Employment Agreements HPTG
I'm totally open to your dishappointed attitude with Roger so please correct me if you think I'm wrong here. AS I revisited this 10-K it reads to me that Mr. Slotkin has a written employment contract for $250K annually but it is not being paid and the compensation with employees is
accrued?
The accrued compensation as of March 31, 2015 and 2014 was $226,752 and $281,752, respectively.
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-K
?? ANNUAL REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the fiscal year ended March 31, 2015
Employment Agreements
Hydro Phi, entered into a two-year employment agreement with Mr. Slotkin on July 13, 2013. The agreement provides that he will act as the Chief Executive Officer of HPT Group and Hydro Phi. Mr. Slotkin will be paid a salary of $250,000 per annum and regular benefits, and is entitled to a car allowance. He also may be awarded merit based performance increases. Mr. Slotkin is eligible additional bonus compensation and for stock options to be determined and awarded in the discretion of the board of directors. The agreement provides for various termination events and restrictive covenants on competitive employment and for non-solicitation of employees, customers and vendors.
On June 24, 2015 the Company’s board of directors approved by written consent, a one year extension of Mr. Slotkins’ employment agreement.
We intend to enter into employment agreements with the other senior executives of both the HPT Group and Hydro Phi. These agreements likely will provide employment at will with various severance, non-competition and confidentiality provisions and other rights typically associated with written employment agreements.
6. ACCRUED COMPENSATION
In order to attract competent and talented employees and officers, the Company has entered into formal employment agreements with its key employees and officers. The Company has provided for accrued compensation with employees and officers who have participated in active management roles and worked without pay or limited pay.
In July 2013, the Company issued warrants to purchase 3,313,336 shares of the Company’s common stock to settle $1,767,649 accrued compensation to current and former employees. See Note 17.
The accrued compensation as of March 31, 2015 and 2014 was $226,752 and $281,752, respectively. There is no set date for payment of this accrued expense. Payment of the accrued compensation is conditional upon the success of the Company and the approval of the Board of Directors of the Company. During the year ended March 31, 2015 three payments against accrued compensation totaling $55,000 were made to an employee of the Company.
F-11
AI
