EX-10.25 36 dex1025.htm EXECUTIVE AGREEMENT ADDENDUM DATED AS OF APRIL 1, 2005 Executive Agreement Addendum dated as of April 1, 2005

Exhibit 10.25

 

Executive Agreement Addendum

 

Name: Nurez Khimji

   Title: Chief Financial Officer of VeriChip Corporation    Effective Date: April 1, 2005

Location: Richmond, BC Canada

Reports to: Kevin McLaughlin        Title: CEO – VeriChip Corporation

 

Salary:

 

$150,000 Canadian

 

Quarterly Bonus: - Section 1

 

Special Quarterly bonuses may be initiated from time to time

 

Yearly Bonus: - Section 2.

 

Up to 50% of base salary

 

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

 

General Description of Duties:

 

    Supervision of all financial aspects of the combined company

 

    Continued personal involvement in Strategic Relationships

 

    Assist in Strategic acquisitions for the Company

 

    Develop significant Partnerships and Alliances in Gov’t and Commercial Accounts

 

    Capital market activity for the new VeriChip Corporation

 

    Other assigned tasks as necessary

 

SECTION 1. Quarterly Bonus

 

 

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

 

    30% Financial – EBITDA

 

    15% Strategic / Revenue producing acquisitions

 

    15% Capital market activity

 

    10% Strategic Partnership – Major Distribution Agreement

 

    30% Integration Goals

 

Financial (10%)

 

Personnel (10%)

 

Company (10%)

 

SECTION 3. Other Financial Consideration

 

    Initial VeriChip Option Grant of 57,788 @ U.S. $1.54

 

    Subsequent VeriChip Option Grant of 2,878 @ U.S. $1.54 on or prior to January 15, 2006

 

/s/ Nurez Khimji


    

Nurez Khimji

   Date:    12/28/05

/s/ Kevin McLaughlin


    

Kevin McLaughlin

   Date: