Executive Chairman Remuneration Agreement between KAL Energy, Inc. and William Bloking

Contract Categories: Human Resources › Compensation Agreements
Summary

KAL Energy, Inc. offers William Bloking, its Executive Chairman and President, an increased annual salary of $300,000, effective retroactively from June 1, 2008, payable monthly. This higher salary will continue until a new Chief Executive Officer is appointed, at which point the salary will revert to $84,000 per year. The agreement outlines the terms of this remuneration adjustment and requires Mr. Bloking's written acceptance.

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Head Office: 
81 Clemenceau Ave. 04-15/16
UE Square Suite 23
Singapore 239917
(t) +65 6830 8440
www.kalenergyinc.com

 
Mr William Bloking
President & Chairman of the Board of Directors
KAL Energy, Inc.

9 September 2008

RE: Executive Chairman Fees

Dear Mr. Bloking:

On behalf of the Board of Directors of KAL Energy, Inc. (“the Company”), and in light of your duties as Executive Chairman and President of the Company, I hereby tender for your consideration our offered Remuneration Package.

Base Salary
During your term as Executive Chairman, your fees will be increased from a rate of $84,000 per annum to $300,000 per annum, payable monthly in arrears on the 15th of the month.

This will be accounted for since June 1, 2008. This fee structure will revert to $84,000 per annum upon appointment of a new Chief Executive Officer as so noted by a resolution of the Board of Directors.

I hope you will find this to be a competitive offer, and look forward to your written acceptance.


Yours sincerely,

       
/s/ Antonio Varano      
Antonio Varano		    
Independent Non-Executive Director
KAL Energy, Inc
      
 

US Office:
148 North Main St.
Florida, NY 10921
(t) +1 ###-###-####
(f) +1 ###-###-####
www.kalenergyinc.com