Share Compensation. The Employee Incentive Plan, (EIP) will define bonuses to be paid for the achievement of specific goals and objectives approved by the Board of Directors. Bonus compensation may be in cash, common stock, stock options, stock grants and other elements of participation at the discretion of the Board of Directors. The Board has approved the following:
a. Employee is eligible to receive 450,000 shares of stock in the Company’s wholly-owned Subsidiary, PowerCon Systems, Inc., (PCS) by achievement of goals and objectives defined in his PMP, established by the President/COO and approved by the Board of Directors. Annually on the anniversary of his Start Date, 150,000 of these restricted shares will be eligible to vest, based on Employee’s percentage of accomplishment of his approved PMP goals and objectives.
b. Performance reviews will be conducted on a six-month basis. Employee will be eligible to vest 50% of his annual stock allocation if the goals and objectives approved by the Board of Directors spanning the past six months of performance have been achieved. Under the conditions of achievement aforementioned, vesting shall occur over the three year term, on the six (6) month anniversary dates from the Employee’s Start Date. Should Employee miss his objectives at his six-month performance review, he shall be eligible to vest said shares upon achievement of those objectives, subject to the approval of the Board of Directors.
c. Employee will receive an allocation equal to 50% of vested PCS stock, in stock options of Company stock at $.08 per share. For every two (2) shares of PCS stock earned and vested, the matching allocation of Company stock options shall be one (1) share, eligible at any point in time that PCS shares are vested.
Share Compensation. In consideration of the Services to be provided by Consultant, the Company shall issue to Consultant 1,250,000 shares of its common stock (the “Tandon Shares”. In addition, the Company shall reimburse Consultant for reasonable travel and other expenses Consultant incurs in connection with performing the Services. To obtain reimbursement, Consultant shall submit to the Chief Executive Officer of the Company an invoice describing expenses incurred under this Agreement. Company shall provide any documentation requirements and any travel policy restrictions to Consultant in writing in advance, or be foreclosed from relying on such requirements and restrictions to deny reimbursement. The Company shall pay to Consultant invoiced amounts within thirty (30) days after the date of invoice.
Share Compensation. The Executive shall be eligible to receive deferred stock units, stock options or other forms of share compensation in accordance with Schedule B hereto and otherwise as the board of directors of the Corporation may determine from time to time.
Share Compensation. The CFO Incentive Plan, (EIP) will define bonuses to be paid for the achievement of specific goals and objectives approved by the Board of Directors. Bonus compensation may be in cash, common stock, stock options, stock grants and other elements of participation at the discretion of the Board of Directors. The Board has approved the following:
a. CFO is eligible to receive 225,000 shares of stock in the Company’s wholly-owned Subsidiary, PowerCon Systems, Inc., (PCS) by achievement of goals and objectives defined in his PMP, established by the CEO/Chairman approved by the Board of Directors. Annually on the anniversary of his Start Date, 75,000 of these restricted shares will be eligible to vest, based on CFO’s percentage of accomplishment of his approved PMP goals and objectives.
b. Performance reviews will be conducted on a six-month basis. CFO will be eligible to vest 50% of his annual stock allocation if the goals and objectives approved by the Board of Directors spanning the past six months’ performance have been achieved. Under the conditions of achievement aforementioned, vesting shall occur over the three year term, on the six (6) month anniversary dates from the CFO’s Start Date. Should CFO miss his objectives at his six-month performance review, he shall be eligible to vest said shares upon achievement of those objectives, subject to the approval of the Board of Directors.
c. CFO will receive an allocation equal to 100% of vested PCS stock, in stock options of Company stock at $.08 per share. For every one (1) share of PCS stock earned and vested, the matching allocation of Company stock options shall be one (1) share, eligible at any point in time that PCS shares are vested.
Share Compensation. The Company shall grant to the Employee the option to purchase up to Four Million (4,000,000) common shares in the capital stock of the Company at a price of $0.00001 per share as follows:
(a) One Million (1,000,000) shares upon the execution of this Agreement;
(b) One Million (1,000,000) shares for the period June 1, 2006 to May 31, 2007 at a rate of Two Hundred Fifty Thousand (250,000) shares per completed quarter;
(c) One Million (1,000,000) shares for the period June 1, 2007 to May 31, 2008 at a rate of Two Hundred Fifty Thousand (250,000) shares per completed quarter; and
(d) One Million (1,000,000) shares for the period June 1, 2008 to May 31, 2009 at a rate of Two Hundred Fifty Thousand (250,000) shares per completed quarter. All shares purchased by the Employee will be fully paid and non-assessable. In the event this Agreement is terminated pursuant to section 5 hereof, the Employee will be entitled to purchase any shares that have vested as per the above schedule but will forfeit any right or interest to any shares not yet vested.
