Executive Agreement Addendum between VeriChip Corporation and Nurez Khimji (CFO) dated April 1, 2005
This addendum updates the executive agreement between VeriChip Corporation and Nurez Khimji, its Chief Financial Officer. It sets Mr. Khimji’s salary at $150,000 Canadian, outlines eligibility for special quarterly bonuses, and provides for a yearly bonus of up to 50% of base salary based on financial, strategic, and integration goals. The agreement also grants stock options and details Mr. Khimji’s key responsibilities, including financial oversight and strategic initiatives. All other terms of the original executive agreement remain unchanged.
Exhibit 10.25
Executive Agreement Addendum
| Name: Nurez Khimji | Title: Chief Financial Officer of VeriChip Corporation | Effective Date: April 1, 2005 | ||
| Location: Richmond, BC Canada | ||||
| Reports to: Kevin McLaughlin Title: CEO – VeriChip Corporation | ||||
| Salary:
$150,000 Canadian | Quarterly Bonus: - Section 1
Special Quarterly bonuses may be initiated from time to time | Yearly Bonus: - Section 2.
Up to 50% of base salary |
Except as modified hereby, the terms and provisions of that certain Executive Agreement by and between VeriChip Inc. (f/k/a EXI Technologies Inc.) and Mr. Khimji shall remain in full force and effect.
General Description of Duties:
| • | Supervision of all financial aspects of the combined company |
| • | Continued personal involvement in Strategic Relationships |
| • | Assist in Strategic acquisitions for the Company |
| • | Develop significant Partnerships and Alliances in Gov’t and Commercial Accounts |
| • | Capital market activity for the new VeriChip Corporation |
| • | Other assigned tasks as necessary |
SECTION 1. Quarterly Bonus
•
SECTION 2. Yearly Bonus Criteria (up to 50% of base salary)
| • | 30% Financial – EBITDA |
| • | 15% Strategic / Revenue producing acquisitions |
| • | 15% Capital market activity |
| • | 10% Strategic Partnership – Major Distribution Agreement |
| • | 30% Integration Goals |
Financial (10%)
Personnel (10%)
Company (10%)
SECTION 3. Other Financial Consideration
| • | Initial VeriChip Option Grant of 57,788 @ U.S. $1.54 |
| • | Subsequent VeriChip Option Grant of 2,878 @ U.S. $1.54 on or prior to January 15, 2006 |
| /s/ Nurez Khimji | ||
| Nurez Khimji | Date: 12/28/05 | |
| /s/ Kevin McLaughlin | ||
| Kevin McLaughlin | Date: | |
