Proof that you can polish a turd!10 Nov 2017 13:08
12 December 2016
Travia 2017 BOS Performance Activity Contract (BOS PACT)
BOS GLOBAL Holdings Limited ("BOS" or "the Company") (AIM: BOS), advises that it has entered into a Performance Activity Contract ("PACT") for 2017 with its Managing Director, Michael Travia.
The principal terms of the PACT agreement are as follows:
- The term of the agreement is for 12 months from 1 January 2017;
- Total remuneration under the 2017 BOS PACT will be either AUD13,200 OR AUD253,200 net of applicable taxes and consisting of;
- A Monthly retainer of AUD1,000; and
- A Performance Bonus of AUD240,000 net of applicable taxes, payable on the Company achieving operating breakeven on or before 15 December 2017
Operating breakeven is defined as the Company achieving monthly revenue equal to or greater than its monthly operating expenses at the time of approval and payment of Mr. Travia's Performance Bonus.
Other elements of a PACT under the BOS model have been waived by Mr. Travia from the agreement, namely Meeting payments, Initiative payments and Initiative completion payments.
Before Mr. Travia is entitled to receive his 2017 Performance Bonus, a Review Committee comprising the Company Auditor or Accountant, Company Solicitor and Chair of the Remuneration Committee must meet in December 2017 and pass a unanimous decision before such payment can be approved and paid by the Company. The Company is obligated to pay any such approved payment to the Employee on or before 15 December 2017.
Mr. Travia's previously disclosed participation in the Company's Performance Share Scheme has been waived at his request
Under the terms of the BOS PACT, Mr. Travia will also be entitled to receive superannuation, life insurance, Director and Officer insurance, travel insurance and reimbursement of travel and work expenses.
Whatever happened to breakeven or profit by December 2017.
Travia should be strung up. Feel for all holders who have been had by this worm
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