FCCN 8-K
SPECTRAL CAPITAL Corp (FCCN)
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
CURRENT REPORT
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Securities registered pursuant to Section 12(b) of the Act: None
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter). Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨
Spectral Capital Corporation is referred to herein as the “Company”, “we”, “our” or “us”.
Item 3.02 Unregistered Sales of Equity Securities
On June 17, 2024, the Company’s Board of Directors approved the grant of up to 30,000 options (the “Options”) plus up to 8,000 additional options per year (the “Refresh Options”) to purchase shares of the Company’s common stock, par value $.0001 (the “Common Stock”), to Paul Breitenbach pursuant to the terms of an Offer Letter with Addendum also dated June 17, 2024, executed by and between the Company and Mr. Breitenbach (the “Breitenbach Offer Letter”). We valued each Option at the fair market value price of $0.57 per option. The following chart summarizes the options granted to Mr. Breitenbach.
On June 20, 2024, the Company’s Board of Directors approved the grant of up to 30,000 options (the “Options”) plus up to 8,000 additional options per year (the “Refresh Options”) to purchase shares of Common Stock to Samson Lee pursuant to the terms of an Offer Letter with Addendum also dated June 20, 2024, executed by and between the Company and Mr. Lee (the “Lee Offer Letter”). We valued each Option at the fair market value price of $0.61 per option. The following chart summarizes the options granted to Mr. Lee.
Name | Position with Company | Options Granted | Vesting Date | Exercise Price |
Paul Breitenbach | Director | Options to purchase 625 shares of Common Stock monthly or an aggregate of 30,000 shares of Common Stock over 4 years. | 625 Options per month for 4 years unless Company milestones are met | Current Market Price on June 17, 2024 |
Paul Breitenbach | Director | Additional grants of 8,000 stock options each year. | 667 Options per month for 4 years unless Company milestones are met | Current Market Price on June 17, 2024 |
Samson Lee | Director | Options to purchase 625 shares of Common Stock monthly or an aggregate of 30,000 shares of Common Stock over 4 years. | 625 Options per month for 4 years unless Company milestones are met | Current Market Price on June 20, 2024 |
Samson Lee | Director | Additional grants of 8,000 stock options each year. | 667 Options per month for 4 years unless Company milestones are met | Current Market Price on June 20, 2024 |
Item 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
Appointment of Paul Breitenbach
On June 17, 2024, pursuant to the Breitenbach Offer Letter, the Company appointed Paul Breitenbach as a member of the Company’s Board of Directors.
In addition to the options described under Item 3.02 hereof, pursuant to the Breitenbach Offer Letter:
·Mr. Breitenbach will receive the following cash compensation:
§Year 1: $25,000, paid quarterly ($6,250 per quarter)
§Year 2 onwards: $50,000, paid quarterly ($12,500 per quarter)
§$2,000 per board meeting attended
·Mr. Breitenbach will serve a term of four (4) years.
·Mr. Breitenbach may be terminated for any or no reason,
·Mr. Breitenbach may also terminate his membership on the Board for any or no reason by delivering written notice of resignation to the Company,
·If Mr. Breitenbach delivers his resignation, and the Board has not acted on his written notice within thirty days from its date of delivery, then the resignation shall upon the tenth day be deemed accepted by the Board.
·Mr. Breitenbach’s compensation will terminate subject to the Company’s obligations to pay him any cash compensation (or equivalent value in common shares of the Company) that he has already earned and to reimburse him for approved expenses.
Biography of Paul Breitenbach
Since 2010, Mr. Breitenbach has served as the founder and Chief Executive Officer of r4 Technologies, an IT services and consulting company located in Ridgefield, Connecticut that is pioneering cross-enterprise AI. From 1997 to 2017, Mr. Breitenbach served as the Chief Marketing Officer for Walker Digital, a research and development lab located in Stamford, Connecticut that specializes in creating applications and business solutions that work with large-scale networks. From 2001 to 2002, Mr. Breitenbach served as the Chief Marketing Officer of Skillgames. From 1996 to 2000, Mr. Breitenbach was the Chief Marketing Officer and co-founder of priceline.com. From 1995 to 1997, Mr. Breitenbach served as the Vice President of CUC International.
Mr. Breitenbach earned a Bachelor of Arts in Sociology from Cornell University in 1992 and a Master of Business Administration from Cornell Johnson Graduate School of Management in 1995.
Appointment of Samson Lee
On June 20, 2024, pursuant to the Lee Offer Letter, the Company appointed Samson Lee as a member of the Company’s Board of Directors.
