BOERNE — Tootie Pie Co. Inc. (OTCBB: TOOT) has handed President and CEO Don Merrill a new five-year contract with a base annual salary of $105,000, and shares and warrants worth more than $400,000, according to an SEC filing.
The Boerne, Texas-based bakery said it will issue the company's founder 286,000 shares plus warrants to purchase an identical amount at 55 cents a share before Jan. 15, 2011. Both the shares and warrants will fully vest over the five-year period of his contract.
At Tuesday's closing trading price of 73 cents, the shares and warrants are worth $417,560.
Merrill also will receive medical and other benefits, besides being eligible for annual bonuses and an annual pay raise as determined by the company's board.
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