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Replies to post #90427 on Hannover House Inc (HHSE)
Nikodemos
01/23/12 2:12 PM
#90429 RE: wallstguru #90427
7). OFFICER FORFEITURE OF SHARES – During 2011, both Parkinson and Shefte voluntarily surrendered shares personally owned or controlled by themselves back to Treasury Stock. The purpose of this action was to create a balancing “punishment” for non-performance, as compared to the customary public-company standard of only rewarding managerial success. As of 12-31-2011, Parkinson did not achieve the revenue goals set for him by the Board of Directors, and will permanently forfeit 10-million shares if the Company does not generate at least $10-million in gross revenues by 12-31-2012. As of 12-31-2011, Shefte did not complete the project management tasks assigned to him by the Board for the completion of the Company audits, and has 5-million shares in jeopardy until this task is completed. None of the shares forfeited by Parkinson or Shefte will be returned during calendar year 2012, even if the performance thresholds for each have been achieved.