STOCK AGREEMENT
Exhibit 10.1
WHEREAS, the
Executive is employed by the Company as Chief Executive Officer
(“CEO”) of the Company and its subsidiaries
(“Subsidiaries”), and has performed duties of his
employment in a capable and efficient manner, resulting in
substantial benefit to the Company; and
WHEREAS, the
Company desires to modify and extend the Stock Agreement dated
April 13, 2017 (Original Agreement), of the Executive, and
Executive is desirous of committing himself to continued service to
the Company on the terms herein provided. The terms herein
supersede and replace the terms of the Original
Agreement.
WHEREAS, The Board
of Directors has previously awarded 1,500,000 shares of the
Company’s common stock (the “stock”), subject to
certain milestones and forfeiture clauses to the
Executive.
The
Board of Directors acknowledges that the Original Agreement
Milestone 1 and Milestone 2 were successfully achieved, and in an
effort to incentivize the employee, has modified and extended
Milestone 3 and 4 as set forth below to the following
terms:
3. $80 Million Market Cap
When
the company obtains a $80 Million average market cap for any 5
consecutive days, the employee will retain 25% of the stock
(375,000 shares). If not obtain within 18 months of the date of
this agreement, 25% of the stock will be forfeited by the
employee.
4. Up-list to NASDAQ or NYSE
The
date the Company up-list to NASDAQ or NYSE, the employee will
retain 25% of the stock (375,000 shares). If not obtain within 18
months of the date of this agreement, 25% of the stock will be
forfeited by the employee.
ACCEPTED AND AGREED TO:
Xxxxxxxxxxx Xxxxxxx
By:
/s/ Xxxxxxxxxxx
Xxxxxxx
Name: Xxxxxxxxxxx
Xxxxxxx
By: /s/ Xxxx X.
Xxxxx
Name:
Xxxx X. Xxxxx
Title:
Board Member and Chair of Compensation Committee
