Sierra Resource Group Inc. (fka SIRG)

[Actuate]

NO, the filings state management will get paid prior to the mine opening!

On February 20, 2012 the board of directors approved and the Company agreed to an Employment agreement with J. Rod Martin, CEO. The employment agreement has a three-year term and is effective January 1, 2012. The agreement provides for an annual salary of $150,000 until the Company begins production at the Chloride Copper Mine at which time the rate shall increase to $250,000 per year. The agreement also includes a bonus to be determined in good faith by the Board of Directors at the end of each fiscal year with a target of $350,000 adjusted in accordance with performance. Included in the agreement, Mr. Martin shall also receive a stock bonus representing up to an additional 40 million option shares exercisable at $0.05 per share earned in the following manner; 25% upon opening the Chloride copper plant, 25% when the company begins production at the Chloride Copper Plant, 25% upon the Company’s generation of a cumulative $5 million in revenue, and 25% upon the Company’s generation of a cumulative $10 million in revenue. At the time of the execution of this agreement, the bonus stock option price significantly exceeded the current market price thus they currently hold no value. The employment agreement also calls for a standard benefits package.

http://www.otcmarkets.com/edgar/GetFilingPdf?FilingID=8681055

a. As compensation for his services hereunder and as compensation for his covenant not to compete provided for in Section 4 hereof, Employee shall be paid a base annual compensation initially at the rate of $100,000 per year, which rate of compensation shall be in effect until the Company begins production at the Chloride Copper Mine at which time the rate shall increase to $175,000 per year, which compensation shall be payable monthly in advance. Thereafter, the base annual salary shall be at the rate determined in good faith by the Company's Board of Directors at the Board's regularly scheduled meeting next following the end of each fiscal year, based upon the Company's review of Employee's performance during the preceding fiscal year (which review shall be completed and the results thereof communicated to Employee not later than ten work days following such meeting), but shall not be reduced below the base annual salary in effect at the end of the immediately preceding fiscal year. The base annual salary shall be payable at such periodic intervals, not less than monthly, as from time to time are applicable with respect to salaried executive personnel of the Company, and shall be inclusive of all applicable income, Social Security, and other taxes and charges that are required by law to be withheld by the Company or that are requested to be withheld by Employee.

http://www.otcmarkets.com/edgar/GetFilingPdf?FilingID=8727896