Oceanic Wind Energy Inc V.NKW.H

oh and there's this...........

[lilbugger]

During the year ended September 30, 2008, the Company approved a payout of $1.44 million from the Company’s deferred

cash completion bonus plan ("Deferred Plan" - see Note 6) to the chairman of the Company in recognition of his contribution

to the Company and his transition from being the Chairman, President and CEO of the Company to non-executive Chair and

his planned retirement. This amount represents his entire entitlement under the Deferred Plan, was accrued as

Compensation Expense during the year ended September 30, 2008 and was reflected in accounts payable and accrued

liabilities as at September 30, 2009 and 2008. During the nine months ended June 30, 2010, the entire amount has been

paid.

and this..........

On May 14, 2008, the Company advanced $732,000 for a mortgage loan to a former Company director, who is also a senior

officer of one of the Company’s subsidiaries to purchase a home. The long term loan receivable is secured by the property,

bears interest at the Bank of Montreal prime rate and matures in May 2011. Interest is accrued and paid on a quarterly

basis and the entire principal balance is due and payable upon maturity. Interest receivable on this mortgage at June 30,

2010 was $4,152 (2009 - $4,104).

and this.......

In November 2008, the Company implemented a share purchase loan and benefit program. Company employees interested

in purchasing the Company's shares ("Shares") in the open market were eligible to receive a benefit equal to 25% of their

purchase and a full recourse loan for the remaining 75%. The Shares purchased under this program were subject to a one

year hold. The loans bear interest at the Canada Revenue Agency prescribed rate for employee and shareholder loans, has

a one year term (which was extended), are due and payable if the employee leaves the Company and can be called for

repayment at the Company's discretion if the Company's 10 day moving average share price exceeds $1.50. As at June 30,

2010, the loan receivable amounted to $18,750 due from two employees. Subsequent to June 30, 2010, the Company

renegotiated an employment agreement with one of the two employees resulting in the forgiveness of that employee's loan

in the amount of $15,000. This amount forgiven will be expensed as compensation during the three months ended

September 30, 2010.

and this.......

the Company issued 71,694 common shares at a deemed price of
.17 per share to the directors

as partial payment of their remuneration.

Do your own due diligence.

GLTA