What the Heck is this ? Severance paid to Daugela bros ???? Guys
I just about chocked when reading this ....We are paying severance to the brothers ???
This is a joke right ????
Finally, the release, indemnity and settlement agreements (the “Settlement Agreements” and together with the Rights Agreement and the Support Agreement, the “Agreements”) with each of John and Darcy Daugela in respect of the employment agreements entered into by the Daugelas with the Company dated December 1, 2017. The Settlement Agreements provide for mutual releases and indemnities between the parties in consideration of the payment of severance to the Daugelas monthly over a 36-month period. The payments are to be offset, subject to adjustment for proceeds of sales of Company’s securities as held by 3DB on a month by month basis. Included in accounts payable and accrued liabilities as at December 31, 2020 is an accrued severance liability of $209,129 (2019 - $568,000) due to the former CEO and former Chairman of the Company. During the year ended December 31, 2020, the Company paid $8,525 and recognized recovery of $350,346 with respect to the Settlement Agreements.