In connection with the Company appointment Mr. Contla Chief Financial Officer, the Company entered into an Employment Agreement with Mr. Contla.
The Employment Agreement with Mr. Contla, dated effective June 1, 2016, provides for an initial annual base salary, commencing June 1, 2016, of $105,000. The agreement also provides for the issuance to Mr. Contla of: (i) a warrant to purchase 25,000 shares of common stock, with a strike price of $3.00, that vests quarterly equally over 24 months, (ii) a warrant to purchase 25,000 shares of common stock, with a strike price of $3.00, that vests fully at the completion of the first full scale production facility producing a minimum of 11,000 M/T per year of PTA & MEG, and (iii) a warrant to purchase 25,000 shares of common stock, with a strike price of $3.00, that vests fully at the completion of the second full scale production facility producing a minimum of 11,000 M/T per year of PTA & MEG. Mr. Contla is also entitled to a severance payment equal to the greater of two months of salary or the aggregate of one month for each year of employment, upon the termination of his employment by the Company without cause or by Mr. Solomita for good reason or in the event of a change in control.
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