I guess Quirking won’t be for long. His 2 year contract ends in about 7 months and he must update us about his or company decision if he isn’t going to renew the contract.
Per contract Quirk has to update about his decision 180 days before expiration day, unless he decided to Quirked little more than contract will be automatically renewed for another 12 months.
Also per contract he is collecting $160,000 per annum, plus 5% increase each year and bonuses.
“The initial term of the Agreement is for a period of two (2) years, commencing on April 20, 2013 (the “Commencement Date”). The term of the Employment Agreement will be automatically extended for additional terms of one (1) year each (each a “Renewal Term” and together with the Initial Term, the “Term”), unless either the Company or Mr. Quirk gives prior written notice of non-renewal to the other party no more than 270 days and no less than 180 days before the expiration of the then current Term”
“During the Term, the Company will pay Mr. Quirk (i) a base salary (the “Base Salary”) of $160,000 per annum, increasing by 5% per annum on January 1 of each year to reflect cost of living increases and (ii) a bonus (the “Bonus” and, together with the Base Salary, “Total Compensation”), ranging from 0% to 150% of the Base Salary, based on the Company’s achievement of certain performance targets. Under the Employment Agreement, Total Compensation shall accrue until the Company has received funding of at least $250,000, and as of such time all accrued amounts shall become due and payable”
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