Replies to post #136470 on World Surveillance Group Inc (fka WSGI)

[BDay43]

Jack -

I did not make it clear in my post but yes, the 3 year agreement was for Estrella and not Clark. The terms of his contract includes not only a salary of $250k per year but allowances for both living ($2,800/mo) and car ($500/mo) or an additonal $39,600 per year meaning his annual pay & allowances equate to $289,600.

I can't find the actual contract he entered into, but I believe it says that should be removed for any reason by the board, he is entitled to full compensation of the length of the 3 years -- a figure of $868,800 for his 3 year deal not counting shares & options acquired.

So, if the board was to make a move to replace him, they must first consider that he will be paid for his contract for the remaining 14 months. With having little cash on hand, not sure how he would receive his unpaid figure. As I said earlier, the new boss may help bring accountability to the results achieved by our CEO and if the board did vote to remove Clark, it should send a pretty clear message that they have not been satisfied with progress. All this is just my opinion and have no proof the reason for Clark's exit.

I personally asked Phipps at last years SHM the status of his two board appointees and was told at that time, that it was very close to being finalized. With no D&O insurance in place, that may be the reason for not filling the positions......or it may have been an answer that was not totally accurate.

BDay