Salary Deferral. The Company and Executive mutually agree that the Executive shall mutually agree to defer salary up to 75% of annual base compensation of $325,000 based on the working capital needs of the Company. The Parties acknowledge and agree that the Executive will be paid 100% of annual base compensation of $325,000 based on the working capital needs of the Company and as soon as the Company has sufficient working capital to do so. The Parties acknowledge and agree that the Executive will have the option to convert Salary Deferral to restricted common stock based on the working capital of the Company. If the Executive elects to convert Salary Deferral to restricted common stock, the conversion price will be based on the sixty (60) day average closing price of the Company Stock.
Appears in 4 contracts
Samples: Executive Employment Agreement (CMG Holdings, Inc.), Executive Employment Agreement (CMG Holdings, Inc.), Executive Employment Agreement (CMG Holdings, Inc.)
Salary Deferral. The Company and Executive mutually agree that the Executive shall mutually agree to defer salary up to 7550% of annual base compensation of $325,000 180,000 based on the working capital needs of the Company. The Parties acknowledge and agree that the Executive will be paid 100% of annual base compensation of $325,000 180,000 based on the working capital needs of the Company and as soon as the Company has sufficient working capital to do so. The Parties acknowledge and agree that the Executive will have the option to convert Salary Deferral to restricted common stock based on the working capital of the Company. If the Executive elects to convert Salary Deferral to warrants, stock options or restricted common stock, the conversion price will be based on the sixty previous thirty (6030) day average closing price of the Company Stock.
Appears in 3 contracts
Samples: Executive Employment Agreement (Beta Music Group, Inc.), Executive Employment Agreement (Beta Music Group, Inc.), Executive Employment Agreement (Beta Music Group, Inc.)
Salary Deferral. The Company and Executive mutually agree that the Executive shall mutually agree to defer salary up to 75% of annual base compensation of $325,000 400,000 based on the working capital needs of the Company. The Parties acknowledge and agree that the Executive will be paid 100% of annual base compensation of $325,000 400,000 based on the working capital needs of the Company and as soon as the Company has sufficient working capital to do so. The Parties acknowledge and agree that the Executive will have the option to convert Salary Deferral to restricted common stock based on the working capital of the Company. If the Executive elects to convert Salary Deferral to restricted common stock, the conversion price will be based on the sixty (60) day average closing price of the Company Stock.
Appears in 2 contracts
Samples: Executive Employment Agreement (CMG Holdings, Inc.), Executive Employment Agreement (CMG Holdings, Inc.)
