ISM Resources Corp. SLKEF

CEO MILLER'S - ISM Board Passed Data from SEDAR

[Maroons94]

Lucky - Your views on these facts?  Do you believe new shareholders need to be aware of this?  Or does it not matter about the ISM Board Governance?

 

The following is taken from the Notice of Annual General Meeting at SEDAR.

" As of the date of this Information Circular, the Corporation has entered into a consulting agreement with ADREA Capital Corp., a private British Columbia company owned and/ or controlled by Mr. Miller. In the event that the  consulting agreement is terminated due to the death, retirement of disability of Mr. Miller, the agreement provides for the lump sum payment of an amount equal to two (2)times the annual salary and two (2) times the average annual bonus paid to ADREA Capital Corp. In the event that the agreement is terminated for any other reason or not for just cause or in the event Mr. Miller resigns for "Good Reason", as such term is defined therein, Mr. Miller will  be entitled to a payment that, in the aggregate,equals the annual salary at time of termination and an amount equal  to the greater of:(i) six (6) times the annual salary; and (ii) an amount equal to the result obtained when the annual  salary is multiplied by a fraction, the numerator of which is the number of days between the date of termination and  Mr. Miller's retirement date and the denominator of which is 365. In addition, the Corporation is required to  purchase from Mr. Miller, at the fair market value , all shares, rights, options or warrants to acquire shares of the  Corporation owned by Mr. Miller and shall pay him three (3) times the difference between the exercise price and the
fair market value of all rights, options or warrants to acquire shares subject to issuance pursuant to any options or warrants held by Mr.Miller. "