Executive Agreement Addendum
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: | |
