Anyone see the 8K.... Re Employment Agreement
Effective April 1, 2012, the Company entered into employment agreements with Kent A. Strickler, appointing him Chief Executive Officer and President of the Company, and Douglas R. Johnson, appointing him Chief Operating Officer, which agreements contain the same terms and provisions. The agreements provide for an initial term of three years, ending on March 31, 2015. The agreements also provide for an annual base salary of $180,000. The executives shall be issued immediately, upon approval by the board, a commitment bonus of 10,000,000 shares of the Company's common stock. The Board of Directors may provide, in its discretion, an additional bonus to the executives.
The Board may, in its discretion, approve the issuance of stock options or grants to the executives. In the event either of the executives is terminated by the Company without cause or due to the executive's death or disability, the Company shall amend any then issued stock options granted to the executive to permit full vesting and full exercise thereof. In the event either of the executives terminates their own employment for "good reason", they will receive the same treatment as if they were terminated by the Company without cause.
In the event one of the executives dies during the term of the employment agreement, the Company shall pay to the deceased executive's heirs or personal representatives the executive's then due base salary and accrued but unused vacation pay. Any additional compensation then due will be paid to the deceased executive's estate.
The foregoing description of the employment agreements do not purport to be complete and are qualified in their entirety by reference to the agreements which are attached as an exhibits to this Current Report and are incorporated into this Item by reference.
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