The May 11th 8k sure makes it sound like the employment agreement amendment was executed, otherwise why 8k it? Looks like if it wasn't a done deal then it would just be on the proxy to be voted on at the next shareholders meeting but I'm not into the the legal/contractural stuff lol. Here's the copy of the 8k on may 11.
Item 1.01 Entry into a Material Definitive Agreement.
See Item 5.02 below.
Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
On September 14, 2006, the Company and Anthony Cataldo (Chief Executive Officer) and Shawn Lewis (Chief Operating Officer) each executed an employment agreement or related amendment, as disclosed in the Company’s quarterly report on Form 10-Q filed on November 17, 2006. Among other things, these September 14, 2006 agreements provided that Mr. Cataldo and Mr. Lewis were entitled to receive additional options to assure that they have the right to maintain beneficial ownership of the Company’s common stock in the equivalent of a minimum of 5% and 8%, respectively, of the issued and outstanding shares of our common stock. On May 4, 2007, the Company and Mssrs. Cataldo and Lewis each executed amendments to their employment agreements that entitle them to instead receive additional common stock grants to assure that they have the right to maintain beneficial ownership of the Company's common stock in the equivalent of a minimum of 5% and 8%, respectively, of the fully diluted (issued, options, warrants, and all preferred conversions) shares of the Company’s common stock.
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