Executive Agreement Addendum between VeriChip Corporation and Malik Talib (April 1, 2005)

Contract Categories: Human Resources › Employment Agreements
Summary

This addendum updates the executive agreement between VeriChip Corporation and Malik Talib, Executive Vice President, effective April 1, 2005. It outlines Mr. Talib’s salary, bonus structure, and duties, including overseeing Vancouver operations, acquisitions, partnerships, and capital market activities. Bonuses are tied to financial and integration goals, with potential yearly bonuses up to 50% of base salary. The agreement also grants stock options. All other terms from the original 2000 agreement remain in effect.

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EX-10.22 33 dex1022.htm EXECUTIVE AGREEMENT ADDENDUM DATED AS OF APRIL 1, 2005 Executive Agreement Addendum dated as of April 1, 2005

Exhibit 10.22

 

Executive Agreement Addendum

 

Name: Malik Talib             Title: Executive Vice President of VeriChip Corporation             Effective Date: April 1, 2005

 

Location: Richmond, BC Canada

 

Reports to: Kevin McLaughlin             Title: CEO – VeriChip Corporation

 

Salary:    Quarterly Bonus: - Section 1.    Yearly Bonus: - Section 2.
$210,000 Canadian    $2,500 Canadian @ Qtr    Up to 50% of base salary

 

Except as modified hereby, the terms and provisions of that certain Executive Agreement, dated as of February 1, 2000, by and between VeriChip Inc. (f/k/a EXI Technologies Inc.) and Mr. Talib shall remain in full force and effect.

 

General Description of Duties:

 

  •   Supervision of Vancouver operation

 

  •   Strategic / Revenue producing acquisitions for VeriChip

 

  •   Creating significant Partnerships and Alliances in Gov’t and Commercial

 

  •   Capital market activity for the new VeriChip Corporation

 

  •   Other assigned tasks as necessary

 

SECTION 1. Quarterly Bonus

 

  •   Attainment of Financial Objectives by Qtr. (eXI budget for 2005 as submitted to ADS) 50%

 

  •   VeriChip Integration Goals (as agreed upon by President and CEO each Qtr) 50%

 

SECTION 2. Yearly Bonus Criteria (up to 50% of base salary)

 

  •   30% Financial – EBITDA

 

  •   15% Strategic / Revenue producing acquisitions

 

  •   15% Capital market activity

 

  •   5% Strategic Partnership

 

  •   5% Major Distribution Agreement

 

  •   30% Integration Goals

 

    Product (10%)

 

    Personnel (10%)

 

    Company (10%)

 

SECTION 3. Other Financial Consideration

 

  •   Initial VeriChip Option Grant of 115,575 @ U.S. $1.54

 

  •   Subsequent VeriChip Option Grant of 5,746 @ U.S. $1.54 on or prior to January 15, 2006

 

           
Malik Talib       Date:
/s/ Kevin McLaughlin         
Kevin McLaughlin       Date: