Compensation Agreement Between PrimeSource Mortgage, Inc. and ICAN Institute, Inc. (Deb Erickson)
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Summary
PrimeSource Mortgage, Inc. and ICAN Institute, Inc. (represented by Deb Erickson) entered into a compensation agreement covering December 1, 2005, to December 1, 2006, with a total value of $90,000, paid through a combination of cash and company shares. The agreement included a bonus package and provisions for billing and share valuation. After the initial term, the parties continued on a month-to-month basis with adjusted compensation terms, eventually moving to a $60,000 annual plan paid in cash only. A new contract was pending as of May 1, 2009.
EX-10.6 4 v155484_ex10-6.htm
Agreement with Deb Erickson
And PrimeSource Mortgage
| | 1. | Total Agreement value = $90,000 during one year December 1, 2005 through December 1, 2006. Fifty four thousand dollars ($54,000) in cash paid in the following manner: |
| | · | 3 months at $3,750.00 at December 5, 2005 to February 2006 |
| | · | 3 months at $4,250.00 at March 2006 to May 2006 |
| | · | 6 months at $5,000.00 at June 2006 to November 2006 |
Thirty six ($36,000) in shares valued at $1.25/share equaling 28,800 shares.
| | 2. | Bonus package tied to shares using the same incentive package designed for the branch owners. |
| | 3. | November 2005 invoice will be billed using actual billable hours and paid as usual with a split of shares and cash. |
| | 4. | Total shares owed for invoices billed in 2005 will be totaled and paid at a share price of $1.00 each. |
| Submitted: |
| /s/ Jeffrey R. Smith |
| Jeffrey R. Smith, President |
| PrimeSource Mortgage, Inc. |
| Acknowledgement: |
| /s/ Deb Erickson |
| Deb Erickson, President |
| ICAN Institute, Inc. |
Compensation Agreement with ICAN Institute
With our agreement expiring in 2006, we have agreed to the following compensation package:
Since expiration, we have continued on a month-to-month basis under the same agreement:
$90,000 compensation plan with $60,000 paid $2,500 semi-monthly, and the balance in shares paid quarterly.
Effective April 1, 2008, we moved to a $60,000 compensation plan continuing the same payment of $2,500 semi-monthly, but with no more share compensation.
Finally, effective May 1, 2009, we have a new contract pending.
Submitted:
| /s/ Jeffrey R. Smith |
| Jeffrey R. Smith, President |
| PrimeSource Mortgage, Inc. |
Acknowledgement:
| /s/ Deb Erickson |
| Deb Erickson, President |
| ICAN Institute, Inc. |
