Replies to post #12557 on HydroPhi Technologies Group Inc. (fka HPTG)

[beer$$money]

Maybe he will answer you if you apologise for calling him out like that? LOL! This issue came up before and while he is suppose to be paid $250k it has been accrued compensation according to the fillings?


For the fiscal year ended March 31, 2015


Employment Agreements

Hydro Phi, entered into a two-year employment agreement with Mr. Slotkin on July 13, 2013. The agreement provides that he will act as the Chief Executive Officer of HPT Group and Hydro Phi. Mr. Slotkin will be paid a salary of $250,000 per annum and regular benefits, and is entitled to a car allowance. He also may be awarded merit based performance increases. Mr. Slotkin is eligible additional bonus compensation and for stock options to be determined and awarded in the discretion of the board of directors. The agreement provides for various termination events and restrictive covenants on competitive employment and for non-solicitation of employees, customers and vendors.

On June 24, 2015 the Company’s board of directors approved by written consent, a one year extension of Mr. Slotkins’ employment agreement.

We intend to enter into employment agreements with the other senior executives of both the HPT Group and Hydro Phi. These agreements likely will provide employment at will with various severance, non-competition and confidentiality provisions and other rights typically associated with written employment agreements.




6. ACCRUED COMPENSATION

In order to attract competent and talented employees and officers, the Company has entered into formal employment agreements with its key employees and officers. The Company has provided for accrued compensation with employees and officers who have participated in active management roles and worked without pay or limited pay.


In July 2013, the Company issued warrants to purchase 3,313,336 shares of the Company’s common stock to settle $1,767,649 accrued compensation to current and former employees. See Note 17.

The accrued compensation as of March 31, 2015 and 2014 was $226,752 and $281,752, respectively. There is no set date for payment of this accrued expense. Payment of the accrued compensation is conditional upon the success of the Company and the approval of the Board of Directors of the Company. During the year ended March 31, 2015 three payments against accrued compensation totaling $55,000 were made to an employee of the Company.