As he started the job in September of '07, I would expect his employment agreement to be over a year old. He may have had a previous agreement to cover the six months he held the postition until the current agreement went into effect.
"Upon the anniversary hereof, and each anniversary thereafter this agreement shall automatically renew for successive one year terms unless otherwise terminated by either party upon 30 days written notice or unless this agreement is terminated for cause."
My question is what happened to all those shares? According to the employment agreement, he should have received over eight million shares since March of '08:
- 2,000,000 shares as a signing bonus
- 2,000,000 shares for '04 & '05 10Ks
- 2,000,000 shares for '06 & '07 10Ks
- 2,000,000 shares upon the closing of financing of at least $1,000,000 in gross proceeds, in the aggregate, commencing from the date of initial appoint as CEO on September 10, 2007.
- Additional Compensation. During his/her employment the Company will also pay the Employee a bonus in a grant of company stock and/or a cash. Said bonus will be the equivalent of up to 150% of Employee’s base salary.
As of March 31, 2009, the company reported Leinwand only held 2,876,752 shares and we know he lost 1,000,000 of those in April to cover the $50K note with GTC the company defaulted on.
Where are the required filings to show the transfer of ownership of the rest of these insider controlled shares?
AI