·In addition to the options described under Item 3.02 hereof, pursuant to the Lee Offer Letter, Mr. Lee will receive the following cash compensation:
§Year 1: $25,000, paid quarterly ($6,250 per quarter)
§Year 2 onwards: $50,000, paid quarterly ($12,500 per quarter)
§$2,000 per board meeting attended
·Mr. Lee will serve a term of four (4) years.
·Mr. Lee may be terminated for any or no reason,
·Mr. Lee may also terminate his membership on the Board for any or no reason by delivering written notice of resignation to the Company,
·If Mr. Lee deliver his resignation, and the Board has not acted on such written notice within thirty days from its date of delivery, then his resignation shall upon the tenth day be deemed accepted by the Board.
·Mr. Lee’s compensation will terminate subject to the Company’s obligations to pay him any cash compensation (or equivalent value in common shares of the Company) that he has already earned and to reimburse him for approved expenses.
Biography of Samson Lee
Since January 2017, Mr. Lee has been the founder and Chief Executive Officer of Coinstreet, a TechFin service and solution provider located in Hong Kong. Since February 2022, Mr. Lee has been the founder and Chief Executive Officer of CSpro.io, a Hong Kong SFC-licensed corporation specializing in asset tokenization, issuance, and distribution of security tokens. Since February 2022, Mr. Lee has been the founder and Chief Executive Officer of iSHANG, a Hong Kong-based gateway for mainstream brands and enterprises to enter into web3 market by launching NFT campaigns and vertical NFT applications. Since April 2022, Mr. Lee has been the co-founder and co-chairman of the Hong Kong Web3 Association, a non-profit organization focused on the web3 community in Hong Kong. Since February 2018, Mr. Lee has been the co-chairman of the Asia Pacific Digital Economy Institute in Hong Kong, which aims to create a center of excellence, leadership, and partnership to incubate new thinking and innovation in practice; advance thought-leadership; generate new growth opportunities; enhance the competitiveness and productivity of business; and cultivate talents to accelerate the digital economy.
Mr. Lee earned a Bachelor of Commerce, Economics and Management from the University of Toronto - Rotman School of Management in 1993, completed the Executive Program, Internet Marketing at the University of British Columbia in 2000, earned a Master of Business Administration, China Business from HKUST Business School in 2003 and earned a Master of Science (MS), Telecommunications and Networking from the Hong Kong University of Science and Technology in 2003.
The foregoing description of certain terms of the Breitenbach Offer Letter with Addendum and the Lee Offer Letter with Addendum are qualified in their entirety by reference to entire documents, copies of which are attached as Exhibits 10.12 to 10.15 hereto, and are incorporated by reference herein and made a part hereof.
Item 9.01. Financial Statements and Exhibits.
(d) exhibits
Exhibit |
| Description |
10.12 |
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10.13 |
| Addendum to Offer Letter with Paul Breitenbach dated June 17, 2024 |
10.14 |
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10.15 |
| Addendum to Offer Letter with Samson Lee dated June 20, 2024 |
104 |
| Cover Page Interactive Data File (embedded within the Inline XBRL document). |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| SPECTRAL CAPITAL CORPORATION | |
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Date: June 21, 2024 | By: | /s/ Jenifer Osterwalder |
| Name: | Jenifer Osterwalder |
| Title: | Chief Executive Officer |
July 17, 2024
Paul Breitenbach
Address:
Re: Spectral Capital Corporation: Officer-Director Offer Letter
Dear Mr. Breitenbach:
Spectral Capital Corporation, a Nevada corporation (the “Company”), is pleased to offer you a position as a member of its Board of Directors (the “Board”). Should you choose to accept this position as a member of the Board, this letter shall constitute an agreement (“Offer Agreement”) between you and the Company and contains all the terms and conditions relating to the services you are to provide.
1. Term. This Offer Agreement shall have an initial term of four years, beginning on the date of execution hereof. Your term as director shall continue subject to the provisions in Section 8 below or until your resignation, termination or your successor is duly elected and qualified. The position shall be up for re-election each year at the annual shareholders’ meeting and upon re-election, the terms and provisions of this Offer Agreement shall remain in full force and effect.
2. Duties. You shall render services as a member of the Board in accordance with high professional and ethical standards and in accordance with all applicable laws and rules and regulations pertaining to your performance hereunder. You shall be required to attend all meetings of the Board called from time to time either in-person, Zoom or other online conference or by telephone. The services described in this Section 2.1 shall hereinafter be referred to as your “Duties.”