Share Compensation. In consideration of the Services to be provided by Consultant, on the Effective Date the Company shall issue to Consultant 125,000 shares of its common stock (which number shall be post any reverse stock split(s) effected by the Company prior to the Effective Date)(the “Shares”). One half of the Shares shall vest on the first anniversary date of this Agreement provided that Consultant has not terminated this Agreement prior to such date, and one half of the Shares shall vest on the second anniversary date of this Agreement, provided that Consultant has not terminated this Agreement prior to such date. In addition, the Company shall reimburse Consultant for reasonable travel and other expenses, as pre-approved in writing by the Company’s Chief Executive Officer, that Consultant incurs in connection with performing the Services. To obtain reimbursement, Consultant shall submit a pre-approval request to the Chief Executive Officer of the Company, receive a written pre-approval from the Chief Executive Officer and thereafter submit an invoice describing expenses incurred under this Agreement. The Company shall pay to Consultant approved invoiced amounts within thirty (30) days after the date of invoice.
Share Compensation. Subject to regulatory, Canadian Securities Exchange (CSE) and board approval, the Corporation may pay all or any portion of the Consulting Fee by the issuance to the Consultant of such number of common shares of the Corporation based on the weighted average trading price of the Corporation’s common shares on the CSE for a period of 30 days from the date of issuance; provided that if the CSE does not approve such pricing, the pricing shall be based on the last trading price of the Corporation’s common shares on the CSE on the date before the date of issuance. No share compensation may be issued if the Corporation is in a blackout period or if the Consultant is in possession of any material undisclosed information relating to the Corporation.
Share Compensation. The CLIENT agrees to issue Soellingen 650,000 shares, at a price of $0.075 per share, these shares to be registered in the CLIENT's first S-1 Registration Statement and all subsequent amendments thereto.
Share Compensation. (i) Company agrees to issue Three Million (3,000,000) Class A Common Shares of Company (“Shares”) to Advisor. The Company shall cause such Shares to be issued as soon as reasonably practicable after execution of this Agreement and after the effective date of a 1-for-10 reverse split to be carried out by the Company in the second quarter of 2008.
(ii) By Advisor’s execution of this Agreement, the Advisor hereby confirms, that the Shares to be acquired by the Advisor will be acquired for investment for the Advisor’s own account, not as a nominee or agent, and not with a view to the resale or distribution of any part thereof, and that the Advisor has no present intention of selling, granting any participation in, or otherwise distributing the same. By executing this Agreement, the Advisor further represents that the Advisor does not presently have any contract, undertaking, agreement or arrangement with any person to sell, transfer or grant participations to such person or to any third person, with respect to any of the Shares. The Advisor has not been formed for the specific purpose of acquiring the Shares. Notwithstanding the foregoing, the Shares subject to the restrictions provided herein, may be transferred to a transferee who is a Member of the Advisor, or an Affiliate of a Member of the Advisor.
(iii) The Advisor understands that the Shares have not been, and will not be, registered under the Securities Act, by reason of a specific exemption from the registration provisions of the Securities Act which depends upon, among other things, the bona fide nature of the investment intent and the accuracy of the Advisor’s representations as expressed herein. The Advisor understands that the Shares are “restricted securities” under applicable U.S. federal and state securities laws and that, pursuant to these laws, the Advisor must hold the Shares indefinitely unless they are registered with the Securities and Exchange Commission and qualified by state authorities, or an exemption from such registration and qualification requirements is available. The Advisor acknowledges that the Company has no obligation to register or qualify the Shares, for resale. The Advisor further acknowledges that if an exemption from registration or qualification is available, it may be conditioned on various requirements including, but not limited to, the time and manner of sale, the holding period for the Shares, and on requirements relating to the Company which are outside of the Adv...
Share Compensation. The Employee Incentive Plan, (EIP) will define bonuses to be paid for the achievement of specific goals and objectives approved by the Board of Directors. Bonus compensation may be in cash, common stock, stock options, stock grants and other elements of participation at the discretion of the Board of Directors. The Board has approved the following:
a. Employee is eligible to receive 750,000 shares of stock in the Company’s wholly-owned Subsidiary, PowerCon Systems, Inc., (PCS) by achievement of goals and objectives defined in his PMP, established by the Chairman approved by the Board of Directors. Annually on the anniversary of his Start Date, 250,000 of these restricted shares will be eligible to vest, based on Employee’s percentage of accomplishment of his approved PMP goals and objectives.
b. Performance reviews will be conducted on a six-month basis. Employee will be eligible to vest 50% of his annual stock allocation if the goals and objectives approved by the Board of Directors spanning the past six months’ performance have been achieved. Under the conditions of achievement aforementioned, vesting shall occur over the three year term, on the six (6) month anniversary dates from the Employee’s Start Date. Should Employee miss his objectives at his six-month performance review, he shall be eligible to vest said shares upon achievement of those objectives, subject to the review of the Board of Directors.
c. Employee will receive an allocation equal to 100% of vested PCS stock, in stock options of Company stock at $.08 per share. For every one (1) share of PCS stock earned and vested, the matching allocation of Company stock options shall be one (1) share, eligible at any point in time that PCS shares are vested.
d. Employee will also receive a sign on bonus of $10,000 payable in S8 stock within 90 days of his employment.
