"Employment Agreements
Brad J. Pyatt, Chief Executive Officer
On November 14, 2011, the Company entered into an amended and restated employment agreement with Mr. Pyatt. The parties amended the Pyatt Employment Agreement in order to amend section 3(c) as it relates to Mr. Pyatt’s bonus payment. The amended Pyatt Employment Agreement now provides that, for each one million dollars ($1,000,000) in revenue growth achieved by the Company from the revenue figure reported for the prior fiscal year, Mr. Pyatt shall receive (i) ten thousand dollars ($10,000) and (ii) one hundred thousand dollars ($100,000) worth of the Company’s common stock, such stock to be valued based on the average closing price for the twenty (20) trading days prior to the date of issuance of such stock. The aforementioned payments to Mr. Pyatt shall be made within 90 days after the end of the Company’s fiscal year."
So basically, for every additonal 1 million raised in revenue, Brad, the top dog, will be rewarded 10,000 in cash and $100 thousand worth of company's common stock. And payment would be made payable to Brad 90 days after the fiscal year.
Ok, so let's see...
Revenues
Net revenues from the sale of products were approximately $21 million for the year ended December 31, 2011, as compared to revenue from the sale of products of approximately $4.0 million for the year ended December 31, 2010.
So, 17 million increase in revenue for the year 2011. For that Brad was rewarded 170,000 in Bonuses and roughly $1.5 million's worth in common stocks. Good for him.
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