Includes 600,000 common shares held by B World Technologies, Inc.
and 234,375 common shares issuable upon exercise of options granted to B World Technologies
in connection with services performed by Dr. Drakulic
.Both B World Technologies and B Technologies
are owned and controlled by Dr. Drakulic
...On October 11, 2002, Recom reached an agreement-in-principle with Dr. Budimir Drakulic to become our Vice President and Chief Technology Officer on a consulting basis through his consulting companies.
Pursuant to that understanding, on October 15, 2002, we entered into a loan-out agreement with B World Technologies, Inc.
and B Technologies, Inc.
relative to the provision of Dr. Drakulic's services, which formally commenced as of that date.Dr. Drakulic is the president and owner of these companies.
...B World Technologies
was granted 600,000 "restricted" common shares (200,000 shares pre-split), to be earned over five years of continuous provision of services by Dr. Drakulic
Since March 1, 2003, Dr. Drakulic
has worked for us on a full-time basis even though the loan-out agreement only provides for the provision of part-time services.We have agreed to characterize these additional services as being provided by Dr. Drakulic
as an employee, and to pay him $7,500 annually as compensation for their provision.On March 10, 2003, as additional incentive for the performance of Dr. Drakulic
, we granted to B World Technologies options entitling it to purchase 750,000 common shares at $0.95 per share.These options vest quarterly over a four year term, and lapse, if not exercised, on March 9, 2008.Concurrent with entering into the loan-out agreement, B World Technologies
, B Technologies
and Dr. Drakulic
signed an employment, confidential information, invention assignment and arbitration agreement under which they agreed, among other things, to assign to us all of Dr. Drakulic's right, title and interest in and to any and all inventions, discoveries, etc. which he
conceives or develops while engaged by Recom