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Quotes & Info
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| DSBO.OB > SEC Filings for DSBO.OB > Form 8-K on 27-Apr-2007 | All Recent SEC Filings |
27-Apr-2007
Entry into a Material Definitive Agreement
On April 23, 2007 we entered into an employment agreement with Michael Fay (the "Agreement"). Mr. Fay will serve as our Chief Technology Officer. The Agreement is for an initial two year term and thereafter may be automatically extended for additional one year terms. It includes non-compete and confidentiality provisions.
Pursuant to the Agreement, Mr. Fay will receive an annual salary of
$125,000. Mr. Fay's annual salary is subject to adjustment of at least 8% upon
the occurrence of: 1) the Company completing a financing of at least $6 million;
2) a substantive increase or expansion of Mr. Fay's responsibilities; or 3) an
internal promotion that represents a deviation from Mr. Fay's initial
responsibilities and duties.
In connection with his employment, Mr. Fay was granted 550,000 options to purchase our common stock at $0.50 per share, of which 125,000 options vested on April 23, 2007, 200,000 vest on October 7, 2007 but only upon the launch of the Disaboom.com internet community and 225,000 vest on September 1, 2008 provided Mr. Fay is an employee of the Company on each vesting date. Unless the Employment Agreement is terminated for cause, or as a result of Mr. Fay's death or disability, if we terminate the Agreement Mr. Fay will be entitled to a severance payment equal to three months of his annual salary.
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