Item 5.02. Departure of Directors or Certain Officers; Election of Directors;
Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
Effective January 1, 2020, AuraSource, Inc. (the "Company") entered into an
Employment Agreement (the "Employment Agreement") with Philip Liu, the Company's
CEO. Under the Employment Agreement, Mr. Liu will receive a base salary of
$240,000 per year and a guaranteed bonus of $40,000 per year. Each quarter Mr.
Liu shall receive 100,000 options to purchase the Company's common at an
exercise price of $0.052 per share. Mr. Liu will be eligible for an incentive
bonus based on his performance. Additionally, Mr. Liu will receive a car
allowance of $500 per month and an office allowance of $500 per month. The term
of the contract is from January 1, 2020 to December 31, 2025. A copy of the
Employment Agreement is attached to this Form 8-K as Exhibit 99.1 and is
incorporated herein by reference.
Effective January 1, 2020, the Company entered into an Employment Agreement (the
"Employment Agreement") with Eric Stoppenhagen, the Company's CFO. Under the
Employment Agreement, Mr. Stoppenhagen will receive a base salary of $120,000
per year and a guaranteed bonus of $20,000 per year. Each quarter Mr.
Stoppenhagen shall receive 100,000 options to purchase the Company's common at
an exercise price of $0.052 per share. Mr. Stoppenhagen will be eligible for an
incentive bonus based on his performance. Additionally, Mr. Stoppenhagen will
receive a car allowance of $250 per month and an office allowance of $250 per
month. The term of the contract is from January 1, 2020 to December 31, 2025. A
copy of the Employment Agreement is attached to this Form 8-K as Exhibit 99.2
and is incorporated herein by reference.
Item 9.01. Financial Statements and Exhibits
(d) Exhibits.
99.1 Employment Agreement between AuraSource, Inc. and Philip Liu dated
January 1, 2020
99.2 Employment Agreement between AuraSource, Inc. and Eric Stoppenhagen
dated January 1, 2020
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