Coasti it would appear that the consultant was allowed to purchase options on stock at 75% of the five day average at up to 2.5 million dollars. This may or may not have been a good deal for him the, it sure wouldn't be today. We know he didn't earn any of the commissions don't we?
Compensation; Grant of Stock Option. In consideration for the services to be provided by the Consultant to the Company under the terms of this Agreement, the Company agrees to grant to the Consultant upon the execution of this Agreement a non-qualified stock option (the “Option”) to purchase up to the number of shares (the “Shares”) of the Company’s common stock (the “Common Stock”) as set forth below which shall fully vest immediately upon execution of this Agreement, at an exercise price as set forth below:
Total Dollar Amount: $2,500,000
$2,500,000 of options to be registered pursuant under the Globe Tel employee stock option program as already filed and to be amended and updated with the SEC.
The lesser of:
• The Previous Thirty Days Average (1 month) Low, or
• Percentage per Share (in US$): 75% per share of the immediately preceding five day low stock price prior to the exercise date.
• Additional Compensation: Consultant shall receive a commission equal to (1&1/2 %) 1.5 percent of any calling card or debit/MasterCard. This fee will be due from any sales generated from any retailer, wholesaler or jobber introduced to Globe Tel or it’s subsidiaries by Consultant. This fee will be calculated based on the face value of the card sales and all renewals or funds added to the cards.
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