Common use of Base Stipend Clause in Contracts

Base Stipend. The Corporation agrees to pay to the Director a base stipend at an annual rate of not less than US$35,000 (Thirty Five thousand dollars), payable in accordance with the regular practices of the Corporation. The Director's Base Stipend shall be subject to annual review by the Board (or a committee thereof). The base stipend as determined herein from time to time shall constitute "Base Stipend" for purposes of this Agreement. It is recorded that the Director shall receive the full settlement of his first 2 (two) years’ base stipend through the issue by the Corporation to the Director of an amount of 200,000 (Two hundred thousand) restricted shares of the Corporation’s shares of Common Stock; issued to the Director at Par Value. These shares of the Corporation’s Common Stock shall not be available to be assigned, pledged, sold, lent or in any way alienated for a period of 2 (two) years commencing from the date this Agreement. These shares are restricted under Rule 144 and shall be held “on book” by the Transfer Agent to the Corporation; for an on behalf of the Director. The Director shall not be permitted to request these shares of the Corporation’s Common Stock, in certificated form, until the expiration of the 2 (two) years from the date of their issue to the Director.

Appears in 2 contracts

Sources: Service Agreement (ASPA Gold Corp), Service Agreement (ASPA Gold Corp)