| Joseph Collins terms of his actual Employment Agreement with IC Punch Media | ||||
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What should have been posted in the Q and the K,
Here is the the terms of my actual Employment contract signed by Steven Sambliss and agree upon by Joseph Collins Date in June 9, 2012
Section 4 - Compensation of the Employee - The Employer shall compensate Employee for Employee’s services rendered under this Agreement, as follows:
a. A base salary of two hundred thousand dollars (US$200,000.00) per year, payable in arrears, provided the Company has successfully completed its intended three million dollar (US$3,000,000.00) capital raise (no salary shall be paid or accrued until the aforementioned capital raise of $3,000,000.00 is completed); and b. Immediate issuance to Employee of one hundred fifty million (150,000,000) restricted shares of Company common stock; and
c. One or more bonuses of the following numbers of restricted shares of Company common stock subject to the Company reaching the following benchmarks:
(i) three hundred fifty million (350,000,000) shares upon the Company attaining thirty million (30,000,000) viewer households (as confirmed by television stations and data for such viewing area); and
(ii) three hundred million (300,000,000) shares upon the Company obtaining Thirty (30) affiliate television stations; and
(iii) one hundred million (100,000,000) shares upon the Company obtaining annual revenue of ten million dollars (US$10,000,000.00); and
(iv) one hundred fifty million (150,000,000) shares upon the Company raising fifteen million dollars ($15,000,000) in one or more offerings of
its securities.
(v) after the three months Joseph Collins will step up as CEO of IC Places
d. Employee acknowledges and agrees that the Company is a business with limited revenues and, accordingly, Employee agrees that unless the Company generates at least three million dollars (US$3,000,000.00) from its intended capital raise, Employee shall accept as compensation for all services rendered, the hourly minimum wage as then applicable under Florida law for the total sum of 40 hours per week worked in such month.
e. All monetary sums due and owing to Employee for services rendered in each month shall be payable by the 15th day of the month following the month in which such services were rendered.
f. Employee is entitled to any and all available remedies results from employers breach of this agreement, including, attorney’s fees in arbitration, trial and appellate courts and costs and expenses of investigation and litigation, including expert fees, deposition costs, bond premiums, and other costs and expenses, and injunctive or any other relief.
Did any see any of these terms in the K or the Q. This is only scraping the iceberg of the issues that our Company is up against as it relates to Stevens management and his leadership.
Joseph Collins