3. Services for Others. You shall be free to represent or perform services for other persons during the term of this Offer Agreement. You agree, however, that you do not presently perform and do not intend to perform, during the term of this Offer Agreement, similar Duties, consulting, or other services for companies whose businesses are or would be, in any way, competitive with the Company (except for companies previously disclosed by you to the Company in writing). Should you propose to perform similar Duties, consulting, or other services for any such company, you agree to notify the Company in writing in advance (specifying the name of the organization for whom you propose to perform such services) and to provide information to the Company sufficient to allow it to determine if the performance of such services would conflict with areas of interest to the Company.
4. Compensation. See attached addendum to Offer Letter: Compensation.
Section 4.1. Reimbursement. You shall be reimbursed for pre-approved reasonable expenses documented and incurred by you in connection with the performance of your Duties (including travel expenses for meetings you attend in-person).
Spectral Capital Corporation – 4500 9th Ave NE Seattle WA 98105
Section 5.Taxes. You are solely responsible for taxes arising out of any compensation paid by the Company to you under this Offer Agreement, and you understand that you will be issued a U.S. Treasury form 1099 for any compensation paid to you by the Company, and understand and agree that the Company shall comply with any tax or withholding obligations as required by applicable law from time to time in connection with this Offer Agreement.
Section 6. No Assignment. Because of the personal nature of the services to be rendered by you, this Offer Agreement may not be assigned by you without the prior written consent of the Company.
Section 7. Confidential Information; Non-Disclosure. In consideration of your access to the premises of the Company and/or you access to certain Confidential Information of the Company, in connection with your business relationship with the Company, you will comply with the confidentiality obligations in the Confidentiality Agreement attached hereto as Exhibit A and made a part hereof.
Section 8. Termination and Resignation. Your membership on the Company’s Board may be terminated for any or no reason. You may also terminate your membership on the Board for any or no reason by delivering your written notice of resignation to the Company (“Resignation”), and such Resignation shall be effective upon its acceptance by the Board, provided, however, that if the Board has not acted on such written notice within thirty days from its date of delivery, then your Resignation shall upon the tenth day be deemed accepted by the Board. Upon the effective date of the termination or delivery of your Resignation to the Company, your right to compensation hereunder will terminate subject to the Company’s obligations to pay you any cash compensation (or equivalent value in common shares of the Company) that you have already earned and to reimburse you for approved expenses already incurred in connection with your performance of your Duties as of the effective date of such termination or delivery of your Resignation.
Section 9. Independent Contractor. You understand, acknowledge and agree that your relationship with the Company is that of an independent contractor and nothing in this Offer Agreement is intended to or should be construed to create a relationship other than that of independent contractor. Nothing in this Offer Agreement shall be construed as a contract of employment/engagement between you and the Company or as a commitment on the part of the Company to retain you in any capacity, for any period of time or under any specific terms or conditions, or to continue your service to the Company beyond any period. You understand that your service is at will.
Section 10. Governing Law; Consent to Jurisdiction. All questions with respect to the construction and/or enforcement of this Offer Agreement, and the rights and obligations of the parties hereunder, shall be determined in accordance with the laws of the State of Nevada applicable to agreements made and to be performed entirely in the State of Nevada. The parties hereby consent to the jurisdiction of the courts having jurisdiction over matters arising in Nevada for any proceeding arising out of or relating to this Offer Agreement. The parties agree that in any such proceeding, each party shall waive, if applicable, inconvenience of forum and right to a jury.
Section 11. Entire Agreement. This Offer Agreement expresses the entire understanding with respect to the subject matter hereof and supersedes and terminates any prior oral or written agreements with respect to the subject matter hereof.
Section 12. Amendment. Any term of this Offer Agreement may be amended and observance of any term of this Offer Agreement may be waived only with the written consent of the parties hereto.
Spectral Capital Corporation – 4500 9th Ave NE Seattle WA 98105
Section 13. Waiver. Waiver of any term or condition of this Offer Agreement by any party shall not be construed as a waiver of any subsequent breach or failure of the same term or condition or waiver of any other term or condition of this Offer Agreement. The failure of any party at any time to require performance by any other party of any provision of this Offer Agreement shall not affect the right of any such party to require future performance of such provision or any other provision of this Offer Agreement.
