Is that in a filing? I reviewed a previous 10K (excerpt provided) that indicates some legal/ contractual issues with Ms. Lynch..Has the 5% bonus payout been amended, dropped or what? Shareholders should know this as 5% payout in shares cannot just be assumed to vanish without some legal filing.
Consulting Agreement with Texada Consulting Inc.
On January 31, 2007, Wolverine entered a consulting agreement with Texada Consulting Inc., which is 100% owned by Deidre Lynch, a 5% shareholder of Wolverine. Pursuant to the terms of the consulting agreement, Texada, through its designated person, Bruce Costerd, provides Wolverine with consulting, management and labor supply services. For those services, Wolverine pays Texada Consulting Inc. a monthly consulting fee of $10,000, plus any approved reasonable expense claims and any applicable taxes. Wolverine is also obliged to provide or pay for non-exclusive office space with parking for Texada to provide the services under the agreement. The term of the consulting agreement is one year and will renew automatically for successive one year terms, unless amended or terminated. The parties may by mutual consent terminate the consulting agreement at anytime for any reason. Wolverine has agreed not to terminate the consulting agreement without cause prior to February 28, 2010 for any reason whatsoever. If Wolverine does terminate the consulting agreement without cause it will have to pay liquidated damages to Texada Consulting Inc. Finally, Texada will receive a bonus of an issuance of shares of common stock in the capital of Wolverine equal to 5% of the issued and outstanding shares on a non-diluted basis as of the date of the issuance of the bonus shares if Wolverine discovers a major mineral resource deposit on any mineral property that Texada was involved with, which is currently the Labrador Claims. The payment of the bonus shares will survive the termination of this consulting agreement. Texada has received consulting fees of $183,850, reimbursement of expenses of $2,363, and rent of $8,688 from inception to February 29, 2008, and has also accrued $9,400 in consulting fees.
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