All spelled out in the filings. 10K No salary w
Post# of 13511
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Posted On: 04/02/2023 10:35:21 PM
Re: Wallstreet1234 #4096
All spelled out in the filings.
10K No salary was paid to the CEO of Sun Pacific Holding
https://www.otcmarkets.com/filing/html?id=157...e_QP5kVV3h
So it looks like the Payroll Protection Program gave the company the funds that was contractually owed him saving the company a $180,000 down the road which it was OBLIGATED to pay per contract.
Smart move to help shareholders.
10K No salary was paid to the CEO of Sun Pacific Holding
https://www.otcmarkets.com/filing/html?id=157...e_QP5kVV3h
Quote:'
(1) In 2021 and 2020, Mr. Campanella received a salary for his services rendered for MedRcycler-RI, Inc.
Executive Employment Agreement
On December 20, 2017, the Company entered into a five-year employment agreement with Nicholas Campanella, Chief Executive Officer. Under the terms of the agreement, the Company is required to pay a base compensation of $180,000 annually, subject to increases in cost of living and performance bonuses as awarded by the Board of Directors. After 5 years, the agreement is automatically renewed for an additional two years unless terminated by either party. As part of the agreement Mr. Campanella opted to defer, with no interest, the receipt of compensation under the agreement until the Company has the funds to pay its obligation .
So it looks like the Payroll Protection Program gave the company the funds that was contractually owed him saving the company a $180,000 down the road which it was OBLIGATED to pay per contract.
Smart move to help shareholders.
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