NanoViricides Inc. (NNVC)

[loanranger]

"On March 3, 2010, the Company entered into employment agreements with its two executive officers, Eugene Seymour, Chief Executive Officer and Chief Financial Officer and Anil Diwan, President and Chairman of Board. Both agreements provide a minimum annual base salary of $250,000 for a term of four years. In addition, Dr. Seymour and Dr. Diwan are eligible for an increase in base salary to $275,000 if the Company consummates a financing with gross proceeds of at least $5,000,000. Also, the base salary shall increase to $300,000 for Dr. Seymour and $300,000 for Dr. Diwan if the Company becomes listed on a national stock exchange. The Compensation Committee of the Board of Directors extended the current provisions of these Employment Agreements pending its review of the current industry compensation arrangements and Employment agreements"

That was from the last 10-K. As of 6/30/14 they had taken the increase to $275K but not the bump to $300K to which they have been entitled for a while now.

BUT, someone recently took note that Diwan MIGHT also be taking a separate salary from TheraCour (it would be logical, he's an officer of that company) that Nanoviricides would be obligated to make TheraCour whole for. Kind of a double dip of sorts in terms of cost to NNVC shareholders.
The original TheraCour agreement also called for a similar arrangement for two other TheraCour (and NNVC employees), one of which is gone...from NNVC anyway....Leo Ehrlch and the other of which is still employed by NNVC, Dr. Tatake. Dr. Seymour appears to have no relationship with TheraCour.