ENTEST GROUP, INC. - FORM S-1 - EX-10.2 - TERMS OF EMPLOYMENT AGREEMENT - April 9, 2012

Attached files

file filename
EXCEL - IDEA: XBRL DOCUMENT - ENTEST GROUP, INC.Financial_Report.xls
S-1 - REGISTRATION STATEMENT - ENTEST GROUP, INC.entb_s1.htm
EX-5.1 - OPINION REGARDING LEGALITY - ENTEST GROUP, INC.entb_ex5.htm
EX-23.1 - CONSENT OF JOHN KINROSS KENNEDY, CPA - ENTEST GROUP, INC.entb_ex23.htm
EX-21 - SUBSIDIARIES OF REGISTRANT - ENTEST GROUP, INC.entb_ex21.htm
EX-10.14 - LINE OF CREDIT PROMISSORY NOTE DECEMBER 1, 2010 BIO TECHNOLOGY PARTNERS BUSINESS TRUST - ENTEST GROUP, INC.entb_ex1014.htm
EX-10.18 - AGREEMENT AMENDING TERMS OF OUTSTANDING DEBT BY THE COMPANY - ENTEST GROUP, INC.entb_ex1018.htm
EX-10.20 - AGREEMENT AMENDING TERMS OF OUTSTANDING DEBT BY THE COMPANY - ENTEST GROUP, INC.entb_ex1020.htm
EX-10.15 - LINE OF CREDIT PROMISSORY NOTE DECEMBER 1, 2010 VENTURE BRIDGE ADVISORS, INC. - ENTEST GROUP, INC.entb_ex1015.htm
EX-10.19 - AGREEMENT AMENDING TERMS OF OUTSTANDING DEBT BY THE COMPANY - ENTEST GROUP, INC.entb_ex1019.htm
EX-10.17 - LINE OF CREDIT PROMISSORY NOTE DECEMBER 1, 2010 DAVID KOOS - ENTEST GROUP, INC.entb_ex1017.htm
EX-10.16 - LINE OF CREDIT PROMISSORY NOTE DECEMBER 1, 2010 BOMBARDIER PACIFIC VENTURES - ENTEST GROUP, INC.entb_ex1016.htm

 

Exhibit 10.2


On April 7, 2010


The Entest Biomedical, inc. (“Company”)  and Ms. Tammy Reynolds have agreed that Ms. Reynolds shall receive


(a)

Compensation of $70,000 per annum for her services as Chief Financial Officer.

(b)

Fifty Thousand Dollars worth of the Common Shares of the Company (“Compensation Shares”)  to be granted to Ms. Reynolds upon the completion of twelve months employment as CFO of the Company in accordance with the following terms and conditions:

 

(1)

The Compensation Shares shall be issued at a price per share which shall be the average of the closing stock prices on the first day of trading of each month during the twelve months prior to the grant.

(2)

80% of the  Compensation Shares (“Restricted Comp Shares”) may not be sold, transferred, assigned, pledged or otherwise encumbered or disposed of by Ms. Reynolds (“ Transfer Restriction”) except as follows:

 

Upon the expiration of one year from the date of the grant of the Compensation Shares, Transfer Restrictions shall no longer apply to 25% of the Restricted Comp Shares.

 

Upon the expiration of two years from the date of the grant of the Compensation Shares, Transfer Restrictions shall no longer apply to an additional 25% of the Restricted Comp Shares.

 

Upon the expiration of three years from the date of the grant of the Compensation Shares, Transfer Restrictions shall no longer apply to an additional 25% of the Restricted Comp Shares

 

Upon the expiration of four years from the date of the grant of the Compensation Shares, Transfer Restrictions shall no longer apply to an additional 25% of the Restricted Comp Shares.

 

In the event that Ms. Reynolds is no longer employed as CFO of the Company, any Restricted Comp Shares still subject to Transfer Restrictions shall be forfeited by the Ms. Reynolds, and ownership of the Restricted Comp Shares shall be transferred back to the Company. Ms. Reynolds is currently not party to a written employment agreement with the Company.

 





ENTEST GROUP, INC. Reports