Mig - are you aware of any progress regarding Khoury's severance as posted in the 9.10.07 8-K:
10-Sep-2007
Entry into a Material Definitive Agreement, Unregistered Sale of Equ
Item 1.01 Entry into Material Definitive Agreement
Concurrent with the resignation of Peter A. Khoury as GlobeTel Communication Corp.'s (the Company) Chief Executive Officer as set forth in Item 5.02(b), below, the Company entered into a "Mutual Release and Separation Agreement" with Mr. Khoury.
The Agreement calls for the payment of Mr. Khoury's outstanding expenses, accrued unpaid salary in the amount of $83,333, and severance in the amount of $125,000. These cash amounts will be paid out over the course of 12 months. However, should the Company raise funds through a financing, Khoury would receive a lump sum payment 10% of the first financing and 15% of any subsequent financing as payment towards the amounts owed.
The agreement also calls for the issuance of 1,333,333 options to purchase GlobeTel Common stock at $.36 per share representing a pro-rata amount of options due under his employment agreement; 500,000 options to purchase common stock at $.26 per share also due under his employment agreement; and 801,045 shares of common stock for accrued stock compensation. He will forfeit 657,894 options with an exercise price of $.19 that were issued in May 2007 and retain 657,895 options then granted.
The Agreement provides for a mutual release between Khoury and the Company and reiterates the Company's indemnification obligations pursuant to the Company's by-laws.
Will Khoury subordinate to the outstanding default judgments already in place???
