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Nocera, Inc. (NASDAQ:NCRA) announced Tuesday that it has entered into employment agreements with Andy Jin, who will serve as Chief Executive Officer, and Andrew Teng, who will serve as Asia Director. The agreements, which began on September 2, provide for initial two-year terms.
Each executive will receive an annual base salary of $240,000 and a grant of 600,000 shares of fully vested common stock issued under the company’s 2018 equity incentive plan, subject to applicable securities laws.
The agreements include provisions for a salary increase to $600,000 per year if any of several milestones are met. These milestones include the company completing an acquisition, raising at least $15 million in aggregate capital, receiving at least $5 million in proceeds from the exercise of its Class B warrants, or the company’s common stock closing at or above $2.00 per share on the Nasdaq Capital Market for five consecutive trading days.
Both executives are eligible for discretionary bonuses and participation in company benefit programs. The agreements also include confidentiality, intellectual property assignment, non-solicitation, non-disparagement, and termination clauses, including termination for cause.
This information is based on a press release statement contained in a recent SEC filing.
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