Cline Mining Corporation T.CMK

Realted Parties

[pastafagoli]

Transactions with Related Parties

Transactions with related parties are incurred in the normal course of business and recorded at the exchange amount, being the price agreed between the parties.

During the third quarter 2011 and nine-month period 2011, companies related to or controlled by officers and directors of the Company were paid $158,751 and $476,253 respectively (third quarter 2010 and nine-month period 2010: $158,751 and $433,333 respectively) and performance bonuses aggregating $210,320 (third quarter 2011 and nine-month period 2011: $Nil and $170,500) with respect to consulting and management fees. In addition, certain officers of the Company, who also acted as directors were paid a total of $24,000 and $72,000 respectively (third quarter 2011 and nine-month period 2011: $12,000 and $36,000 respectively) with respect to directors fees. Effective December 1, 2010, the Company renewed Management and Administrative Services Agreements with companies related to or controlled by officers of the Company with respect to consulting services. The agreements are for a five year term and payments pursuant to these contracts aggregate $65,417 per month.

Anyone know what this service relates to - I hate related party transactions !!

[ark88]

The setup here is that some get paid by way of a consultanting services, in lieu of a normal salary. I believe, Bates, Cleaves, Henrick for sure and may be others are compensated this way. Those consulting services numbers that you note have been pretty steady over the years. And the options nothing new. I've followed this company pretty much day to day for the last 6-7 years.

[pastafagoli]

You are right as I looked at the information circular.  Nonetheless this was a big grant of options with very generous immediate vesting.  From the perspective of us the shareholders it seems riduclous to further reward executives at this time.  For what - a poorly handled financing, missed targets, a 60% decline in share price since the start of the year, overall lack of info. 

[Eigen337]

This post has been removed in accordance with Community Policy

[ark88]

It has to be one of the most common gripes that shareholders have. Isn't it? Exec. compensation. Not that important on my end as I'm here for the end game along with the old timers that run this train. Have to say, the industries that bother me to no end is the Tech, esp. the ones that are more spec. play with little to no earnings. You want to get angry? go check out INT management