Tapinator Inc (TAPM)

[stockinvestor01]

Also, the CEO, Ilya Nikolayev, is paying himself a pretty mega salary along with potential bonuses and stock options. Gee, I wonder why they have to keep raising funds through private placements? From the 10K:

The term of this Agreement shall be for a period of three years commencing on June 1, 2015 and continuing through May 30, 2018

A. Salary
The Company will pay Employee a bases salary (the “Base Salary”) of $180,000, which shall be payable in accordance with the Company’s standard payroll practices and prorated for any partial months;
provided however, that such salary shall increase at a rate of
five percent (5%) on January 1st, 2016, and 10% on January 1
st of each subsequent year during the Term and during any Renewal Term.
B.
Performance Bonus
For each calendar year during the Term, the Employee will have the
opportunity to earn an annual bonus of up to 150% of the Base Salary (the “Bonus”)
paid to the E
mploye
e
for such year
based on
the Company’s
annual
EBITDA prior to
stock
-
based
compensation
, executive
bonus accrual,
and
non
-
cash
financing expense
s
(“Adjusted EBITDA”)
as follows:
8
% of Adjusted EBITDA u
p to $1 million of Adjusted EBITDA, plus
7
% of Adjusted EBITDA between $1 million and $2 million of Adjusted EBITDA, plus
6
% of Adjusted EBITDA above $2 million of Adjusted EBITDA
For purposes hereof, in the event that the Company consummates one or more
acquisitions during
the Term (an “Acquisition”), whether by merger, stock purchase, or asset purchase, the amount of any
historical
Adjusted EBITDA attributable to such Acquisition(s) shall not be included in the Adjusted
EBITDA calculation above for purposes of determining any Bonus.
The B
onus
will be paid
to E
mployee
within 15 days from the completion of the Company’s annual audit
a
nd provided that Employee has not
voluntarily resigned or been terminated with Cause prior to such payment.
.
C.
Options
.
The parties acknowledge that the
Company intends to implement an Incentive
Stock Option Plan prior to December 31, 2015 and that
Em
ployee
shall be
entitled to receive annual stock
option grants
during the Term and any Renewal Terms
pursuant to this plan as reasonably determined by
the Board of Directors
.