First American Scientific Corp. (fka FASC)

[TRCPA]

Fasctrack.....the employment contract which covers these options and collateral effects is dated July 1, 2008.

This was in the prior year's 10K, for year ending June 30, 2009.

http://yahoo.brand.edgar-online.com/displayfilinginfo.aspx?FilingID=6823572-900-189556&type=sect&dcn=0001002014-09-000815

Page 36.....

"On July 1, 2008 the Company signed Employment Agreements with two of its senior officers providing an option for the issue of stock in lieu of payment for unpaid salaries and loans, provisions for compensation on termination due to change of control or otherwise, and to provide for collateral for unpaid debts. In case of early termination, these agreements provide for an acceleration of the total contracted amount due until the end of term of the contract, and an immediate vesting of all stock options to be granted therein."


They haven't asked for new shares, and don't appear to have any immediate plans to actually do so.

But they also have an option to obtain these shares as part of a sale of the company.

IMO, I think that's where they are ultimately going with this.