Item 5.02
Departure of Directors or Principal Officers; Election of Directors; Appointment of Principal Officers
On May 2, 2019, our board of directors approved employment and indemnification agreements in favor of our Chief Executive Officer, Leandro Iglesias, our Chief Financial Officer, Alvaro Cardona, and our Chief Commercial Officer, Juan Carlos Lopez Silva.
The three year employment agreement with Mr. Iglesias provides that we will compensate him with a salary of $14,000 monthly and he is eligigle for a bonus of 3% of our net income payable 15 days after our annual report is filed. If we do not have the cash available, the agreement provides that Mr. Iglesias may convert his accrued salary/bonus into shares of our common stock at the average price of our common stock during the last 10 traiding days after applying a discount of 10%.
Mr. Iglesias agreed to two year non-compete and non-solicit restrictive covenants. If Mr. Iglesias is terminated for cuase he shall forfeit any rights to severance, which is available to him in the event of termination without cause.
The three year employment agreement with Mr. Cardona provides that we will compensate him with a salary of $12,000 monthly and he is eligigle for a bonus of 3% of our net income payable 15 days after our annual report is filed. If we do not have the cash available, the agreement provides that Mr. Cardona may convert his accrued salary/bonus into shares of our common stock at the average price of our common stock during the last 10 traiding days after applying a discount of 10%.
Mr. Cardona agreed to two year non-compete and non-solicit restrictive covenants. If Mr. Cardona is terminated for cuase he shall forfeit any rights to severance, which is available to him in the event of termination without cause.
The three year employment agreement with Mr. Lopez provides that we will compensate him with a salary of $10,000 monthly and he is eligigle for a bonus of 3% of our net income payable 15 days after our annual report is filed. If we do not have the cash available, the agreement provides that Mr. Lopez may convert his accrued salary/bonus into shares of our common stock at the average price of our common stock during the last 10 traiding days after applying a discount of 10%.
Mr. Lopez agreed to two year non-compete and non-solicit restrictive covenants. If Mr. Lopez is terminated for cuase he shall forfeit any rights to severance, which is available to him in the event of termination without cause.
The foregoing description of the employment and indemnification agreements does not purport to be complete and is qualified in its entirety by reference to the complete text of the Employment and Indemnifications Agreements filed as Exhibits 10.1 to 10.3 hereto and incorporated herein by reference.