Amarantus Bioscience Holdings Inc (AMBS)

[Rotten Johnny]

real reasons were never made public for Mr. Cleary's $680,000 contract payout for 4 years time = $170k/yr.

The Company obtained the services of its former Chairman Martin D. Cleary through a consulting agreement. During the three months ended June 30, 2013 and the year ended December 31, 2012, 2011, and the period from January 14, 2008 (date of inception) to December 31, 2012, consulting services of $-0-, $-0-, $200,000, and $479,166, respectively are included in the condensed consolidated statement of operations. This agreement also includes a change of control clause whereby the Company shall pay Mr. Cleary a bonus of 5% of the gross proceeds to the Company resulting from the change of control. Upon his election and in his sole discretion, and in lieu of the change of control bonus, the Company shall issue to him shares of the Company’s common stock equal to 2.5% of the Company’s fully diluted capitalization as of the date of termination of the agreement. Mr. Cleary resigned from the Company in July 2012.