Common use of COMPENSATION TO CONSULTANT Clause in Contracts

COMPENSATION TO CONSULTANT. (a) In lieu of cash and in consideration for the Services, the Company shall issue to the Consultant an aggregate of 7,000,000 (7 million ) shares of the Company’s common stock, $0.0001 par value per share (the “Consulting Shares”) on the effective date of the Agreement. If the company does not have a sufficient number of authorized shares to issue the Consulting Shares at the time of entry of this Agreement, or the issuance of the Consulting Shares will restrict the ongoing operations of the Company to secure capital or identify acquisition candidates, then in that event the Consulting Shares shall be deemed “Issuable”, and reported on the Company’s financial statements. Following execution of this Agreement the Company will undertake to increase the number of authorized common stock or implement a reverse split of its common stock. If a reverse stock split is implemented and approved, and the Consulting Shares have not yet been issued, then in that event the total number of shares issuable to the Consultant shall be adjusted to reflect the reverse stock split. For purposes of example only, if the Company implements a 1:10 reverse split of its outstanding common stock and the Consulting Shares have not yet been issued, then in that event the Consultant shall receive 700,000 shares of the Company’s common stock.

Appears in 1 contract

Samples: Consulting Agreement (Mindesta Inc.)

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COMPENSATION TO CONSULTANT. (a) In lieu of cash and in consideration for the Services, the Company shall issue to the Consultant an aggregate of 7,000,000 one hundred thousand shares (7 million 125,000.00 ) shares of the Company’s common stock, $0.0001 par value per share (the “Consulting Shares”) on the effective date of the Agreement. If the company does not have a sufficient number of authorized shares to issue the Consulting Shares at the time of entry of this Agreement, or the issuance of the Consulting Shares will restrict the ongoing operations of the Company to secure capital or identify acquisition candidates, then in that event the Consulting Shares shall be deemed “Issuable”, and reported on the Company’s financial statements. Following execution of this Agreement the Company will undertake to increase the number of authorized common stock or implement a reverse split of its common stock. If a reverse stock split is implemented and approved, and the Consulting Shares have not yet been issued, then in that event the total number of shares issuable to the Consultant shall be adjusted to reflect the reverse stock split. For purposes of example only, if the Company implements a 1:10 reverse split of its outstanding common stock and the Consulting Shares have not yet been issued, then in that event the Consultant shall receive 700,000 12,500 shares of the Company’s common stock. The shares will be issued ½ upon commencement and the remaining ½ at the end of the term (12 months) subject regulatory holding periods.

Appears in 1 contract

Samples: Consulting Agreement (Mindesta Inc.)

COMPENSATION TO CONSULTANT. (a) In lieu of cash and in consideration for the Services, the Company shall issue to the Consultant an aggregate of 7,000,000 five hundred thousand shares (7 million 500,000.00) shares of the Company’s common stock, $0.0001 par value per share (the “Consulting Shares”) on the effective date of the Agreement. If the company does not have a sufficient number of authorized shares to issue the Consulting Shares at the time of entry of this Agreement, or the issuance of the Consulting Shares will restrict the ongoing operations of the Company to secure capital or identify acquisition candidates, then in that event the Consulting Shares shall be deemed “Issuable”, and reported on the Company’s financial statements. Following execution of this Agreement the Company will undertake to increase the number of authorized common stock or implement a reverse split of its common stock. If a reverse stock split is implemented and approved, and the Consulting Shares have not yet been issued, then in that event the total number of shares issuable to the Consultant shall be adjusted to reflect the reverse stock split. For purposes of example only, if the Company implements a 1:10 reverse split of its outstanding common stock and the Consulting Shares have not yet been issued, then in that event the Consultant shall receive 700,000 50,000 shares of the Company’s common stock.

Appears in 1 contract

Samples: Consulting Agreement (Mindesta Inc.)

COMPENSATION TO CONSULTANT. (a) In lieu of cash and in consideration for the Services, the Company shall issue to the Consultant an aggregate of 7,000,000 five hundred thousand shares (7 million 1,200,000.00) shares of the Company’s common stock, $0.0001 par value per share (the “Consulting Shares”) on the effective date of the Agreement. If the company does not have a sufficient number of authorized shares to issue the Consulting Shares at the time of entry of this Agreement, or the issuance of the Consulting Shares will restrict the ongoing operations of the Company to secure capital or identify acquisition candidates, then in that event the Consulting Shares shall be deemed “Issuable”, and reported on the Company’s financial statements. Following execution of this Agreement the Company will undertake to increase the number of authorized common stock or implement a reverse split of its common stock. If a reverse stock split is implemented and approved, and the Consulting Shares have not yet been issued, then in that event the total number of shares issuable to the Consultant shall be adjusted to reflect the reverse stock split. For purposes of example only, if the Company implements a 1:10 reverse split of its outstanding common stock and the Consulting Shares have not yet been issued, then in that event the Consultant shall receive 700,000 120,000 shares of the Company’s common stock.

Appears in 1 contract

Samples: Consulting Agreement (Mindesta Inc.)

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COMPENSATION TO CONSULTANT. (a) In lieu of cash and in consideration for the Services, the Company shall issue to the Consultant an aggregate of 7,000,000 6,000,000 (7 6 million ) shares of the Company’s common stock, $0.0001 par value per share (the “Consulting Shares”) on the effective date of the Agreement. If the company does not have a sufficient number of authorized shares to issue the Consulting Shares at the time of entry of this Agreement, or the issuance of the Consulting Shares will restrict the ongoing operations of the Company to secure capital or identify acquisition candidates, then in that event the Consulting Shares shall be deemed “Issuable”, and reported on the Company’s financial statements. Following execution of this Agreement the Company will undertake to increase the number of authorized common stock or implement a reverse split of its common stock. If a reverse stock split is implemented and approved, and the Consulting Shares have not yet been issued, then in that event the total number of shares issuable to the Consultant shall be adjusted to reflect the reverse stock split. For purposes of example only, if the Company implements a 1:10 reverse split of its outstanding common stock and the Consulting Shares have not yet been issued, then in that event the Consultant shall receive 700,000 600,000 shares of the Company’s common stock.

Appears in 1 contract

Samples: Consulting Agreement (Mindesta Inc.)

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