Compensation Agreement Between PrimeSource Mortgage, Inc. and ICAN Institute, Inc.

Contract Categories: Human Resources › Compensation Agreements
Summary

PrimeSource Mortgage, Inc. and ICAN Institute, Inc. agreed to a compensation arrangement following the expiration of their previous agreement in 2006. The arrangement included a $90,000 annual compensation, with $60,000 paid semi-monthly and the remainder in shares, later revised to a $60,000 annual plan paid semi-monthly with no share compensation as of April 1, 2008. A new contract was pending as of May 1, 2009. The agreement outlines payment terms and changes over time between the two companies.

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EX-10.6 7 v148872_ex10-6.htm
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.