Executive Agreement Addendum
Exhibit 10.25
Executive Agreement Addendum
Name: Xxxxx Xxxxxx |
Title: Chief Financial Officer of VeriChip Corporation | Effective Date: April 1, 0000 | ||
Xxxxxxxx: Xxxxxxxx, XX Xxxxxx | ||||
Reports to: Xxxxx XxXxxxxxxx Title: CEO – VeriChip Corporation |
Salary:
$150,000 Canadian |
Quarterly Bonus: - Section 1
Special Quarterly bonuses may be initiated from time to time |
Yearly Bonus: - Section 2.
Up to 50% of base salary |
Except as modified hereby, the terms and provisions of that certain Executive Agreement by and between VeriChip Inc. (f/k/a EXI Technologies Inc.) and Xx. Xxxxxx shall remain in full force and effect.
General Description of Duties:
• | Supervision of all financial aspects of the combined company |
• | Continued personal involvement in Strategic Relationships |
• | Assist in Strategic acquisitions for the Company |
• | Develop significant Partnerships and Alliances in Gov’t and Commercial Accounts |
• | Capital market activity for the new VeriChip Corporation |
• | Other assigned tasks as necessary |
SECTION 1. Quarterly Bonus
•
SECTION 2. Yearly Bonus Criteria (up to 50% of base salary)
• | 30% Financial – EBITDA |
• | 15% Strategic / Revenue producing acquisitions |
• | 15% Capital market activity |
• | 10% Strategic Partnership – Major Distribution Agreement |
• | 30% Integration Goals |
Financial (10%)
Personnel (10%)
Company (10%)
SECTION 3. Other Financial Consideration
• | Initial VeriChip Option Grant of 57,788 @ U.S. $1.54 |
• | Subsequent VeriChip Option Grant of 2,878 @ U.S. $1.54 on or prior to January 15, 2006 |
/s/ Xxxxx Xxxxxx |
||
Xxxxx Xxxxxx |
Date: 12/28/05 | |
/s/ Xxxxx XxXxxxxxxx |
||
Xxxxx XxXxxxxxxx |
Date: |