pretty nice salary
Michael Newbury was paid a salary of $136,663 (including a $40,000 cash bonus). Add another $82,600 in 'option-based awards, and his salary for 2012 was $219,263. Not too shabby!
EMPLOYMENT CONTRACTS
Chief Executive Officer
Pursuant to a management agreement dated September 1, 2010 between the Corporation and Porphyry Incorporated, located at 192 Douglas Drive, Toronto, Ontario (“Porphyry”), the Corporation retained Porphyry to provide certain services including the services of Michael Newbury as President and Chief Executive Officer of the Corporation. The agreement provides for monthly remuneration to Porphyry of $8,333.00 per month. In addition, Porphyry and Mr. Newbury may be granted options at the discretion of the Board pursuant to the Corporation’s Stock Option Plan. The agreement is automatically renewed for an additional year term and will continue to automatically renew for an additional one year term unless otherwise terminated. If Strike terminates the agreement Porphyry is entitled to receive a prompt cash payment equal to 12 months of the monthly fee.
President
Pursuant to a management agreement dated September 15, 2012 betweeen the Corporation and KDS Management Services (“KDS”), located at 37 Sedgebrook Crescent, Etobicoke, Onario, Canada, M9B 2X2, the Corporation retained KDS to provide certain services including the services of Kerry Smith as President of the Corporation. The agreement provides for monthly remuneration to KDS of $8,333.00 per month. In addition, KDS and Mr. Smith may be granted options at the discretion of the Board pursuant to the Corporation’s Stock Option Plan. The agreement terminates on February 15, 2013 unless renewed or terminated prior to that date. The agreement may be renewed as agreed upon by both parties. If the company terminates or declines to renew this Agreement fewer than twelve months after a “Change of Control”, it shall pay a lump sum of $100,000.