compensation Committee provided that the Board of Directors or such committee, as the case may be, is comprised of a majority of independent directors that any awards other than salary are customary, appropriate and reasonable for any officer, director or consultants whose compensation is more than $100,000 per annum. This Section 6.17 does not apply to attorneys, accountants and other persons who provide professional services to the Company. This section shall only apply for so long as that the Investors continue to beneficially own in the aggregate at least 25% of Series A Preferred Sock or the Common Stock issued thereunder.
Employment and Consulting Contracts. Employment and consulting contracts ------------------------------------- with officers and directors shall at time of Closing and for three years thereafter shall not contain: any bonuses not related directly to increases in earnings per share; any car allowances not approved by the unanimous vote of the board of directors; any anti-dilution or reverse split protection provisions for shares, options or warrants; any deferred compensation; any unreasonable compensation or benefit clauses; or any termination clauses of over one year of salary.
Employment and Consulting Contracts. For five (5) years after the First Closing Date, the Company must obtain unanimous approval from the Compensation Committee of the Board regarding any awards of compensation for any officer, director, employee or consultants that exceeds $175,000 per annum.
Employment and Consulting Contracts. For so long as any shares of Series B Preferred Stock shall remain outstanding, the Company shall obtain approval from the compensation committee of the Board of Directors (the “Compensation Committee”) (or prior to the establishment of the Compensation Committee, the majority of the independent directors of the Board of Directors) that any awards other than salary are customary, appropriate and reasonable for any officer, director or consultants whose compensation is more than $100,000 per annum. This Section 6.19 does not apply to attorneys, accountants and other persons who provide professional services to the Company.
Employment and Consulting Contracts. For three years after the Closing Date or such earlier date as all of the Notes shall have been paid or converted and all of the Warrants shall have been exercised and, in each case, the underlying Common Stock shall have been sold, the Borrower must have a unanimous approval from the compensation committee for any officer, director or consultant whose compensation is more than $100,000 per annum. This Section 7.12 does not apply to the Borrower’s attorneys and accountants.
