The material terms of the Agreement are as follows: - Q4 Financial will be paid US$8,500 per month plus a one time issuance of options to purchase 800,000 common shares of the Company at US $0.30 per share for providing services customary to the position of Chief Financial Officer. - The options will expire the earlier of January 7, 2011 or immediately upon the Q4 Financial's president ceasing to act as Mantra's Chief Financial Officer. - Q4 Financial will also be issued options to purchase 200,000 common shares of the Company at US$0.30 per share as consideration for agreeing to act as a director of the Company. These options were issued immediately upon the execution of the management agreement, but will expire the earlier of: - by January 7, 2011; - if Q4 Financial's president does not provide a consent to act once, and if, duly elected to Mantra's board of directors; and - immediately upon Q4 Financial's president ceasing to act Mantra's board of directors. - Q4 Financial shall not to exercise any more than 250,000 of all of the options granted to him pursuant to the agreement in any 90 day period until October 1, 2009. - Q4 Financial shall not sell more than 250,000 shares acquired through the exercise of the options granted to him pursuant to the management agreement in any 90 day period. - The management agreement is valid until January 6, 2010, but is automatically renewable absent notice to terminate from either party. - The management agreement may be terminated by Mantra immediately with cause, and with delivery of 7 days written notice without cause.
About Mantra:
Mantra, through its group of sustainable energy, carbon reduction and consumer product subsidiaries, is active in the green technology marketplace with an innovative, multi-faceted approach focused on profitability through sustainability. By aggressively seeking out new technologies and innovating solutions for a cleaner earth for everyone, Mantra intends to provide a highly profitable and, more importantly, socially and environmentally responsible investment for its shareholders.
Mantra is a public company quoted on the OTC BB under the symbol MVTG and on the Frankfurt Stock Exchange under the symbol EDV 5MV.
Forward-Looking Statements:
Except for the historical information contained herein, the matters discussed in this press release are forward-looking statements. Actual results may differ materially from those described in forward-looking statements and are subject to risks and uncertainties. See Mantra Venture Group's filings with the Securities and Exchange Commission which identify specific factors that may cause actual results or events to differ materially from those described in the forward-looking statements.
SOURCE Mantra Venture Group Ltd.