Read the filing:
2M shares are restricted
the new 500K Series A preferred shares convertible 200:1 are not
ITEM 5.02
Departure of Directors or Principal Officers; Election of Directors; Appointment of Principal Officers.
On August 18, 2006, Asia Global Holdings Corp. (“AAGH”) entered into an Employment Agreement (the “Agreement”) with Michael Mak to serve as President and Chief Executive Officer.
Mr. Mak’s employment at AAGH will be at-will. He will receive a salary of $60,000 per year. He will be eligible for an annual cash performance bonus ranging from 0% to 120% of eligible salary. In addition, Mr. Mak will receive a signing bonus of 2,000,000 shares of 144 Restricted Common Stock (“Shares”), with the Shares payable upon execution of the Agreement. If Mr. Mak leaves the company voluntarily or due to termination for reasons other than death or permanent and total disability before completing one year of employment, the Shares must be returned to AAGH.
Mr. Mak will receive a stock award of 500,000 shares of Asia Global Holdings Corp. Series A Convertible Preferred Stock, which will vests within 15 days of the execution of the Agreement.
A copy of Mr. Mak’s Employment Agreement is attached to this filing.
ITEM 5.03
Amendments to Articles of Incorporation or Bylaws; Change in Fiscal Year.
On October 24, 2006, the Company filed a Certificate of Designation with the Secretary of State of Nevada creating a new class of stock, designated as Series A Convertible Preferred Stock (“Series A”). The designated amount of Series A is 500,000 shares (“Series A Shares”) at a par value of $0.001. The Series A Shares are convertible at a ratio of 200:1 and is non-dilutible or reversible.
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