SSRC - 8k filed this afternoon, explaining the Form 4's that were filed Friday. The officers and directors have never taken any salary, and to this point only they and the beneficial holders have loaned money to the company:
"ITEM 1.01. ENTRY INTO A MATERIAL DEFINITIVE AGREEMENT.
ITEM 2.03. CREATION OF A DIRECT FINANCIAL OBLIGATION OR ANOBLIGATION UNDER AN OFF-BALANCE SHEET ARRANGEMENTOF A REGISTRANT.
On September 7, 2010, SentiSearch, Inc. (the “Company”) issued to each of Samuel A. Rozzi and Frederick R. Adler, $25,000 principal amount of promissory notes (the “Notes”) (a total of $50,000 principal amount of Notes). Frederick R. Adler is a director of the Company and a beneficial owner of more than 10% of the Company’s outstanding common stock and Samuel A. Rozzi is a beneficial owner of more than 10% of the Company’s outstanding common stock.
The Notes are payable on demand by the holder and are non-interest bearing.
ITEM 5.02 DEPARTURE OF DIRECTORS OR CERTAIN OFFICERS; ELECTION OF DIRECTORS; APPOINTMENT OF CERTAIN OFFICERS; COMPENSATORY ARRANGEMENTS OF CERTAIN OFFICERS.
Adoption of 2010 Stock Incentive Plan
On September 8, 2010, the Board of Directors of the Company adopted the 2010 Stock Incentive Plan, or 2010 Plan. The purpose of the 2010 Plan is to enable the Company to offer its employees, officers, directors, consultants and others whose past, present and/or potential contributions to the Company have been, are or will be important to the success of the Company, an opportunity to acquire a proprietary interest in the Company. A total of 2,000,000 shares of common stock are eligible for issuance under the 2010 Plan. The 2010 Plan provides for the grant of any or all of the following types of awards: stock options, restricted stock, deferred stock, stock appreciation rights and other stock-based awards. The 2010 Plan is administered by the Board, or, at the Board’s discretion, a committee of the Board.
Awards to Joseph K. Pagano, Erik Lundh and Frederick R. Adler
On September 8, 2010, the Company granted 750,000 stock options to three of its directors and officers. The exercise price of each of the stock options granted is $0.28 per share. All of the options vest immediately and expire on September 8, 2020.
The following are the recipients of the stock options granted:
Joseph K. Pagano Chief Executive Officer, 500,000
Secretary, Treasurer and
Chairman of the Board
Erik Lundh Director 150,000
Frederick Adler Director 100,000
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
SENTISEARCH, INC.
Dated: September 13, 2010 By: /s/ Joseph K. Pagano
Name:
Title: Joseph K. Pagano
Chief Executive Officer, Secretary, Treasurer and Chairman of the Board"
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