Zevotek, Inc. (ZVTK)

[stockforme]

Looking at the last 10Q

Ryu will not get his 75 million shares for the licensing agreement unless he sells 5 million dollars worth of bulbs by Feb. 28 2010, called incentive shares. I would say we had 5 million dollars worth of sales.




On February 24, 2009, the Company entered into an Exclusive License and Sales Agreement whereby the Company has worldwide exclusive rights to manufacture, market use, sell, distribute and advertise certain licensed products. The license is on a year to year basis with automatic renewal subject to the Company re-acquire listing on the OTC BB exchange by February 14, 2010 and files all quarterly and annual reports by due dates, inclusive of allowable extensions.

In exchange for the exclusive license, the Company issued 50,000,000 shares of its common stock. The license was valued at the market price of the underlying security.

In addition, the Agreement also provides for the retention of Ryu as a non-exclusive independent contractor sales representative to obtain purchase orders for the Licensed Products on our behalf In consideration for his consulting services, we agreed to issue Ryu 750,000 shares of Common Stock for each $100,000 in gross sales of the Licensed Product by Ryu (or any Sales Associate hired by him) on or before February 28, 2010 up to a maximum of 75,000,000 shares of Common Stock (collectively, the “Incentive Shares” ). The Incentive Shares shall not vest unless Ryu (or any Sales Associate hired by him) shall have collectively procured gross sales of $5,000,000 for the Licensed Products on or before February 28, 2010 (the “Target” ). If Ryu fails to achieve the Target, such Incentive Shares shall be null and void and of no further force and effect.