EXHIBIT 99.1
INTERNATIONAL BROADCASTING CORPORATION
2005 EMPLOYEE SALARY COMPENSATION PLAN AND AGREEMENT
INTERNATIONAL BROADCASTING CORPORATION
2005 EMPLOYEE SALARY COMPENSATION PLAN AND AGREEMENT
THIS 2005 EMPLOYEE SALARY COMPENSATION PLAN AND AGREEMENT ("Plan") made
this 8th day of September 2005 by and between INTERNATIONAL BROADCASTING
CORPORATION, a Nevada corporation (hereinafter referred to as the "Company"),
and the Employees of the Company (hereinafter referred to as the "Employee" or
"Employees") entitled to participate in the Plan.
W I T N E S S E T H:
WHEREAS, the Company has employed the Employee to perform certain services,
and the Company and the Employee have previously entered into compensation
agreements and arrangements whereby Company agreed to compensate Employee in
U.S. currency ("Cash Salary");
WHEREAS, the Company from time to time wishes to reward and compensate
Employees for loyal and dedicated services to the Company;
WHEREAS, the Company has at various times in the past may not have been
able to compensate Employee in Cash Salary and currently may owe Employee for
amounts of past due salary ("Past Due Amount");
WHEREAS, the Company and Employee desire to compensate Employee, in whole
or in part, for the Past Due Amount through the transfer of Company stock to
Employee; and
WHEREAS, the Company and Employee may in the future desire to transfer
Company stock to Employee in lieu of Cash Salary or as special compensation for
such loyal and dedicated services.
NOW, THEREFORE, the Company hereby establishes the following Plan:
1. The number of shares of common stock covered by the Plan is 33 million
shares. The Company shall first determine the Past Due Amount owed to Employee
and for what periods of time the Past Due Amount shall cover or other value
contributed by Employee.
2. The Company shall then determine the number of shares to be
transferred to Employee by first taking the average price of the Company stock
over the last 30 days and then by dividing that amount into the Past Due Amount
as follows:
a. Average Price - (Highest High minus Lowest Low over last 30
days)/30
b. Number of Shares Owing to Employee - Past Due Amount/Average
Price
3. The Company shall then register an appropriate number of shares with the
Securities and Exchange Commission to transfer to Employee.
4. Once the shares have been properly registered, the Company shall
transfer the number of shares determined in step 2 above to the Employee.
5. The Plan is voluntary, and the Employee may not be compelled to
participate.
NOW, THEREFORE, the Board of Directors of the Company, by their signatures
below, hereby adopt the Plan.
Date: September 8, 2005
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Director
Date: September 8, 2005
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Director
Date: September 8, 2005
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Director
EMPLOYEE AGREEMENT TO PARTICIPATE
NOW, THEREFORE, the Company and the Employee, by their signatures below,
hereby agree as follows:
1. Company owes Employee, whose signature is provided below, $180,000 Past
Due Amount for the year(s) 2004.
2. Employee may agree to take a partial salary, the remaining amount to be
deferred to a later date.
3. Employee shall retain his/her/its own accountant and/or attorney to
advise Employee as to the tax consequences of the Plan and transfer of stock to
employee in lieu of salary, including, but not limited to, Xxxxxxx 00 xx xxx
Xxxxxx Xxxxxx Code, and shall not rely on the Company or its attorneys for tax
advice.
4. Nothing herein contained shall be deemed to constitute an agreement for
employment for a period of time, or serve as a waiver of any provision(s) of any
such agreement between Company and Employee.
5. Employee shall be bound by the Plan by Employee's signature below.
IN WITNESS WHEREOF, the Company and the Employee have executed this
Agreement the day and year below.
INTERNATIONAL BROADCASTING CORPORATION
Date: September 8, 2005 By:
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Xxxxx X. Xxxxxxx, President
Date: September 8, 2005 By:
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Employee
