SwingTrade Member Forum

[umiak]

SPIN--8-K just filed; Talamas waives share award


On May 11, 2010 we entered into an employment agreement with John A. Talamas, our Chief Operating Officer. The agreement provides that we will transfer to Mr. Talamas 500,000 restricted shares of common stock if Mr. Talamas is employed by us under his employment agreement on June 30 of the calendar year in which we achieve an annual fully diluted earning per share of at least $0.01 as reflected in the audited financial statements filed with an annual report on Form 10-K filed with the SEC. After discussions with management, on February 26, 2012 Mr. Talamas confirmed in writing that he was waiving his right to receive these 500,000 shares.