How many milestones do you figure were met?
Appendix A
Employment. The Company hereby employs the Employee as its Chief Executive Officer and General Counsel, on the terms set forth below.
Duties. The Employee will report to the Board of Directors of the Company and shall lead the Company and provide the direction and vision for the Company. The CEO shall be responsible for directing the operations of the Company and interfacing with the Board of Directors to further the business of the Company and increase shareholder value.
Salary. During the first one (1) year of employment, the Company will pay the Employee a salary of $250,000 per annum, to be paid bi-weekly.
Special Compensation: As a signing bonus, the Company will pay the Employee 2,000,000 shares of the Company’s common stock.
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.
The Employee shall receive additional compensation Upon completing the following milestones as follows:
1. 2,000,000 shares upon the filing of restated Form 10-K for the years 2004 and 2005.
2. 2,000,000 shares upon the Company filing Form 10-K for the years 2006 and 2007.
3. 1,000,000 shares upon the Company commencing trading on the OTCBB.
4. 2,000,000 shares upon the Company entering into an agreement that results in revenue for the Company in either the form of funds for research and development from an established defense contractor or government agency; or the sale of an airship; or revenues from other projects in excess of $250,000.
5. 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.
6. 2,000,000 shares upon the Company’s market cap reaching $50,000,000.
Benefits: The Company will provide the Employee, at the Company's expense, with medical Insurance with employee standard applicable contributions as detailed in the Employee Handbook.