Section 14. Counterparts. This Offer Agreement may be executed in separate counterparts each of which will be an original and all of which taken together will constitute one and the same Offer Agreement, and may be executed using facsimiles of signatures, and a facsimile of a signature shall be deemed to be the same, and equally enforceable, as an original of such signature.
This Offer Agreement has been executed and delivered by the undersigned and is made effective as of the date set first set forth above.
Sincerely,
Spectral Capital Corporation
By:__________________________
Jenifer Lyn Osterwalder
Title: Chief Executive Officer, President
AGREED AND ACCEPTED:
By: ____________________________________
Print Name: ____________________________
Spectral Capital Corporation – 4500 9th Ave NE Seattle WA 98105
SPECTRAL CAPITAL CORP. (FCCN)
ADDENDUM to Offer Letter: Compensation
Date: June 17, 2024
Paul Breitenbach
Address:
Dear Mr. Breitenbach,
I am pleased to present the proposed Independent Board Member Vesting Plan, which has been meticulously designed to align with our company’s growth strategy and long-term objectives. The details of the plan are as follows:
Equity Compensation:
·Stock Options: You are granted 30,000 stock options with an exercise price set at the current market price as of the date this document is signed.
Vesting Schedule:
·Vesting Period: A 4-year vesting period with monthly vesting.
·Monthly Vesting: The options will vest monthly at a rate of 625 options per month over the next four years, starting from the grant date.
·Accelerated Vesting: 25% of the options will vest immediately upon achieving specific company milestones.
Annual Refresh Grants:
·Additional Grants: You will receive additional grants of 8,000 stock options each year, subject to a similar vesting schedule (667 options per month).
Cash Compensation:
·Year 1: $25,000 annual cash retainer, paid quarterly ($6,250 per quarter).
·Year 2 Onwards: $50,000 annual cash retainer, paid quarterly ($12,500 per quarter).
Spectral Capital Corporation | 1 |
SPECTRAL CAPITAL CORP. (FCCN)
Board Meeting Fees:
·Per-Meeting Fee: $2,000 per board meeting attended.
Sample Monthly Vesting Schedule:
Year | Monthly Vesting | Options Vested | Total Options |
1 | 625 options | 625 | 7,500 |
2 | 625 options | 625 | 7,500 |
3 | 625 options | 625 | 7,500 |
4 | 625 options | 625 | 7,500 |
Summary:
Year 1:
·Stock Options: 7,500 options vested (625 options per month).
·Cash Retainer: $25,000 annually, paid quarterly ($6,250 per quarter).
·Board Meeting Fees: $2,000 per meeting.
Year 2 and Beyond:
·Stock Options: 7,500 options vested annually (625 options per month).
·Additional Stock Options: Annual refresh of 8,000 options, vesting at 667 options per month.
·Cash Retainer: $50,000 annually, paid quarterly ($12,500 per quarter).
·Board Meeting Fees: $2,000 per meeting.
This plan ensures that you remain incentivized to contribute to our company’s long-term success, while also providing competitive compensation that aligns with industry standards and our financial strategy.
As the CEO, I am deeply committed to working with you to grow this plan as our company grows. Your expertise and dedication are invaluable to our continued success, and I am confident that this plan will serve as a strong foundation for our future achievements.
Spectral Capital Corporation | 2 |
SPECTRAL CAPITAL CORP. (FCCN)
Please review the details and let me know if you have any questions or require further clarification. I look forward to your confirmation and to our continued collaboration.
Warm regards,
Jennifer Lyn Osterwalder
CEO
Spectral Capital Corporation
______________________________________________________________________________
Commitment Statement: I, Jenifer Lyn Osterwalder, as CEO of Spectral Capital, am committed to working closely with you to ensure the success and growth of this vesting plan as our company continues to expand.
______________________________________________________________________________
Acceptance:
I, Paul Breitenbach, accept the terms of the Independent Board Member Vesting Plan as outlined above.
______________________________________________________________________________
__________________________________
Paul Breitenbach
Date: ________________
______________________________________________________________________________
Spectral Capital Corporation | 3 |
July 20, 2024
Samson Lee
Address:
Re: Spectral Capital Corporation: Officer-Director Offer Letter
Dear Mr. Lee:
Spectral Capital Corporation, a Nevada corporation (the “Company”), is pleased to offer you a position as a member of its Board of Directors (the “Board”). Should you choose to accept this position as a member of the Board, this letter shall constitute an agreement (“Offer Agreement”) between you and the Company and contains all the terms and conditions relating to the services you are to provide.
