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Message: Re: RG...Billwilke
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Sep 23, 2008 05:31AM
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Sep 23, 2008 05:53AM
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Sep 23, 2008 06:13AM
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Sep 23, 2008 07:10AM
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Sep 23, 2008 07:23AM
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Sep 23, 2008 07:44AM

Neither did the last one in August say temporary...but his time for temporary to full time is approaching quickly...I don't think they'd give him those bonuses within that 9 month timeframe without making him a permanent CEO, if not before that...



In connection with Mr. Goerner’s appointment as Interim President and Chief Executive Officer, and commencing on February 29, 2008 (the “Effective Date”), we entered into an Employment Agreement (the “Agreement”) with Mr. Goerner, terms of which were finalized May 19, 2008. The agreement is for an initial 120-day term if not terminated pursuant to the agreement, with an extension period of one year and on a continuing basis thereafter. Pursuant to the Agreement, Mr. Goerner is to receive a base salary of $250,000 per year and is eligible to receive a bonus of 100% of his base salary at the time his position is converted by the Board of Directors to standing President/CEO or nine months from the effective date of the agreement. If Mr. Goerner is terminated without cause during the nine month period after the effective date he shall receive a pro-rata portion of the bonus based on the term of his actual employment with us. Also pursuant to the Agreement and on the date of the Agreement, Mr. Goerner received a grant of incentive stock options to purchase 250,000 shares of our common stock and non-qualified stock options to purchase 50,000 shares of our common stock. Mr. Goerner also received a grant of non-qualified stock options to purchase 700,000 shares of our common stock to vest upon conversion of his position to standing President/CEO or nine months from the effective date of the agreement, whichever is first to occur and Mr. Goerner also received a grant of non-qualified stock options to purchase 2,000,000 shares of our common stock to vest upon meeting performance conditions outlined in the grant. The Agreement also provides for Mr. Goerner to receive customary employee benefits, including health, life and disability insurance, and an automobile allowance.

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Sep 23, 2008 08:38AM
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Sep 23, 2008 09:11AM

Sep 23, 2008 10:33AM
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Sep 23, 2008 10:51AM
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