EX-10.22 33 dex1022.htm EXECUTIVE AGREEMENT ADDENDUM DATED AS OF APRIL 1, 2005 Executive Agreement Addendum dated as of April 1, 2005

Exhibit 10.22

 

Executive Agreement Addendum

 

Name: Malik Talib             Title: Executive Vice President of VeriChip Corporation             Effective Date: April 1, 2005

 

Location: Richmond, BC Canada

 

Reports to: Kevin McLaughlin             Title: CEO – VeriChip Corporation

 

Salary:    Quarterly Bonus: - Section 1.    Yearly Bonus: - Section 2.
$210,000 Canadian    $2,500 Canadian @ Qtr    Up to 50% of base salary

 

Except as modified hereby, the terms and provisions of that certain Executive Agreement, dated as of February 1, 2000, by and between VeriChip Inc. (f/k/a EXI Technologies Inc.) and Mr. Talib shall remain in full force and effect.

 

General Description of Duties:

 

    Supervision of Vancouver operation

 

    Strategic / Revenue producing acquisitions for VeriChip

 

    Creating significant Partnerships and Alliances in Gov’t and Commercial

 

    Capital market activity for the new VeriChip Corporation

 

    Other assigned tasks as necessary

 

SECTION 1. Quarterly Bonus

 

    Attainment of Financial Objectives by Qtr. (eXI budget for 2005 as submitted to ADS) 50%

 

    VeriChip Integration Goals (as agreed upon by President and CEO each Qtr) 50%

 

SECTION 2. Yearly Bonus Criteria (up to 50% of base salary)

 

    30% Financial – EBITDA

 

    15% Strategic / Revenue producing acquisitions

 

    15% Capital market activity

 

    5% Strategic Partnership

 

    5% Major Distribution Agreement

 

    30% Integration Goals

 

    Product (10%)

 

    Personnel (10%)

 

    Company (10%)

 

SECTION 3. Other Financial Consideration

 

    Initial VeriChip Option Grant of 115,575 @ U.S. $1.54

 

    Subsequent VeriChip Option Grant of 5,746 @ U.S. $1.54 on or prior to January 15, 2006

 

           
Malik Talib       Date:
/s/ Kevin McLaughlin         
Kevin McLaughlin       Date: