Joe Grosso 'earned' 829k USD in 2019 excl Mgmt fee: 500ksalary: Joseph Grosso Chairman/President/CEO (2020) 275,000 and over 2019: 829,650 USD
Just read the consolidated FS https://goldenarrowresources.com/investors/financial-statements/
On June 1, 2017, the Company entered into a Management Services Agreement with Grosso Group to provide services and facilities to the Company. Grosso Group is a private company that is owned by an officer and director of the Company and also has another director in common with the Company. Grosso Group provides its member companies with administrative and management services. The member companies pay monthly fees to Grosso Group on a cost recovery basis. The fee is based upon a pro-rating of Grosso Group’s costs including its staff and overhead costs among the member companies. The current monthly fee is $41,000 per month. This fee is reviewed and adjusted quarterly based on the level of services required.
The Management Services Agreement contains termination and early termination fees in the event the
services are terminated by the Company. The termination fee includes three months of compensation and
any contractual obligations that Grosso Group undertook for the Company, up to a maximum of $750,000.
The early termination fees are the aggregate of the termination fee in addition to the lesser of the monthly
fees calculated to the end of the term and the monthly fees calculated for eighteen months, up to a maximum
of $1,000,000. The agreement expires on December 31, 2021 and is automatically renewed for additional
terms of two years unless otherwise terminated pursuant to the terms of the agreement. The Company’s
commitment under this agreement is as follows.