X-Message-Number: 6676 Date: 04 Aug 96 04:21:14 EDT From: Paul Wakfer <> Subject: Prometheus Pledge Condition Changes As a result of receiving some excellent ideas and very persuasive arguments from Greg Stock, I have made the following changes to the proposed terms of the share purchase agreements which the pledges will become when the campaign has reached its goal of a pledge total of $1M per year for 10 years. 1. Pledges will still be made as a minimum of $1K for each of 10 years, but now the 10 year share purchase agreement has the following termination conditions: a) the agreement may be terminated without penalty after 3 years and after 6 years. (Obviously this means that a major project review will take place at 3 years and at 6 years into the project.) b) If the agreement is terminated by the pledger/share purchaser at any other time, all stock purchased since the last "no penalty exit time" reverts to the corporation. (This means that the money paid for those shares becomes, in effect, a donation and the purchaser can take a tax loss.) c) There will still be conditions for termination or transfer at any time without penalty due to unforseen economic hardship. 2. For original pledger/share purchasers, the value of their shares for the purpose of purchasing technology from the corporation will be the higher of the market value or: a) 150% of all prior share purchases after completion of the first 3 years, b) 200% of all prior share purchases after completion of the first 6 years, c) 300% of all prior share purchases after completion of 10 years of share purchases or the corporation goes public whichever happens first. 3) Each original pledger/share purchaser will have access to a pool of shares vested in 10 years (but at the current price). For each share purchased, an additional share will be placed in the pool. Those terminating their share purchase agreements lose their entitlement to purchase from this pool and any shares which have been put in the pool as a result of their purchases will be available to the remaining original investors in proportion to their pledges/share purchases. -- Paul -- !!!!! REVERSIBLE BRAIN CRYOPRESERVATION *CAN* BE ACHIEVED IN 10 YEARS !!!!! Paul Wakfer email: Voice/Fax: Pager: US: 1220 E Washington St #24, Colton, CA 92324 909-481-4433 800-805-2870 Canada: 238 Davenport Rd #240, Toronto, ON M5R 1J6 416-968-6291 416-446-9461 (Currently in California) Rate This Message: http://www.cryonet.org/cgi-bin/rate.cgi?msg=6676