Nugget in the management information circular on SEDAR
posted on
Nov 13, 2019 09:36PM
The Board of directors cleary asked DRDR to raise over 10M USD and gave her incentives to do so. During that time, we're paying her 150K US, which is a discount.
The Corporation and Dr. Rathjen have entered into a consulting agreement effective March 12, 2019 under which Dr. Rathjen serves as the Corporation’s Chief Executive Officer. Pursuant to the consulting agreement, Dr. Rathjen’s base compensation currently consists of an annual consulting fee of US$150,000. The consulting agreement can be terminated by either party at any time – with or without cause – upon four (4) weeks’ prior notice of termination. Once the Corporation completes financing transactions for aggregate gross proceeds of not less than US$10 million, Dr. Rathjen and the Corporation will negotiate an employment agreement that will provide for, among other things, (i) an annual base salary of US$400,000; (ii) an annual performance-based discretionary bonus targeted at fifty percent (50%) of annual base salary; (iii) a one-time fundraising bonus (based on the achievement of fundraising metrics to be agreed upon between Dr. Rathjen and the Board) of fifty percent (50%) of annual base salary; (iv) additional equity participation as agreed upon by Dr. Rathjen and the Board and; (v) severance benefits to be agreed upon by Dr. Rathjen and the Board.