GeneSYS ID Inc fka GNID

[Toxic Avenger]

Are they both gone already? They just started. What happened?

Mark Basile

Effective February 1, 2016, the Company entered into an employment agreement with Mr. Basile. The agreement terminates on the earlier of (i) Mr. Basile’s death or mental or physical disability or incapacity, (ii) Mr. Basile’s resignation or (iii) termination by the Company at any time. Under the agreement, the Company agreed to compensate Mr. Basile $175,000 annually and, subject to meeting certain assigned goals, the Company agreed to pay him a bonus of 25% per year. The Company will immediately grant to Mr. Basile an option under the Company’s 2015 Equity Incentive Plan to purchase 50,000 shares of the Company's Common Stock with vesting and strike prices set forth in the agreement. Mr. Basile will have the right to convert any then unpaid compensation to Company stock at a 50% discount to the then market rate of the Company’s Common Stock based on the lowest trading price for the 10 days prior to the notice of exercise, in the form of registered securities (S-8 shares).

Mr. Basile is entitled to participate in any existing employee health and welfare benefit plans.

Upon termination of employment, Mr. Basile may be entitled to receive certain post-termination severance benefits depending upon whether such termination is by the Company without Cause, in relation to a Change of Control, a resignation by Basile for Good Reason, or by reason of Mr. Basile’s death or disability (as such terms are defined in the agreement). In the event the Company terminates Mr. Basile’s employment without Cause or Mr. Basile elects a resignation for Good Reason, Mr. Basile shall be entitled to receive as severance his Base Salary for a period equal to the number of complete months she has worked for the Company, up to a maximum of twelve (12) months.

Frank Okcetin

Effective February 1, 2016, the Company entered into an employment agreement with Mr. Okcetin. The agreement terminates on the earlier of (i) Mr. Okcetin’s death or mental or physical disability or incapacity, (ii) Mr. Okcetin’s resignation or (iii) termination by the Company at any time. Under the agreement, the Company agreed to compensate Mr. Okcetin $125,000 annually and, subject to meeting certain assigned goals, the Company agreed to pay him a bonus of 25% per year. The Company will immediately grant to Okcetin an option under the Company’s 2015 Equity Incentive Plan to purchase 10,000 shares of the Company's Common Stock with vesting and strike prices set forth in the agreement. Mr. Okcetin will have the right to convert any then unpaid compensation to Company stock at a 50% discount to the then market rate of the Company’s Common Stock based on the lowest trading price for the 10 days prior to the notice of exercise, in the form of registered securities (S-8 shares).

Mr. Okcetin is entitled to participate in any existing employee health and welfare benefit plans.

Upon termination of employment, Mr. Okcetin may be entitled to receive certain post-termination severance benefits depending upon whether such termination is by the Company without Cause, in relation to a Change of Control, a resignation by Mr. Okcetin for Good Reason, or by reason of Mr. Okcetin’s death or disability (as such terms are defined in the agreement). In the event the Company terminates Mr. Okcetin’s employment without Cause or Mr. Okcetin elects a resignation for Good Reason, Mr. Okcetin shall be entitled to receive as severance his Base Salary for a period equal to the number of complete months she has worked for the Company, up to a maximum of twelve (12) months.