1. Term. This Offer Agreement shall have an initial term of four years, beginning on the date of execution hereof. Your term as director shall continue subject to the provisions in Section 8 below or until your resignation, termination or your successor is duly elected and qualified. The position shall be up for re-election each year at the annual shareholders’ meeting and upon re-election, the terms and provisions of this Offer Agreement shall remain in full force and effect.
2. Duties. You shall render services as a member of the Board in accordance with high professional and ethical standards and in accordance with all applicable laws and rules and regulations pertaining to your performance hereunder. You shall be required to attend all meetings of the Board called from time to time either in-person, Zoom or other online conference or by telephone. The services described in this Section 2.1 shall hereinafter be referred to as your “Duties.”
3. Services for Others. You shall be free to represent or perform services for other persons during the term of this Offer Agreement. You agree, however, that you do not presently perform and do not intend to perform, during the term of this Offer Agreement, similar Duties, consulting, or other services for companies whose businesses are or would be, in any way, competitive with the Company (except for companies previously disclosed by you to the Company in writing). Should you propose to perform similar Duties, consulting, or other services for any such company, you agree to notify the Company in writing in advance (specifying the name of the organization for whom you propose to perform such services) and to provide information to the Company sufficient to allow it to determine if the performance of such services would conflict with areas of interest to the Company.
4. Compensation. See attached addendum to Offer Letter: Compensation.
4.1. Reimbursement. You shall be reimbursed for pre-approved reasonable expenses documented and incurred by you in connection with the performance of your Duties (including travel expenses for meetings you attend in-person).
Spectral Capital Corporation – 4500 9th Ave NE Seattle WA 98105
Section 5.Taxes. You are solely responsible for taxes arising out of any compensation paid by the Company to you under this Offer Agreement, and you understand that you will be issued a U.S. Treasury form 1099 for any compensation paid to you by the Company, and understand and agree that the Company shall comply with any tax or withholding obligations as required by applicable law from time to time in connection with this Offer Agreement.
Section 6. No Assignment. Because of the personal nature of the services to be rendered by you, this Offer Agreement may not be assigned by you without the prior written consent of the Company.
Section 7. Confidential Information; Non-Disclosure. In consideration of your access to the premises of the Company and/or you access to certain Confidential Information of the Company, in connection with your business relationship with the Company, you will comply with the confidentiality obligations in the Confidentiality Agreement attached hereto as Exhibit A and made a part hereof.
Section 8. Termination and Resignation. Your membership on the Company’s Board may be terminated for any or no reason. You may also terminate your membership on the Board for any or no reason by delivering your written notice of resignation to the Company (“Resignation”), and such Resignation shall be effective upon its acceptance by the Board, provided, however, that if the Board has not acted on such written notice within thirty days from its date of delivery, then your Resignation shall upon the tenth day be deemed accepted by the Board. Upon the effective date of the termination or delivery of your Resignation to the Company, your right to compensation hereunder will terminate subject to the Company’s obligations to pay you any cash compensation (or equivalent value in common shares of the Company) that you have already earned and to reimburse you for approved expenses already incurred in connection with your performance of your Duties as of the effective date of such termination or delivery of your Resignation.
Section 9. Independent Contractor. You understand, acknowledge and agree that your relationship with the Company is that of an independent contractor and nothing in this Offer Agreement is intended to or should be construed to create a relationship other than that of independent contractor. Nothing in this Offer Agreement shall be construed as a contract of employment/engagement between you and the Company or as a commitment on the part of the Company to retain you in any capacity, for any period of time or under any specific terms or conditions, or to continue your service to the Company beyond any period. You understand that your service is at will.
Section 10. Governing Law; Consent to Jurisdiction. All questions with respect to the construction and/or enforcement of this Offer Agreement, and the rights and obligations of the parties hereunder, shall be determined in accordance with the laws of the State of Nevada applicable to agreements made and to be performed entirely in the State of Nevada. The parties hereby consent to the jurisdiction of the courts having jurisdiction over matters arising in Nevada for any proceeding arising out of or relating to this Offer Agreement. The parties agree that in any such proceeding, each party shall waive, if applicable, inconvenience of forum and right to a jury.
Section 11. Entire Agreement. This Offer Agreement expresses the entire understanding with respect to the subject matter hereof and supersedes and terminates any prior oral or written agreements with respect to the subject matter hereof.
Section 12. Amendment. Any term of this Offer Agreement may be amended and observance of any term of this Offer Agreement may be waived only with the written consent of the parties hereto.
