Clear Skies Solar, Inc.(fka CSKH)

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For the money these guy's pay themselves you'd think they could actually produce something of value...



We have entered into employment agreements with Ezra J. Green to serve as our Chief Executive Officer and Chairman, with Thomas J. Oliveri to serve as our President and Chief Operating Officer and with Arthur L. Goldberg to serve as our Chief Financial Officer. These agreements were entered into in December 2007, March 2008 and January 2008, respectively, and were all amended and restated in November 2008. The initial terms of the amended and restated agreements (the “Agreements”) are three years, with automatic one-year renewals following this three-year period in the absence of a notice of non-renewal as provided for in the Agreements. Pursuant to the Agreements Messrs. Green, Oliveri and Goldberg are to receive minimum annual base salaries of $250,000, $200,000 and $200,000, respectively, for the first three years, and then an agreed upon salary (of not less than the amount specified above) for each future year of employment. Each of Messrs. Green, Oliveri and Goldberg were entitled to an annual bonuses based on the financial results of the Company for each of the twelve month periods ended March 31, 2009 and 2010. Neither bonus was earned nor paid. If any of such executives’ employment is terminated without cause or if any resign for good reason (as defined in his employment agreements), then we will be obligated to pay the terminated executive, as severance, his then current annual base salary and annual bonuses (as such is defined within the Agreements) for the remainder of the term.


On February 15, 2011, all outstanding stock options (entitling the holders to purchase an aggregate of 10,215,000 shares of our common stock) were modified by our Board of Directors by reducing the exercise price to $.025 per share (the fair market value on that date) and all options became fully vested as of that date. Messrs. Green, Oliveri and Goldberg have options, as modified, to purchase 2,525,000 shares, 1,800,000 shares and 2,000,000 shares, respectively. The duration of all options is ten years from the date of the original grant except for options to purchase 925,000 shares granted to Mr. Green (included in his total noted above) expire five years from date of the original grant.


In addition, on January 19, 2010 the Board of Directors granted Messrs. Green, Oliveri and Goldberg 1,200,000 shares, 10,000 shares and 25,000 shares, respectively, of our Class B preferred stock, each share of which was convertible into ten shares of our common stock. All of these shares were converted during 2010.


We lease approximately 3,356 square feet of office space at 200 Old Country Road, Mineola, New York from HUB Properties Trust at an initial base rental of $7,831 per month increasing annually to $9,626 per month pursuant to a seven year lease.

A HUNDRED GRAND PER YEAR FOR AN OFFICE TO PUT A DESK AND A PHONE IN ....PLEASE!