Here is Alexis Korybut's compensation package and employment contract, dated 4/24/2011. The merger agreement between TADF and Tac-Air (ironically) expired on 4/30/2011.
Employment Agreement
On April 24, 2011, the Company entered into an employment agreement (the “Employment Agreement”) with its Chief Executive Officer, Alexis C. Korybut. Pursuant to the terms of the Employment Agreement, Mr. Korybut will be employed in the positions of Chief Executive Officer, President and Chief Financial Officer of the Company and will receive an annual salary of US$120,000, a one-time issuance of 1,000,000 shares of the Company’s Series A Preferred Stock (the rights and privileges of which are further described herein in Item 5.03) and additional benefits as outlined in the Employment Agreement. A copy of the Employment Agreement has been attached as an exhibit to this Form 8-K and has been incorporated in its entirety by reference.
Even more ironic is the fact that on April 25, 2011 - the day after Alexis Korybut's employment agrement took effect, TADF enacted this Certificate of Designation:
Series A preferred stock is convertible into common stock at an exchange rate of 1-100
Item 5.03 Amendments to Articles of Incorporation or Bylaws; Change in Fiscal Year.
On April 25, 2011, the Company approved of a Certificate of Designation to be filed with the Nevada Secretary of State designating 1,000,000 shares of its authorized but undesignated preferred stock as Series A Preferred Stock and 5,000,000 shares of its authorized but undesignated preferred stock as Series B Preferred Stock. Each share of Series A Preferred Stock is convertible into one hundred shares of Common Stock and maintains a number of votes equal to the number of shares of Common Stock each share of Series A Preferred Stock is convertible into multiplied by thirty. Each share of Series B Preferred Stock is convertible into four hundred shares of Common Stock, maintains a number of votes equal to the number of shares of Common Stock each share of Series B Preferred Stock is convertible into, provides for a 12% annual coupon payment, is collateralized by the Aircraft and provides for an optional right of participation by the holder in the Company’s operating profits through the redemption and retirement of the shares of Series B Preferred Stock. A copy of the Certificate of Designation to be filed with the Nevada Secretary of State designating the rights, preferences, powers, privileges and restrictions, qualifications and limitations of the Series A Preferred Stock and Series B Preferred Stock has been attached as an exhibit to this Form 8-K and has been incorporated in its entirety by reference.
So, he gets 1,000,000 shares of Series A Preferred, which can be converted at a rate of 1-100, which means he can convert into 100,000,000 shares of common stock! At a PPs of .003, that's $300,000.00 in additional compensation!
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