ELEMENT 21 GOLF COMPANY
ELEMENT
21 GOLF COMPANY
January
4, 2006
Element
21 Golf Co. (Element) agrees to employ ▇▇▇▇▇▇▇▇ ▇▇▇▇▇ as its President and
CEO.
▇▇. ▇▇▇▇▇ will work full time as an independent contractor, while serving as
President and CEO. The term of employment will begin January 1, 2008 for one
year, renewable for additional two terms. The total term of this contract is
three years. During the term of this agreement Element will pay ▇▇. ▇▇▇▇▇
$20,000 per month in cash or four year warrants stock (exercise price of $0.01
per share) at the election of ▇▇. ▇▇▇▇▇. The Element warrants will be issued
on
monthly basis. Element will reimburse ▇▇. ▇▇▇▇▇’▇ expenses incurred on behalf of
Element. The value of the warrants is set at the closing price the last day
of
each month. ▇▇. ▇▇▇▇▇ will also receive a stock option package of 2,000,000
per
year at an exercise price of $0.08 for 2007 and 2008. ▇▇. ▇▇▇▇▇ will receive
a
stock option package of 2,000,000 per year at an exercise price of $0.16 for
2009, 2010 if the contract is renewed in that year.
Element
will be able to terminate ▇▇. ▇▇▇▇▇ at any time with complete repayment of
any
outstanding debts to ▇▇. ▇▇▇▇▇, a cash payment of the balance due on her
contract.
All
stock
will be issued in whatever name ▇▇. ▇▇▇▇▇ and in whatever denominations ▇▇.
▇▇▇▇▇ requests. All stock issuances will be adjusted for stock splits, dividends
or other changes to the common stock. Element will extend any and all
indemnification rights and D and O insurance (if any) coverage to ▇▇. ▇▇▇▇▇
in
her capacity as Chief Executive Officer and President as allowed by
law.
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ELEMENT
21 GOLF COMPANY
Be
it
understood that on this day the 12th
of
January, 2008, the entire board of directors met telephonically and approved
unanimously the revision of warrants previously issued to ▇▇▇▇▇▇▇▇ ▇▇▇▇▇ as
per
the schedule below.
|
Issued
last day of
|
Expiration
Date Last day of
|
Qty
|
Revised
to expire last day of
|
|||||
|
2006
|
Jan
|
Jan-08
|
78,431
|
Jan-10
|
||||
|
2006
|
Feb
|
Feb-08
|
80,000
|
Feb-10
|
||||
|
2006
|
Mar
|
Mar-08
|
86,957
|
Mar-10
|
||||
|
2006
|
Apr
|
Apr-08
|
105,263
|
Apr-10
|
||||
|
2006
|
May
|
May-08
|
148,148
|
May-10
|
||||
|
2006
|
Jun
|
Jun-08
|
117,647
|
Jun-10
|
||||
|
2006
|
Jul
|
Jul-08
|
125,000
|
Jul-10
|
||||
|
2006
|
Aug
|
Aug-08
|
111,111
|
Aug-10
|
||||
|
2006
|
Sep
|
Sep-08
|
117,647
|
Sep-10
|
||||
|
2006
|
Oct
|
Oct-08
|
111,111
|
Oct-10
|
||||
|
2007
|
▇▇▇
|
▇▇▇-09
|
114,286
|
Jan-11
|
||||
|
2007
|
Feb
|
Feb-09
|
125,000
|
Feb-11
|
||||
|
2007
|
Apr
|
Apr-09
|
153,846
|
Apr-11
|
||||
|
2007
|
May
|
May-09
|
133,333
|
May-11
|
||||
|
2007
|
Jun
|
Jun-09
|
133,333
|
Jun-11
|
||||
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/s/
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/s/ ▇▇▇▇
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