BMAN, There are some nice incentives for the new CEO in his contracts. I hope he can start achieving these goals. BTW has anyone spoken with the new CEO?
From 8-K
On November 5, 2020 Brownie’s Marine Group, Inc. (the “Company”) and Christopher H. Constable (the “Executive”) entered into a three year employment agreement (the “Employment Agreement”) pursuant to which the Executive shall serve as chief executive officer of the Company. In consideration for the Executive’s services, the Executive shall receive (i) an annual base salary of $200,000, payable in accordance with the customary payroll practices of the Company (the “Base Salary”), and (ii) issuable upon execution of the Employment Agreement and on each anniversary of the date of the agreement during the term, a non-qualified immediately exercisable five-year stock option to purchase that number of shares equal to $100,000 of the value of the Company’s common stock at an exercise price equal to the market price of the Common Stock on the date of issuance. Therefore, the Executive shall receive an initial stock option grant to purchase 5,434,783 shares of the Corporation’s common stock at an exercise price of $0.0184 per share pursuant to an option award agreement (the “Option Award Agreement”).
In addition, the Executive shall be entitled to receive four-year stock options to purchase shares of common stock at an exercise price equal to $0.0184 per share in the amounts listed below based upon the following performance milestones during the term of the Employment Agreement: (i) 2,000,000 shares - if the Company’s total net revenues, as reported in its statement of operations in its financial statements in its filings with the Securities and Exchange Commission, including as a result of a stock or asset acquisition of a third party (“Net Revenues”) are in excess of $5,000,000, in the aggregate, for four consecutive fiscal quarters; (ii) 3,000,000 shares - if the Company’s Net Revenues are in excess of $7,500,000, in the aggregate, for four consecutive fiscal quarters; (iii) 5,000,000 shares - if the Company’s Net Revenues are in excess of $10,000,000, in the aggregate, for four consecutive fiscal quarters; and (iv) 20,000,000 shares - if the Company’s common stock is listed on the on NASDAQ or New York Stock Exchange.
