RE:RE:Management and Consulting Fees It has been 14 months now. When is Prophecy getting a new ceo? Where is the job posting? How many interviews have they done? Any executive search firm hired? Who is on Prophecy's CGCC? Same cronies who allowed John to walk away with $525,000?
On page 15 of the 2013 AGM Info Cir:
SUMMARY COMPENSATION TABLE
The compensation paid to the NEOs during the Company’s three most recently completed financial years ended December 31 is as set out below and expressed in Canadian dollars unless otherwise noted:
Name and principal position - John Lee
All other compensation ($)
2012: 945,000
2011: 480,000
Mr. Lee was originally appointed as the Company’s CEO on April 12, 2010. Mr. Lee’s services were provided pursuant to an agreement between the Company and Mau Capital Management LLC (“Mau”), a personal holding company of Mr. Lee. Mau initially received a base fee of $40,000, which was reduced to $35,000 per month effective January 1, 2012. On November 6, 2012, the Mau Agreement was terminated by the Company, and a termination payment of $525,000 was paid to Linx Partners Ltd (“Linx”) (another personal holding company of Mr. Lee) at Mau’s direction. On January 24, 2013 the Board of Directors accepted, ratified and approved termination of the Mau Agreement and payment of the termination payment as at November 6, 2012, and approved a new consulting agreement between Mau and the Company (the New Mau Agreement”). Under the New Mau Agreement, effective November 7, 2012, a base fee of $35,000 per month is paid to Linx for services rendered by John Lee as Executive Chairman of the Board, and a further $1 per month is paid to Linx for services rendered by Mr. Lee as Interim CEO of the Company. In addition, the Company entered into discussion with Mau to amend the New Mau Agreement so that it may be terminated by either party providing the other party with at least 90 days written notice to that affect. The CGCC is conducting a search for a new permanent CEO for the Company.
CashIsKing16 wrote: geezer21, you have been preaching incessantly about the accuracy of leaked budget excel. The excel shows John Lee's pay and expenses to be $35000 and $10000 per month. You can't pick and choose which parts of the leaked budget are correct and which parts are incorrect.
You care to bet John Lee's pay will be higher than $200,000 for 2013 when the annual financials come out?
Why don't you look at Prophecy 2013 AGM info circular and see how John Lee got $35000 per month and $525000 "severance"?
geezer21 wrote:
Management and Cons luting Fees for Prophecy Coal for the six months ending 30 September 2013 decreased $406,809.00 to $97,653.00.
See last Q3 2013 MD&A.