I like the way SIRG is paying its employees. Big incentives to get the mine into production. Unlike many companies, they have to produce to get bonuses.
2.1. Compensation.
a. As compensation for his services hereunder and as compensation for his covenant not to compete provided for in Section 3 hereof, Consultant shall be: (i) paid a base annual compensation for a total of 36 calendar months payable monthly in advance, initially at the rate of $60,000 per year, which rate of compensation shall be in effect from the Effective Date until the Company goes into production at the Chloride Copper Mine at which time the rate shall increase to $110,000 per year.
2.2. Stock Bonus . In addition to the compensation payable to Consultant pursuant to Section 2.1, hereof, Consultant shall be entitled to receive a bonus consisting of options for shares of the Class A Common Stock of the Company, upon the same terms and conditions as those as approved by the Board, with such shares representing up to 20 million option shares (such shares of voting stock being hereinafter referred to as the Bonus Stock), which Bonus Stock shall be delivered to Consultant as follows:
a. 25% of the Bonus Stock shall be delivered to Consultant upon opening the Chloride Copper plant;
b. 25% of the Bonus Stock shall be delivered to Consultant when the Chloride Copper Plant goes into production;
c. 25% of the Bonus Stock shall be delivered to Consultant upon the Company’s generation of a cumulative $5 million in revenue; and
-1-
d. 25% of the Bonus Stock shall be delivered to Consultant upon the Company’s generation of a cumulative $10 million in revenue.
LOAD THE BOAT
