Wish I was BJ with the holding he has
You got that right.. You can see a summary of BJ's nest egg at the very end of this long "hangers-on" compensation list.
I kinda get a chuckle out of the first sentence in the repost below. In PWTC's case , "the next annual meeting" seems to be every 2-5 years LOL
Does anyone have the complete list of the 5 board members..
OUR DIRECTORS AND EXECUTIVE OFFICERS
Our Directors are elected annually and hold office until the next annual meeting of our stockholders or until their successors are elected and qualified. Officers are elected annually and serve at the discretion of the Board of Directors. There is no family relationship between or among any of our directors and executive officers. Our Board of Directors consists of five persons.
RELATED TRANSACTIONS
Effective June 30, 2004, Mr. Lee A. Balak resigned as a director and as the President, Treasurer and Secretary of Power Technology. Power Technology has entered into a consulting agreement with Mr. Balak. The consulting agreement was for a term of six months and the consulting fee paid was $5,000 per month.
During the year ended January 31, 2006, Mr. Lee Balak, a former director and president of the Company, surrendered ownership of 4,000,000 shares of common stock of Power Technology to the Company pursuant to an agreement with Mr. Balak by which the Company released all claims it may have had against Mr. Balak which were related to any act that Mr. Balak did or failed to do in his capacity as an officer or director of Power Technology.
During the year ended January 31, 2005, Bernard J. Walter, a Director, the Chief Executive Officer, President, Treasurer and Secretary of Power Technology, pursuant to an Employment Agreement, received stock grants and was issued 9,441,015 shares of the restricted common stock of Power Technology. These shares are restricted from sale for a period of three years from July 1, 2004 and are to be non-dilutive and are not subject to any reverse stock split of the common stock of Power Technology.
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During the year ended January 31, 2005, Hugo P. Pomrehn, one of our directors, was issued 800,000 shares of the restricted common stock of Power Technology and was paid $9,000 cash, as director's fees.
During the year ended January 31, 2006, Hugo P. Pomrehn, one of our directors, was issued 264,706 shares of the restricted common stock of Power Technology and was paid $18,000 cash, as director's fees.
During the year ended January 31, 2005, F. Bryson Farrill, one of our directors, was issued 800,000 shares of the restricted common stock of Power Technology and was paid $9,000 cash, as director's fees.
During the year ended January 31, 2005, Joey Jung, Chief Technology Officer of Power Technology, was granted a stock option to acquire 100,000 shares of Power Technology's common stock at a price of one half of one cent, $0.005, per share.
On May 25, 2004, while he was a Director, the Chief Executive Officer, President, Treasurer and Secretary, Power Technology issued to Lee Balak, 4,037,485 restricted shares of Power Technology's common stock (which had a market value of $100,937) in payment of a loan to Power Technology by Mr. Balak of $65,423 principal and $5,233 interest due on the loan.
On May 25, 2004, while he was a Director, the Chief Executive Officer, President, Treasurer and Secretary, Power Technology issued to Lee Balak, 10,676,570 restricted shares of Power Technology's common stock (which had a market value of $266,914) in payment of previous loans to Power Technology by Mr. Balak made during 2002 in the principal amount of $173,000, plus $13,840 in accrued interest.
On May 25, 2004, while he was a Director, the Chief Executive Officer, President, Treasurer and Secretary, we issued to Lee Balak, Power Technology issued to Lee Balak, 8,571,428 shares of Power Technology's restricted common stock (which had a market value of $214,286) in payment of his annual salary in the amount of $150,000 for the fiscal year ended January 31, 2004.
During the year ended January 31, 2006, Bernard J. Walter, a Director, the Chief Executive Officer, President, Treasurer and Secretary of Power Technology, pursuant to an Employment Agreement, received stock grants and was issued 721,165 shares of our restricted common stock. These shares are restricted from sale for a period of three years from July 1, 2004 and are to be non-dilutive and are not subject to any reverse stock split of the common stock of Power Technology.
During the year ended January 31, 2006, Hugo P. Pomrehn, a Director of Power Technology, was issued 264,706 shares of our restricted common stock and was paid $18,000 cash, as director's fees.
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During the year ended January 31, 2006, F. Bryson Farrill, a Director of Power Technology, was issued 264,706 shares of our restricted common stock and was paid $18,000 cash, as director's fees.
During the year ended January 31, 2006, Joey Jung, Chief Technology Officer of Power Technology, was granted a stock option to acquire 900,000 shares of our common stock at a price of one half of one cent ($0.005) per share.
During the year ended January 31, 2006, Mr. Lee Balak, a former director and president of the Company, was paid $16,906.62 as reimbursement for cash advances Mr. Balak personally made to third parties to pay expenses of the Company during the period prior to July of 2004, while he was a director and president of the Company.
On April 20, 2006, subsequent to the year ended January 31, 2006, Hugo P. Pomrehn, one of our directors, exercised a warrant and purchased, at $0.06 per share, 500,000 shares of restricted common stock of Power Technology. Subsequent to the year ended January 31, 2006, Dr. Pomrehn, was issued 60,000 shares of our restricted common stock and was paid $9,000 cash, as director's fees.
Subsequent to the year ended January 31, 2006, F. Bryson Farrill, a Director of Power Technology, was issued 60,000 shares of our restricted common stock and was paid $9,000 cash, as director's fees.
EMPLOYMENT AGREEMENTS
We entered into an Employment Agreement with Mr. Bernard J. Walter effective July 1, 2004, which terminates on December 31, 2009, and may be extended by Power Technology annually thereafter. The Employment Agreement with Mr. Walter provides for a base salary for 2004 of $90,000, $120,000 for 2005, and $180,000 per annum for 2006 through 2009, with annual increases of five per cent or greater if set by the compensation committee of Power Technology. The Employment Agreement with Mr. Walter also provides for incentive bonuses based upon performance criteria to be determined at the beginning of each year for each applicable annual period by the compensation committee. Mr. Walter became entitled to receive 7.5% of the outstanding shares of Power Technology. His shares of common stock are to be non-dilutive and are not subject to any reverse stock split of the common stock of Power Technology. As of February 13, 2006, Mr. Walter owned 10,162,180, shares of the restricted common stock of Power Technology which were restricted from sale for a period of three years from July 1, 2004. The Employment Agreement also has customary provisions regarding an automobile allowance, participation in benefits plans, life insurance and other terms.
On October 30, 2004, Power Technology entered into an employment agreement with Joey Jung to retain him as an executive through November 21, 2006. Pursuant to the terms of the Employment Agreement, we agreed to pay Mr. Jung $68,525 as a base salary and to increase his pay by no less than 10% of Base Salary each year of employment. Mr. Jung was granted a stock option to acquire 100,000 shares of our common stock at a price of one half of one cent, $0.005. Mr. Jung was granted to a stock option to acquire an additional 900,000 shares of Power Technology's common stock at a price of one half of one cent, $0.005, per share. Stock options for 450,000 of these additional shares shall vest upon the earlier of two years from his employment commencement date or the manufacturing and delivery of 100 prototype 12 Volt batteries. Stock options for the other 450,000 additional shares shall vest upon the earlier of two years from earlier of his employment commencement date or the completion of design and fabrication of the equipment necessary to manufacture the 12 Volt battery in commercial quantities.
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