So this is why Iwona received so many sharesIwona was the interim President and has a "5" year contract for her being a interim president (definition of interim: a temporary or provisional arrangement)? Hey Jan, even in Polish, it means you got hosed! Then, they give 250,000 shares to Mike Young for a severance package??? Tell me what Mike did to earn this type of compensation...what B.S.! Maybe Jan decided to give Glenn Little and Stan Lis additional shares?
Read the following:
Business Restructuring
The Company has been introducing various measures to bring efficiencies to its operations. As of July 1st the Company’s head office was moved from Vancouver to Warsaw, Poland. The Company has retained its corporate office in Vancouver with a significantly reduced number of employees. On July 1st 2006 Casey Forward stepped down as CFO of the Company in favour of Tomasz Tur, who is based in Warsaw.
The Company has also terminated services of Michael Young, Investor Relations Manager as of July 1st 2006. The parties negotiated a termination agreement which provided that Mr. Young will receive 250,000 shares of the Company. The Company engaged Breakstone Group based in New York, N.Y. to provide Investor relations services for the Company as of July 1st 2006.
As of the end of the most recent financial year, the Company had a written agreement with Iwona Kozak for her services as President of the Company providing for an annual salary of $120,000 per annum for period of five years. In addition to annual salary, she was entitled to a bonus in the absolute discretion of the Board of Directors of up to 50% of her basic salary and a car lease of up to $900 per month. The contract provided for Ms. Kozak to receive salary that would be payable for the balance of the term if her contract were terminated under certain circumstances before August 15, 2010. Effective June 12, 2006, Ms. Kozak stepped down as President in favour of Mr. Rynkiewicz, and her contract was terminated in accordance with the change of control provisions. The parties negotiated a termination payment to Ms. Kozak of $125,000 in cash to be paid over a year (in four equal payments) and the issuance to her of 1,624,819 shares of the Company in lieu of the balance of $375,000 provided for under the contract.
Hey Jan, any more shares your going to throw away?
Linus