Board Compensation Package Plan for Directors
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Summary
This agreement outlines the compensation plan for the company's board of directors. Each year, directors receive 250,000 shares of common stock (or options for 150% of that amount) and warrants to purchase 125,000 shares at $0.50 per share, with a three-year term. Non-officer directors are paid $1,000 plus travel expenses for attending meetings in person, and $500 for participating in meetings by phone.
EX-10.2 3 ex102.htm EXHIBIT 10.2 ex102.htm
Exhibit 10.2
Board Package Compensation Plan
The Board Compensation Package consists of:
| Ø | Each year, each Director shall receive 250,000 shares of common stock (or options in the amount of 150% of the amount of shares) and warrants to purchase 125,000 shares of common stock. The options and warrants will have an exercise price equal to $0.50 and will have a three (3) year term. |
| Ø | $1,000 for each non-officer director that physically attends a meeting as well as traveling expenses |
| Ø | $500 for each non-officer director on a telephonic meeting |
