Hello Everyone,
I am not going to be here long since I'm late for work, but here is some news I found at yahoo financial.
Form 8-K for MANTRA VENTURE GROUP LTD.
9-Jan-2009
Entry into a Material Definitive Agreement, Financial Statements and Ex
Item 1.01 Entry into Material Definitive Agreement
On January 7, 2009 the Company entered into a management agreement with Q4 Financial Group Inc (the Agreement") and Dennis Petke. Pursuant to the Agreement, Q4 Financial Group Inc.'s President, Dennis Petke (the "Consultant"), has agreed to serve as the Company's Chief Financial Officer and a director of the Company once, and if, duly elected pursuant to the Company's Articles.
The material terms of the Agreement are as follows:
� The Consultant will be paid $8,500 per month plus a one time issuance of options to purchase 800,000 common shares of the Company at $0.30 per share for providing services customary to the position of Chief Financial Officer.
o The options will expire the earlier of January 7, 2011 or immediately upon the Consultant ceasing to act as the Chief Financial Officer of the Company.
� The Consultant will be issued options to purchase 200,000 common shares of the Company at $0.30 per share as consideration for agreeing to act as a director of the Company. These options were issued immediately upon the execution of the Agreement, but will expire the earlier of:
o by January 7, 2011;
o if the Consultant does not provide a consent to act once, and if, duly elected to the Company's board of directors; and
o immediately upon the Consultant ceasing to act on the Company's board of directors.
� The Consultant agrees not to exercise any more than 250,000 of all of the options granted to him pursuant to the agreement in any 90 day period until October 1, 2009.
� The Consultant shall not sell more than 250,000 shares acquired through the exercise of the options granted to him pursuant to the Agreement in any 90 day period.
� The Agreement is valid until January 6, 2010, but is automatically renewable absent notice to terminate from either party.
� The Agreement may be terminated by the Company immediately with cause, and with by delivery of 7 days written notice without cause.
Item 9.01 Financial Statements and Exhibits
Exhibit Management Agreement entered into with Q4 Financial Group Inc. entered
10.1 into on January 7, 2009.
AI
