Equity Compensation Agreement between PICK Communications, Inc. and Helge Bornmann (September 7, 2000)

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Summary

PICK Communications, Inc. has agreed to grant Helge Bornmann shares of its common stock as compensation for his roles as Chairman of the Board, President, and CEO. Mr. Bornmann will receive 25,000 shares each year for serving as a director and another 25,000 shares each year for serving as President and/or CEO. Additionally, he will receive a one-time bonus of 100,000 shares upon successfully restructuring the company, as defined by the Board. These obligations are binding on the company until fully performed.

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EX-10.24 4 0004.txt AGREEMENT BETWEEN THE REGISTRANT AND HELGE BORNMANN, DATED SEPTEMBER 7, 2000. PICK Communications Corp. September 7, 2000 Mr. Helge Bornmann Krefeld, Germany Dear Mr. Bornmann: In consideration for your services previously rendered and effective upon your acceptance of the posts of Chairman of the Board of Directors and President and Chief Executive Officer of Pick Communications, Inc. ("Company"), a Nevada corporation, the following equity compensation is granted: (A) Board of Directors Twenty-five Thousand (25,000) shares of the Company's common stock at a par value of $.001 each year that your are a director of the Company. (B) President/CEO Twenty-five Thousand (25,000) shares of the Company's common stock at a par value of $.001 each year that you are the President and/or Chief Executive Officer of the Company. (C) Bonus Shares A bonus grant of One Hundred Thousand (100,000) shares of the Company's common stock shall be effected upon your successful restructuring of the Company, such tasks, conditions and standards to be defined by the Company Board of Directors and the appropriate executive committee. The grants described in Paragraphs (A) and (B) above are independent obligations of the Company to Helge Bornmann, and shall be valid and binding upon the Corporation and its assigns until full performance by the Company. PICK Communications, Inc. By: /s/ Salah Khalid Al-Fulaij ------------------------------------------------ Name:/s/ Salah Khalid Al-Fulaij ------------------------------------------- Title: (Incumbent) Chairman, Board of Directors AGREED AND ACCEPTED: /s/ Helge Bornmann - -------------------- HELGE BORNMANN