EX-10.5
from 10-K
3 pages
1 Job Title and Duties 1.1 the Company Shall Employ the Executive and the Executive Shall Serve the Company Initially as President, Chief Executive Officer, and Chief Financial Officer. You Shall Relinquish These Positions as Suitable Candidates Are Appointed by the Company's Board of Directors. 2 Remuneration Your Initial Basic Monthly Salary Will Be US$15,000 Per Month, Paid Monthly in Arrears by Equal Monthly Installments on the 25th Day of Every Month. the Company Will Pay for Family Health Insurance Plan. (Cigna International.) 2.1 This Amount Can Be Adjusted Up or Down by the Company's Board of Directors. 2.2 the Company Will Reimburse All Costs Associated With Your Work for the Company and the Development of the Company's Business. 2.3 You Will Be Entitled to Discretionary Bonuses, Based on Your Performance. the Level of Bonus Is Determined by the Company's Board of Directors. 3 Options 3.1 You Are Hereby Granted 10,000,000 Options to Subscribe for Shares in the Company, Exercisable at a Price of US$0.75 Per Share, Subject to the Terms and Conditions of This Clause 3. 3.2 Subject to Paragraphs 3.3, 3.4 and 3.5 Below, the Option Shall Be Exercisable in Whole or in Part and on Any Number of Occasions, in Accordance With This Agreement. 3.3 Save as Provided in Paragraph 3.4 Below, the Option May Only Be Exercised Whilst You Continue to Be an Officer or Employee of the Company. 3.4 if You Cease to Hold Any Office or Employment With the Company on Account Of
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