Protect Pharmaceutical Corporation (OTCMKTS:PRTT) Files An 8-K Entry into a Material Definitive AgreementItem 1.01. Entry into a Material Definitive Agreement.
Board of Directors Retainer Agreement
In connection with the appointment of Mr. Wajed Salem to the Board of Directors (the “Board”) of Protect Pharmaceutical Corporation, a Nevada corporation (the “Company”), as further discussed below in Item 5.02 of this Current Report on Form 8-K, on November 28th, 2018, the Company entered into a Board of Directors Retainer Agreement (the “Retainer Agreement”) with Mr. Salam, to which the Company agreed to pay Mr. Salam the following compensation for his services: 1,000,000 shares of the Company’s $.005 par value per share common stock (the “Common Stock”), for 4 years of service, with 25% of such Common Stock shares vesting at the end of each calendar year, with the first vesting date on December 31, 2019, as long as Mr. Salam remains a member of the Board and continues to fulfill his duties and provide the services during the corresponding vesting period. Notwithstanding the foregoing, if Mr. Salam’s appointment is terminated prior to 4 years of service, at any time after the first vesting period, Mr. Salam will continue to earn the Common Stock shares in the agreed upon quantity; however, the vesting period of the remaining Common Stock shares will then move to the end of the fourth calendar year, which would be December 31, 2022. However, the Board in its discretion, may at any time accelerate the vesting period for the Common Stock shares under the Retainer Agreement.
The term of the Retainer Agreement is from the date of execution of same until Mr. Salam either resigns or is terminated from such position in accordance with the Company’s Articles of Incorporation and Bylaws. to the Retainer Agreement, the Company shall not pay Mr. Salam any extra fees for each regularly scheduled meeting of the Board that he attends in person, nor for attending meetings telephonically. Additionally, to the Retainer Agreement. The foregoing description of the Retainer Agreement does not purport to be complete and is qualified in its entirety by the Retainer Agreement, a copy of which is attached to this Current Report on Form 8-K as Exhibit 10.1, which is incorporated herein by reference.
PROTECT PHARMACEUTICAL Corp ExhibitEX-10.1 2 ex10-1.htm Exhibit 10.1 BOARD OF DIRECTORS RETAINER AGREEMENT THIS BOARD OF DIRECTORS RETAINER AGREEMENT (the “Agreement”) is made as of November 28nd,…To view the full exhibit click
About Protect Pharmaceutical Corporation (OTCMKTS:PRTT)
Protect Pharmaceutical Corporation is an exploration-stage mining company. The Company is engaged in the mineral exploration business. The Company is engaged in licensing its patented pharmaceuticals technologies. The Company’s approximately 10 lode mining claims are located in Sec. 6, T2S, R1W, New Mexico Principal Meridian, of Soccorro County, New Mexico. The Claims are being held for the purpose of exploration for gold, silver and rare earth mineralization deposits, and are located near existing exploration projects. The Company has not generated any revenue.