Management and Compensation. The Board of Directors may establish a Compensation Committee, consisting of such members as the Board shall determine. Subject to the provisions of applicable law, the Board of Directors may delegate to any such Compensation Committee all or any part of the authority of the Board of Directors regarding the employment and compensation of all officers and employees of the Company.
Management and Compensation. (a) The Corporation will not employ any person in any position deemed to be suitable only for "key management personnel" unless approved by a majority of the Board of Directors.
Management and Compensation. 10 4.10 Inspection................................................. 10 4.11
Management and Compensation. Issuer covenants that so long as any of the Senior Debentures are Outstanding, Xxx X. Xxxxxxx shall not serve as a manager nor will Xx. Xxxxxxx participate in the daily operational management of Issuer. Issuer may enter into long-term contracts with Xxxxx “Grumpy” Xxxxxx and/or Xxxx Xxxxxxx on or after the Effective Date to provide benefits consistent with the current benefits provided to each as of the Effective Date and that contain commercially reasonable provisions for executive-level employees and any provisions for increases in compensation shall not exceed those that are customary and commercially reasonable.
Management and Compensation. Mr. Joel Sens (age 39) xx xxx xxxx employee of the Company and current President and CEO, and has been a Director since inception. Mr. Sens is an entrepxxxxxx xho, from March 1997, was a founder and principal shareholder of Next Generation Media Corp., a publicly held media holding company. From January 1994 through March 1997, Mr. Sens acted as a cxxxxxxxxt specializing in barter transactions and engaged in financial transactions involving the purchase and sale of newspaper companies, radio stations, and barter companies. On February 29, 1996, Mr. Sens pled guilty xx xxx xederal court for the Eastern District of Virginia to one count of failing to disclose the existence of an asset worth approximately $7,000 on a statement of assets filed in a personal bankruptcy case that had been subsequently voluntarily dismissed by Mr. Sens. Mr. Sens rexxxxxx xxe xxxx xx probation and a fine of $1,000. During 2003, previous compensation agreements were renegotiated such that only Mr. Joel Sens is expexxxx xx xxxxxve compensation totaling $90,000 in respect of his services during the last three fiscal years. This has been recorded by the Company but not paid. There have been no other awards or stock based compensations in the last three fiscal years. In October 2000 the Company entered into employment agreements with our former President, Mr. Darryl Reed, as wxxx xx Xx. Xxxx, which provixxx xxx payment of $140,000 annually to each of them. These agreements were renegotiated during 2003 such that no compensation is due to Mr. Reed and, other txxx xxx $90,000 described above due to Mr. Sens, has been rexxxxxx. Under the October 2000 employment agreement with Mr. Sens, the Company xxxxxx to Mr. Sens 3,000,000 shxxxx xx common stock as founder, at a price of $0.001 per share. The Company also issued to Mr. Sens, pursuant to xxx Xxxober 2000 Employment Agreement, stock options to purchase 1,500,000 shares of common stock, granted as follows: - 400,000 to purchase common stock at $.50 per share, - 300,000 to purchase common stock at $1.00 per share, - 300,000 to purchase common stock at $1.75 per share, - 500,000 to purchase common stock at $2.00 per share. Mr. Sens has not exerxxxxx xxy of the options granted pursuant to his employment agreements. These options will expire on October 26, 2010. Stock options previously issued to Mr. Darryl Reed were xxxxxxxxx xx an agreement dated September 2003. Upon completion of the Offering, Mr. Sens, as sole dirxxxxx, xntends to vote to...
