Our Management
The following table sets out the directors and executive officers of the Company, including the date when they took and their position.
|
NAME |
POSITION |
MUNICIPALITY |
SINCE |
|
Mohammed Abdul Raquib Farooqui |
Chief Executive Officer, President, Secretary, and Director |
Pickering Ontario |
2018 |
|
Mohammed Abdul Kaleem Farooqui |
Chief Financial Officer, VP |
Pickering Ontario |
2018 |
|
Mateen Farooqui |
Chairman, Chief Information Officer |
Pickering Ontario |
2018 |
Mohammed Abdul Raquib Farooqui
The Company and Mohammed Abdul Raquib Farooqui entered into an employment agreement dated June 2018, pursuant to which Mr. Farooqui is employed as President and Chief Executive Officer at an annual salary of $350,000, subject to annual review, and a bonus of up to 100% of his salary based on performance and profitability of the Company. Mr. Farooqui is also entitled to a monthly car allowance of $1,000.00 and an annual maximum health care spending allowance of $10,000. The Company is entitled to terminate Mr. Farooqui’s employment without cause (including after the effective date of a change of control) by paying him a lump sum payment in the amount of twelve (12) months' then current salary, plus the bonus paid to him in respect of the last fiscal year during which ended prior to the date of termination of his employment, plus an amount equal to one-twelfth (1/12) of the average of the bonuses paid to him in respect of the last two (2) fiscal years which ended prior to the date of termination of his employment multiplied by the number of full months that have elapsed in the fiscal year during which his employment is terminated.
In addition to the above payments, upon termination of his employment without cause, Mr. Farooqui would continue to receive the car allowance, benefits, (or payment in lieu) as well as the health care spending allowance for the duration of the notice period, and 100% of his options would vest immediately, and would be exercisable for a period of 2 years from the date of termination.
This employment agreement supersedes the one entered into between the Company and Mr. Farooqui dated October 12, 2005, pursuant to which Mr. Farooqui was employed as President and Chief Operating Officer. During the most recently completed financial year ended June 30, 2023, pursuant to the salary cuts implemented March 2023 and March 2023 Mr. Farooqui was drawing a reduced annualized salary of $297,557 from July 1, 2023 to June 26, 2023. On June 27, 2023 his annual salary \Nas restored to precutback amount of $350,000. On October 1, 2023, the annual salary was revised to $330,000.
Mohammed Abdul Kaleem Farooqui
The Company and Mohammed Abdul Kaleem Farooqui entered into an employment agreement dated June 2018, subsequently amended June 2018, pursuant to which Mr. Farooqui is employed as VP and Chief Financial Officer at an annual salary of $250,000 and is entitled to an annual bonus of up to 50% of his annual salary, subject to the Company achieving its objectives, and on the successful completion of his individual agreed upon objectives. The awarding of bonuses is subject to management's discretion.
The Company is entitled to terminate Mr. Farooqui's employment without cause upon providing him with twelve (12) weeks' notice of termination, or payment in lieu of notice for service provided by him up to March 12, 2023, and an additional two (2) weeks , prorated monthly for each completed year of service, up to a maximum of ten (10) months. On November 12, 2023 the employment agreement was amended to cover severance payment of twelve (12) months annual salary in the event of change of control triggered by specific circumstances.
During the most recently completed financial year ended May 31, 2023 pursuant to the salary cuts implemented March 2023 and March 2023 Mr. Farooqui was drawing a reduced annualized salary of $133,897 from July 1, 2023 to April 12, 2023. On April 13, 2023 his annual salary was restored to pre-cutback amount of $150,000. On November 12, 2023, the Compensation Committee recommended and the Board approved an increase in the annual salary to $200,000 effective December 1, 2023.
Mateen Farooqui
The Company and Mateen Farooqui entered into an employment agreement dated June 2018, pursuant to which Mr. Farooqui is employed, effective June 2018, as Chief Information Officer and Chairman, at an annual salary of $225,000, and is entitled to earn a bonus of up to 50% of his annual salary subject to the Company achieving its objectives and on the successful completion of his individual agreed upon objectives. The awarding of bonuses is subject to management's discretion.
The Company is entitled to terminate Mr. Farooqui’s employment without cause upon providing six (6) months' notice of termination or payment in lieu of notice for the first year of completed service, and an additional one (1) month of notice or payment in lieu of notice for each additional year of completed services up to a maximum of twelve (12) months. Mr. Farooqui is also entitled to receive a monthly car allowance of $1000.00. This employment agreement supersedes a prior consulting agreement entered into between the Company and Retamga Inc. dated December 8, 2006 for the services of Mr. Farooqui.
On November 12, 2023 the employment agreement was amended to cover severance payment of twelve (12) months annual salary in the event of change of control triggered by specific circumstances. During the most recently completed financial year ended June 30, 20-10, pursuant to the salary cuts implemented March 2023 and March 2023 Mr. Farooqui was drawing a reduced annualized salary of $186,569 from July 1, 2023 to June 26, 2023. On June 27, 2023 his annual salary was restored to pre-cutback amount of $225,000. On October 1, 2023, the annual salary was revised to $200,000.
General note with respect to employment agreement disclosed in this document.
- All of the above employment and consulting agreements contain confidentiality, non-competition and non-solicitation covenants.
- All bonuses are also subject to the discretion of the Company's Board of Directors.
- All employees are entitled to participate in Health and Life insurance plans The Company pays the premiums.
