Executive Agreement Addendum
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: | |||