Spectral Capital Corporation – 4500 9th Ave NE Seattle WA 98105
Section 13. Waiver. Waiver of any term or condition of this Offer Agreement by any party shall not be construed as a waiver of any subsequent breach or failure of the same term or condition or waiver of any other term or condition of this Offer Agreement. The failure of any party at any time to require performance by any other party of any provision of this Offer Agreement shall not affect the right of any such party to require future performance of such provision or any other provision of this Offer Agreement.
Section 14. Counterparts. This Offer Agreement may be executed in separate counterparts each of which will be an original and all of which taken together will constitute one and the same Offer Agreement, and may be executed using facsimiles of signatures, and a facsimile of a signature shall be deemed to be the same, and equally enforceable, as an original of such signature.
This Offer Agreement has been executed and delivered by the undersigned and is made effective as of the date set first set forth above.
Sincerely,
Spectral Capital Corporation
By:__________________________
Jenifer Lyn Osterwalder
Title: Chief Executive Officer, President
AGREED AND ACCEPTED:
By: ____________________________________
Print Name: ____________________________
Spectral Capital Corporation – 4500 9th Ave NE Seattle WA 98105
SPECTRAL CAPITAL CORP. (FCCN)
ADDENDUM to Offer Letter: Compensation
Date: June 20, 2024
Samson Lee
Address:
Dear Mr.Lee,
I am pleased to present the proposed Independent Board Member Vesting Plan, which has been meticulously designed to align with our company’s growth strategy and long-term objectives. The details of the plan are as follows:
Equity Compensation:
·Stock Options: You are granted 30,000 stock options with an exercise price set at the current market price as of the date this document is signed.
Vesting Schedule:
·Vesting Period: A 4-year vesting period with monthly vesting.
·Monthly Vesting: The options will vest monthly at a rate of 625 options per month over the next four years, starting from the grant date.
·Accelerated Vesting: 25% of the options will vest immediately upon achieving specific company milestones.
Annual Refresh Grants:
·Additional Grants: You will receive additional grants of 8,000 stock options each year, subject to a similar vesting schedule (667 options per month).
Cash Compensation:
·Year 1: $25,000 annual cash retainer, paid quarterly ($6,250 per quarter).
·Year 2 Onwards: $50,000 annual cash retainer, paid quarterly ($12,500 per quarter).
Spectral Capital Corporation | 1 |
SPECTRAL CAPITAL CORP. (FCCN)
Board Meeting Fees:
·Per-Meeting Fee: $2,000 per board meeting attended.
Sample Monthly Vesting Schedule:
Year | Monthly Vesting | Options Vested | Total Options |
1 | 625 options | 625 | 7,500 |
2 | 625 options | 625 | 7,500 |
3 | 625 options | 625 | 7,500 |
4 | 625 options | 625 | 7,500 |
Summary:
Year 1:
·Stock Options: 7,500 options vested (625 options per month).
·Cash Retainer: $25,000 annually, paid quarterly ($6,250 per quarter).
·Board Meeting Fees: $2,000 per meeting.
Year 2 and Beyond:
·Stock Options: 7,500 options vested annually (625 options per month).
·Additional Stock Options: Annual refresh of 8,000 options, vesting at 667 options per month.
·Cash Retainer: $50,000 annually, paid quarterly ($12,500 per quarter).
·Board Meeting Fees: $2,000 per meeting.
This plan ensures that you remain incentivized to contribute to our company’s long-term success, while also providing competitive compensation that aligns with industry standards and our financial strategy.
As the CEO, I am deeply committed to working with you to grow this plan as our company grows. Your expertise and dedication are invaluable to our continued success, and I am confident that this plan will serve as a strong foundation for our future achievements.
Spectral Capital Corporation | 2 |
SPECTRAL CAPITAL CORP. (FCCN)
Please review the details and let me know if you have any questions or require further clarification. I look forward to your confirmation and to our continued collaboration.
Warm regards,
Jenifer Lyn Osterwalder
CEO
Spectral Capital Corporation
______________________________________________________________________________
Commitment Statement: I, Jenifer Lyn Osterwalder, as CEO of Spectral Capital, am committed to working closely with you to ensure the success and growth of this vesting plan as our company continues to expand.
______________________________________________________________________________
Acceptance:
I, Samson Lee, accept the terms of the Independent Board Member Vesting Plan as outlined above.
______________________________________________________________________________
__________________________________
Samson Lee
Date: ________________
______________________________________________________________________________
Spectral Capital Corporation | 3 |