Re: Are another 6-12 million shares going poof?
Note these paragraphs from two employment agreements in the ORXX 10SB:
3.7 Stock Bonus. The company shall issue to the executive's trust (Warren Hemedinger Trust) a bonus of Five Million (5,000,000) Shares of Preferred Stock, restricted under rule 144, upon any future merger, acquisition or stock exchange agreement.
<snip>
3.5 Stock Bonus. The company shall issue to the executive [Gregory Finney] a bonus of One Million (1,000,000) Shares of Common Stock, restricted under rule 144, upon any future merger, acquisition or stock exchange agreement.
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In mid 1999, Mr. Blackburn, Mr. Mills and Mr. MacMillan as principal owners, formed Santa Maria Mining Corporation, a California Corporation who negotiated a tax free stock exchange agreement with Orex and which was included in the acquisition agreement between Orex and SMMC that was completed in August 1999.
So, does this mean Mr. Hemedinger and Mr. Finney received a bonus of 5,000,000 and 1,000,000 shares respectively? The agreement doesn't say this is a one time deal so does that mean they each get another 5,000,000, and 1,000,000 shares respectively with the OMC deal? Am I misreading things?
- Jeff |
