Sun Pacific Holding Corp (SNPW)

[powerbattles]

Mr. Campanella opted to defer with no interest salary bonus postpone to a later time.

Employment agreement

On December 20, 2017, the Company entered into a five-year employment agreement with Nicholas Campanella, Chief Executive Officer. Under the terms of the agreement, the Company is required to pay a base compensation of $180,000 annually, subject to increases in cost of living and performance bonuses as awarded by the Board of Directors. After 5 years, the agreement is automatically renewed for an additional two years unless terminated by either party. As part of the agreement Mr. Campanella opted to defer, with no interest, the receipt of compensation under the agreement until the Company has the funds to pay its obligation. At September 30, 2019 and December 31, 2018, the Company had accrued compensation of $727,505 and $631,166, respectively, and recorded the related expenses in ‘general and administrative’ on the accompanying condensed consolidated statements of operations.
https://www.otcmarkets.com/filing/html?id=13751834&guid=gzVvUnKRHt1CeEh