ACE. The Company and the Executive previously agreed that Executive would receive options to purchase 500,000 shares of common stock which would be payable to the Executive quarterly pro rata based on the post tax net profitability of Ace being at least £600,000 at the end of the first full year; However, because of the significant contribution Ace which satisfied this financial threshold in the first quarter post acquisition and the Executive have made to the Company as well as for incentive purposes, the Company decided to issue 500,000 shares of Tricell common stock the Executive immediately in lieu of options.
Appears in 4 contracts
Sources: Employment Agreement (Tricell Inc), Employment Agreement (Tricell Inc), Employment Agreement (Tricell Inc)