Maryann, based on Mr Gordons performance history of leading this company as CEO ,do you feel he deserved to keep 20% of all revenue generated in the 2nd Q for himself?The company is and has been cash starved,shown little signs of revenue producing life, yet the CEO has a most envious compensation package,again, do you feel he deserves it?..DD
PS: let's revue Gordon's package
"Effective December 4, 1998 TSIG entered into a five-year employment agreement with its Chairman of the Board of Directors.
Annual compensation according to the terms of the agreement is $360,000. In addition, the Chairman was awarded 5,000,000
shares of restricted common stock of the Company for services. At December 4, 1998 the closing price for the Company's
common stock was $.25 per share. Due to the large block and the restrictive nature of the stock issued for services, the
compensation was recorded at 50% of the closing price for the common stock on December 4, 1998. The employment
agreement also entitles the Chairman to receive a car allowance, major medical insurance benefits, indemnification from any
claim or law suit which may be asserted against him when acting as an officer of the Company provided that said
indemnification is not in violation of any federal or state law or rule or regulation of the Securities and Exchange commission.
The agreement also contains certain provisions with respect to disability, termination, confidentially and non-competition."
(from memory,I believe the car allowance is for $2500/month,,correct me if I'm wrong) |
